Swiss Real Estate Funds At a Glance. Real Estate Investment Management November 30, 2015
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1 Swiss Real Estate Funds At a Glance
2 Agios and Disagio of the Swiss Real Estate Funds Average of listed funds 1 : 23.0% 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 21.9% Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
3 Agios and Disagio of the Swiss Real Estate Funds Month-on-month and year-to-date change Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
4 Agios and Disagio of the Swiss Real Estate Funds Close Link between Agios and Longterm Interest Rates The graphic shows the link between longterm interest rates (horizontal axis) and the average Agio/Disagio since 1990 at the end of each quarter. Basically the following rule applies: The higher the interest rates, the lower the Agio/Disagio. Beside the link to interest rates there are other factors influencing the Agio/Disagio like demand sentiment, new products, tax advantages of products, etc.). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
5 Agios and Disagio of the Swiss Real Estate Funds Development since 1990 Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
6 Agio Development since October 2008 Development of Commercial and Residential Real Estate Funds Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
7 Average Monthly Turnover of Swiss Real Estate Funds Between December 2014 and November 2015 in mn CHF CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading Source: Credit Suisse AG, Datastream
8 Distribution Yield of Swiss Real Estate Funds Distribution per Share Compared to the Share Price Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance. Source: Credit Suisse AG, Datastream, last annual report of the funds
9 Distribution Yield of Swiss Real Estate Funds Compared to 10 Year Swiss Government Benchmark Bond Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance Source: Credit Suisse AG, Datastream, last annual report of the funds
10 Comparison of Total Expense Ratios (TER REF GAV) Fund Operating Expenses of Swiss Real Estate Funds Source: Credit Suisse AG, last annual report of the funds
11 Comparison of Total Expense Ratios (TER REF NAV) Fund Operating Expenses of Swiss Real Estate Funds Extrapolations for those funds which have not yet published TER REF (NAV). Source: Credit Suisse AG, last annual report of the funds
12 Third-party borrowings In % of aggregate market value Source: Credit Suisse AG, last annual report of the funds
13 Swiss Real Estate Funds at a Glance Name ISIN Price 52 week Performance NAV Agio Distribution TER REF Turnover Total market Investment Property high low YTD -5 y per unit yield (%) (GAV) in mn CHF 4 capitalization focus ownership p.a. (prov.) in mn CHF UBS SWISS SIMA CH % 7.1% % 3.1% 0.85% '760.9 Mixed Indirect CS 1A IMMO PK 1,3 CH % 7.0% % 3.4% 0.54% '985.4 Mixed Direct CS REF INTERNATIONAL 2,3 CH % 5.3% % 3.8% 0.85% '260.8 International Indirect CS REF LIVINGPLUS CH % 4.8% % 2.5% 0.67% '475.6 Residential Direct CS REF SIAT CH % 7.3% % 2.9% 0.73% '668.5 Residential Indirect UBS SWISS ANFOS CH % 6.0% % 3.0% 0.87% '188.0 Residential Indirect CS REF INTERSWISS CH % 3.8% % 3.9% 0.67% '766.4 Commercial Indirect UBS SW SWISSREAL CH % 4.1% % 3.9% 0.85% '420.7 Commercial Indirect IMMOFONDS CH % 6.6% % 3.2% 0.63% '347.9 Residential Indirect SWISSCANTO IFCA CH % 4.6% % 2.7% 0.86% '290.7 Residential Indirect LA FONCIERE CH % 9.1% % 2.1% 0.79% '232.7 Residential Mixte CS REF PROPERTYPLUS CH % 3.8% % 3.1% 0.67% '159.4 Commercial Direct SCHRODER IMMOPLUS CH % 6.2% % 2.7% 0.80% '168.3 Commercial Indirect FIR CH % 9.7% % 2.3% 0.74% 9.7 1'106.7 Residential Mixte UBS FONCIPARS CH % 7.2% % 2.9% 0.85% '092.2 Residential Indirect SOLVALOR 61 CH % 0.7% % 2.3% 0.73% '012.3 Residential Direct CS REF HOSPITALITY CH % 0.0% % 2.7% 0.60% Hospitality Direct IMMO HELVETIC CH % 6.5% % 3.0% 0.53% Residential Indirect SWISSINVEST REAL CH % 9.7% % 2.8% 0.64% Residential Indirect CS REF GREEN PROPERTY CH % 3.8% % 2.8% 0.67% Sustainability Direct BONHOTE IMMOBILIER CH % 5.7% % 2.3% 0.83% Residential Direct ROTHSCHILD RE SWISS CH % 0.0% % 2.6% 0.83% Mixed Direct PROCIMMO CH % 8.2% % 3.6% 1.02% Commercial Direct UBS DIRECT RESIDENTIAL CH % 0.0% % 2.5% 0.81% Residential Direct REALSTONE CH % 5.7% % 2.9% 0.86% Residential Direct PATRIMONIUM CH % % 2.6% 0.90% Residential Direct SWISSCANTO COMMERCIAL CH % % 2.5% 0.91% Commercial Direct UBS DIRECT URBAN CH % % 0.0% 1.01% Residential Direct SF SUSTAINABLE PROPERTY CH % % 2.3% 0.72% Residential Direct POLYMEN FONDS CH % % 2.4% 0.96% Residential Direct CS REF GLOBAL CH % % 3.8% 1.12% International Indirect CS REF LOGISTICSPLUS 2 CH % % 2.9% 0.71% Logistics Direct RESIDENTIA CH % % 2.8% 1.02% Residential Direct SXI REAL ESTATE FUNDS 3 CH % 5.9% 23.0% 2.9% 0.78% ' CS 1a Immo PK is restricted to tax-exempt domestic occupational benefit institutions and tax-exempt domestic social insurance institutions and compensation funds. 2 CS REF International and CS REF LogisticsPlus are restricted to qualified investors as defined in art. 10, para. 3 CISA in accordance with art. 6, para. 1 CISO. 3 CS REF International, CS 1a Immo PK, CS REF LogisticsPlus and CS REF Global are no constituents of the SXI Real Estate Funds. 4 Monthly turnover average of the last 12 months. 5 Taxation of Swiss real estate funds differs depending on whether a fund holds it properties in direct ownership or indirectly via real estate companies (affiliates of the fund). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
14 Premium/Discount of Real Estate Investment Companies Average Discount: 7.5% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies
15 Historical Development of Premiums and Agios Swiss Real Estate Investment Companies vs. Real Estate Funds Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies
16 Distribution Yield of Real Estate Investment Companies Distribution per Share Compared to the Share Price Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies
17 Swiss Real Estate Investment Companies at a Glance Name ISIN Price 52 week Performance NAV Premium Distribution Turnover Market capihigh low YTD -5y per share yield (%) mn CHF 1 talization (FF) p.a. (prov.) mn CHF SWISS PRIME SITE N CH % 8.6% % 4.8% '359.7 PSP N CH % 7.8% % 3.8% '436.8 ALLREAL N CH % 3.9% % 4.3% '215.5 MOBIMO N CH % 8.1% % 4.3% '362.4 INTERSHOP I CH % 12.8% % 4.9% ZUG ESTATE AG CH % % 1.3% PLAZZA N CH % 0.0% HIAG IMMOBILIEN AG CH % % 3.6% WARTECK N CH % 4.8% % 3.9% BFW LIEGENSCHAFTEN N CH % 9.6% % 3.9% SWISS FINANCE & PROPERTY CH % % 3.9% PAX N CH % 10.9% % 1.3% ZUEBLIN IMM N CH % -31.6% % 0.0% SXI REAL ESTATE SHARES CH % 7.4% 7.5% 4.2% ' monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies
18 Real Estate Asset Management Your contact partner If you have any questions about real estate investments... we'll give you the answers. Ulrich Braun Real Estate Strategies & Advisory Director Phone
19 Disclaimer This document was produced by Credit Suisse AG and/or its affiliates (hereafter referred to as "CS") with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses that might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. Unless otherwise indicated, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. In particular, it is recommended that the recipient check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of CS. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Historical returns and financial market scenarios are no guarantee of present and future performance. Performance data do not take into account any commissions and costs charged for issue and redemption. Furthermore, there is no guarantee that the performance realized will reach or surpass that of the relevant benchmark index. Copyright 2015 CREDIT SUISSE AG and/or its affiliates. All rights reserved.
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