Swiss Real Estate Funds At a Glance Real Estate Asset Management 28 November 2014
Agios and Disagio of the Swiss Real Estate Funds Average of listed funds 1 : 20.3% 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 18.7% Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds Real Estate Asset Management 28 November 2014 2
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 Real Estate Asset Management 28 November 2014 3
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 Real Estate Asset Management 28 November 2014 4
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 Real Estate Asset Management 28 November 2014 5
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 Real Estate Asset Management 28 November 2014 6
Average Monthly Turnover of Swiss Real Estate Funds Between December 2013 and November 2014 in mn CHF CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading Source: Credit Suisse AG, Datastream Real Estate Asset Management 28 November 2014 7
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 Real Estate Asset Management 28 November 2014 8
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 Real Estate Asset Management 28 November 2014 9
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 Real Estate Asset Management 28 November 2014 10
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 Real Estate Asset Management 28 November 2014 11
Third-party borrowings In % of aggregate market value Source: Credit Suisse AG, last annual report of the funds Real Estate Asset Management 28 November 2014 12
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 5 28.11.2014 p.a. (prov.) in mn CHF UBS SWISS SIMA CH0014420878 99.20 100.50 93.15 8.0% 6.8% 81.1 22.4% 3.3% 0.89% 81.7 6'467.5 Mixed Indirect CS 1A IMMO PK 1,3 CH0008443035 1385.00 1395.00 1305.00 2.9% 6.0% 1206.3 14.8% 3.8% 0.58% 26.4 3'655.5 Mixed Direct CS REF LIVINGPLUS CH0031069328 127.40 128.90 116.70 5.5% 4.3% 104.0 22.6% 2.5% 0.67% 36.1 2'452.5 Residential Direct CS REF INTERNATIONAL 2,3 CH0019685111 1075.00 1075.00 965.00 11.4% 6.0% 1012.6 6.2% 3.7% 0.95% 28.6 2'271.4 International Indirect CS REF SIAT CH0012913700 177.30 177.30 156.20 10.8% 5.8% 137.7 28.8% 3.0% 0.75% 25.8 2'246.5 Residential Indirect UBS SWISS ANFOS CH0014420829 64.85 68.00 57.95 11.7% 7.5% 50.5 28.4% 3.1% 0.87% 33.5 2'159.7 Residential Indirect CS REF INTERSWISS CH0002769351 208.70 213.00 182.50 10.1% 4.0% 191.2 9.2% 4.0% 0.69% 20.3 1'574.1 Commercial Indirect UBS SW SWISSREAL CH0014420886 68.00 70.00 63.55 8.8% 6.0% 61.5 10.5% 3.9% 0.89% 17.9 1'273.0 Commercial Indirect IMMOFONDS CH0009778769 391.00 416.00 357.50 11.9% 5.9% 296.9 31.7% 3.5% 0.66% 15.9 1'258.6 Residential Indirect SWISSCANTO IFCA CH0037430946 115.90 118.50 110.40 7.7% 4.1% 96.3 20.3% 2.8% 0.96% 17.0 1'222.1 Residential Indirect CS REF PROPERTYPLUS CH0045159842 135.90 139.80 129.00 4.9% 4.3% 122.0 11.4% 3.1% 0.68% 13.7 1'158.5 Commercial Direct LA FONCIERE CH0002782263 925.00 925.00 809.00 14.5% 9.7% 684.9 35.1% 2.2% 0.82% 10.9 1'147.1 Residential Mixte SCHRODER IMMOPLUS CH0007251413 1130.00 1137.00 988.00 11.9% 6.8% 1003.3 12.6% 2.8% 0.82% 13.6 1'084.8 Commercial Indirect FIR CH0014586710 161.50 169.50 141.60 15.1% 9.6% 122.3 32.0% 2.4% 0.74% 7.7 1'039.2 Residential Mixte SOLVALOR 61 CH0002785456 225.00 230.00 207.10 7.0% 1.0% 179.6 25.3% 2.2% 0.75% 12.4 887.4 Residential Direct UBS FONCIPARS CH0014420852 86.00 87.45 76.50 11.5% 7.5% 67.3 27.8% 2.8% 0.88% 12.4 882.5 Residential Indirect CS REF HOSPITALITY CH0118768057 97.30 101.50 90.25 4.5% 102.7-5.3% 2.4% 0.56% 11.2 875.7 Hospitality Direct SWISSINVEST REAL CH0026168846 150.60 154.00 131.40 15.1% 9.0% 122.2 23.2% 3.0% 0.63% 9.2 729.9 Residential Indirect IMMO HELVETIC CH0002770102 200.50 206.50 186.30 11.2% 6.4% 161.4 24.2% 3.2% 0.54% 7.6 721.8 Residential Indirect CS REF GREEN PROPERTY CH0100778445 115.10 117.90 110.00 6.3% 107.8 6.8% 2.6% 0.67% 10.8 690.6 Sustainability Direct BONHOTE IMMOBILIER CH0026725611 127.30 129.40 116.70 8.7% 5.7% 113.3 12.4% 2.4% 0.88% 6.5 689.3 Residential Direct PROCIMMO CH0033624211 136.30 145.30 118.50 12.6% 7.8% 123.6 10.3% 3.7% 1.04% 7.5 658.2 Commercial Direct ROTHSCHILD RE SWISS CH0124238004 108.40 108.50 98.50 11.7% 106.4 1.9% 2.8% 0.87% 8.9 643.9 Mixed Direct UBS DIRECT RESIDENTIAL CH0026465366 15.70 16.75 13.70 15.3% 13.0 20.3% 2.5% 0.88% 6.1 521.1 Residential Direct PATRIMONIUM CH0034995214 136.20 138.50 122.70 11.2% 118.4 15.0% 2.5% 0.90% 4.2 491.3 Residential Direct REALSTONE CH0039415010 127.10 132.30 119.20 7.1% 117.6 8.1% 3.0% 0.86% 6.8 487.0 Residential Direct CS REF GLOBAL CH0139851676 97.50 99.95 87.90 9.7% 99.6-2.1% 3.7% 1.17% 5.5 225.2 International Indirect SF SUSTAINABLE PROPERTY CH0120791253 120.00 107.5 11.6% 2.1% 0.80% 216.4 Residential Direct CS REF LOGISTICSPLUS 2 CH0245633950 103.50 103.50 100.00 3.5% 99.1 4.5% 2.5 207.0 Logistics Direct RESIDENTIA CH0100612339 1127.00 1138.00 1006.00 8.2% 1102.8 2.2% 3.2% 1.10% 0.9 77.1 Residential Direct SXI REAL ESTATE FUNDS 3 CH0009947406 9.6% 5.8% 20.3% 3.0% 0.81% 388.0 31'655.7 1 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 Real Estate Asset Management 28 November 2014 13
Premium/Discount of Real Estate Investment Companies Average Discount: 5.8% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies Real Estate Asset Management 28 November 2014 14
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 Real Estate Asset Management 28 November 2014 15
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 Real Estate Asset Management 28 November 2014 16
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) 28.11.2014 p.a. (prov.) mn CHF SWISS PRIME SITE N CH0008038389 74.50 76.00 66.35 13.1% 11.0% 68.03 9.5% 4.8% 168.9 4'507.5 PSP N CH0018294154 84.05 85.50 74.40 15.8% 12.3% 83.47 0.7% 3.9% 124.3 3'384.5 ALLREAL N CH0008837566 132.90 132.90 120.80 12.5% 6.7% 123.51 7.6% 4.1% 29.7 1'377.1 MOBIMO N CH0011108872 194.00 198.00 182.60 9.5% 7.9% 195.01-0.5% 4.9% 30.5 1'206.0 INTERSHOP I CH0017313948 360.00 360.00 329.75 13.9% 11.2% 264.17 36.3% 5.6% 12.9 460.4 ZUG ESTATE AG CH0148052126 1206.00 1216.00 1150.00 5.2% 1312.02-8.1% 1.4% 4.4 234.4 HIAG IMMOBILIEN AG CH0239518779 80.00 82.90 75.80 5.3% 81.47-1.8% 0.0% 8.1 206.1 WARTECK N CH0002619481 1800.00 1803.00 1706.00 9.3% 5.2% 1417.52 27.0% 3.8% 1.6 191.2 SWISS FINANCE & PROPERTY CH0032816131 82.50 83.00 76.75 9.0% 8.0% 82.55-0.1% 3.6% 0.9 154.4 BFW LIEGENSCHAFTEN N CH0018206117 31.40 32.00 25.50 23.7% 10.4% 36.24-13.4% 3.8% 1.5 147.3 ZUEBLIN IMM N CH0021831182 1.45 2.12 1.41-22.9% -19.5% 2.33-37.8% 0.0% 2.8 50.9 PAX N CH0002178348 1090.00 1150.00 1070.00-2.9% 7.5% 1622.55-32.8% 1.7% 0.7 56.4 SXI REAL ESTATE SHARES CH0042660313 13.1% 9.7% 5.8% 4.3% 386.4 11'976.4 1 monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies Real Estate Asset Management 28 November 2014 17
Real Estate Asset Management Your contact partners If you have any questions about real estate investments... we'll give you the answers. Ulrich Braun Real Estate Strategies & Advisory Director Fabian Linke Real Estate Strategies & Advisory Vice President ulrich.braun@credit-suisse.com Phone +41 44 332 58 08 fabian.linke@credit-suisse.com Tel. +41 44 333 44 00 Real Estate Asset Management 28 November 2014 18
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