Swiss Real Estate Funds At a Glance Credit Suisse Asset Management (Switzerland) AG
STREETBOX LA FONCIERE IMMOFONDS CS REF SIAT SOLVALOR 61 FIR UBS FONCIPARS IMMO HELVETIC CS REF LIVINGPLUS SWISSINVEST REAL PROCIMMO SCHRODER IMMOPLUS SWISSCANTO IFCA UBS DIRECT RESIDENTIAL BONHOTE IMMOBILIER UBS SWISS SIMA ROTHSCHILD RE SWISS UBS SWISS ANFOS PATRIMONIUM REALSTONE CS 1A IMMO PK CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL CS REF LOGISTICSPLUS VALRES SWISS RESIDENTIAL SF RETAIL PROPERTIES RESIDENTIA UBS DIRECT URBAN UBS SWISSREAL POLYMEN FONDS CS REF INTERSWISS SWISSCANTO COMMERCIAL REALSTONE DEVELOPMENT SF COMMERCIAL PROPERTIES CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Real Estate Funds Average of listed funds 1 : 28.3% 5 4 4 3 3 2 2 1 1 - -1 Agio / Disagio 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 27. Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 2
STREETBOX LA FONCIERE IMMOFONDS CS REF SIAT SOLVALOR 61 FIR UBS FONCIPARS IMMO HELVETIC CS REF LIVINGPLUS SWISSINVEST REAL PROCIMMO SCHRODER IMMOPLUS SWISSCANTO IFCA UBS DIRECT RESIDENTIAL BONHOTE IMMOBILIER UBS SWISS SIMA ROTHSCHILD RE SWISS UBS SWISS ANFOS PATRIMONIUM REALSTONE CS 1A IMMO PK CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL CS REF LOGISTICSPLUS VALRES SWISS RESIDENTIAL SF RETAIL PROPERTIES RESIDENTIA UBS DIRECT URBAN UBS SWISSREAL CS REF INTERSWISS REALSTONE DEVELOPMENT SF COMMERCIAL PROPERTIES CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Real Estate Funds Month-on-month and year-to-date change 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 - -1 29.12.17 (Agio: 28.3%) 30.11.17 (Agio: 22.1%) 30.12.16 (Agio: 27.) Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 3
Agios and Disagio of the Swiss Real Estate Funds Close Link between Agios and Longterm Interest Rates 3 2 Weighted agio / disagio in % (listed and unlisted funds) 31.12.2017 31.03.2007 31.12.2016 31.03.1994 1 30.06.1994 31.12.2008-30.09.1990 31.03.1993 10 year CHF swap rate in % -1-1% 1% 3% 7% 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 4
Agios and Disagio of the Swiss Real Estate Funds Development since 1990 4 Agio / disagio Interest rate 9% 3 8% 3 7% 2 6% 2 1 4% 1 3% 2% 1% - -1 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016-1% Agio / disagio 10 year CHF swap rate Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 5
Agio Development since December 2008 Development of Commercial and Residential Real Estate Funds 4 4 3 3 2 2 1 1 - Jul 08Jan 09Jul 09Jan 10Jul 10Jan 11Jul 11Jan 12Jul 12Jan 13Jul 13Jan 14Jul 14Jan 15Jul 15Jan 16Jul 16Jan 17Jul 17 SXI Real Estate Funds Commercial Real Estate Funds Residential Real Estate Funds Last data point: 30.11.2017 Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 6
Average Monthly Turnover of Swiss Real Estate Funds Between January 2017 and in mn CHF UBS SWISS SIMA CS REF LIVING PLUS CS REF SIAT CS 1A IMMO PK CS REF GREEN PROPERTY CS REF INTERNATIONAL REALSTONE DEVEL. UBS SWISS ANFOS UBS SW SWISSREAL CS REF INTERSWISS SWISSCANTO IFCA IMMOFONDS SCHRODER IMMOPLUS UBS FONCIPARS ROTHSCHILD RE SWISS SOLVL 61 PRT LA FONCIERE FIR REALSTONE BONHOTE IMMOBILIER SWISSINVEST REAL IMMO HELVETIC PROCIMMO CS REF HOSPITALITY PATRIMONIUM CH RE SF SUSTAINABLE PROPERTY UBS DIRECT RESIDENTIAL SWISSCANTO COMMERCIAL UBS DIRECT URBAN CS REF GLOBAL CS REF LOGISTICSPLUS POLYMEN FONDS RESIDENTIA 0 10 20 30 40 50 60 70 80 90 100 CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading Source: Credit Suisse AG, Datastream 7
CS REF INTERSWISS CS REF GLOBAL UBS SWISSREAL STREETBOX CS 1A IMMO PK CS REF INTERNATIONAL SF RETAIL PROPERTIES CS REF HOSPITALITY CS REF LOGISTICSPLUS IMMOFONDS PROCIMMO UBS SWISS SIMA SWISSCANTO COMMERCIAL IMMO HELVETIC CS REF GREEN PROPERTY UBS SWISS ANFOS CS REF SIAT SWISSINVEST REAL SCHRODER IMMOPLUS REALSTONE SF SUSTAINABLE PROPERTY UBS FONCIPARS SWISSCANTO IFCA CS REF LIVINGPLUS UBS DIRECT RESIDENTIAL ROTHSCHILD RE SWISS RESIDENTIA FIR POLYMEN FONDS BONHOTE IMMOBILIER PATRIMONIUM UBS DIRECT URBAN LA FONCIERE SOLVALOR 61 VALRES SWISS RESIDENTIAL REALSTONE DEVELOPMENT SF COMMERCIAL PROPERTIES Distribution Yield of Swiss Real Estate Funds Distribution per Share Compared to the Share Price 4% Direct property ownership Indirect property ownership Average SXI Real Estate Funds 3% 2% 1% 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 8
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Distribution Yield of Swiss Real Estate Funds Compared to 10 Year Swiss Government Benchmark Bond 6% 4% 3% 2% 1% -1% Yield Gap Distribution Yield Swiss Real Estate Funds Yield on 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 9
CS REF HOSPITALITY IMMO HELVETIC CS 1A IMMO PK IMMOFONDS SWISSINVEST REAL CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF LIVINGPLUS CS REF INTERSWISS CS REF LOGISTICSPLUS SOLVALOR 61 CS REF SIAT ROTHSCHILD RE SWISS FIR SCHRODER IMMOPLUS VALRES SWISS RESIDENTIAL LA FONCIERE SWISSCANTO IFCA UBS SWISS ANFOS UBS DIRECT URBAN UBS DIRECT RESIDENTIAL BONHOTE IMMOBILIER UBS FONCIPARS UBS SW SWISSREAL UBS SWISS SIMA CS REF INTERNATIONAL PATRIMONIUM REALSTONE SWISSCANTO COMMERCIAL PROCIMMO SF COMMERCIAL STREETBOX POLYMEN FONDS SF RETAIL PROPERTIES RESIDENTIA CS REF GLOBAL REALSTONE DEVEL. Comparison of Total Expense Ratios (TER REF GAV) Fund Operating Expenses of Swiss Real Estate Funds 1.2 TER REF GAV 1.0 0.7 0.5 0.2 0.0 Source: Credit Suisse AG, last annual report of the funds 10
CS 1A IMMO PK SOLVALOR 61 IMMO HELVETIC SWISSINVEST REAL CS REF LIVINGPLUS CS REF SIAT FIR SF SUSTAINABLE PROPERTY CS REF LOGISTICSPLUS CS REF GREEN PROPERTY UBS DIRECT RESIDENTIAL UBS DIRECT URBAN CS REF HOSPITALITY LA FONCIERE UBS FONCIPARS UBS SWISS ANFOS IMMOFONDS SWISSCANTO IFCA CS REF INTERSWISS BONHOTE IMMOBILIER SWISSCANTO COMMERCIAL SCHRODER IMMOPLUS ROTHSCHILD RE SWISS CS REF INTERNATIONAL UBS SWISS SIMA STREETBOX UBS SW SWISSREAL SF RETAIL PROPERTIES PROCIMMO PATRIMONIUM REALSTONE RESIDENTIA POLYMEN FONDS CS REF GLOBAL VALRES SWISS RESIDENTIAL REALSTONE DEVEL. Comparison of Total Expense Ratios (TER REF MV) Fund Operating Expenses of Swiss Real Estate Funds 2.0 TER REF MV 1.7 1.5 1.2 1.0 0.7 0.5 0.2 0.0 Extrapolations for those funds which have not yet published TER REF (NAV). Source: Credit Suisse AG, last annual report of the funds 11
SOLVALOR 61 CS 1A IMMO PK UBS DIRECT URBAN CS REF SIAT CS REF LOGISTICSPLUS SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL UBS FONCIPARS CS REF LIVINGPLUS SWISSINVEST REAL FIR CS REF GREEN PROPERTY SF COMMERCIAL PROPERTIES SWISSCANTO IFCA UBS SWISS SIMA LA FONCIERE UBS SWISS ANFOS UBS DIRECT RESIDENTIAL SWISSCANTO COMMERCIAL IMMOFONDS RESIDENTIA IMMO HELVETIC BONHOTE IMMOBILIER CS REF GLOBAL CS REF INTERSWISS PATRIMONIUM UBS SW SWISSREAL SCHRODER IMMOPLUS PROCIMMO POLYMEN FONDS ROTHSCHILD RE SWISS REALSTONE CS REF HOSPITALITY STREETBOX REALSTONE DEVEL. VALRES SWISS RESIDENTIAL Third-party borrowings In % of aggregate market value 4 4 3 3 2 2 1 1 Source: Credit Suisse AG, last annual report of the funds 12
Swiss Real Estate Funds at a Glance Name ISIN Price 52 week Performance Vola. NAV Agio Distribution TER REF Turnover Total market Investment Property high low YTD -5 y 3 years per unit yield (%) (MV) in mn CHF 4 capitalization focus ownership 5 29.12.2017 p.a. ann. (prov.) in mn CHF UBS SWISS SIMA CH0014420878 112.00 113.60 103.90 9.8% 5.3% 9.1% 87.9 27.4% 2.9% 0.93% 89.3 7'787.0 Mixed Indirect CS 1A IMMO PK 1,3 CH0008443035 1450.00 1525.00 1360.00 0.1% 5. 6.2% 1192.1 21.6% 3.6% 0.49% 34.4 3'827.1 Mixed Direct CS REF SIAT CH0012913700 202.50 210.00 186.40 8.8% 7. 10.9% 142.1 42. 2.7% 0.7 37.8 3'126.3 Residential Indirect CS REF LIVINGPLUS CH0031069328 141.40 147.70 130.50 4. 6. 10.8% 105.4 34.1% 2.3% 0.63% 53.1 2'948.8 Residential Direct CS REF INTERNATIONAL 2,3 CH0019685111 1255.00 1270.00 1180.00 11. 9.4% 9.4% 1057.6 18.7% 3.6% 0.92% 28.7 2'651.7 International Indirect CS REF GREEN PROPERTY CH0100778445 136.00 137.10 126.50 6.9% 6.6% 10.9% 112.9 20. 2.8% 0.7 33.8 2'464.5 Sustainability Direct UBS SWISS ANFOS CH0014420829 66.30 72.25 61.05 3.8% 4.7% 11.2% 53.6 23.8% 2.7% 0.8 25.9 2'354.5 Residential Indirect CS REF INTERSWISS CH0002769351 204.70 206.90 191.80 9.4% 3.6% 11. 180.5 13.4% 4. 0.88% 24.1 1'697.7 Commercial Indirect UBS SW SWISSREAL CH0014420886 71.75 71.95 66.10 10. 4.9% 10. 61.9 15.9% 3.9% 1.0 25.2 1'641.6 Commercial Indirect SWISSCANTO IFCA CH0037430946 138.50 150.00 131.10 4.1% 5.2% 8.8% 104.7 32.2% 2.4% 0.86% 21.9 1'460.4 Residential Indirect IMMOFONDS CH0009778769 443.00 481.75 416.00 3.8% 5. 10. 307.9 43.9% 3. 0.86% 17.3 1'426.0 Residential Indirect LA FONCIERE CH0002782263 1082.00 1155.00 1042.00 5.1% 7.9% 10.3% 740.4 46.1% 1.9% 0.8 12.7 1'338.5 Residential Mixte FIR CH0014586710 183.40 200.00 170.00 7.2% 7.1% 10.3% 132.6 38.3% 2.2% 0.7 12.2 1'324.5 Residential Mixte SCHRODER IMMOPLUS CH0007251413 1369.00 1450.00 1212.00 8.4% 7.9% 9.2% 1034.2 32.4% 2.6% 0.9 16.5 1'314.2 Commercial Indirect UBS FONCIPARS CH0014420852 100.00 102.00 90.90 12.8% 8.4% 13.4% 73.8 35.6% 2.7% 0.83% 16.5 1'282.6 Residential Direct SOLVALOR 61 CH0002785456 271.00 283.00 255.25 8.2% 4.4% 9.1% 190.8 42. 1.9% 0.53% 15.6 1'221.1 Residential Direct ROTHSCHILD RE SWISS CH0124238004 142.20 150.00 129.50 13.1% 8. 8. 112.0 27. 2.3% 0.91% 16.3 1'086.0 Residential Direct IMMO HELVETIC CH0002770102 229.90 249.60 218.20 0.2% 6.9% 9.6% 170.0 35.2% 2.8% 0.54% 10.8 965.6 Residential Indirect REALSTONE CH0039415010 149.00 159.00 134.00 5.1% 6.4% 9.6% 121.2 23. 2.6% 1.1 12.0 903.7 Residential Direct BONHOTE IMMOBILIER CH0026725611 148.00 157.20 139.20 4. 5.8% 11.3% 116.1 27. 2.2% 0.89% 11.7 894.4 Residential Direct PROCIMMO CH0033624211 175.60 180.00 157.40 12.6% 8.3% 10.6% 132.4 32.7% 3.1% 1.03% 9.9 847.9 Commercial Direct SWISSINVEST REAL CH0026168846 174.10 190.00 164.10 2.9% 0. 10.1% 130.0 33.9% 2.6% 0.61% 10.8 843.8 Residential Indirect CS REF HOSPITALITY CH0118768057 93.90 98.50 89.80 1. 0. 7.9% 98.2-4.4% 3.2% 0.78% 9.7 822.0 Hospitality Direct REALSTONE DEVELOPMENT CH0109058716 139.00 146.00 126.30 0. 0. 127.2 8. 0.7% 1.8 26.7 698.6 Residential Direct SF SUSTAINABLE PROPERTY CH0120791253 138.50 150.70 122.60 14.9% 0. 116.6 18.8% 2.6% 0.71% 5.9 685.3 Residential Direct PATRIMONIUM CH0034995214 159.00 159.90 149.50 5.9% 9.3% 128.6 23.7% 2. 1.04% 6.8 655.4 Residential Direct SF RETAIL PROPERTIES CH0285087455 119.50 124.50 114.00 101.7 17. 3.2% 1.0 605.0 Commercial Indirect UBS DIRECT RESIDENTIAL CH0026465366 17.20 18.95 16.35-2. 0. 9.6% 13.2 30. 2.3% 0.7 5.8 570.9 Residential Direct SWISSCANTO COMMERCIAL CH0111959190 113.80 131.40 105.20-5.4% 9.3% 104.3 9.1% 2.9% 0.89% 5.4 489.3 Mixed Direct POLYMEN FONDS CH0107006550 145.10 158.90 124.85 21.7% 126.9 14.3% 2.2% 1.29% 2.8 378.7 Residential Direct UBS DIRECT URBAN CH0192940390 13.00 13.70 11.75 6.4% 11.2 16.1% 1.9% 0.7 5.1 374.4 Mixed Direct CS REF LOGISTICSPLUS 2 CH0245633950 119.50 121.50 106.50 19.7% 101.1 18.2% 3.2% 0.72% 3.8 358.5 Logistics Direct VALRES SWISS RESIDENTIAL CH0258245064 130.00 135.00 128.10 110.5 17.6% 1.2% 1.51% 348.9 Residential Direct SF COMMERCIAL PROPERTIES CH0344799694 110.00 100.6 7.1% 258.7 Commercial Indirect RESIDENTIA CH0100612339 136.00 140.90 127.00 8.7% 7.7% 116.2 17. 2.3% 1.22% 2.5 217.6 Residential Direct CS REF GLOBAL CH0139851676 87.75 98.50 86.50-2.8% 9.2% 95.9-8. 3.6% 1.47% 4.3 202.7 International Indirect STREETBOX CH0037237630 385.00 456.00 358.00-13. 263.3 46.2% 3.6% 0.99% 1.4 157.5 self storage Direct SXI REAL ESTATE FUNDS BROAD 3 CH0009947406 6.6% 5.8% 8.1% 28.2% 2.6% 0.83% 545.6 43'191.5 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 13
INTERSHOP N INVESTIS N HIAG IMMOBILIEN AG WARTECK N ALLREAL N SWISS PRIME SITE N MOBIMO N BFW LIEGENSCHAFTEN N PSP N ZUG ESTATE AG SWISS FINANCE & PROPERTY PLAZZA N Premium/Discount of Real Estate Investment Companies Average Discount: 21.1% 7 6 5 4 3 2 1-1 -2 Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 14
Historical Development of Premiums and Agios Swiss Real Estate Investment Companies vs. Real Estate Funds 4 Premium/Agio in % 3 2 1-1 -2-3 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Premium/Discount of Real Estate Investment Companies Agio/Disagio of Real Estate Funds Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 15
SWISS PRIME SITE N INTERSHOP N MOBIMO N SWISS FINANCE & PROPERTY INVESTIS N PSP N ALLREAL N WARTECK N BFW LIEGENSCHAFTEN N HIAG IMMOBILIEN AG PLAZZA N ZUG ESTATE AG Distribution Yield of Real Estate Investment Companies Distribution per Share Compared to the Share Price 4% 3% 2% 1% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 16
Swiss Real Estate Investment Companies at a Glance Name ISIN Price 52 week Performance Vola. NAV Premium Distribution Turnover Market capihigh low YTD -5y 3 years per share yield (%) mn CHF 1 talization (FF) 31.12.2017 p.a. ann. (prov.) mn CHF SWISS PRIME SITE N CH0008038389 90.00 91.00 82.25 12.6% 8.4% 13.8% 72.48 24.2% 4.1% 247.7 6'433.1 PSP N CH0018294154 92.35 94.20 86.35 9. 5.2% 14.6% 84.35 9. 3.6% 149.3 3'718.7 ALLREAL N CH0008837566 164.80 187.80 146.80 12.6% 7.3% 14.6% 131.08 25.7% 3. 87.4 2'346.8 MOBIMO N CH0011108872 261.50 279.25 250.25 6.6% 8.2% 13. 217.47 20.2% 3.8% 40.4 1'626.1 INTERSHOP I CH0273774791 487.00 506.50 471.00 1.3% 14. 13. 295.75 64.7% 4.1% 28.5 639.7 ZUG ESTATE AG CH0148052126 1827.00 1862.00 1653.00 12. 8.7% 1683.81 8. 1.3% 5.6 458.6 HIAG IMMOBILIEN AG CH0239518779 120.90 126.20 104.70 18.9% 0. 90.78 33.2% 3. 5.8 340.3 PLAZZA N CH0284142913 228.00 237.00 220.70 2.9% 0. 262.02-13. 1.3% 3.3 285.9 WARTECK N CH0002619481 1960.00 1990.00 1825.00 9.6% 6.2% 7.7% 1552.94 26.2% 3. 2.4 263.6 SWISS FINANCE & PROPERTY CH0032816131 95.00 101.50 90.85 9.2% 0. 7.4% 91.98 3.3% 3.8% 1.5 259.3 BFW LIEGENSCHAFTEN N CH0018206117 43.20 46.00 39.35 13. 10.3% 38.75 11. 3.1% 2.3 180.4 INVESTIS CH0325094297 62.65 64.45 55.50 14.4% 0. 0. 45.86 36.6% 3.8% 4.8 175.4 SXI REAL ESTATE SHARES BROAD CH0042660313 10.1% 7.4% 11. 21.1% 3.7% 579.0 16'727.9 1 monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 17
Real Estate Your contact partner If you have any questions about real estate investments... we'll give you the answers. Ulrich Braun Real Estate Strategies & Advisory Managing Director Christian Braun, CIIA Real Estate Strategies & Advisory Vice President ulrich.braun@credit-suisse.com Phone +41 44 332 58 08 christian.braun@credit-suisse.com Phone +41 44 333 44 00 18
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