Swiss Real Estate Funds At a glance

Swiss Real Estate FundsAt a glance

CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd.Global Real Estate – Switzerland

February 2020

Switzerland: This product may only be distributed in or from Switzerland, to qualified investors as defined pursuant to the Collective Investment Schemes Act (“CISA”).

2The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. February 2020

Agios and Disagio of the Swiss Real Estate FundsAverage of listed funds1: 35.3%

1 If the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 32.5%.

The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities.

Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds

Last data point: 28.02.2020

-10%-5%0%5%

10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%

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Agio / Disagio


Agios and Disagio of the Swiss Real Estate funds Month-on-month and year-to-date change


Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the fundsLast data point: 28.02.2020

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28.02.20 (Agio: 35.3%)

31.01.20 (Agio: 36.5%)

31.12.19 (Agio: 32.2%)


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.).


28.02.2020

31.12.2018

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35%

-1% 0% 1% 2% 3% 4% 5% 6% 7% 8%

Weighted agio / disagio in % (listed and unlisted funds)

10 year CHF swap rate in %

31.03.2007

31.12.2008

31.03.1993

31.03.1994

30.06.1994

30.09.1990


Agios and Disagio of the Swiss Real Estate fundsDevelopment since 1990



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1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Agio / disagio 10 year CHF swap rate

Agio/disagio in % Interest rate

longterm average agio


Agio development since October 2008Development of Commercial and Residential Real Estate Funds



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45%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

SXI Real Estate Funds Commercial Real Estate Funds Residential Real Estate Funds


Average monthly turnover of Swiss Real Estate funds Between March 2019 and February 2020 in mn CHF

CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading.


Sources: Credit Suisse AG, Datastream


0 10 20 30 40 50 60 70 80 90 100

SF COMMERCIAL PROPERTIESSTREETBOX RE

SUISSE ROMANDE PROPERTY FUNDRESIDENTIA

POLYMEN FONDSSWISSCANTO COMMERCIAL

DOMINICÉ SWISS PROPERTYCS REF GLOBAL

SF RETAIL PROPERTIESREALSTONE DEVEL.

CS REF LOGISTICSPLUSUBS DIRECT RESIDENTIAL

PROCIMMOSWISS LIFE

UBS DIRECT URBANSWISSINVEST REAL

PATRIMONIUM CH REBONHOTE IMMOBILIER

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LA FONCIERECS REF HOSPITALITY

UBS FONCIPARSSOLVALOR 61

SCHRODER IMMOPLUSIMMOFONDS

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CS REF INTERSWISSUBS SW SWISSREAL

CS REF INTERNATIONALCS 1A IMMO PK

CS REF SIATCS REF GREEN PROPERTY

CS REF LIVINGPLUSUBS SWISS SIMA


Distribution yield of Swiss Real Estate fundsDistribution per share compared to the share price


Sources: Credit Suisse AG, Datastream, last annual report of the fundsLast data point: 28.02.2020

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Direct property ownershipIndirect property ownershipAverage SXI Real Estate Funds


Distribution yield of Swiss Real Estate funds Compared to 10 year Swiss government benchmark bond

Sources: Credit Suisse AG, Datastream, last annual report of the fundsLast data point: 28.02.2020Historical performance indications and financial market scenarios are not reliable indicators of future performance.

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Yield Gap Distribution Yield Swiss Real Estate Funds Yield on 10 Year Swiss Government Benchmark Bond


Comparison of total expense ratios (TERREF GAV)Fund operating expenses of Swiss Real Estate funds


Source: Credit Suisse AG, last annual report of the fundsLast data point: 28.02.2020

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TERREF GAV


Comparison of total expense ratios (TERREF MV)Fund operating expenses of Swiss Real Estate funds


Source: Credit Suisse AG, last annual report of the fundsLast data point: 28.02.2020

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TERREF MV


Third-party borrowingsIn % of aggregate market value


Sources: Credit Suisse AG, last annual report of the fundsLast data point: 28.02.2020

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Swiss Real Estate funds at a glance

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). Historical performance indications and financial market scenarios are no reliable indicators of future performance. The performance data do not take into account the commissions and costs incurred on the issue and redemption of fund units. The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities.


Name Price Vola. NAV Agio Distribution TERREF Turnover Total market Investment Property

high low YTD -5 y 3 years per unit yield (%) (MV) in mn CHF 4 capitalization focus ownership 5

28.02.2020 p.a. ann. (prov.) in mn CHF

UBS SWISS SIMA 133.30 137.20 114.30 4.5% 6.3% 7.5% 92.4 44.2% 2.4% 0.92% 112.6 9’267.9 Mixed Indirect

CS 1A IMMO PK 1,3 1480.00 1485.00 1305.00 6.5% 4.1% 6.7% 1223.3 21.0% 3.7% 0.56% 41.1 4’185.3 Mixed Direct

CS REF INTERNATIONAL 2,3 1230.00 1230.00 1110.00 3.8% 4.8% 6.4% 1110.9 10.7% 3.4% 1.09% 31.9 3’760.6 International Indirect

CS REF SIAT 210.70 219.00 188.50 3.0% 4.8% 9.4% 150.7 39.9% 2.7% 0.71% 45.5 3’252.9 Residential Indirect

CS REF LIVINGPLUS 155.30 164.30 133.10 3.4% 3.7% 10.3% 108.2 43.6% 2.3% 0.68% 49.9 3’238.7 Residential Direct

CS REF GREEN PROPERTY 168.30 176.40 133.20 10.0% 9.4% 8.6% 116.9 44.0% 2.2% 0.70% 49.9 3’304.0 Sustainability Direct

UBS SWISS ANFOS 76.15 81.20 68.00 1.7% 3.1% 10.2% 57.1 33.4% 2.4% 0.83% 22.0 2’704.3 Residential Indirect

UBS SW SWISSREAL 82.95 87.00 70.30 2.4% 5.8% 8.4% 62.9 32.0% 3.2% 0.96% 30.7 1’897.9 Commercial Indirect

CS REF INTERSWISS 222.20 229.60 198.20 2.9% 3.7% 8.0% 184.6 20.3% 3.9% 0.96% 24.3 1’842.8 Commercial Indirect

SCHRODER IMMOPLUS 173.90 188.50 157.00 1.2% 7.9% 11.8% 136.9 27.0% 2.6% 0.90% 19.2 1’733.5 Commercial Indirect

IMMOFONDS 525.00 555.00 432.00 4.4% 5.9% 8.6% 336.2 56.2% 2.6% 0.72% 20.0 1’689.9 Residential Indirect

LA FONCIERE 131.80 139.90 109.50 2.6% 7.7% 9.5% 84.6 55.7% 1.6% 0.79% 13.8 1’630.5 Residential Mixte

SWISSCANTO IFCA 147.10 159.50 130.20 1.8% 5.0% 9.3% 111.2 32.3% 2.2% 0.88% 21.6 1’549.4 Residential Indirect

FIR 214.50 224.00 185.40 1.4% 6.4% 9.4% 144.8 48.2% 1.9% 0.65% 13.2 1’549.1 Residential Mixte

UBS FONCIPARS 115.80 124.30 96.20 0.7% 7.5% 10.7% 83.2 39.2% 2.2% 0.86% 15.4 1’485.3 Residential Indirect

ROTHSCHILD RE SWISS 149.80 159.60 131.50 -1.4% 8.3% 9.6% 116.6 28.5% 2.3% 0.89% 21.3 1’372.9 Residential Direct

SOLVALOR 61 298.00 315.00 254.50 1.4% 6.5% 9.0% 201.6 47.8% 1.7% 0.59% 16.1 1’341.5 Residential Direct

SWISS LIFE REF SWISS PROPERTIES 137.00 n.a. n.a. 2.2% n.a. n.a. 110.0 24.6% 1.9% 0.91% 10.0 1’233.0 Mixed Direct

IMMO HELVETIC 227.80 255.00 206.60 -0.5% 3.1% 10.1% 177.4 28.4% 2.9% 0.72% 12.7 1’047.9 Residential Indirect

REALSTONE 147.60 156.80 131.00 0.3% 0.0% 11.5% 122.3 20.7% 2.6% 1.06% 11.9 969.8 Residential Direct

SF SUSTAINABLE PROPERTY 143.50 156.40 130.00 -1.6% 0.0% 7.8% 119.7 19.9% 2.6% 0.71% 13.4 946.7 Residential Direct

BONHOTE IMMOBILIER 151.90 157.00 133.00 3.9% 3.6% 8.9% 120.7 25.9% 2.1% 0.96% 11.8 951.1 Residential Direct

PROCIMMO 170.30 182.60 157.00 -1.4% 6.6% 11.0% 138.0 23.5% 3.2% 1.18% 9.7 913.7 Commercial Direct

PATRIMONIUM 176.30 181.00 150.20 2.5% 6.8% 7.6% 135.3 30.3% 2.2% 1.02% 10.8 949.3 Residential Direct

SWISSINVEST REAL 190.00 197.00 163.20 4.0% 4.8% 10.4% 138.5 37.2% 2.3% 0.71% 10.4 920.6 Residential Indirect

CS REF HOSPITALITY 107.00 113.30 87.00 1.4% 4.1% 8.9% 96.9 10.4% 3.1% 0.57% 14.6 935.7 Hospitality Direct

SF RETAIL PROPERTIES 127.80 120.90 106.00 4.8% 0.0% 0.0% 102.6 24.6% 3.3% 1.13% 5.0 776.4 Commercial Indirect

REALSTONE DEVELOPMENT 137.40 131.00 114.20 2.2% 0.0% 5.1% 134.1 2.5% 1.4% 1.50% 7.7 695.6 Residential Direct

UBS DIRECT RESIDENTIAL 17.35 18.75 14.30 0.9% 2.7% 9.1% 13.7 26.7% 2.4% 0.92% 9.6 691.0 Residential Direct

HELVETICA SWISS COMMERCIAL 127.00 n.a. n.a. n.a. n.a. n.a. 111.9 13.5% 3.1% n.a. n.a. 551.5 Commercial Indirect

CS REF LOGISTICSPLUS 2 127.50 130.50 117.00 4.1% 8.6% 5.8% 100.3 27.1% 3.1% 0.60% 8.3 535.5 Logistics Direct

SWISSCANTO COMMERCIAL 121.70 135.60 106.20 3.6% 0.0% 8.9% 103.2 18.0% 2.9% 1.00% 3.9 523.3 Mixed Direct

POLYMEN FONDS 155.40 153.40 126.10 3.5% 0.0% 11.6% 130.8 18.8% 2.0% 1.21% 3.7 405.6 Residential Direct

UBS DIRECT URBAN 13.55 12.65 10.05 12.4% 0.0% 12.7% 11.4 18.5% 2.2% 0.99% 10.1 390.2 Mixed Direct

DOMINICÉ SWISS PROPERTY 124.50 126.50 116.50 1.1% 0.0% 0.0% 121.8 2.2% 2.4% 1.17% 4.9 323.7 Residential Direct

SUISSE ROMANDE PROPERTY 117.00 122.50 107.10 4.0% 0.0% 0.0% 115.9 0.9% 2.1% 0.90% 2.7 314.0 Residential Direct

SF COMMERCIAL PROPERTIES 107.50 108.00 96.40 2.3% 1.6% 0.0% 102.1 5.3% 4.0% 1.15% 1.6 258.0 Commercial Indirect

GOOD BUILDINGS 119.00 n.a. n.a. -0.7% 0.0% n.a. 112.8 5.5% 2.5% 1.07% 6.8 238.0 Residential Direct

STREETBOX 541.00 504.00 372.75 10.6% 0.0% 15.3% 296.1 82.7% 2.7% 1.05% 1.8 232.4 self storage Direct

RESIDENTIA 123.00 128.00 118.30 -1.7% 3.8% 8.1% 117.3 4.9% 1.8% 1.23% 3.5 196.8 Residential Direct

SXI REAL ESTATE FUNDS BROAD 3 3.0% 5.2% 7.5% 35.3% 2.4% 0.85% 642.1 52’324.9

52 week Performance


Premium/discount of Real Estate investment companies Average premium: 45.8%

Sources: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies


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Historical development of Premiums and AgiosSwiss Real Estate investment companies vs. Real Estate funds

Sources: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies


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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Premium/Agio in %

Premium/Discount of Real Estate Investment Companies Agio/Disagio of Real Estate Funds


Distribution yield of Real Estate investment companiesDistribution per share compared to the share price


Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companiesLast data point: 28.02.2020

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Swiss Real Estate investment companies at a glance

1 Monthly turnover – average of the last 12 months

The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities. Historical performance indications and financial market scenarios are not reliable indicators of future performance.

Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies


Name Price Vola. NAV Premium Distribution Turnover Market capi-

high low YTD -1y -5y 3 years per share yield (%) mn CHF 1 talization (FF)

28.02.2020 p.a. ann. (prov.) mn CHF

SWISS PRIME SITE N 116.00 123.70 80.90 3.7% 43.9% 11.1% 12.4% 72.49 60.0% 3.3% 405.9 8’809.8

PSP N 142.60 153.70 100.80 6.7% 45.1% 11.5% 11.9% 97.59 46.1% 2.5% 307.9 5’948.8

ALLREAL N 206.00 215.50 159.80 7.1% 33.4% 11.3% 11.0% 150.11 37.2% 3.2% 84.9 2’933.5

MOBIMO N 289.50 319.00 234.00 0.3% 27.2% 9.6% 11.7% 233.90 23.8% 3.5% 58.3 1’911.1

ZUG ESTATE AG 2210.00 2410.00 1685.00 -5.2% 30.9% 11.4% 11.6% 1840.10 20.1% 1.3% 6.4 628.4

INTERSHOP I 646.00 672.00 493.00 13.9% 32.2% 16.0% 8.3% 357.94 80.5% 3.4% 16.1 705.1

FUNDAMENTA 15.95 16.25 14.00 3.9% n.a. n.a. n.a. 15.14 5.4% 3.1% 3.9 399.6

PLAZZA N 290.00 306.00 222.00 2.8% 32.1% 0.0% 7.6% 276.83 4.8% 1.7% 4.2 363.7

WARTECK N 2140.00 2240.00 1760.00 3.9% 19.0% 7.1% 6.1% 1597.25 34.0% 3.3% 6.1 361.5

HIAG IMMOBILIEN AG 108.00 138.50 102.50 0.0% -10.7% 7.0% 17.1% 90.06 19.9% 3.6% 6.3 305.6

NOVAVEST N 46.70 n.a. n.a. 7.3% n.a. n.a. n.a. 40.55 15.2% 3.7% 7.5 300.6

SF URBAN PROPERTIES 103.00 109.00 86.50 4.6% 20.5% 8.8% 8.2% 94.35 9.2% 3.5% 3.5 281.1

INVESTIS 84.80 90.80 61.00 4.4% 43.1% 0.0% 54.06 56.9% 2.8% 4.5 237.4

BFW LIEGENSCHAFTEN N 47.00 47.50 42.50 6.1% 16.5% 11.3% 7.4% 43.96 6.9% 3.0% 2.4 117.8

ZUEBLIN N 30.60 31.20 22.80 14.3% 33.3% -16.7% 27.7% 39.64 -22.8% 3.3% 1.4 59.2

SXI REAL ESTATE SHARES BROAD 4.6% 37.3% 10.6% 9.2% 45.8% 2.9% 919.1 23’363.4

52 week Performance


Global Real EstateYour contact partner

1 Please note that telephone conversations may be recorded. By making a call, you acknowledge your agreement with this business practice.

Real Estate Strategies & Advisory

Ulrich BraunManaging Director

[email protected]

Phone +41 44 332 58 081


Christian Braun, CIIAVice President

[email protected]

Phone +41 44 333 44 001


Fabian Linke, MRICSDirector

[email protected]

Phone +41 44 334 25 741


Carolina BocchiniDirector

[email protected]

Phone +41 44 333 75 671


Disclaimer

The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective or independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction.The information provided herein was produced by Credit Suisse Group AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. The information and views expressed herein are those of CS at the time of writing and are subject to change at any time without notice. They are derived from sources believed to be reliable.CS provides no guarantee with regard to the content and completeness of the information and where legally possible does not accept any liability for losses that might arise from making use of the information. If nothing is indicated to the contrary, all figures are unaudited. The information provided herein is for the exclusive use of the recipient.Neither this information nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended).It may not be reproduced, neither in part nor in full, without the written permission of CS. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency.Equities are subject to market forces and hence fluctuations in value, which are not entirely predictable.The key risks of real estate investments include limited liquidity in the real estate market, changing mortgage interest rates, subjective valuation of real estate, inherent risks with respect to the construction of buildings and environmental risks (e.g., land contamination).

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Swiss Real Estate Funds At a glance

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