Credit Suisse Real Estate Fund Green Property · Real Estate Investment Management Capital Increase . Credit Suisse Real Estate Fund Green Property Key Facts There will be a capital

Credit Suisse Real Estate Fund Green Property

October 2016 Real Estate Investment Management

Capital Increase

Credit Suisse Real Estate Fund Green Property Key Facts

There will be a capital increase from October 31 to November 11, 2016 following the successful merger of CS REF Green Property and CS REF PropertyPlus as of July 1, 2016.

The proceeds of the issue will be used for further expansion of the portfolio as well as for the reduction of debt capital in the short term.

Ongoing projects, purchases, and intended purchases amounting to CHF 460 million and a gross return average of 4.6%.

Issue will be conducted according to the "Best Effort" method.

October 2016

Source: Credit Suisse AG

Zug, "Uptown"

CHF 102.2 million (4.4% of the portfolio)

Real Estate Investment Management 2

Credit Suisse Real Estate Fund Green Property Use of the Proceeds of the Issue and Advantages for Investors

Flexibility in fund management

Diversified real estate portfolio

Sustainability – "greenproperty"

Repayment of debt capital

Capital requirement for new construction projects

The new equity capital ensures the capacity to act for the next two to four years and the ability to seize investment opportunities.

Investors gain access to a broadly diversified portfolio of 42 existing properties and two construction projects.

Sustainable construction creates the conditions for the continuing ability to meet challenges in the future.

Investors continue to benefit from a "leverage effect" while a sound equity ratio is ensured.

The thriving pipeline of new construction projects that are ongoing or that have been acquired will result in future capital obligations.



October 2016

Credit Suisse Real Estate Fund Green Property Key Figures on the Capital Increase

Real Estate Investment Management

Type of issue Best-effort issue with subscription rights trading

Subscription period 31.10 – 11.11.2016, 12:00 p.m. (CET)

Subscription rights trading on SIX 31.10 – 09.11.2016

Payment of securities subscribed 18.11.2016

Issue price CHF 112 net per share certificate

Subscription ratio 10:1 (ten existing share certificates to one new one)

Target volume CHF 172.98 million

Issuing commission 2.5% of NAV (included in the issue price)

Fund unit identifier Swiss security number: 10 077 844 ISIN: CH010 077 844 5

Subscription rights identifier Swiss security number: 34 063 730 ISIN: CH034 063 730 2

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October 2016

Credit Suisse Real Estate Fund Green Property Portfolio Expansion



Region Utilization Volume Gross yield Creation

Zurich 84% residential, 16% retail CHF 163 mn 4.40% 2017-2019

Zurich 100% residential CHF 27 mn 4.80% 2017-2019

Central Switzerland 68% residential, 32% retail CHF 26 mn 4.10% 2017-2019

Northwest Switzerland 100% residential CHF 58 mn 4.10% 2018-2020

October 2016

Intended Purchases

Ongoing Projects and Purchases

Place Utilization Volume Gross yield Creation

Aarau, "Gleis 0" 41% residential, 45% retail, 14% parking CHF 108 mn 4.37% 2016-2018

Wil, Altstattwiese 92% residential, 8% parking CHF 25 mn 5.44% 2015-2017

Basel, Erlenmatte 94% office, 3% storage, 3% parking CHF 53 mn 4.30% 2016

Total ongoing projects, purchases, and intended purchases

CHF 460 mn 4.57% 2015-2020

Credit Suisse Real Estate Fund Green Property Projects in the Fund's Net Assets

Aarau, "Gleis 0"



Investment volume CHF 108 mn

Target rental income CHF 4.7 mn p.a.

Gross yield 4.37%

Sustainability Minergie greenproperty

Utilization - Residential 41% - Retail 45% - Parking 14%

Completion Summer 2018

Rental occupancy Retail 100%

Marketing launch Summer 2017

October 2016 6


Credit Suisse Real Estate Fund Green Property Projects in the Fund's Net Assets

Investment volume CHF 25 mn


Gross return 5.44%

Sustainability Minergie greenproperty

Utilization - Residential 92% - Parking 8%

Completion November 2017

Marketing launch December 2016


Wil, Altstattwiese, Construction site D


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October 2016

Credit Suisse Real Estate Fund Green Property Purchases in 2016

Market value CHF 53 mn


Gross yield 4.30%

Sustainability Minergie-P greenproperty

Utilization - Office 94% - Storage 3% - Parking 3%

Rental occupancy 100%

Contract duration 20 years


Basel, Erlenmatte


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October 2016

Credit Suisse Real Estate Fund Green Property

October 2016 Real Estate Investment Management

Fund Profile and Portfolio

Credit Suisse Real Estate Fund Green Property Key Data and Product Features


Dietikon, "Westhöfe"


Last data point: 30.06.2016

Largest Swiss real estate fund with sustainable properties – the fund was launched in April 2009 and merged with CS REF PropertyPlus at the beginning of July 2016.

Broadly diversified portfolio – by properties, regions, types of use, and tenants with 41 existing properties and two construction projects with a market value of approx. CHF 2,256.3 million

Sustainability – the aim is for projects and properties to meet the requirements of greenproperty – the quality seal for sustainable construction.

Direct ownership of properties affords tax advantages – income and capital gains from fund's direct ownership holdings are tax-exempt for unit holders.

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October 2016

Credit Suisse Real Estate Fund Green Property The Comprehensive Quality Seal: greenproperty


Development in collaboration with Amstein + Walthert 2009

Based on Swiss Society of Engineers and Architects (SIA) recommendation 112/1: Sustainable Architecture – Building Construction

The following are fully or partially incorporated: − Minergie®

− Minergie-P®

− Minergie-ECO®/P-ECO®

The quality seal is awarded by the greenproperty association.

The certification body is independent of Credit Suisse AG.

The greenproperty real estate evaluation method is the most sophisticated and objective in Switzerland

Evaluation for greenproperty seal of quality

Five dimensions with 35 criteria

October 2016 11



Credit Suisse Real Estate Fund Green Property Awards in 2015 and 2016

The service building "Twist Again" in Bern Wankdorf received the first certificate in accordance with the Switzerland Standard for Sustainable Construction SNBS 2.0.


Both CS REF Green Property and its merger partner, CS REF PropertyPlus, were recognized by the international benchmarking initiative Global Real Estate Sustainability Benchmark (GRESB) for their sustainability performance with the Green Star Award in 2015 and 2016.

October 2016

Credit Suisse Real Estate Fund Green Property Indicators

Source: Annual and semi-annual reports for CS REF Green Property and CS REF PropertyPlus


Performance and Return Figures CS REF Green Property CS REF PropertyPlus Merged

30.06.2016 31.12.2015 30.06.2016 31.12.2015 01.07.20161

Distribution CHF 2.05 3.50 2.51 4.20 2.341

Direct yield 1.55% 2.81% 1.74% 3.01% 1.67%1

Payout ratio 132.14% 98.08% 113.87% 92.19% 119.92%1

Return on equity (ROE) 3.34%2 4.07% 1.78%2 4.28% 2.38%1, 2

Return on invested capital (ROIC) 2.57%2 3.37% 1.45%2 3.57% 1.89%1, 2

Investment return 3.43%2 4.22% 1.75%2 4.83% 2.40%1, 2

Performance 8.64%2 8.04% 6.48%2 0.72% n.a.

Operating profit margin (EBIT margin) 70.30% 79.02% 77.48% 77.02% 74.89%1

Price/earnings ratio (P/E ratio) 18.01 27.94 33.27 26.28 24.981

Price-to-cash-flow ratio 42.54 34.95 32.71 30.60 38.051

The performance figures do not take the issue and redemption commissions or expenses into account. Historical performance data is no guarantee of current or future performance and returns. 1: Weighted indicators on the basis of the audited semi-annual reports for CS REF Green Property and CS REF PropertyPlus as of June 30, 2016 2: Computed for six months (01.01 – 30.06.2016).

October 2016

Credit Suisse Real Estate Fund Green Property Geographic Distribution of Properties

Last data point: 30.06.2016 Source: Semi-annual reports for CS REF Green Property and CS REF PropertyPlus

Bern 7.20% Lake Geneva 8.40% Northwest Switzerland 8.15% Eastern Switzerland 9.55% Western Switzerland 3.25% Central Switzerland 21.00% Zurich 42.45%

Real Estate Investment Management 14 October 2016

Market values:

over CHF 50 million

CHF 20-50 million

CHF 5-20 million

up to CHF 5 million

Credit Suisse Real Estate Fund Green Property Structural Allocation by Actual Net Rental Income

Real Estate Investment Management October 2016 15

32.45%

13.35%

9.80% 3.50%

28.15%

5.05%

7.70%

Office

Retail

Hotels, cinemas, restaurants

Warehouses

Apartments

Parking

Others

Last data point: 30.06.2016 Source: Semi-annual reports for CS REF Green Property and CS REF PropertyPlus

Credit Suisse Real Estate Fund Green Property Properties in the Fund's Net Assets (Excerpt)

Rue Ferdinand Hodler, Geneva Construction year: 1961/2007 Market value: CHF 45.4 mn Commercial property greenproperty Silver

Twist Again, Bern Construction year: 2016 Market value: CHF 89.2 mn Commercial property greenproperty Gold

Real Estate Investment Management October 2016 16


amRietpark, Schlieren Construction years: 2012-15 Market value: CHF 168.8 mn Mixed-use buildings and

residential construction greenproperty Gold & Bronze

Roy, Winterthur Construction year: 2016 Market value: CHF 32.9 mn Residential property greenproperty Gold

Foyer, Zug Construction year: 2012 Market value: CHF 201.7 mn Commercial property greenproperty Gold

Accu, Zurich Construction year: 2006 Market value: CHF 179.1 mn Mixed-use property greenproperty Bronze

Real Estate Investment Management Your Contacts

Urs Frey Portfolio Manager

Director

[email protected]

Tel. +41 44 334 31 50

Do you have questions about the capital increase?

We can give you the answers.

Christian Braun, CIIA Real Estate Strategies & Advisory

Vice President

[email protected]

Tel. +41 44 333 44 00


Disclaimer

This document was produced by Credit Suisse AG and/or its affiliates (hereinafter "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 and 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, the recipient is advised to ensure that the information 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. Neither this document nor copies thereof may be sent, taken into, or distributed in the United States or to any US person (as defined in Regulation S of the US Securities Act of 1933 in its currently valid version). 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 current and future results. The performance data does not take into account the commissions and fees charged for the issuance and redemption of units. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or outperformed. The Credit Suisse Real Estate Fund Green Property is an investment fund governed by Swiss law in the "Real Estate Funds" category as defined by the Swiss Federal Act on Collective Investment Schemes. The management company is Credit Suisse Funds AG, Zurich. The custodian bank is Credit Suisse AG, Zurich. Subscriptions are only valid on the basis of the current sales prospectus with the integrated fund contract, the simplified prospectus, and the most recent annual report (or semi-annual report if more recent). The prospectus with the integrated fund contract, the simplified prospectus, and the annual and semi-annual reports are available free of charge from Credit Suisse Funds AG, Zurich, and from all Credit Suisse AG banks in Switzerland. Copyright © 2016 Credit Suisse Group AG and/or its affiliated companies. All rights reserved.


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Credit Suisse Real Estate Fund Green Property · Real Estate Investment Management Capital Increase . Credit Suisse Real Estate Fund Green Property Key Facts There will be a capital