Credit Suisse Real Estate Fund Global Capital Increase 2015

Real Estate Investment Management May 2015

Credit Suisse Real Estate Fund Global Summary – Capital Increase 2015 The current portfolio consists of ten properties with a total market value of CHF 324 million

Debt financing ratio is 34% of total market values – in the future, the average encumbrance must not exceed one third of the market value New capital is necessary in order to ensure future growth – a capital increase will be carried out in the maximum amount of CHF 119 million from June 1 to June 12, 2015

Leeds, «Princes Exchange», Princes Square (GB)

Real Estate Investment Management

The funds will be used to acquire additional properties Several interesting investment opportunities in the defined target markets have been identified May 2015

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Credit Suisse Real Estate Fund Global Success factors Innovation

CS REF Global is the first stock exchange-listed Swiss real estate fund that invests internationally.

Liquidity

Listing on the SIX Swiss Exchange since November 29, 2011 – with average trading volume of CHF 305,000/day (2015)

Know How

Credit Suisse manages more than CHF 10 billion in international real estate investments.

Hedging

CS REF Global hedges currency risks to a great extent.

Performance*

The fund aims for an annual performance of 5%-6% after hedging including a distribution of ~4% in the long term.

* Target return is neither a projection, forecast or guarantee of future performance, nor achievement of such. Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Target markets – regions

Real Estate Asset Management locations Target markets Strategic allocation Am ericas: 33.3%

Strategic allocation Europe: 33.3%

Data are indicative only and do not reflect the actual portfolio at the time of acquisition. Real Estate Investment Management

Strategic allocation Asia-Pacific: 33.3% Source: Credit Suisse AG May 2015

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Credit Suisse Real Estate Fund Global Target markets – type of utilization Primary use: office space

Secondary use: parking

Primary use: retail space

Secondary use: residential

Secondary use: restaurant

Secondary use: warehouse/logistics

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Target Markets – Real Estate Strategy „Core“ Countries

The focus is on countries with high market transparency, market liquidity and legal certainty

Cities

Investments are made primarily in the leading economic centers

Microlocation

Within the cities, the emphasis is on the Central Business District (CBD) or similar good locations

Properties

„Core“-properties are generally characterized by high structural and architectural quality

Tenants / Leases

The high income stability is achieved through medium to long-term leases with creditworthy tenants Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Key Figures Annual reports / semi-annual reports

31.12.2014 31.12.2013 31.12.20121)

Fund’s net assets

in CHF mn

232,9

228,6

227,8

Market Value of properties

in CHF mn

323,6

309,1

296,8

%

-3,10

-6,57

5,36

in CHF mn

3.80

3.60

1.80

Distribution yield

%

3,89

3,89

1,73

Distribution ratio

%

85,87

79,00

83,44

Return on investment

%

5,71

2,19

1,57

Third-party in % of market value

%

33,94

34,59

27,08

Total expense ratio (TERREF GAV)

%

1,12

1,17

0,92

Total expense ratio (TERREF NAV)

%

1,67

1,75

1,03

Rental losses

%

10,41

2,14

0,32

Premium Distribution

Historical returns and financial market scenarios are no guarantee of current or future performance. The performance data takes no account of the commissions and fees charged for the issuance and redemption of units. 1 The fund was launched as at 29.11.2011. The first financial year was extended until 31.12.2012. Some key figures are not reliable due to new launch of the fund.

Real Estate Investment Management

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Credit Suisse Real Estate Fund Global Performance as of 30.04.2015

1) Historical returns and financial market scenarios are no guarantee of current or future performance. The performance data takes no account of the commissions and fees charged for the issuance and redemption of units. Source: Credit Suisse AG Last data point: 30.04.2015 Real Estate Investment Management

May 2015

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Agios and Disagio of the Swiss Real Estate Funds Average of listed funds1: 36.4%

if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 34.7% Last data point: 30.04.2015 Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 1

Real Estate Investment Management

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Credit Suisse Real Estate Fund Global International diversified real estate portfolio

Germany UK Japan Australia USA Netherlands Chile

25.70% 18.44% 17.94% 15.19% 11.72% 7.34% 3.67%

Europe APAC Americas

51.95% 30.50% 17.55%

Last data point: 31.12.2014 Real Estate Investment Management

Source: last annual report of CS REF Global May 2015

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Credit Suisse Real Estate Fund Global Diversification by Use

8% 1% 0% 2%

75% Office Retail Warehouses Apartments

15%

Others Parking

Last data point: 31.12.2014 Real Estate Investment Management

Source: Credit Suisse AG May 2015

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Credit Suisse Real Estate Fund Global Currency Hedging Currency hedging is carried out by the experts of the currency overlay of Credit Suisse Group AG Currency fluctuations of the net assets are mainly hedged against the Swiss franc (CHF) Foreign currency forward contracts with a term of two to six months are usually used The individual transactions and the resulting gains or losses are reported in detail in the annual and semi-annual report

Last data point: 30.04.2015 Real Estate Investment Management

Source: Credit Suisse AG May 2015

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Credit Suisse Real Estate Fund Global Taxes  In order to achieve an optimized tax structure, the real estate assets are held either directly or indirectly through one or more subsidiaries, according to countryspecific characteristics – thereby significantly reducing the tax burden at the fund level.  An internationally active, renowned tax consulting firm has been retained as tax advisor.  The real estate fund holds the assets indirectly through subsidiaries. Accordingly, investors domiciled in Switzerland for tax purposes are subject to the usual tax rate.

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets

München, «Karlshöfe», Karlstrasse 35 (DE)

 Office building located on Karlstrasse in in the City Center of Munich  The main railway station is just five minutes away  Construction year: 2005  Rental floor space: 11,500 square meters  Eight stories (of which 2 subterranean levels with 42 parking spaces)  Anchor tenants: - Bayern Invest - International School of Management - Rating Service Unit (RSU)  Weighted average lease term of five years

CHF 58.7mn (16.5% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets  Office building located in Rotterdam Waalhaven  The port of Rotterdam is Europe’s largest sea port  Construction year: 2011  Rental floor space: 6,900 square meters  Eight stories  Anchor tenant is Argos North Sea Group – one of Europe’s fastest growing oil trading companies  The rental agreement runs till end of 2023 Rotterdam, «Port City III», Waalhaven Z.z 11 (NL) CHF 21.8 mn (6.1% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets  Office building in the city center of Leeds  Construction year:1999  Rental floor space: 10,087 square meters  Eight stories

 Anchor tenant is DLA Piper, one of the leading international law firms  The rental agreement runs till end of 2019

Leeds, «Princes Exchange», Princes Square (GB) CHF 65.3 mn (18.4% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets  Commercial property located in the urban district of Shibuya in Tokyo. The district is known for its shopping and entertainment facilities.  Construction year: 2012  Rental floor space: 2,820 square meters  Three floors  The tenant is Escrit – a company listed on the Tokyo stock exchange specializing in event management  The term of the rental agreement runs till 2027 Tokio, «J4», Shibuya-ku (JP) CHF 54.8 mn (15.4% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets  Office property ideally located in Perth's financial district  Built in 1972 (fully renovated in 1995)  Rentable floor area: 10,760 square meters  The main tenant has not renewed its contract. For the majority of this rental area, a new rental contract was already concluded on September 1, 2014 with a term till September 2021

45 St Georges Terrace, Perth, Australia CHF 44.0 million (12.4% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets  Office property situated in a prime location in Houston  Construction year: 1973 (completely renovated in 1998)  Rental floor space: 16,400 square meters  Multitenant building: Of the 20 tenants, only two occupy more than 10% of the total floor space: Old Republic National Title Insurance Company and Vantage Energy Services

 Weighted average lease term of 5.4 years

Houston, 777 Post Oak Boulevard (US) CHF 44.7 mn (12.6% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets  Office property located in a very good location in Santiago de Chile  Construction year: 2013

Santiago de Chile, »Ombú», Av. Andrés Bello (CL)

 Rental floor space: 3,836 square meters  The property is currently 91% leased to well known companies  There is a tenant mixture of multinational companies and local service companies − Philips (40%) − Omnicom Media Group − Euro Assistance − Masvida  Weighted average lease term of 4.8 years

CHF 12.0 mn (4.7% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Objects on fund assets  A portfolio in the city center of Stuttgart existing of two office properties and one residential property  Stuttgart is the capital of the state of BadenWürttemberg in Germany  Rental floor space: 7’419 square meters  Anchor tenant: Allianz Deutschland AG  The term of the rental agreement runs til 2020

Stuttgart, »Allianzportfolio», (DE) CHF 22.5 mn (6.3% of the portfolio)

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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CS Real Estate Fund Global Capital Increase 2015

Credit Suisse Real Estate Fund Global Capital Increase 2015 Issue volume: Type of issue:

Maximum CHF 119.0 million The issue will take place on a best-effort basis as part of a public subscription offer in Switzerland. Subscription Period: June 1 to June 12, 2015, 12:00 (CET) Subscription rights trading: Official subscription rights trading will be possible from June 1 to June 11, 2015 on the SIX Swiss Exchange AG. Issue date: June 19, 2015 Issue price: CHF 103.00 net per unit Subscription ratio: Two (2) old units entitle the investor to subscribe to one (1) new unit. Security no. / ISIN (unit): 13 985 167 / CH013 985 167 6 Security no. / ISIN (subscription right): 28 203 972 / CH028 203 972 3

Real Estate Investment Management

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Credit Suisse Real Estate Fund Global Use of Funds: Investment Opportunity Pipeline

501 Congress

Austin, 501 Congress  Investment opportunity in downtown Austin, Texas  The property was completely refurbished in 2014/2015  Total leasable area of 11'404 m2 (including retail area of 1,713 m2 on the ground floor)  Currently 76% leased, with Dropbox as main tenant with a lease until April 2025  Remaining term of the leases is 8.8 years  Investment volume: USD 50 million  Net rental income: USD 2.57 million  Net initial yield: 5%

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Use of Funds: Investment Opportunity Pipeline Denver, MarketWorks  Investment opportunity in downtown Denver  The property was built in 1872-1902 and refurbished in the years1980, 2005, 2010 and in 2014  Office property with a rentable area of 11'217 m2 (incl. Retail space on the ground floor)  The building is 85% leased to an attractive tenants mix  Remaining term of the leases is approximately 3 years  Investment volume: USD 29 million  Net rental income: USD 1.45 million  Net initial yield: 5%

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Use of Funds: Investment Opportunity Pipeline Los Angeles, 1311 Third Street Promenade  Investment opportunity in downtown Santa Monica  This office property, with a leasable area of 1,997 m2, is currently being completely renovated and will be ready for occupation in the summer of 2015  All of the office space is already fully leased to WeWork with a lease that runs until September 2030  Investment volume: USD 25.5 million  Net rental income: USD 1.3 million  Net initial yield: 5%

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Use of Funds: Investment Opportunity Pipeline Tokyo, Ginza 7-8-8  The property is located in the prestigious shopping district "Ginza" in Tokyo  The 1987 built retail building has a leasable area of 1,066 m2  The building is fully leased to Vacheron Constantin  Investment volume: CHF 40 million  Net rental income: CHF 1.26 million  Net initial yield: 3.4%

Source: Credit Suisse AG Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Priorities Diversification

The aim is to further expand the geographical diversification of the portfolio

Securing cash flow

The high income stability is achieved through medium to longterm leases with creditworthy tenants

Market Value

The market value of the properties increased by 4.7% in the fiscal year 2014

Distribution

The distribution for the financial year 2014 increased from CHF 3.60 to CHF 3.80; dividend yield 3.9%

Growth through equity

The fund carries out a capital increase in June 2015, in order to further expand diversification Souce: Credit Suisse AG

Real Estate Investment Management

May 2015

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Credit Suisse Real Estate Fund Global Your contact partners

Ulrich Braun Strategies & Advisory

Francisca Fariña Fischer Product Management

Director

Director

[email protected] Tel. +41 44 332 58 08

[email protected] Tel. +41 44 332 81 74

*Key figures as per semi-/ annual-reports Real Estate Investment Management

Source: Credit Suisse AG May 2015

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Appendix

Why Credit Suisse? Key Facts & Figures One of the leading Real Estate platforms in the world More than 75 years of Real Estate expertise EUR 34.3 billion in real estate assets under management Investments in over 1,200 properties in 20 countries 210 Real Estate specialists worldwide, offices in Zurich, Frankfurt, New York, Singapore Experienced team with strong acquisition, finance and real estate management background Strong embedded risk management culture

Last data point: December 31, 2014

Real Estate Investment Management

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Real Estate Investment Management Global real estate experience – sample properties 121 Bloor Street Toronto

Temple Quay, Bristol

Endemol HQ, Amsterdam

Toranomon, Tokio

Laimer Würfel, München

1099 NY Avenue, Washington DC Elisabeth Street, Brisbane

Old Stock Exchange, Vancouver

Zara Building, Fukuoka Magdalena Norte, Santiago

Real Estate Investment Management

Sihlcity, Zürich

Goulburn Street, Sydney

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Why Credit Suisse? – top property fund manager Ranked 1st by AuM1 in Europe – no. 8 globally Top 10 fund managers (non-listed/commingled REF)

Europe (EUR m)

Top 10 fund managers (non-listed/commingled REF)

Global (EUR m)

Credit Suisse

20,961

Blackstone

63,291

Deka Real Estate

20,098

Brookfield Asset Management

45,966

CBRE Global Investors

16,419

UBS Global Asset Management

36,346

UBS Global Asset Management

15,920

Pramerica Real Estate Investors

32,667

Aviva Investors

11,814

J.P. Morgan Asset Management

26,259

BNP Paribas REIM

10,775

Morgan Stanley Real Estate Investing

24,566

Blackstone

10,570

CBRE Global Investors

24,361

AXA Real Estate

10,102

Credit Suisse

24,204

Aberdeen Asset Management

10,071

Deka Real Estate

23,700

Union Investment

10,025

RREEF

21,311

The league table is based on non-listed real estate funds/commingled funds under management as of 31.12.2012. If the listed Swiss real estate fund are taken into account, the AuM of Credit Suisse in real estate rise to EUR 35,121 mn globally Last data point: June 2013 Source: INREV/ANREV Fund Manager Survey 2013 1

Real Estate Investment Management

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Why Credit Suisse? – property and office locations Strong footprint covering major markets Amsterdam Brussels

Hamburg Berlin

Glasgow Leeds London

Munich

Calgary

Vancouver

Frankfurt Ottawa Montreal Madrid Toronto Chicago Boston Lisbon New York Houston Washington, DC Paris Geneva

Switzerland: 1,105 properties in over 300 locations Germany: 61 properties in 31 locations Netherlands: 21 properties in 10 locations United Kingdom: 17 properties in 11 locations France: 8 properties in 5 locations Spain: 5 properties in 3 locations Italy: 5 properties in 3 locations Rest of Europe: 13 properties in 6 countries1

Vienna Zurich Tokyo Fukuoka Milan Singapore

São Paulo Santiago

Brisbane Perth

Sidney Melbourne

Wellington Austria, Belgium, Czech Republic, Poland, Portugal, Sweden Last data point: December 2013 Source: Credit Suisse AG

1

Real Estate Investment Management

Properties Real Estate Asset Management offices Credit Suisse Hedging-Griffo offices

May 2015

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Why Credit Suisse? – global network International capabilities based on the Credit Suisse network REAM Frankfurt

REAM Zurich

Fund Management, Acquisition and Property Asset Management Europe 130 properties in 12 countries

REAM New York Acquisition and Property Asset Management Americas 11 properties in 3 countries

Real Estate Investment Management

Fund Management, Acquisition and Property Asset Management Switzerland 1,105 properties in 300 locations

Credit Suisse locations Regional headquarters Centers of Excellence REAM: Real Estate Asset Management Last data point: December 2013 Source: Credit Suisse AG

REAM Singapore Acquisition and Property Asset Management Asia-Pacific 10 properties in 3 countries

May 2015

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Disclaimer This document constitutes Marketing Material and is not the result of a financial analysis or research and therefore not subject to the “Directives on the Independence of Financial Research” (Swiss Bankers Association). The content of this document does therefore not fulfill the legal requirements for the independence of financial analyses and there is no restriction on trading prior to publication of financial research. 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. The recipient is in particular recommended to 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. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U.S. person (as defined in Regulation S under the US Securities Act of 1933, as amended). 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. Credit Suisse Real Estate Fund Global is an investment fund established under Swiss law in the category of “real estate funds,” in accordance with the Swiss Federal Act on Collective Investment Schemes. The fund management company is Credit Suisse Asset Management Funds AG, Zurich. The custodian bank is Credit Suisse SA, Zurich. Subscriptions are only valid on the basis of the current sales prospectus, with integrated fund agreement, and the most recent semi-annual or annual report. The sales prospectus with integrated fund agreement as well as the semi-annual and annual reports may be obtained free of charge from Credit Suisse Asset Management Funds AG, Zurich and from any bank of Credit Suisse AG in Switzerland. Copyright © 2015 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

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