Audited Annual Report Credit Suisse Real Estate Fund ... · 2 Credit Suisse Real Estate Fund International Audited Annual Report as at December 31, 2019 Contents 3 Information in

Audited Annual Report

Investment fund under Swiss law of the “Real estate funds” category for qualified investors December 31, 2019

Credit Suisse Real Estate Fund International

65966_ar_ch_eng_if_csrefInternational.indd 1 08.05.20 12:35

Credit Suisse Real Estate Fund International Audited Annual Report as at December 31, 20192

Contents

3 Information in Brief

4 Management and Statutory Bodies

5 Information on Third Parties

6 Report on Activities

11 Development of Net Asset Value and Distribution

12 Statement of Assets

13 Statement of Income

14 Appendix

16 Additional Investments

17 Mortgages and Other Mortgage-Backed Liabilities

19 Interest-Bearing Loans and Other Credits

20 Land Purchases and Sales Transactions with Related Parties Tenants Accounting for over 5% of Rental Income Real Estate Companies in the Fund Overview of Units of Other Investment Funds

21 Capital Gains/Losses on Currencies

23 Further Information on Off-Balance-Sheet Business

24 Breakdown of Property/Real Estate Structural Breakdown by Actual Net Rental Income

25 Geographical Distribution of the Fund’s Properties Regional Breakdown by Market Value

26 Schedule of Properties in Swiss Francs General Information about the Properties Financial Data on the Properties Breakdown of Residential Properties Breakdown of Commercial Properties

30 Schedule of Properties (Local Currencies) Financial Data on the Properties

36 Notes to the Audited Annual Report

38 Valuation Report

40 Report of the Audit Company

This report is an English translation of the original German version.

In case of discrepancies the original version takes precedence.


Credit Suisse Real Estate Fund International Audited Annual Report as at December 31, 2019 3

Information in BriefKey Data 31/12/2019 31/12/2018 31/12/2017

Swiss security no. 1 968 511

Fund units issued 179 847 359 695 228 897

Fund units redeemed – – –

Number of units in circulation 3 057 409 2 877 562 2 517 867

Net asset value per unit (incl. distribution) CHF 1 107.93 1 108.32 1 097.42

Issue price per unit CHF 1 125.00 1 125.00 1 115.00

Redemption price per unit CHF 1 045.00 1 050.00 1 040.00

Closing price (bid price) CHF 1 185.00 1 145.00 1 255.00

Highest price (in review period) CHF 1 220.00 1 275.00 1 270.00

Lowest price (in review period) CHF 1 110.00 1 095.00 1 180.00

Market capitalization (MV) CHF 3 623,0 Mio. 3 294,8 Mio. 3 159,9 Mio.

Premium 6.96% 3.31% 14.36%

Statement of Assets 31/12/2019 31/12/2018 31/12/2017

Market value of properties CHF 4 341.0 mio. 3 757.2 mio. 3 312.9 mio.

Average real discount rate 4.51% 4.56% 4.74%

Acquisition costs of properties CHF 3 734.4 mio. 3 233.1 mio. 2 886.6 mio.

Total assets CHF 4 753.5 mio. 4 185.1 mio. 3 556.5 mio.

Third-party borrowings: 1

– in % of investment costs 28.36% 21.87% 18.10%

– in % of aggregate market value 24.41% 18.82% 15.77%

Debt as a percentage of total assets 28.50% 23.79% 22.31%

Interest on borrowed funds 2.30% 2.55% 2.46%

Remaining term to maturity of borrowed funds Years 3.80 3.39 2.26

Net asset value (NAV) attributable to the unitholders of the Fund CHF 3 387.4 mio. 3 189.3 mio. 2 763.2 mio.

Return and Performance Data 31/12/2019 31/12/2018 31/12/2017

Distribution CHF 42.00 42.00 42.00

Distribution yield 3.54% 3.67% 3.35%

Distribution ratio 109.04% 110.21% 99.92%

Return on equity (ROE) attributable to the unitholders of the Fund 4.06% 5.14% 8.15%

Return on invested capital (ROIC) 3.61% 4.47% 6.94%

Return on investment 3.87% 4.98% 8.41%

Performance 7.35% –4.89% 11.52%

EBIT margin 67.18% 69.21% 71.75%

Total expense ratio Gross Asset Value (TERREF GAV) 0.88% 0.90% 0.90%

Total expense ratio Market Value (TERREF MV) 1.09% 1.09% 0.97%

Price/earnings ratio (P/E ratio) 26.38 20.24 14.42

Price/cash flow ratio 43.42 31.42 52.86

Statement of Income 31/12/2019 31/12/2018 31/12/2017

Net income total CHF 126.8 mio. 119.2 mio. 105.8 mio.

Realized capital gains/losses CHF –44.8 mio. –13.3 mio. –52.7 mio.

Rental income CHF 224.1 mio. 185.0 mio. 169.6 mio.

Rental losses 7.96% 10.72% 6.58%

Weighted average unexpired lease term (WAULT) Years 5.28 5.05 4.52

Maintenance expense CHF 26.9 mio. 14.4 mio. 12.4 mio.

1 Permitted weighting: one-third of aggregate market value (Art. 65 para. 2 CISA / Art. 96 para. 1 CISO)



Management and Statutory BodiesManagement Company Credit Suisse Funds AG, Zurich

Board of Directors ȩ Dr. Thomas Schmuckli, Chairman Relevant activities outside the fund management company: Member of the Board of Directors of MultiConcept Fund Management S.A., Luxembourg; Chairman of the Board of Directors of Bossard Holding AG, Zug; Chairman of the Board of Directors of Patria Genossenschaft, Basel; Member of the Board of Directors of Hans Oetiker Holding AG, Horgen; Vice-Chairman of the Board of Directors of Helvetia Holding AG, St. Gallen and Member of the Board of Directors of its subsidiaries

ȩ Luca Diener, Vice-Chairman No relevant activities outside the fund management company

ȩ Ruth Bültmann, Member Relevant activities outside the fund management company: Member of the Board of Directors of MultiConcept Fund Management S.A., Luxembourg; Member of the Board of Directors of Credit Suisse Investment Notes S.A., Luxembourg; Member of the Board of Directors of BLI – Banque de Luxembourg Investments S.A., Luxembourg; Chairman of the Board of Directors of Conventum Asset Management S.A., Luxembourg; Member of the Board of Directors of Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A., Luxembourg; Member of the Board of Directors of the Luxembourg Institute of Directors – ILA, Luxembourg; Member of the Board of Directors of Lithos Capital S.A.-SPF, Luxembourg; Member of the Board of Directors of Berlynvest S.A., Luxembourg; Member of the Board of Directors of New Crown Investment S.A., Luxembourg

ȩ Patrik Marti, Member Relevant activities outside the fund management company: Managing Director of Credit Suisse (Switzerland) Ltd., Zurich

ȩ Jürg Roth, Member Relevant activities outside the fund management company: Managing Director of Credit Suisse (Switzerland) Ltd., Zurich; Member of the Board of Trustees of the Credit Sui-sse Investment Foundation, Zurich; Member of the Board of Directors of AXA Pension Solutions AG, Winterthur; Member of the Board of Trustees of the Credit Suisse Investment Foundation Pillar 2, Zurich

ȩ Raymond Rüttimann (from April 5, 2019), Member Relevant activities outside the fund management company: Managing Director of Credit Suisse Asset Management (Switzerland) Ltd., Zurich; Chairman of the Board of Directors of Interswiss Immobilien AG, Zug; Chairman of the Board of Directors of SIAT Immobilien AG, Zug; Member of the Board of Directors of Shoppi Tivoli Management AG, Spreitenbach; Member of the Board of Directors of VIS Swiss Real Estate Association, Bern; Member of the Board of Directors of Société Internationale de Placements SA in Liquidation, Basel

ȩ Christian Schärer, Member Relevant activities outside the fund management company: Managing Director of Credit Suisse (Switzerland) Ltd., Zurich; Member of the Board of Directors of Credit Suisse Fund Services (Luxembourg) S.A., Luxembourg; Member of the Board of Directors of Credit Suisse (Luxembourg) S.A., Luxembourg

ȩ Dr. Christoph Zaborowski (until April 5, 2019), Member Relevant activities outside the fund management company: Chairman of the Board of Directors of REFL Invest AG, Zurich; Chairman of the Board of Directors of Deal Estate AG, Lucerne; Chairman of the Board of Directors of BS2 AG, Schlieren; Vice-Chairman of the Investment Committee of the Steiner Investment Foundation, Zurich; Member of the Investment Committee of FG Wohninvest Deutschland S.C.S. SICAV-SIF, Luxembourg; Member of the Real Estate Committee of the Lonza Pension Fund, Basel; Member of the Board of Directors of Fundamenta Group Holding AG, Zug; Member of the Board of Fundamenta Group Deutschland AG, Munich

Executive Board ȩ Thomas Schärer, CEO No relevant activities outside the fund management company

ȩ Patrick Tschumper,, Deputy CEO and Head of Fund Solutions Relevant activities outside the fund management company: Member of the Board of Directors of Credit Suisse Asset Management (Switzerland) Ltd., Zurich; Member of the Board of Directors of MultiConcept Fund Management S.A., Luxembourg

ȩ Michael Dinkel, Member, Fund Services Administration No relevant activities outside the fund management company

ȩ David Dubach, Member, Oversight & ManCo Services No relevant activities outside the fund management company

ȩ Gilbert Eyb, Member, Legal No relevant activities outside the fund management company

ȩ Thomas Federer, Member, Performance & Risk Manage-ment No relevant activities outside the fund management company

ȩ Hans Christoph Nickl, Member, COO No relevant activities outside the fund management

ȩ Thomas Vonaesch, Member, Real Estate Fund Manage-ment Relevant activities outside the fund management company: Chairman of the Board of Directors of Helvetia Asset Management AG, Basel

ȩ Gabriele Wyss, Member, Compliance No relevant activities outside the fund management company

Custodian Bank Credit Suisse (Switzerland) Ltd., Zurich

Audit Company KPMG AG, Zurich



Information on Third PartiesAccredited valuation experts

ȩ Gino Fiorentin, architect (HTL degree), Wüest Partner AG, Zurich

ȩ Pascal Marazzi-de Lima, architect (ETH degree), Wüest Partner AG, Zurich

ȩ Marius Malek, MSc Geography, Wüest Partner AG, Zurich

Delegation of Further Responsibilities

The fund management company has delegated the investment decisions to Credit Suisse Asset Management (Switzerland) Ltd., Zurich, as asset manager.

The fund management company has delegated certain fund administration duties to the following group companies of Credit Suisse Group AG:

ȩ Credit Suisse AG Switzerland: Specific tasks such as providing legal and compliance advice, facility management and the Management Information System (MIS).

ȩ Credit Suisse (Switzerland) Ltd., Switzerland: Specific duties in relation to the provision of compliance advice, human resources, collateral management, IT services and first line of defence support (FLDS).

ȩ Credit Suisse Asset Management (Switzerland) Ltd., Switzerland: Real estate administration (including fund and real estate accounting and estate management).

ȩ Credit Suisse Services Ltd., Switzerland: Specific tasks in relation to the provision of compliance advice, managing the fund management company's finances and tax advice.

ȩ Credit Suisse Fund Services (Luxembourg) S.A., Luxembourg: Specific tasks in relation to fund accounting.

ȩ Credit Suisse (Poland) Sp. z o.o., Poland: Specific tasks in relation to fund accounting, information management (including product master data, price publications, fact sheet production, KIID production and report preparation), legal reporting and other support tasks.

Precise details of how the remit is to be fulfilled are laid down in an agreement between the fund management company and the aforementioned group companies. Further specific tasks may be delegated to the aforementioned group compa-nies.

Real estate management and technical maintenance tasks are delegated to the following companies:

ȩ Australia: CBRE Pty Ltd., DMG Land (WA) Pty Ltd., Jones Lang LaSalle (QLD) Pty Ltd., Jones Lang LaSalle (SA) Pty Ltd., Jones Lang LaSalle (VIC) Pty Ltd.

ȩ Chile: CBRE Chile S.A.

ȩ Germany: BNP Paribas Real Estate Property Management GmbH, STRABAG Property and Facility Services GmbH

ȩ Great Britain: BNP Paribas Real Estate Advisory & Property Management UK Ltd.

ȩ Ireland: Jones Lang LaSalle Ltd.

ȩ Japan: Savills Asset Advisory Co., Ltd., EGW Asset Management Inc., CBRE K.K.

ȩ Canada: Canderel Management Inc., Colliers Macaulay Nicolls Inc., Jones Lang LaSalle Real Estate Services Inc.

ȩ New Zealand: CBRE Ltd.

ȩ Netherlands: Jones Lang LaSalle B.V., MVGM International B.V.

ȩ Poland: Colliers International REMS Sp. Z o.o.

ȩ South Korea: Pebblestone Asset Management Co. Ltd.

ȩ USA: CBRE Inc., Cushman & Wakefield U.S. Inc., LPC West LLC., Tishman Speyer Properties L.P.

For certain accounting, tax advice and administration tasks undertaken by group companies the following service providers are involved: Alter Domus, CBRE Inc., CBRE Chile S.A., Citco Nederland B.V., Colliers Macaulay Nicolls Inc., Creative Partners, Cushman & Wakefield U.S. Inc., Ernst & Young, J&A Garrigues S.L.P., Gowling WLG (Canada) LLP, Morrison & Foerster, Pebblestone Asset Management Co. Ltd., PricewaterhouseCoopers and Savills Asset Advisory Co. Ltd.

Details on the execution of the orders are laid down in separate agreements.



Report on Activities

from January 1 to December 31, 2019

Credit Suisse Real Estate Fund International was launched in February 2005 as the first real estate fund under Swiss law to undertake direct investment in foreign real estate. The Fund grants qualified investors access to an internationally diversified portfolio of high-quality commercial properties. The custodian bank performs off-floor trading for the Fund.

The economy cooled down considerably in 2019 and global real economic growth was only 2.7% compared to 3.2% in 2018. The trade disputes between China and the US mainly burdened the industrial and export segments, while the service sector driving real estate demand remained healthy.Labour markets further continued their global recovery.The Asian countries excluding Japan remained one of the strongest growing regions in 2019 with a growth rate of 5.5%, despite a substantial slowdown in China’s economic growth to 6.1% compared with 6.6% in the previous year. Japan’s economy expanded by 0.9%. Growth in Australia and New Zealand also slowed down to 2.0% and 2.3% respectively.Economic performance in Europe differed according to country. Growth in the eurozone contracted from 1.9% in 2018 to 1.2% in 2019. Owing to its exposure to exports, Germany was affected most strongly. As the German export industry has been caught in a recession since mid-2018, Ger- many only posted 0.6% growth for 2019. Ireland and Poland, on the other hand, grew dynami- cally with estimated real GDP growth of 5.6% and 4.0% respectively. The Netherlands maintained its robust position with 1.7% growth.The UK economy grew by 1.3% in real terms 2019, making it one of the world's countries that man-aged to maintain the momentum of the previous year. This is fairly surprising in light of the Brexit commotion. Optimism also improved towards the end of the year with the landslide victory of the Tories, which made it clear that Brexit could go ahead. This has put an end to the long-standing uncertainties about the role of the UK.The US posted solid economic growth of 2.3%, while the Canadian growth rate dropped back to 1.5%. The US labour market continued its recovery. The Chilean economy did very well until October, when social unrest broke out in the country. Since then, uncertainty about the country's future economic performance and political stability has held the upper hand. Economic activity collapsed in Q4 2019, and real GDP only grew by around 1.0% in 2019 compared to 4.0% in 2018. Contrary to general expectations of a return to normal monetary policy, the reporting year was dominated by substantial interest rate cuts. Both the US Fed and the Reserve Bank of Australia reduced key interest rates by 75 basis points. The Canadian and New Zealand central banks also introduced interest rate cuts. The European Central Bank pushed the deposit rate for banks 10 basis points further into negative territory to –0.5%. The ECB reactivated its govern-ment bond-buying programme. The volume of bonds earning negative interest is also rising outside of the Swiss franc area.

2019 was a good year for the real estate rental and transaction markets. Based on data for direct investments of institutional real estate portfolios, global real estate investments again produced an overall return in the high single digits for 2019.In 2019, the investment volume of the real estate markets came to around USD 985 billion worldwide and was 4% lower than in the dynamic previous year. Volumes dropped in Europe and Asia Pacific, but remained stable in the US. Except for retail properties, real estate capital values continued their positive trend. Net returns on commercial real estate continued to fall in many markets in Europe and Asia Pacific because of persistent and very strong investor appetite. In the US, returns rose at the beginning of the year owing to higher interest rates, and the situation substantially improved towards the end of the year.

Investor Base, Special Features

Macroeconomic Climate

Commercial Property and Investor Market



The risk premiums for real estate investments remain considerably higher than their historic averages in many markets. Falling interest rates also strongly improved the investment outlook in the US and led to high investor demand for real estate worldwide. From the point of view of the Swiss franc, the costs for hedging US, Australian, Canadian and New Zealand investments dropped noticeably.Core real estate continued to enjoy high demand. These properties are characterized by good locations, new or renovated buildings, and long-term rental contracts with tenants who have high credit ratings. The appetite for valued-added properties has also increased as various investor groups hunt for higher returns. Value added properties frequently show high vacancy rates or require greater levels of investment in order to be successfully repositioned on the market.The positive trend on the rental market is one of the key factors supporting global real estate invest-ments. With construction activity remaining at very low levels in many markets coupled with robust demand for rental space, vacancy rates in most investment markets continue to fall. Office vacancy rates in Tokyo, Osaka, Nagoya, Munich, Berlin and Stuttgart are below 2.0%, while rentals are still rising.

Macroeconomic ClimateFollowing the outbreak of the coronavirus pandemic, the global economy is facing enormous uncer-tainty in the first half of 2020. Tourism, trade and industry will likely be affected more strongly by the social distancing that is applied in Europe and the US than other service sectors. However, Credit Suisse is operating on the conviction that the situation will stabilize after a few months.Global economic growth is expected to contract substantially in 2020. We expect to see recession in most countries in which the fund invests, including in Switzerland. The outlook is dominated by s erious uncertainty and can change greatly, but the global economy should start recovering noticeably by the end of the year at the latest. We also expect the substantial fiscal packages announced by the different countries to take effect. The central banks reacted decisively in 2020 and slashed interest rates. The US reduced interest rates by 150 basis points and interest rates also fell considerably in other currency zones. It can therefore be assumed that the central banks will pursue a very expansionary monetary policy so as to be able to react to high financial market volatility and a possible economic collapse. Given these indications, we expect that European and Japanese government bonds will continue to earn negative interest. Overseas bond yields are likely to remain weak. Increases in interest rates are unlikely to be a topic of conversation in 2020 either.

Commercial Property and Investor MarketThe expected economic slowdown implies lower demand for rental property in 2020. In view of the very low vacancy rates and limited new supply of rental space, the rental markets are likely to cope better with weaker demand than during previous cycles. However, we also expect regional disparities. The German and Japanese markets, as well as the US markets dominated by the technological sector, are likely to weather the crisis better than locations that are focused on tourism and the energy sector. Although rents are expected to be lower in 2020, it must be remembered that market rents have risen substantially everywhere in the world in the past few years. As a result, earnings will continue to improve on new rentals, even if rents should fall slightly. Globally, retail properties are likely to correct further while logistics properties can look forward to robust demand. The situation in Chile is being constantly monitored, and we remain cautiously optimistic about this country as an investment location.The persistently low level of global bond yields continues to sustain investor interest in real estate. In global terms, core real estate is one of the few investment opportunities that currently offer solid income returns coupled with low volatility.The biggest short-term risk to real estate valuations will be the uncertainty unleashed by the pandemic if this should last longer than a few weeks. In the medium term, the already advanced price cycle and lower capitalization and discount rates count among the most important risks. A stronger rise in interest rates would probably lead to rising capitalization rates in real estate markets too. At present, however, the risk is small that interest rates will rise.

Organization, Structure and DiversificationThe real estate portfolio was also expanded further in 2019. The Fund invested in six office properties in Manchester, Birmingham, Austin, Warsaw and Brisbane and in two logistics properties in Seoul. The portfolio's diversification was improved further with investments in two new countries (Poland and South Korea) and the first-time investment in logistics properties. The decision to enter new markets was taken on the basis of careful analyses spanning several years and is supported by the establish-ment of solid local networks. Four strategic sales were concluded in Adelaide, Montreal, Hanover and Osaka.The Grade A office building at 70 Great Bridgewater Street in Manchester was built in 2001 and is located on the southern edge of the central business district (CBD) of this young and technologically advanced city. The property has usable space of some 6 700 m2

Outlook

Real Estate Portfolio



and, among other things, features high, light-flooded rooms with windows facing towards all four cardinal directions. Key arguments in favour of the acquisition of the property included a good initial return and further rent potential. Also in the UK, the portfolio was expanded with an excellently located property on Edmund Street in the up-and-coming city of Birmingham. The entire office building is rented to a global financial services company and offers stable rental income and an attractive return. As additional floors can be added and the ground floor converted to other uses, the property has further upside potential in the long term. The 29-floor "Third + Shoal" office tower completed in 2019 is located in the centre of Austin, Texas, one of the fastest growing cities in the US. Key arguments in favour of this investment included the first-class quality of the tenants of this fully rented property with a weighted average rental period of some ten years, the sustainable and high-grade building quality, the excellent location and the attractive return. "Third + Shoal" is now the second-biggest property after "The Exchange" in Vancouver in the portfolio of the Credit Suisse Real Estate Fund International.The Polish market was entered successfully with the acquisition of two top-quality commercial properties in Warsaw. "Ethos" is located in the middle of the dynamic central business district (CBD) of Warsaw, Poland's capital. With an excellent location, the five-floor Ethos building offers more than 13 200 m2 office space, 3 400 m2 retail space, almost 1 000 m2 restaurant space, and ample parking space. The building was built in 1998 and was completely renovated in 2016 and 2017. “Ethos” has been rated as “excellent” in the BREEAM certification process, the highest environmental standard for office and retail space. The exclusive "Astoria" office building is also located in Warsaw's CBD and was acquired by the Fund together with another real estate vehicle of Credit Suisse. Built in 2016, the property is located in the immediate vicinity of the supreme administrative court, the Polish central bank and the world-famous Palace of Culture. The building has an LEED "Platinum" certificate.Another new market was entered with the purchase of two dry warehouses in the Seoul region (Seoul Capital Area), the main logistics center of South Korea. The Grade A “Icheon 2 DC” warehouse offers floor space of around 50 000 m2 and the Grade A warehouse “DC Moga” offers around 36 000 m2. These two properties, which are used for fine distribution, are fully rented out to leading logistics companies at present. Logistics properties in South Korea have an attractive yield benefit compared to office properties, which is difficult to find in the Western markets. There is a shortage of suitable warehouses in the Seoul region, and further growth is forecast for the market for external logistics in South Korea.The Fund also acquired the new build project for the 14-floor Jubilee Place office building in Brisbane, Australia. The property is located in the state of Queensland on the northern outskirts of Brisbane, which are currently seeing strong modernization. Jubilee Place will become one of the most techno-logically advanced office buildings in Australia. The project comprises the construction of an innova- tive next-generation office tower and will offer 17 500 m 2 commercial space, an impressive 17-metre-high courtyard and foyer, a roof terrace of 800 m2

with a breathtaking view over the city, and modern offices. Around half of the property has already found long-term tenants. Construction will be finished by end-2021. In the 2019 financial year, the Fund sold four properties in Adelaide, Montreal, Hanover and Osaka for strategic reasons. Given the positive developments on the real estate and rental market in Osaka and the exhausted potential for rental prices, the Fund decided to sell the "YM Building" property. This decision was especially influenced by the property's secondary micro location, which would have been affected first by any market corrections. The decision to sell the property in Adelaide was based on a risk assessment related to the expiry of two important rental contracts and the need to make major investments in the property in the near future. Although the rental contract with one of the principal tenants in Montreal could be renewed, the tenant has already announced their intention to vacate the property at the end of the rental term. This fact coupled with the expiry of other rental contracts, the fact that major investments will be needed in the coming years and the high cost of maintenance underpinned the decision to sell the property. The large area of retail space and related rental risks that are anticipated gave rise to the decision to sell the property in Hanover for a profit in a strong market. The liquidity that was released by these sales was immediately reinvested and used to reduce the debts.At the end of 2019, the regional breakdown of the properties was as follows: 39.10% (38.30%) in North, Central and South America, 36.95% (34.00%) in Europe and 23.95% (27.70%) in Asia Pacific.Office space accounted for 82.35% (81.90%) of net rental income, while retail property accounted for 6.75% (8.35%). The remaining 10.90% (9.75%) consisted mainly of parking facilities, logistics buildings, warehouses, restaurants & cinemas, residential and other commercial properties. In selecting investments, care is taken to ensure that tenants have good credit ratings and that sector diversification is balanced.



Valuation of Properties2019 saw the portfolio's value appreciate. Disregarding currency effects and real estate transactions undertaken in 2019, the value of the portfolio was on average 3.32% higher than in the previous year. The cash flows from the properties also developed positively. Taking account of the properties acquired in 2019, rental income increased by 21.14% to CHF 224.15 million (185.03 million). The distribution remains constant at CHF 42.00 (42.00) per fund unit, resulting in a dividend yield of 3.54% (3.67%).

The financial year of Credit Suisse Real Estate Fund International runs from January 1 to December 31.

Die Weighted according to the portfolio allocation, the exchange rates applied to the statement of assets as of December 31, 2019 are 0.93% lower than on December 31, 2018, while the average exchange rates applied to the income statement as of December 31, 2019 are 1.17% lower than on December 31, 2018, again weighted according to the portfolio allocation.To minimize currency fluctuation risks, the currencies in the statement of assets were mostly hedged by means of foreign exchange forward transactions. The net result is a currency loss of CHF 82.85 million (loss of 88.83 million). The exchange rate fluctuations in the income statement are not hedged.

The issue in June 2019 resulted in a total inflow of new money into the Fund of CHF 190.69 million (net), which is reflected in the 2019 statement of assets. Thanks to the capital increase, the real estate portfolio was expanded further. In the 2019 reporting year, Credit Suisse Real Estate Fund International purchased eight properties in the UK, Poland, South Korea, Australia and the US, and sold four properties in Australia, Canada, Germany and Japan. There was one project under construction at the closing date of the financial statements. This concerns Jubilee Place in Brisbane, which will be finished at the end of 2021.On behalf of the fund management company and in compliance with the Collective Investment Schemes Act (CISA), the properties were individually valued by independent, FINMA-accredited valuation experts as at December 31, 2019. This also involved recourse to external consultants abroad. These estimates were made on the basis of the International Valuation Standards. The portfolio properties are all valued using the DCF method. The resulting total market value comes to CHF 4 340.99 million (3 757.24 million). The weighted discounted rate is 4.51% (4.56%) of net income after deduction of long-term renovations. The liquid assets of CHF 252.39 million (350.79 million) were invested in bank accounts and short- term fiduciary investments. The business assets were invested in the following currencies: Swiss franc, euro, pound sterling, yen, South Korean won, US dollar, Australian dollar, New Zealand dollar, Canadian dollar, and Chilean peso. To minimize currency fluctuation risks, the foreign currency exposure was mostly hedged by means of foreign exchange forward transactions. At the end of the year, the result is a net claim of CHF 21.10 million (net claim of 21.02 million) from unrealized capital gains on outstanding forward foreign exchange transactions.Borrowed funds total CHF 1 059.22 million (707.13 million) or 24.41% (18.82%) of the market value of the properties. The debt financing operations in question were mainly contracted for the property purchases in Japan, Australia, New Zealand, Germany, the UK, Chile and the US for tax reasons and in order to achieve a positive leverage effect. Mortgages were also taken out for the new purchases in Poland, South Korea and the US. The estimated liquidation taxes amount to CHF 176.80 million (169.42 million).The net asset value attributable to Fund unitholders after deduction of the estimated liquidation taxes stands at CHF 3 387 387 073 (3 189 258 348). The return on investment per unit amounts to 3.87% (4.98%) on a net asset value per unit of CHF 1 107.93 (1 066.32 ex coupon).

Total income amounts to CHF 229.24 million (193.38 million), an increase of 18.55% compared with the previous year. Rental income increased by 21.14% to CHF 224.15 million (185.03 million). Income from deposits on postal and bank accounts less negative interest amounts to CHF 0.69 million (0.89 million). Income from mortgages and other loans secured by mortgage amounts to CHF 0.03 million (0.26 million). The position “Other income” shows income of CHF 1.04 million (0.05 million). The Fund generated CHF 3.33 million by buying into current net income on the issue of units in June 2019.Rental losses due to vacancies and collection losses dropped on the previous year and now stand at 7.96% (10.72%) of target rental income. To a large extent, this is the result of a number of successful rentals (among others in Boston and Toronto) and the purchase of the fully tenanted property "Third + Shoal" in Austin, the second-largest property owned by the Fund.

Notes to the Annual Financial Statements

Foreign Exchange Influences

Statement of Assets

Statement of Income



Total expenses amount to CHF 102.49 million (74.22 million). This includes ground rent amounting to CHF 1.28 million (1.17 million). Borrowing costs amount to CHF 24.18 million (16.28 million). The average weighted interest rate comes in at 2.30% (2.55%), with an average remaining term to maturity of 3.80 years (3.39 years). Maintenance and repairs accounted for CHF 26.94 million (14.39 million), which amounts to 12.02% (7.78%) of rental income. Writedowns on properties (tenant fit-outs) amount to CHF 8.56 million (8.06 million). CHF 9.00 million (9.50 million) was taken out of provisions for future repairs. Taxes on earnings and capital amount to CHF 11.98 million (9.27 million). Appraisal and auditing expenses come to CHF 2.08 million (1.90 million).The Fund was charged CHF 25.11 million (21.34 million) for management activities. The manage-ment commission of 0.60% is levied on the total fund assets at the beginning of each financial year. The remuneration paid to the property management companies in accordance with the Fund regulations stands at CHF 5.35 million (5.08 million). Other expenses amount to CHF 5.00 million (5.35 million) and consist primarily of property-related operating costs and tax, legal, bookkeeping and other consultancy costs. The Fund's operating expense ratio GAV (TERREF GAV), which is an im-portant indicator of the burden of operating expenses, stands at 0.88% (0.90%). This key ratio enables investors to draw a direct comparison with other real estate funds.The Fund's net income attributable to Fund unitholders amounts to CHF 126.77 million (119.16 million) or CHF 41.46 (41.41) per unit. The operating profit margin (EBIT margin) comes to 67.18% (69.21%). The Fund's foreign currency exposure is mostly hedged. Depending on the performance of the currencies and interest rate spreads, hedging leads to realized and unrealized capital gains or losses on forex forward transactions. The capital losses realized on the currency hedging amount to CHF 55.31 million (loss of 27.40 million). The unrealized capital losses arising from changes in exchange rates amount to CHF 27.54 million (loss of 61.43 million). This also includes unrealized currency conversion differences arising from the consolidation of the financial statements of the individual property-holding companies in foreign currency. The net result is a currency loss of CHF 82.85 mil-lion (loss of 88.83 million). In 2019, the realized capital gain on investments amounted to CHF 10.47 million (14.06 million). Most of the gain results from the sale of the property in Hanover. Unrealized capital gains on investments amount to CHF 89.58 million (114.10 million). Including the cost of currency hedging, the balance of realized and unrealized capital changes on investments, and the increase in the provision for liquidation taxes of CHF 7.38 million (decrease of 2.98 million), aggregate net income attributable to unitholders of the Fund comes to CHF 137.30 million (161.47 million) or CHF 44.91 (56.11) per unit.

For the 2019 financial year, CHF 128.41 million (120.86 million) or CHF 42.00 (42.00) per unit will be paid out. The no. 15 coupons are payable free of expenses at Credit Suisse (Switzerland) Ltd., Zurich and its branches in Switzerland from March 27, 2020 onward (ex date March 25, 2020). Investors can claim back the withholding tax deducted. In the 2019 financial year, the net asset value per unit rose from CHF 1 066.32 (ex coupon) to CHF 1 107.93. The investment return therefore comes to 3.87% (4.98%).

Financial year 2019 2018

Coupon no. 15 14Gross CHF 42.00 CHF 42.00Less 35% Swiss federal withholding tax CHF 14.70 CHF 14.70

Total distribution CHF 27.30 CHF 27.30

In June 2019, Credit Suisse Real Estate Fund International performed a capital increase with subscription rights for existing investors at a 1-for-16 ratio. Sixteen subscription rights entitled the holder to subscribe one new unit at the issue price of CHF 1 095.00 net per unit. The new funds amounting to a total of CHF 196.93 million (gross) were used to expand the diversified portfolio further.

Distribution, Yield

Issuing of Units



Year as at31.12.

Units in circulation

Asset value per unit ex-

couponCHF

Distribution from ord. income

CHF

Capitalgains CHF

Total distributionCHF

Net assets at market values

in CHF mio.

2010 1 811 054 966.74 37.00 0.00 37.00 1 817.83

2011 2 112 896 974.88 37.00 0.00 37.00 2 138.01

2012 2 112 896 972.21 39.00 0.00 39.00 2 136.58

2013 2 112 896 976.22 40.00 0.00 40.00 2 147.17

2014 2 112 896 993.42 41.00 0.00 41.00 2 185.62

2015 2 288 970 1 001.96 41.00 0.00 41.00 2 387.31

2016 2 288 970 1 011.89 42.00 0.00 42.00 2 412.32

2017 2 517 867 1 055.42 42.00 0.00 42.00 2 763.17

2018 2 877 562 1 066.32 42.00 0.00 42.00 3 189.26

2019 3 057 409 1 065.93 42.00 0.00 42.00 3 387,39

Development of Net Asset Value and Distribution

1500

1450

1400

1350

1300

1250

1200

1150

1100

1050 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019

Swiss Market Index (SMI)Credit Suisse Real Estate Fund InternationalSXI Real Estate Funds Broad (TR)

The units of Credit Suisse Real Estate Fund International are traded over the counter. Credit Suisse AG performs trading for the Fund. The closing price (bid price) stood at CHF 1 185.00 at the end of the financial year, corresponding to an increase of CHF 40.00 or 3.49%. Performance comes to 7.35% (–4.89%), i.e. 13.32 percentage points above the benchmark. The benchmark used is the SXI Real Estate Funds Broad (TR), which showed a performance of 20.67% over the same period (January 1 to December 31, 2019). At the end of the reporting period, the premium resulting from the difference between the closing price and the net asset value came to 6.96% (3.31%).

As of December 31, 2019 no units had been submitted for redemption.

Status as at January 1, 2019 2 877 562 unitsRedemptions 0 unitsIssues (June 2019) 179 847 units

Status as at December 31, 2019 3 057 409 units

Unit Price Performance in CHF (1/1/–31/12/2019)

Redemptions

Units in circulation



Statement of Assetsas at 31 December 2019

Assets

31/12/2019Market value

CHF

31/12/2018Market value

CHFCash holdings, balances on postal and bank accounts at sight, including fiduciary investments with third-party banks 194 106 107 242 155 583

Time deposits with banks, including fiduciary investments with third-party banks 58 286 906 16 230 663 Sites– Commercial properties 4 322 171 648 3 757 238 154 – Development land (incl. properties for demolition) and properties under construction 18 822 820 0Total sites 4 340 994 468 3 757 238 154

Mortgages and other mortgage-backed loans 0 92 400 000 Derivative financial instruments 21 104 565 21 023 145 Other assets 139 027 138 56 003 834 Total assets 4 753 519 184 4 185 051 379

Liabilities Short-term liabilities– Short-term interest-bearing mortgages and other mortgage-backed liabilities 82 780 772 82 553 441 – Other short-term liabilities 118 517 661 119 246 413 Total short-term liabilities 201 298 433 201 799 854

Long-term liabilities– Long-term interest-bearing mortgages and other mortgage-backed liabilities 969 175 805 624 576 941 Interest-Bearing Loans and Other Credits 7 264 064 0Total long-term liabilities 976 439 869 624 576 941

Total liabilities 1 177 738 302 826 376 795

Net assets before estimated liquidation taxes 3 575 780 882 3 358 674 584 Estimated liquidation taxes 176 799 159 169 416 236 Net assets 3 398 981 723 3 189 258 348 – of which attributable to minority interests 11 594 650 0 – of which attributable to the unitholders of the Fund 3 387 387 073 3 189 258 348

Number of units in circulation 3 057 409 2 877 562 Net asset value per unit 1 107.93 1 108.32 Less distribution for financial year 2019 (coupon no. 15) 42.00 42.00 Net asset value per unit after distribution 1 065.93 1 066.32

Change in the net asset value Net assets at beginning of financial year 3 189 258 348 2 763 168 594 Distribution –120 857 604 –105 750 414

Balance from sales and purchases of units, excl. equalization on the issue of units and payouts of current income on the redemption of units 190 689 976 379 870 292

Total income 137 296 353 161 469 876 Balance of deposit/withdrawal of reserves for repairs –9 000 000 –9 500 000 Net assets at end of financial year 3 387 387 073 3 189 258 348

Details from previous yearsNet assets Net asset value per unit

31/12/2019 3 387 387 073 1 107.93

31/12/2018 3 189 258 348 1 108.32

31/12/2017 2 763 168 594 1 097.42

Conversion rate as at 31/12/2019 as at 31/12/2018

CAD/CHF 0.746783 0.721814

EUR/CHF 1.087172 1.127010

GBP/CHF 1.282928 1.255576

100 KRW/CHF 0.083739 n/a

100 JPY/CHF 0.890989 0.898259

AUD/CHF 0.680753 0.694018

USD/CHF 0.968350 0.985800

NZD/CHF 0.653297 0.661028

100 CLP/CHF 0.128783 0.142051

100 CLP/USD 0.132992 0.144097

UF/CHF 36.458390 39.157480



Statement of Income(ending December 31, 2019)

Income

1/1/2019to 31/12/2019

CHF

1/1/2019to 31/12/2019

CHF

1/1/2018to 31/12/2018

CHF

1/1/2018to 31/12/2018

CHFIncome from postal and bank accounts 752 755 936 617Negative interest –65 112 –49 557Rental income 224 149 011 185 028 404

Income from mortgages and other mortgage-backed loans 32 589 263 406

Other income 1 037 773 49 311

Current income paid in by new subscribers 3 334 363 7 147 140

Total income 229 241 379 193 375 321

Expenses

Mortgage interest and interest on mortgage-backed liabilities 22 263 294 15 451 780

Other interest due 1 924 006 824 662Ground rent 1 276 042 1 172 330Repairs and maintenance 26 940 454 14 392 224Taxes and charges– Taxes on capital and profits 11 975 675 9 272 826Valuation and auditing expenses 2 083 582 1 896 643Writedowns on properties (tenant fit-outs) 8 560 781 8 063 423Provision for future repairs– Allocation 0 0– Withdrawal –9 000 000 –9 500 000Remuneration (as per fund regulations) for– the fund management company 25 110 309 21 339 182– the custodian bank 1 664 429 828 951– the market maker 1 292 349 0– the property management companies 5 345 426 5 078 376Costs for annual report 47 020 37 164Fees payable to supervisory bodies 3 875 5 500Other expenses 5 002 331 5 354 077

Net current income paid out on redemption of units 0 0

Total expenses 102 489 573 102 489 573 74 217 138 74 217 138

Net income 126 751 806 119 158 183– of which attributable to minority interests –18 010 0– of which attributable to the unitholders of the Fund 126 769 816 119 158 183Realized capital gains and losses from investments 10 472 085 14 061 565Realized capital gains and losses from currencies –55 309 913 –27 397 540Realized income 81 913 978 105 822 208– of which attributable to minority interests –59 608 0– of which attributable to the unitholders of the Fund 81 973 586 105 822 208Unrealized capital gains and losses from investments 89 575 225 114 100 197Unrealized capital gains and losses on currencies –27 542 367 –61 430 022Change in liquidation taxes –7 382 923 2 977 493Total income 136 563 913 161 469 876– of which attributable to minority interests –732 440 0– of which attributable to the unitholders of the Fund 137 296 353 161 469 876

Appropriation of net income for Fund unitholdersNet income of financial year 126 769 816 119 158 183Carried forward from preceding year 8 868 675 10 568 096Net income available for distribution 135 638 491 129 726 279Net income earmarked for distribution to investors –128 411 178 –120 857 604Carried forward to following year 7 227 313 8 868 675

Average conversion rates for 1/1/–31/12/2019 for 1/1/–31/12/2018CAD/CHF 0.750203 0.751707EUR/CHF 1.110760 1.150645GBP/CHF 1.273024 1.299617100 KRW/CHF 0.085475 n/a100 JPY/CHF 0.911184 0.885835AUD/CHF 0.691964 0.727270USD/CHF 0.992508 0.976929NZD/CHF 0.656167 0.674036100 CLP/CHF 0.140748 0.151878100 CLP/USD 0.141810 0.155465UF/CHF 39.244008 41.301166

1 Market making has been paid directly since February 1, 2019 (previously via the custodian bank)



Events occurring after the reporting dateThe Emergency Committee of the World Health Organization (WHO) declared the coronavirus a global health emergency on January 29, 2020. On February 28, 2020, the Federal Council categorised the situation in Switzerland as "special" in terms of the Epidemics Act and banned large-scale events involving more than 1,000 people at least until March 15, 2020.

Concerns about the spread of the coronavirus and the associated COVID-19 lung disease ("coronovirus disease 2019") has already had restrictive and material consequences for the economy and companies, e.g. because of restrictions on production and trade, or travel restrictions. The capital markets have seen pronounced price corrections and an increase in risk premiums. The Economic Research Unit at the Swiss Federal Institute (ETH) Zurich has since announced that it expects delivery interruptions and demand shortfalls to have a negative impact on GDP growth in 2020, but without quantifying this decline. Some central banks, including the US Fed, have already slashed key interest rates. Various countries, including Switzerland, have been discussing measures to stabilise the economy.

31/12/2019 31/12/2018

Value of depreciation account CHF 0.0 mio. 0.0 mio.

Value of reserves account for future repairs CHF 29.8 mio. 38.8 mio.

Balance on account of earnings retained for reinvestment CHF 0.0 mio. 0.0 mio.

Total insurance value of assets CHF 3 010.6 mio. 2 709.7 mio.

Number of units due to be redeemed at end of next financial year none none

Key Financial Figures 31/12/2019 31/12/2018

Rental losses 7.96% 10.72%

Third-party borrowings in % of aggregate market value 24.41% 18.82%

Distribution yield 3.54% 3.67%

Distribution ratio 109.04% 110.21%

EBIT margin 67.18% 69.21%

Total expense ratio GAV (TERREF GAV) 0.88% 0.90%

Total expense ratio Market Value (TERREF MV) 1.09% 1.09%

Return on equity (ROE) 4.06% 5.14%

Return on invested capital (ROIC) 3.61% 4.47%

Premium 6.96% 3.31%

Performance 7.35% –4.89%

Return on investment 3.87% 4.98%

Information on derivativesFor detailed information on forward foreign exchange transactions, please see pages 21–23

Valuation principles / basis for calculation of net asset valueThe asset value of a unit represents the market value of the Fund's assets, less any liabilities of the Fund and the likely taxes and duties incurred on liquidation of the Fund's assets, divided by the number of units in circulation.

Under Art. 88 para. 2 CISA, Arts. 92 and 93 CISO and the SFAMA guidelines for real estate funds, the Fund's properties are regularly valued by independent appraisers accredited by the supervisory authority using a dynamic capitalized income value method. The property values stated are the prices that would probably be obtained upon a diligent sale at the time of appraisal. Properties under construction and construction projects are likewise valued at market value. Upon the purchase or sale of properties contained in the Fund's assets and at the close of each accounting year, the appraisers must review the market value of the real estate contained in the Fund's assets. The market value of the individual properties represents the price that would probably be achieved in customary business transactions and on the assumption of diligent conduct by the purchaser and vendor. In individual cases, and especially on the purchase or sale of Fund properties, possible opportunities arising will be used in the best interests of the Fund. This may result in deviations from the valuations given.

Further comments on the market values may be found in the valuation report of the real estate appraiser as per the annual statement.

Appendixas at December 31, 2019



Information on actual compensation rates where maximum rates are indicated in the Fund Regulations

31/12/2019 31/12/2018

Actual Maximum Actual Maximum

a) Payments to the Management Company

– Annual fee for the management of the Real Estate Fund, asset management, and the distribution of the Real Estate Fund, on the basis of total fund assets at the beginning of the accounting year 0.60% 1.50% 0.60% 1.50%

– Fee for activities in the construction of properties, as well as renovation and conversion projects, on the basis of construction costs incurred 2.00% 2.00% 2.00% 2.00%

– Compensation for work involved in the purchase and sale of properties, on the basis of the purchase or sale price (unless a third party was entrusted with this task) 2.00% 3.00% 2.00% 3.00%

– Compensation for the management of properties during the reporting period, on the basis of gross rental income (incl. ground rent income) 2.38% 5.00% 2.74% 5.00%

– Issuing commission to cover costs in connection with the placement of new units, on the basis of the net asset value of the newly issued units 1.50% 5.00% 1.50% 5.00%

– Redemption commission to cover costs in connection with the redemption of new units, on the basis of the net asset value of the newly issued units 0.00% 5.00% 0.00% 5.00%

b) Payments to the Custodian Bank

– Fee for the safekeeping of fund assets, handling of payment transactions for the Real Estate Fund, and performance of the other tasks listed in § 4 of the fund contract, on the basis of net fund assets at the beginning of the accounting year 0.02% 1 0.20% 0.03% 0.20%

– Fee in respect of distribution of annual income to investors 0.00% 0.50% 0.00% 0.50%

c) Payments to the Market Maker

– Costs and fees relating to the maintenance of regular trading on the stock exchange and over the counter of the real estate fund units, on the basis of the net asset value at the beginning of the accounting year 0.01% 1 0.01% n/a n/a

1 Market making has been paid directly since February 1, 2019 (previously via the custodian bank)

Overall amount of contractual payment obligations after the balance sheet date for purchases of plots of land as well as construction orders and investments in properties 31/12/2019 31/12/2018

Purchases of plots of land CHF 147.2 mio. 0.0 mio.

Construction orders and investments in properties CHF 164.6 mio. 5.3 mio.

Long-term liabilities, broken down by maturity (1 to 5 years, and more than five years) 31/12/2019 31/12/2018

1 to 5 years CHF 771.8 mio. 547.8 mio.

> 5 years CHF 204.6 mio. 76.8 mio.

Investments 31/12/2019 31/12/2018

Investments listed on a stock exchange or on another regulated market open to the public: valued at the prices paid on the main market; in accordance with Art. 84 para. 2 lit. a CISO-FINMA CHF n/a n/a

Investments for which no prices pursuant to lit. a are available: valued on the basis of parameters observable on the market; in accordance with Art. 84 para. 2 lit. b CISO-FINMAFor details, see unrealized capital gains and losses on currencies, pages 21–23 CHF 21.1 mio. 21.0 mio.

Investments valued on the basis of parameters which are not observable on the market using appropriate valuation models taking account of current market conditions; in accordance with Art. 84 para. 2 lit. c CISO-FINMAFor details, see Inventory of Properties, from page 26 CHF 4341.0 mio. 3757.2 mio.

For details, see Additional Investments, from page 16 CHF 0.0 mio. 92.4 mio.

Total investments CHF 4 362.1 mio. 3 870.6 mio.

General observationYou can obtain further information in the “Information in Brief” section.



Current Additional Investments (as at 31/12/2019)

Credit card

Term Amount in CHF

Interest ratefrom to

None

Expired Additional Investments (1/1/ to 31/12/2019)

Type of loan

Term Amount in CHF

Interest ratefrom to

Credit 05/04/2019 15/04/2019 26 000 000 0.400%Credit 20/03/2019 28/03/2019 30 000 000 0.250%Credit 15/03/2019 28/03/2019 10 200 000 0.000%Credit 15/03/2019 25/03/2019 49 000 000 0.000%Credit 20/03/2019 25/03/2019 8 100 000 0.250%Credit 15/03/2019 20/03/2019 30 000 000 0.250%Credit 14/03/2019 20/03/2019 23 100 000 0.250%Credit 05/03/2019 15/03/2019 49 000 000 0.000%Credit 28/02/2019 15/03/2019 30 000 000 0.250%Credit 05/03/2019 15/03/2019 10 200 000 0.000%Credit 05/03/2019 14/03/2019 23 100 000 0.250%Credit 25/02/2019 05/03/2019 48 600 000 0.000%Credit 25/02/2019 05/03/2019 26 500 000 0.000%Credit 15/02/2019 05/03/2019 5 200 000 0.050%Credit 22/02/2019 05/03/2019 5 000 000 0.000%Credit 22/02/2019 05/03/2019 800 000 0.000%Credit 25/02/2019 05/03/2019 600 000 0.000%Credit 22/02/2019 05/03/2019 400 000 0.000%Credit 31/01/2019 28/02/2019 30 000 000 0.250%Credit 15/02/2019 25/02/2019 48 600 000 0.000%Credit 15/02/2019 25/02/2019 26 500 000 0.000%Credit 19/02/2019 25/02/2019 600 000 0.000%Credit 15/02/2019 19/02/2019 9 400 000 0.000%Credit 05/02/2019 15/02/2019 51 300 000 0.000%Credit 05/02/2019 15/02/2019 31 000 000 0.000%Credit 15/01/2019 15/02/2019 20 000 000 0.250%Credit 05/02/2019 15/02/2019 6 400 000 0.000%Credit 05/02/2019 15/02/2019 5 300 000 0.250%Credit 25/01/2019 05/02/2019 47 600 000 0.000%Credit 25/01/2019 05/02/2019 31 000 000 0.000%Credit 25/01/2019 05/02/2019 6 900 000 0.000%Credit 25/01/2019 05/02/2019 4 500 000 0.250%Credit 15/01/2019 25/01/2019 46 300 000 0.040%Credit 15/01/2019 25/01/2019 29 900 000 0.000%Credit 15/01/2019 25/01/2019 6 400 000 0.000%Credit 15/01/2019 25/01/2019 4 500 000 0.250%Credit 20/12/2018 15/01/2019 21 000 000 0.000%Credit 18/12/2018 15/01/2019 20 000 000 0.400%Credit 24/12/2018 04/01/2019 8 000 000 0.400%Credit 24/12/2018 04/01/2019 5 900 000 0.000%Credit 31/12/2018 03/01/2019 19 500 000 0.000%Credit 20/12/2018 03/01/2019 18 000 000 0.300%

Additional InvestmentsDuring the 2019 financial year, Credit Suisse Real Estate Fund International made the following additional investments (pursuant to Art 86 para. 3a CISO) for the real estate funds Credit Suisse Real Estate Fund Interswiss, Credit Suisse Real Estate Fund Siat, Credit Suisse Real Estate Fund LogisticsPlus, Credit Suisse Real Estate Fund Green Property and Credit Suisse Real Estate Fund Hospitality:

The applied interest rates were average, current market rates between the prevailing rates for fixed advances and fixed-term deposits or similar investments respectively. The interest rates are always set for the entire term.

Credit Suisse Real Estate Fund International did not receive any loans from other real estate funds of Credit Suisse Funds AG during the 2019 fiscal year.



Mortgages and Other Mortgage-Backed LiabilitiesCurrent Mortgages and Fixed Advances (as at 31/12/2019)

Type of loan

Term

CurrencyAmount

in foreign currencyExchange rate as

at 30/06/2019Amount in CHF Interest ratefrom to

Fixed advance 31/12/2019 03/01/2020 CHF 24 000 000 1.000000 24 000 000 1.500%Fixed-rate mortgage 1 07/07/2015 07/07/2020 JPY 400 000 000 0.890989 3 563 956 0.794%Fixed-rate mortgage 1 07/07/2015 07/07/2020 JPY 2 549 250 000 0.890989 22 713 537 0.908%Fixed-rate mortgage 2 18/12/2015 18/12/2020 JPY 500 000 000 0.890989 4 454 945 0.656%Fixed-rate mortgage 2 18/12/2015 18/12/2020 JPY 3 148 000 000 0.890989 28 048 334 0.771%Fixed-rate mortgage 3 22/04/2016 22/04/2021 JPY 4 500 000 000 0.890989 40 094 505 0.600%Fixed-rate mortgage 4 15/05/2014 15/05/2021 CLP 32 379 347 429 0.128783 41 699 095 3.760%Fixed-rate mortgage 5 31/01/2017 31/01/2022 JPY 2 098 805 000 0.890989 18 700 122 0.429%Fixed-rate mortgage 6 25/06/2018 25/05/2022 NZD 65 000 000 0.653297 42 464 305 5.020%Fixed-rate mortgage 7 25/06/2018 25/05/2022 NZD 65 000 000 0.653297 42 464 305 5.040%Fixed-rate mortgage 8 28/06/2017 28/06/2022 USD 46 000 000 0.968350 44 544 100 3.340%Fixed-rate mortgage 9 29/09/2017 29/09/2022 JPY 2 642 280 000 0.890989 23 542 424 0.585%Fixed-rate mortgage 10 26/03/2018 26/03/2023 GBP 64 900 000 1.282928 83 262 027 2.930%Fixed-rate mortgage 11 29/06/2018 30/06/2023 EUR 47 500 000 1.087172 51 640 670 1.060%Fixed-rate mortgage 11 29/06/2018 30/06/2023 EUR 37 000 000 1.087172 40 225 364 1.060%Fixed-rate mortgage 11 29/06/2018 30/06/2023 EUR 13 300 000 1.087172 14 459 388 1.060%Fixed-rate mortgage 12 20/03/2019 20/03/2024 JPY 1 751 498 796 0.890989 15 605 662 0.400%Fixed-rate mortgage 13 20/03/2019 20/03/2024 JPY 2 081 999 190 0.890989 18 550 384 0.400%Fixed-rate mortgage 14 28/06/2019 28/06/2024 KRW 35 720 500 000 0.083739 29 911 989 3.500%Fixed-rate mortgage 15 28/06/2019 28/06/2024 KRW 20 298 000 000 0.083739 16 997 342 3.500%Fixed-rate mortgage 16 11/06/2019 01/07/2024 USD 142 500 000 0.968350 137 989 875 3.600%Fixed-rate mortgage 17 27/08/2019 27/08/2024 CLP 7 146 247 670 0.128783 9 203 152 2.200%Fixed-rate mortgage 18 29/11/2019 29/11/2024 AUD 137 000 000 0.680753 93 263 161 2.451%Fixed-rate mortgage 19 31/07/2018 21/07/2025 EUR 68 156 000 1.087172 74 097 295 1.371%Fixed-rate mortgage 20 26/06/2019 26/06/2026 EUR 60 000 000 1.087172 65 230 320 1.213%Fixed-rate mortgage 21 04/09/2019 30/10/2026 EUR 60 000 000 1.087172 65 230 320 1.400%

Total current mortgages and fixed advances 1 051 956 577

Expired Mortgages and Fixed Advances (1/1/ to 31/12/2019)

Type of loan

Term

CurrencyAmount

in foreign currency Interest ratefrom to

Fixed advance 20/12/2019 31/12/2019 CHF 24 000 000 1.500%Fixed advance 05/12/2019 20/12/2019 CHF 4 000 000 1.500%Fixed advance 20/11/2019 20/12/2019 CHF 39 000 000 1.500%Fixed advance 19/11/2019 20/11/2019 CHF 33 600 000 1.500%Fixed advance 14/11/2019 19/11/2019 CHF 33 586 287 1.500%Fixed advance 13/11/2019 14/11/2019 CHF 88 000 000 1.500%Fixed advance 11/11/2019 13/11/2019 CHF 130 000 000 1.500%Fixed advance 21/10/2019 11/11/2019 CHF 137 000 000 1.500%Variable-rate mortgage 26/06/2019 28/10/2019 EUR 26 680 000 1.292%Variable-rate mortgage 04/09/2019 23/10/2019 PLN 77 837 986 3.590%Fixed advance 25/09/2019 21/10/2019 CHF 78 800 000 1.500%Fixed-rate mortgage 17/10/2014 17/10/2019 AUD 118 950 000 4.985%Fixed advance 03/10/2019 09/10/2019 CHF 300 000 1.500%Fixed advance 26/09/2019 09/10/2019 CHF 3 500 000 1.500%Fixed advance 30/09/2019 03/10/2019 CHF 500 000 1.500%Fixed-rate mortgage 28/06/2019 28/09/2019 KRW 5 306 020 000 3.800%Fixed-rate mortgage 28/06/2019 28/09/2019 KRW 2 755 390 000 3.800%Fixed advance 20/09/2019 25/09/2019 CHF 18 800 000 1.500%Fixed advance 30/08/2019 20/09/2019 CHF 6 300 000 1.500%Fixed advance 20/08/2019 20/09/2019 CHF 24 000 000 1.500%Fixed-rate mortgage 27/04/2010 27/08/2019 CLP 7 146 264 990 5.610%Fixed advance 30/07/2019 20/08/2019 CHF 40 000 000 1.500%Fixed advance 23/07/2019 20/08/2019 CHF 32 500 000 1.500%Fixed advance 20/07/2019 20/08/2019 CHF 3 000 000 1.500%Fixed advance 19/07/2019 23/07/2019 CHF 27 500 000 1.500%Fixed advance 15/07/2019 19/07/2019 CHF 45 000 000 1.500%Fixed advance 04/07/2019 15/07/2019 CHF 45 000 000 1.500%Fixed-rate mortgage 22/04/2016 12/07/2019 JPY 2 750 000 000 0.750%



Type of loan

Term

CurrencyAmount


Fixed advance 26/06/2019 04/07/2019 CHF 45 000 000 1.500%Fixed advance 25/06/2019 26/06/2019 CHF 65 000 000 1.500%Fixed advance 20/06/2019 26/06/2019 CHF 136 000 000 1.500%Fixed advance 13/06/2019 20/06/2019 CHF 164 000 000 1.500%Fixed advance 06/06/2019 13/06/2019 CHF 171 000 000 1.500%Fixed advance 20/05/2019 06/06/2019 CHF 16 000 000 1.500%Fixed advance 09/05/2019 20/05/2019 CHF 18 000 000 1.500%Fixed advance 23/04/2019 09/05/2019 CHF 23 000 000 1.500%

1 The mortgages were concluded on July 7, 2015, with the purchase of the property in Tokyo for a total of JPY 3 212 500 000. By the balance sheet date, JPY 263 250 000 had been repaid, of which JPY 58 500 000 during the current financial year.

2 The mortgages were concluded on December 18, 2015, with the purchase of the property in Nagoya for JPY 3 800 000 000. By the balance sheet date, JPY 152 000 000 had been repaid, of which JPY 38 000 000 during the current financial year.

3 The mortgage was concluded on April 22, 2016, with the purchase of the property KM Building in Osaka for a total of JPY 5 000 000 000. By the balance sheet date, JPY 500 000 000 had been repaid, of which JPY 150 000 000 during the current financial year.

4 The mortgage for the property Apoquindo in Santiago de Chile was concluded in the accounting currency Unidad de Fomento (UF) and originally amounted to UF 1 299 710. By the bal-ance sheet date, UF 155 965 had been repaid, of which UF 38 991 during the current financial year. The net debt was converted into CLP at the exchange rate applicable on the reference date.

5 The mortgage for the property in Fukuoka was concluded on January 31, 2017, for a total of JPY 2 140 000 000. By the balance sheet date, JPY 41 195 000 had been repaid, of which JPY 14 980 000 during the current financial year.

6 The mortgages for the properties Lambton Quay and Aitken Street in Wellington were concluded on June 25, 2018, for a total of NZD 65 000 000.

7 The mortgages for the properties Lambton Quay and Aitken Street in Wellington were concluded on June 25, 2018, for a total of NZD 65 000 000.

8 The mortgage was concluded on June 28, 2017, for the property Southwest Broadway in Portland for USD 46 000 000.

9 The mortgage was concluded on September 29, 2017, with the purchase of the property Honmachi for a total of JPY 2 724 000 000. By the balance sheet date, JPY 81 720 000 had been repaid, of which JPY 40 860 000 during the current financial year.

10 The mortgage was concluded on March 26, 2018, with the purchase of the property Monument in London for a total of GBP 64 900 000.

11 On June 29, 2018, the portfolio mortgage for two properties in Berlin and one property in Munich was refinanced with three separate mortgages totalling EUR 97 800 000.

12 The mortgage was concluded on March 20, 2019, for the property Otowa in Tokyo for JPY 1 754 000 000. By the balance sheet date, JPY 2 501 204 had been repaid, of which JPY 2 501 204 during the current financial year.

13 The mortgage was concluded on March 20, 2019, for the property Helios in Yokohama City for JPY 2 180 000 000. By the balance sheet date, JPY 98 000 810 had been repaid, of which JPY 98 000 810 during the current financial year.

14 The mortgage was concluded on June 28, 2019, with the purchase of the property Premium outlet-ro in Icheon-si for KRW 35 900 000 000. By the balance sheet date, KRW 179 500 000 had been repaid, of which KRW 179 500 000 during the current financial year.

15 The mortgage was concluded on June 28, 2019, with the purchase of the property Sasil-ro in Icheon-si for KRW 20 400 000 000. By the balance sheet date, KRW 102 000 000 had been repaid, of which KRW 102 000 000 during the current financial year.

16 The mortgages were concluded on June 11, 2019, with the purchase of the property Third & Shoal in Austin for USD 142 500 000.

17 The mortgage for the property Magdalena Norte in Santiago de Chile was concluded on August 27, 2019 in the accounting currency Unidad de Fomento (UF) and originally amounted to UF 252 429. The net debt was converted into CLP at the exchange rate applicable on the reference date.

18 The mortgage was concluded on November 29, 2019, for the property Hay Street in Brisbane for AUD 137 000 000.

19 The mortgage was concluded on July 31, 2018, with the purchase of the property Theodor-Stern-Kai in Frankfurt for a total of EUR 154 900 000. The Credit Suisse Real Estate Fund International owns 44% of this property.

20 The mortgage was concluded on June 26, 2019, with the purchase of the property Ethos in Warsaw for EUR 60 000 000.

21 The mortgage was concluded on September 4, 2019, with the purchase of the property Astoria in Warsaw for EUR 60 000 000.

Interest rates for fixed-rate mortgages are always set for the entire term.



Interest-Bearing Loans and Other CreditsCurrent Loans

Type of loan

Term

CurrencyAmount

in foreign currencyExchange rate as

at 31/12/2019Amount in CHF Interest ratefrom to

Credit 30/08/2019 26/06/2029 EUR 6 681 614 1.087172 7 264 064 4.53%

Expired Loans

Type of loan

Term

CurrencyAmount


None



Land Purchases and Sales Statement of Land Purchases and Sales in Financial Year 2019

Purchases Country Building classSite area

m2

Brisbane, “Jubilee Place”, 470 St Pauls Tce Australia Commercial property 2 916

Birmingham, 120 Edmund Street Great Britain Commercial property 2 713

Manchester, 70 Great Bridgewater Str. Great Britain Commercial property 2 550

Warsaw, “Ethos”, Three Crosses Square 10/14 Poland Commercial property 5 173

Warsaw, “Astoria”, Przeskok 2 Poland Commercial property 1 729

Icheon-si, Gyeonggi-do, “DC Moga”, 410–1 Doomi-ri, Moga-myeon South Korea Commercial property 30 755

Icheon-si, Gyeonggi-do, “Icheon 2 DC”, 113–60, Premium Outlet-ro, Majang-myeon South Korea Commercial property 29 003

Austin, “Third & Shoal”, 607 W 3rd St USA Commercial property 3 282

Sales Country Building classSite area

m2

Adelaide, “G25”, 25 Grenfell Street Australia Commercial property 1 956

Montreal, "Place du Canada", 1010 Rue de la Gauchetière West Canada Commercial property 2 907

Hanover, "Kontorhaus", Ernst-August-Platz 3–3A Germany Commercial property 2 848

Osaka, “YM Building”, 15–3, 15–4, 15–5, 15–6 15–7, 7-Chome, Fukushima, Fukushima-ku Japan Commercial property 2 872

Transactions with Related PartiesThe fund management company confirms that there has not been any transfer of real estate assets to related parties and that other transactions with related parties were concluded at the usual market conditions (section 18 of the Guidelines for Real Estate Funds of the Swiss Funds & Asset Management Association SFAMA dated April 2, 2008, status as at September 13, 2016).

Tenants Accounting for over 5% of Rental IncomeTenant Property location Percentage of rental income

none

Real Estate Companies in the FundCredit Suisse Real Estate Fund International Holding AG, ZugCS REFI Chile Fund Holding AG, ZugCS REFI Australia 1 Trust Holding AG, ZugCS REFI Australia 2 Trust Holding AG, ZugCS REFI Australia 3 Trust Holding AG, ZugCS REFI Australia 4 Trust Holding AG, Zug

The holding companies in Zug and all but two of their national companies are wholly owned by Credit Suisse Real Estate Fund International.

Overview of Units of Other Investment FundsIn Accordance with Fund Contract § 8 Section 2 c) in Conjunction with § 15 Section 4 d)

No purchases or sales of units in other real estate funds or real estate investment companies were effected during the 2019 fiscal year.



Capital Gains/Losses on CurrenciesRealized Capital Gains/Losses on CurrenciesRealized capital gains/losses on concluded forward foreign exchange contracts (1/1/–31/12/2019)

CurrencyDate trade

Date value

Number of contracts

Amount in foreign currency Purchase price

Number of con-tracts

Liquidation proceeds

Currency profit/ loss

CAD 17/12/2018 20/02/2019 1 CAD 639 730 000 CHF 471 480 370 CAD 21/01/2019 20/02/2019 1 CAD 1 800 000 CHF 1 346 179 CAD 21/01/2019 20/02/2019 1 CAD –1 800 000 CHF –1 346 393 CAD 15/02/2019 20/02/2019 Total CAD 639 730 000 CHF 471 480 156 3 CHF 484 543 017 CHF –13 062 861

CAD 15/02/2019 23/04/2019 1 CAD 639 730 000 CHF 482 374 972 CAD 15/03/2019 23/04/2019 1 CAD 39 990 000 CHF 30 025 852 CAD 20/03/2019 23/04/2019 1 CAD 490 000 CHF 366 007 CAD 16/04/2019 23/04/2019 Total CAD 680 210 000 CHF 512 766 831 3 CHF 510 541 138 CHF 2 225 693

CAD 16/04/2019 20/06/2019 1 CAD 680 220 000 CHF 508 426 358 CAD 17/06/2019 20/06/2019 Total CAD 680 220 000 CHF 508 426 358 1 CHF 506 497 254 CHF 1 929 104

CAD 17/06/2019 20/08/2019 1 CAD 680 220 000 CHF 504 286 539 CAD 15/08/2019 20/08/2019 Total CAD 680 220 000 CHF 504 286 539 1 CHF 497 648 952 CHF 6 637 587

CAD 15/08/2019 21/10/2019 1 CAD 680 220 000 CHF 495 271 583 CAD 16/08/2019 21/10/2019 1 CAD 16 730 000 CHF 12 275 136 CAD 16/10/2019 21/10/2019 Total CAD 696 950 000 CHF 507 546 719 2 CHF 526 754 810 CHF –19 208 091

CAD 16/10/2019 20/12/2019 1 CAD 696 950 000 CHF 524 528 055 CAD 20/11/2019 20/12/2019 1 CAD 10 070 000 CHF 7 499 794 CAD 17/12/2019 20/12/2019 Total CAD 707 020 000 CHF 532 027 848 2 CHF 527 297 637 CHF 4 730 211

EUR 17/12/2018 20/02/2019 1 EUR 574 850 000 CHF 648 414 129 EUR 15/02/2019 20/02/2019 Total EUR 574 850 000 CHF 648 414 129 1 CHF 652 747 923 CHF –4 333 794

EUR 15/02/2019 23/04/2019 1 EUR 574 850 000 CHF 652 311 612 EUR 15/03/2019 23/04/2019 1 EUR –20 190 000 CHF –22 933 801 EUR 27/03/2019 23/04/2019 1 EUR 2 190 000 CHF 2 453 470 EUR 16/04/2019 23/04/2019 Total EUR 556 850 000 CHF 631 831 281 3 CHF 631 942 893 CHF –111 612

EUR 27/03/2019 20/05/2019 1 EUR 2 190 000 CHF 2 453 880 EUR 27/03/2019 20/05/2019 Total EUR 2 190 000 CHF 2 453 880 1 CHF 2 452 798 CHF 1 082

EUR 16/04/2019 20/06/2019 1 EUR 556 850 000 CHF 631 569 804 EUR 17/06/2019 20/06/2019 Total EUR 556 850 000 CHF 631 569 804 1 CHF 623 393 575 CHF 8 176 229

EUR 17/06/2019 20/08/2019 1 EUR 556 850 000 CHF 622 973 710 EUR 25/06/2019 20/08/2019 1 EUR 49 400 000 CHF 54 722 257 EUR 31/07/2019 20/08/2019 1 EUR 34 050 000 CHF 37 573 903 EUR 15/08/2019 20/08/2019 Total EUR 640 300 000 CHF 715 269 870 3 CHF 695 621 920 CHF 19 647 950

EUR 15/08/2019 21/10/2019 1 EUR 640 300 000 CHF 694 949 605 EUR 16/08/2019 21/10/2019 1 EUR 21 950 000 CHF 23 808 616 EUR 16/10/2019 21/10/2019 Total EUR 662 250 000 CHF 718 758 221 2 CHF 729 269 700 CHF –10 511 479

EUR 16/10/2019 20/12/2019 1 EUR 662 250 000 CHF 728 845 860 EUR 24/10/2019 20/12/2019 1 EUR 2 470 000 CHF 2 722 439 EUR 05/12/2019 20/12/2019 1 EUR –1 900 000 CHF –2 083 466 EUR 17/12/2019 20/12/2019 Total EUR 662 820 000 CHF 729 484 833 3 CHF 725 894 614 CHF 3 590 219

JPY 20/11/2018 22/01/2019 1 JPY 21 266 400 000 CHF 187 634 511 JPY 07/12/2018 22/01/2019 1 JPY 6 568 700 000 CHF 57 814 873 JPY 17/01/2019 22/01/2019 Total JPY 27 835 100 000 CHF 245 449 384 2 CHF 253 800 442 CHF –8 351 058

JPY 17/01/2019 20/03/2019 1 JPY 27 835 100 000 CHF 253 579 153 JPY 15/03/2019 20/03/2019 Total JPY 27 835 100 000 CHF 253 579 153 1 CHF 250 491 577 CHF 3 087 576

JPY 15/03/2019 20/05/2019 1 JPY 29 807 700 000 CHF 268 016 052 JPY 03/04/2019 20/05/2019 1 JPY –3 657 500 000 CHF –32 688 062 JPY 15/05/2019 20/05/2019 Total JPY 26 150 200 000 CHF 235 327 990 2 CHF 240 405 901 CHF –5 077 911

JPY 15/05/2019 19/07/2019 1 JPY 26 150 200 000 CHF 240 171 416 JPY 16/07/2019 19/07/2019 Total JPY 26 150 200 000 CHF 240 171 416 1 CHF 238 158 859 CHF 2 012 557

JPY 16/07/2019 20/09/2019 1 JPY 26 150 200 000 CHF 237 889 342 JPY 16/08/2019 20/09/2019 1 JPY 327 100 000 CHF 3 010 841 JPY 17/09/2019 20/09/2019 Total JPY 26 477 300 000 CHF 240 900 183 2 CHF 243 141 046 CHF –2 240 863

JPY 17/09/2019 20/11/2019 1 JPY 26 477 300 000 CHF 242 892 159 JPY 19/09/2019 20/11/2019 1 JPY –2 821 100 000 CHF –25 895 159 JPY 15/11/2019 20/11/2019 Total JPY 23 656 200 000 CHF 216 997 000 2 CHF 215 534 851 CHF 1 462 149

AUD 20/11/2018 22/01/2019 1 AUD 474 740 000 CHF 340 381 459 AUD 26/11/2018 22/01/2019 1 AUD –28 500 000 CHF –20 536 730 AUD 17/01/2019 22/01/2019 Total AUD 446 240 000 CHF 319 844 729 2 CHF 317 187 392 CHF 2 657 337



CurrencyDate trade

Date value

Number of contracts





AUD 17/01/2019 20/03/2019 1 AUD 446 240 000 CHF 315 742 021 AUD 15/03/2019 20/03/2019 Total AUD 446 240 000 CHF 315 742 021 1 CHF 317 174 897 CHF –1 432 876

AUD 15/03/2019 20/05/2019 1 AUD 448 830 000 CHF 317 461 947 AUD 15/05/2019 20/05/2019 Total AUD 448 830 000 CHF 317 461 947 1 CHF 312 762 248 CHF 4 699 699

AUD 15/05/2019 19/07/2019 1 AUD 448 830 000 CHF 311 387 033 AUD 16/07/2019 19/07/2019 Total AUD 448 830 000 CHF 311 387 033 1 CHF 310 496 106 CHF 890 927

AUD 16/07/2019 20/09/2019 1 AUD 448 830 000 CHF 309 320 620AUD 16/08/2019 20/09/2019 1 AUD –9 920 000 CHF -6 583 656AUD 29/08/2019 20/09/2019 1 AUD 21 850 000 CHF 14 499 114AUD 17/09/2019 20/09/2019 Total AUD 460 760 000 CHF 317 236 078 3 CHF 313 224 648 CHF 4 011 430

AUD 17/09/2019 20/11/2019 1 AUD 460 760 000 CHF 312 088 875 AUD 24/09/2019 20/11/2019 1 AUD 7 600 000 CHF 5 084 514 AUD 15/11/2019 20/11/2019 Total AUD 468 360 000 CHF 317 173 389 2 CHF 314 657 362 CHF 2 516 027

USD 20/11/2018 22/01/2019 1 USD 728 370 000 CHF 717 925 174 USD 17/01/2019 22/01/2019 Total USD 728 370 000 CHF 717 925 174 1 CHF 722 543 040 CHF –4 617 866



USD 15/05/2019 19/07/2019 1 USD 739 170 000 CHF 739 521 106 USD 15/05/2019 19/07/2019 1 USD 1 350 000 CHF 1 353 340 USD 31/05/2019 19/07/2019 1 USD 100 000 CHF 100 185 USD 06/06/2019 19/07/2019 1 USD 152 950 000 CHF 150 988 416 USD 16/07/2019 19/07/2019 Total USD 893 570 000 CHF 891 963 047 4 CHF 879 451 594 CHF 12 511 453

USD 16/07/2019 20/09/2019 1 USD 893 570 000 CHF 874 447 602 USD 16/08/2019 20/09/2019 1 USD 12 860 000 CHF 12 564 992 USD 23/08/2019 20/09/2019 1 USD –8 140 000 CHF –8 006 585 USD 17/09/2019 20/09/2019 Total USD 898 290 000 CHF 879 006 008 3 CHF 892 451 115 CHF –13 445 106

USD 17/09/2019 20/11/2019 1 USD 898 290 000 CHF 887 663 229 USD 02/10/2019 20/11/2019 1 USD –4 750 000 CHF –4 728 611 USD 15/11/2019 20/11/2019 Total USD 893 540 000 CHF 882 934 619 2 CHF 883 383 131 CHF –448 513

CLP 27/11/2019 20/12/2019 1 CLP 49 414 180 000 CHF 61 285 105 CLP 17/12/2019 20/12/2019 Total CLP 49 414 180 000 CHF 61 285 105 1 CHF 63 987 284 CHF –2 702 179

GBP 17/12/2019 20/02/2019 1 GBP 272 840 000 CHF 341 515 738 GBP 15/02/2019 20/02/2019 Total GBP 272 840 000 CHF 341 515 738 1 CHF 351 725 138 CHF –10 209 400

GBP 15/02/2019 23/04/2019 1 GBP 272 840 000 CHF 350 743 459 GBP 25/02/2019 23/04/2019 1 GBP 1 900 000 CHF 2 478 613 GBP 01/03/2019 23/04/2019 1 GBP 1 140 000 CHF 1 505 243 GBP 15/03/2019 23/04/2019 1 GBP 1 520 000 CHF 2 018 712 GBP 21/03/2019 23/04/2019 1 GBP 21 380 000 CHF 27 851 085 GBP 16/04/2019 23/04/2019 Total GBP 298 780 000 CHF 384 597 112 5 CHF 392 965 913 CHF –8 368 801

GBP 16/04/2019 20/06/2019 1 GBP 298 780 000 CHF 391 943 787 GBP 17/06/2019 20/06/2019 Total GBP 298 780 000 CHF 391 943 787 1 CHF 375 344 466 CHF 16 599 321

GBP 17/06/2019 20/08/2019 1 GBP 298 780 000 CHF 374 306 505 GBP 25/07/2019 20/08/2019 1 GBP 2 320 000 CHF 2 860 347 GBP 15/08/2019 20/08/2019 Total GBP 301 100 000 CHF 377 166 852 2 CHF 356 261 520 CHF 20 905 332

GBP 15/08/2019 21/10/2019 1 GBP 301 100 000 CHF 355 144 439 GBP 16/08/2019 21/10/2019 1 GBP 2 390 000 CHF 2 837 444 GBP 23/09/2019 21/10/2019 1 GBP 46 200 000 CHF 56 831 313 GBP 16/10/2019 21/10/2019 Total GBP 349 690 000 CHF 414 813 196 3 CHF 443 686 672 CHF –28 873 476

GBP 16/10/2019 20/12/2019 1 GBP 349 690 000 CHF 442 485 487 GBP 17/12/2019 20/12/2019 Total GBP 349 690 000 CHF 442 485 487 1 CHF 455 690 131 CHF –13 204 644

NZD 20/11/2018 22/01/2019 1 NZD 142 560 000 CHF 96 317 100 NZD 17/01/2019 22/01/2019 Total NZD 142 560 000 CHF 96 317 100 1 CHF 95 344 128 CHF 972 972

NZD 17/01/2019 20/03/2019 1 NZD 142 560 000 CHF 94 929 563 NZD 15/03/2019 20/03/2019 Total NZD 142 560 000 CHF 94 929 563 1 CHF 97 990 754 CHF –3 061 191

NZD 15/03/2019 20/05/2019 1 NZD 133 900 000 CHF 91 609 024 NZD 15/05/2019 20/05/2019 Total NZD 133 900 000 CHF 91 609 024 1 CHF 88 401 985 CHF 3 207 039



CurrencyDate trade

Date value

Number of contracts





NZD 15/05/2019 19/07/2019 1 NZD 133 900 000 CHF 88 002 963 NZD 16/07/2019 19/07/2019 Total NZD 133 900 000 CHF 88 002 963 1 CHF 88 662 153 CHF –659 190

NZD 16/07/2019 20/09/2019 1 NZD 133 900 000 CHF 88 265 139 NZD 16/08/2019 20/09/2019 1 NZD 12 750 000 CHF 8 020 898 NZD 17/09/2019 20/09/2019 Total NZD 146 650 000 CHF 96 286 037 2 CHF 92 286 845 CHF 3 999 192

NZD 17/09/2019 20/11/2019 1 NZD 146 650 000 CHF 91 921 687 NZD 15/11/2019 20/11/2019 Total NZD 146 650 000 CHF 91 921 687 1 CHF 92 664 762 CHF –743 075

KRW 23/07/2019 20/08/2019 1 KRW 60 976 890 000 CHF 50 797 143 KRW 15/08/2019 20/08/2019 Total KRW 60 976 890 000 CHF 50 797 143 1 CHF 48 949 900 CHF 1 847 243

KRW 15/08/2019 20/09/2019 1 KRW 60 976 890 000 CHF 48 834 644 KRW 19/08/2019 20/09/2019 1 KRW –5 681 240 000 CHF –4 588 676 KRW 17/09/2019 20/09/2019 Total KRW 55 295 650 000 CHF 44 245 968 2 CHF 46 175 908 CHF –1 929 940

KRW 17/09/2019 21/10/2019 1 KRW 55 295 650 000 CHF 46 079 708 KRW 16/10/2019 21/10/2019 Total KRW 55 295 650 000 CHF 46 079 708 1 CHF 46 350 084 CHF –270 376

KRW 16/10/2019 20/12/2020 1 KRW 55 295 650 000 CHF 46 185 550 KRW 17/12/2019 20/12/2019 Total KRW 55 295 650 000 CHF 46 185 550 1 CHF 46 655 122 CHF –469 572 Realized capital gain on concluded forward foreign exchange contracts CHF –43 492 814 Realized capital loss on other foreign exchange transactions CHF –11 817 099TOTAL REALIZED CAPITAL GAINS/LOSSES ON CURRENCIES CHF –55 309 913

Unrealized capital gains/losses on currenciesUnrealized capital gains/losses on open forward foreign exchange contracts as at 31/12/2019

CurrencyDate trade

Date value

Number of contracts



Equivalent underlying value


CAD 17/12/2019 20/02/2020 1 CAD 707 020 000 CHF 524 934 069 CAD 20/02/2020 Total CAD 707 020 000 CHF 524 934 069 1 CHF 526 422 870 CHF –1 488 801

EUR 17/12/2019 20/02/2020 1 EUR 662 820 000 CHF 725 520 121 EUR 20/12/2019 20/02/2020 1 EUR –6 650 000 CHF –7 238 532 EUR 20/02/2020 Total EUR 656 170 000 CHF 718 281 589 2 CHF 713 106 303 CHF 5 175 286

JPY 15/11/2019 21/01/2020 1 JPY 23 656 200 000 CHF 215 394 925 JPY 21/01/2020 Total JPY 23 656 200 000 CHF 215 394 925 1 CHF 210 719 925 CHF 4 675 000

AUD 15/11/2019 21/01/2020 1 AUD 468 360 000 CHF 313 562 805 AUD 15/11/2019 21/01/2020 1 AUD –119 320 000 CHF –80 047 850 AUD 11/12/2019 21/01/2020 1 AUD –19 000 000 CHF –12 812 821 AUD 21/01/2020 Total AUD 330 040 000 CHF 220 702 133 3 CHF 224 523 771 CHF –3 821 638

USD 15/11/2019 21/01/2020 1 USD 893 540 000 CHF 879 038 739 USD 27/11/2019 21/01/2020 1 USD –72 780 000 CHF –72 332 330 USD 21/01/2020 Total USD 820 760 000 CHF 806 706 409 2 CHF 793 952 361 CHF 12 754 048

CLP 17/12/2019 20/02/2020 1 CLP 49 414 180 000 CHF 63 731 450 CLP 20/02/2020 Total CLP 49 414 180 000 CHF 63 731 450 1 CHF 63 462 603 CHF 268 847

GBP 17/12/2019 20/02/2020 1 GBP 349 690 000 CHF 454 400 474 GBP 20/02/2020 Total GBP 349 690 000 CHF 454 400 474 1 CHF 447 753 538 CHF 6 646 936

NZD 15/11/2019 21/01/2020 1 NZD 146 650 000 CHF 92 291 245 NZD 11/12/2019 21/01/2020 1 NZD –5 700 000 CHF –3 679 789 NZD 21/01/2020 Total NZD 140 950 000 CHF 88 611 456 2 CHF 91 999 467 CHF –3 388 011

KRW 17/12/2019 20/02/2020 1 KRW 55 295 650 000 CHF 46 486 465 KRW 20/02/2020 Total KRW 55 295 650 000 CHF 46 486 465 1 CHF 46 203 568 CHF 282 897

Unrealized capital gain on open forward foreign exchange contracts CHF 21 104 565 Unrealized capital loss on the conversion of the asset and income statement positions CHF –48 646 932TOTAL UNREALIZED CAPITAL GAINS/LOSSES ON CURRENCIES CHF –27 542 367

Further Information on Off-Balance-Sheet Business31/12/2019 31/12/2018

Equivalent underlying value in CHF in % of NAV Equivalent underlying value in CHF in % of NAVExposure-increasing derivative positions:– Currency risk – – – –Total exposure-increasing positions – – – –

Exposure-reducing derivative positions:– Currency risk 3 118 144 406 92.00 2 819 923 479 88.42Total exposure-reducing positions 3 118 144 406 92.00 2 819 923 479 88.42



Breakdown of Propertyas at December 31, 2019

4.65% Parking

2.30% Cinemas, hotels, restaurants 2.20% Logistics

0.40% Other 0.15% Dwelling units

1.20% Storage/warehousing

6.75% Retail

82.35% Office

Structural Breakdown by Actual Net Rental Income (in CHF)

Breakdown of Property/Real EstateAcquisition costs Market value Insurance value

CHF % CHF % CHF

Residential buildings – – – – –

Commercial properties 3 715 508 391 99.50% 4 322 171 648 99.57% 3 006 489 854

Mixed-use properties – – – – –

Development land (incl. properties for demolition) and properties under construction 18 909 956 0.50% 18 822 820 0.43% 4 084 518

Total 3 734 418 347 100.00% 4 340 994 468 100.00% 3 010 574 372

Vancouver309,84

Yokohama36,71

Munich113,39

Warsaw246,68

Frankfurt162,16

Rotterdam41,53

Leeds66,07

Birmingham64,15

Manchester28,1

127,97

Glendale62,75

Portland96,84

CHF 10 Mio,

Tokyo85,18

Perth38,26

200,17Wellington

Brisbane221,66

Melbourne99,39

Osaka150,04

70,12Nagoya

96,03Icheon-si

Boston209,07

123,08Chicago

309,19Austin

Toronto216,72

148,16Washington

94,32Houston

Santiago de Chile

London256,33

Cardiff99,81

Bristol35,92

31,53The Hague

Amsterdam88,39

Arnheim30,22

Mainz73,17

Berlin110,35

Dublin155,90

Fukuoka41,79



Geographical Distribution of the Fund's Properties

39.10% North/Central/South America

23.95% Asia Pacific

36.95% Europe

Regional Breakdown by Market Value

Vancouver309,84

Yokohama36,71

Munich113,39

Warsaw246,68

Frankfurt162,16

Rotterdam41,53

Leeds66,07

Birmingham64,15

Manchester28,1

127,97

Glendale62,75

Portland96,84

CHF 10 Mio,

Tokyo85,18

Perth38,26

200,17Wellington

Brisbane221,66

Melbourne99,39

Osaka150,04

70,12Nagoya

96,03Icheon-si

Boston209,07

123,08Chicago

309,19Austin

Toronto216,72

148,16Washington

94,32Houston

Santiago de Chile

London256,33

Cardiff99,81

Bristol35,92

31,53The Hague

Amsterdam88,39

Arnheim30,22

Mainz73,17

Berlin110,35

Dublin155,90

Fukuoka41,79



Residential buildings Commercial properties

Country

Number of

buildings

Total rental

premises

Total lettable

area Site areaYear of

constructionAcquisition

dateOwnership

typeAcquisition

costsMarket

valueProjected

rental income 1 Rental losses 1

Gross income(net rental income)

1 Rooms Total dwelling units ParkingRetail

outletsOffices, practices,

etc.Cinemas / hotels /

restaurants StoreroomsOther commercial

premises

Total commercial premises,

excluding parkingLocation, address m2 m2 in CHF in CHF in CHF in CHF in % in CHF 1–1.5 2–2.5 3–3.5 4–4.5 5+ No. m2 % No. No. m2 No. m2 No. m2 No. m2 No. m2 No. m2 %

Residential buildings – – – – – – – – – – – – – – – – – – – –

Total dwelling units – – – – – – – – – – – – – – – – – – – – – – – – – –

Commercial propertiesAdelaide*, “G25”, 25 Grenfell Street Australia – – – – – 6 937 238 1 640 540 23.65 5 296 698 – – – – – – – – – – – – – – – – – – – – – – Amsterdam, “MediArena”, Mediarena 1–8 Netherlands 1 487 19 515 4 571 2010 01/09/2010 Sole ownership on leased site 73 303 972 88 387 083 6 374 962 – – 6 374 962 – – – – – – – – 480 – – 7 19 515 – – – – – – 7 19 515 100.00 Arnheim, Koningstraat 26–37 Netherlands 1 434 10 402 4 718 1969/2015 15/10/2007 Sole ownership 56 175 322 30 223 382 2 346 219 740 375 31.56 1 605 844 – – – – – – – – 412 3 1 889 11 7 810 – – 6 703 2 – 22 10 402 100.00

Austin, “Third & Shoal”, 607 W 3rd St USA 1 667 34 835 3 282 2019 11/06/2019 Sole ownership 303 350 280 309 194 155 6 676 984 – – 6 676 984 – – – – – – – – 644 5 757 18 34 078 – – – – – – 23 34 835 100.00

Berlin, “Kant Center”, Wilmersdorfer Str. 108–111, Kantstr. 112–114, Krumme Str. 48–49 Germany 2 309 20 380 6 211 1930/1993/2004 15/07/2011 Sole ownership 67 681 698 74 688 716 3 778 935 1 481 0.04 3 777 454 – – – – – – – – 288 9 17 –98 6 2 226 – – 6 1 056 – – 21 20 380 100.00 Berlin, Invalidenstrasse 91 Germany 1 40 6 438 1 379 2011 01/07/2011 Sole ownership 23 860 430 35 659 241 1 587 595 15 066 0.95 1 572 529 – – – – – – – – 28 – – 11 6 438 – – – – 1 – 12 6 438 100.00 Birmingham, 120 Edmund Street Great Britain 1 106 12 957 2 713 2015 26/09/2019 Sole ownership 67 008 195 64 146 400 593 489 – – 593 489 – – – – – – – – 97 – – 8 12 851 – – 1 106 – – 9 12 957 100.00 Boston, “Independence Wharf”, 470 Atlantic Avenue USA 1 133 31 249 3 361 1927/2001 25/09/2009 Sole ownership 114 576 014 209 066 765 10 384 654 3 608 290 34.75 6 776 364 – – – – – – – – 110 2 4–7 20 30 566 – – – – 1 276 23 31 249 100.00 Brisbane, 55 Elizabeth Street Australia 1 68 19 756 1 998 2013 17/06/2011 Sole ownership 111 082 113 173 592 014 11 948 193 – – 11 948 193 – – – – – – – – 50 3 622 14 18 627 – – 1 507 – – 18 19 756 100.00 Brisbane, 99 Melbourne Street Australia 1 49 6 393 2 706 2004 30/10/2015 Sole ownership 31 036 316 29 272 378 2 446 540 – – 2 446 540 – – – – – – – – 38 2 355 7 6 038 – – – – 2 – 11 6 393 100.00 Bristol, “Temple Quay”, 3 Rivergate Great Britain 1 82 7 021 2 569 2002 06/08/2009 Sole ownership 29 597 875 35 921 984 2 183 351 – – 2 183 351 – – – – – – – – 75 – – 7 7 021 – – – – – – 7 7 021 100.00 Cardiff, 5 Callaghan Square Great Britain 1 41 4 909 2 450 2008 25/10/2011 Sole ownership 18 986 479 19 500 506 1 314 019 21 316 1.62 1 292 703 – – – – – – – – 31 – – 10 4 909 – – – – – – 10 4 909 100.00 Cardiff, 2 Central Square Great Britain 1 2 13 411 2 300 2018 11/10/2017 Sole ownership 71 963 216 80 311 293 3 192 865 – – 3 192 865 – – – – – – – – – – – 2 13 411 – – – – – – 2 13 411 100.00 Chicago, 1333 North Kingsbury Street USA 1 95 9 296 5 342 1920/2015 17/02/2017 Sole ownership 27 286 131 27 791 645 2 755 131 202 012 7.33 2 553 119 – – – – – – – – 82 – – 11 9 296 – – – – 2 – 13 9 296 100.00 Chicago, 250 South Wacker Drive USA 1 88 22 757 1 811 1957/2007 15/12/2011 Sole ownership 93 326 928 95 285 640 7 123 433 737 864 10.36 6 385 569 – – – – – – – – 58 1 927 23 21 327 1 503 – – 5 – 30 22 757 100.00 The Hague, Anna van Saksenlaan 69/71 Netherlands 1 113 9 324 4 510 2003 29/09/2006 Sole ownership on leased site 44 030 090 31 527 988 2 279 733 – – 2 279 733 – – – – – – – – 107 – – 6 9 324 – – – – – – 6 9 324 100.00 Dublin, “La Touche House”, IFSC Ireland 1 170 9 437 382 1990 01/05/2013 Sole ownership 39 727 840 89 474 255 5 435 476 – – 5 435 476 – – – – – – – – 152 – – 15 9 285 – – 3 152 – – 18 9 437 100.00 Dublin, “New Century House”, IFSC Ireland 1 90 7 985 3 512 1999 14/09/2018 Sole ownership 78 177 509 66 426 209 4 307 131 – – 4 307 131 – – – – – – – – 87 1 180 2 7 805 – – – – – – 3 7 985 100.00 Frankfurt am Main, Theodor-Stern-Kai 1 Germany 2 599 66 758 10 052 2002 01/08/2018 Co-ownership 160 262 977 162 162 575 6 280 738 13 415 0.21 6 267 323 – – – – – – – – 560 – – 20 56 918 1 2 395 13 4 668 5 2 777 39 66 758 100.00 Fukuoka, 1–12–64 Daimyo, Chuo-ku Japan 1 4 1 494 592 2005 22/12/2011 Sole ownership 39 968 596 41 787 384 1 824 381 – – 1 824 381 – – – – – – – – – 4 1 494 – – – – – – – – 4 1 494 100.00 Glendale, 207 Goode Avenue USA 1 14 17 570 4 168 2009 29/06/2017 Sole ownership 59 825 315 62 749 080 4 796 262 1 122 342 23.40 3 673 920 – – – – – – – – 2 – – 11 17 570 – – – – 1 – 12 17 570 100.00 Hanover*, “Kontorhaus”, Ernst-August-Platz 3–3A Germany – – – – – 1 980 492 17 229 0.87 1 963 263 – – – – – – – – – – – – – – – – – – – – – – Houston, 919 Milam Street USA 1 476 50 439 5 806 1956/1992/2006 23/05/2013 Sole ownership 120 424 459 94 317 290 11 154 265 1 905 951 17.09 9 248 314 – – – – – – – – 364 10 1 356 58 46 116 6 1 437 29 1 270 9 260 112 50 439 100.00 Icheon-si, Gyeonggi-do “DC Moga”, 410–1 Doomi-ri, Moga-myeon South Korea 1 3 36 397 30 755 2008 28/06/2019 Sole ownership 36 681 508 35 017 975 1 413 957 – – 1 413 957 – – – – – – – – – – – – – – – 3 36 397 – – 3 36 397 100.00 Icheon-si, Gyeonggi-do “Icheon 2 DC”, 113–60, Premium Outlet-ro, Majang-myeon South Korea 1 6 49 868 29 003 2014 28/06/2019 Sole ownership 64 942 232 61 016 422 2 018 737 – – 2 018 737 – – – – – – – – – – – – – – – 6 49 868 – – 6 49 868 100.00 Leeds, “Princes Exchange”, Princes Square Great Britain 1 180 10 087 6 810 1999 12/05/2016 Sole ownership 53 988 796 49 136 142 3 368 033 – – 3 368 033 – – – – – – – – 171 – – 6 9 625 – – 2 462 1 – 9 10 087 100.00 Leeds, “One Leeds City Office Park”, Meadow Lane Great Britain 1 202 5 234 5 388 1996 16/09/2009 Sole ownership 22 088 413 16 934 650 1 941 385 1 937 998 99.83 3 387 – – – – – – – – 198 – – 4 5 234 – – – – – – 4 5 234 100.00 London, “Earl Place”, 15 Appold Street Great Britain 1 16 8 738 1 936 1991 10/02/2010 Sole ownership 66 404 108 104 430 339 5 002 185 429 714 8.59 4 572 471 – – – – – – – – 6 – – 10 8 738 – – – – – – 10 8 738 100.00 London, «Monument», 11 Monument Street Great Britain 1 13 8 454 1 076 2016 27/02/2018 Sole ownership 151 951 301 151 898 675 7 721 392 – – 7 721 392 – – – – – – – – – 2 319 11 8 135 – – – – – – 13 8 454 100.00 Mainz, “Römerpassage”, Adolf-Kolping Strasse 2-4, Emmeransstrasse 23–27, Pfand-hausstrasse 3-5

Germany 2 329 16 404 4 945 2003 28/12/2006 Sole ownership 76 840 237 73 166 676 4 706 319 364 433 7.74 4 341 886 – 29 7 – – 36 2 685 16.37 181 44 6 645 17 4 784 5 549 42 1 739 4 2 112 13 719 83.63

Manchester, 70 Great Bridgewater Street Great Britain 1 62 6 689 2 550 2001 15/04/2019 Sole ownership 30 321 363 28 096 123 1 625 186 – – 1 625 186 – – – – – – – – 60 – – 2 6 689 – – – – – – 2 6 689 100.00 Melbourne, “Zurich House”, 505 Little Collins Street Australia 1 111 18 078 1 894 1991 30/04/2008 Sole ownership 68 152 254 99 389 938 5 564 850 741 527 13.33 4 823 323 – – – – – – – – 90 4 668 15 17 410 – – – – 2 – 21 18 078 100.00 Montreal*, “Place du Canada”, 1010 Rue de la Gauchetière West Canada – – – – – 6 670 958 910 627 13.65 5 760 331 – – – – – – – – – – – – – – – – – – – – – – Munich, “Laimer Würfel”, Landsberger Strasse 300 Germany 1 197 24 695 5 353 2007 10/02/2012 Sole ownership 87 207 502 113 392 040 5 501 812 73 468 1.34 5 428 344 – – – – – – – – 161 1 344 11 19 516 3 1 924 19 1 686 2 1 225 36 24 695 100.00 Nagoya, “Glass City Sakae”, 3–11–31 Sakae, Naka-ku Japan 1 126 9 914 1 979 2008 18/12/2015 Sole ownership 68 324 306 70 120 834 3 344 615 128 360 3.84 3 216 255 – – – – – – – – 96 3 1 441 26 8 473 – – – – 1 – 30 9 914 100.00 Osaka, Edge Honmachi , 2–3–12, Minami-Honmachi 2-chome, Chuo-ku, Osaka-shi Japan 1 77 7 387 3 996 1989/2017 29/09/2017 Sole ownership 54 769 086 55 597 714 2 644 266 38 411 1.45 2 605 855 – – – – – – – – 33 1 231 13 6 598 3 393 8 165 19 – 44 7 387 100.00 Osaka, “KM Building”, 20–1, 7-Chome, Fukushima, Fukushima-ku Japan 1 141 14 727 3 001 1995 22/04/2016 Sole ownership 89 967 037 94 444 834 5 128 667 16 381 0.32 5 112 286 – – – – – – – – 105 1 912 31 13 395 – – 1 53 3 367 36 14 727 100.00 Osaka*, “YM Building”, 15–3, 15–4, 15–5, 15–6 15–7, 7-Chome, Fukushima, Fukushima-ku Japan – – – – – 1 628 766 6 369 0.39 1 622 397 – – – – – – – – – – – – – – – – – – – – – – Perth, 190 St Georges Terrace Australia 1 78 9 540 1 832 1982 05/02/2016 Sole ownership 49 731 216 38 258 319 4 175 501 1 301 135 31.16 2 874 366 – – – – – – – – 44 1 293 29 9 247 – – – – 4 – 34 9 540 100.00 Portland, 1320 SW Broadway USA 1 82 16 482 3 696 1974 20/04/2017 Sole ownership 93 576 839 96 835 000 4 626 085 188 623 4.08 4 437 462 – – – – – – – – 67 – – 10 16 043 1 275 2 164 2 – 15 16 482 100.00 Rotterdam, “The Corner”, Binnenwegplein 26–68 Netherlands 1 13 13 639 3 013 1959/1999 12/09/2006 Sole ownership 41 648 750 41 529 970 2 634 376 494 172 18.76 2 140 204 – – – – – – – – 0 10 13 168 – – 1 378 2 93 – – 13 13 639 100.00 Santiago de Chile, Apoquindo 5400, Las Condes Chile 2 764 22 238 4 069 2014 15/05/2014 Condominium ownership 58 090 085 87 172 010 6 617 126 137 034 2.07 6 480 092 – – – – – – – – 653 3 466 28 20 958 – – 80 814 – – 111 22 238 100.00 Santiago de Chile, “Edificio Magdalena Norte”, Magdalena 181, Las Condes Chile 1 284 8 683 2 025 2010 27/04/2010 Sole ownership 17 987 132 40 796 937 2 909 510 51 557 1.77 2 857 953 – – – – – – – – 226 1 88 21 8 328 – – 36 267 – – 58 8 683 100.00 Tokyo, “Otowa”, 1–15–2 Higashiikebukuro, Toshima-ku Japan 1 17 1 623 221 1972 20/12/2018 Sole ownership 25 936 412 35 372 263 1 094 479 – – 1 094 479 – – – – – – – – – – – 1 106 8 1 517 – – 8 – 17 1 623 100.00 Tokyo, “Toranomon 1-chome”, 1–16–16 Toranomon, Minato-ku Japan 1 25 4 301 582 1964/2005 22/09/2006 Sole ownership 77 848 369 49 806 285 2 197 838 5 273 0.24 2 192 565 – – – – – – – – 4 – – 10 3 663 – – 7 638 4 – 21 4 301 100.00 Toronto, 121 Bloor Street East Canada 1 212 23 320 2 104 1982 15/02/2005 Sole ownership on leased site 47 834 714 70 720 350 4 734 024 997 689 21.07 3 736 335 – – – – – – – – 157 1 37 23 22 408 – – 21 875 10 – 55 23 320 100.00 Toronto, 160 Bloor Street East Canada 1 369 35 361 4 593 1982 15/02/2005 Sole ownership 67 067 594 145 996 077 6 174 995 194 156 3.14 5 980 839 – – – – – – – – 304 7 1 513 31 33 161 2 305 18 382 7 – 65 35 361 100.00 Vancouver, “The Exchange”, 475 Howe Street, 819–829 West Pender Street Canada 2 206 35 476 1 739 1929/2018 01/08/2011 Sole ownership 177 723 628 309 840 267 10 619 490 153 050 1.44 10 466 440 – – – – – – – – 158 5 851 29 23 592 12 10 633 2 400 – – 48 35 476 100.00 Warsaw3, “Astoria”, Przeskok 2 Poland 1 118 19 743 1 737 2016 05/09/2019 Sole ownership on leased site 122 200 283 120 241 223 2 158 296 – – 2 158 296 – – – – – – – – 85 6 1 203 18 18 421 – – 6 119 3 – 33 19 743 100.00 Warsaw, “Ethos”, Three Crosses Square 10/14 Poland 1 190 17 701 5 173 1998/2016 27/06/2019 Sole ownership on leased site 123 231 946 126 438 104 3 236 305 – – 3 236 305 – – – – – – – – 145 16 3 356 16 13 155 7 991 3 190 3 – 45 17 701 100.00 Washington, 1099 New York Avenue USA 1 164 16 460 1 610 2008 21/09/2009 Sole ownership 96 492 809 148 157 550 9 920 042 1 060 250 10.69 8 859 792 – – – – – – – – 137 1 211 17 15 511 1 517 7 221 1 – 27 16 460 100.00 Wellington, “HSBC Tower”, 195 Lambton Quay New Zealand 1 221 15 216 1 200 2002 31/05/2018 Sole ownership 68 535 926 69 510 801 5 608 458 – – 5 608 458 – 1 – – – 1 48 0.32 197 3 242 17 14 925 – – 2 – 1 1 23 15 168 99.68 Wellington, “Justice Centre”, 19 Aitken Street, Mulgrave Street & Kat Sheppard Place, Thorndon

New Zealand 1 157 34 539 5 365 1966/2009/2011 15/11/2012 Sole ownership 111 716 999 130 659 400 9 336 897 – – 9 336 897 – – – – – – – – 132 3 277 18 34 097 – – 2 91 2 74 25 34 539 100.00

Yokohama city, Kanagawa “Helios”, 3–21–2 Motohamacho, Naka-ku Japan 1 61 9 865 4 906 1991 20/12/2018 Sole ownership 32 595 791 36 708 747 1 498 718 120 235 8.02 1 378 483 – – – – – – – – 33 – – 24 9 855 – – 1 10 3 – 28 9 865 100.00 Total II 55 8 491 883 185 216 984 3 715 508 391 4 322 171 648 243 525 354 19 376 343 7.96 224 149 011 – 30 7 – – 37 2 733 0.31 7 108 153 57 359 705 693 198 51 21 817 329 103 096 108 4 982 1 346 880 452 99.69

–

Schedule of Propertiesin Swiss Francs (CHF)



General Information about the Properties / Financial Data on the Properties / Breakdown of Residential / Commercial PremisesOther investments in accordance with Art. 84 para. 2 lit. c CISO-FINMA


Country

Number of

buildings

Total rental

premises

Total lettable



dateOwnership

typeAcquisition

costsMarket

valueProjected







premises



Residential buildings – – – – – – – – – – – – – – – – – – – –

Total dwelling units – – – – – – – – – – – – – – – – – – – – – – – – – –

Commercial propertiesAdelaide*, “G25”, 25 Grenfell Street Australia – – – – – 6 937 238 1 640 540 23.65 5 296 698 – – – – – – – – – – – – – – – – – – – – – – Amsterdam, “MediArena”, Mediarena 1–8 Netherlands 1 487 19 515 4 571 2010 01/09/2010 Sole ownership on leased site 73 303 972 88 387 083 6 374 962 – – 6 374 962 – – – – – – – – 480 – – 7 19 515 – – – – – – 7 19 515 100.00 Arnheim, Koningstraat 26–37 Netherlands 1 434 10 402 4 718 1969/2015 15/10/2007 Sole ownership 56 175 322 30 223 382 2 346 219 740 375 31.56 1 605 844 – – – – – – – – 412 3 1 889 11 7 810 – – 6 703 2 – 22 10 402 100.00

Austin, “Third & Shoal”, 607 W 3rd St USA 1 667 34 835 3 282 2019 11/06/2019 Sole ownership 303 350 280 309 194 155 6 676 984 – – 6 676 984 – – – – – – – – 644 5 757 18 34 078 – – – – – – 23 34 835 100.00

Berlin, “Kant Center”, Wilmersdorfer Str. 108–111, Kantstr. 112–114, Krumme Str. 48–49 Germany 2 309 20 380 6 211 1930/1993/2004 15/07/2011 Sole ownership 67 681 698 74 688 716 3 778 935 1 481 0.04 3 777 454 – – – – – – – – 288 9 17 –98 6 2 226 – – 6 1 056 – – 21 20 380 100.00 Berlin, Invalidenstrasse 91 Germany 1 40 6 438 1 379 2011 01/07/2011 Sole ownership 23 860 430 35 659 241 1 587 595 15 066 0.95 1 572 529 – – – – – – – – 28 – – 11 6 438 – – – – 1 – 12 6 438 100.00 Birmingham, 120 Edmund Street Great Britain 1 106 12 957 2 713 2015 26/09/2019 Sole ownership 67 008 195 64 146 400 593 489 – – 593 489 – – – – – – – – 97 – – 8 12 851 – – 1 106 – – 9 12 957 100.00 Boston, “Independence Wharf”, 470 Atlantic Avenue USA 1 133 31 249 3 361 1927/2001 25/09/2009 Sole ownership 114 576 014 209 066 765 10 384 654 3 608 290 34.75 6 776 364 – – – – – – – – 110 2 4–7 20 30 566 – – – – 1 276 23 31 249 100.00 Brisbane, 55 Elizabeth Street Australia 1 68 19 756 1 998 2013 17/06/2011 Sole ownership 111 082 113 173 592 014 11 948 193 – – 11 948 193 – – – – – – – – 50 3 622 14 18 627 – – 1 507 – – 18 19 756 100.00 Brisbane, 99 Melbourne Street Australia 1 49 6 393 2 706 2004 30/10/2015 Sole ownership 31 036 316 29 272 378 2 446 540 – – 2 446 540 – – – – – – – – 38 2 355 7 6 038 – – – – 2 – 11 6 393 100.00 Bristol, “Temple Quay”, 3 Rivergate Great Britain 1 82 7 021 2 569 2002 06/08/2009 Sole ownership 29 597 875 35 921 984 2 183 351 – – 2 183 351 – – – – – – – – 75 – – 7 7 021 – – – – – – 7 7 021 100.00 Cardiff, 5 Callaghan Square Great Britain 1 41 4 909 2 450 2008 25/10/2011 Sole ownership 18 986 479 19 500 506 1 314 019 21 316 1.62 1 292 703 – – – – – – – – 31 – – 10 4 909 – – – – – – 10 4 909 100.00 Cardiff, 2 Central Square Great Britain 1 2 13 411 2 300 2018 11/10/2017 Sole ownership 71 963 216 80 311 293 3 192 865 – – 3 192 865 – – – – – – – – – – – 2 13 411 – – – – – – 2 13 411 100.00 Chicago, 1333 North Kingsbury Street USA 1 95 9 296 5 342 1920/2015 17/02/2017 Sole ownership 27 286 131 27 791 645 2 755 131 202 012 7.33 2 553 119 – – – – – – – – 82 – – 11 9 296 – – – – 2 – 13 9 296 100.00 Chicago, 250 South Wacker Drive USA 1 88 22 757 1 811 1957/2007 15/12/2011 Sole ownership 93 326 928 95 285 640 7 123 433 737 864 10.36 6 385 569 – – – – – – – – 58 1 927 23 21 327 1 503 – – 5 – 30 22 757 100.00 The Hague, Anna van Saksenlaan 69/71 Netherlands 1 113 9 324 4 510 2003 29/09/2006 Sole ownership on leased site 44 030 090 31 527 988 2 279 733 – – 2 279 733 – – – – – – – – 107 – – 6 9 324 – – – – – – 6 9 324 100.00 Dublin, “La Touche House”, IFSC Ireland 1 170 9 437 382 1990 01/05/2013 Sole ownership 39 727 840 89 474 255 5 435 476 – – 5 435 476 – – – – – – – – 152 – – 15 9 285 – – 3 152 – – 18 9 437 100.00 Dublin, “New Century House”, IFSC Ireland 1 90 7 985 3 512 1999 14/09/2018 Sole ownership 78 177 509 66 426 209 4 307 131 – – 4 307 131 – – – – – – – – 87 1 180 2 7 805 – – – – – – 3 7 985 100.00 Frankfurt am Main, Theodor-Stern-Kai 1 Germany 2 599 66 758 10 052 2002 01/08/2018 Co-ownership 160 262 977 162 162 575 6 280 738 13 415 0.21 6 267 323 – – – – – – – – 560 – – 20 56 918 1 2 395 13 4 668 5 2 777 39 66 758 100.00 Fukuoka, 1–12–64 Daimyo, Chuo-ku Japan 1 4 1 494 592 2005 22/12/2011 Sole ownership 39 968 596 41 787 384 1 824 381 – – 1 824 381 – – – – – – – – – 4 1 494 – – – – – – – – 4 1 494 100.00 Glendale, 207 Goode Avenue USA 1 14 17 570 4 168 2009 29/06/2017 Sole ownership 59 825 315 62 749 080 4 796 262 1 122 342 23.40 3 673 920 – – – – – – – – 2 – – 11 17 570 – – – – 1 – 12 17 570 100.00 Hanover*, “Kontorhaus”, Ernst-August-Platz 3–3A Germany – – – – – 1 980 492 17 229 0.87 1 963 263 – – – – – – – – – – – – – – – – – – – – – – Houston, 919 Milam Street USA 1 476 50 439 5 806 1956/1992/2006 23/05/2013 Sole ownership 120 424 459 94 317 290 11 154 265 1 905 951 17.09 9 248 314 – – – – – – – – 364 10 1 356 58 46 116 6 1 437 29 1 270 9 260 112 50 439 100.00 Icheon-si, Gyeonggi-do “DC Moga”, 410–1 Doomi-ri, Moga-myeon South Korea 1 3 36 397 30 755 2008 28/06/2019 Sole ownership 36 681 508 35 017 975 1 413 957 – – 1 413 957 – – – – – – – – – – – – – – – 3 36 397 – – 3 36 397 100.00 Icheon-si, Gyeonggi-do “Icheon 2 DC”, 113–60, Premium Outlet-ro, Majang-myeon South Korea 1 6 49 868 29 003 2014 28/06/2019 Sole ownership 64 942 232 61 016 422 2 018 737 – – 2 018 737 – – – – – – – – – – – – – – – 6 49 868 – – 6 49 868 100.00 Leeds, “Princes Exchange”, Princes Square Great Britain 1 180 10 087 6 810 1999 12/05/2016 Sole ownership 53 988 796 49 136 142 3 368 033 – – 3 368 033 – – – – – – – – 171 – – 6 9 625 – – 2 462 1 – 9 10 087 100.00 Leeds, “One Leeds City Office Park”, Meadow Lane Great Britain 1 202 5 234 5 388 1996 16/09/2009 Sole ownership 22 088 413 16 934 650 1 941 385 1 937 998 99.83 3 387 – – – – – – – – 198 – – 4 5 234 – – – – – – 4 5 234 100.00 London, “Earl Place”, 15 Appold Street Great Britain 1 16 8 738 1 936 1991 10/02/2010 Sole ownership 66 404 108 104 430 339 5 002 185 429 714 8.59 4 572 471 – – – – – – – – 6 – – 10 8 738 – – – – – – 10 8 738 100.00 London, «Monument», 11 Monument Street Great Britain 1 13 8 454 1 076 2016 27/02/2018 Sole ownership 151 951 301 151 898 675 7 721 392 – – 7 721 392 – – – – – – – – – 2 319 11 8 135 – – – – – – 13 8 454 100.00 Mainz, “Römerpassage”, Adolf-Kolping Strasse 2-4, Emmeransstrasse 23–27, Pfand-hausstrasse 3-5

Germany 2 329 16 404 4 945 2003 28/12/2006 Sole ownership 76 840 237 73 166 676 4 706 319 364 433 7.74 4 341 886 – 29 7 – – 36 2 685 16.37 181 44 6 645 17 4 784 5 549 42 1 739 4 2 112 13 719 83.63

Manchester, 70 Great Bridgewater Street Great Britain 1 62 6 689 2 550 2001 15/04/2019 Sole ownership 30 321 363 28 096 123 1 625 186 – – 1 625 186 – – – – – – – – 60 – – 2 6 689 – – – – – – 2 6 689 100.00 Melbourne, “Zurich House”, 505 Little Collins Street Australia 1 111 18 078 1 894 1991 30/04/2008 Sole ownership 68 152 254 99 389 938 5 564 850 741 527 13.33 4 823 323 – – – – – – – – 90 4 668 15 17 410 – – – – 2 – 21 18 078 100.00 Montreal*, “Place du Canada”, 1010 Rue de la Gauchetière West Canada – – – – – 6 670 958 910 627 13.65 5 760 331 – – – – – – – – – – – – – – – – – – – – – – Munich, “Laimer Würfel”, Landsberger Strasse 300 Germany 1 197 24 695 5 353 2007 10/02/2012 Sole ownership 87 207 502 113 392 040 5 501 812 73 468 1.34 5 428 344 – – – – – – – – 161 1 344 11 19 516 3 1 924 19 1 686 2 1 225 36 24 695 100.00 Nagoya, “Glass City Sakae”, 3–11–31 Sakae, Naka-ku Japan 1 126 9 914 1 979 2008 18/12/2015 Sole ownership 68 324 306 70 120 834 3 344 615 128 360 3.84 3 216 255 – – – – – – – – 96 3 1 441 26 8 473 – – – – 1 – 30 9 914 100.00 Osaka, Edge Honmachi , 2–3–12, Minami-Honmachi 2-chome, Chuo-ku, Osaka-shi Japan 1 77 7 387 3 996 1989/2017 29/09/2017 Sole ownership 54 769 086 55 597 714 2 644 266 38 411 1.45 2 605 855 – – – – – – – – 33 1 231 13 6 598 3 393 8 165 19 – 44 7 387 100.00 Osaka, “KM Building”, 20–1, 7-Chome, Fukushima, Fukushima-ku Japan 1 141 14 727 3 001 1995 22/04/2016 Sole ownership 89 967 037 94 444 834 5 128 667 16 381 0.32 5 112 286 – – – – – – – – 105 1 912 31 13 395 – – 1 53 3 367 36 14 727 100.00 Osaka*, “YM Building”, 15–3, 15–4, 15–5, 15–6 15–7, 7-Chome, Fukushima, Fukushima-ku Japan – – – – – 1 628 766 6 369 0.39 1 622 397 – – – – – – – – – – – – – – – – – – – – – – Perth, 190 St Georges Terrace Australia 1 78 9 540 1 832 1982 05/02/2016 Sole ownership 49 731 216 38 258 319 4 175 501 1 301 135 31.16 2 874 366 – – – – – – – – 44 1 293 29 9 247 – – – – 4 – 34 9 540 100.00 Portland, 1320 SW Broadway USA 1 82 16 482 3 696 1974 20/04/2017 Sole ownership 93 576 839 96 835 000 4 626 085 188 623 4.08 4 437 462 – – – – – – – – 67 – – 10 16 043 1 275 2 164 2 – 15 16 482 100.00 Rotterdam, “The Corner”, Binnenwegplein 26–68 Netherlands 1 13 13 639 3 013 1959/1999 12/09/2006 Sole ownership 41 648 750 41 529 970 2 634 376 494 172 18.76 2 140 204 – – – – – – – – 0 10 13 168 – – 1 378 2 93 – – 13 13 639 100.00 Santiago de Chile, Apoquindo 5400, Las Condes Chile 2 764 22 238 4 069 2014 15/05/2014 Condominium ownership 58 090 085 87 172 010 6 617 126 137 034 2.07 6 480 092 – – – – – – – – 653 3 466 28 20 958 – – 80 814 – – 111 22 238 100.00 Santiago de Chile, “Edificio Magdalena Norte”, Magdalena 181, Las Condes Chile 1 284 8 683 2 025 2010 27/04/2010 Sole ownership 17 987 132 40 796 937 2 909 510 51 557 1.77 2 857 953 – – – – – – – – 226 1 88 21 8 328 – – 36 267 – – 58 8 683 100.00 Tokyo, “Otowa”, 1–15–2 Higashiikebukuro, Toshima-ku Japan 1 17 1 623 221 1972 20/12/2018 Sole ownership 25 936 412 35 372 263 1 094 479 – – 1 094 479 – – – – – – – – – – – 1 106 8 1 517 – – 8 – 17 1 623 100.00 Tokyo, “Toranomon 1-chome”, 1–16–16 Toranomon, Minato-ku Japan 1 25 4 301 582 1964/2005 22/09/2006 Sole ownership 77 848 369 49 806 285 2 197 838 5 273 0.24 2 192 565 – – – – – – – – 4 – – 10 3 663 – – 7 638 4 – 21 4 301 100.00 Toronto, 121 Bloor Street East Canada 1 212 23 320 2 104 1982 15/02/2005 Sole ownership on leased site 47 834 714 70 720 350 4 734 024 997 689 21.07 3 736 335 – – – – – – – – 157 1 37 23 22 408 – – 21 875 10 – 55 23 320 100.00 Toronto, 160 Bloor Street East Canada 1 369 35 361 4 593 1982 15/02/2005 Sole ownership 67 067 594 145 996 077 6 174 995 194 156 3.14 5 980 839 – – – – – – – – 304 7 1 513 31 33 161 2 305 18 382 7 – 65 35 361 100.00 Vancouver, “The Exchange”, 475 Howe Street, 819–829 West Pender Street Canada 2 206 35 476 1 739 1929/2018 01/08/2011 Sole ownership 177 723 628 309 840 267 10 619 490 153 050 1.44 10 466 440 – – – – – – – – 158 5 851 29 23 592 12 10 633 2 400 – – 48 35 476 100.00 Warsaw3, “Astoria”, Przeskok 2 Poland 1 118 19 743 1 737 2016 05/09/2019 Sole ownership on leased site 122 200 283 120 241 223 2 158 296 – – 2 158 296 – – – – – – – – 85 6 1 203 18 18 421 – – 6 119 3 – 33 19 743 100.00 Warsaw, “Ethos”, Three Crosses Square 10/14 Poland 1 190 17 701 5 173 1998/2016 27/06/2019 Sole ownership on leased site 123 231 946 126 438 104 3 236 305 – – 3 236 305 – – – – – – – – 145 16 3 356 16 13 155 7 991 3 190 3 – 45 17 701 100.00 Washington, 1099 New York Avenue USA 1 164 16 460 1 610 2008 21/09/2009 Sole ownership 96 492 809 148 157 550 9 920 042 1 060 250 10.69 8 859 792 – – – – – – – – 137 1 211 17 15 511 1 517 7 221 1 – 27 16 460 100.00 Wellington, “HSBC Tower”, 195 Lambton Quay New Zealand 1 221 15 216 1 200 2002 31/05/2018 Sole ownership 68 535 926 69 510 801 5 608 458 – – 5 608 458 – 1 – – – 1 48 0.32 197 3 242 17 14 925 – – 2 – 1 1 23 15 168 99.68 Wellington, “Justice Centre”, 19 Aitken Street, Mulgrave Street & Kat Sheppard Place, Thorndon

New Zealand 1 157 34 539 5 365 1966/2009/2011 15/11/2012 Sole ownership 111 716 999 130 659 400 9 336 897 – – 9 336 897 – – – – – – – – 132 3 277 18 34 097 – – 2 91 2 74 25 34 539 100.00

Yokohama city, Kanagawa “Helios”, 3–21–2 Motohamacho, Naka-ku Japan 1 61 9 865 4 906 1991 20/12/2018 Sole ownership 32 595 791 36 708 747 1 498 718 120 235 8.02 1 378 483 – – – – – – – – 33 – – 24 9 855 – – 1 10 3 – 28 9 865 100.00 Total II 55 8 491 883 185 216 984 3 715 508 391 4 322 171 648 243 525 354 19 376 343 7.96 224 149 011 – 30 7 – – 37 2 733 0.31 7 108 153 57 359 705 693 198 51 21 817 329 103 096 108 4 982 1 346 880 452 99.69

–

* Property sold during the period under review1 Non-annualized2 Co-ownership 44/100 = 10 052 m2 (total site area = 22 846 m2)3 Co-ownership 66/100 = 1 146 m2 (total site area = 1 737 m2)



Country

Number of

buildings

Total rental

premises

Total lettable



dateOwnership

typeAcquisition

costsMarket

valueProjected







premises



Mixed-use properties – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Total III – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Development land (incl. properties for demolition) and properties under constructionBrisbane, “Jubilee Place”, 470 St Pauls Terrace Australia 1 – – 2 916 2022 10/09/2019 Sole ownership 18 909 956 18 822 820 – – – – – – – – – – – – – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – – – – – – Total IV 1 – – 2 916 18 909 956 18 822 820 – – – – – – – – – – – – – – – – – – – – – – – – – –

Lots under leasehold – – – – – –

Total V – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Total 56 8 491 883 185 219 900 3 734 418 347 4 340 994 468 243 525 354 19 376 343 7.96 224 149 011 – 30 7 – – 37 2 733 0.31 7 108 153 57 359 705 693 198 51 21 817 329 103 096 108 4 982 1 346 880 452 99.69

of which in condominium ownership 58 090 085 87 172 010 6 617 126 137 034 2.07 6 480 092of which under leasehold 410 6015 437 314 748 18 783 320 997 689 5.31 17 785 631

Schedule of Properties

Schedule of PropertiesFinancial Data on the Properties in Local Currency

Location, address CountryAcquisition costs in

national currencyMarket value in

national currency

Projected rental income 1

in national currencyRental losses 1

in national currency in %

Gross income(net rental income) 1 in national currency

Yen (JPY)Fukuoka, 1-12-64 Daimyo, Chuo-ku Japan 4 485 868 639 4 690 000 000 200 220 960 – – 200 220 960Nagoya, “Glass City Sakae”, 3–11-31 Sakae, Naka-ku Japan 7 668 366 948 7 870 000 000 367 062 502 14 087 161 3.84 352 975 341Osaka, Edge Honmachi , 2–3–12, Minami-Honmachi 2-chome, Chuo-ku, Osaka-shi Japan 6 146 999 075 6 240 000 000 290 201 050 4 215 496 1.45 285 985 554Osaka, “KM Building”, 20–1, 7-Chome, Fukushima, Fukushima-ku Japan 10 097 435 207 10 600 000 000 562 857 425 1 797 786 0.32 561 059 639

Osaka**, “YM Building”, 15–3, 15–4, 15–5-, 15–6 15–7, 7-Chome, Fukushima, Fukushima-ku

Japan – – 178 752 722 699 000 0.39 178 053 722

Tokio, “Otowa”, 1–15–2 Higashiikebukuro, Toshima-ku Japan 2 910 968 776 3 970 000 000 120 116 180 – – 120 116 180Tokio, “Toranomon 1-chome”, 1–16–16 Toranomon, Minato-ku Japan 8 737 298 510 5 590 000 000 241 206 826 578 649 0.24 240 628 177Yokohama, City, Kanagawa “Helios”, 3-21-2 Motohamacho, Naka-ku Japan 3 658 383 120 4 120 000 000 164 480 319 13 195 467 8.02 151 284 852Total JPY 43 705 320 275 43 080 000 000 2 124 897 984 34 573 559 1.63 2 090 324 425

Euro (EUR)Amsterdam, “MediArena”, Mediarena 1–8 Netherlands 67 426 288 81 300 000 5 739 279 – – 5 739 279Arnheim, Koningstraat 26–37 Netherlands 51 671 052 27 800 000 2 112 265 666 548 31.56 1 445 717Berlin, Invalidenstrasse 91 Germany 21 947 245 32 800 000 1 429 287 13 564 0.95 1 415 723

Berlin, “Kant Center”, Wilmersdorfer Str. 108–111, Kantstr. 112–114, Krumme Str. 48–49

Germany 62 254 821 68 700 000 3 402 117 1 333 0.04 3 400 784

The Hague, Anna van Saksenlaan 69/71 Netherlands 40 499 654 29 000 000 2 052 408 – – 2 052 408Dublin, “La Touche House”, IFSC Ireland 36 542 369 82 300 000 4 893 475 – – 4 893 475Dublin, “New Century House”, IFSC Ireland 71 909 053 61 100 000 3 877 643 – – 3 877 643Frankfurt am Main Germany 147 412 715 149 160 000 5 654 451 12 077 0.21 5 642 374Hanover**, “Kontorhaus”, Ernst-August-Platz 3–3A Germany – – 1 783 006 15 511 0.87 1 767 495

Mainz, “Römerpassage”, Adolf-Kolping Strasse 2–4, Emmeransstrasse 23–27, Pfandhausstrasse 3–5

Germany 70 679 007 67 300 000 4 237 026 328 093 7.74 3 908 933

Munich, “Laimer Würfel”, Landsberger Strasse 300 Germany 80 214 999 104 300 000 4 953 196 66 142 1.34 4 887 054Rotterdam, “The Corner”, Binnenwegplein 26–68 Netherlands 38 309 256 38 200 000 2 371 688 444 895 18.76 1 926 793Warsaw, “Astoria”, Przeskok 2 Poland 112 401 977 110 600 000 1 943 080 – – 1 943 080Warsaw, “Ethos”, Three Crosses Square 10/14 Poland 113 350 919 116 300 000 2 913 595 – – 2 913 595Total EUR 914'619'355.00 968 860 000 47 362 516 1 548 163 3.27 45 814 353

Canadian dollar (CAD)Montreal** “Place du Canada”, 1010 Rue de la Gauchetière West Canada – – 8 892 204 1 213 841 13.65 7 678 363Toronto 121 Bloor Street East Canada 64 054 369 94 700 000 6 310 324 1 329 892 21.07 4 980 432Toronto 160 Bloor Street East Canada 89 808 678 195 500 000 8 231 098 258 805 3.14 7 972 293Vancouver “The Exchange”, 475 Howe Street, 819–829 West Pender Street Canada 237 985 637 414 900 000 14 155 489 204 011 1.44 13 951 478





Country

Number of

buildings

Total rental

premises

Total lettable



dateOwnership

typeAcquisition

costsMarket

valueProjected







premises



Mixed-use properties – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Total III – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Development land (incl. properties for demolition) and properties under constructionBrisbane, “Jubilee Place”, 470 St Pauls Terrace Australia 1 – – 2 916 2022 10/09/2019 Sole ownership 18 909 956 18 822 820 – – – – – – – – – – – – – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – – – – – – Total IV 1 – – 2 916 18 909 956 18 822 820 – – – – – – – – – – – – – – – – – – – – – – – – – –

Lots under leasehold – – – – – –

Total V – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Total 56 8 491 883 185 219 900 3 734 418 347 4 340 994 468 243 525 354 19 376 343 7.96 224 149 011 – 30 7 – – 37 2 733 0.31 7 108 153 57 359 705 693 198 51 21 817 329 103 096 108 4 982 1 346 880 452 99.69

of which in condominium ownership 58 090 085 87 172 010 6 617 126 137 034 2.07 6 480 092of which under leasehold 410 6015 437 314 748 18 783 320 997 689 5.31 17 785 631

General Information about the Properties / Financial Data on the Properties / Breakdown of Residential / Commercial PremisesOther investments in accordance with Art. 84 para. 2 lit. c CISO-FINMA



national currency





Yen (JPY)Fukuoka, 1-12-64 Daimyo, Chuo-ku Japan 4 485 868 639 4 690 000 000 200 220 960 – – 200 220 960Nagoya, “Glass City Sakae”, 3–11-31 Sakae, Naka-ku Japan 7 668 366 948 7 870 000 000 367 062 502 14 087 161 3.84 352 975 341Osaka, Edge Honmachi , 2–3–12, Minami-Honmachi 2-chome, Chuo-ku, Osaka-shi Japan 6 146 999 075 6 240 000 000 290 201 050 4 215 496 1.45 285 985 554Osaka, “KM Building”, 20–1, 7-Chome, Fukushima, Fukushima-ku Japan 10 097 435 207 10 600 000 000 562 857 425 1 797 786 0.32 561 059 639

Osaka**, “YM Building”, 15–3, 15–4, 15–5-, 15–6 15–7, 7-Chome, Fukushima, Fukushima-ku

Japan – – 178 752 722 699 000 0.39 178 053 722

Tokio, “Otowa”, 1–15–2 Higashiikebukuro, Toshima-ku Japan 2 910 968 776 3 970 000 000 120 116 180 – – 120 116 180Tokio, “Toranomon 1-chome”, 1–16–16 Toranomon, Minato-ku Japan 8 737 298 510 5 590 000 000 241 206 826 578 649 0.24 240 628 177Yokohama, City, Kanagawa “Helios”, 3-21-2 Motohamacho, Naka-ku Japan 3 658 383 120 4 120 000 000 164 480 319 13 195 467 8.02 151 284 852Total JPY 43 705 320 275 43 080 000 000 2 124 897 984 34 573 559 1.63 2 090 324 425

Euro (EUR)Amsterdam, “MediArena”, Mediarena 1–8 Netherlands 67 426 288 81 300 000 5 739 279 – – 5 739 279Arnheim, Koningstraat 26–37 Netherlands 51 671 052 27 800 000 2 112 265 666 548 31.56 1 445 717Berlin, Invalidenstrasse 91 Germany 21 947 245 32 800 000 1 429 287 13 564 0.95 1 415 723

Berlin, “Kant Center”, Wilmersdorfer Str. 108–111, Kantstr. 112–114, Krumme Str. 48–49

Germany 62 254 821 68 700 000 3 402 117 1 333 0.04 3 400 784

The Hague, Anna van Saksenlaan 69/71 Netherlands 40 499 654 29 000 000 2 052 408 – – 2 052 408Dublin, “La Touche House”, IFSC Ireland 36 542 369 82 300 000 4 893 475 – – 4 893 475Dublin, “New Century House”, IFSC Ireland 71 909 053 61 100 000 3 877 643 – – 3 877 643Frankfurt am Main Germany 147 412 715 149 160 000 5 654 451 12 077 0.21 5 642 374Hanover**, “Kontorhaus”, Ernst-August-Platz 3–3A Germany – – 1 783 006 15 511 0.87 1 767 495

Mainz, “Römerpassage”, Adolf-Kolping Strasse 2–4, Emmeransstrasse 23–27, Pfandhausstrasse 3–5

Germany 70 679 007 67 300 000 4 237 026 328 093 7.74 3 908 933

Munich, “Laimer Würfel”, Landsberger Strasse 300 Germany 80 214 999 104 300 000 4 953 196 66 142 1.34 4 887 054Rotterdam, “The Corner”, Binnenwegplein 26–68 Netherlands 38 309 256 38 200 000 2 371 688 444 895 18.76 1 926 793Warsaw, “Astoria”, Przeskok 2 Poland 112 401 977 110 600 000 1 943 080 – – 1 943 080Warsaw, “Ethos”, Three Crosses Square 10/14 Poland 113 350 919 116 300 000 2 913 595 – – 2 913 595Total EUR 914'619'355.00 968 860 000 47 362 516 1 548 163 3.27 45 814 353

Canadian dollar (CAD)Montreal** “Place du Canada”, 1010 Rue de la Gauchetière West Canada – – 8 892 204 1 213 841 13.65 7 678 363Toronto 121 Bloor Street East Canada 64 054 369 94 700 000 6 310 324 1 329 892 21.07 4 980 432Toronto 160 Bloor Street East Canada 89 808 678 195 500 000 8 231 098 258 805 3.14 7 972 293Vancouver “The Exchange”, 475 Howe Street, 819–829 West Pender Street Canada 237 985 637 414 900 000 14 155 489 204 011 1.44 13 951 478

* not annualized** Property sold during the period under review





national currency





Total CAD 391 848 684 705 100 000 37 589 115 36 549 8 34 582 566



national currency





Pound sterling (GBP)Birmingham, 120 Edmund Street Great Britain 52 230 675 50 000 000 466 204 – – 466 204Bristol, “Temple Quay”, 3 Rivergate Great Britain 23 070 566 28 000 000 1 715 090 – – 1 715 090Cardiff, 5 Callaghan Square Great Britain 14 799 333 15 200 000 1 032 203 16 744 1.62 1 015 459Cardiff, 2 Central Square Great Britain 56 092 950 62 600 000 2 508 095 – – 2 508 095Leeds, “Princes Exchange”, Princes Square Great Britain 42 082 483 38 300 000 2 645 695 – – 2 645 695Leeds, “One Leeds City Office Park”, Meadow Lane Great Britain 17 217 188 13 200 000 1 525 018 1 522 358 99.83 2 660London, “Earl Place”, 15 Appold Street Great Britain 51 759 809 81 400 000 3 929 372 337 554 8.59 3 591 818London, “Monument”, 11 Monument Street Great Britain 118 441 020 118 400 000 6 065 394 – – 6 065 394Manchester, 70 Great Bridgewater Street Great Britain 23 634 501 21 900 000 1 276 634 – – 1 276 634Total GBP 399 328 525 429 000 000 21 163 705 1 876 656 8.87 19 287 049

Australian dollar (AUD)Adelaide**, “G25”, 25 Grenfell Street Australia – – 10 025 432 2 370 846 23.65 7 654 586Brisbane, 55 Elizabeth Street Australia 163 175 356 255 000 000 17 267 074 – – 17 267 074Brisbane, 99 Melbourne Street Australia 45 591 156 43 000 000 3 535 647 – – 3 535 647Melbourne, “Zurich House”, 505 Little Collins Street Australia 100 113 043 146 000 000 8 042 110 1 071 626 13.33 6 970 484Perth, 190 St Georges Terrace Australia 73 053 245 56 200 000 6 034 275 1 880 350 31.16 4 153 925Brisbane, “Jubilee Place”, 470 St Pauls Terrace Australia 27 777 999 27 650 000 – – – –Total AUD 409 710 799 527 850 000 44 904 538 5 322 822 11.85 39 581 716

US dollar (USD)Austin, “Third & Shoal”, 607 W 3rd St USA 313 265 121 319 300 000 6 727 386 – – 6 727 386Boston, “Independence Wharf”, 470 Atlantic Avenue USA 118 320 870 215 900 000 10 463 043 3 635 527 34.75 6 827 516Chicago, 1333 North Kingsbury Street USA 28 177 964 28 700 000 2 775 928 203 537 7.33 2 572 391Chicago, 250 South Wacker Drive USA 96 377 269 98 400 000 7 177 205 743 434 10.36 6 433 771Glendale, 207 Goode Avenue USA 61 780 673 64 800 000 4 832 467 1 130 814 23.40 3 701 653Houston, 919 Milam Street USA 124 360 468 97 400 000 11 238 464 1 920 338 17.09 9 318 126Portland, 1320 SW Broadway USA 96 635 348 100 000 000 4 661 005 190 047 4.08 4 470 958Washington, 1099 New York Avenue USA 99 646 625 153 000 000 9 994 924 1 068 253 10.69 8 926 671Total USD 938 564 338 1 077 500 000 57 870 422 8 891 950 15.37 48 978 472

Chilean pesos (CLP)Santiago de Chile, Apoquindo 5400, Las Condes Chile 45 106 951 000 67 689 066 000 4 701 400 000 97 361 000 2.07 4 604 039 000Santiago de Chile, “Edificio Magdalena Norte”, Magdalena 181, Las Condes Chile 13 967 008 000 31 678 822 000 2 067 177 000 36 631 000 1.77 2 030 546 000Total CLP 59 073 959 000 99 367 888 000 6 768 577 000 133 992 000 1.98 6 634 585 000

New Zealand dollar (NZD)Wellington, “Justice Centre”, 19 Aitken Street, Mulgrave Street & Kat Sheppard Place, Thorndon

New Zealand 171 004 916 200 000 000 14 229 452 – – 14 229 452

Wellington, “HSBC Tower”, 195 Lambton Quay New Zealand 104 907 762 106 400 000 8 547 302 – – 8 547 302Total NZD 275 912 678 306 400 000 22 776 754 – – 22 776 754

South Korean won (KRW)Icheon-si, Gyeonggi-do “DC Moga”, 410–1 Doomi-ri, Moga-myeon Korea, Republic 43 804 569 230 41 818 000 000 1 654 234 661 – – 1 654 234 661Icheon-si, Gyeonggi-do “Icheon 2 DC”, 113-60, Premium Outlet-ro, Majang-myeon Korea, Republic 77 553 149 831 72 865 000 000 2 361 786 933 – – 2 361 786 933Total KRW 121 357 719 061 114 683 000 000 4 016 021 594 – – 4 016 021 594

Schedule of PropertiesFinancial Data on the Properties in Local Currency





national currency





Total CAD 391 848 684 705 100 000 37 589 115 36 549 8 34 582 566



national currency





Pound sterling (GBP)Birmingham, 120 Edmund Street Great Britain 52 230 675 50 000 000 466 204 – – 466 204Bristol, “Temple Quay”, 3 Rivergate Great Britain 23 070 566 28 000 000 1 715 090 – – 1 715 090Cardiff, 5 Callaghan Square Great Britain 14 799 333 15 200 000 1 032 203 16 744 1.62 1 015 459Cardiff, 2 Central Square Great Britain 56 092 950 62 600 000 2 508 095 – – 2 508 095Leeds, “Princes Exchange”, Princes Square Great Britain 42 082 483 38 300 000 2 645 695 – – 2 645 695Leeds, “One Leeds City Office Park”, Meadow Lane Great Britain 17 217 188 13 200 000 1 525 018 1 522 358 99.83 2 660London, “Earl Place”, 15 Appold Street Great Britain 51 759 809 81 400 000 3 929 372 337 554 8.59 3 591 818London, “Monument”, 11 Monument Street Great Britain 118 441 020 118 400 000 6 065 394 – – 6 065 394Manchester, 70 Great Bridgewater Street Great Britain 23 634 501 21 900 000 1 276 634 – – 1 276 634Total GBP 399 328 525 429 000 000 21 163 705 1 876 656 8.87 19 287 049

Australian dollar (AUD)Adelaide**, “G25”, 25 Grenfell Street Australia – – 10 025 432 2 370 846 23.65 7 654 586Brisbane, 55 Elizabeth Street Australia 163 175 356 255 000 000 17 267 074 – – 17 267 074Brisbane, 99 Melbourne Street Australia 45 591 156 43 000 000 3 535 647 – – 3 535 647Melbourne, “Zurich House”, 505 Little Collins Street Australia 100 113 043 146 000 000 8 042 110 1 071 626 13.33 6 970 484Perth, 190 St Georges Terrace Australia 73 053 245 56 200 000 6 034 275 1 880 350 31.16 4 153 925Brisbane, “Jubilee Place”, 470 St Pauls Terrace Australia 27 777 999 27 650 000 – – – –Total AUD 409 710 799 527 850 000 44 904 538 5 322 822 11.85 39 581 716

US dollar (USD)Austin, “Third & Shoal”, 607 W 3rd St USA 313 265 121 319 300 000 6 727 386 – – 6 727 386Boston, “Independence Wharf”, 470 Atlantic Avenue USA 118 320 870 215 900 000 10 463 043 3 635 527 34.75 6 827 516Chicago, 1333 North Kingsbury Street USA 28 177 964 28 700 000 2 775 928 203 537 7.33 2 572 391Chicago, 250 South Wacker Drive USA 96 377 269 98 400 000 7 177 205 743 434 10.36 6 433 771Glendale, 207 Goode Avenue USA 61 780 673 64 800 000 4 832 467 1 130 814 23.40 3 701 653Houston, 919 Milam Street USA 124 360 468 97 400 000 11 238 464 1 920 338 17.09 9 318 126Portland, 1320 SW Broadway USA 96 635 348 100 000 000 4 661 005 190 047 4.08 4 470 958Washington, 1099 New York Avenue USA 99 646 625 153 000 000 9 994 924 1 068 253 10.69 8 926 671Total USD 938 564 338 1 077 500 000 57 870 422 8 891 950 15.37 48 978 472

Chilean pesos (CLP)Santiago de Chile, Apoquindo 5400, Las Condes Chile 45 106 951 000 67 689 066 000 4 701 400 000 97 361 000 2.07 4 604 039 000Santiago de Chile, “Edificio Magdalena Norte”, Magdalena 181, Las Condes Chile 13 967 008 000 31 678 822 000 2 067 177 000 36 631 000 1.77 2 030 546 000Total CLP 59 073 959 000 99 367 888 000 6 768 577 000 133 992 000 1.98 6 634 585 000

New Zealand dollar (NZD)Wellington, “Justice Centre”, 19 Aitken Street, Mulgrave Street & Kat Sheppard Place, Thorndon

New Zealand 171 004 916 200 000 000 14 229 452 – – 14 229 452

Wellington, “HSBC Tower”, 195 Lambton Quay New Zealand 104 907 762 106 400 000 8 547 302 – – 8 547 302Total NZD 275 912 678 306 400 000 22 776 754 – – 22 776 754

South Korean won (KRW)Icheon-si, Gyeonggi-do “DC Moga”, 410–1 Doomi-ri, Moga-myeon Korea, Republic 43 804 569 230 41 818 000 000 1 654 234 661 – – 1 654 234 661Icheon-si, Gyeonggi-do “Icheon 2 DC”, 113-60, Premium Outlet-ro, Majang-myeon Korea, Republic 77 553 149 831 72 865 000 000 2 361 786 933 – – 2 361 786 933Total KRW 121 357 719 061 114 683 000 000 4 016 021 594 – – 4 016 021 594

* not annualized** Property sold during the period under review



Notesto the audited Annual Report as at December 31, 2019

Units of this Real Estate Fund may not be offered, sold or delivered within the United States or any of its territories. Units of this Real Estate Fund may not be offered, sold or delivered to US citizens or persons resident or incorporated in the US and/or other natural or legal persons whose income and/or returns, regard-less of origin, are subject to US income tax, as well as persons who are considered to be US persons pursuant to Regulation S of the US Securities Act of 1933 and/or the US Commodity Exchange Act, in each case as amended from time to time.

For detailed information on commissions, please see "Appendix" starting on page 8.

The Swiss Financial Market Supervisory Authority FINMA approved the amendments to the fund contract requested by the fund management company and the custodian bank on January 23, 2019. The amendments entered into force on February 1, 2019. The following was published in the Swiss Official Gazette of Com-merce and the Neue Zürcher Zeitung on December 5, 2018:

Notice to Investors in the Credit Suisse Real Estate Fund International Investment fund under Swiss law in the “real estate fund” category

Amendment to Fund Contract with Appendix or Sales Prospectus with Integrated Fund Contract and Simplified ProspectusSubject to approval by the Swiss Financial Market Supervisory Authority FINMA, Credit Suisse Funds AG, Zurich, as the fund management company, with the consent of Credit Suisse (Switzerland) Ltd., Zurich, as the custodian bank, intends to implement the following amendments:

1. Amendments to Fund Contracta) Explanations in § 16 (calculation of net asset value and involvement of appraisers)

Previous wording § 16 paras. 2, 7 and 8: New wording § 16 paras. 2, 7 and 8 and new paras. 9 and 10:

[...]2. The fund management company mandates independent appraisers to

audit the statements for every accounting year as well as the market value of the properties belonging to the Real Estate Fund when issuing units. With the approval of the supervisory authority, the fund manage-ment company appoints at least two natural persons or one legal entity as independent appraiser(s) (see Appendix). The appraisers have to inspect the properties at least once every three years. The fund management company obtains prior valuations of the properties when buying/selling real estate. If the latest valuation was done less than three months ago and circumstances have not changed materially, a new valuation is not necessary when selling a property.

[...]7. Properties (including undeveloped land and properties under construc-

tion) are valued for the Real Estate Fund in accordance with the latest SFAMA guidelines for real estate funds. The market value is calculated in accordance with the discounted cash flow (DCF) method. The valuation of the undeveloped land and properties under construction is tested for impairment every year.

8. The net asset value of a unit represents the market value of the Fund's assets, less any liabilities of the Real Estate Fund and the likely taxes and duties incurred on liquidation of the Fund's assets, divided by the number of units in circulation. It is rounded to two decimal places.

[...]2. The fund management company mandates independent appraisers to

audit the statements for every accounting year as well as the market value of the properties (incl. properties under construction) belonging to the Real Estate Fund when issuing units. With the approval of the supervisory authority, the fund management company appoints at least two natural persons or one legal entity as independent appraiser(s) (see Appendix). The appraisers have to inspect the properties at least once every three years. The fund management company obtains prior valuations of the properties when buying/selling real estate. If the lat-est valuation was done less than three months ago and circumstances have not changed materially, a new valuation is not necessary when selling a property.

[...]7. Properties are valued for the Real Estate Fund in accordance with the

latest SFAMA guidelines for real estate funds.8. Properties under construction are measured at market value.9. The market value is calculated for all properties using the discounted

cash flow (DCF) method. This excludes any undeveloped land, which is valued using the comparison and residual value method. With the DCF method, the market value of a property is determined as the total of all projected future net earnings discounted to valuation-date equivalents. Income is discounted separately for each property with adjustment for market conditions and risks, i.e. with allowance for specific opportuni-ties and risks.

10. The net asset value of a unit represents the market value of the Fund's assets, less any liabilities of the Real Estate Fund and the likely taxes and duties incurred on liquidation of the Fund's assets, divided by the number of units in circulation. It is rounded to two decimal places.

b) New point r) in § 19 para. 4 (Remuneration and Ancillary Costs Charged to the Fund's Assets)§ 19 para. 4 is supplemented by the following point r):“r) Costs and fees relating to the maintenance of regular trading on the stock exchange and over the counter of the real estate fund units by a bank or securities trader. The corresponding annual fee is 0.01% of the net asset value at the beginning of the accounting year (market making fee).”

2. Updating of Appendix / Sales Prospectus and Simplified ProspectusThe appendix to the fund contract / sales prospectus and simplified prospectus are updated.

Note 1: Sales restrictions USA

Note 2: Commissions

Note 3: Amendments to Fund Contract as from February 1, 2019




Valuation Report

The Collective Investment Schemes Act (CISA) requires the value of the properties held by Swiss real estate funds to be estimated by independent valuation experts at the end of each financial year. The properties of the Credit Suisse Real Estate Fund International are also valued in the semi-annual statement of the financial year.

The appraisers were tasked by the fund management company of Credit Suisse Real Estate Fund International with conducting the valuation in consultation with support staff abroad. The brief included coordination of the overall valuation process, including data preparation, provision of valuation soft-ware plus compilation and monitoring of the results supplied by the individual agents abroad.

The appraisers mandated by the fund management company and accredited by the Swiss Financial Market Supervisory Authority (FINMA) are responsible for the actual valuation of the properties. Credit Suisse Funds AG is responsible for procuring the necessary documentation.

All properties held by Credit Suisse Real Estate Fund International were valued for accounting purposes as at December 31 of the 2019 financial year.

As at the closing date, the portfolio comprised 51 properties (including new additions and properties valued for the first time). Since December 31, 2018, eight purchases have been made and four properties have been sold.

The documentation relevant to the valuations was prepared by the fund management company and management companies responsible. The valuations are based firstly on an evaluation and analysis of these documents, a cycle of site visits, as well as an assessment of the general and specific market situation for each property. The FINMA-accredited valuation experts performed the entire mandate in consultation with the fund management company – from defining the valuation parameters and ente- ring the data in the valuation software to carrying out the actual appraisal work to monitoring and submitting the results – on a neutral basis and solely in accordance with the independent valuation brief.

The valuation experts confirm that the valuations were performed in accordance with the statutory requirements of the Collective Investment Schemes Act (CISA) and Collective Investment Schemes Ordinance (CISO), as well as with the Guidelines of the Swiss Funds & Asset Management Association (SFAMA), and furthermore accord with customary industry valuation standards. Market value is reported on the basis of the "fair market value", i.e. the sale price that can probably be realized under normal circumstances and current market conditions.

Property under construction is also stated at the fair market value. In evaluating real estate, the valuation experts adhere to the internationally recognized International Valuation Standards (IVSC).

The valuations were carried out uniformly using the discounted cash flow (DCF) method. This excludes any undeveloped land, which would be valued using the comparison and residual value method. With the DCF method, the market value of a property is determined as the total of all projected future net earnings discounted to valuation-date equivalents. Income is discounted sepa-rately for each property with adjustment for market conditions and risks, i.e. with allowance for specific opportunities and risks.The valuation includes a detailed analysis and assessment of the individual income and cost items. Operating and maintenance costs are determined on the basis of empirical values, approved budgets and benchmarks. Repair costs are based on 10-year investment plans. In the case of fixed-term rental agreements, the

Commission

Valuation Standards

Valuation Method


potential, sustainable rental income deemed achievable from a current perspective is used for the period after the contract expires. Credit risks posed by individual tenants are not explicitly factored into the valuation.

The appraisers based their assessment on recent years' individual accounts for each property, the current rental situation, as well as extensive market intelligence. This is used as the basis for the estimation and modelling of future cash flows and for the definition of the discount rate. Valuations are prepared on the basis of a continuation of current use, i.e. any far-reaching changes of use, additions of new floors, or increases in density are not incorporated into the valuation.

As at December 31, 2019, the market value of the total portfolio is estimated by the appraisers at CHF 4 340.99 million (conversion from local currency into Swiss francs at closing rate on December 31, 2019). Compared with December 31, 2018 (CHF 3 757.24 million), the value of the total portfolio has increased by CHF 583.76 million or 15.54% (including exchange rate movements). Planned refurbishment work for the next 10 years was reviewed. The scheduling and scale of invest-ment for the individual properties were consequently reassessed and adjusted where necessary. The discount rates used in the valuations are based on constant observation of real estate markets, particularly the yields paid in arm's-length transactions. The average discount rate as at December 31, 2019 was 4.51%.

The accredited valuation experts confirm their independence and guarantee the confidential treatment of information connected with the valuation mandate.

Wüest Partner AG Zurich, December 31, 2019

Pascal Marazzi-de Lima Marius Malek

Valuation Result

Independence and Confidentiality




Report of the Audit Company

Brief report of the audit company for collective investment schemes to the Board of Directors of the Fund Management Company on the financial statements of

Credit Suisse Real Estate Fund International

Report of the audit company for collective investment schemes on the financial statementsAs an audit company for collective investment schemes, we have audited the financial statements of the investment fund Credit Suisse Real Estate Fund International, which comprise the statement of net assets and the income statement, the statement of the appropriation of available earnings and the disclosure of the total costs as well as the supplemental disclosures, in accord-ance with Article 89 paragraph 1 lit. b–h and Article 90 of the Swiss Collective Investment Schemes Act (CISA)1 for the year ended December 31, 2019.

Responsibility of the Fund Management Company's Board of DirectorsThe Board of Directors of the Fund Management Company is responsible for the preparation of the financial statements in accordance with the requirements of the Swiss Collective Investment Schemes Act, the related ordinances as well as the sales prospectus with integrated fund contract. This responsibility includes designing, implementing and maintaining an inter-nal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors of the Fund Management Company is further responsible for selecting and ap-plying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Responsibility of the Audit Company for Collective Investment SchemesOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. These standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial state-ments. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement in the annual financial statements, whether due to fraud or error. In making these risk assessments, the auditor considers the internal control system relevant to the entity's preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the existence and effectiveness of the entity's internal control system. An audit also includes evaluating the appropriateness of the account-ing policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements for the year ended 31 December 2019 comply with the Swiss Collective Investment Schemes Act, the related ordinances as well as the sales prospectus with integrated fund contract.

Report on other legal requirementsWe confirm that we meet the legal requirements on licensing as well as on independence according to the Auditor Oversight Act and that there are no circumstances incompatible with our independence.

KPMG AG

Jakub Pesek Stephan ArtusLicensed Audit Expert Licensed Audit ExpertAuditor in Charge

Zurich, March 27, 20201 Information on the investor base, the special features, the macroeconomic climate, the commercial property and investor market, the outlook, the real estate portfolio, the unit price performance,

the structural breakdown by actual net rental income, the geographical distribution of the fund's properties and the regional breakdown by market value do not form part of the additional informa-tion within the meaning of Swiss Auditing Standards (SAS 720).





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Phone 044 332 58 08Fax 044 337 20 82credit-suisse.com/realestatefunds

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