RESULTS 2018 - PSP Swiss Property · Performance since PSP IPO, 7.3.2000 (total return: dividends reinvested) PSP SXI RE rebased FTSE/EPRA Europe TR Index SPI SMI 369.4% 163.8% 233.1%

H1RESULTS 201817 August 2018

Agenda

Key Facts and Figures 3

Financial Results H1 2018 7

Portfolio and Vacancy Rate 14

Capital Structure 20

Development Sites and Projects 23

Subsequent Events 35

Outlook 37

Annex 39

© PSP Swiss Property I Page 2

Property Portfolio (June 2018)


Portfolio value CHF 7.3 bn Zurich 56% CHF 4.1 bn

Geneva 12% CHF 0.9 bn

Lausanne 5% CHF 0.4 bn

Basel 9% CHF 0.7 bn

Bern 4% CHF 0.3 bn

Other locations 6%CHF 0.4 bn

Development sites and projects 8% CHF 0.6 bn

In total, 166 investment properties, plus: 4 sites: “Residenza Parco Lago”, Paradiso; Löwenbräu site, Zurich; “Salmenpark”, Rheinfelden; Wädenswil site.7 projects: “Rue Saint-Martin”, Lausanne; “Hardturm-/Förrlibuckstrasse”, Zurich; “Bahnhofquai/-platz”, Zurich;

“Orion”, Zurich; “Rue du Marché”, Geneva; “Spiegel”, Köniz; “Bahnhofareal”, Rheinfelden.

Current Market Environment

Swiss market environment Improving business sentiment; an increasing number of companies is considering expansion

and relocation plans; increasing number of start-ups

Office rents stabilising on average at about the current levels; lease incentives remain important

Signs of enhanced demand in Zurich CBD and Zurich West, one of our main markets

Selective improvement of demand in Geneva

Outskirts of main cities, peripheral regions and smaller agglomerations: ongoing pressure on rents and incentives

Yield compression for prime assets expected to slow down

Economic outlook for Switzerland1 2018 2019GDP 2.4% 2.0%Inflation 1.0%Unemployment 2.6%1 Source: SECO, June 2018.


Main Developments


Real estate portfolio Portfolio value CHF 7.3bn (up 4.2% compared with December 2017) Disposal of Av. des Morgines 8/10, Petit-Lancy for CHF 55m (i.e. 4.5% above latest valuation) In process of selling, Bernerstr. Süd 167/169, Zurich and a development project in

Rheinfelden, “Bahnhofareal” (expected in Q3 2018) Stabilisation of rent levels across the portfolio

Vacancy and rental situation Vacancy rate of 6.8%, of which 1%-points due to renovations Of all 2018 maturities (CHF 29.1m), 87% renewed Expected vacancy year-end 2018; new < 6% (compared to around 7.5% guided in May 2018)

Financing Passing average interest rate 0.92% on 30 June 2018 Low leverage with an adjusted LTV of 33.4% CHF 850m committed unused credit lines as per today Moody’s: Issuer Rating A3 (outlook stable) Fitch: Senior Unsecured Rating A- (outlook stable)

Agenda







Outlook 37

Annex 39


Consolidated, in CHF m 2015 2016 20171 H1 20171 H1 2018 ∆

Ebitda excl. ∆-RE2 232.7 241.6 242.2 114.5 117.7 2.8%Net income excl. ∆-RE2 161.3 172.5 177.7 80.1 85.6 6.8%Net income 187.7 134.9 256.9 94.2 158.3 68.0%Rental income 275.1 276.3 272.5 136.4 138.7 1.7%

Per share, in CHF 2015 2016 20171 H1 20171 H1 2018 ∆

EPS 4.09 2.94 5.60 2.05 3.45 68.0%EPS excl. ∆-RE2 3.52 3.76 3.87 1.75 1.87 6.8%

NAV 84.38 84.30 86.96 87.17 0.2%3

NAV before deferred taxes 100.83 100.95 104.22 105.14 0.9%3

Share price 88.00 88.00 92.35 92.00 -0.4%3

Distribution 3.30 3.35 3.404

1 Restated due to IFRS 15, Revenue from Contracts with Customers (recognition of revenues relating to condominium sales). Relevant FY17 P/L positionsaffected: EBITDA excl. ∆-RE2 was CHF 242.8m; net income excl. ∆-RE2 was CHF 178.3m; EPS excl. ∆-RE2 was CHF 3.89.

2 Excl. ∆-RE: excluding net changes in fair value of the real estate investments, realised income on sales of investment properties andall of the related taxes. Income from the sale of properties, which were developed by the Company itself, is included.

3 Compared to year-end 2017.4 Ordinary dividend, paid on 11 April 2018.


Key Figures

Consolidated Income

(CHF 1’000) 2015 2016 20171 H1 20171 H1 2018 ∆

Rental income 275’063 276’316 272’454 136’364 138’688 1.7%2

Valuation gains 33’791 - 50’208 83’253 17’739 91’524Prop. sales revenues (condominiums) 3’259 14’224 19’614 1’501 1’683Property sales (investment properties) 1’374 1’354 627 308 2’346Income from associated companies 10 10 4 2 13Capitalised own services 2’977 3’973 2’646 1’299 3’272Other income 1’6013 2’3084 2’3935 1’9586 1’7467

Total operating income 318’075 247’976 380’991 159’171 239’271 50.3%

1 Restated due to IFRS 15, Revenue from Contracts with Customers.2 Like-for-like rental change 0.2%.3 Of which CHF 1.5m VAT-opting-in effect.4 Of which CHF 2.3m VAT-opting-in effect.5 Of which CHF 2.3m VAT-opting-in effect.6 Of which CHF 1.9m VAT-opting-in effect.7 Of which CHF 0.8m VAT-opting-in effect.


Consolidated Expenses

(CHF 1’000) 2015 2016 20171 H1 20171 H1 2018 ∆

Properties’ operating expenses - 11’2712 - 12’258 - 11’796 - 5’772 - 6’188 7.2%Properties’ maintenance/renovation - 14’626 - 14’817 - 16’920 - 8’057 - 8’155 1.2%Personnel expenses - 17’7263 - 20’468 - 19’242 - 9’524 - 10’4904 10.1%Fees to subcontractors - 47 - 49 - 48 - 24 - 21General and administrative expenses - 7’517 - 7’737 - 7’059 - 3’384 - 3’638 7.5%Impairment properties - 874 - 913 0 0 0Depreciation - 716 - 726 - 828 - 382 - 506Total operating expenses - 52’776 - 56’970 - 55’892 - 27’143 - 28’998 6.8%


1 Restated due to IFRS 15, Revenue from Contracts with Customers.2 Positive P&L impact of CHF 1.1m property tax refunds in Geneva (non-repeat).3 Positive P&L impact (IAS 19 revised, defined benefit pension plans) of CHF 1.2m (non-repeat).4 Increase mainly due to new pension scheme applied in H1 2018.

Consolidated Results

(CHF 1’000) 2015 2016 20171 H1 20171 H1 2018 ∆

Profit before financial expenses 265’298 191’006 325’099 132’028 210’273 59.3%Net financial expenses - 29’035 - 26’430 - 24’370 - 13’052 - 11’531 -11.7%

Profit before taxes 236’263 164’577 300’730 118’976 198’742 67.0%Taxes - 48’537 - 29’710 - 43’8402 - 24’7593 - 40’4684

Net income 187’726 134’867 256’890 94’217 158’274 68.0%Net income excl. ∆-RE1 161’287 172’548 177’738 80’135 85’601 6.8%


1 Restated due to IFRS 15, Revenue from Contracts with Customers.2 Of which CHF 17.5m current and CHF 26.4m deferred. The relatively low deferred taxes relate to the release in Q3 2017 of deferred capital gain taxes

in the Canton of VD in the magnitude of CHF 17m. The underlying tax rate has been reduced from 21.7% to 13.6%.3 Of which CHF 10.2m current and CHF 14.6m deferred.4 Of which CHF 9.7m current and CHF 30.8m deferred.5 Excl. ∆-RE: excluding net changes in fair value of the real estate investments, realised income on sales of investment properties and all of the related

taxes. Income from the sale of properties, which were developed by the Company itself, is included.

Per Share Distribution (in CHF)

1.001.25

1.501.65

1.982.10

2.202.40

2.502.70

2.803.00

3.20 3.25 3.25 3.30 3.35 3.40

0

1

2

3

4

For business year 2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

Y-t-y growth n.a. 25.0% 20.0% 10.0% 20.0% 6.0% 4.8% 9.1% 4.2% 8.0% 3.7% 7.1% 6.7% 1.6% 0.0% 1.5% 1.5% 1.5%

Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8% 86.5% 88.9% 85.8% 88.1% 93.8% 89.1% 87.9%

Payout yield*** 2.6% 3.9% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7% 3.8% 3.7% 4.3% 3.8% 3.8% 3.8% 3.7%

* Ordinary dividend, paid on 11 April 2018.** Payout / EPS excl. ∆-RE (FY 2017: CHF 3.87).*** Payout / share-price year-end (Dec. 2017: CHF 92.35).


Performance since PSP IPO, 7.3.2000 (total return: dividends reinvested)PSP SXI RE rebased FTSE/EPRA Europe TR Index SPI SMI369.4% 163.8% 233.1% 117.9% 180.4%

Source: Bloomberg, 16.8.2018


Total Return (7.3.2000 – 15.8.2018)

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Outlook 37

Annex 39

6.894 6.908 6.947 6.954 7.046 7.272 7.343

9.1%8.7% 8.3% 8.2% 8.5%

6.8%

0%

2%

4%

6%

8%

10%

12%

0

1

2

3

4

5

6

7

8

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

9.3%

9.7%

7.5%

Portfolio and Vacancy Rate

Real estate portfolio value in CHF bn.

Vacancy rate in % (CHF).

Vacancy rate excl. investment properties reclassified to developments in Q4 2016: Lausanne, Rue Saint-Martin 7, 0.4%-points.

Vacancy rate excl. development reclassified to investment properties in Q1 2018: Basel, Grosspeter Tower, 1.0%-points.


PropertiesVacancy

(sqm)*Vacancy

rateActions taken / status

Grosspeter Tower, Basel 5’384 35.6% New leases signed; reduction below 10% expected

Route des Arsenaux 41, Fribourg 5’485 48.2% Sale and letting in progress

Peter Merian-Str. 88/90, Basel 3’943 29.6% New lease signed; fully let

Richtistrasse 5, Wallisellen 4’213 54.3% Mandate with SPG; www.richtipark.ch

Salmencenter, Rheinfelden 4’579 18.9% Further reduction expected

Rue du Grand-Chêne 2, Lausanne 1’700 67.2% Advanced negotiations; mandate with CBRE

Gurtenbrauerei 10-92, Wabern b. Bern 7’680 54.0% 2’200 sqm lease starting Q4 2018

Rue des Bains 31bis, 33, 35, Geneva 2’350 19.0% Partly under renovation; letting in progress

Gerbergasse 5, Zurich 1’487 45.7% Partly under renovation; mandate with SPG

Bahnhofplatz 2, Biel/Bienne 3’780 20.5% New lease signed; further reduction expected

Total investment portfolio 76’584 6.8%


Largest Vacancies (June 2018)

* Ranked by rental value (CHF) of the vacancy.

Improvement since Q1 2018 Deterioration since Q1 2018

(Legal termination option by tenants)Expiry Profile of Leases (June 2018)

73% of the Q3-Q4 2018 maturities (CHF 13.5m) are renewed.

27% of the Q3-Q4 2018 maturities are still open.

87% of all 2018 maturities (CHF 29.1m) are renewed as per end of June 2018.

NL: Contracts not limited in time, but subject to notice.

5%

11%11%

15%16%

12%

1%

10%

4%

1%

10%

6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+ NL


Changes in Fair Value (June 2018)

(CHF m) 2012 2013 2014 2015 2016 2017 H1 2018Existing portfolio 263.5 120.52 4.6 33.9 -43.5 83.3 95.4 Acquisitions / first-time valuation 3.41 7.63 1.24 - 0.15 - 6.76 0 -3.97

Total net changes in fair value 266.9 128.1 5.8 33.8 - 50.2 83.3 91.5

1 From the acquisition of a single property (Locarno, Via Respini 7/9, spa development project).

2 Of which CHF 43.1m from first time adoption IFRS 13.

3 From the acquisition of a single property (Geneva/Cologny, Port Noir, spa development project).

4 From the acquisition of a single property (Basle, Peter Merian-Str. 88/90).

5 From the acquisition of a single property (Urdorf, Heinrich-Stutz-Str. 23/25).

6 From the acquisition of a single property (Zurich, Hardturmstr. 101, 103, 105 / Förrlibuckstr. 30).

7 From the acquisition of nine properties (Edmond de Rothschild (Suisse) S.A. portfolio) in Q1 2018.


2013

2014

2015

2016

2017

H1

2018

Weighted Ø discount rate 4.91%* 4.81%* 4.57%* 3.82** 3.62%** 3.55%**1

Nominal Discount Rate

Area Minimum Maximum Weighted ØZurich 2.6% 5.2% 3.5%Geneva 2.7% 4.8% 3.5%Basel 3.1% 3.9% 3.7%Bern 3.0% 4.6% 3.5%Lausanne 2.9% 4.5% 3.6%Other locations 3.2% 5.5% 4.3%All areas 2.6% 5.5% 3.6%**

* Nominal discount rate includes 1.0% annual inflation.** Nominal discount rate includes 0.5% annual inflation.

Valuation done by Wüest Partner.**1 Excl. the acquired Edmond de Rothschild portfolio and the completed “Grosspeter Tower” in Basel: 3.57%.


Changes in Fair Value: Discount Rates (June 2018)

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Outlook 37

Annex 39

Debt

Diversified and stable lender portfolio 10 domestic banks and 1 syndicated loan (with 14 Swiss Cantonal banks)

High visibility on debt maturity profile Average loan maturity of 3.0 years

Negotiation of loans expiring in 2019 started and partially done

CHF 850m unused committed credit lines as per today

Rating Moody’s: Issuer Rating A3 (outlook stable)

Fitch: Senior Unsecured Rating A- (outlook stable)


Capital Structure

Money values in CHF m 2014 2015 2016 20171 H1 2018 ∆

Shareholders‘ equity 3’840.8 3’870.5 3’866.8 3’988.6 3’998.5 0.2%- % of total assets 57.5% 57.0% 54.9% 54.0% 53.2%

Deferred tax liabilities (net) 726.0 754.5 763.7 792.0 823.8- % of total assets 10.9% 11.1% 10.8% 10.7% 11.0%

Interest-bearing debt 1’928.7 1’969.0 2’248.4 2’491.1 2’590.7 4.0%- % of total assets 28.9% 29.0% 31.9% 33.7% 34.5%2

- Loans, unsecured 1’360.0 1’300.0 1’280.0 1’300.0 1’200.0- Bonds 568.7 669.0 968.4 1’191.1 1’390.7- % long-term 100.0% 87.3% 100.0% 100.0% 95.4%

Net financial expenses 30.7 29.0 26.4 24.4 11.5- Ø interest rate 1.76% 1.70% 1.42% 1.16% 1.02%3

Interest coverage ratio 7.8 x 8.0 x 9.1 x 10.0 x 10.2 xFixed interest rate > 1 year 83.9% 79.7% 96.4% 96.0% 91.5%Ø fixed-interest period in years 3.9 3.4 4.3 3.6 3.4

1 Restated due to IFRS 15, Revenue from Contracts with Customers.2 Adjusted LTV of 33.4% (31 Dec. 2017: 31.2%): excl. debt of CHF 125m (31 Dec. 2017: CHF 275m) related to temporary fixed-term deposits.3 Reflects the average interest rate over the past four quarters. As per 30 June 2018, the passing average rate was 0.92% (31 Dec. 2017: 0.99%).


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Outlook 37

Annex 39

Project Pipeline


CHF 319m to invest going forward

Lausanne „Rue Saint Martin“

Zurich „Hardturmstrasse/Förrlibuckstrasse“

Zurich „Bahnhofquai/-platz“

Paradiso „Parco Lago“

Geneva „Rue du Marché“

Zurich „Orion“

2015 2016 2017 2018 2019 2020 2021 2022

CHF 13m

CHF 65m

CHF 30m

CHF 80m

CHF 55m

CHF 130m

4 sites

7 projects

1

6/2/3

45

CHF 33m

1

2

3

5

6

4

Project«Hardturmstrasse / Förrlibuckstrasse» Zurich

Under renovation Completion end of 2018 / beginning of 2019

Total renovation of existing building

Investment sum approx. CHF 65m (thereof CHF 53.3m spent at H1 2018)

80% let

In discussions for letting the remaining space

www.hardturmstrasse161.ch/en


Visualisations

Project«Hardturmstrasse / Förrlibuckstrasse» Zurich (cont.)

Letting split


Westhive: next generation Co-working

Telecommunication, 24%

Medtech, 10%

IT, 7%

Government, 7%Energy, 6%

Financial services, 5%

Co-working, 5%

Other, 16%

Vacant, 20%

Project «Bahnhofquai/-platz» Zurich (1/2)

Under renovationTotal renovation (3 stages, investment sum approx. CHF 100m)

Stage 1: Bahnhofplatz 1, Bahnhofquai 9/11/15

Completion end of 2019

Investment sum approx. CHF 55m(thereof CHF 12.5m spent at H1 2018)

Long-term lease signed in April 2018 withanchor tenant No18 (premium co-working brandof IWG, International Workplace Group)

95% pre-let


Project «Bahnhofquai/-platz» Zurich (2/2)

Under renovationStage 2: Waisenhausstr. 2/4, Bahnhofquai 7 Completion end of 2021 Investment sum approx. CHF 33m

(thereof CHF 7.2m spent at H1 2018) Long-term lease signed in February 2018

with anchor tenant Ruby Hotel & Resorts (concept called “Lean Luxury, 210 rooms, opening scheduled for early 2021)

90% pre-let Remaining space will be let to a restaurant,

high demand, contest in process

Stage 3:

Bahnhofplatz 2

Under review

Construction period tbd

Investment sum approx. CHF 12m


Visualisation

«Residenza Parco Lago» Paradiso

Under construction Completion beginning of 2020, all units to be sold

Conversion of existing site (former brewery)

New building with mixed use (approx. 13’000 m2): mainly residential units & some office and retail area

Investment sum approx. CHF 80m (thereof CHF 11.8m spent at H1 2018)

We expect 25% of the units to be sold by end of 2018

www.parcolagoparadiso.ch


Visualisation

Project «Rue du Marché» Geneva


Under construction Total renovation, completion 2020 Investment sum approx. CHF 30m

(thereof CHF 5.5m spent at H1 2018) Anchor tenant: citizenM (international boutique

hotel group) 70% pre-let Strong demand for remaining high street retail space CBRE appointed as letting agent

Visualisations

In planning Förrlibuckstr. 178/180, Hardturmstr. 181/183/185 to be replaced by a modern office building

Investment sum approx. CHF 130m (construction 2018 - 2021), thereof CHF 13.8m spent at H1 2018

CBRE appointed as letting agent

In final discussions with an anchor tenant for 45% of the surface

Project «Orion» Zurich


Project «Hardturmstrasse / Förrlibuckstrasse»

Project «Orion»

Project «Orion» Zurich (cont.)


Current situation

Project outline


Project «Orion» Zurich, Visualisation (cont.)

Visualisations

CAPEX Potential rental

income3Pre-let

in %

(CHF m)

expected2018-2023

2018 2019 2020-2023

Project “Rue du Marché”, Geneva1 31.1 5.3 15.0 10.7 ~ 5.5 70%

Project “Rue Saint-Martin”, Lausanne1 3.7 2.5 1.2 0 ~ 1.5 45%

“Residenza Parco Lago”, Paradiso1 67.9 14.4 38.4 15.0 - -

Project “Hardturm-/F’buckstr.”, Zurich1 21.2 3.2 7.0 11.0 ~ 7.6 80%

Project “Bahnhofquai/-platz”, Zurich1, 2 81.8 5.1 30.1 46.5 ~ 11.9 90%4

Project “Orion”, Zurich1 113.4 12.9 38.0 62.5 ~ 8.5 0%

Total development sites 319.0 43.4 129.8 145.8 ~ 35.05

thereof committed 38.6 n.a. n.a.

Total investment portfolio 17.0 n.a. n.a.


Capex and Potential Rental Income Overview

1 Under construction/renovation.2 In planning.3 Potential rental income after completion assuming full letting.

5 Of which CHF 6.8m passing rental income already earned as of 30 June 2018.4 Relating to properties Zurich, Bahnhofplatz 1, Bahnhofquai 9/11/15 and Waisenhausstrasse 2/4, Bahnhofquai 7.

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Outlook 37

Annex 39

Subsequent Events


Bern, Zeughausstrasse 26 Purchase of land relating to existing land lease

Price: CHF 7.9m

Date: 31 July 2018

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Outlook 37

Annex 39

Outlook 2018

Consolidated EBITDA (excl. changes in fair value), new guidance CHF 240m

Vacancy rate portfolio (year-end), new guidance < 6.0%


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Outlook 37

Annex 39

Board of Directors and Executive Board

Board of Directors Luciano Gabriel, 1953, Chairman

Corinne Denzler, 1966, Member Adrian Dudle, 1965, Member Peter Forstmoser, 1943, Member

Nathan Hetz, 1952, Member

Josef Stadler, 1963, Member

Aviram Wertheim, 1958, Member

Executive Board Giacomo Balzarini, 1968, CEO/CFO

Martin Heggli, 1977, COO

Adrian Murer, 1974, CIO


Number of employees: 93 (FTE 88)* Number of caretakers: 25

Property ManagementReal Estate Investments

Construction (19)

Asset Management (4)

Projects / Digitalisation (1)

Finance / Operations

Zurich Office (18, 14*)

Geneva Office (7, 5*)

Olten Office (10, 6*)

Accounting / Treasury (9)

Analysis / Reporting (1)

Executive Board (3)

Trading (2)


Property Marketing (4)

IT (5)

Tax / Controlling (1)

Banking, Capital MarketCorporate Communications & IR (2)Legal (4)HR (1)Secretariat (1)

Group Overview (30 June 2018)

Services (1)

Strategy

Switzerland only

Commercial properties only

Acquisitions to be justified by price and operational logic Risk-conscious financing policy

Priority

Optimising profitability of existing portfolio Ensuring long-term attractiveness of assets Organic growth Sites development Repositioning of assets to best use

Assessing acquisition opportunities and corporate deals

PSP Strategy


Why Investing in PSP?

Company

Premium portfolio with limited downside risk Transparent business model

Pure Swiss play

Properties with further optimisation potential

Financial flexibility to take advantage of market opportunities

Acquisition/integration experience

Sustainability (economic, ecological, social)

Share

Liquid stock

Attractive payout yield Broadly diversified shareholder structure


Shareholder Base (30 June 2018)

Largest shareholder Alony Hetz: 12.21% Chase Nominees Ltd.: 7.51% BlackRock, Inc.: 5.86%1

UBS Fund Management (Switzerland) AG: 3.06%2

T. Rowe Price Associates, Inc.: 3.04%3

Credit Suisse Funds AG: 3.01%4

Number of registered shareholders: 4’692- Individuals: 4’051 (9% of registered shares)- Legal entities: 641(91% of registered shares)

1 As per notification 2 September 2017.

2 As per notification 13 July 2017.

3 As per notification 8 October 2015.

4 As per notification 14 February 2018.

CH, 43%

Israel, 12%

UK, 11%

France / BeNeLux, 5%

Other, 2%

Non-registered, 28%


Ebitda excl. ∆-RE in CHF m.

Ebitda margin in %.

Ebitda

232.7 241.6 242.2

114.5 117.7

82.0% 81.3% 81.5% 81.1% 80.5%

50%

55%

60%

65%

70%

75%

80%

85%

0

50

100

150

200

250

300

2015 2016 2017 H1 2017 H1 2018


FY17 & H1 17: restated due to IFRS 15, Revenue from Contracts with Customers.

Net income excl. ∆-RE in CHF m.

Contribution of ∆-RE in CHF m.

Net Income Components

161.3 172.5 177.7

80.1 85.6

26.4

-37.7

79.2

14.1

72.7

-100

-50

0

50

100

150

200

250

300

2015 2016 2017 H1 2017 H1 2018



EPS in CHF.

EPS excl. ∆-RE in CHF.

EPS

4.09

2.94

5.60

2.05

3.453.523.76 3.87

1.75 1.87

0

1

2

3

4

5

6

2015 2016 2017 H1 2017 H1 2018



NAV + Cumulative Dividend per Share

NAV per share in CHF.

Payout in CHF, cumulative (allocation according to payment date).

42.21

47.2450.58 51.02 51.80 53.28

56.2559.71

61.8364.95

68.87

75.28

80.4883.70 83.74 84.38 84.30

86.96 87.17

0.00

1.00

2.253.75 5.40

7.389.48

11.6814.08

16.58

19.28

22.08

25.08

28.2831.53

34.78 38.08

41.4344.83

0

20

40

60

80

100

120

140

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018


NAV per share in CHF.

Share price in CHF.

NAV vs. Share Price

83.74 84.38 84.30 86.96 87.1785.80 88.00 88.0092.35 92.00

0

10

20

30

40

50

60

70

80

90

100

2014 2015 2016 2017 H1 2018


EPRA Performance Measures

1 Restated due to IFRS 15, Revenue from Contracts with Customers.2 Excl. direct vacancy costs.

20171 H1 20171 H1 2018(CHF or %) EPRA PSP EPRA PSP EPRA PSPA. EPS 3.54 5.60 1.72 1.75 1.82 1.87

B. NAV 105.26 104.22 101.61 100.22 106.21 105.14

C. NNNAV 86.92 86.96 86.54 83.23 87.48 87.17

D. “topped-up” NIY 3.5 3.5 3.5 3.6 3.5 3.5

E. Vacancy rate 8.1 8.2 8.5 8.7 6.7 6.8

F. Cost ratio2 18.1 15.0 17.5 14.3 18.3 15.6

G. Like-for-like rental change -1.1 n.a. -2.1 n.a. 0.2 n.a.

H. Capex in CHF 1’000 102’227 n.a. 49’975 n.a. 255’015 n.a.


Portfolio Key Figures

Numbers of properties

Rentalincome

in CHF m

Revaluation in CHF m

Value in CHF m

Net yield in %

Vacancy in %

Zurich H1 2018 82 80.7 35.8 4’091.8 3.5 4.8FY 2017 82 162.7 19.5 4’036.1 3.5 6.4

Geneva H1 2018 20 16.1 13.0 871.9 3.2 4.7FY 2017 16 26.4 16.7 760.9 2.7 17.7

Basel H1 2018 15 13.6 6.1 668.4 3.6 11.8FY 2017 14 24.8 12.8 544.9 4.0 2.3

Bern H1 2018 13 6.6 1.7 294.7 3.7 8.4FY 2017 13 12.8 6.4 292.6 3.6 10.0

Lausanne H1 2018 15 8.6 7.5 376.3 3.9 11.3FY 2017 14 17.3 5.5 355.3 4.2 6.4

Others H1 2018 21 10.4 -6.0 426.9 4.1 12.9FY 2017 18 19.5 15.1 394.2 4.1 14.8

Sites H1 2018 11 3.5 33.5 612.5 n.a. n.a.FY 2017 12 10.4 7.3 661.9 n.a. n.a.

Total H1 2018 177 139.5 91.5 7’342.5 3.5 6.8FY 2017 169 273.9 83.3 7’045.8 3.5 8.2


Rent by Use

Office, 63%

Retail, 16%

Parking, 5%

Gastronomy, 4%

Other, 11%


Rent by Type of Tenants

Retail, 19%

Services, 18%

Telecommunication, 12%Financial Services, 12%

Technology, 9%

Gastronomy, 8%

Government, 6%

Other, 17%


Largest Tenants

Swisscom, 10%Google, 4%

E.d.Rothschild, 2%

Swiss Post, 2%

Bär & Karrer, 2%

Next five largest, 9%

Other, 70%


Ecological Sustainability

Organisation Responsibility: 3 employees (1 asset management, 1 constructions, 1 property management)

Implementation: constructions, property management, facility management

Key environmental key indicators (specific figure/m2) in 2017 (2016) Heating in kWh: 74.51 (70.55)

Electricity in kWh: 21.77 (22.25) COe2 output (heating and electricity) in kg: 12.52 (12.98)

Water consumption in m3: 0.486 (0.495)

Specific emissions reduced by 40% since launch of sustainability programme in 2010

Since 2015, reporting according to EPRA sBPR

EPRA Gold Award, September 2017


No. Property1 Rue de Sébeillon 2, Lausanne2 Bahnhofstrasse 10/Börsenstr. 18, Zurich3 Baslerstrasse 44, Olten4 Löwenstrasse 16, Zurich5 Barfüsserplatz 10, Basel6 Theaterstrasse 22, Zurich7 Route des Acacias 50, 52, Carouge GE8 Laupenstrasse 18/18a, Bern9 Goethestrasse 24, Zurich10 Bahnhofstrasse 66, Zurich

1 - 10: Examples of improvements due to investments (2008-2018)

Source: Wüest Partner, June 2018.


Portfolio Grid

Zurich Area

© PSP Swiss Property I Page 56Bahnhofstr. 28a

Bahnhofstr. 81

Brandschenkestr. 90

Bahnhofstr. 66

Seefeldstr. 123

Uraniastr. 9

Bahnhofstr. 10

Bahnhofstr. 39

Bahnhofplatz 9

Zurich

= Investment properties= Sites and development projects

Geneva Area


Rue Richard-Wagner 6

Rue des Bains 31/33/35

R.d. Acacias 50/52

Rue de la Gabelle 6

Place du Molard 7

Cours de Rive 13/15

Rue de la Fontaine 5

Rue de la Corraterie 24/26

Geneva

= Investment properties= Development project

Basel Area


Marktplatz 30/30a

Barfüsserplatz 10

Steinentorberg 8/12

Kirschgartenstr. 12/14

Peter Merian-Str. 88/90

Freie Strasse 38

St. Alban-Anlage 46

Grosspeterstr. 18/20

Dornacherstr. 210

Basel

= Investment properties

Bern Area


Bollwerk 15

Laupenstrasse 18/18a

Eigerstrasse 2

Seilerstrasse 8

Zeughausgasse 26/28

Kramgasse 49

Kramgasse 78

Spitalgasse 9

Bern

= Investment properties

Lausanne Area


Rue de Sébeillon 2

Avenue de Sévelin 54

Avenue de Sévelin 40

Avenue de Cour 135

Rue Saint Martin 7

Rue du Pont 22

Place Saint-François 5

Place Saint-François 15

Lausanne

= Investment properties= Development project

Giacomo Balzarini CEOPhone +41 (0)44 625 59 59Mobile +41 (0)79 207 32 [email protected]

Vasco Cecchini Corporate Communications & IRPhone +41 (0)44 625 57 23Mobile +41 (0)79 650 84 [email protected]

Contacts


mailto:[email protected]

mailto:[email protected]

Disclaimer

None of the information in this presentation constitutes an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. None of the securities of the Company referred to in this presentation have been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or under the applicable securities laws of any state or other jurisdiction of the United States.


Documents

RESULTS 2018 - PSP Swiss Property · Performance since PSP IPO, 7.3.2000 (total return: dividends reinvested) PSP SXI RE rebased FTSE/EPRA Europe TR Index SPI SMI 369.4% 163.8% 233.1%