CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)

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CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Client Presentation

CS Real Estate SICAV-SIF I –
Credit Suisse (Lux) European
Climate Value Property Fund
(Feeder)
This presentation can only be offered to Professional/Institutional Clients. This material is personal to
each offeree and may only be used by those persons to whom it has been handed out. Strictly no further
redistribution.
Germany: This document can only be offered to professional investors as defined in §1 para. 19 no. 32
of the German Capital Investment Code. Distributed via Credit Suisse AG. Switzerland: This product
may only be distributed in or from Switzerland, to qualified investors as defined pursuant to the Collective
Investment Schemes Act (“CISA”). France : This document can only be offered to professional clients
and to eligible counterparties. This document is distributed by Credit Suisse (Luxembourg) S.A.,
Succursale en France. Spain: For professional/institutional clients only.

Credit Suisse
April 2018
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Content
Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Overview                                                        3

Fund Strategy                                                 11

Current Portfolio                                             17

European Market Outlook                                       29

Risks and Mitigation                                          34

Credit Suisse Global Real Estate capabilities                 36

             Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page   April 2018   2
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Global Real Estate
Our Platform at a glance
Leading real estate platform focusing on office and retail properties
 CS AM Global RE is one of the 15 leading real estate platforms worldwide – ranked 4th in Europe1                                 top 4
 CS AM Global RE covers the entire range of real estate management services                                                 real estate platform
                                                                                                                                  in Europe1
 Longstanding expertise for the development and management of tailor-made solutions such as pooled
  funds, club deals and individual funds/mandates
 Around 25 products and mandates for retail and institutional clients mainly in the core and core-plus                       since 1938
  segments using various investment vehicles                                                                                 track record in real
                                                                                                                            estate management
 Experienced team with strong acquisition, finance and real estate management background
 Strong embedded risk management culture
                                                                                                                                    160
    Invested countries (ex CH)3                 Property types3 (by rental income)      Client segment3                     real estate specialists
    Germany 35%                                 Office 28%                                                                        worldwide5
    Other 11%4                                                                          Institutional clients 53%
                                                Other 13%
    Ireland 1%                                                                          Third-party banks 12%
                                                Hotel 4%
    Japan 5%
    Canada 7%                                   Logistic 4%
                                                                                                                            CHF 44.6 bn
    Australia 7%            CHF                                     Rental                                                     assets under
                           7.3bn                                   income                                       AuM            management2
    Italy 6%                                  Residential 35%
    Netherlands 5%
    Great Britain 10%
                                                                                        Private banking 35%                      >1,300
    USA 13%                                     Retail 16%                                                                      properties in
                                                                                                                           18 countries worldwide5
1   Sources: INREV/ANREV Fund Manager Survey 2017
2   Latest data point: December 31, 2017; include asset under management of direct and indirect investment vehicles
3   Latest data point: December 31, 2016
4   Other countries are: Belgium, Czech Republic, France, Poland, Portugal, Spain, Chile, New Zealand
5   Latest data point: December 31, 2017

                   Credit Suisse Asset Management Real Estate        The disclaimer at the end also applies to this page      April 2018              3
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Credit Suisse (Lux) European Climate Value Property Fund
Innovative fund concept
                           Investment idea                                              Fund concept

                                                                                           Focus on strong economic centers in liquid
                          European Real Estate                                              markets
    Market                                                                                 Broad diversification by countries/ locations
                          Strong diversification                                            and usage types (mainly office and retail),
                                                                                            tenants, lease expiry etc.

                          Core/Core+                                                       Focus on existing modern properties                         Return

                                                                                           Stable rental income from well leased
    Profile               Low to moderate risk profile with a                               properties with long-term lease contracts

                                                                                                                                            High
                          focus on stable income from rents                                 and creditworthy tenants                                                                               Opportunistic

                                                                                                                                            Medium
                                                                                                                                                                                           Value-Add

                                                                                                                                                                                   Core+
                          5-6% Target net total return                                     5-6% target net total return1 and 4% net                                          Core

                                                                                                                                            Low
                                                                                                                                                                                                              Risk
    Return                Attractive returns in current low-yield                           distribution yield1                                                         Low          Medium       High

                          interest rate environment
                                                                                           Target leverage of 30%
                                                                                                                                                           For illustrative purposes
                                                                                                                                                           only.

                          Optimize Energy Efficiency                                       Systematic approach to reduce operating                                           Rationale for “Green Buildings”

                                                                                            costs in cooperation with Siemens

                                                                                                                                                     Estimated Return
    Unique                Strengthen competitiveness of the
                          properties and generating potential for                          First “climate-neutral“ real estate fund by
                                                                                                                                                                                               Green Buildings

                                                                                                                                                                                                    Conventional Buildings

                                                                                            purchasing carbon reduction certificates at
                          rising rents and market values                                    the expense of Credit Suisse
                                                                                                               For illustrative purposes only.                                                      Estimated Risk

1 The target return is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target return
will be achieved. Full description of bases or assumptions are available upon request. the targeted return objective will be based on the manager’s analysis and
evaluation of investment opportunities and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may
significantly affect actual investment results.                                                                   Source: Credit Suisse, as of December 31, 2017

                  Credit Suisse Asset Management Real Estate           The disclaimer at the end also applies to this page                                              April 2018                                    4
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Successful build-up of the fund
Four closings since its launch in April 2016 Key figures                                                                                                     Oct. 31, 2017
    Portfolio comprises four properties
    After the acquisition of two properties in Dublin and Amsterdam in 2016, the acquisition of           Market value in EUR mn7                                     104.4
    two further office properties in Stuttgart and Dusseldorf was executed in December 2017               No. of   properties/locations/countries7                   4/4/3
    4 properties provide stable long-term cash flow
                                                                                                          Main type of use (office)1,7                               87.8%
    Portfolio7 is nearly fully leased for more than 8 years
    EUR 100 mn total commitment target was achieved                                                       Occupancy      ratio2, 7                                   99.2%
    New commitments of EUR 32.8 mn were raised in the 4th closing which ended on October                  WALT/WAULT in years3, 7                                   8.3/6.4
    31, 2017. Commitments from the first three closings already have been completely called for
    the four property acquisitions                                                                        Loan to value7                                             44.8%
    Total income distribution 2017 amounts to EUR 19.46 per share First interim                           Total commitments in EUR       mn4                          100.0
    distribution of EUR 14.97 per share was paid to investors on October 11, 2017. Second                 Undrawn commitments in EUR mn4                               32.8
    distribution of EUR 4.49 per share was paid on December 28, 2017
                                                                                                          Foreign currency hedging                                     N/A
    Performance of 5.8%4 is in line with mid- to long-term target yield
    After Q4 2016 performance was influenced by special effects, Q2 2017 IRR is in line with
    mid- to long-term target net yield of 5-6% p.a.6                                                      NAV/Total return since 07/01/20164
                                                                                                                                                                   Q2 2017
                                                                                                          (class C, feeder fund)
    Fund management screens markets for next investments
    Under consideration are particularly retail, logistics and mixed-used properties in Poland,           Net asset value as per INREV per share4                 1,042.275
    Netherlands/Belgium, United Kingdom and Germany                                                       IRR (capital   weighted)4                                   5,8%
    SCOPE Alternative Investment Award in the Sustainability category
                                                                                                          Total time-weighted return4,5                               4.2%
    We are proud to announce that the fund has won the SCOPE Alternative Investment Award
    2017 in the sustainability category                                                                   Total Income distribution 2017, per share               19.46 EUR

1 Based on net target annual rent 2 Based on gross target annual rent 3 WALT = weighted average lease term, WAULT = weighted average unexpired lease term,
without/with consideration of break options, both based on net target rent annual rent 4 IRR, total time weighted return, annualized distribution yield, commitments and
INREV NAV; NAV in EUR per unit are for the feeder, the rest of the data is for the master fund. The total returns are net of fees. The above KPI should be carefully
considered as the fund began investing in 09/2017 and is still in its investment phase. Historical performance indications and financial market scenarios are not reliable
indicators for current or future performance. The performance data do not take into account the commissions and costs incurred on the issue and redemption of fund
units 5 Investment performance calculation according to the method used by the German Federal Association of Investment and Asset Management 6 The target return
is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target return will be achieved. 7 Data
includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis the targeted return objective will be based on the manager’s analysis and
evaluation of investment opportunities and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may
significantly affect actual investment results. Source: Credit Suisse, as of October 31, 2017; Scope Award source: Credit Suisse, as of December 2017 Full description
of bases or assumptions are available upon request.

                    Credit Suisse Asset Management Real Estate            The disclaimer at the end also applies to this page                        April 2018           5
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Portfolio provides long-term stable cash flow
Four fully-leased properties
                                          Portfolio3: Market value EUR104.4 mn, Occupancy ratio 99.2%, WALT 8.3
                                          years

IR-Dublin, office                                                                                                          DE-Dusseldorf, office
Market value              EUR 21.6 mn                                                                                      Market value            EUR 27.2 mn
Occupancy ratio1               100.0%                                                                                      Occupancy ratio1              96.2%
WALT/WAULT2               9.0/7.6 years             IR-Dublin    NL-Amsterdam                                              WALT/WAULT2             5.4/4.7 years
                                                                    DE-Dusseldorf
                                                                     DE-Stuttgart

                                                           Current investment locations
NL-Amsterdam, office                                       Primary investment countries                                    DE-Stuttgart, office
Market value          EUR 18.0 mn                          Potential investment countries                                  Market value            EUR 37.6 mn
Occupancy ratio1           100.0%                                                                                          Occupancy ratio1             100.0%
WALT/WAULT2         10.2/10.2 years                        Countries, which are yet under consideration
                                                                                                                           WALT/WAULT2             8.3/4.4 years

1Based on gross target annual rent 2 WALT = weighted average lease term, WAULT = weighted average unexpired lease term, without/with consideration of break
options, both based on net target annual rent 3 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis
Source: Credit Suisse, as of December 31, 2017

                    Credit Suisse Asset Management Real Estate       The disclaimer at the end also applies to this page                 April 2018            6
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Outlook
Continued growth opportunities
Goals                                                Plans

                                                      The focus will be put on the following countries:
                                                        Poland: Commercial properties offering enhanced investment returns and
                                                        benefiting from strong levels of demand for rental space
                                                        The Netherlands/Belgium: Commercial properties with higher yields which
                                                        benefit from favorable financing conditions an expected increase of rents over the
   Further portfolio expansion                          next years as these markets lag in rental recovery
                                                        United Kingdom: Regional markets with yields above 6% being more resilient to
                                                        Brexit risks given the local character of demand. The expected correction of prices
                                                        in London could provide attractive opportunities in the course of 2018
                                                        Germany: Benefits from expected prolonged rental uplift and declining vacancies in
                                                        office and retail markets combined with good access to financing

                                                           Adding high-quality assets from a broader range of sectors such as mixed-use,
                                                           retail and logistics
         Increase portfolio
           diversification                                 Long term growth expected due to mega-trends, such as continued
                                                           urbanisation/densification, as well as changing spatial growth patterns in the urban
                                                           retail and logistics segment

  Call capital from 4th closing/                           Next capital call is planned for March/April 2018 when the next NAV per year-end
                                                           2017 is available
  Raise further commitments
                                                           5th closing is planned for April 2018

Source: Credit Suisse, as of December 31, 2017

              Credit Suisse Asset Management Real Estate        The disclaimer at the end also applies to this page         April 2018            7
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Investment arguments
Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Innovative fund concept/attractive target yield
   Conservative core/core+ investment strategy targeting high-quality well leased
   properties in promising European markets.
   Improve the energy efficiency of the portfolio in cooperation with Siemens
                                           1                                     1
   Target net distribution yield (4% p.a. ) and total target net return (5% to 6% IRR) are
   attractive in current interest rate environment

Successful build-up of the fund
            3
  First four properties have been acquired
  EUR 100 mn commitments have been raised, commitments from first 3 closings have
  already been completely called
  Distribution from income was paid in Oct./Dec. 2017

Proven European real estate track record
   With AUM of over CHF 44.6 bn Credit Suisse Global Real Estate is one of the leading
   European real estate managers
   More than 1,300 properties are managed in 13 European countries

Proven track record in energy optimization/sustainability
   Since 2012 exclusive collaboration with Siemens regarding energy controlling and
   operational improvements
   More than 1,000 properties are constantly monitored
   Participation at Global Real Estate Sustainability Benchmark (GRESB) awards

1   The target return is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target
    return will be achieved 2 The KPI should be carefully considered as the subfund began investing in 09/2016 and is still in its investment phase. Historical
    performance indications and financial market scenarios are not reliable indicators for current or future performance. The performance data do not take
    into account the commissions and costs incurred on the issue and redemption of fund units. 3 Data includes acquisitions (Stuttgart, Dusseldorf) closed in
    December 2017 on a pro forma basis. Full description of bases or assumptions are available upon request.
                                                                                                                 Source: Credit Suisse, as of December 31, 2017

                   Credit Suisse Asset Management Real Estate        The disclaimer at the end also applies to this page              April 2018            8
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Investment profile & terms
Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Investment profile                                                                                       Terms

Investment strategy       Conservative Core/Core+ strategy                                               Product structure         Luxembourg SICAV – SIF (semi-open ended)
Sustainability            Optimization of energy consumption and CO2 emissions through an                Key parties               Investment advisor: Credit Suisse Asset Management Immobilien
strategy                  active, but cost-efficient management approach in cooperation with                                       Kapitalanlagegesellschaft mbH (Frankfurt, Germany);
                          Siemens; portfolio is set carbon neutral via purchasing carbon                                           Fund management company: Credit Suisse Fund Management
                          reduction certificates (costs are borne by Credit Suisse, not the                                        S.A. (Luxemburg)
                          fund)
                                                                                                         ISIN                      LU1262891978 (Feeder)
Target markets            Europe
                          Strategic long-term asset allocation (countries can be added or                Fund currency             EUR
                          omitted subject to future changes)2:
                            10%-40%          Germany, Austria, Switzerland                               Valuation                 Twice a year as of 06/30 and 12/31
                           10%-40%           United Kingdom, Ireland
                                                                                                         Minimum                   EUR 500,000 for feeder fund
                            10%-30%          France
                                                                                                         commitment
                            10%-25%          The Netherlands, Belgium
                             5%-20%          Italy, Spain, Portugal                                      Next closing              Planned April 2018
                             0%-10%          Denmark, Norway, Sweden, Finland
                             0%-10%          Poland, Czech Republic, Slovakia                            Capital calls             Over 18 months, starting with the relevant closing, commitments
                                                                                                                                   will be called on last available NAV
Target sectors            Strategic long-term asset allocation2:
                           50%-100 %         Office                                                      Redemptions               Redemption options: January 1 or July 1.
                               0%-40%        Retail                                                                                Redemption price: Latest NAV incl. any redemption fee adjustment
                               0%-20%        Residential and others                                                                as follows:
                                                                                                                                   5%;
Target properties         Well leased existing properties in established locations with
                                                                                                                                   2.5% for notice period >12 months;
                          creditworthy tenants
                                                                                                                                   0% for notice period >24 months
Target leverage           approx. 30%, maximum up to 50% of the real estate assets
                                                                                                         Subscription fee          Up to 1.5%
Foreign currencies        Hedging of large part of non-EUR equity exposure planned
                                                                                                         Management fee            0.6% p. a. of the fund’s gross investment value
Target returns            Total net return 5.0 to 6.0% p.a.1
                          Distribution net yield 4.0% p.a.1 (distribution annually)                      Purchase/Sales fee        1.2% of the gross asset value of the properties

Target size               EUR 1bn after five years from launch                                           Construction Fee          2% of the gross development cost, based on the portion of gross
                                                                                                                                   development costs actually spent
1 The target return is based on historical data an is not a projection, prediction or guarantee o future performance. There is no assurance that the target return will be achieved 2 The above is an
indicative asset allocation and is meant for illustrative purposes only. Please note that asset allocation may be subject to change from time to time without notice. Feeder Fund invests permanently at
least 85% in Master Fund. Full description of bases or assumptions are available upon request. The targeted return objective will be based on the manager’s analysis and evaluation of investment
opportunities and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may significantly affect actual investment results. Please refer to
the Performance-Related Disclosures at the back of the presentation for additional information. The tax treatment depends on the individual circumstances of each client and may vary due to that.
Credit Suisse does not provide tax advice and it has not been taken into consideration while calculating the returns                                    Source: Credit Suisse, as of December 31, 2017

                      Credit Suisse Asset Management Real Estate                          The disclaimer at the end also applies to this page                              April 2018                  9
CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Content
Credit Suisse (Lux) European Climate Value Property Fund
Overview                                                        3

Fund Strategy                                                 11

Current Portfolio                                             17

European Market Outlook                                       29

Risks and Mitigation                                          34

Credit Suisse Global Real Estate Capabilities                 36

             Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page   April 2018   10
Investment concept
Conservative European investment strategy complemented by energy
optimization
    1. Build up of a risk-averse core/core + real estate                               2. Improve energy efficiency to reduce operating costs and
       portfolio in Europe with stable rental income                                      CO2 emissions in cooperation with Siemens

       Focus on strong economic centers, in liquid and historically                       Evaluation of energy consumption and CO2 emissions through
       stable European markets                                                            comprehensive carbon due diligence at acquisition and a continuous
       Existing, high-quality, modern properties                                          measurement going forward

       Acquisition of well-leased properties with long-term lease                         Optimization measures to reduce operating costs focusing on
       contracts with creditworthy tenants                                                cost efficient measures.

       Broad diversification across countries, locations, usage types,                             Objective: Achieve an Energy Star score in the top quartile for
       tenants, lease expiries etc.                                                                the entire portfolio within 3 years of acquisition

       Low target leverage of 30%                                                         Set portfolio carbon neutral at the end of each year by purchasing
                                                                                          carbon reduction certificates at the expense of Credit Suisse. This
                                                                                          results in the first climate-neutral real estate fund

Target:                                                                               Target:
        Stable and sustainable returns for investors                                  Strengthen competiveness and generate potential for rising
                                                 1
        5 - 6% target net total return including                                      rents and properties’ market values, coupled with
        4%       target net distribution yield 1                                      environmental standards becoming increasingly important for
                                                                                      tenants and investors

1    The target return is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target
    return will be achieved. Full description of bases or assumptions are available upon request. the targeted return objective will be based on the manager’s
    analysis and evaluation of investment opportunities and on numerous investment-specific assumptions that may not be consistent with future market
    conditions and that may significantly affect actual investment results.                                          Source: Credit Suisse

                    Credit Suisse Asset Management Real Estate         The disclaimer at the end also applies to this page                 April 2018          11
Risk-adverse investment strategy to achieve stable cash flows

                           European Climate Value Property Fund

Investment Type           Core                     Core+                     Value Add                Opportunistic
Risk                      Low to average           Average                   Average to high          High
Debt finance              70%
Occupancy                 High                     Well occupied             Lease-up potential       Turnaround
                          95%+                     75-95%                    60-80%                   0-70%
                                                                                                                                      Return
Rollover                  Low                      Low to moderate           Moderate;                Significant;
in first 5 years          0-20%                    15-30%                    25-50%                   50%

                                                                                                                                  High
Tenancy Type              Credit-rated tenants     Strong anchor tenants Multi-tenant                 Multi-tenant
Leverage                  Low                      Moderate                  Moderate                 High                                                         Opportunistic
(Loan to Cost)            0-50%                    50-60%                    60-70%                   70-80%

                                                                                                                                  Medium
Return                    Current income           Current income +          Capital appreciation +   Capital appreciation
Composition               orientation              capital appreciation      current income                                                                  Value Add

Real estate                Existing, stabilized    Existing, stabilized     Properties with         Underutilized assets
type and location           properties               properties                upside potential         in need of major                            Core+
                           Well tenanted,          Well tenanted,            realized through         repositioning
                            central and stable       central, slight           value-added asset       Development
                            income returns           deviations accepted       management               projects                                 Core

                                                                                                                                  Low
                           Long-term leases        Capital appreciation     Refurbishments,         Less centrally
                                                                                                                                                                             Risk
                           Strong tenant credit     through rental            less centrally           located or in
                                                                                                                                           Low          Medium        High
                                                     growth and/or             located                  emerging markets
                                                     modest lease up
Holding period            Unlimited                Unlimited                 Typically 4−12 years     Typically 3−10 years

                                 Stable income oriented                                     Growth oriented
For illustrative purposes only                                                                                                                              Source: Credit Suisse

                    Credit Suisse Asset Management Real Estate              The disclaimer at the end also applies to this page                          April 2018            12
Strategic asset allocation by country & usage type
Investment guidelines
Investment Strategy                                                                                           Target countries
      Geographically: Well diversified portfolio concentrated in historically
      more stable and liquid countries in Central and Western Europe. Coun-
      tries in Southern and Eastern Europe will added where appropriate
      Types of use: Focus on modern office and retail properties. Other
      usage types provide additional diversification

Strategic country allocation bandwidths1
      Germany, Switzerland, Austria

                            UK, Ireland

                                France

          Netherlands and Belgium

Southern Europe (IT,SP, Portugal)

                        Scandinavia

        Central and Eastern Europe

                                          0    10    20    30   40   50   60    70        80    90   100

Strategic type of use allocation1
                                                                                                             Priority focus countries
              Office                                                                                         Most interesting countries for sourcing of buildings
               Retail                                                                                        Potential countries to invest in
                                                                                                             Some elements need to change, but potential opportunities will be
Residential & others
                                                                                                             evaluated
                        0        10       20    30        40    50   60    70        80        90    100     Currently ineligible countries
1    For illustrative purposes only. This is an indicative strategic asset allocation which may change over
    time. The current allocation is shown in the chapter current allocation on slides 17/18.                                                                      Source: Credit Suisse

                            Credit Suisse Asset Management Real Estate                         The disclaimer at the end also applies to this page             April 2018           13
Investors benefit from energy optimization (1/2)
First carbon neutral European real estate fund
Improved energy efficiency enhances sustainability and delivers positive impacts for tenants and investors, as well as offers
potential performance improvements through increased rents and market values

 Smart investing by improving energy efficiency                               Actively investing in upgrading building infrastructure is the
                                                                              future

                                                                                 Continuous optimization of building systems by the landlord
                                                                                 reduce energy consumption and thus operating costs for
                                                                                 tenants
                                                                                 Rents can be raised when rental agreements needs to be
                                      Operating                                  renegotiated, which in turn causes the property’s market value
 Operating                             costs                                     to rise
  costs                                              Market
                 Market                              Value                       Since the focus is put on cost efficient measures, the fund‘s
                 Value                                                           return for the investors increases
                                                                                 Any residual emissions that cannot be eliminated through active
                                        Rent                                     management are offset by purchasing CO2 certificates, thus
    Rent
                                                                                 achieving climate neutrality. The costs for purchasing these
                                                                                 certificates are not charged to the fund

   Before optimization                   After optimization

For illustrative purposes only

                                                                                                                           Source: Credit Suisse

                Credit Suisse Asset Management Real Estate    The disclaimer at the end also applies to this page           April 2018           14
Investors benefit from energy optimization (2/2)
Research studies confirm sales & rental price premiums
Positive impact of high energy efficiency on rents and sale prices is confirmed by studies on Energy Star &
LEED price premiums

                               Sales Price Premium                                                                                 Rental Price Premium
          35.0%                                                                                              18.0%
                                                                                                                                                 16.5%
                                          31.4%
                                                                                                             16.0%
          30.0%

                                                                                                             14.0%
                   25.0%    25.0%
          25.0%   26.0%
                                                                                                             12.0%
                                                                                                                                              11.6%
          20.0%                                                                                              10.0%                                                                 9.3%
                                                                                                                                              9.2%
                                                                                                   Premium                                                                                8.9%
Premium                                                                                                                     10.0%
  in %                     18.0%                                                                     in %
          15.0%                                                                                              8.0%
                                                                                                                                                     8.0%                        8.2%
                                                                           LEED Sales Price                                                                   6.5%
                       11.1%          11.1%
                                                                                                                            6.0%                                                                 LEED Rental Price
                      13.0%     13.4%13.0%                                 Premiums %                        6.0%
                                                 10.0%
                                                         12.0%                                                       5.0%                 6.5%                     6.5%                          Premiums %
          10.0%                                                                                                                    4.5%
                                         10.3%                                                                                                                       4.0%
                                                                    9.0%                                     4.0%
                                                                                                                                                       2.9%
                                                                                                                      4.0%          4.0%                                  4.0%
          5.0%                                               6.2%          Energy Star Sales
                                                                                                                                       2.1%                                                      Energy Star Rental
                                              5.8%
                                                     5.0%                                                    2.0%                                           2.5%                                 Price Premiums %
                                                                           Price Premiums %

          0.0%                                                                                               0.0%

                                                                                                                                                                                          For illustrative purposes only.
                                                                                                                                                                                             Data as of October 2017
                                                                                                                                                                                                  Source: Credit Suisse

                   Credit Suisse Asset Management Real Estate                      The disclaimer at the end also applies to this page                                                  April 2018                   15
Content
Credit Suisse (Lux) European Climate Value Property Fund
Overview                                                        3

Fund Strategy                                                 11

Current Portfolio                                             17

European Market Outlook                                       29

Risks and Mitigation                                          34

Credit Suisse Global Real Estate Capabilities                 36

             Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page   April 2018   16
Current portfolio (1/2)
Four properties in established European economic centers
                      Market value        Portfolio           No. of           No. of
Country
                      in EUR 000s           share         properties        locations
The Netherlands                18,000        17.2%                  1                1
Ireland                        21,600        20.7%                  1                1
          3
Germany                        64,790        62.1%                  2                2
Total3                        104,390      100.0%                   4                4

                                                                                          IR-Dublin
Portfolio allocation1,2,3                                                                                    NL-Amsterdam

                                                                                                                       DE-Dusseldorf
                                                                                                                         DE-Stuttgart
                                                         NL-
                 DE-                                  Amsterdam;
              Dusseldorf;                               17%
                26%

                                                           IR-Dublin;
                                                             21%
                                                                                               Current investment locations
              DE-Stuttgart;
                                                                                               Primary investment countries
                 36%
                                                                                               Potential investment countries
                                                                                               Countries which are not yet under consideration

1 Based on market value 2 Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any
investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. 3 Data includes
acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis. This is an indicative asset allocation that may change over time
Source: Credit Suisse, as of October 31, 2017

                     Credit Suisse Asset Management Real Estate            The disclaimer at the end also applies to this page                       April 2018               17
Current portfolio (2/2)
Stable long term cash flow from fully-leased properties
Leasing structure5                                                                      Type of use3,5
Occupancy ratio in % of rent1/space                               99.2%/99.3%
WALT/WAULT in years2                                                    8.3/6.4

                                                                                                                              Other; 2.9 %
                                                                                                          Parking; 4.8 %
                                                                                                    Retail; 4.5 %
Breakdown of lease expiry4,5

70%
                                                                        57.6%
60%
                                                                                                                                                     Office; 87.8 %
50%

40%

30%
                                                                  21.8%
20%
                                          11.2%
10%                  4.6%                       2.6%
         0.0% 0.0%          0.0% 2.2% 0.0%             0.0% 0.0%
    0%

1Based on target annual gross rent 2 WALT = weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break
 options, both based on target annual net rent 3 based on target annual net rent 4 based on target annual net rent and WALT 5 Data includes acquisitions (Stuttgart,
 Dusseldorf) closed in December 2017 on a pro forma basis. These forecasts are no reliable indicators of future performance
Source: Credit Suisse; as of October 31, 2017

                     Credit Suisse Asset Management Real Estate         The disclaimer at the end also applies to this page                   April 2018               18
Environmental performance indicators
Property                              Carbon Energy star         CO2 emissions       Energy         Water                 Conta-     Certificates/           Other ratings
                                          due     score          in kg CO2/sqm consumption consumption in                mination   Seal of quality
                                    diligence                                   in kWh/sqm    ltr/sqm/p.a.
NL-Amsterdam,                                             90                  53              108              295          None         BREEAM                    EPC1 A
Moermanskkade 73-97                                                                                                                       very good
IR-Dublin,                                                76                  84               81              295          None             None                BER2 B3
100 Mount Street Lower
DE-Stuttgart 5,                                                                                                             None             None     Heating4 63 vs 136
                                                           99                  39               60              136
Ingersheimer Straße 18                                                                                                                                Electricity4 59 vs 106
DE-Dusseldorf 5,                                                                                                            None             None     Heating4 76 vs 104
                                                           94                   4               94              213
Berliner Allee 26                                                                                                                                      Electricity4 25 vs 36

Portfolio average3,5                                       94                  39               79              202

• The properties’ Energy Star scores are already in the top quartile.
• Amsterdam property also has a strong quality seal
• Additional information on planned energy optimization activities of the individual properties can be found as of slide 23-26

1 EPC  = Energy performance certificate, labels differ in the various countries
2 BER = Building energy rating, labels differ in the various countries
3 Weighted based on square meters
4 in kWh/m2 p.a. versus benchmark for comparable building
5 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on

a pro forma basis

Please note that the above is for illustrative purpose only and does not constitute
an offer or a solicitation to buy or sell any interest or any investment. The portfolio
manager has sole discretion over the investments in the fund and the investments
are subject to change without notice                                                                                          Source: Credit Suisse, as of October 31, 2017,
                                                                                          data in the table as of Dec 31, 2016 (NL) /Jun 28, 2017 (IRL) /Aug 31, 2017 (DE)

                    Credit Suisse Asset Management Real Estate               The disclaimer at the end also applies to this page                   April 2018             19
Debt financing
Current LTV of 44.8% to be reduced to 30-35% in the medium term

Real estate debt1                                                              Fixed interest rate period1
Current leverage (LTV)                                          44.8%
Long-term target leverage                                   30%–35%            100%

Average Interest rate                                            1.2%
Average Interest rate period in years                       approx. 5.5         80%

                                                                                60%

                                                                                                                                             39.6%
                                                                                40%                                          34.4%
                                                                                                                                     26.0%

                                                                                20%

                                                                                 0%
                                                                                          2017      2018       2019   2020   2021     2022   2023+

1 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis. These forecasts are no reliable indicators
 of future performance.
Source: Credit Suisse, as of December 31, 2017

               Credit Suisse Asset Management Real Estate       The disclaimer at the end also applies to this page             April 2018       20
Properties overview (1/2)

Property                        Transfer     Key type       Year of        Transaction            Land         Stake      Plot size       Rentable        Parking       Energy
                                    date       of use construction/           structure         tenure                      in sqm           space         space     star score
                                                        conversion                                                                          in sqm
NL-Amsterdam,
                                09/2016         Office             2012      Asset Deal     Leasehold1       100.0%          3,335           5,466             60             90
Moermanskkade 73-97
IR-Dublin,
                                12/2016         Office    1982, 20162        Asset Deal       Freehold       100.0%          1,093           2,395               5            76
100 Mount Street Lower
DE-Stuttgart 3,
                                12/2017         Office    2000, 20072        Asset Deal       Freehold       100.0%          8,966          12,058            238             99
Ingersheimer Str. 18
DE-Dusseldorf 3,
                                12/2017         Office    1956, 20172        Asset Deal       Freehold       100.0%          1,507           5,121             38             94
Berliner Allee 26
                                                                                                                                                                            94
Total Portfolio3                                                                                                           14,901           25,040            341
                                                                                                                                                                     (average)

1   runs until 2060
2   extensive refurbishment
3   Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis

Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio
manager has sole discretion over the investments in the fund and the investments are subject to change without notice
Source: Credit Suisse, as of October 31, 2017

                    Credit Suisse Asset Management Real Estate              The disclaimer at the end also applies to this page                        April 2018             21
Properties overview (2/2)
Credit Suisse (Lux) European Climate Value Property Fund

Property                       Currency Purchase           Investment           Market       Portfolio           Debt          LTV     Occupancy             WALT        WAULT
all figures in 000s                         price                costs           value         share                         in %1          ratio2          years3        years3

NL-Amsterdam,
                                    EUR       17,316            19,257           18,000         17.2%           8,700       48.3%          100.0%            10.2             10.2
Moermanskkade 73-97
IR-Dublin,
                                    EUR       21,122            22,568           21,600         20.7%           7,400       34.3%          100.0%              9.0             7.6
100 Mount Street Lower
DE-Stuttgart 4,
                                    EUR ca. 37,000          ca. 40,100           37,640         36.1%         18,500        49.1%          100.0%              8.3             4.4
Ingersheimer Str. 18
DE-Dusseldorf 4,
                                    EUR ca. 27,000          ca. 30,000           27,150         26.0%         12,150        44.8%           96.2%              5.4             4.7
Berliner Allee 26

Total Portfolio4                    EUR      102,438           111,925         104,390        100.0%          46,750        44.8%           99.2%              8.3             6.4

1   Basis: market value
2   Basis: target annual gross rent
3   WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break options, basis: target annual net rent
4   Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis

Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio
manager has sole discretion over the investments in the fund and the investments are subject to change without notice
Source: Credit Suisse, as of October 31, 2017

                    Credit Suisse Asset Management Real Estate              The disclaimer at the end also applies to this page                        April 2018               22
Property profile – Amsterdam, Moermanskkade 73-97
High quality seal property in the Netherlands
                                                                                 Key data
                                                                                 Acquisition date                                    09/2016
                                                                                 Key type of use                                     Office
                                                                                 Year of construction/conversion                     2012
                                                                                 Energy star score/certificates or ratings           90/BREEAM „very good“, EPC1: A
                                                                                 Rentable space/parking spaces                       5,466 sqm/60
                                                                                 Occupancy ratio2                                    100.0%
                                                                                 WALT/WAULT3                                         10.2/10.2 years
                                                                                 Purchase price/gross initial yield4 when bought EUR 17.32 mn/6.7%
                                                                                 Market value at acquisition/currently               EUR 17.78 mn/18.00 mn
                                                                                 Debt in % of market value                           48.3%

Property description & strategy                                                             Property activities
    High-quality and relatively new office building in an upcoming location near               The building has been connected to the monitoring system
    the Amsterdam city center. Property offers upside potential since the                      The temperature in the server room has been optimized
    submarket develops in a dynamic office and mixed-used agglomeration
                                                                                               Energy consumption and costs shall be reduced in the short-term by
    Long-term lease contract with strong tenant delivers stable long-term cash                 optimizing the setting points for the heating and cooling system and installing
    flow. Strong return due to high initial yield and 48% debt financing with low              a weather forecasting system
    interest rate
                                                                                               In the long-term it is considered to replace the downlights and the heating
    Comparatively strong sustainability positioning (certified BREEAM very good                and cooling pumps over the life cycle
    and Energy star score 90)

1 EPC   = Energy performance certificate 2 Basis: target annual gross rent 3 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term,
without /with consideration of break options, basis: target annual net rent 4 Historical performance indications and financial market scenarios are not reliable indicators
for current or future performance Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or
any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that
this is a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship
manager for further details on risks associated with the investments in this document       Source: Credit Suisse, as of October 31, 2017.

                   Credit Suisse Asset Management Real Estate               The disclaimer at the end also applies to this page                        April 2018            23
Property profile – Dublin, 100 Mount Street Lower
Recently refurbished property in Ireland
                                                                                  Key data
                                                                                  Acquisition date                                  12/2016
                                                                                  Key type of use                                   Office
                                                                                  Year of construction/conversion                   1982/2016 extensive refurbishment
                                                                                  Energy star score/certificates or ratings         76/BER1: B3
                                                                                  Rentable space/parking spaces                     2,395 sqm/5
                                                                                  Occupancy ratio2                                  100.0%
                                                                                  WALT/WAULT3                                       9.0/7.6 years
                                                                                  Purchase price/gross initial yield4 when bought EUR 21.12 mn/5.5%
                                                                                  Market value at acquisition/currently             EUR 21.50 mn/21.60 mn
                                                                                  Debt in % of market value                         34.3%

Property description & strategy                                                              Activities
    Located in the Dublin city center which serves as strategic hub for                         The building has been connected to the monitoring system
    international (IT) companies. Area gets more attractive due to some of the                  Seminars on energy savings for tenants have been scheduled
    older buildings being refurbished
                                                                                                A long-term saving potential has been identified via the improvement of the
    Recently refurbished property offering flexibly divisible office space                      volume control for the air boxes and the implementation of a predictive
    Long-term lease contracts with three strong tenants deliver stable long-term                heating system
    cash flow
    Identification of further measures in the framework of the yearly monitoring
    process to reduce energy consumption and energy costs

1 BER = Building energy rating 2 Basis: target annual gross rent 3 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without
/with consideration of break options, basis: target annual net rent 4 Historical performance indications and financial market scenarios are not reliable indicators for
current or future performance Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any
investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that this is
a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship
manager for further details on risks associated with the investments in this document                                    Source: Credit Suisse, as of October 31, 2017

                   Credit Suisse Asset Management Real Estate                The disclaimer at the end also applies to this page                     April 2018               24
Property profile – Stuttgart, Ingersheimer Strasse 18
Strong cashflow and potential to reduce operational costs
                                                                                    Key data
                                                                                    Acquisition date                                   12/2017
                                                                                    Key type of use                                    Office
                                                                                    Year of construction/conversion                    2000/2017 refurbishment
                                                                                    Energy star score                                  99
                                                                                    Rentable space/parking spaces                      12,058 sqm/238
                                                                                    Occupancy   ratio1                                 100.0%
                                                                                    WALT/WAULT2                                        8.3/4.4 years
                                                                                    Purchase price/gross initial   yield3   when bought EUR 37.00 mn/5.3%
                                                                                    Market value at acquisition/currently              EUR 37.64 mn/37.64 mn
                                                                                    Debt in % of market value                          49.1%

Property description & strategy                                                                Activities
    Situated in an established back office agglomeration of Stuttgart, the  6th                   Initially, the property shall be connected to the Siemens monitoring system
    largest German city. Business park offers excellent transportation links and                  Increase the competitiveness by various measures like branding, wellbeing,
    is expected to benefit from the long-term city planning to increase the                       accessible services
    proportion of residential, retail and public service in this location
                                                                                                  Improving the energy efficiency by replacing the outdated building
    Long-term lease contracts with two strong tenants deliver stable long-term                    automation system in the short-term
    cash flow. One tenant has a special termination right to leave the property
                                                                                                  Replacement of the heating bumps and implementation of a predictive
    after 5 years, however the risk is limited due to a significant penalty payment
                                                                                                  heating device in the long-term
    Despite the high energy star rating, the property offers potential to further
    reduce the operational costs and to increase its competitiveness
1Basis: target annual gross rent 2 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break
options, basis: target annual net rent 3 Historical performance indications and financial market scenarios are not reliable indicators for current or future performance
Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio
manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that this is a sample of select
properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship manager for further
details on risks associated with the investments in this document                                                              Source: Credit Suisse, as of October 31, 2017.

                   Credit Suisse Asset Management Real Estate              The disclaimer at the end also applies to this page                         April 2018               25
Property profile – Dusseldorf, Berliner Allee 26
High energy standards and potential increase of rental area
                                                                                  Key Data
                                                                                  Acquisition date                                  12/2017
                                                                                  Key type of use                                   Office
                                                                                  Year of construction/conversion                   1956/2017 extensive refurbishment
                                                                                  Energy Star Score                                 94
                                                                                  Rentable space/Parking Spaces                     5,121 sqm/38
                                                                                  Occupancy ratio1                                  96.2 %
                                                                                  WALT/WAULT2                                       5.4/4.7 years
                                                                                  Purchase price/gross initial yield3 when bought EUR 27.00 mn/3.9%
                                                                                  Market value at acquisition/currently             EUR 27.15 mn/27.15 mn
                                                                                  Debt in % of market value                         44.8%

Property description & strategy                                                             Activities
    Prime location in the Dusseldorf city center, one of the top 5 real estate                 The last empty space shall be leased
    destinations in Germany                                                                    Initially, connection of the building to the Siemens monitoring system
    Recently refurbished property offering flexibly divisible Grade A office space             In the short-term, it is planned to replace the meters (electricity and water)
    Tenant base and lease expiries of the fully let property is well diversified. The          In the mid-tern, the heat distribution system shall be improved and the
    rental income shall be increased in the mid- to long-term based on the slight              installation of a fully integrated building management system is considered
    underrent of office space and rebranding the refurbished property
    Implementation of measures to further enhance the already high energy
    standard of the property
1Basis: target annual gross rent 2 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break
options, basis: target annual net rent 3 Historical performance indications and financial market scenarios are not reliable indicators for current or future performance
Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio
manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that this is a sample of select
properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship manager for further
details on risks associated with the investments in this document                                                             Source: Credit Suisse, as of October 31, 2017.

                   Credit Suisse Asset Management Real Estate               The disclaimer at the end also applies to this page                      April 2018                 26
Subsequent closings aim at increasing property portfolio
Non-exclusive deal pipeline, for indicative purposes only
                                    Key Data                Hoofddorp (Netherlands)                                                     Key Data              London (UK)
                                    Submarket               South                                                                       Submarket             Midtown
                                    Type                    Office                                                                      Type                  Office
                                    Purchase Price          EUR 36 mn                                                                   Purchase Price        GBP 23 mn
                                    GIY property level      7.25%                                                                       GIY property level    4.9%
                                    Occupancy               100%                                                                        Occupancy             100%
                                    WALT                    4.5 years                                                                   WALT                  3 years

                                    Key Data                Reichenbach (Germany)                                                       Key Data              Seneffe (Belgium)
                                    Submarket               Reichenbach                                                                 Submarket             Seneffe
                                    Type                    Logistics                                                                   Type                  Logistics
                                    Purchase Price          EUR 32 mn                                                                   Purchase Price        EUR 23,5 mn
                                    NIY property level      6.25%                                                                       NIY property level    7%
                                    Occupancy               100%                                                                        Occupancy             100%
                                    WALT                    6 years                                                                     WALT                  5 years

                                    Key Data                Poznan (Poland)                                                             Key Data              Warsaw (Poland)
                                    Submarket               CBD                                                                         Submarket             CBD
                                    Type                    Office                                                                      Type                  Office
                                    Purchase Price          EUR 55 mn                                                                   Purchase Price        EUR 28 mn
                                    GIY property level      6%                                                                          GIY property level    5,25%
                                    Occupancy               95%                                                                         Occupancy             99%
                                    WALT                    9 years                                                                     WALT                  4.5 years

For illustrative purposes only. Historical performance indications or any other data from the past, as well as simulations, target
return, forecasts, estimations and expectations are no reliable indicator for current or future performance. Please note that this is
sample of select properties and investment performance shown are not representative of all property investments in the Fund.
Please contact your relationship person for further details on risks associated with the investments in this document.                          Source: Credit Suisse, as of October 31, 2017

                     Credit Suisse Asset Management Real Estate                    The disclaimer at the end also applies to this page                             April 2018             27
Content
Credit Suisse (Lux) European Climate Value Property Fund
Overview                                                        3

Fund Strategy                                                 11

Current Portfolio                                             17

European Market Outlook                                       29

Risks and Mitigation                                          34

Credit Suisse Global Real Estate Capabilities                 36

             Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page   April 2018   28
European real estate markets continue to offer opportunities
Outlook European real estate markets
  Bullish economic outlook for Europe: The European economy
  reaccelerated in 2017 is projected to sustain its strong momentum
  well into 2019.
  Rents should rise moderately in most markets: Demand for
  rental space is anticipated to rise based on strong economic
  fundamentals. Many markets also benefit from the limited supply of
  new space and moderate vacancy rates. Office and logistics
  markets are expected to deliver the best performance
  Property prices remain attractive: Yields are expected to
  remain low, however risk premiums for real estate are far above
  their historical average.
  Some markets are lagging behind the cycle: Selected markets
  like the Netherlands, Spain, Italy and some Eastern European
  countries offer potential of higher rents and capital gains
  Regional markets in UK look attractively valued: Political
  uncertainties remain, some short-term risks for London, but
  regional UK markets offer opportunities
  Real estate delivers robust income returns: Returns are
  attractive in today’s zero/negative interest rate environment
  Real estate is good diversifier in mixed portfolios: Low
  correlation to both equities and bonds
     European real estate markets will continue to offer
     opportunities in the coming years
Sources: Credit Suisse Last data point: January 2018
Historical performance indications and financial market scenarios are not reliable indicators of current or future performance.

                Credit Suisse Asset Management Real Estate    The disclaimer at the end also applies to this page         April 2018   29
Economic Outlook
Upbeat economic picture in Europe                                                             As of January
                                                                                                                           Real GDP Growth in %
                                                                                              2018
     The European economy is projected to sustain its strong momentum well into
                                                                                                                    2016       2017E    2018E     2019E
     2019; Pace of growth picked-up during 2017 on the back of strong domestic
     demand and improving export markets                                                      Global                3.1         3.2       3.3      3.0
     Labor markets are recovering in all investment countries                                 US                    1.5         2.3       2.7      1.9
            Unemployment rates are ultra-low in Germany, UK and Netherlands
                                                                                              Japan                 1.0         1.6       1.3      1.1
            Further improvements anticipated in Spain, Italy and France
     The UK economy is expected to underperform the EU average due to Brexit                  Non-Japan Asia        5.9         6.0       5.9      5.7
     uncertainties but real GDP growth still projected above 1.5% p.a.                        Euro Area             1.8         2.4       2.6      2.2
                                                                                               France               1.2         1.8       2.2      1.8
                                                                                               Germany              1.8         2.5       2.7      2.2
  Unemployment rates in %                                                                      Italy                0.9         1.5       1.9      1.5
            UK                  Netherlands       Germany        France
                                                                                               Netherlands          2.2         3.2       2.7      2.5
            Spain               Italy             Ireland
30                                                                                             Spain                3.2         3.1       2.8      2.4
25                                                                                             Ireland              5.1         4.8       3.9      3.1

20                                                                                            Poland                2.9         4.4       4.7      4.0

15                                                                                            Czech Republic        2.6         4.3       3.0      2.9
                                                                                              UK                    1.8         1.5       1.8      1.7
10
                                                                                              Sweden                3.0         2.8       2.9      2.0
 5
                                                                                              Norway                1.0         2.0       2.0      2.0
 0
                                                                                              Denmark               1.7         2.0       1.9      1.9
     01.2005
     07.2005
     01.2006
     07.2006
     01.2007
     07.2007
     01.2008
     07.2008
     01.2009
     07.2009
     01.2010
     07.2010
     01.2011
     07.2011
     01.2012
     07.2012
     01.2013
     07.2013
     01.2014
     07.2014
     01.2015
     07.2015
     01.2016
     07.2016
     01.2017
     07.2017

                                                                                              Switzerland           1.3         1.0       1.7      1.7

Source: Credit Suisse Eikon, European Commission; Last data point: January 2018

                 Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page                 April 2018        30
Inflation and Monetary Policy Outlook
ECB policy to further support real estate
    Limited inflationary pressure in the Eurozone despite                     10y goverment bond yields in %
    extraordinary expansionary monetary policy and positive                          UK       Germany        France                                                                                                    Italy                           Spain
                                                                          7
    economic environment
                                                                          6
    ECB to remain further on the expansionary path; No interest
                                                                          5
    rate increases expected for 2018
                                                                          4
    Bond yields only to increase slowly from current low levels
                                                                          3
    Higher inflation in the UK as a consequence of the depreciation
    of the GBP. We expect a further 25 bps increase of the BoE            2
    base rate over 12M. The impact on longer term yields is               1
    expected to remain limited due to the weaker economy                  0
                                                                         -1

                                                                              01.2001
                                                                                        11.2001
                                                                                                  09.2002
                                                                                                            07.2003
                                                                                                                        05.2004
                                                                                                                                   03.2005
                                                                                                                                              01.2006
                                                                                                                                                        11.2006
                                                                                                                                                                  09.2007
                                                                                                                                                                            07.2008
                                                                                                                                                                                      05.2009
                                                                                                                                                                                                03.2010
                                                                                                                                                                                                           01.2011
                                                                                                                                                                                                                      11.2011
                                                                                                                                                                                                                                  09.2012
                                                                                                                                                                                                                                            07.2013
                                                                                                                                                                                                                                                      05.2014
                                                                                                                                                                                                                                                                 03.2015
                                                                                                                                                                                                                                                                           01.2016
                                                                                                                                                                                                                                                                                      11.2016
                                                                                                                                                                                                                                                                                                09.2017
   Core Inflation YoY                                                              Policy interest rates in %

               UK          Eurozone                                                                           UK (BoE base rate)                                                        Eurozone (ECB repo rate)
                                                                              7
4.0%
3.5%                                                                          6
3.0%                                                                          5
2.5%                                                                          4
2.0%                                                                          3
1.5%                                                                          2
1.0%
                                                                              1
0.5%
                                                                              0
0.0%
                                                                                  01.2001
                                                                                  11.2001
                                                                                                    09.2002
                                                                                                              07.2003
                                                                                                                         05.2004
                                                                                                                                    03.2005
                                                                                                                                              01.2006
                                                                                                                                                        11.2006
                                                                                                                                                                  09.2007
                                                                                                                                                                            07.2008
                                                                                                                                                                                      05.2009
                                                                                                                                                                                                03.2010
                                                                                                                                                                                                          01.2011
                                                                                                                                                                                                                     11.2011
                                                                                                                                                                                                                                09.2012
                                                                                                                                                                                                                                          07.2013
                                                                                                                                                                                                                                                    05.2014
                                                                                                                                                                                                                                                              03.2015
                                                                                                                                                                                                                                                                        01.2016
                                                                                                                                                                                                                                                                                  11.2016
                                                                                                                                                                                                                                                                                            09.2017
       01.2001
       11.2001
       09.2002
       07.2003
       05.2004
       03.2005
       01.2006
       11.2006
       09.2007
       07.2008
       05.2009
       03.2010
       01.2011
       11.2011
       09.2012
       07.2013
       05.2014
       03.2015
       01.2016
       11.2016
       09.2017

Source: Credit Suisse Eikon, European Commission; Last data point: January 2018. Historical performance indications and financial market
scenarios are no reliable indicators of current or future performance.

                Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page                                                                                                                     April 2018                                                  31
European real estate currently offers large yield spreads
   Outlook European real estate markets
   European core real estate offers large investment yields in the current low interest rate environment.
   Combined with the typically low volatility, European properties provide an interesting risk-return profile for investors.

   Net Prime Office and Government Bond Yields                                                                                                                                                       Total Returns from              2016    2015   2014       10y      Risk
                 Paris                                                                                                 Frankfurt                                                                     Commercial Real                                       average
                 Dublin                                                                                                Amsterdam                                                                     Estate p.a.
                 London City                                                                                           Manchester                                                                    Global Index                      7.5   10.7    9.9          5.6    6.7
                 10y UK government bond yields                                                                         10y German government bond yield                                              Pan European Index                7.2     10    9.1          5.2    6.7
8.0                                                                                                                                                                                                  Ireland                          12.7   25.1   36.1          1.5     21
                                                                                                                                                                                                     UK                                3.9   13.1   17.8          4.6     11
7.0
                                                                                                                                                                                                     Spain                            14.3   15.3   10.1          3.7    8.5
6.0                                                                                                                                                                                                  Sweden                             14   13.8    8.4          8.2    5.9
5.0                                                                                                                                                                                                  France                            8.1    8.6    6.1          6.6    5.6
                                                                                                                                                                                                     Germany                           7.5    8.3      6          5.1    2.0
4.0                                                                                                                                                                                                  Finland                           6.2    6.3    5.6
3.0                                                                                                                                                                                                  Poland                            4.6    6.8    5.9          6.2    4.9
                                                                                                                                                                                                     Denmark                           7.7    7.8    5.4          5.4    2.5
2.0                                                                                                                                                                                                  Netherlands                        11    7.7    3.9          4.5    4.3
1.0                                                                                                                                                                                                  Italy                             3.8    4.1    3.6          4.1    2.6
                                                                                                                                                                                                     Switzerland                       6.2    6.5    5.2          6.4    0.8
0.0
                                                                                                                                                                                                     Central and Eastern Europe        5.7    7.7    5.7          4.9    5.7
-1.0                                                                                                                                                                                                 Czech                             8.3    8.6    7.1          5.2    5.8
       2004 Q1
                 2004 Q4
                           2005 Q3
                                     2006 Q2
                                               2007 Q1
                                                         2007 Q4
                                                                   2008 Q3
                                                                             2009 Q2
                                                                                       2010 Q1
                                                                                                 2010 Q4
                                                                                                           2011 Q3
                                                                                                                     2012 Q2
                                                                                                                               2013 Q1
                                                                                                                                         2013 Q4
                                                                                                                                                   2014 Q3
                                                                                                                                                             2015 Q2
                                                                                                                                                                       2016 Q1
                                                                                                                                                                                 2016 Q4
                                                                                                                                                                                           2017 Q3

                                                                                                                                                                                                     Portugal                         11.8   10.2    6.7          5.1    4.9
                                                                                                                                                                                                     Norway                           10.4   11.6    8.3          7.5    5.5

   Historical performance indications and financial market scenarios are not reliable indicators of current or future performance.
   Source: MSCI, PMA, Credit Suisse AG. Last data point: Dec 2017

                                                 Credit Suisse Asset Management Real Estate                                                                                         The disclaimer at the end also applies to this page              April 2018           32
Positive outlook for rents for European real estate
 Outlook European real estate markets
 Varying office rent levels for countries and cities. The rental recovery in London has been put on hold by the high level of uncertainty
 caused by the Brexit. However, we expect rents to continue to rise in most European countries over the next three years.

 Prime office rent (EUR per sqm)                                                          Prime office rent (EUR per sqm)
                                                                                          1'000
450

                                                                                            900
400
                                                                                            800

350                                                                                         700

                                                                                            600
300
                                                                                            500

250
                                                                                            400

200                                                                                         300

                                                                                            200
150
                                                                                            100

           Germany                Scandinavian cities   CEE focus countries                   0

           UK regional cities     Netherlands           French regional cities
           Spain and Portugal
                                                                                                         Paris        London      Amsterdam     Berlin      Dublin

 Historical performance indications or any other data from the past, as well as simulations,
 target return, forecasts, estimations and expectations are no reliable indicator for current                         Sources: PMA, Credit Suisse AG Last data point:
 or future results.                                                                                                                                 December 2017

                     Credit Suisse Asset Management Real Estate             The disclaimer at the end also applies to this page                April 2018            33
Real estate as a good diversifier with stable income return
Outlook European real estate markets
Correlation between different asset classes                                                                                     Unlisted real estate as a good diversifier in
                                                                                                                                 mixed asset portfolios due to low correlation
Q4 2000–Q4 2016          Global Equities       US government               Global REITs        Unlisted Global                   to both equities and bonds
                                                       bonds                                       Real Estate                  Risk-return profile of unlisted real estate is
Global Equities                            1           –0.61                        0.76                        0.30             somewhere between bonds and equities
US government                                                 1                   –0.34                        –0.15            International diversification works well for
bonds
                                                                                                                                 unlisted real estate due to low cross-country
Global REITs                                                                            1                       0.33             correlations
Unlisted Global                                                                                                     1           Robust income return of conservative real
Real Estate
                                                                                                                                 estate investments over the cycle are
                                                                                                                                 attractive in today’s zero/negative interest rate
Stable and substantial income component                                                                                          environment
 % for the Pan European IPD Index
15

10

 5

 0

 -5

-10
       2001

                  2002

                           2003

                                    2004

                                               2005

                                                       2006

                                                                    2007

                                                                                 2008

                                                                                            2009

                                                                                                        2010

                                                                                                                        2011

                                                                                                                                   2012

                                                                                                                                           2013

                                                                                                                                                    2014

                                                                                                                                                            2015

                                                                                                                                                                    2016
                                                              Income Return      Capital Value Growth          Total Return

Historical performance indications and financial market scenarios are no reliable indicators of future performance.
Source: PMA, Datastream, Credit Suisse AG. Last data point: December 2016

                   Credit Suisse Asset Management Real Estate                 The disclaimer at the end also applies to this page                           April 2018         34
Content
Credit Suisse (Lux) European Climate Value Property Fund
Overview                                                        3

Fund Strategy                                                 11

Current Portfolio                                             17

European Market Outlook                                       29

Risks and Mitigation                                          34

Credit Suisse Global Real Estate Capabilities                 36

             Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page   April 2018   35
Risks and mitigation
Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
Risk                                                                              Mitigation

Limited liquidity compared to listed investment products.                         In-depth due diligence before each investment.

The values of properties may rise or fall, for example due to the following:      Constant monitoring of the various investment and occupier markets and
  Unfavourable changes on the supply/demand side, whether for                     the macroeconomic environment by our Global Real Estate Strategy team.
  acquisition and sale or for the letting of space
  Interest rate and/or currencies trends                                          In-house and external local experts for regulatory frameworks and taxes.
  Taxes or changes to the regulatory frameworks in the respective
  markets                                                                         Broad diversification of the portfolio through meticulous property selection.
  Environmental risks
  Catastrophes                                                                    Investing mainly with equity and a prudent amount of debt cushions
  Force majeure and terrorism                                                     negative interest rate trends.

The above risks are not exhaustive. Please refer to the fund prospectus for further details on product features and risks
Source: Credit Suisse

                 Credit Suisse Asset Management Real Estate         The disclaimer at the end also applies to this page                April 2018           36
Content
Credit Suisse (Lux) European Climate Value Property Fund
Overview                                                        3

Fund Strategy                                                 11

Current Portfolio                                             17

European Market Outlook                                       29

Risks and Mitigation                                          34
Credit Suisse Global Real Estate
                                                              36
Capabilities

             Credit Suisse Asset Management Real Estate   The disclaimer at the end also applies to this page   April 2018   37
Strong Global Network – Offices in Europe, US & Singapore
Credit Suisse Asset Management Global Real Estate
In-depth knowledge of each market and extensive network of local relationships allows global access to promising
properties and their professional management
                                                                                   Frankfurt
                                                                                               Hamburg
                                                               Amsterdam

                                                                                                           Berlin
                                                             Glasgow
                                                             Leeds
                                                           London
                                                           Dublin

                                                             Lyon                                        Munich
            Vancouver                               Montreal Toulouse
                                        Toronto                Madrid
                                    Chicago         Boston                                          Zurich
           San Francisco                                        Lisbon                                                                                 Tokyo
                                                 New York
                                  Houston                                        Geneva                                                              Nagoya
                                                Washington, D.C.                           Milan                                                   Fukuoka

                                                                                                                                       Singapore

                                                                                                                                                           Brisbane
                                                               São Paulo
                                                                                                                                  Perth
                                          Santiago                                                                                                         Sydney
                                                                                                                                          Melbourne        Canberra

                                                               Selected property locations
                                                               Locations of Credit Suisse Asset Management Real Estate
                                                                                                                                                               Wellington
                                                               Locations of Credit Suisse Hedging-Griffo
For illustrative purposes only.                                                                                                                                     Source: Credit Suisse

                         Credit Suisse Asset Management Real Estate              The disclaimer at the end also applies to this page                      April 2018                  38
Properties are at the heart of what we do
Credit Suisse Asset Management Global Real Estate
                          121 Bloor Street                            Temple Quay,                                     Endemol HQ,                     Glass City,
                          Toronto                                     Bristol                                          Amsterdam                       Nagoya

                                                                                                           Laimer Würfel,
                                                                                                           München
                                                         1099 NY Avenue,
                                                         Washington DC
                                                                                                                                             Elisabeth Street,
                                                                                                                                             Brisbane
     Old Stock
     Exchange,
     Vancouver

                                                                                                      Zara Building,
                                                                                                      Fukuoka                                  Goulburn
                          Magdalena Norte,                                                     Sihlcity,                                       Street,
                          Santiago                                                             Zürich                                          Sydney

Please note that this is a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please
contact your Relationship Manager for further details on risks associated with the investments in this document. For illustrative purposes only.    Source: Credit Suisse

                   Credit Suisse Asset Management Real Estate           The disclaimer at the end also applies to this page                     April 2018            39
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