PSP Swiss Property AG · SIX:PSPN

PSP Swiss Property — H1 2011 Earnings Presentation

65 slides from PSP Swiss Property's earnings presentation, Aug 16, 2011

  1. Slide 1: Half-Year Results 2011

    HALF-YEAR RESULTS 2011 16 August 2011

  2. Slide 2: Agenda

    AGENDA  Key Facts and Figures 3  Portfolio and Vacancy Rate 11  Financial Results H1 2011 15  Capital Structure 24  Development Sites 27  Outlook 37  Annex 39 © PSP Swiss Property I Page 2

  3. Slide 3: Current Market Environment

    CURRENT MARKET ENVIRONMENT Swiss market environment  Stable rents in Greater Zurich Area; slight increases in Zurich CBD and Geneva CBD  Growing supply in Zurich and Geneva in 2011ff; no implications yet on pricing or vacancy  Outskirts of main cities, peripheral regions and smaller agglomeration

  4. Slide 4: Main Developments

    MAIN DEVELOPMENTS Real estate portfolio  No acquisitions  4 investment properties sold (sales price CHF 42.7 m; 20.5% above last valuation; IFRS 11.6%)  Portfolio value CHF 5.695 bn (+ 3.2 % compared with December 2010)  Stable rents across the portfolio Vacancy and rental situation  Vacancy ra

  5. Slide 5: Property Portfolio (June 2011)

    PROPERTY PORTFOLIO (JUNE 2011) 1. Zurich 63.0% 3.586 2. Geneva 13.6% 0.774 3. Basel 6.0% 0.340 4. Bern 3.4% 0.192 5. Lausanne 4.4% 0.250 Other locations 5.0% 0.287 Sites & development properties 4.7% 0.266 In total, PSP owns and manages 170 properties and 8 sites (money values in CHF bn). © PSP Swis

  6. Slide 6: Key Figures

    KEY FIGURES CONSOLIDATED, in CHF m 2008 2009 2010 H1 10 H1 11  EBITDA exl. ∆-RE 208.4 221.1 223.3 117.7 120.2 2.1% Net income excl. ∆-RE 124.5 136.5 139.8 74.9 77.3 3.2% Net income 224.0 231.2 280.8 112.9 198.2 75.6% ROE (net income) 8.7% 8.7% 9.7% 8.3% 13.3% PER SHARE, in CHF 2008 2009 2010 H1 10

  7. Slide 7: Per Share Distribution (in CHF)

    PER SHARE DISTRIBUTION (IN CHF) 3 2 2.70 2.80 2.40 2.50 2.10 2.20 1 1.98 1.65 1.50 1.25 1.00 0 2010* 2007 2009 2000 2001 2003 2006 2002 2004 2005 2008 For business year vs. previous year 25.0% 20.0% 10.0% 20.0% 6.1% 4.8% 9.1% 4.2% 8.0% 3.7% Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86

  8. Slide 8: Share Price (7.3.2000 – 12.8.2011)

    Kurs (CHF) 0 20 40 60 80 100 120 Mrz 00 140 Jul 00 © PSP Swiss Property I Page 8 Nov 00 Mrz 01 Jul 01 Nov 01 Mrz 02 Source: Bloomberg, 15 August 2011. Jul 02 Nov 02 Mrz 03 Jul 03 Nov 03 PSP Mrz 04 Jul 04 Nov 04 Mrz 05 Jul 05 SPI (angeglichen) Nov 05 Mrz 06 Jul 06 SHARE PRICE (7.3.2000 – 12.8.2011) N

  9. Slide 9: EPRA Performance Measures

    EPRA PERFORMANCE MEASURES In CHF or % H1/FY 2010 H1 2011 EPRA PSP EPRA PSP A. EPS* 1.65 1.77 1.75 1.81 B. NAV** 83.25 80.86 85.90 83.66 C. NNNAV** 69.45 68.87 71.35 70.77 D. Net yield** 4.5% 4.2% 4.7% 4.4% E. Vacancy rate** 8.3% 8.5% 8.4% 8.9% * H1 2010 vs. H1 2011. ** 31 Dec. 2010 vs. 30 June 2011.

  10. Slide 10: Agenda

    AGENDA  Key Facts and Figures 3  Portfolio and Vacancy Rate 11  Financial Results H1 2011 15  Capital Structure 24  Development Sites 27  Outlook 37  Annex 39 © PSP Swiss Property I Page 10

  11. Slide 11: Portfolio and Vacancy Rate

    PORTFOLIO AND VACANCY RATE 14% 5 12% 10.6% 4 10% 8.9% 8.3% 8.5% 7.5% 8% 3 5.001 5.149 5.216 5.518 5.695 6% 2 4% 1 2% 0 0% 2007 2008 2009 2010 H1 2011 Real estate portfolio value in CHF bn Vacancy rate (CHF) © PSP Swiss Property I Page 11

  12. Slide 12: Vacancy Rate (June 2011)

    VACANCY RATE (JUNE 2011) Total: 8.9% Total: CHF 5.4 bn 9% ~ 0.1bn Thereof 8% 1.8% 1.1% Biel, Aarbergstr. 94 ~ 0.8 bn 0.4% Berne, Laupenstr. 18/18a 7% Thereof 0.7% Hardturmstr. 131-135 6% 0.5% Bernerstr.Süd 167/169 0.4% Förrlibuckstr. 110 5% 4.5% 0.4% Hardturmstr. 181-185 1.4% Businesspark Walliselle

  13. Slide 13: Expiry Profile of Leases (June 2011)

    EXPIRY PROFILE OF LEASES (JUNE 2011) (Legal termination option by tenants) 22% 20% 15% 14% 13% 12% 10% 10% 8% 6% 6% 5% 4% 3% 1% 1% 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+ NL 81% of the Q3-Q4 2011 maturities (CHF 15.3 m) are renewed; of all 2011 maturities (CHF 39.0 m), 90% are ren

  14. Slide 14: Agenda

    AGENDA  Key Facts and Figures 3  Portfolio and Vacancy Rate 11  Financial Results H1 2011 15  Capital Structure 24  Development Sites 27  Outlook 37  Annex 39 © PSP Swiss Property I Page 14

  15. Slide 15: Consolidated Income

    CONSOLIDATED INCOME (CHF 1‘000) 2008 2009 2010 H1 2010 H1 2011  Rental income 256’397 264’559 262’979 130’300 136’880 5.0%1 Valuation gains 121’464 112’370 180’588 47’552 152’816 Property sales (inventories) 5’680 1’644 786 -9 2’129 Property sales (portfolio) 8’180 10’827 2’681 2’442 4’434 Income f

  16. Slide 16: Consolidated Expenses

    CONSOLIDATED EXPENSES (CHF 1‘000) 2008 2009 2010 H1 2010 H1 2011  Properties’ opex - 13’592 - 13’277 - 11’349 - 4’741 - 5’362 13.1% Properties’ maintenance/renov. - 16’893 - 17’254 - 19’336 - 7’354 - 8’110 10.3% Personnel expenses - 17’494 - 17’552 - 17’360 - 8’349 - 8’887 6.4% Fees to subcontracto

  17. Slide 17: Consolidated Results

    CONSOLIDATED RESULTS (CHF 1‘000) 2008 2009 2010 H1 2010 H1 2011  Profit before fin. expenses 335’394 337’846 399’087 160’840 276’240 71.7% Net financial expenses - 53’955 - 49’231 - 46’297 - 23’506 - 23’123 -1.6% Profit before taxes 281’439 288’615 352’791 137’334 253’117 84.3% Taxes - 57’409 - 60’

  18. Slide 18: Sales H1 2011

    SALES H1 2011 Investment properties sold 41 Sales price CHF 42.7 m Book value CHF 38.3 m Gain from investment properties sold (IFRS) CHF 4.4 m 11.6%2 1 Locations: one in Gwatt (Thun), two in Zurich , one in Geneva. 2 Excluding revaluation (i.e. Gwatt, Zurich) in 2010 due to agreed sales contract, ch

  19. Slide 19: Changes in Fair Value (H1 2011)

    CHANGES IN FAIR VALUE (H1 2011) (CHF m) 2006 2007 2008 2009 2010 H1 11 Existing portfolio 125.4 206.6 117.5 112.4 176.0 152.8 Acquisitions / first-time valuation 0.7 11.91 4.02 0.0 4.63 0.0 Total net changes in fair value 126.1 218.5 121.5 112.4 180.6 152.8 1 Of which CHF 10.6 m from the “DL 3” offi

  20. Slide 20: Changes in Fair Value (H1 2011)

    CHANGES IN FAIR VALUE (H1 2011) (CHF m) 190 1% 140 42% 49% 90 27% 26% 40 31% 25% -1% -10 FY 2010 HY 2011 Asset and property management (leasing-up, rent reversion, opex) Market conditions (appraisal of market rents and vacancy rate) Discount rate Acquisitions/first time valuation Valuation gain from

  21. Slide 21: Changes in Fair Value (H1 2011)

    CHANGES IN FAIR VALUE (H1 2011) (CHF m) 200 8% 150 20% 13% 15% 100 72% 50 72% 0 FY 2010 HY 2011 Zurich area Geneva area Other © PSP Swiss Property I Page 21

  22. Slide 22: Changes in Fair Value: Discount Rates (H1 2011)

    CHANGES IN FAIR VALUE: DISCOUNT RATES (H1 2011) Nominal Discount Rate Area Minimum Maximum Weighted Ø Zurich 4.5% 6.4% 5.3% Geneva 4.7% 5.6% 5.3% Basel, Bern 4.8% 5.9% 5.5% Lausanne 5.1% 6.8% 5.6% Other locations 5.2% 6.7% 5.8% All areas 4.5% 6.8% 5.4%* 2004 2005 2006 2007 2008 2009 2010 H1 2011 Wei

  23. Slide 23: Agenda

    AGENDA  Key Facts and Figures 3  Portfolio and Vacancy Rate 11  Financial Results H1 2011 15  Capital Structure 24  Development Sites 27  Outlook 37  Annex 39 © PSP Swiss Property I Page 23

  24. Slide 24: Debt

    DEBT Very diversified and stable lender portfolio  9 domestic and 1 foreign banks  1 syndicated loan with Swiss Cantonal banks Well balanced debt maturity profile  No maturities of committed bank lines until 2013  CHF 290 m bond maturity in 2012 CHF 640 m unused credit lines, of which CHF 560 m

  25. Slide 25: Capital Structure

    CAPITAL STRUCTURE Money values in CHF m 2007 2008 2009 2010 H1 2011  Shareholders‘ equity 2’534.8 2’587.7 2’741.4 2’942.9 3’023.8 2.8% - % of total assets 49.4% 49.1% 51.7% 52.7% 52.2% Deferred tax liabilities (net) 391.9 425.7 457.7 512.3 550.9 - % of total assets 7.6% 8.1% 8.6% 9.2% 9.5% Interest

  26. Slide 26: Agenda

    AGENDA  Key Facts and Figures 3  Portfolio and Vacancy Rate 11  Financial Results H1 2011 15  Capital Structure 24  Development Sites 27  Outlook 37  Annex 39 © PSP Swiss Property I Page 26

  27. Slide 27: Hürlimann Site, Zurich

    HÜRLIMANN SITE, ZURICH Overview  Project with mixed use (office, retail, seniors‘ residence, residential, thermal bath, hotel)  Overall area surface approx. 64’000 m2 In construction since January 2009  Thermal bath and hotel (“Sud-/Maschinenhaus”)  Overall investment sum approx. CHF 65 m (excl.

  28. Slide 28: Hürlimann Site: Thermal Bath

    HÜRLIMANN SITE: THERMAL BATH Asset type Modern and unique thermal bath & Spa in Zurich, approx. 3‘500 m2 Customers Adults from the City of Zurich and greater Zurich (health, relaxation and leisure) Offer Underground baths, pool on the roof with 360° view © PSP Swiss Property I Page 28

  29. Slide 29: Hürlimann Site: Hotel

    HÜRLIMANN SITE: HOTEL Asset type Boutique-Hotel, approx. 4‘500 m2 Customers Business people as well as leisure and lifestyle tourists Offer 53 rooms, 8 suites, conference rooms, library room (breakfast business centre) © PSP Swiss Property I Page 29

  30. Slide 30: Löwenbräu Site, Zurich

    LÖWENBRAU SITE, ZURICH In construction since autumn 2010  Conversion of existing site and new buildings, stepwise completion until 2013  Investment sum approx. CHF 133 m (excl. land and infrastructure)  Floor space approx. 31‘200 m2 (11‘600 m2 for 58 freehold apartments, 10‘200 m2 for office, 9’4

  31. Slide 31: Wädenswil Site, Wädenswil

    WÄDENSWIL SITE, WÄDENSWIL Overview  Development of remaining area (new buildings with a focus on residential units, conversion of existing buildings) In construction since October 2009 Project “Refugium”  18 free-hold apartments  Investment sum approx. CHF 14 m  As per 30 June 2011: 13 units sol

  32. Slide 32: Paradiso Site, Lugano

    PARADISO SITE, LUGANO In planning  Project with 65 free-hold apartments, office and retail space  Floor space: 11’200 m2 for freehold apartments, 1’400 m2 for office and 770 m2 for retail  Investment sum approx. CHF 65 m (excl. land and infrastructure)  Construction start: n.a. (completion: 2 ye

  33. Slide 33: Gurten Site, Wabern near Bern

    GURTEN SITE, WABERN NEAR BERN In planning  Conversion of existing site and new buildings  Mixed use, approx. 31‘000 m2 (residential 50%, office and services 50%)  Planned investment sum approx. CHF 93 m (excl. land and infrastructure)  Construction start: July 2011  Stepwise completion until en

  34. Slide 34: Salmen-Park Site, Rheinfelden

    “SALMEN-PARK” SITE, RHEINFELDEN In planning  Mixed use (59‘000 m2 for residential, office, commerce, seniors’ residence and hotel)  Investment sum approx. CHF 214 m (excl. land and infrastructure)  Legal acceptance of design plan given; building application for “stage 1” to be submitted in autumn

  35. Slide 35: Capex Overview

    CAPEX OVERVIEW Expected (CHF m) 2011-2016 2011 2012 2013 2014-16 Hürlimann site - Neptun, Zurich1 16.0 6.2 9.8 0 0 Hürlimann site - Kesselhaus, Zurich2 5.4 0.7 3.8 0.9 0 Wädenswil site1 1.4 1.0 0.3 0.2 0 Löwenbräu site, Zurich1 90.1 36.5 53.6 0 0 Paradiso site, Lugano2 61.8 3.0 36.8 22.1 0 Gurten si

  36. Slide 36: Agenda

    AGENDA  Key Facts and Figures 3  Portfolio and Vacancy Rate 11  Financial Results H1 2011 15  Capital Structure 24  Development Sites 27  Outlook 37  Annex 39 © PSP Swiss Property I Page 36

  37. Slide 37: Outlook 2011

    OUTLOOK 2011 Consolidated EBITDA excl. ∆-RE CHF 225 m Vacancy rate portfolio (year-end) below 9% © PSP Swiss Property I Page 37

  38. Slide 38: Agenda

    AGENDA  Key Facts and Figures 3  Portfolio and Vacancy Rate 11  Financial Results H1 2011 15  Capital Structure 24  Development Sites 27  Outlook 37  Annex 39 © PSP Swiss Property I Page 38

  39. Slide 39: Board of Directors and Exec. Board

    BOARD OF DIRECTORS AND EXEC. BOARD Board of Directors  Günter Gose, 1944, Chairman  Luciano Gabriel, 1953, Delegate and CEO  Peter Forstmoser, 1943, Member  Nathan Hetz, 1952, Member  Gino Pfister, 1942, Member  Josef Stadler, 1963, Member  Aviram Wertheim, 1958, Member Executive Board  Luci

  40. Slide 40: Group Overview (June 2011)

    GROUP OVERVIEW (JUNE 2011) EXECUTIVE BOARD (3) Legal unit (4) HR/Services (4) Secretarial (1) REAL ESTATE INVESTMENTS PROPERTY MANAGEMENT FINANCE/ADMINISTRATION Asset Management (6) Zurich Office (14) Accounting (12) Real Estate Trading (2) Olten Office (7) Communications (2) New Lettings (1) Geneva

  41. Slide 41: PSP Strategy

    PSP STRATEGY Strategy  Switzerland only  Acquisitions to be justified by price and operational logic  Risk-conscious financing policy Priority  Stabilisation of vacancies; long-term: further reduction  Value enhancing investments / corporate deals  Screening of acquisitions opportunities © PSP

  42. Slide 42: Why Investing in PSP?

    WHY INVESTING IN PSP? Company  Properties with further optimisation potential  Premium portfolio with limited downside risk  Financial flexibility to take advantage of market opportunities  Acquisition/integration experience  Pure Swiss play  Transparent business model Share  Liquid stock  A

  43. Slide 43: Shareholder Base

    SHAREHOLDER BASE Largest shareholders (June 2011)  Alony Hetz: 16.03%  PSP Swiss Property: 6.84% Non-registered 28%  Nominee: 5.11%  BlackRock Asset Management: 3.34% (as per 27 April 2011) Switzerland 42% Other 3% Rest of Europe 1% France/BeNeLux 3% UK 7% Israel 16%  Number of registered share

  44. Slide 44: EBITDA

    EBITDA 220 82.5% 90% 82.9% 79.5% 80.3% 200 78.1% 80% 180 70% 160 60% 140 120 50% 221.1 223.3 100 208.4 40% 80 30% 117.7 120.2 60 20% 40 20 10% 0 0% 2008 2009 2010 H1 2010 H1 2011 EBITDA excl. ∆-RE in CHF m EBITDA margin © PSP Swiss Property I Page 44

  45. Slide 45: Net Income Components

    NET INCOME COMPONENTS 280 240 200 141.0 94.7 99.5 160 121.0 120 38.1 80 136.5 139.8 124.5 40 74.9 77.3 0 2008 2009 2010 H1 2010 H1 2011 Net income excl. ∆-RE in CHF m Contribution of ∆-RE in CHF m © PSP Swiss Property I Page 45

  46. Slide 46: EPS

    EPS 7 6.62 6 5.53 5.29 5 4.64 4 3.26 3.30 2.94 3 2.68 2 1.77 1.81 1 0 2008 2009 2010 H1 2010 H1 2011 EPS in CHF EPS excl. ∆-RE in CHF © PSP Swiss Property I Page 46

  47. Slide 47: NAV + Cumulative Dividend per Share

    NAV + CUMULATIVE DIVIDEND PER SHARE 100 90 22.08 80 19.28 16.58 70 14.08 11.68 60 50 40 68.87 70.77 61.83 64.95 30 59.71 20 10 0 2007 2008 2009 2010 H1 2011 NAV per share in CHF Payout in CHF, cumulative (allocation according to payment date) © PSP Swiss Property I Page 47

  48. Slide 48: NAV vs. Share Price

    NAV VS. SHARE PRICE 90 79.85 80 75.00 68.87 70.77 70 64.95 59.71 61.38 57.20 58.50 60 52.70 50 40 30 20 10 0 2007 2008 2009 2010 H1 2011 NAV per share in CHF Share price in CHF © PSP Swiss Property I Page 48

  49. Slide 49: Positive Spread (in %)

    POSITIVE SPREAD (IN %) 5 4 3 2 1 0 06 07 08 09 10 07 08 09 10 11 z z z z z n n n n n De De De De De Ju Ju Ju Ju Ju CHF 5y swap rate Av. interest rate Net yield Spread PSP – portfolio net yield vs. debt financing costs (all figures in %) Net yield 4.4 4.3 4.3 4.4 4.2 4.4 Av. int. rate 2.76 2.73 2.75

  50. Slide 50: Portfolio Key Figures

    PORTFOLIO KEY FIGURES Number of Rental income Revaluation Value Net yield Vacancy properties in CHF m in CHF m in CHF m in % in % Zurich H1 11 86 86.4 107.7 3’586.4 4.3 9.0 FY 10 89 164.4 129.4 3’498.3 4.2 9.7 Geneva H1 11 16 19.3 21.7 773.5 4.1 4.3 FY 10 17 37.0 35.3 768.7 3.7 2.2 Basel H1 11 13 9.

  51. Slide 51: Portfolio Value by Area

    PORTFOLIO VALUE BY AREA Sites and development properties 5% Other locations 5% Lausanne 4% Bern 3% Basel 6% Zurich 63% Geneva 14% © PSP Swiss Property I Page 51

  52. Slide 52: Rent by Use

    RENT BY USE Other 9% Gastronomy 4% Parking 6% Retail 15% Office 66% © PSP Swiss Property I Page 52

  53. Slide 53: Rent by Type of Tenants

    RENT BY TYPE OF TENANTS Other 15% Retail 20% Gastronomy 5% Government 6% Services 17% Technology 9% Telecommunication 13% Financial Services 15% © PSP Swiss Property I Page 53

  54. Slide 54: Largest Tenants

    LARGEST TENANTS Swisscom 9% Swiss Post 3% Deutsche Bank 3% Google 3% Bär & Karrer 2% Next five largest 9% Other 71% © PSP Swiss Property I Page 54

  55. Slide 55: Portfolio Grid

    PORTFOLIO GRID Source: Wüest & Partner, June 2011. © PSP Swiss Property I Page 55

  56. Slide 56: Selected Properties – Zurich

    SELECTED PROPERTIES – ZURICH Zurich, Bahnhofplatz 1 Zurich, Bahnhofquai 15 Zurich, B’hofstr. 28a/Waagg. 6 Zurich, Bahnhofstr. 66 rentable area: 2’033 m2 rentable area: 2’024 m2 rentable area: 3’231 m2 rentable area: 4’516 m2 Zurich, B’hofstr. 81/Schw.g. 2/4 Zurich, Binzring 15/17 Zurich, Brandschenk

  57. Slide 57: Selected Properties – Geneva

    SELECTED PROPERTIES – GENEVA Carouge-GE, Rte d. Acacias 50-52 Carouge-GE, Rue de la Gabelle 6 Geneva, Cours de Rive 13, 15 Geneva, Place du Molard 7 rentable area: 9‘539 m2 rentable area: 1‘017 m2 rentable area: 5‘643 m2 rentable area: 3‘392 m2 Geneva, Rue d. Bains 31bis,33,35 Geneva, Rue de Berne 6

  58. Slide 58: Selected Properties – Basel/Bern

    SELECTED PROPERTIES – BASEL/BERN Basel, Barfüsserplatz 10 Basel, Falknerstrasse 31 Basel, Freie Strasse 38 Basel, Grosspeterstrasse 18, 20 rentable area: 1‘175 m2 rentable area: 1‘202 m2 rentable area: 1‘356 m2 rentable area: 13‘539 m2 Basel, Kirschgartenstrasse 12-14 Basel, St. Alban-Anlage 46 Bern

  59. Slide 59: Selected Properties – Lausanne/Others

    SELECTED PROPERTIES – LAUSANNE/OTHERS Lausanne, Place St-François 5 Lausanne, Rue du Sébeillon 1, 3, 5 Lausanne, Rue du Grand-Chêne 2 Lausanne, Rue du Pont 22 rentable area: 5’880 m2 rentable area: 10’566 m2 rentable area: 2’847 m2 rentable area: 2’317 m2 Lausanne, Saint-Martin 7 Aarau, Bahnhofstras

  60. Slide 60: Zurich Area

    ZURICH AREA Bahnhofplatz 9 Bahnhofplatz 1 Bahnhofstrasse 81 Bahnhofquai 9/11 Bahnhofstrasse 66 Bahnhofquai 15 Bahnhofstrasse 39 Bahnhofstr. 28a Bahnhofplatz 2 Zurich portfolio key figures see slide 50. © PSP Swiss Property I Page 60

  61. Slide 61: Geneva Area

    GENEVA AREA Rue Richard-Wagner 6 Palace du Molard 7 Rue des Bains 31-33/35 Cours de Rive 13/15 Av. des Morgines 8-10 Rue de la Fontaine 5 Rue de la Gabelle 6 Rue de la Corraterie 24/26 Geneva portfolio key figures see slide 50. © PSP Swiss Property I Page 61

  62. Slide 62: Basel Area

    BASEL AREA Marktplatz 30/30a Freie Strasse 38 Barfüsserplatz 10 St. Alban-Anlage 46 Steinentorberg 8/12 Grosspeterstr. 18/20 Kirschgartenstr. 12-14 Dornacherstr. 210 Basel portfolio key figures see slide 50. © PSP Swiss Property I Page 62

  63. Slide 63: Berne Area

    BERNE AREA Bollwerk 15 Zeughausgasse 26/28 Laupenstrasse 18/18a Kramgasse 49 Seilerstrasse 8 Kramgasse 78 Eigerstrasse 2 Spitalgasse 9 Berne portfolio key figures see slide 50. © PSP Swiss Property I Page 63

  64. Slide 64: Lausanne Area

    LAUSANNE AREA Rue de Sébeillon 2 Rue Saint-Martin 7 Avenue de Sévelin 54 Rue du Pont 22 Avenue de Sévelin 40 Place Saint-François 5 Avenue de Cour 135 Place Saint-François 15 Lausanne portfolio key figures see slide 50. © PSP Swiss Property I Page 64

  65. Slide 65: Contacts

    CONTACTS Luciano Gabriel CEO Phone +41 (0)44 625 50 47 Mobile +41 (0)79 400 34 79 Fax +41 (0)44 625 58 25 luciano.gabriel@psp.info Giacomo Balzarini CFO Phone +41 (0)44 625 59 59 Mobile +41 (0)79 207 32 40 Fax +41 (0)44 625 58 25 giacomo.balzarini@psp.info Vasco Cecchini CCO Phone +41 (0)44 625 57 2

PSP Swiss Property — H1 2011 Earnings Presentation on 6ix