Credit Suisse Real Estate Fund LivingPlus with Return of 6.0%

Credit Suisse Real Estate Fund LivingPlus with Return of 6.0%
Zurich, March 6, 2009 The Credit Suisse Real Estate Fund LivingPlus was launched at
the end of 2007 and posted a 6.0% return in fiscal 2008. The fund clearly
outperformed the benchmark for publicly traded real estate funds in Switzerland. The
fund also significantly expanded its portfolio of properties. As of December 31, 2008,
the fund boasted 82 properties and seven new constructions valued at CHF 1.2 bn.
The distribution was set at CHF 2.25 per fund unit.
The Credit Suisse Real Estate Fund LivingPlus (CS REF LivingPlus) was launched on
December 5, 2007, and in its first fiscal year (extended fiscal year from December 5, 2007 to
December 31, 2008) was able to build up, according to strategy, a portfolio of 82 properties
valued at CHF 1,121.4 mn and seven new construction projects valued at CHF 61.9 mn. The
majority of the proceeds from the issue of CHF 1.75 bn have already been invested. The
properties are widely diversified geographically and comprise two-thirds residential buildings.
The total return for the reporting year was CHF 72.3 mn, with rental income of CHF 46.3 mn
or 64.1%. The rental loss rate, which has limited significance based on the numerous new
constructions, was 5.3% of the targeted rental income.
The distribution was set at a total of CHF 2.25 per unit, of which CHF 1.03 comes from direct
holdings and is tax-exempt for investors. The remaining CHF 1.22 comes from other proceeds
and is subject to Swiss withholding tax. Two separate coupons are used for the distribution. The
net asset value (NAV) has increased since inception from CHF 97.09 to CHF 99.41 (including
distribution), which yielded an almost 2.4% return on investment. The price of units traded on
the SIX Swiss Exchange since December 5, 2007 reached CHF 106.00 on December 31,
The CS REF LivingPlus Fund, which was launched in December 2007, is the first Swiss public
fund that is focused primarily on acquiring and building residential real estate with modern
usage and service concepts, such as housing for the elderly. In addition to modern housing
features such as concierge service or emergency call option, our portfolio includes seniors
housing, wellness and fitness centers, and other future-oriented housing designs in Switzerland.

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