Client Presentation CS Real Estate SICAV-SIF I – (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. : 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 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 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 1 . Longstanding expertise for the development and management of tailor-made solutions such as pooled in Europe 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

. Experienced team with strong acquisition, finance and real estate management background estate management . Strong embedded risk management culture 160 3 3 3 Invested countries (ex CH) Property types (by rental income) Client segment real estate specialists Germany 35% Office 28% worldwide5 4 Institutional clients 53% Other 11% Other 13% Ireland 1% Third-party banks 12% Hotel 4% Japan 5% CHF 44.6 bn Canada 7% Logistic 4% 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 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 Strong diversification . Broad diversification by countries/ locations 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

Value-Add Medium Core+

5-6% Target net total return 1 Core . 5-6% target net total return and 4% net Risk Low Low Medium High Return Attractive returns in current low-yield distribution yield1 . Target leverage of 30% interest rate environment For illustrative purposes only. Optimize Energy Efficiency . Systematic approach to reduce operating Rationale for “Green Buildings”

costs in cooperation with Siemens Return

Unique Strengthen competitiveness of the Green Buildings

. First “climate-neutral“ real estate fund by Conventional Buildings Estimated properties and generating potential for 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 Successful build-up of the fund Four closings since its launch in April 2016 Key figures Oct. 31, 2017 Portfolio comprises four properties 7 After the acquisition of two properties in Dublin and Amsterdam in 2016, the acquisition of Market value in EUR mn 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 2, 7 EUR 100 mn total commitment target was achieved Occupancy ratio 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 7 the four property acquisitions Loan to value 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 NAV/Total return since 07/01/20164 mid- to long-term target net yield of 5-6% p.a.6 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, as per INREV per share4 1,042.275 Netherlands/Belgium, United Kingdom and Germany IRR (capital weighted)4 5,8% SCOPE 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 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% Countries, which are yet under consideration WALT/WAULT2 10.2/10.2 years WALT/WAULT2 8.3/4.4 years

1 Based 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 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, Increase portfolio retail and logistics 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 Raise further commitments 2017 is available 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 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 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 (, 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 Purchase/Sales fee Distribution net yield 4.0% p.a.1 (distribution annually) 1.2% of the gross asset value of the properties Construction Fee 2% of the gross development cost, based on the portion of gross Target size EUR 1bn after five years from launch 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 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 Optimization measures focusing on Acquisition of well-leased properties with long-term lease to reduce operating costs 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 Set portfolio carbon neutral Low target leverage of 30% 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 5 - 6% target net total return including 1 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 <40% 40%−60% 40%−60% >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% Tenancy Type Credit-rated tenants Strong anchor tenants Multi-tenant Multi-tenant High

Leverage Low Moderate Moderate High Opportunistic

(Loan to Cost) 0-50% 50-60% 60-70% 70-80%

Return Current income Current income + Capital appreciation + Capital appreciation

Composition orientation capital appreciation current income Value Add Medium 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 . Long-term leases . Capital appreciation . Refurbishments, . Less centrally Low 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 CO certificates, thus Rent 2 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% 9.2% 9.3% 8.9% Premium Premium 10.0% in % 18.0% in % 8.0% 15.0% 8.2% 8.0% 6.5% LEED Sales Price 6.0% 11.1% 11.1% LEED Rental Price 13.0% 13.4%13.0% Premiums % 10.0% 6.0% 5.0% 6.5% 6.5% Premiums % 10.0% 12.0% 4.5% 10.3% 4.0% 9.0% 4.0% 2.9% 4.0% 4.0% 4.0% 2.1% Energy Star Rental 5.0% 6.2% Energy Star Sales 5.8% 2.0% 5.0% Price Premiums % 2.5% 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 Germany3 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%

1 Based 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 1 Basis: 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

1 Basis: 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

Switzerland 1.3 1.0 1.7 1.7

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

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 rate increases expected for 2018 5 Bond yields only to increase slowly from current low levels 4 Higher inflation in the UK as a consequence of the depreciation 3 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 (BoE base rate) Eurozone (ECB repo rate) UK Eurozone 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 Portugal 11.8 10.2 6.7 5.1 4.9

Norway 10.4 11.6 8.3 7.5 5.5

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

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 New York Lisbon Tokyo Nagoya Houston Washington, D.C. Geneva 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 Global Real Estate Acquisition & Sales

Core Competences & Track Record 20,000 Sourced investment opportunities Sourcing EUR 7.0 bn Disposals Monitoring of investment opportunities according to investment ca. 120 Disposals guidelines Purchases Screening and securing exclusivity EUR 4.4 bn Investment proposition to , investors and ca. 160 Purchases assignment-committee (investment memorandum, workbooks, other documentation) Transaction volume in Switzerland (CHFm)

Acquisition 4'000 Supervise internal and external due diligence partners: legal, technical, 3'000 commercial, tax Supervise investment process 2'000 Business plan Lead negotiation, closing and post-closing 1'000 Transfer to Asset Management 0 Disposal 2010 2011 2012 2013 2014 2015 2016 2017 Market and portfolio screening (“ride the cycle”) Transaction volume in Europe (CHFm) Determinate framework for disposal with investment and asset 2'000 management Preparation (data room) 1'500 Supervise selling process Lead negotiation, closing and post-closing 1'000

500

Source: Credit Suisse 0 2010 2011 2012 2013 2014 2015 2016 2017

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 40 Global Real Estate Asset Management

Core Competences & Track Record >1,300 Assets 2 Asset Strategy und Business Plan >300,000 m Leasing transactions Systematic asset strategy incl. asset analysis an optimization / >10% Leasing p.a. ca. repositioning rental income Develop and review of business plan EUR 1 bn >40 Service Providers Leasing Services Marketing and leasing concepts Leasing Services (excl. Switzerland) Planning and supervising of leasing contracts Key-Tenant-Management und tenant satisfactory analysis in 1,000 m2 200 Third Party Management (especially Property Manager) Identify and instruct best service providers considering our Credit-Suisse-Standards 180 Ø 171,800 m² p. a. Supervise budget Controlling incl. audits onsite 160 Technical Asset Management Planning and supervising undertakings for value preservation Supervising and Implementing of fit outs 140 Budget controlling, Risk management und Reporting Standardized, daily Supervision/Controlling of budget on an asset level Risk management such as supervision of credit rating 120 Efficient asset reporting, incl. benchmarking

100 Source: Credit Suisse 2011 2012 2013 2014 2015 2016

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 41 Sustainability – Track Record Credit Suisse Asset Management Global Real Estate Leading Sustainability Performance at GRESB (Benchmark)* Extensive Experience in Sustainability

 #1 Global Sector Leader** (ranked #1 globally)  Pioneering work in energy controlling and operational  #1 Regional Sector Leader** (ranked #1 in Europe) improvements at property level  #1 in Switzerland  More than 1,000 properties are constantly monitored  #1 in Germany  Reduction of CO2 emissions: 12.4% (2010-2016)  40 Green Star Awards (2014-2017)  Energy savings: 5% (2010–2016)  Credit Suisse GRESB score average of 78 vs. GRESB  Since 2012 exclusive collaboration with Siemens regarding energy average of [maximum 100] controlling and operation improvements  One of the leading GRESB participants since 2013  Comprehensive approach to ESG performance optimization Source: Credit Suisse, as of December 2017 Source: Credit Suisse, as of December 2017 Global Real Estate Sustainability Benchmark (GRESB)* Siemens – “Carbon Due Diligence”

* Source: Global Real Estate Sustainability Benchmark (GRESB) **Note: Referring to Global Real Estate Sustainability Benchmarking (GRESB) 2016; #1 achievements in various categories

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 42 CS Asset Management Real Estate In-House Expertise

Coverage of the entire value chain and continuous improvement Management functions and core processes are performed in-house with more than 160 property experts; outsourcing of supporting functions High standards in work processes and tools within the departments and in the selection and control of external service providers

Value chain Employee structure

Workforce

Acqui- Fund & Property Con- Senior Management 8 Asset Invest- Due Struc- sition Portfolio Asset struction Research Allo- ment Dili- & Investment Management 15 turing and Manage- Manage- cation Strategy gence Develop- Acquisition & Sales 26 Sale ment ment ment Property Asset Management 33 Construction & Development 28

Risk management Finance, Controlling & Treasury 23 Real Estate Strategy & Research 14 Finance, controlling & reporting Risk Management 3 Sustainability 2 Legal & tax IT, Management Services etc.. 8 Total 160 Co-operation with external partners

Source: Credit Suisse For illustrative purposes only. Last data point: December 31, 2017

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 43 Acquisition Sourcing Process – Disciplined Approach Credit Suisse Asset Management Global Real Estate

Received investment Wide range of network: Offmarket deals, tier 1 and 2 brokers, property Developers, proposals CS Private Bank, CS Investment Bank

Initial Screen Screening of sales material and initial discounted Cash Flow calculation  indicative valuation 100% assessment (around 400 properties p.a.)

Investment/Assignment Presentation of acquisition target to investment committee, Assignment Committee decides

Committee on investment vehicle to be chosen, decision on acquisition price range

Non Binding Offer Non binding offer handed in

(NBO) 2 to to 2months 6 Due Diligence Site visit/valuation of the property, technical & legal dd, external valuation through independent valuer, extensive cash flow modeling. Discussion on asset management strategy.

Binding Offer Binding offer handed in

Signing/Closing Signing, closing of the deal 2–8%

Source: Credit Suisse For illustrative purposes only. December 2017

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 44 CS (Lux) European Climate Value Fund (Feeder) (1/3) Team Christoph Schumacher – Head of Global Real Estate at Credit Suisse Asset Management – Investment Committee Christoph Schumacher has been appointed as the new Head of Global Real Estate at Credit Suisse Asset Management as of June 1, 2017. From March 2011, Christoph served as CEO/Managing Director at Union Investment Institutional Property GmbH, Germany, in charge of the Institutional Business and as a member of Union Investment’s Real Estate Investment Committee. In January 2016, he became spokesman of the board of the German Property Federation “ZIA Region Nord”. From 2005 to 2011, Christoph worked for Generali Real Estate, in Cologne, Luxembourg and Paris. Prior to that he was a lawyer for Linklaters in Berlin and London. He was previously a personal advisor/office manager to the minister of finance in Berlin. Christoph Schumacher studied at the University of Freiburg, Geneva and Bonn and owes a PhD from the University of Münster, Institute for International Business Law.

Francisca Fariña Fischer – Head of Real Estate International and Co-Head of Real Estate EMEA – Investment Committee Francisca Fariña Fischer is Head of Real Estate International and Co-Head of Real Estate EMEA. Before, she was the fund manager for the international real estate funds CS Real Estate Fund Global and CS (Lux) Real Estate European Property Fund. In addition, she was Head International Products & Mandates Real Estate as well as deputy fund manager for the CS REF International. Francisca Fariña Fischer began as a Career Starter in the Credit Recovery Real Estate area in Zurich and was responsible for evaluating risk positions. Following this, she worked in Real Estate in Frankfurt, Germany. From November 2007 to September 2010 she served as Acquisition Manager in Credit Suisse Asset Management Real Estate and was responsible for purchasing real estate in Switzerland. From September 2010 to April 2013, she was the Investment Manager and Asset Manager in the Americas region, with headquarters in New York, for the CS REF International and CS REF Global funds. During and after her architecture studies at the Swiss Federal Institute of Technology Zurich she gained practical experience in Switzerland and abroad. Karl-Josef Schneiders – Co-Head of Real Estate EMEA – Investment Committee Karl-Josef Schneiders is Co-Head of Real Estate EMEA and based in Frankfurt. Previously he was Head of Real Estate Germany since 2014. Karl-Josef Schneiders has many years of experience in the banking and real estate sector. Before joining Credit Suisse, he worked at Verianos AG in Frankfurt am Main as a Managing Partner and was responsible for Funds, Asset Management, and Corporate Finance. In this role, Karl-Josef Schneiders has already worked with Credit Suisse in a project-related capacity. Prior to that, he held various management positions at Corpus Sireo, Morgan Stanley, and Citibank, among others. Mr. Schneiders is business graduate of the University of Applied Sciences in Trier and holds an MBA from the University of Wales and an Executive MBA from the Lorange Institute of Business in Zurich.

Raymond Rüttimann – Head of Real Estate Switzerland Raymond Rüttimann is Head of Real Estate Switzerland at Credit Suisse Asset Management. Additionally, he has been representing Credit Suisse AG as Chairman of the IPB management board (private professional builder-owners interest group) since April 2013. He joined the CS Asset Management Real Estate as Head of Remodeling & Renovation in 2000. In that position, he was responsible for real estate projects and renovations, as well as for the conversion of larger properties. From 2004 to 2010, he also managed the Property Asset Management. Prior to his current role he was Head of Development & Construction for Credit Suisse Asset Management Real Estate. In this role, he was responsible for the implementation of all development and construction projects within Switzerland and abroad. Prior to joining Credit Suisse, Raymond Rüttimann spent several years working in the Real Estate Portfolio Management within UBS AG corporate management, as well as in the Real Estate Fund Management of UBS AG in Zurich. Before joining UBS AG, Rüttimann carried out numerous major projects for Zschokke Generalunternehmung AG and Göhner AG. Roger Baumann – COO and Head of Real Estate Sustainability Mr. Baumann started his professional career in the Private Banking division of Credit Suisse in 2005. He joined Credit Suisse Asset Management Real Estate in 2006 and assumed the responsibility for the development and launch of new investment vehicles for Swiss investors. In 2009, he launched the first sustainable real estate fund in Switzerland, CS REF Green Property. In addition, he developed the "greenproperty" sustainability label with Amstein & Walthert and led the development and launch of CS REF Global, the first CS Real Estate fund which invests abroad and is listed on SIX Swiss Exchange. Mr. Baumann also oversees the successful implementation of the Credit Suisse Asset Management Real Estate sustainability strategy for more than 1000 properties. He assumed his current position as COO & Head Sustainability in 2014 and leads all sustainability, platform management and control function efforts in Switzerland and abroad. Mr. Baumann holds a Master of Science in Civil Engineering from ETH Zurich, a Master of Business Administration Dual Degree from the Lorange Institute of Business in Zurich and the State University in New York. He is also a Member of the Royal Institution of Chartered Surveyors (MRICS). The individuals mentioned above only conduct regulated activities in the jurisdiction(s) where they are properly licensed, where relevant. Source: Credit Suisse

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 45 CS (Lux) European Climate Value Fund (Feeder) (2/3) Team

Stephan Bruenner – Portfolio Manager, International Products Stephan Bruenner has worked for Credit Suisse AG since 2003. In the investment management department he is the fund manager for the Credit Suisse (Lux) European Climate Value Property Fund, for a special real estate special fund according to German law and for a direct investing German . Since joining Credit Suisse in 2003, Stephan Bruenner has built up the Real Estate Research area of CREDIT SUISSE ASSET MANAGEMENT Immobilien Kapitalanlagegesellschaft mbH. From 2007 to 2016 Mr. Bruenner represented the Real Estate Strategy & Portfolio Solutions group in Germany, for which he developed successful real estate investment strategies. Furthermore, since 2007 Mr. Bruenner has also acted as fund manager and advisor for several European real estate investment products. He moved to the Products department in 2016. Prior to joining Credit Suisse, Mr. Bruenner worked as a real estate market analyst at CB Richard Ellis in Frankfurt. Before that, he worked as an academic and the Institute for Future Studies and Technology Assessment (IZT). Stephan Bruenner studied economics and holds a master's degree in Geography from the Freie Universität Berlin, Germany. He has also qualified as an EFFAS Certified European Environmental, Social and Governance Analyst at the German Association for Financial Analysis and Asset Management (Deutsche Vereinigung für Finanzanalyse und Asset Management (DVFA)). Martin Lamb – Global Head of Real Estate Acquisition and Sales Martin is Global Head of Acquisitions and Sales. Since 2011 Martin Lamb has been Regional Head of the Americas, principally responsible for acquisitions and sales, with additional responsibility for acquisitions in UK and the Netherlands. Since 2009 Martin has contributed to the successful growth of the Americas portfolio, now extending to almost $1billion, acquiring properties of diverse nature and locations from Santiago in Chile, through established and emerging markets in the U.S, to speculative office developments in Vancouver Canada. During this time Martin also acquired core, core plus and value add assets in Europe. He joined the Real Estate unit of Credit Suisse Asset Management London in 2007 where he was responsible for property asset management as well as acquisitions. Prior to joining Credit Suisse, Martin worked at Capital and Regional Plc as well as SEGRO Plc. Martin earned a Masters degree in Land Management and Development and is a member of the Royal Institute of Chartered Surveyors (RICS).

Holger Herb – Head of Real Estate Acquisition and Sales EMEA Holger Herb leads the Real Estate Acquisition and Sales EMEA with 20 years of real estate experience and based in Zurich. Holger initially joined Credit Suisse as Chief of Staff in 2006 and quickly moved on to the Acquisition and Sales Team. He has executed more than 30 deals for a total volume exceeding CHF 1 billion across Europe. Holger has played a key role in building up and establishing European property portfolios for our core, core plus and value add funds. In his current position, he leads a team of seven real estate professionals, covering all major European real estate markets. Prior to joining Credit Suisse, Holger worked in portfolio management for the Real Estate Investment Managers.

Silvio Preisig – Global Head of Real Estate Asset Management Silvio Preisig is Global Head of Real Estate Asset Management and based in Zurich. Silvio Preisig initially joined Credit Suisse as an Asset Manager in 2003, responsible for the Swiss Re (Swiss Re ImmoPLUS) real estate fund. He then took on the role of Team Leader for various real estate products with a total volume of around CHF 7 billion. In 2005, Silvio Preisig took on responsibility for Asset Management International and developed the global structure for managing the international portfolio. Mr. Preisig has headed up the Asset Management unit in Switzerland since January 2010, taking on global responsibility for the asset management of real estate holdings on July 2013. From 1998 to 2002, he headed up the real estate management department at ISAG St. Gallen, a subsidiary of St. Galler Kantonalbank, and was a member of the Executive Board there.

Jean-Pascal Grevsmuehl – Head of Asset Management EMEA Jean Pascal Grevsmuehl is a Director at Credit Suisse Asset Management Real Estate based in Zurich. He and his global team asset manage an international commercial real estate portfolio of approx. CHF 3.7 billion AUM. They are responsible for developing the individual property strategies and executing them together with selected local partners such as property manager and leasing agents. Prior to joining Credit Suisse in 2008, Jean Pascal started his career in 2001 at Ernst & Young Real Estate (formerly Arthur Andersen Real Estate) in Frankfurt, Germany. Jean Pascal is a Diplom Bauingenieur from the University of Stuttgart, Germany. Additionally he holds a Master of Science degree from the Georgia Institute of Technology, Atlanta, USA, and a certificate in Real Estate Economics from the European Business School in Oestrich-Winkel, Germany. He is also member of the Royal Institute of Chartered Surveyors (RICS).

The individuals mentioned above only conduct regulated activities in the jurisdiction(s) where they are properly licensed, where relevant. Source: Credit Suisse

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 46 CS (Lux) European Climate Value Fund (Feeder) (3/3) Team Martin Munz – Global Head of Development and Construction Martin Munz is Global Head of Development and construction and Head of Development and Construction Switzerland for the Real Estate unit of Credit Suisse Asset Management. In this role, he is responsible for the implementation of all development and construction projects for Real Estate Asset Management in Switzerland and for the Global oversight. He joined Credit Suisse Asset Management Real Estate in 2010 as Team Head of Construction. In that position, he was responsible for real estate projects and renovations, as well as for the conversion of larger properties. From 2013 to 2016 he worked as Head of Development and Technical DD. Prior to joining Credit Suisse, Martin Munz spent a number of years working for AXA Investment Managers as Regional Head of Construction.

Frank Schmitt – Head of Development and Construction EMEA Frank Schmitt is Head of Development and Construction EMEA. He joined Credit Suisse Asset Management Immobilien KAG in 2000 as Technical Manager for European Real Estates in Germany, France, Italy, Belgium and Austria. Since August 2014 he is heading the Development & Construction department, being responsible for the Technical Due Diligence processes during acquisition phase, development of new projects, project management of general refurbishments and valuation of the properties in the portfolios in the major countries in Europe. Frank B. Schmitt is a licensed architect and an expert in various fields of the Construction and Real Estate business. Before joining CS Asset Management Immobilien KAG Frank B. Schmitt worked for several international architecture offices and in the technical department of one of the biggest German contracting companies.

Carolina Bocchini – Head of Business Development, Real Estate International Carolina Bocchini is Head of Business Development for the Real Estate International team within Global Asset Management. Prior to that, she was part of the Solution Specialists team within International Wealth Management - Latin America from 2010 til October 2017, focusing on Family Offices and UHNWI. Prior to joining Credit Suisse, Carolina Bocchini worked for over 6 years for JPMorgan's Latin American M&A team, both in New York and Buenos Aires and also worked for 4 years as a Relationship Manager for UBS Private Banking in Zurich, covering clients from Southern Latin America. Carolina Bocchini holds an Economics Degree from Universidad de San Andrés, Buenos Aires (Argentina) and an MBA from EADA, Barcelona (Spain).

Zoltan Szelyes – Head of Global Real Estate Research Zoltan Szelyes is Head of Global Real Estate Research, based in Zurich. He is also CFA and CAIA chartholder. After studying economics at the University of Berne, Zoltan Szelyes came to Credit Suisse in 2004 and built up the Global Real Estate research framework from scratch for Credit Suisse Private Banking. In 2007 he moved over to the Swiss National Bank as Senior Economist, where he was advisor to Thomas Jordan (now SNB chairman). From October 2008 he was co-responsible for asset management of the SNB Stabilisation Fund, a bad bank created in the rescue of UBS with AuM of 39 billion USD. After successfully liquidating the entity with a recorded profit of 3.8 bn USD, Zoltan rejoined Credit Suisse in 2014 as Head of Global Real Estate Strategy and is since then heading the investment research for the global CS Asset Management Real Estate platform.

Jürg Kränzlin – Global Head of Finance and Operations Jürg Kränzlin is a Director at Credit Suisse Asset Management Real Estate based in Zurich. After joining Corporate Real Estate at Credit Suisse and then later serving as Head of Finance & Controlling of real estate investments at Winterthur Group, he moved to CS Asset Management Real Estate in 2007. In particular, Jürg Kränzlin established and further developed the Finance International department of the division. He assumed the responsibility of Finance Manager for CS REF International and supported the establishment of CS REF Global. In addition, he supervised country controlling in South America and managed a development project in Canada. Since 2013, Jürg Kränzlin has been responsible for Finance/Controlling/MIS and Operations and Controls for Real Estate of Credit Suisse Asset Management. Since 2016 he is also responsible for Finance & Operations in Switzerland and Germany.

The individuals mentioned above only conduct regulated activities in the jurisdiction(s) where they are properly licensed, where relevant. Source: Credit Suisse

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 47 Performance- Related Disclosures Performance scenarios, as per KID

Please refer to the fund’s KID for additional information. For illustrative purposes only. Source: Credit Suisse, as of December 2017

Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 48 Important Information (1/7) General

The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective or independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction. The information provided herein was produced by Credit Suisse Group AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. The information and views expressed herein are those of CS at the time of writing and are subject to change at any time without notice. They are derived from sources believed to be reliable. CS provides no guarantee with regard to the content and completeness of the information and does not accept any liability for losses that might arise from making use of the information. If nothing is indicated to the contrary, all figures are unaudited. The information provided herein is for the exclusive use of the recipient. The key risks of real estate investments include limited liquidity in the real estate market, changing mortgage interest rates, subjective valuation of real estate, inherent risks with respect to the construction of buildings and environmental risks (e.g., land contamination). Performance obtained in the past does not constitute any warranty for future. Before the subscriptions read the prospectus. Neither this information nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended). It may not be reproduced, neither in part nor in full, without the written permission of CS. This fund is not registered in Switzerland. May only be sold to qualified investors pursuant to art. 10 paras. 3 to 4 of the Federal Collective Investment Schemes Act (CISA). The representative in Switzerland is Credit Suisse Funds AG, Zurich. The paying agent in Switzerland is Credit Suisse AG, Zurich. Copyright © 2018 Credit Suisse Group AG and/or its affiliates. All rights reserved.

Credit Suisse Asset Management Real Estate April 2018 49 Important Information (2/7) Distribution via Credit Suisse (Deutschland) AG– Germany & Austria

Distribution in the European Economic Area In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/ no longer available), this presentation may only be distributed and Shares may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this presentation may otherwise be lawfully distributed and the Shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of this Prospectus, has not implemented AIFMD, this presentation may only be distributed and Shares may only be offered or placed to the extent that this presentation may be lawfully distributed and the Shares may lawfully be offered or placed in that Member State (including at the initiative of the investor). As at the date of this document, the Fund has been notified, registered or approved (as the case may be and howsoever described) in accordance with the local law/regulations implementing the Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) for marketing to professional investors into the following member state(s) of the EEA: Austria, Belgium Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Spain, Sweden, Switzerland, Norway, United Kingdom, Poland.

Important Information for Persons in Germany and Austria: This document was produced by Credit Suisse AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of CS. This document applies exclusively to clients in Germany and Austria. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended). Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Historical performance indications and financial market scenarios are no reliable indicator for current or future performance. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or outperformed. In connection with this investment product, Credit Suisse AG and/or its affiliates may pay to third parties, or receive from third parties as part of their compensation or otherwise, one-time or recurring inducements (e.g. sales charges, placement or holding fees). You may request further information from your bank/relationship manager. Potential conflicts of interest cannot be excluded. This document qualifies as marketing material that has been published for advertising purposes. It must not be read as independent research.

Germany: Shares of the Fund mentioned in the document may in particular not be distributed or marketed in any way to German retail or semi-professional investors if the Fund is not admitted for distribution to these investor categories by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).

Austria: The Fund mentioned in the document has been approved by the Austrian Financial Market Authority for marketing to professional investors pursuant to § 31 AIFMG and may also be marketed to qualified retail investors (qualifizierte Privatanleger) within the meaning of § 2 para 1 no 42 AIFMG pursuant to § 49 para 12 AIFMG. Accordingly the Fund may be offered or placed to both professional investors and qualified retail investors (qualifizierte Privatanleger) in Austria. Subscriptions are only valid on the basis of the current Offering Memorandum, key investor information document and the most recent annual report (or half- yearly report, if this is more recent). These and the funds management regulations and/or articles may be obtained free of charge in English/German language from Credit Suisse (Deutschland) AG, Taunustor 1, D-60310 Frankfurt am Main, Germany and UniCredit Bank Austria AG, Schottengasse 6–8, A-1010 Vienna, Austria. Copyright © 2018 Credit Suisse Group AG and/or its affiliates. All rights reserved.

CREDIT SUISSE (DEUTSCHLAND) Service-Line: AKTIENGESELLSCHAFT Telefon: +49 (0) 69 7538 1111 Taunustor 1 Telefax: +49 (0) 69 7538 1796 D-60310 Frankfurt am Main E-Mail: [email protected]

Credit Suisse Asset Management Real Estate April 2018 50

Important Information (3/7) Distribution via Credit Suisse AG, Sucursal en Espana

Important information for investors in Spain The fund Credit Suisse (Lux) European Climate Value Property Fund Feeder is registered at the Comisión Nacional del Mercado de Valores for distribution to professional investors in Spain by registered distributors. The prospectus, the key investor information document or the document replacing it in the home country of the fund, the management regulations or bylaws and the annual and/or semi-annual reports are available free of charge from locally registered distributors, such as Credit Suisse International, Sucursal en España or Credit Suisse AG, Sucursal en España, with registered office at calle Ayala 42, 28001 Madrid, España. Investors should carefully read and analyze the mentioned documents, if necessary with the help of a professional advisor. In Spain, this material is distributed by either Credit Suisse International, Sucursal en España or Credit Suisse AG, Sucursal en España.

Distribution via Credit Suisse (Luxembourg) S.A., Succursale en France

France When distributed in France, this is distributed by Credit Suisse (Luxembourg) S.A., Succursale en France which is authorized and regulated by Autorité de Contrôle Prudentiel et de Résolution (ACPR) and l’Autorité des Marchés Financiers (AMF).

The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective or independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction. The information provided herein was produced by Credit Suisse Group AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. The information and views expressed herein are those of CS at the time of writing and are subject to change at any time without notice. They are derived from sources believed to be reliable. CS provides no guarantee with regard to the content and completeness of the information and does not accept any liability for losses that might arise from making use of the information. If nothing is indicated to the contrary, all figures are unaudited. The information provided herein is for the exclusive use of the recipient. The key risks of real estate investments include limited liquidity in the real estate market, changing mortgage interest rates, subjective valuation of real estate, inherent risks with respect to the construction of buildings and environmental risks (e.g., land contamination). Performance obtained in the past does not constitute any warranty for future. Before the subscriptions read the prospectus. Neither this information nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended). It may not be reproduced, neither in part nor in full, without the written permission of CS. The above mentioned fund is authorized by French regulator for sale in France only for professional clients and eligible counterparties.

Credit Suisse Asset Management Real Estate April 2018 51 Important Information (4/7) Distribution via Credit Suisse AG Bahrain Branch

This information has been issued by Credit Suisse AG, Bahrain Branch (“CS”), which is authorized and regulated by the Central Bank of Bahrain (“CBB”) as an Investment Business Firm - Category 2 for the conduct of investment business in the Kingdom of Bahrain. All related financial services or products are only made available to professional clients and Accredited Investors, as defined by the CBB, and are not intended for any other persons. Credit Suisse AG, Bahrain Branch is located at Level 22, East Tower, Bahrain World Trade Centre, Manama, Kingdom of Bahrain.

This material is provided to you by CS or any of its affiliates solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or personal recommendation, to enter into or conclude any transaction (whether on the indicative terms shown or otherwise). This material has been prepared by CS based on assumptions and parameters determined by it in good faith. The assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness or reasonableness of any such quotations, disclosure or analyses. A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessment of the transaction described above. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and estimates may be changed without notice. The information set forth above has been obtained from or based upon sources believed by CS to be reliable, but CS does not represent or warrant its accuracy or completeness. This material does not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis of the transaction(s) described in these materials and of the data set forth in them. Each person receiving these materials should make an independent assessment of the merits of pursuing a transaction described in these materials and should consult their own professional advisors.

For residents of Bahrain No investment vehicle referred to in this document has made or will make an invitation to the public in the Kingdom of Bahrain to subscribe for interests therein and this document will not be issued, passed to, or made available to the public generally. The Central Bank of Bahrain (“CBB”) has not reviewed, nor has it approved, this document or the marketing of any investment vehicle referred to herein in the Kingdom of Bahrain and is not responsible for the performance of any such investment vehicle.

Distribution via Credit Suisse Qatar LLC

This information has been distributed by Credit Suisse (Qatar) L.L.C., which is duly authorized and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA) under QFC License No. 00005. All related financial products or services will only be available to Business Customers or Market Counterparties (as defined by the QFCRA), including individuals, who have opted to be classified as a Business Customer, with net assets in excess of QR 4 million, and who have sufficient financial knowledge, experience and understanding to participate in such products and/or services. Therefore this information must not be delivered to, or relied on by, any other type of individual. The QFCRA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund due to the fact that this Fund is not registered in the QFC or regulated by the QFCRA. Accordingly, the QFCRA has not reviewed or approved this marketing material or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. Investors in this Fund may not have the same access to information about the Fund that they would have to information about a Fund registered in the QFC. The Units to which this marketing material relates may be illiquid and/or subject to restrictions on their resale. Recourse against the Fund, and those involved with it, may be limited or difficult and may have to be pursued in a jurisdiction outside the QFC. Prospective purchasers of the Units offered should conduct their own due diligence on the Units. If you do not understand the contents of this brochure you should consult an authorized financial advisor. Copyright © 2018 Credit Suisse Group AG and/or its affiliates. All rights reserved.

Credit Suisse Asset Management Real Estate April 2018 52 Important Information (5/7) Distribution via Credit Suisse (Lebanon) Finance SAL

When distributed in Lebanon, this material is distributed by Credit Suisse (Lebanon) Finance SAL (“CSLF”), a financial institution incorporated in Lebanon and regulated by the Central Bank of Lebanon (“CBL”) with a financial institution license number 42. Credit Suisse (Lebanon) Finance SAL is subject to the CBL’s laws and regulations as well as the laws and decisions of the Capital Markets Authority of Lebanon (“CMA”). CSLF is a subsidiary of Credit Suisse AG and part of the Credit Suisse Group (CS).

The promotion and offer by CSLF of structured products and units in a fund, to an investor in Lebanon, are subject to the prior approval of the CMA. Neither CSLF nor CS takes any responsibility in the event that the CMA rejects or refuses to approve the sale of a fund or structured product.

The CMA does not accept any responsibility for the content of the information included in this material, including the accuracy or completeness of such information. The liability for the content of this material lies with the issuer, its directors and other persons, such as experts, whose opinions are included in the document with their consent. The CMA has also not assessed the suitability of the investment for any particular investor or type of investor. Investments in financial markets may involve a high degree of complexity and risk and may not be suitable to all investors. The suitability assessment performed by CSLF with respect to this investment will be undertaken based on information that the investor would have provided to CSLF and in accordance with Credit Suisse internal policies and processes. It is understood that the English language will be used in all communication and documentation provided by CS and/or CSLF. By accepting to invest in the product, the investor confirms that he has no objection to the use of the English language.

This material is provided to you solely for informational purposes, is intended for your use only as you may deem appropriate, and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or personal recommendation, by any of the CS Group’s companies to enter into or conclude any transaction (whether on the indicative terms shown or otherwise). This material has been prepared by CS based on assumptions and parameters determined by it in good faith. The assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness or reasonableness of any such quotations, or disclosures. A variety of other or additional assumptions or parameters, or other market factors, indicators changes and other considerations, could result in different contemporaneous good faith analyses or assessment of the subject matter of this material. Past performance should not be taken as an indication or guarantee or guide of future performance, and no representation or warranty, express or implied, is made by any of the CS Group’s companies regarding future performance. The information set forth above has been obtained from or based upon sources believed by CS to be reliable, but neither CS nor any of the CS Group’s companies, including CSLF, represent or warrant its accuracy or completeness. This material does not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis of the transaction(s) subject matter of this material and of the data set forth in it. Each person receiving this material should make an independent assessment of the merits and risks of pursuing a transaction described therein and should consult his own professional financial, legal and tax advisors, and does not release the recipient from exercising his/her own judgment. The information and opinions contained in this document were produced as per the date stated and may be subject to change without prior notification. If nothing is indicated to the contrary, all figures are not audited. Only the provisions, conditions, restrictions and risk warnings contained in the client's current agreement are legally binding. Neither CS, nor CSLF, accepts liability for any loss or damage arising from the use of this document or from the risks inherent in financial markets. Investment products may involve a high degree of complexity and risk, or may be subject to stock market fluctuations and consequently to fluctuations in value, price and income, resulting in the investor not getting back the initial amount invested.

In connection with the provision of services, CS and CSLF may receive fees, commissions, reimbursements, discounts or other monetary or non-monetary benefits which will form an additional part of CS’s and CSLF’s compensation set forth for the relevant service. Part of the capital invested may be used to pay any of these amounts. In receiving payments by third parties, Credit Suisse and/or CSLF’s interests may be adverse to those of their clients. Detailed information on remunerations and/or potential or actual conflicts of interests will be disclosed to the relevant client and managed appropriately. This document is not intended for persons who, due to their nationality or place of residence or any other reason, are not permitted to receive such information under local law. The same applies in any other jurisdiction except where compliant with the applicable laws. This document may not be reproduced in part or in full without the prior written consent of Credit Suisse. All rights reserved.

Credit Suisse Asset Management Real Estate April 2018 53 Important Information (6/7) Distribution via Credit Suisse Saudi Arabia

This document may not be distributed in the Kingdom except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this document you should consult an authorised financial advisor. Credit Suisse Saudi Arabia Hay Al Mhamadiya | 12361-6858 Riyadh | Saudi Arabia Regulated By The Capital Market Authority 08104-37

Distribution via Credit Suisse Financial Services (Israel) Ltd

Israel This document is distributed by CREDIT SUISSE FINANCIAL SERVICES (ISRAEL) LTD, authorized and regulated by the Israel Securities Authority ("the ISA").

Distribution via Credit Suisse (Italy) S.p.A.

This document was produced by Credit Suisse with the greatest of care and to the best of its knowledge and belief. However Credit Suisse provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of Credit Suisse at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are not audited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. Financial instruments mentioned in this document could be considered complex products and therefore may not be suitable for retail clients. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of Credit Suisse. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor’s reference currency. Historical performance indications and financial market scenarios are no reliable indicators of current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or outperformed.

PERFORMANCE OBTAINED IN THE PAST DOES NOT CONSTITUTE ANY WARRANTY FOR FUTURE. BEFORE THE SUBSCRIPTIONS READ THE PROSPECTUS.

Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended).

Copyright © 2018 Credit Suisse Group and/or its affiliates. All rights reserved.

CREDIT SUISSE (ITALY) S.P.A. - Via Santa Margherita, 3 - 20121 Milano – [email protected] - www.credit-suisse.com/it

Credit Suisse Asset Management Real Estate April 2018 54 Important Information (7/7) Distribution via Credit Suisse (Luxembourg) S.A. (Portugal Branch)

This document is distributed by CREDIT SUISSE (LUXEMBOURG) S.A. (“CSLux”), which is authorized as a credit institution in the Grand Duchy of Luxembourg and under the prudential supervision of the Luxembourg supervisory authority of the financial sector, the Commission de Surveillance du Secteur Financier (CSSF), 283, route d’Arlon, L-1150 and part of the Credit Suisse group. This document has been prepared by Credit Suisse Asset Management (Schweiz) AG and not by CSLux.

CSLux was not involved in the production of this document. CSLux provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information.

This document constitutes marketing material. It does not constitute investment research. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This document is intended only to provide general and preliminary information and shall not be construed as the basis for any investment decision nor as an offer or a solicitation to conclude a transaction in financial instruments or to subscribe to banking services. The liability of CSLux may not be engaged as regards any investment, divestment or retention decision taken by an investor/recipient on the basis of this document. Each investor/recipient shall make his/her own appraisal of the tax, legal, accounting and other financial merits and risks of his/her investment regardless of the opinion expressed in the document. An investor must particularly ensure the suitability of his/her investment as regards his/her financial and fiscal situation, his knowledge and experience in financial instruments and his/her investment objectives. The investor bears all the risks of losses in connection with his/her investment.

This document shall not be construed as a personal recommendation as regards the financial instruments/investment strategies mentioned in the material. This document does not constitute an investment advice, it does not take into account the recipient’s economic situation, his/her current assets or liabilities, his/her knowledge and experience in financial instruments and markets, his/her investment purposes, investment horizon, risk profile and preferences.

This document is addressed to the recipient on the basis of the recipient’s explicit request. This document is for the exclusive use of the recipient. Any use of this information by the recipient is under the sole responsibility of the recipient. This document may not be reproduced or disseminated either in part or in full without the written permission of CSLux. This document is not intended for persons who, due to their nationality or place of residence, are not permitted to receive such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended).

Copyright © 2018 CREDIT SUISSE (LUXEMBOURG) S.A., registered office: 5, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg, R.C.S. Luxembourg n° B 11756. All rights reserved.

Important information for investors in Portugal This document is provided to the investor at his/her request. The fund Credit Suisse (Lux) European Climate Value Property Fund Feeder has not been proposed or promoted toward the investor. The fund Credit Suisse (Lux) European Climate Value Property Fund Feeder has not been registered/passported with the Comissão do Mercado dos Valores Mobiliários (the “CMVM”) as a foreign collective investment scheme and its Prospectus or any other agreement, document or material in relation to the funds has not been approved by the CMVM pursuant to Decree-Law 63-A/2013 of 10th of May, as amended from time to time (the “Decree-Law”). Therefore: (i) the shares may not be advertised, offered or sold; and (ii) the Prospectus or any other offering material, may not be distributed or caused to be distributed to the public in circumstances which could qualify as the marketing in the Republic of Portugal of shares pursuant to the Decree-Law and the Portuguese Securities Code without prior registration of the fund with the CMVM and all such documentation and marketing material being approved by the CMVM.

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