Quarterly Results Q1-Q3 2021

9 November 2021

QuarterlyResults Q1-Q3

2021

Key Facts and Figures 3

Financial Results Q1-Q3 2021 7

Portfolio and Vacancy Rate 14

Capital Structure 20

Development Sites, Projects and Disposals 23

Covid-19 Implications 33

Outlook 35

Annex 37

Agenda

© PSP Swiss Property I

Property Portfolio (September 2021)


ZurichCHF 4.8bn

53%

GenevaCHF 1.2bn

14%

LausanneCHF 0.5bn

5%

BaselCHF 0.7bn

8%

BernCHF 0.5bn

6%

Sites and projectsCHF 0.9bn

10%

Other locationsCHF 0.4bn

5%

Portfolio value CHF 9.0bn

In total, 159 investment properties, plus: 3 sites: “Residenza Parco Lago”, Paradiso; “Salmenpark”, Rheinfelden; Site Wädenswil.14 projects: “Baufeld C”, Basel; “Bärenplatz”, Bern; “Metropole”, Bern; “Grand-Pré”, Geneva; “Hôtel de Banque”, Geneva; “Mont-Blanc”, Geneva;

“Spiegel”, Köniz; “Bahnhofquai/-platz”, Zurich; “B2Binz”, Zurich; “Füsslistrasse”, Zurich; “Gartenstrasse”, Zurich; “P-West”, Zurich; “Sihlamtsstrasse”, Zurich; “Zollstrasse”, Zurich.

Swiss market environment Market for prime office properties in Swiss main markets remains resilient

Stable business sentiment Demand for letting office space at prime locations is stable; weaker in Basel In secondary locations demand continues to be weak

Transactions yields for prime assets at new record lows

Economic outlook for Switzerland1 2021 2022GDP 3.4% 3.6%Inflation 0.5% 0.8%Unemployment 3.0% 2.7%

1 Source: SECO, September 2021.

Current Market Environment


Main Developments


Real estate portfolio Portfolio value CHF 9.0bn (up 4.9% compared with December 2020) Disposal of development project in Zurich-Kilchberg for CHF 20.0m (54.6% above last valuation), a part of the remaining

site in Wädenswil for CHF 0.4m, further residential units of the “Residenza Parco Lago” development in Paradiso Disposal after balance sheet date: investment property in Locarno for CHF 11.5m, one building of the Gurten site

in Wabern near Bern for CHF 18.1m and investment property in Zurich, Schaffhauserstrasse 611, for CHF 23.0m

Vacancy and rental situation Vacancy rate of 3.5% (June 2021: 3.1%, December 2020: 3.0%) Of all 2021 maturities (CHF 52.4m), 84% renewed, 12% became vacant, 4% open Updated expected vacancy year-end 2021: 4% (previously: < 4.5%)

Financing Passing average cost of debt 0.39% as per end of September 2021 Low leverage with a LTV of 34.3% CHF 1bn unused credit lines (thereof CHF 700m committed) as per today Moody’s: Issuer Rating A3, Senior Unsecured Rating A3, outlook stable

Corporate Sustainability Ratings: EPRA (Gold); GRESB (Green Star); CDP (A- Rating); MSCI (AA Rating)

Covid-19 implications Rent reliefs Q1-Q3 2021: CHF 3.6m (H1 2021: CHF 3.5m, FY 2020: CHF 4.6m, Q1-Q3 2020: CHF 2.8m) Rent collection Q1-Q3 2021: 100% (H1 2021: 99%, FY 2020: 97%) Outstanding lockdown-related rent receivables Q3 2021: CHF 6.7m (H1 2021: CHF 9.1m, 2020: CHF 5.4m)







Outlook 35

Annex 37

Agenda


Consolidated, in CHF m 2018 2019 2020 Q1-3 2020 Q1-3 2021 ∆

Ebitda excl. ∆-RE1 241.7 256.1 271.1 205.6 210.7 2.5%Net income excl. ∆-RE1 176.2 215.22 215.8 159.7 166.8 4.5%Net income 308.2 453.4 292.1 179.9 431.0 139.6%Rental income 279.4 290.5 296.3 221.2 231.5 4.7%

Per share, in CHF 2018 2019 2020 Q1-3 2020 Q1-3 2021 ∆

EPS 6.72 9.89 6.37 3.92 9.40 139.6%EPS excl. ∆-RE1 3.84 4.69 4.70 3.48 3.64 4.5%EPRA EPS 3.64 3.94 4.32 3.29 3.37 3.9%

NAV 90.63 97.02 99.83 97.35 105.80 6.0%

NAV before deferred taxes 109.20 115.82 119.57 116.63 127.40 6.5%EPRA NRV 110.24 119.20 123.19 117.85 130.90 6.3%

Share price 96.85 133.60 118.30 111.50 112.60 -4.8%

Distribution 3.50 3.60 3.653 n.a. n.a. n.a.

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

2 Incl. CHF 22.1m effect of deferred tax release.3 Ordinary dividend, paid on 8 April 2021.

Key Figures


(CHF 1’000) 2018 2019 2020 Q1-3 2020 Q1-3 2021 ∆

Rental income 279’373 290’460 296’2741 221’1742 231’5073 4.7%4

Valuation gains 166’692 244’176 101’578 27’977 331’871Prop. sales revenues (condominiums) 10’484 12’835 16’115 11’124 16’998Property sales (investment properties) 2’472 14’961 0 0 0Income from associated companies 11 2 4 4 0Capitalised own services 4’613 4’863 6’211 5’541 1’815Other income 3’5475 3’0926 6’3567 6’3568 2’5549

Total operating income 467’193 570’389 426’538 272’176 584’744 114.8%

1 Incl. CHF 4.6m Covid-19 related rent reliefs.2 Incl. CHF 2.8m Covid-19 related rent reliefs.3 Incl. CHF 3.6m Covid-19 related rent reliefs (H1 2021: CHF 3.5m, Q1 2021: CHF 1.6m).4 EPRA like-for-like rental change -0.8%; excl. Covid-19 related rent reliefs : +1.1% (H1 2021: +1.3%, 2020: +1.5%, Q1-Q3 2020: +1.0%).5 Of which CHF 2.0m VAT-opting-in effect.6 Of which CHF 3.0m VAT-opting-in effect.7 Of which CHF 6.4m VAT-opting-in effect.8 Of which CHF 6.4m VAT-opting-in effect.9 Of which CHF 2.5m VAT-opting-in effect.

Consolidated Income


(CHF 1’000) 2018 2019 2020 Q1-3 2020 Q1-3 2021 ∆

Properties’ operating expenses -12’841 -12’014 -10’613 -7’554 -8’094 7.1%Properties’ maintenance/renovation -16’961 -16’796 -15’404 -11’141 -12’541 12.6%Personnel expenses -20’027 -19’343 -20’503 -14’617 -15’539 6.3%Fees to subcontractors -39 -48 -33 -25 -25General and administrative expenses -7’690 -7’958 -7’349 -5’243 -5’943 13.3%Depreciation -1’084 -1’267 -1’330 -987 -1’047Total operating expenses -58’642 -57’426 -55’232 -39’567 -43’189 9.2%

Consolidated Expenses


(CHF 1’000) 2018 2019 2020 Q1-3 2020 Q1-3 2021 ∆

Profit before financial expenses 408’551 512’963 371’306 232’609 541’555 132.8%Net financial expenses -21’979 -19’084 -13’209 -10’076 -8’556 -17.2%Profit before taxes 386’572 493’879 358’097 222’534 533’211 139.6%Taxes - 78’4201 -40’4542 -66’0063 -42’6164 -102’2155

Net income 308’152 453’425 292’091 179’917 430’995 139.6%Net income excl. ∆-RE 176’250 215’2146 215’795 159’720 166’840 4.5%

Consolidated Results


1 Of which CHF -21.1m current and CHF -57.3m deferred.2 Of which CHF -29.4m current and CHF -11.1m deferred. The relatively low deferred taxes are due to the release of deferred taxes of CHF 59.0m

resulting from the corporate tax reform.3 Of which CHF -23.1m current and CHF -42.9m deferred.4 Of which CHF -20.8m current and CHF -21.8m deferred.5 Of which CHF -18.8m current and CHF -83.5m deferred.6 Incl. CHF 22.1m effect of deferred tax release.

Definition “Net income excl. ∆-RE”: corresponds to the net income excluding net changes in fair value of the real estate investments, net income on sales of investment properties and all of the related taxes. Income from the sale of properties which were developed by the Company itself is, however, included.

1.00

1.25

1.501.65

1.982.10

2.202.40

2.502.70

2.803.00

3.20 3.25 3.25 3.30 3.35 3.403.50 3.60 3.65

0

1

2

3

4

For business year 2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

*

Y-t-y growth n.a. 25.0% 20.0% 10.0% 20.0% 6.0% 4.8% 9.1% 4.2% 8.0% 3.7% 7.1% 6.7% 1.6% 0.0% 1.5% 1.5% 1.5% 2.9% 2.9% 1.4%

Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8% 86.5% 88.9% 85.8% 88.1% 93.8% 89.1% 87.9% 91.1% 76.7% 77.6%

Payout yield*** 2.6% 3.9% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7% 3.8% 3.7% 4.3% 3.8% 3.8% 3.8% 3.7% 3.6% 2.7% 3.1%

* Ordinary dividend, paid on 8 April 2021.** Payout / EPS excl. ∆-RE.*** Payout / share-price year-end.

Per Share Distribution (in CHF)



Share Price, rebased

Source: Bloomberg, 8.11.2021

0

50

100

150

200

250

300

350

400

450

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

PSP SPI Index SMI Index EPRA Index SREAL Index

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Outlook 35

Annex 37

7.272 7.343 7.384 7.442 7.682 7.820 7.849

7.982 8.055 8.127 8.479 8.577 8.641 8.962 8.998

8.5%

6.8%

6.1%

5.0%

4.4%4.0% 4.0%

3.5%3.2% 3.4% 3.3%

3.0%3.1% 3.1%

3.5%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

1

2

3

4

5

6

7

8

9

10

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

Real estate portfolio value in CHF bn.

Vacancy rate in % (CHF).

Portfolio and Vacancy Rate


PropertiesVacancy

(sqm)*Vacancy

rateContribution

in %-pointsActions taken / status

Hardturmstr. 161/Förrlibuck 150, Zurich 3’903 12.8% 0.3% New leases starting in Q4 2021

Rue des Bains 31bis, 33, 35, Geneva 1’373 13.9% 0.2% New lease expected

Salmencenter, Rheinfelden 2’507 11.1% 0.2% New lease starting in Q4 2021

Rue du Prince 9/11, Geneva 1’225 22.4% 0.2% New lease expected

Förrlibuckstrasse 110, Zurich 3’354 24.2% 0.2% Letting in progress

Peter Merian-Str. 88/90, Basel 1’811 13.5% 0.2% New lease starting in Q4 2021

Bahnhofstr. 81/Schweizergasse 2/4, Zurich 714 14.6% 0.2% Letting in progress

Place Saint-François 5, Lausanne 1’647 25.2% 0.2% New lease starting in Q4 2021

Richtistrasse 11, Wallisellen 1’836 22.5% 0.2% New lease starting in Q4 2021

Richtistrasse 5, Wallisellen 2’253 26.3% 0.1% Low demand, letting in progress

Total investment portfolio 41’249 3.5% 3.5%


Largest Vacancies (September 2021)

Improvement since Q2 2021 Deterioration since Q2 2021

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

(Legal termination option by tenants)

89% of the Q4 2021 maturities (CHF 20.2m) are renewed.

11% of the Q4 2021 maturities are open.

Of the 2021 maturities (CHF 52.4m) are done as per end of September 2021: 84% renewed, 12% became vacant, 4% open

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

The WAULT (weighted average unexpired lease term) of the total portfolio is 4.1 years. The WAULT of the ten largest tenants representing around 30% of the rental income is 4.5 years.

6%

18% 18%

10%

13%

11%

2% 2% 1%3%

11%

5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031+ NL

Expiry Profile of Leases (September 2021)


1 Of which:H1 2018: CHF 95.4m, of which CHF 61.9m related to the investment portfolio and CHF 33.5m to the development portfolio;Q3 2018: CHF 16.0m related to two single properties (Basel, “Grosspeter Tower”, and Zurich West, “ATMOS” project);Q4 2018: CHF 59.1m, of which CHF 48.1m related to the investment portfolio and CHF 11.0m to the development portfolio.

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

3 Of which CHF 205.6m related to the investment portfolio and CHF 31.1m to the development portfolio.

4 From the Q1 2019 acquisition of five investment properties, Bern, Bärenplatz 9, 11, 27, and the “Carba portfolio” in Bern-Liebefeld.

5 Of which:H1 2020: CHF 31.4m, of which CHF 26.4m related to the investment portfolio and CHF 5.0m to the development portfolio;Q3 2020: CHF 6.8m related to a single property (Urdorf, Heinrich-Stutz-Str. 27/29).Q4 2020: CHF 73.6m, of which CHF 66.9m related to the investment portfolio and CHF 6.7m to the development portfolio.

6 From the Q1 2020 acquisition of a single property (Zurich, Grubenstrasse 6) and the Q3 2020 acquisition of three properties (two properties in Geneva,“Hôtel de Banque” and one property in Bern, Seilerstrasse 8).

7 Of which:Q1 2021: CHF 33.2m related to two single properties (Zurich, Bahnhofstrasse 39 and Zurich West, “ATMOS” property);Q2 2021: CHF 291.8m, of which CHF 221.8m related to the investment portfolio and CHF 70.1m to the development portfolio;Q3 2021: CHF 6.9m related to two single properties (Zurich, Bahnhofplatz 9, CHF 5.6m, and Locarno, Via Respini 7/9, CHF 1.3m).

Changes in Fair Value (September 2021)


(CHF m) 2018 2019 2020 Q1-Q3 2021

Existing portfolio 170.61 236.73 111.85 331.97

Acquisitions / first-time valuation - 3.92 7.54 -10.26 0

Total net changes in fair value 166.7 244.2 101.6 331.9

2013

2014

2015

2016

2017

2018

2019

2020

H1

2021

Weighted Ø discount rate(investment properties only)

4.91%* 4.81%* 4.57%* 3.82%** 3.62%** 3.49%**1 3.33%** 3.21%** 3.10%**

Portfolio nominal discount rateArea Minimum Maximum Weighted ØZurich 2.3% 4.8% 3.0%Geneva 2.3% 4.5% 3.0%Basel 2.7% 3.8% 3.3%Bern 2.6% 4.3% 3.2%Lausanne 2.7% 4.3% 3.3%Other locations 2.9% 5.1% 3.8%All areas (all objects) 2.3% 5.1% 3.1%**

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

Valuation done by Wüest Partner.**1 Excl. the acquired Edmond de Rothschild portfolio and the completed “Grosspeter Tower” in Basel: 3.51%.

Changes in Fair Value: Discount Rates (June 2021)


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Outlook 35

Annex 37

Diversified and stable lender portfolio 11 domestic banks and 1 syndicated loan (with 11 Swiss Cantonal banks)

In total, CHF 300m bonds and CHF 140m note issued in Q1-Q3 2021 First Swiss bond issued on a digital platform, 16 September 2021: CHF 100m, all-in 0.18% p.a., maturing in 2031

High visibility on debt maturity profile Weighted average loan maturity of 5.2 years, Ø fixed-interest period of 5.1 years Private placement of CHF 150m maturing in December 2021

CHF 1bn unused credit lines (thereof CHF 700m committed) as per today

Moody’s Issuer Rating A3 Senior Unsecured Rating A3 Outlook stable

Debt


Money values in CHF m 2018 2019 2020 Q3 2021 ∆

Shareholders’ equity 4’156.9 4’450.2 4’579.2 4’852.8 6.0%- % of total assets 54.6% 55.4% 52.8% 53.6%Deferred tax liabilities (net) 851.9 862.4 905.5 990.8- % of total assets 11.2% 10.7% 10.4% 10.9%Interest-bearing debt 2’511.2 2’596.1 3’057.2 3’106.3 1.6%- % of total assets 33.0%1 32.3% 35.3% 34.3%- Loans, unsecured 1’120.0 800.0 1’020.0 1’010.0- Bonds 1’391.2 1’779.6 2’021.3 2’080.7- % long-term 75.3% 78.8% 85.9% 88.1%Net financial expenses 22.0 19.1 13.2 8.3- Ø cost of debt 0.94% 0.77% 0.53%2 0.41%2

Interest coverage ratio 11.0 x 13.4 x 20.5 x 25.3 xFixed interest rate > 1 year 76.5% 76.9% 84.3% 86.8%Ø fixed-interest period in years 3.0 4.4 5.0 5.1

1 Adjusted LTV of 31.8%, excl. debt of CHF 125m related to temporary fixed-term deposits. Debt was repaid on 10 July 2019.2 Reflects the average cost of debt over the past four quarters. As per 30 September 2021, the passing average rate was 0.39% (31 Dec. 2020: 0.47%).

Capital Structure


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Outlook 35

Annex 37

Project Pipeline


CHF 147m to invest going forward

Paradiso “Residenza Parco Lago”

3 sites

14 projects

1

2

3

4

5

1

42017 2018 2019 2020 2021 2022 2023

CHF 80m

Stage 1, CHF 55m

Stage 2, CHF 45m

Stage 3, CHF 19m

CHF 16m

CHF 37m

CHF 35m

Zurich „Bahnhofquai/-platz“

Bern “Bärenplatz“

Basel “Baufeld C”

Zurich “B2Binz”

2/5

3

Under construction Conversion of existing site (former brewery) Completion end of 2021, all units to be sold New building with mixed use (approx. 13’000 m2): mainly residential units & some office and retail area Investment sum approx. CHF 80m (thereof CHF 70.4m spent) 71% of units sold and 10% reserved www.parcolagoparadiso.ch

«Residenza Parco Lago» Paradiso


http://www.parcolagoparadiso.ch/

Renovation in three stages, total investment sum approx. CHF 119m

Stage 1, under construction:

Bahnhofplatz 1, Bahnhofquai 9/11/15 Completion end of 2021

Investment sum approx. CHF 55m (thereof CHF 31.0m spent)

Long-term lease signed with Signature (co-working brand of IWG CH, International Workplace Group Switzerland)

98% pre-let

Project «Bahnhofquai/-platz» Zurich


Visualisation


Waisenhausstrasse 2/4, Bahnhofquai 7 Completion end of 2021 Investment sum approx. CHF 45m

(thereof CHF 42.2m spent) Long-term lease signed with: Ruby Hotel & Resorts (“Lean Luxury” concept,

208 rooms), opening 18 October 2021 Candrian Catering, “Du Pont Brasserie & Bar”

(250 indoor and 142 outdoor seats),opening 26 October 2021

100% pre-let


Bahnhofplatz 2 Completion beginning of 2023

Investment sum approx. CHF 19m(thereof CHF 1.8m spent)

Letting level n.a.

Project «Bahnhofquai/-platz» Zurich (cont.)


Stage 2, visualisation

Stage 3

Stage 2, July 2021

Project «Bärenplatz» Bern


Under construction Bärenplatz 9, 11, 27 Comprehensive renovation and modernisation; mixed use: gastronomy (approx. 1’100 m2),

office (approx. 1’300 m2) and residential (approx. 900 m2) Completion mid-2022 Investment sum approx. CHF 16m (thereof CHF 8.4m spent) 70% pre-let (gastronomy and office area)

Under construction Grosspeterstrasse 18 New building/construction Approx. 5’600 m2 office space Completion end of 2022 Investment sum approx. CHF 37m (thereof

CHF 15.7m spent) 50% pre-let to Swisscom 8% pre-let to gastronomy operator www.grosspeter-tower.ch

Project «Baufeld C» Basel


Visualisation

http://www.grosspeter-tower.ch/

Project «B2Binz» Zurich


Visualisations

Under construction Grubenstrasse 6 (district 2), plot of land with commercial building acquired in March 2020 New building with office (approx. 5’200 m2) and commercial (approx. 6’100 m2) areas Completion beginning of 2023 (demolition of old building finished end of September 2020) Investment sum approx. CHF 35m (thereof CHF 0.7m spent) www.b2binz.ch

http://www.b2binz.ch/

CAPEX Potential rental

income3

Pre-letin %

(CHF m)

Completion Total expected2021-2024 2021 2022 2023/

2024

“Residenza Parco Lago”, Paradiso1 2021 80.0 9.9 6.8 3.2 0 n.a. n.a.

Project “Bahnhofquai/-platz”, Zurich1 2021-23 119.0 35.1 6.7 23.6 4.8 ~ 12.0 98%4

Project “Füsslistrasse”, Zurich2 2024 15.0 12.6 0.4 1.8 10.4 ~ 3.2 50%

Project “Baufeld C”, Grosspeter, Basel1 2022 37.0 21.3 6.5 12.0 2.7 ~ 1.9 58%

Project “P-West” (parking), Zurich2 2022 9.0 7.7 0.3 7.0 0.4 ~ 2.3 90%

Project “Bärenplatz”, Bern1 2022 16.0 7.6 4.6 3.0 0 ~ 1.8 70%

Project “B2Binz”, Grubenstrasse, Zurich1 2023 35.0 32.8 6.7 18.4 7.8 ~ 2.8 0%

Project “Metropole”, Bern1 2022 20.0 14.1 3.5 9.0 1.5 ~ 1.4 100%

Project “Zollstrasse”, Zurich1 2021 4.0 0.9 0.3 0.6 0 ~ 1.0 25%

Project “Gartenstrasse”, Zurich1 2022 7.0 4.5 1.8 2.7 0 ~ 1.0 0%

Total development sites 342.0 146.5 37.7 81.3 27.6 ~ 27.45

thereof committed 33.9 42.1 n.a.

Total investment portfolio ~ 27.5 n.a. n.a.

Capex and Potential Rental Income Overview


1 Under construction/renovation.2 In planning.3 Potential rental income after completion assuming full letting.4 Relating to properties Zurich, Bahnhofplatz 1, Bahnhofquai 9/11/15 and Waisenhausstrasse 2/4, Bahnhofquai 7.5 Of which CHF 7.3m already earned as per 30 September 2021.

Disposals Q1-Q3 2021


Development property

Zurich-Kilchberg, Seestrasse 40, 42 (project “Seestrasse”), 24 March 2021

CHF 20.0m (gain CHF 7.3m)

Smaller part of the remaining Wädenswil site

CHF 0.4m (gain CHF 0.358m), 19 May 2021

Residential units of the “Residenza Parco Lago” development in Paradiso

CHF 33.3m (gain CHF 9.0m)

Subsequent events: sale of two investment properties

Locarno, Via Respini 7/9, CHF 11.5m, 1 October 2021

One building of the Gurten site: Wabern bei Bern, Gurtenbrauerei 32 & 37, CHF 18.1m, 5 October 2021

Zurich, Schaffhauserstrasse 611, CHF 23.0m, 1 November 2021

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Outlook 35

Annex 37

Covid-19 Implications


Tenant issues and measures taken Limited exposure to sectors which were directly affected by restrictions and/or lockdowns Approach: temporary and provisional deferments are not a waiver, i.e. the rents are still due Lockdown March 2020: ~ 350 tenants asked for rent holiday/reduction, of which ~ 220 were directly affected

(out of total ~ 2’300 tenants) No open cases or ongoing negotiations Rent reliefs Q1-Q3 2021: CHF 3.6m

(H1 2021: CHF 3.5m, FY 2020: CHF 4.6m, Q1-Q3 2020: CHF 2.8m) Rent collection Q1-Q3 2021: 100% (H1 2021: 99%, FY 2020: 97%) Outstanding lockdown-related rent receivables Q3 2021: CHF 6.7

(H1 2021: CHF 9.1m, 2020: CHF 5.4m)

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Outlook 35

Annex 37

Updated Consolidated EBITDA (excl. changes in fair value) > CHF 275m (previously: ~ CHF 275m)

Updated Vacancy rate portfolio (year-end) 4% (previously: < 4.5%)

Outlook 2021


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Outlook 35

Annex 37

Board of Directors Luciano Gabriel, 1953, Chairman Corinne Denzler, 1966, Member Adrian Dudle, 1965, Member Peter Forstmoser, 1943, Member Henrik Saxborn, 1964, Member Josef Stadler, 1963, Member Aviram Wertheim, 1958, Member

Executive Board Giacomo Balzarini, 1968, CEO/CFO Reto Grunder, 1974, CIO Martin Heggli, 1977, COO

Board of Directors and Executive Board


Number of employees: 97* Number of caretakers: 22

Property ManagementReal Estate Investments

Construction (16)

Asset Management (4)

Finance / Operations

Zurich Office (19, 13*)

Geneva Office (7, 5*)

Basel Office (12, 4*)

Accounting / Controlling (9)

Analysis / Reporting (1)

Executive Board (3)

Business Development (2)

Group Overview (30 September 2021)


Property Marketing / CRM (4) IT (5)

Treasury / Capital Market (1)

Communications / IR / Sustainability (2),Legal (4), HR (2), Secretariat (1)

Services / Hospitality (4)

Transactions / Portfolio Steering (1)

Strategy Switzerland only Commercial properties only Acquisitions to be justified by price and operational logic Risk-conscious financing policy

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

Assessing acquisition opportunities and corporate deals

PSP Strategy


Company Premium portfolio with limited downside risk Transparent business model Pure Swiss play Properties with further optimisation potential Financial flexibility to take advantage of market opportunities Acquisition/integration experience Sustainability (economic, ecological, social)

Share Liquid stock Earning visibility Attractive payout yield, dividend growth Broadly diversified shareholder structure

Why Investing in PSP?


Largest shareholder BlackRock, Inc.: 5.86% (notification 2 September 2017)

Chase Nominees Ltd.: 5.58% Credit Suisse Funds AG: 5.20% (notification 14 November 2019)

UBS Fund Management (Switzerland) AG: 5.09% (notification 10 August 2017)

PGGM Vermogensbeheer B.V.: 3.05% (notification 7 July 2020)

Number of registered shareholders: 5’577 Individuals: 4’854 (10% of registered shares) Legal entities: 723 (90% of registered shares)

Shareholder Base (30 September 2021)


CH, 49%

Europe, 4%Other, 4%

Non-registered, 36%

UK, 7%


Development of rental income Q1-Q3 2021

221’174 627

7’792

9’053 698 4’005

131 1’313

Rental incomeQ1-Q3 2020

Change rentalincome

Effect purchases Effect newconstructions

Effect sales Effectdevelopments

Vacancy change Other Rental incomeQ1-Q3 2021

231’507

210’000

0

220’000

240’000

(CHF 1’000)

230’000

Ebitda excl. ∆-RE in CHF m.

Ebitda margin in %.

241.7

256.1

271.1

205.6 210.7

80.8%

82.0%

83.4%84.2%

83.3%

75%

80%

85%

90%

0

50

100

150

200

250

300

2018 2019 2020 Q1-3 2020 Q1-3 2021

Ebitda


Net income excl. ∆-RE in CHF m.

Contribution of ∆-RE in CHF m.

176.2

215.2 215.8

159.7 166.8

131.9

238.2

76.3

20.2

264.2

0

50

100

150

200

250

300

350

400

450

500

2018 2019 2020 Q1-3 2020 Q1-3 2021

Net Income Components


EPS in CHF.

EPS excl. ∆-RE in CHF.

6.72

9.89

6.37

3.92

9.40

3.84

4.69 4.70

3.48 3.64

0

1

2

3

4

5

6

7

8

9

10

2018 2019 2020 Q1-3 2020 Q1-3 2021

EPS


NAV per share in CHF.

Payout in CHF, cumulative (allocation according to payment date). Q1 2021, incl. DPS of CHF 3.65, paid on 8 April 2021.

42.2147.24

50.58 51.02 51.80 53.2856.25

59.71 61.8364.95

68.87

75.2880.48

83.70 83.74 84.38 84.3086.96

90.63

97.0299.83

105.80

0.001.00

2.253.75 5.40

7.389.48

11.6814.08

16.5819.28

22.0825.08

28.2831.53

34.7838.08

41.43

44.8348.33

51.93

55.58

0

20

40

60

80

100

120

140

160

180

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q32021

NAV + Cumulative Dividend per Share


NAV per share in CHF.

Share price in CHF.

86.96 90.6397.02 99.83

105.80

92.3596.85

133.60

118.30112.60

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

2017 2018 2019 2020 Q3 2021

NAV vs. Share Price


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

1 Excl. Covid-19 related rent reliefs: +1.0%. 2 Excl. Covid-19 related rent reliefs: +1.1%.

Q1-3 2020, Dec. 2020 Q1-3 2021, Sept. 2021(CHF or %) EPRA PSP EPRA PSPA. EPS (earnings per share) 3.29 3.48 3.37 3.64

B. NRV (net reinstatement value) 123.19 119.57 130.90 127.40

C. NTA (net tangible assets) 120.76 n.a. 128.42 n.a.

D. NDV (net disposal value) 100.25 99.83 106.42 105.80

E. “topped-up” NIY (net initial yield) 3.4% 3.3% 3.3% 3.2%

F. Vacancy rate 3.0% 3.0% 3.6% 3.5%

G. Cost ratio 16.4% 14.4% 17.2% 14.5%

H. Like-for-like rental growth -0.3%1 n.a. -0.8%2 n.a.

I. Capex in CHF 1’000 465’034 n.a. 102’196 n.a.

EPRA Performance Measures


Numbers of properties

Rentalincome

in CHF m

Revaluation in CHF m

Value in CHF m

Net yield in %

Vacancy in %

Zurich Q1-3 2021 76 126.4 172.5 4’772.3 3.2 2.7FY 2020 76 163.7 103.4 4’411.8 3.3 2.1

Geneva Q1-3 2021 19 29.5 59.8 1’240.9 2.7 4.1FY 2020 19 33.5 -12.0 1’176.2 2.7 3.4

Basel Q1-3 2021 15 21.7 11.7 737.4 3.3 3.8FY 2020 15 28.9 6.8 722.2 3.5 4.1

Bern Q1-3 2021 15 14.3 5.7 503.1 3.3 4.2FY 2020 16 19.6 -8.6 515.9 3.3 2.1

Lausanne Q1-3 2021 16 14.7 14.6 455.4 3.6 7.0FY 2020 16 19.0 2.6 437.2 3.5 6.5

Others Q1-3 2021 18 15.4 -2.4 421.0 4.1 4.1FY 2020 18 20.4 0.6 418.6 4.2 4.5

Sites Q1-3 2021 17 10.9 70.1 867.7 n.a. n.a.FY 2020 16 12.9 8.9 895.1 n.a. n.a.

Total Q1-3 2021 176 232.9 331.9 8’997.7 3.2 3.5FY 2020 176 298.0 101.6 8’577.1 3.3 3.0

Portfolio Key Figures



Office, 64%Gastronomy,

5%

Parking, 5%

Retail, 16%

Other, 10%

Other, 7%Government, 5%

Gastronomy, 9%

Telecommunication, 10%

Technology, 9%

Health Care, 9%

Financial Services, 14%

Retail, 18%

Services, 19%

Other, 71%Next five largest, 8%

Google, 4%E.d.Rothschild 2%Bär & Karrer, 2%

UBS, 4%Swisscom, 9%

Rent by Use Rent by Type of Tenants

Largest Tenants

Portfolio Key Figures, cont.

Organisation Sustainability initiatives steered by 8-member panel composed of representatives from property management,

construction, asset management, human resources and communications

Implementation in the hands of most involved department for each initiative 3 full-time specialists for energy and HVAC (new building, renovations, operational optimisation)

Standards and Ratings

EPRA sBPR, Gold Award

GRESB, Green Star

CDP, A-

MSCI, AA

Sustainability


Portfolio 86% of the portfolio is very well connected, 11% is well connected to public transport (“ÖV-Güteklasse” A and B) Achieved a 52% reduction in CO2 emissions per square metre since 2010 (from 21.1 to 10.1 kg CO2e/m2) Achieved a 30% reduction in energy use per square metre since 2010 (from 125 to 87.9 kWh/m2)

Own solar PV production in 2020: 1’323 MWh, 2 new installations in Q2/3 21, adding another 215 MWh per year Share of electricity consumption from renewable sources in 2020: 99% Corona-related restrictions (lockdown, home-office) in 2020 led to reductions in energy and water use that were

higher than could be expected during normal operations

Sustainability, cont.



Wir haben uns das Ziel gesetzt, die spezifischen CO2-Emissionen unseres Portfolios bis 2035 um rund 50 % auf 6.15 kg CO2e/m2 zu reduzieren.

Scope 1: CO2 emissions arising directly in the properties through oil and gas heating

Scope 2: CO2 emissions arising in production of district heating/cooling and electricity

~ 50%

Portfolio (cont.) New CO2 reduction target: We want to reduce the specific CO2 emissions of our portfolio (in kg CO2e/m2) by

around 50% by 2035 (based on 2019 emissions)

© PSP Swiss Property I Page 54

Tenants Integration of sustainability related questions in 2020 tenant survey: results showed great interest in

sustainability issues and openness towards stronger cooperation to achieve sustainability targets Two thirds of properties connected to energy control and alarm management system

Increased efforts in digitalisation in marketing as well as property management in order to improve transparency, efficiency and service

Employees Certified as “Great Place to Work®” in November 2019 and ranked 8th in May 2020

in the category of medium-sized enterprises in Switzerland (“Best Medium WorkplacesTM”), new employee survey carried out in October 2021

Diversity: significantly increased share of women in the construction unit Equal pay analysis: external testing body SGS issued PSP Swiss Property with the “Fair-ON-Pay+” certification

in June 2020 (fair employer guaranteeing equal pay for men and women) 2021 with strong focus on employee health with several initiatives to improve fitness and strengthen resilience



Portfolio Grid (30 June 2021)


Market assessment of individual properties (by Wüest Partner)

Zurich Area


Zurich

= Investment properties= Development projects

Uraniastr. 9

Seefeldstr. 123

Bahnhofstr. 10

Bahnhofstr. 66

Bahnhofstr. 81

Bahnhofstr. 39

Brandschenkestr. 90

Bahnhofplatz 9

Bahnhofstr. 28a

Geneva Area


Geneva


Rue de la Corraterie 24/26

Rue de la Fontaine 5

Cours de Rive 13/15

Rue d.l. Confédération 2Rue Richard-Wagner 6

Rue des Bains 31/33/35

R.d. Acacias 50/52

Rue de la Gabelle 6

Basel Area


Basel

= Investment properties= Development project

Grosspeterstr. 44

Peter Merian-Str. 88/90

St. Alban-Anlage 46

Freie Strasse 38

Barfüsserplatz 10

Steinentorberg 8/12

Kirschgartenstr. 12/14

Marktplatz 30/30a

Dornacherstr. 210

Bern Area


Bern

Bärenplatz


Kramgasse 78

Kramgasse 49

Zeughausgasse 26/28Bollwerk 15

Laupenstrasse 18/18a

Seilerstrasse 8

Eigerstrasse 2

Lausanne Area


Lausanne

= Investment properties

Place Saint-François 15

Place Saint-François 5

Rue Saint Martin 7

Rue du Pont 22Rue de Sébeillon 2

Avenue de Sévelin 54

Avenue de Sévelin 40

Avenue de Cour 135

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

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

Contacts


mailto:[email protected]

mailto:[email protected]

None of the information in this presentation constitutes an offer of securities for sale in the United States. Securities may not be

offered or sold in the United States absent registration or an exemption from registration. None of the securities of the Company

referred to in this presentation have been or will be registered under the United States Securities Act of 1933, as amended (the

"Securities Act"), or under the applicable securities laws of any state or other jurisdiction of the United States.

Disclaimer


Quarterly Results Q1-Q3 2021

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Transcript of Quarterly Results Q1-Q3 2021