Zug Estates Group. Financial Year Tobias Achermann, CEO Gabriela Theus, CFO. March 11, 2016

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2 Zug Estates Group Financial Year 2015 Tobias Achermann, CEO Gabriela Theus, CFO March 11, 2016

3 2015 in a nutshell Gratifying result Operating income before depreciation and revaluation CHF 39.2 Mio. +4.0% Net income CHF 67.1 Mio % Fair value of portfolio CHF 1.2 Mrd. +7.0% Distribution per share 1 CHF % Overall earnings per share 17.6% 1 Proposal of the board of directors Suurstoffi site, Risch Rotkreuz Letting in line with strong development momentum Defined development pipline accounting for an investment volume of >CHF 400 million for the Suurstoffi site Zug Estates Group 3

4 2015 Net income up by 49% in CHF million Δ Property income % Hotel & catering income % Other operating revenue % Total operating revenue % Revaluation of investment properties (net) Income from sale investment properties % Total income % EBITDA % EBITDA excluding income from revaluation % EBIT % EBIT excluding income from revaluation % Net income % Net income excluding income from revaluation % 1 Pro forma figures Zug Estates Group 4

5 CHF million % Profitable revenue growth Revenue and income in CHF million or % Other real estate income Income from Hotel & catering Income from MEG Metalli Current rental income Operating income before depreciation and revaluation in % operating income Excluding real estate transactions, rental revenue would have been about CHF 1 million higher Zug Estates Group 5

6 CHF million % Dynamic portfolio growth continues Market values in CHF million or % 1'200 1' Operating properties (at market value) 1'111 Undeveloped plots Investment properties under construction 1' Investment properties Year-on-year change Zug Estates Group 6

7 Focus on Zug region Portfolio by site Based on fair value* as at December 31, 2015 Zug City Center site 67% Suurstoffi site, Risch Rotkreuz 33% Other 1% Focusing of the portfolio Disposal of an industrial site in Oberentfelden (Aargau) effective March 1, 2015 Decision to sell further non-strategic apartments in Baar Consolidation of Suurstoffi site creates ideal conditions for developing Lucerne University s Suurstoffi campus Total portfolio: CHF million * with the exception of pre-investments and undeveloped plots carried at cost Zug Estates Group 7

8 Residential proportion rises to nearly 30% Portfolio by use Based on projected rental revenue* as at December 31, 2015 Tenant structure Investment properties, based on projected rental revenue as at December 31, 2015 Hotel & catering 13% Parking 9% Education & culture 2% Other 3% Residential 29% Novartis Migros* UBS 8.2% 7.2% 5.7% 26.9% (avg. weighted residual term: 8.0 years) Dosenbach-Ochsner 3.0% Office 20% Retail 24% H&M Rest, incl. vacancies 2.8% 73.1% * From point of view of real estate business unit * Various companies of the Migros Group Zug Estates Group 8

9 Decline in vacancies Vacancy rate (on reference date) in % Breakdown of vacancies as at December 31, Other 17% Other voids before initial renting 2% Residential 9% Sales 1% Office space 10% Parking space before inital renting 16% H Parking space 6% Office space rented as of % Voids before initial renting and strategic voids as at December 31 Vacancy rate at December 31 Zug Estates Group 9

10 Revaluation of investment properties reflects above-average quality of portfolio CHF million Project development Change in projected rental revenue Change in discount rate Other effects Revaluation of investment properties (net) Discount rate (real), in % Factors influencing revaluation 2015 mainly market-based 150 Discount rates real Bandwidth Weighted average Zug Estates Group 10

11 Strong equity base as solid foundation for planned growth drive % CHF million Equity and investments in CHF million or % Investments in the portfolio (right-hand axis) Equity ratio (left-hand axis) Zug Estates Group 11

12 Systemic risk minimized by long-term fixed interest rates and low level of borrowing Selected key figures As at December 31, 2015 Maturity structure of financial liabilities As at December 31, 2015 in CHF million Cash and cash equivalents short-term 0 45 Interest-bearing debt years In % of total assets 26.4% 25.5% 29.4% 29.4% - Avg. interest rate 2.6% 2.6% 2.2% 2.5% 5-10 years Avg. residual term 10.5 Y 9.5 Y 7.6 Y 9.2 Y - Interest coverage 4.1 x 4.7 x 5.1 x 4.5 x over 10 years CHF million Zug Estates Group 12

13 '162 1'335 1'310 1'244 1' '469 1'445 1'600 CHF CHF Payout increases by 10.8% Income and payout per series B registered share Stock market price and NAV per series B registered share As at December ' ' Net income (1) Net income excluding revaluation (1) Payout from capital reserves (2) Stock market price NAV at market value (3, 4) 1 In relation to number of shares on average outstanding (series A registered shares converted) 2 Payable in the following year; 2015: proposal of the board of directors 3 The NAV at market value includes properties used for operational purposes at market value and corresponding deferred taxes 4 In relation to number of shares outstanding (series A registered shares converted) Zug Estates Gruppe 13

14 Dez 14 Mrz 15 Jun 15 Sep 15 Dez 15 CHF Total return per share at 17.6% Performance series B registered shares Performance in 2015 ZUGN % SXI % SPI % ZUGN SXI, adjusted SPI, adjusted Zug Estates Group 14

15 Segment report 2015 in CHF million Real estate Hotel & catering Corporate & eliminations Total operating revenue Total operating expenses Revaluation Income from sale of investment properties EBITDA EBIT in CHF million Real estate Hotel & catering Corporate & eliminations Total operating revenue Total operating expenses Revaluation Income from sale of investment properties EBITDA EBIT EBIT hotel & catering incl. operating properties: CHF 4.3 million (previous year: CHF 3.4 million) EBITDA return at fair value of operating properties: 6.4% (unchanged) Zug Estates Group 15 Total Total

16 Metalli Living hub Revenue per unit area of shopping centers in the region Data for 2015 Source: GfK Metalli, Zug Zugerland, Steinhausen Mythen Center, Schwyz Emmen Center, Emmen Sihlcity, Zürich 7'000 9'000 11'000 Revenues, in CHF per m 2 Metalli shopping mall Annual turnover of CHF 171 million (previous year: -0.3%) High revenues per unit area Strong catchment area residents and workers can be reached within 10 minutes Successful lettings in m 2 office and retail space Enhanced offering Rituals from April 2016 The Butcher from May 2016 Zug Estates Group 16

17 Suurstoffi construction of third phase began in fall 2015 Serviced apartments 152 rental apartments with 1.5 to 5.5 rooms 8 units for student accommodation (52 rooms) Additional workplaces m 2 of office and commercial space, of which some 38% let Anchor tenant GfK Negotiations on further approx m 2 of office space at advanced stage Continuation of carbon-free energy concept Visualization Suurstoffi 16-20, Risch Rotkreuz Investment volume approx. CHF 110 million Zug Estates Group 17

18 Suurstoffi Home to Lucerne University of Applied Sciences and Arts as of 2016 Long-term rental agreement with Lucerne University of Applied Sciences and Arts HSLU Definitive location from 2019 Transitional solution from summer 2016 Construction of Suurstoffi campus proceeding in two stages with focus on IT and finance Adaption of development plan including a higher plot ratio an additional residential space planned by the end of 2016 Public competition for the new building next to the train station; results due in spring 2016 Zug Estates Group 18

19 Suurstoffi Residential tower block from meter tall residential tower at center of site Approx. 90 apartments with spacious, greened external areas Approx m 2 of office and commercial space Sale of freehold apartments planned to be on arm's-length basis; pricing not yet decided Construction start 2016 Move-in 2018/19 Visualization Suurstoffi 37/39, Risch Rotkreuz Zug Estates Group 19

20 Suurstoffi Plans under way for Suurstoffi 22 office building Visualization Suurstoffi 22, Risch Rotkreuz Office building for 600 workplaces Building permit in 2016 envisaged Development as required, possible as of end 2016 Tallest wooden building in Switzerland planned with a composite masonry-andtimberwork design Investment volume approx. CHF 55 million Zug Estates Group 20

21 Suurstoffi completed by rental apartments Accom. for 52 students Approx 500 workplaces Approx. 90 condominium apartments Approx. 100 workplaces Suurstoffi Rotkreuz campus of Lucerne University of Applied Sciences and Arts Approx. 700 workplaces Approx. 600 workplaces Zug Estates Group 21

22 Portfolio value expected to be approx. CHF 1.5 billion by 2020 Value of portfolio in CHF million 1' % 1' '111 1'189 75% 50% % 21% 23% 25% 27% 25% 29% 25% % Investment properties Undeveloped plots Residential share (based on projected rental revenue) Investment properties under construction Operating properties (at market value) Zug Estates Group 22

23 Targeted strengthening of organization with a view to planned growth drive Employees by business unit Full-time equivalents Real estate business unit Hotel & catering business unit Zug Estates Group 23

24 Financial year 2016 Outlook Rise in rental income Declining vacancies Preparations for imminent, major growth drive result in higher costs Decline in catering income and rising profitability for hotel & catering business unit Operating income before depreciation and revaluation on a par with previous year Revaluation of investment properties (net) lower than previous year Zug Estates Group 24

25 Disclaimer The financial data as well as the other information presented herein constitute selected information. The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Zug Estates Holding AG. This information or any copy thereof may not be sent or taken to or distributed in any jurisdiction in which such transmission or distribution is unlawful. This document may contain certain forward-looking statements. By their nature, forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results and occurrences to differ materially from the expectations contained or implied in the forwardlooking statements. Zug Estates Gruppe 25

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