PORTFOLIO VALUE: CHF 5.518 BILLION
The quality of the portfolio was further improved by selling eight investment properties for a total of CHF 28.7 million as well as targeted renovations and other building measures totalling CHF 116.2 million. The real estate portfolio appreciated by CHF 180.6 million or 3.5%.

STABILISATION OF THE VACANCY RATE
Despite a challenging rental market and the completion of two new office buildings in Wallisellen, the overall
vacancy rate stood at 8.5%, i.e. below our projection of 9%.

EQUITY BASE: CHF 2.943 BILLION
With an equity ratio of 52.7% and a debt ratio of 35.7%, PSP Swiss Property has a very strong balance sheet.

SUCCESSFUL DEBT MANAGEMENT
At the end of 2010, unused credit lines amounted to CHF 630 million. Together with the strong equity base this means excellent financing opportunities for future growth respectively flexibility.

EBITDA: CHF 223.3 MILLION
Due to lower costs, the previous year’s EBITDA of CHF 221.1 million was exceeded by 1.0% and the forecast of „more than CHF 215 million“ strongly beaten.

NET INCOME EXCLUDING GAINS/LOSSES ON REAL ESTATE INVESTMENTS: CHF 139.8 MILLION
Compared to the previous year, net income excluding gains/losses on real estate investments increased by 2.4% respectively 1.0% per share.

NOMINAL VALUE REPAYMENT OF CHF 2.80 PER SHARE
The Board of Directors will propose to the Annual General Meeting on 1 April 2011 a payment of CHF 2.80 per share, exceeding the previous year’s payout by 3.7%. This corresponds to a cash yield of 3.7% on the 2010 year-end share price of CHF 75.00, respectively a total return of 31.9% (incl. the share price performance) for 2010.