Share buyback programme

On 9 April 2008, the Annual General Meeting authorised the Board of Directors to buy back, over a period of a maximum of three years, own shares up to a maximum amount of 5% of the issued shares (i.e. maximum 2'345'094 shares) – for later cancellation – via a 2nd trading line. So far, no shares have been bought back. The 2nd trading line is opening on 23 October 2008 and will presumably run until 8 April 2011.

Press release

21 October 2008

Share buyback programme

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Opening of a 2nd trading line on the SIX Swiss Exchange

On 9 April 2008, the Annual General Meeting authorised the Board of Directors to buy back, over a period of a maximum of three years, own shares up to a maximum amount of 5% of the issued shares (i.e. maximum 2'345'094 shares) – for later cancellation – via a 2nd trading line. So far, no shares have been bought back. The 2nd trading line is opening on 23 October 2008 and will presumably run until 8 April 2011.

The international finance and capital markets have not recovered yet. Therefore, the Board of Directors of PSP Swiss Property has decided to activate the share buyback programme and to open a 2nd trading line. Only PSP Swiss Property will be allowed to buy own shares on this 2nd trading line, but is not obliged to do so. PSP Swiss Property will be active as a buyer depending on market conditions. PSP Swiss Property reserves the right to terminate the share buyback programme prematurely.

Share buybacks are only made - for the Company's benefit - if the price of the PSP shares falls off sharply compared to its NAV (as per mid 2008: CHF 60.22). As per market closing 20 October 2008, the share price was CHF 57.20.

Shares bought back within the share buyback programme will be proposed for cancellation to the Annual General Meetings 2009 until 2011.

Since the beginning of the global finance crisis, PSP Swiss Property having a defensive character has proven to be a very solid investment vehicle. This is also a result of the Company's transparent business model, its long-term oriented strategy, the focus on prime office and commercial real estate in Switzerland's best locations as well as a conservative financing policy.

On 14 November 2008, PSP Swiss Property will publish its quarterly results Q3 2008. PSP Swiss Property confirms the positive outlook for the 2008 financial year, as earlier this year already communicated: i) EBITDA excluding gains/losses on real estate investments CHF 205 million (2007: CHF 193.9 million), ii) vacancy rate at year-end approximately 9% (end of 2007: 10.6%). 

PSP Swiss Property – leading Swiss real estate Company
PSP Swiss Property owns office and commercial properties valued at CHF 5.1 billion in prime locations in Switzerland's main economic areas; its market capitalisation amounts to CHF 2.7 billion. The approximately 80 employees are based in Geneva, Lausanne, Olten, Zug and Zurich.

Since March 2000, PSP Swiss Property is listed on the SIX Swiss Exchange (symbol: PSPN, security number: 1829415, ISIN CH0018294154).