Version of EUR Unit Class for Investors with Unlimited Tax Liability in Germany, July 15, % 0.0% 3.0% -3.3% 6.0% 9.0%

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1 Asset Management CS EUROREAL Bulletin Disclaimer: CREDIT SUISSE ASSET MANAGEMENT Immobilien Kapitalanlagegesellschaft mbh has given irrevocable notice of the termination of management of the CS EUROREAL special fund effective April 30, 2017, and announced the permanent suspension of the issue and redemption of CS EUROREAL shares. This means that the company will no longer execute incoming issue and redemption orders. Version of EUR Unit Class for Investors with Unlimited Tax Liability in Germany, July 15, 2015 Return & Valuation The EUR unit class of CS EUROREAL posted an investment performance of percent in May and June Returns for the first half of 2015 were in negative territory, standing at percent 1 for the EUR unit class. The performance is unsatisfactory, but it is mainly attributable to the special situation of the fund's orderly liquidation. independent experts by -3.2 percent on balance. The fund assets as of December 31, 2014 were reduced by -1.3 percent as a consequence of the value adjustments undertaken by the independent experts in the first half of Gross/Net Performance of EUR unit class of CS EUROREAL in the past 5 years (using the BVI-Method 1 ) Firstly, extensive real estate sales in the first half of 2015 im pacted on the investment return. With a total of 22 sales completed, the aggregate sale prices were only slightly below the most recent assessments of market values by independent experts. However, the investment return also felt the effect of sales-related costs and of the provisions to be set aside under the purchase contracts on the basis of the usual rules to cover potential expenses resulting from guarantees and warranties. 3.0% 0.0% 3.0% 6.0% 9.0% -3.3% 1.5% % -3.1% % -0.3% % -3.7% % -6.4% Secondly, returns were reduced by ongoing adjustments to market values as a result of the rotational revaluation of properties. The revaluation of eight properties in May and June 2015 resulted in a valuation effect of -4.2 percent. In the first half of 2015, 32 properties making up 44.5 percent of the real estate portfolio as of December 31, 2014 were revalued. Overall, the market value of these properties was adjusted downward by the Performance (net) Performance (gross) Gross performance refers to performance taking into account costs incurred at fund level. Net performance is defined as costs incurred at fund level plus the maximum issuing commission of 5 percent. Safekeeping account management fees are not included; if they were included they would detract from performance. 1 Performance calculated using the BVI method. Gross performance refers to performance taking into account costs incurred at fund level. The onetime issuing commission of up to 5 percent and separate costs such as fees, commissions and other forms of compensation are not included and would have a negative impact on performance. Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. 1/5

2 Property Sales Since the last CS EUROREAL Bulletin published on May 26, 2015, four more property sales have been contractually secured or completed. The sale of a portfolio of three German commercial properties in Berlin, Coburg and Trier has been contractually secured. The sale price of the three nearly fully rented properties was slightly above the their market value totaling EUR million as assessed by independent experts. Further information on this portfolio sale can be found in the Market Update of June 10, In addition, the nearly fully rented office property at 2 City Walk /Sweet Street in Leeds (United Kingdom) was sold effective end-june The sale price was roughly on a par with the most recently assessed market value of EUR 27.0 million. Furthermore, following fulfilment of the contractual conditions, the sale of the two office properties at Rue Colonel Bourg 105 a in Brussels (Belgium) and Stresemannallee 4a-4c, 6 in Neuss (Germany), which had already been contractually secured, was finalized in June 2015 with the transfer of burdens and rights. Significant progress was made in the first half of 2015 in terms of the sales process. Overall, binding contracts to sell 22 properties for approx. EUR 815 million were concluded during this period. However, part of the sales proceeds will not be available to the fund until the contractual payment conditions have been met, and so will be available for later distributions. This applies in particular to the portfolio sale of three commercial properties in Berlin, Coburg and Trier, which was contractually secured in June Once this portfolio sale has been completed, there will be 46 CS EUROREAL properties remaining for sale with a total value of EUR 2.3 billion. Further extensive real estate sales are already in the process of negotiation or preparation. We will report on the ongoing sales progress in subsequent CS EUROREAL Bulletins. Rentals & Asset Management Between the end of April and the end of June 2015, the occupancy rate improved significantly from 84.0 percent to 85.9 percent. The main reason for this was the sale of the portfolio of 16 German office properties in May 2015 which had belowaverage occupancy overall. In addition, new leases were signed in May and June on just under 10,500 sqm of space in net terms including the loss of three tenants. The occupancy rate in the first half of 2015 was down slightly versus end-2014, falling by 0.5 percentage points. This was due in particular to the reinclusion in the occupancy rate calculation from March 2015 of 5,565 sqm of unoccupied space in the "Sijthoff City" property in The Hague (Netherlands) following completion of the redevelopment work. The resulting negative impact on the occupancy rate was not fully compensated by the slightly positive effect of real estate sales and the otherwise positive leasing performance. On July 8, 2015 the topping-out ceremony was held for the building at Taunusanlage 8 in Frankfurt am Main (Germany). This modern landmark office property in the heart of Frankfurt's financial district is scheduled to be completed in the second quarter of A lease contract has already been signed with the international commercial law firm Linklaters to occupy around a third of the office space, totaling 28,680 sqm. Loans 2 No further loans were repaid in May and June In the first half of 2015, the loan portfolio shrank by a further EUR 31.6 million to reach EUR million as a result of real estate sales and repayment of loans falling due. This means that loans equated to only 6.3 percent of real estate assets as of June 30, In connection with completion of the portfolio sale of the three German retail properties mentioned above, a further loan for the Galeria-Kaufhof department store in the Ring-Center in Berlin- Lichtenberg amounting to EUR 14.3 million will be repaid. In addition, two other real estate loans totaling EUR million will fall due for repayment by the end of The fund will then be almost completely free of debt. The liquidity still needed for repayment of the existing loans will continue to be retained in the fund for risk reasons. Distribution/Capital Repayment With the seventh distribution within the framework of the liquidation and payout of CS EUROREAL, a total of around EUR 500 million will be paid out to investors on July 28, The distribution amounts to EUR 4.80 per unit in the EUR unit class. The liquid assets remaining in the fund following the distribution will be needed to cover future expenses and obligations of the fund. These comprise in particular the repayment of the remaining loans, the completion of current development projects to maintain or enhance the value of the properties, and liabilities on the balance sheet resulting from real estate sales and ongoing real estate business, such as tax liabilities abroad. It also needs to be borne in mind that, as more properties are sold, the fund is generating less and less rental income. Thus, the retention of adequate liquidity will enable continued proper operation of the fund in the interests of investors. Following the initiation of the fund's liquidation, distributions comprise of ordinary and extraordinary income as well as a capital repayment from the fund's assets. The latter part is free of tax for investors with unlimited tax liability in Germany. The distribution of EUR 4.80 per unit in the EUR unit class, which is free or nearly free of tax for investors with unlimited tax liability in Germany, composes as follows: 2 Figures may differ from previous versions and/or compared with the beginning of the fund liquidation due to currency translation effects on foreign currency loans. 2/5

3 EUR unit class Natural persons with units held as private assets. Natural persons with units held as business assets. Corporations 8b (1) and (2) KStG. Corporations 8b (7) and (8) KStG. Distribution according to investment law Amount of distribution 1) thereof dividend-equivalent income of previous years of which non-taxable capital distribution Reinvestment of profits Total amount of the income accruing to investors for tax purposes of which tax-free capital gains 2) of which foreign income that is tax-exempt under DTA Tax-free and non-taxable portion of the distribution and reinvestment amount Tax-free and non-taxable portion of the distribution and reinvestment in % Taxable portion of the distribution and reinvestment Taxable portion of the distribution and reinvestment in % Assessment basis for capital gains tax 3) Capital gains tax (25%) Solidarity surcharge (5.5%) ) Distribution amount includes the distribution under investment law of EUR per unit plus paid foreign taxes of EUR per unit less refunded foreign taxes of EUR per unit. 2) Capital gains from shares in domestic and foreign real estate investment corporations that were acquired before January 1, 2009 are taxfree. 5 percent of the capital gains are deemed to be non-deductible business expenses for corporations and are thus subject to taxation. For sole proprietorships, 60 percent of the capital gains are taxable and 40 percent is tax-free (so-called partial income method). ³ ) The assessment basis for capital gains tax includes EUR per unit from domestic rents and domestic capital gains, on which capital gains tax is levied for foreign investors and for units held in foreign custody accounts. As of fiscal year-end, less than 15 percent of the assets of the CS EUROREAL fund consisted of claims as defined by the STD. The interest portion contained in the distribution is EUR per unit for the EUR unit class. 3/5

4 In comparison to the tax approach presented above, in terms of the use of funds, EUR per unit of the total distribution of EUR 4.80 per unit in the EUR unit class is attributable to current income and EUR 5.59 per unit to the capital repayment. Please note that this approach only considers the breakdown according to the use of funds, which may differ from the tax breakdown. With the distribution on July 28, 2015, the unit price will reduce by EUR 4.80 per unit for the EUR unit class. This price reduction does not represent a loss for investors because the equivalent amount will be paid out to investors or credited to their reference account, where applicable reduced by the amount of the withheld capital gains tax. Since the process of orderly liquidation was initiated on May 21, 2012, just under EUR 2.7 billion has been repaid so far to investors in CS EUROREAL including the distribution/capital repayment on July 28, Measured according to the unit value of the EUR unit class when the fund liquidation began, this equates to 46.2 percent, i.e. just under half of the unit value at that time. In addition, real estate loans totaling in excess of EUR 1.2 billion have been repaid from the sales proceeds achieved thus far and from current income. The distributions/capital repayments since the liquidation of the fund was initiated break down as follows: Date EUR unit class EUR EUR EUR EUR EUR EUR EUR 4.80 Total: EUR Subject to the possibility of interim distributions if the corresponding sales volumes are achieved, and depending on the liquidity available, the next rotational semi-annual distribution is currently scheduled to be paid toward the end of January We will announce the exact date in due course in a subsequent CS EUROREAL Bulletin. The next CS EUROREAL Bulletin is expected to be published in September /5

5 Contact: CREDIT SUISSE (DEUTSCHLAND) AKTIENGESELLSCHAFT Junghofstrasse 16 D Frankfurt am Main Service-Line: Telephone: +49 (0) Telefax: +49 (0) Copy deadline: Source: Credit Suisse, otherwise specified Important tax information The tax information includes the legal status until May 31, It is aimed at taxpayers subject to unlimited income tax liability or unlimited corporation tax liability in Germany. We cannot guarantee that the accuracy of this information will not be affected by changes in tax laws, court rulings or decrees of the tax authorities. The tax information makes no claim of completeness and does not represent tax advice. We recommend foreign taxpayers to consult a tax consultant and clarify the tax consequences resulting from the purchase of units in their home country. Important Information: 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. However, CS 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 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. 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). The document is not intended to be addressed to new investors contemplating investment in the fund e.g. via the stock exchange. The trading of CS EUROREAL units on the stock exchange is neither organized nor supported by CS. Therefore, CS does not provide any documents for these investors. 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. The composition of customized benchmarks, as well as additional explanations of linked benchmarks, can be obtained from the Fund management company or the Fund s representative in Germany. GE/E/ This document qualifies as marketing material that has been published for advertising purposes. It must not be read as independent research. Copyright 2015 Credit Suisse Group AG and/or its affiliates. All rights reserved. 5/5