Edmond de Rothschild Real Estate SICAV

Edmond de Rothschild Real Estate SICAV April 2013 ASSET MANAGEMENT

Introduction BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 2

Organisation Banque Privée Edmond de Rothschild S.A. Fund Manager Board of Directors CACEIS (Switzerland) Management Company Entrepreneur Sub-fund Edmond de Rothschild Real Estate SICAV KPMG Auditor Banque Cantonale Vaudoise Custodian Swiss sub-fund Helvetia sub-fund BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 3

Board of Directors Alexandre Col Chairman Banque Privée Edmond de Rothschild Member of the Executive Committe Head of Multimanagement Sylvain Roditi RJ Management CEO Charles Spierer Vice Chairman CB Richard Ellis Board Chairman Jean Golinelli CB Richard Ellis CEO François Moser Régie Moser, Vernet & Cie, Genève Partner François Rayroux Lenz & Staehelin Partner Max Zollinger KM&P, Zurich Partner and Board Member BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 4

History» March 2011: SICAV launch with the Swiss sub-fund, for a total equity size of 300 Mio Chf» February 2012: FINMA approves the creation of a second sub-fund» March 2012: Capital increase for Swiss sub-fund for 102 Mio Chf» April 2012: Launch of the 2 nd sub-fund Helvetia, for a total equity size of 200 Mio Chf BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 5

ERRES Philosophy Location Value creation Long term approach Quality Flexibility Sustainable BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 6

ERRES - SWISS BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 7

ERRES Swiss Strategy» Acquisition of individual buildings» Central & sub-urban locations with a special focus on larger cities» Stability of the cash flow over the long term:»residential:»commercial: moderated rents long term leases & participation of tenants in the outfits.» Value creation through:» Construction projects» Renovation programs with the objective to reduce operating costs» Change of use BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 8

ERRES Swiss Key numbers» 33 buildings (of which 2 under construction & 1 to change use)» Real Estate Assets: 454 Mio CHF» Under construction: 66 Mio CHF (42 Mio CHF already spent)» Debt: 106 Mio CHF 1» Net asset Value: 414 Mio CHF 2» Gross yield: 5.4% 1: including 18 Mio loan from Helvetia sub-fund 2: as of 30.09.2012 BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 9

ERRES Swiss history of investments in Mio CHF Rothschild Brugg Capite Lavaux Dietikon Feldmeilen Gachoud Veyrot Adrien Lachenal Belvedere Cologny project Margarethenstr. transformation Portefeuille OROX (incl. Agora & Biopole IV projects) Philosophes Pisciculture St GallerRing Margarethenstr. BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 10

ERRES Swiss current breakdowns BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 11

Current invesments: residential asset Dietikon (ZH)» 70 appartments» Rental surface: 4 203 sq» Gross rents: 1.1 Mio CHF» Gross yield: 5.2% Comments:» Close to railstation» No vacancy» Well maintained by previous owner BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 12

Current investments: Mixed asset AGORA- Av. Louis d Affry 4 (FR)» Appartments - office - retail» Rental surface: 15 000 sq» Gross rents: 4.1 mio CHF» Gross yield: 5.8% Comments:» New building finished in 2012» Direct access to rail and central bus stations» Major tenants: Alcon, Inditex, Coop, Activ Fitness» Urban duplex concept» Minergie BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 13

Current investments: Commercial asset Biopole III, Épalinges (VD)» Offices and laboratories» Rental surface: 4 894 sq» Gross rents: 1.7 mio CHF» Gross yield: 5.3% Comments:» 20 year lease with Biopole SA» Sub tenant mix of state entities and small start-ups» Minergie» Located close to highway and next to the metro terminal BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 14

Current investments: Development Project «Les Cèdres» Cologny (GE)» 2 buildings under construction (completed summer 2014)» Integrated in a larger development of 10 buildings (of which 7 in StWE)» 68 apartments from 3 to 5 rooms» State controlled rents» Forecasted rental income: 1.5 mio CHF» Estimated cost: 28 mio CHF» Gross yield: 5.3 % Comments:» Located at the heart of a centennial park in a prime residential location near Geneva» Excellent public transport access» Minergie BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 15

Current investments: Transformation Margarethenstrasse 87 (BS)» Mixed building Commercial (75%) / Residential (25%)» 35 new apartments to replace the commercial space» Renovation of 12 existing apartments» Projected rental income: 1.37 mio CHF» Renovation cost: 10 mio CHF» Target gross yield: 5.15% Comments:» Located near the rail station in a future pedestrian road»negociations with existing commercial tenants was a critical point to finalise project planning BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A.

ERRES Swiss Rents analysis Rents per sq by Canton 1» Rental surface 121 000 sq»under construction 11 000 sq» Total rental income 24.7Mio CHF» Average rent for the portfolio: 213 CHF / sq / year»residential»mixed»commercial 202 CHF / sq / year 237 CHF / sq / year 206 CHF / sq / year 1: Average rents by building excluding parkings. Does not include data from buildings under construction BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 17

ERRES Swiss Commercial rents analysis Expiry profile of commercial rents» 77.8% of commercial rents expire in more than 5 years BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 18

ERRES Swiss Cash flow forecasts Use Building City Canton DCF 1 Income 2012-2013 Income 2013-2014 Income2014-2015 Residential Kreuzstr./ Überlandstr. / Gjuchstr. Dietikon Zürich 22'148'000 1'119'208 1'144'000 1'150'000 Sommerhaldenstrasse 13-15 Brugg Aargau 30'644'000 134'528 1'614'000 1'614'000 Rte Belvédère 2-4 Villars s/glâne Fribourg 12'228'000 640'605 690'000 695'000 Rue Rothschild 60&64 Genève Geneva 21'930'000 267'500 1'065'000 1'070'000 Adrien Lachenal 21-23 Versoix Geneva 11'170'000 460'056 461'000 480'000 St Galler Ring 80, 82, 84 Bâle Basel 11'140'000 460'929 470'000 470'000 Rue Jacques-Gachoud 4 Fribourg Fribourg 9'069'000 209'300 459'000 491'000 Rte de la Pisciculture 4 Fribourg Fribourg 5'969'000 326'770 325'000 325'000 Rte de la Capite 180 Vesenaz Geneva 5'145'000 19'250 231'000 231'000 Rte de Lavaux 36 Pully Vaud 5'578'000 24'830 298'000 298'000 Mixed General Wille Strasse 65 Feldmeilen Zürich 41'861'000 1'627'903 1'630'000 1'700'000 Margarethenstrasse 87 Bâle Basel 15'900'000 772'565 175'000 1'370'000 Agora Fribourg Fribourg 72'510'000 1'906'219 4'115'000 4'357'000 Commercial Bvd des Philosophes 20 Genève Geneva 57'242'000 2'548'500 2'550'000 2'550'000 Biopole III Epalinges Vaud 31'930'000 1'624'998 1'700'000 1'700'000 Champ Colin Nyon Vaud 27'984'000 1'542'025 1'680'000 1'810'000 Bois des Frères Vernier Geneva 14'460'000 1'243'505 1'400'000 1'500'000 Rue de Veyrot 11 Meyrin Geneva 11'243'000 554'160 665'000 665'000 Maladière Neuchâtel Neuchâtel 10'550'000 742'200 784'000 784'900 Tuillières Gland Vaud 10'610'000 596'986 600'000 600'000 BaslerRing Olten Soleure 11'210'000 622'845 585'000 675'000 Bachstrasse Obfelden Zürich 6'213'000 285'702 422'000 490'000 Grand Montfleury Versoix Geneva 4'300'000 256'340 329'000 - Général Guisan Sierre Valais 3'541'000 278'055 324'000-1: Values as of 30.09.12 2: Construction projects do not have rents in the period under review Building City Canton Construction cost 454'575'000 18'264'979 23'716'000 25'025'900 Under construction Biopole IV Epalinges Vaud 39'033'000-352'103 1'320'388 Les Cèdres Cologny Geneva 28'000'000 - - 1'520'000 New acquisitions and projected constructions 2 Indicated numbers are forecasts which may be subject to variations 120'000'000-1'912'500 3'060'000 18'264'979 25'980'603 30'926'288 BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 19

ERRES Swiss Distribution forecasts 2012-2013 2013-2014 Income 18'264'979 25'980'603 Operating costs 2'300'000 3'630'000 Property Manager 500'000 700'000 Fund costs 4'500'000 3'800'000 Taxes 3'500'000 4'850'000 Interest 1'300'000 1'600'000 Total charges 12'100'000 14'580'000 Net income 6'164'979 11'400'603 Net income per share 1.54 2.85» Rental income 2012-2013 below rental income potential:» New buildings have not deployed their full potential as they were gradually rented» Not all buildings have been owned for the 12 months» Double structure with OROX portfolio:» Higher administrative costs until July 2012» Debt in the OROX fund when cash was available in ERRES Swiss during 2012 Indicated numbers are forecasts which may be subject to variations BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 20

ERRES Swiss Objectives for 2013-2014» Increase the residential allocation by:» New acquisitions» Development projects and transformation of building use» Selective resale of commercial buildings» Cost reduction to achieve a maximum TER of 0.85%:» Structure costs reduction, mainly on the management fees» Optimisation of building operating costs.» Deploy capital with leverage: between 100 and 120 Mio CHF (including construction projects costs)» Long term debt with minimal or no amortisation BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 21

ERRES - HELVETIA BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 22

ERRES Helvetia Strategy» Acquisition of portfolios» Central & sub-urban locations with a special focus on larger cities» Added value strategy with:» Resale of non strategic buildings» Restructuring of acquired portfolios» Developments with the possibility to include StWE BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 23

ERRES Helvetia Key Numbers» 16 assets» Real Estate Assets: 150 Mio CHF» Debt: 17.5 Mio CHF» Loan: 18 Mio CHF» Net assets: 200 Mio CHF» Gross yield: 5.5% BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 24

ERRES Helvetia Current breakdowns BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 25

Current investments: Residential building Ch. Mouille Galand, Vernier (GE)» 4 buildings» 150 apartments» Rental surface: 9 858 sq» Rental income: 2.4 Mio CHF» Gross yield on acquisition: 4.9%» Gross yield on valuation: 4.6% Comments:» Important renovations over the last years» No vacancy» Added value strategy by:» Obtaining label Minergie with additionnal improvements in technical installations» Continue renovation of apartments BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 26

Current investments: Commercial asset Freiburgstrasse 555,556 Niederwangen (BE)» Retail complex» Rental surface: 3 500 sq» Rental income: 0.67 mio CHF» Gross yield: 6.1% Commentaires:» South-West of Bern» Next to the highway» Major tenants:» Coop» La Poste BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 27

ERRES Helvetia Rents analysis Rents per sq by Canton 1» Rental surface 36 800 sq» Rental income 8.1 Mio CHF» Average rent for the portfolio: 214 CHF / sq / year»residential»commercial 238 CHF / sq / year 200 CHF / sq / year 1: Average rents by building excluding parkings. Does not include data from buildings under construction BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 28

ERRES Helvetia Cash flow forecasts Use Building City Canton DCF 1 Income 2012-2013 Income 2013-2014 Residential Rte de Prulay 37 Meyrin Geneva 10'590'000 353'895 568'000 Bv Pont d'arve 46 Geneva Geneva 9'509'000 300'491 465'000 Rte de Bugnon 15 Villars s/glâne Fribourg 4'470'000 230'110 276'000 Rte de Peney 14 Vernier Geneva 4'328'000 157'852 238'000 Rue Jacques Gachoud 2 Fribourg Fribourg 3'415'000 155'190 190'000 Impasse du Castel 10 Fribourg Fribourg 3'140'000 161'052 192'000 Ch. De Mouille Galand 2 Vernier Geneva 47'705'700 200'415 2'470'000 Hospitality Route du Lac 21 Granges Paccot Fribourg 8'572'000 363'233 487'000 Commercial Rte Cantonale 18 Conthey Valais 20'690'000 1'089'051 1'160'000 Freiburgstrasse 555-556 Niederwangen Bern 10'841'000 450'000 659'000 Ch. Petit-Flon 29-31 Mont s/lausanne Vaud 10'400'000 596'708 826'000 Av. des Boveresses 44 Lausanne Vaud 7'345'000 328'548 395'000 Rte André Piller 43 Corminboeuf Fribourg 3'055'000 179'326 206'000 144'060'700 4'565'871 8'132'000 New acquisitions and future developments 145'000'000-3'825'000 1: Values as of 30.09.12 Indicated numbers are forecasts which may be subject to variations BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 29

ERRES Helvetia Distribution forecasts 2012-2013 2013-2014 Income 4'565'871 11'957'000 Operating costs 680'000 2'000'000 Property Manager 160'000 360'000 Fund costs 1'100'000 1'820'000 Taxes 1'050'000 2'400'000 Interest 150'000 800'000 Total charges 3'140'000 7'380'000 Net income 1'425'871 4'577'000 Net income per share 0.71 2.29» 2012-2013:» Lower income due asset acquisitions during the year» Proposal to keep income of this year and to combine it with next year distribution Indicated numbers are forecasts which may be subject to variations BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 30

ERRES Helvetia Objectives 2013-2014» Finalise the investments: between 130 et 140 Mio CHF» Increase the allocation to developments» Optimise terms of the debt which was included in the acquired portfolios» Optimise operating costs:» Reduce number of property managers» Renovations programs BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 31

Current pipeline BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 32

Exclusive negociations Location Type Use Estimated cost Gross yield Vaud To develop Residential - 54 Apartments 24'000'000 5.30% Vaud Existing Residential - 46 Apartments 11'300'000 5.30% Fribourg Existing Residential - 43 Apartments 8'300'000 6.00% Geneva Existing Residential - 182 apartments 41'500'000 5.80% Fribourg Under construction Mixed - 26 apartments 15'730'000 5.10% Bern To develop Residential - 142 apartments 54'300'000 5.30% Vaud To develop Mixed - 39 apartments 37'000'000 5.45% Total 192'130'000 5.5% BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 33

Disclaimer Edmond de Rothschild Real Estate SICAV (the "SICAV"), Geneva is an externally managed société d investissement à capital variable incorporated in Switzerland in the "real estate" category, as defined in the Swiss Collective Investment Schemes Act (CISA). The SICAV has delegated administration, management and distribution to its Fund Management Company, CACEIS (Switzerland) SA, Nyon, which has in turn delegated the SICAV's investment management and the exclusive distribution of its shares to Banque Privée Edmond de Rothschild SA, Geneva, which also has sub-distribution authority. Banque Cantonale Vaudoise, Lausanne is the SICAV's custodian. Subscriptions shall be valid only of the basis of the current prospectus including the investment regulations and articles of association, together with the simplified prospectus and the latest annual report (or semi-annual report if it is more recent). These documents may be obtained free of charge from the headquarters of the SICAV, Banque Privée Edmond de Rothschild SA, rue de Hesse 18, 1204 Geneva, from CACEIS (Switzerland) SA, chemin de Précossy 7-9, 1260 Nyon and from any sub-distributors. This document is provided for informational purposes only and does not constitute investment advice or a recommendation to make or liquidate an investment or to effect any other type of transaction in relation to the SICAV. Nor does it constitute a public tender or an offer or solicitation to subscribe shares in the SICAV. The SICAV, CACEIS (Switzerland) SA and Banque Privée Edmond de Rothschild SA do not warrant the accuracy or exhaustiveness of this document, and disclaim all liability for losses that could arise from using the information herein. This document reflects the opinions of the SICAV. Investors are advised to examine the content hereof with a financial adviser to ascertain whether an investment in the SICAV is appropriate in view of each investor's circumstances, taking account of his investment objectives, risk profile and personal, financial, regulatory and tax situation. All investments entail risks, particularly the risk of fluctuations in values and returns. Historical performances and financial market scenarios are no guarantee of present or future returns. Any data on performances mentioned herein do not include fees and other charges levied upon the issue and redemption of the SICAV's shares. Any reproduction of this document, in whole or in part, is prohibited without the SICAV's prior consent in writing. The main investment objective of each sub-fund shall be to preserve the substance of capital invested long term and to distribute appropriate income. To the extent possible the SICAV's Board of Directors and Investment Manager shall strive to pursue the specific investment strategy drawn up for each sub-fund as set out in the SICAV's Term Sheets relating to the investment regulations. The implementation of said strategies may nevertheless be subject to constraints and to regulatory and legal procedures such as the Swiss rules on purchasing property for residential purposes. No assurance can be given by the SICAV, the Board of Directors, the Fund Management Company or the Investment Manager that residential property contemplated for purchase by the SICAV will be confirmed by the relevant federal and/or cantonal authorities as not being subject to said constraints and procedures. This document is not intended for persons subject to legislation prohibiting their access to such information by virtue of their nationality, status or domicile. In particular, the SICAV has not filed and will not file an application with the US Securities and Exchange Commission for authorisation to offer or sell its shares to the public under the Securities Act of 1933. The SICAV is not and will not be registered under the Investment Company Act of 1940 as amended. This document may not be distributed, and shares in the SICAV may not be offered, in the United States of America or in any territory, possession or region that is subject to its jurisdiction. BANQUE PRIVÉE EDMOND DE ROTHSCHILD S.A. 34