Credit Suisse REF International's Rental Income 2008 Is 21 Percent Up

Credit Suisse Real Estate Fund International increased net earnings in its 2008 fiscal year by more than 22% to CHF 63.3 million. High occupancy rate of 96% highlights the quality of the entire portfolio. Compared to last year, the distribution

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Credit Suisse Real Estate Fund International increased net earnings in its 2008 fiscal year by more than 22% to CHF 63.3 million. High occupancy rate of 96% highlights the quality of the entire portfolio. Compared to last year, the distribution rose by 6% to CHF 35.00 per fund unit.

Credit Suisse Real Estate Fund International (CS REF International) was able to increase its rental income in fiscal 2008 by 21% to CHF 77.2 million. Higher than average occupancy rate of 96% and high-quality renters contributed to this result. After a successful capital increase in May 2008, the total number of units issued is currently 1,820,000 (1,560,000).

The considerably more difficult global market environment compared to 2007 is reflected in the valuation of the real estate portfolio. The net asset value (NAV) of each unit decreased from CHF 1,107.60 (ex dividend) to CHF 1,037.49, resulting in a -6.3% return on investment.

Thanks to the outstanding earnings position, the distribution can be increased by 6% to CHF 35.00 per fund unit. Payments will be made on Tuesday, March 31, 2009. Fund units will be traded ex dividend after this date.

-Active Portfolio Management:

CS REF International continued to expand its portfolio in fiscal 2008. New properties were purchased in Sydney, Melbourne, Canberra, and Amsterdam. Company moved forward with the planned entry into the Chilean market by securing a purchase option for an office tower in Santiago.

At the end of 2008, the portfolio included 23 properties in seven countries. The fund is not invested in markets such as the US, UK or Spain, where markets have corrected sharply in the past several months. In addition, CS REF International is dependent only to a minor extent on the financial industry, which contributes only 13% of the rental income.

Due to considerably lower real estate prices in some international markets, fund management anticipates further interesting purchase opportunities.

L.D.

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