BFW Liegenschaften : Preliminary Year End Results 2016 and change in personnel

Press Release 6 February 2017

Reto Borner is appointed as new CEO and Philipp Hafen as new CFO of bfw liegenschaften ag; Record results expected for fiscal year 2016 Frauenfeld, 6 February 2017 - Beat Frischknecht, member of the Board of Directors and CEO of bfw liegenschaften ag (SIX Swiss Exchange: BLIN), has decided to step down from the Executive Board of bfw liegenschaften ag, as of the end of March 2017. The Board of Directors of bfw liegenschaften ag has appointed Reto Borner as successor in the role of CEO and appointed Philipp Hafen as new CFO, effective 1 April 2017. For fiscal year 2016, bfw liegenschaften ag expects a record result. According to preliminary and unaudited results, EBIT reaches CHF 27.3 million (previous year CHF 19.5 million) and net earnings including changes in fair value of investment properties and deferred taxes amounts to CHF 18.2 million (previous year CHF 10.2 million.). Excluding the fair value changes of the interest rate swaps and receiver swaptions, net earnings are at about CHF 18.7 million (previous year CHF 12.6 million) Changes in the Executive Board

Beat Frischknecht is the founder of bfw liegenschaften ag and a member of its Board of Directors since 2000. He acted as Chief Executive Officer in the period from 2000 until the end of April 2006 and again since 1 July 2012. Under his leadership, bfw liegenschaften ag has developed into an important and sustainably profitable Swiss real estate company. Beat Frischknecht has decided to step down from the Executive Board as of the end of March 2017 and to pass on the executive leadership of the company. The Board of Directors would like to thank him for the many years of dedicated and very successful leadership and is pleased that Beat Frischknecht will remain strongly committed as a member of the Board of Directors and as majority shareholder.

Reto Borner (43), to date Chief Financial Officer of bfw liegenschaften ag (since August 2010), has made strong contributions to the successful development of the company's real estate portfolio and is very familiar with the company strategy, each of the portfolio's investment properties and its projects. He fulfills all the requirements as CEO to lead bfw liegenschaften ag into a bright and successful future.

Philipp Hafen (41), will take over the responsibilities as CFO of the company and will become member of the Executive Board. He is licensed fiduciary expert and has a wide experience as CFO, amongst other also at Pretium AG, a real estate company formerly listed on BX Berne eXchange. Philipp Hafen is Chief Financial Officer of bfw vermögensverwaltung ag since 2009. In addition, he is CFO of admicasa group since 2016, with which bfw liegenschaften ag has concluded service agreements.

Record results expected for fiscal year 2016

According to preliminary and unaudited results, bfw liegenschaften ag expects excellent results for fiscal year 2016. Net rental income was about 6% higher than in the previous year and reached CHF 16.8 million (previous year CHF 15.9 million). The valuation of the investment portfolio resulted in positive changes in the fair value of real estate investments of CHF 13.2 million (previous year CHF 6.4 million). The increase in market values is mainly due to a reduction of the discount rate applied by the independent real estate evaluator KPMG, and due to the successful development of the conversion projects. bfw liegenschaften ag achieved an EBIT at a record level of CHF 27.3 million (previous year CHF 19.5 million).

The fair value reflection of the interest rate swaps and receiver swaptions led to a slightly negative effect before taxes of CHF 0.7 million for the entire year 2016 (previous year negative effect of CHF 2.9 million). Taking into account these fair value changes of the interest rate swaps and receiver swaptions, the earnings including effects from changes in fair value of real estate investments and deferred taxes amounted to about CHF 18.2 million (previous year CHF 10.2 million). Excluding the fair value changes in the interest rate swaps and receiver swaptions, the net earnings amounted to about CHF 18.7 million (previous year CHF 12.6 million).

The company will publish the complete Annual Report 2016 and further details on the financial statements on 15 March 2017.

Short portrait of Philipp Hafen

Born 1976, Swiss citizen

Education: Licensed Fiduciary Expert

Philipp Hafen is Chief Financial Officer of admicasa group since 2016. In addition, he is CFO of bfw vermögensverwaltung ag (since 2009) and therefore active for various companies of bfw group. From 2009 until 2014 he was Chief Financial Officer of Pretium AG, a real estate company formerly listed on BX Berne eXchange. Earlier positions in his career: Auditor in charge at PricewaterhouseCoopers AG, Winterthur (2007-2009). Activities in taxation, legal consulting, auditing at Trefima AG, Wil (2002-2007).

Contacts

Beat Frischknecht Reto Borner

Chief Executive Officer Chief Financial Officer

[phone] [phone]

[e-mail]

Agenda:

15 March 2017 Publication results Fiscal Year 2016 and Annual Report 2016

26 April 2017 Ordinary General Meeting of Shareholders

September 2017 Publication Half-Year Results 2017 and Half-Year Report 2017

Information on bfw liegenschaften ag

www.bfwliegenschaften.ch

bfw liegenschaften ag is a real-estate company with headquarters in Frauenfeld in the canton of Thurgau, Switzerland. It focuses on attractive residential properties in commuting areas close to business centres in the German-speaking part of Switzerland. The registered A shares of bfw liegenschaften ag are listed on the SIX Swiss Exchange (Symbol BLIN, Securities Number 1820611, ISIN Number CH 001 820 6117).

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF BFW LIEGENSCHAFTEN AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.