ECONOMIC OVERVIEW 2018/H1. YoY Growth Rate

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2 ECONOMIC OVERVIEW 2018/H1 Value YoY Growth Rate

3 Evolving

4 Retail SUPPLY million m 2 Unchanged QoQ 5% YoY No new project PERFORMANCE Occupancy Gross rent 92% Stable QoQ (2)ppts YoY US$50/m 2 /mth 1% QoQ & (4%) YoY Shopping Centre US$ 47/m 2 / mth Stable QoQ & (6%) YoY Dept. Store US$ 65/m 2 / mth (1%) QoQ 7% YoY Podium US$ 39/m 2 / mth 4% QoQ & 5% YoY OUTLOOK Till H/2018 ~564,000 m ~234,000 m

5 Retail Rent increased slightly o o Renew contracts/ New tenants Higher asking rent in the CBD Stable occupancy o o No new supply Flexible short-term tenants 1H/ 18 Retail real growth: 10% YoY Upscale F&B bloomed o o Premium beer growth : 15% YoY Restaurant chains rapidly opening Cinema popular o Revenue growth 20% YoY o Ticket sales increased 16% YoY Thousand m 2 1,500 1, H/2018 Occupied Vacant Gross rent US$/m 2 /mth Source: Department of Culture, Sports and Tourism; Vietnam Beverage Association

6 OUTLOOK Outlook High growth in retail sales, catch up F&B Future supply and expected rent 15 % YoY sales growth 1H/ 2017 growth 1H/ 2018 growth 50,000 m 2 Shopping centre Retail podium Personal vehicles, excl. car Household equipment Foods Garment F&B service 40,000 30,000 Strong supply in 2H/2018 will impact to the average rent Source: PSO, Q2/2018 High F&B category 20,000 60% 50% % F&B Current Projects Future Projects 10,000 40% 30% 20% 10% 31% 31% 30% 49% 26% 0 Dist. 10 Dist. 4 Binh Thanh Dist. 2 Dist. 5 Dist. 7 Tan Binh Nha Be Dist. 6 Dist. 8 Tan Phu 0% Secondary Suburban Source: Savills Research & Consultancy Source: Savills Research & Consultancy Rent change

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8 E-COMMERCE

9 OUTLOOK Opportunity for strong retail growth Rising share of total population with daily consumption of US$15 or more (in 2011 PPP terms) E-commerce rapid growth E-commerce in total retail sales: Q1/ % Q1/ % Source: High Vietnamese quality product asssociation, 2018 US$2 billion In Q1/ 2018 Initally cooperate with domestic firms No market place for locals yet Vietnamese 7th most optimistic globally Source: Viet nam GSO, Worldbank Mostly spending disposable income for: Spending more for: New clothes Outdoor entertainment 49% 41% Upgrading households New hi-tech devices 42% 40% Source: Nielsen Global

10 How much Redclaw can 1 girl eat?

11 The HaiDiLao Hot Pot Experience Children can play in colorful play rooms This HaiDiLao signature is not just a dish, it s a show. The noodle masters train for four to six months before they re allowed to perform and what a performance! while their mothers and sisters can put their names on the list to get a free manicure from professional nail stylists you ll might be offered warm towels to wash your hands, a plastic bag to protect your cell phone, or a soft cloth to wipe your glasses if they steam up from the hot pot Computer kiosks can be used to surf the web; some locations even offer shoe shines and massages Orders are placed on an ipad; almost all dishes are available in half portions, if so desired.

12 Vietnam Got any Redclaw? Retail >300 Restaurants under 30 brands Golden Gate Revenue , Source:

13 Convenience store density (,000/store)

14 The Disconnect... ECONOMIC RENT: Sustainable retail development. When revenue exceeds gross occupancy cost. (GOC). Rent to sales Ratio >30% <20% likely to lead to failure for F&B, with 8% to 12% targeted ~12% to 15% for fashion retailers

15 THE FIRST EVER MOBILE-BASED RETAIL MEMBERSHIP PROGRAM GEO-TARGETING MARKETING PREMIUM DATABASE OFFER 1 st RETAIL MEMBERSHIP PROGRAM MARKET PIONEER

16 Views, App Engagement (Jan Jun 2018) Response, % redemption rate (traditional paper voucher is average 1%) 678 Conversion 1, k Top Categories by Views k 9k k 7k 6k k 4k 3k k 1k F&B Jewelry/ Watches Entertainment Children s Fashion Women s Fashion Crescent Mall Furniture & Homeware Shoes & Bags Toys Accessories

17 Noticeable upcoming shopping malls in CBD Alpha Mall Endless Excitement SPECIFICATIONS Location Land Area Description Retail GFA Retail NLA Design consultant 87 Cong Quynh, Nguyen Cu Trinh, Dist.1, HCMC 8,320 sqm 4 basements for parking 8 storeys of retail 40 storeys of high-end residential 33,300 sqm 23,330 sqm Benoy Expected opening date Q2 2020

18 H O W A L P H A M A L L DIFFERENTIATE FROM THE OTHERS Golden location in the centre of HCMC Iconic landmark with innovative design Excellent tenant mix Experienced Mall management Cutting-Edge Technology

19 Noticeable upcoming shopping malls Crescent Mall A fresh shopping Experience SPECIFICATIONS Location Land Area 101 Ton Dat Tien, Tan Phu, District 7 8,589 sqm Description 3 basements for parking 6 storeys of retail 24 storeys of office Retail GFA Retail NLA 61,200 sqm 52,300 sqm Expected opening date Nov 2019

20 H O W C R E S C E N T M A L L DIFFERENTIATE FROM THE OTHERS Prime location in expat area District 7 True shopping destination, excellent tenant mix Mall management by Savills Average monthly traffic: 600,000 people Tech-savvy shopping mall

21 Noticeable upcoming shopping malls Flemington A repositioning case study SPECIFICATIONS Location 182 Le Dai Hanh, Dist 11 Land Area Description Retail GFA Retail NLA 11,067sqm 2 basements for parking 3 storeys of retail including Basement apartments and 30,000sqm of office 15,000 sqm 10,000sqm Expected opening date 05/2019

22 H O W F L E M I N G T O N DIFFERENTIATE FROM THE OTHERS Prime location in crowded existing residential area The intersection among Dist 10, Dist 5, Dist 6 and Tan Phu Consulted by Savills Vietnam Complete repositioning, with rebranding, new tenancy mix and capex Strong retail traffic, leading to superior sales for retailers

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