LIMITS TO GROWTH From Formosa to West Lake. 5-Oct-16: Hanoi s air pollution reaches hazardous level rank 2 nd in the world

1 CBRE MARKET INSIGHTS 2016 LIMITS TO GROWTH From Formosa to West Lake 5-Oct-16: Hanoi s air pollution reaches hazardous level rank 2 nd in the world More than 200 tons of died fish collected in Westlake, Hanoi 2 CBRE MARKET INSIGHTS 2016

MEANWHILE IN HCMC IT NEVER RAINS BUT IT POURS Thu Thiem Tunnel On the Street In building For Pokemon hunters, not a problem. 3 CBRE MARKET INSIGHTS 2016 IN HANOI WALKING DOWN THE STREET AND CATCH A POKÉMON In first-4 day after opening, Hanoi attracted 207,236 visitors USD23 mil tourism revenue Source: Hanoi Tourism Department New walking streets for Hanoian and Tourists And free Wi-Fi for Pokémon Players Source: CBRE Vietnam. 4 CBRE MARKET INSIGHTS 2016

VIETNAM IN THE FOREIGN PRESS Sep 7 th, 2016 5 CBRE MARKET INSIGHTS 2016 THE GOOD NEWS 6 CBRE MARKET INSIGHTS 2016

AND MORE GOOD NEWS Remittances to Vietnam in the first seven months of 2016, an increase of 4.16 percent compared to the same period last year the southern hub is expected to receive $5.7 billion in overseas remittances this year, climbing 5.6 percent compared to 2015 21.6 per cent of remittances in 2015 have been spent on real estate projects, equalling a 0.8 per cent increase yearon-year. With the $5.5 billion forecast, we expect to see at least $1.2 billion of overseas money flowing into the property sector Remittances to Vietnam are estimated to have increased by some 10 percent in 2015, benefiting from improvements in overseas remittance services and a change in law in 2015 that permits Vietnamese overseas to buy houses in Vietnam 7 CBRE MARKET INSIGHTS 2016 AND THE NOT SO GOOD Sep 6 th 2016 Sep 1 st 2016 FDI into Textile Slows Down Sep 27 th 2016 8 CBRE MARKET INSIGHTS 2016

VIETNAM ECONOMY Major Asset Classes Index 160 140 120 100 80 60 40 20 0 May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May July Sep 2014 2015 2016 Government Bond VN-Index Local Gold USD/VND Crude Oil Source: HNC, Gold.org, SJC, SBV 9 CBRE MARKET INSIGHTS 2016 GDP Agriculture, forestry and fishing grew at a 6-year low Vietnam GDP growth (%) Vietnam GDP growth by sector 9M 2016 vs 9M2015 H1 2016 5.52% 12.0% 10.0% 8.0% 6.0% 9M 2014 5.6% 9M 2015 6.5% 9M 2016 5.9% 4.0% 2.0% 0.0% GDP Industry and Construction Service Agriculture, forestry and fishing 9M 2015 9M 2016 Source: General Statistics Office 10 CBRE MARKET INSIGHTS 2016

FDI Real Estate FDI Remains Moderate Vietnam Registered FDI in 9M 2016: USD16.4 billion 25% 20% 6% 75% 2007 Real estate Others 9M 2016 74% Real estate Manufacturing Others Top FDI Investors, USD million, 9M2016 Major Real Estate Deals, 9M 2016 Hongkong Taiwan Singapore Japan South Korea 1,110 1,228 1,849 1,705 5,587 0 1000 2000 3000 4000 5000 6000 1. LG Display Co., Ltd invested US$1.5 billion for a OLED project in Hai Phong 2. Long Thanh Amata City in Dong Nai received ~US$309 million from Thai Investor to build a service township 3. Samsung to invest US$300 million in a 21-storey building in Hanoi. 4. TNR Holdings and a Russian partner signed the memo regarding implement a US$300 million project in Hanoi. 11 CBRE MARKET INSIGHTS 2016 REGISTERED COMPANIES Strong growth in new companies and registered capital in RE Newly registered companies 19% up 81,451 companies 9M 2016 68,347 companies 9M 2015 Total registered capital of new company VND 629.1 trillion 9M 2016 VND 420.9 trillion 9M 2015 49.5% up 99% increase in Number of newly registered companies 242.5% increase in registered capital REAL ESTATE Source: General Statistics Office 12 CBRE MARKET INSIGHTS 2016

DASHBOARD PRODUCED MONTHLY ECONOMIC INDICATORS 2Y 1Y 6M 3M 1M Current CPI (%) y-o-y 4.6 0.7 1.3 1.7 1.9 1.9 BANKING & FINANCE 2Y 1Y 6M 3M 1M Current VN-Index 598.8 562.6 561.2 620.8 669.2 688.6 USD/VND (inter-bank) 21,246 21,890 22,300 21,914 21,914 21,949 Trade balance (US$, bil) Retail & services Turnover (VND, tril) (0.6) (0.2) (0.1) (0.1) 0.2 (0.1) 244.5 270.6 275.4 295.8 292.8 294.4 Local gold (VND mil/tael) 35.8 33.8 33.2 35.1 36.1 36.1 Lending Rate (%)* 13.1% 8.4% 7.6% 7.1% 7.4% 8.2% Deposit rate (%)** (1-year term) 6.8% 6.3% 6.7% 6.6% 6.7% 6.7% Source: GSO, Sept, 2016 Source: GSO, SBV, SJC & HSX, Sept, 2016 REAL ESTATE INDEX 2Y 1Y 6M 3M 1M Current NEW LAUNCHES 2Y 1Y 6M 3M 1M Current Real Estate Holding & Development Listed Companies 53.32 44.20 46.47 49.67 48.44 46.12 HCMC New launches (unit) 66,068 36,395 22,276 11,943 3,521 2,781 Real Estate Services Listed Companies 53.97 40.3 34.07 28.12 26.82 23.37 HN New launches (unit) 42,039 22,757 12,946 8,460 3,739 1,409 Source: Stockbiz, 1 Oct 2016 Source: CBRE, 1 Oct, 2016 (*) Current lending rate is the average lending rate surveyed at ten banks, and only applicable for home loan. However, the back-dated numbers were the average rate announced publicly at that point of time, applied for all sectors and all banks. The average lending rate is for reference only. (**) Deposit rate is the average deposit rate from a sample comprised of ten banks, in which the rates are announced publicly on their websites and can be tracked backwards. 13 CBRE MARKET INSIGHTS 2016 FORTUNE GLOBAL 500 Fortune Companies in Vietnam No. of companies 45 40 35 30 25 20 15 10 5 0 Food & Drug Stores Source: CBRE Vietnam. Telecommunications Apparel 218 companies in 2015 230 companies in 2016 Transportation Chemical Technology Energy Engineering & Construction Household products Business Service Motor Vehicles & Parts Retailing Wholesalers Finance Health Care Industrials Food, Beverages & Tobacco Hotels, Restaurants & Aeorospaces & Defense Materials Media 2015 2016 14 CBRE MARKET INSIGHTS 2016

BCI NUMBERS Projects under construction, y-o-y change All future projects (2016 2030), y-o-y change Percentage change 300% 200% 100% 0% -100% 2016 YTD vs 2015 2015 vs 2014 HCMC Hanoi Da Nang Can Tho Nha Trang (Khanh Hoa) Vung Tau Hai Phong Percentage change 300% 200% 100% 0% -100% 2016 YTD vs 2015 2015 vs 2014 HCMC Hanoi Da Nang Can Tho Nha Trang (Khanh Hoa) Vung Tau Hai Phong Projects Under Construction HCMC Hanoi Da Nang Can Tho Nha Trang Vung Tau Hai Phong All Future Projects (2015-2030) HCMC Hanoi Da Nang Can Tho Nha Trang Vung Tau Hai Phong Office 147 152 26 15 9 22 23 Retail 90 62 29 3 6 8 3 Office 250 244 54 29 16 29 39 Retail 80 106 43 5 12 12 7 Hospitality and SA 21 15 34 3 18 9 2 Hospitality and SA 37 23 43 3 33 16 3 Residential 282 100 16 5 14 11 7 Total 540 329 105 26 47 50 35 Source: www.bciasia.com; CBRE Vietnam, September 2016. Residential 380 164 29 11 25 18 9 Total 747 537 169 48 86 75 58 Source: www.bciasia.com; CBRE Vietnam, September 2016. 15 CBRE MARKET INSIGHTS 2016 WALKABOUT IN HCMC Busy Construction Activities in District 1 95 projects found on 132 streets in District 1 15 Cleared Sites 5 Public Projects 7 Hotel Projects 6 Residential 33 Office Projects 2 Retail Projects Projects 16 CBRE MARKET INSIGHTS 2016

WALKABOUT IN HANOI The West and South West: Big construction sites 179 projects found in 12 Districts CBD: 24 projects, New-CBD: 47 projects HD Mon City, Tu Liem North 13 Projects West 47 Projects Midtown 30 projects CBD 14 projects CBD Fringe 10 projects East 5 projects 133 residential & mixed-used projects Vincom Starbowl, Dong Da South West 37 Projects South 22 projects 137 commercial & mixed-used projects 17 CBRE MARKET INSIGHTS 2016 INFRASTRUCTURE 18 CBRE MARKET INSIGHTS 2016

HCMC INFRASTRUCTURE Airport TSN seeking for solutions Flooding, traffic jam, overloaded capacity Tan Son Nhat Airport Terminal 3 GFA: 45,000 sqm Under planning Parallel road project to Truong Chinh Under Planning 21 ha Military land for new hangar 7.6 ha hangar Under construction Domestic Terminal Expansion Under Planning International Terminal Expansion Under construction Source: tuoitre.vn 19 CBRE MARKET INSIGHTS 2016 HCMC INFRASTRUCTURE Metro Line No. 1 6 5 4 An Phu section 6 Suoi Tien Station 2 Van Thanh station 2 3 4 5 Thu Duc station 1 Source: Retrieve on internet 3 Saigon Bridge section 20 CBRE MARKET INSIGHTS 2016 1 Ba Son Station

HCMC INFRASTRUCTURE Thu Thiem - Four major roads are taking shape Thu Thiem OLD DAYS Thu Thiem TODAY (as of Oct 2016) Thu Thiem New Area TODAY Land cleared, brushes and old houses removed 21 CBRE MARKET INSIGHTS 2016 HCMC INFRASTRUCTURE Connecting Vietnam, Laos, Thailand 3 routes 1. Bangkok Nakhon Phanom (Thailand) Thakhek (Laos) National Highway (NH) No. 12A Ho Chi Minh Highway NH No.15 Ha Tinh Province (Vietnam). 2. Bangkok Nakhon Phanom (Thailand) Thakhek (Laos) NH No.13 NH No.18 NH No.1 Ha Tinh Province (Vietnam). 3. Mukdahan (Thailand) Savannakhet (Laos) NH No.9 Dong Ha NH No.1 Hue Da Nang (Vietnam). 22 CBRE MARKET INSIGHTS 2016

HANOI INFRASTRUCTURE Metro lines: step by step progress Line No. 2A - Ha Dong- Cat Linh: 80% completed (Q2/16: 74%). Expected operation: /2017 Depot on La Khe (Ha Dong) Depot on Thanh Xuan 3 Depot on Cat Linh Line No. 3 Nhon - Hanoi Railway station: 45% completed. Expected operation: 2020 Cau Giay Road Cau Giay Pham Hung Intersection Depot on Cau Dien Road Source: Retrieve on internet, CBRE Vietnam. 23 CBRE MARKET INSIGHTS 2016 HANOI INFRASTRUCTURE Metro Line No. 2A (Cat Linh Ha Dong) /2016 1 2 5 Van Khe Station 1 Cat Linh Station 3 4 6 La Khe Station 5 2 Hoang Cau Station 6 7 7 Yen Nghia Station 4 Nguyen Trai Section 3 Khuat Duy Tien Nguyen Xien Under-construction 24 CBRE MARKET INSIGHTS 2016 Source: Retrieve on internet, CBRE Vietnam.

HANOI INFRASTRUCTURE Metro Line No. 3 (Nhon - Hanoi Railway station) /2016 1 2 1 Nhon Station 2 CauDienSection 3 CauDienStation 3 4 5 6 Under-construction Ho Tung Mau-Le Duc Tho 4 5 Cau Giay Section 6 Cau Giay Voi Phuc Under planning Source: Retrieve on internet, CBRE Vietnam. 25 CBRE MARKET INSIGHTS 2016 CONDOMINIUM 26 CBRE MARKET INSIGHTS 2016

CONDOMINIUM New launches: Decrease in HCMC but Increase in Hanoi HCMC Hanoi North West 21% North 6% Central 5% East 24% West 36% Midtown 19% CBD CBD Fringe 6% East 3% South 44% South West 19% South 12% 8,016 units from 23 projects -17% q-o-q -27% y-o-y 6,842 units from 16 projects 14% q-o-q -38% y-o-y 27 CBRE MARKET INSIGHTS 2016 Source: CBRE Vietnam, 2016. CONDOMINIUM New Launches: Mid-end Segment Dominated HCMC Hanoi 14,000 12,000 14,000 12,000 Units 10,000 10,000 8,000 6,000 4,000 2,000 0 Q2 Q4 Q2 Q4 Q2 8,000 6,000 4,000 2,000 0 Q2 Q4 Q2 Q4 Q2 2014 2015 2016 2014 2015 2016 Luxury High-end Mid-end Affordable Luxury High-end Mid-end Affordable Low-end Affordable Units Mid-end Apartments continue to dominate new launches Q-o-Q increase in launches from high-end and luxury segments Source: CBRE Vietnam, 2016. Luxury: >US$3,500 per sqm High-end: US$1,500 to US$3,500 per sqm 28 Mid-end: US$800 to $1,500 per sqm CBRE MARKET INSIGHTS 2016 Affordable: US$800 per sqm

HCMC CONDOMINIUM New entry Well-known as Metro line no. 1 constructor Developing their first Residential project in District 2 with Thien Duc Co. 29 CBRE MARKET INSIGHTS 2016 HANOI: RETURN OF ONCE ABANDONED PROJECTS and reviving of some redevelopment projects Giang Vo Exhibition Center Hanoi giving ground to a redevelopment 16 Pham Hung Sunshine Tower Expected Completion: 2018 30 CBRE MARKET INSIGHTS 2016

CONDOMINIUM Sales momentum remains upbeat No. of sold Units 12,000 10,000 8,000 6,000 4,000 2,000 0 HCMC Q2 Q4 Q2 Q4 Q2 2014 2015 2016 Affordable Mid-end High-end Luxury No. of Sold Units 12,000 10,000 Hanoi 8,000 6,000 4,000 2,000 0 Q2 Q4 Q2 Q4 Q2 2014 2015 2016 Luxury High-end Mid-end Affordable Source: CBRE Vietnam, 2016. Increase in Sold Units Given the Drop in New Launches 50% in mid-end segment 7,811 units sold 32% q-o-q Sales in surged to the highest level since the start of 2016 52% in mid-end segment 5,279 units sold 9% q-o-q 31 CBRE MARKET INSIGHTS 2016 HCMC CONDOMINIUM Primary pricing Asking Selling Price on Primary Market Primary price (US$ psm) $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Q2 Q4 Q2 Q4 Q2 2014 2015 2016 Luxury High-end Mid-end Affordable Improvement in Mid-end market 7% q-o-q Source: CBRE Vietnam, 2016. 32 CBRE MARKET INSIGHTS 2016

HANOI CONDOMINIUM Primary Pricing Asking Selling Price on Primary Market Primary price (US$ per sqm) $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Source: CBRE Vietnam, 2016. Q4 Q2 Q4 Q2 2014 2015 2016 Luxury High-end Mid-end Affordable Low-end Average primary price increased q-o-q : +6% in Mid-end +8% High-end 33 CBRE MARKET INSIGHTS 2016 HCMC CONDOMINIUM Secondary Market Active in Well-Located and High-End Projects MASTERI Launched price: US$1,412 (basic fitted) Secondary price /16: US$1,543 Unit size: 45-87sqm Total unit: 3,025 NASSIM THAO DIEN Launched price: US$2,500 (fully fitted) Secondary price /16: US$2,645 Unit size: 108-142sqm Total unit: 238 CITY GARDEN Launched price: US$2,120 (fully fitted) Secondary price /16: US$2,293 Unit size: 59-139sqm Total unit: 478 VINHOMES CENTRAL PARK Launched price: US$1,890 (fully fitted) Secondary price /16: US$1,910 Unit size: 50 108sqm Total unit: 9,742 GATEWAY THAO DIEN Launched price: US$1,800 (fully fitted) Secondary price /16: US$2,006 Unit size: 45-136sqm Total unit: 439 34 CBRE MARKET INSIGHTS 2016

HANOI CONDOMINIUM Active projects in secondary market ARTEMIS Launched price: US$1,912 /sqm (fully furnished) Secondary price /16: US$1,953/sqm Total units launched: 336 FLC COMPLEX TOWER Launched price: US$1,139/sqm Secondary price /16: US$1,221/sqm Total units launched: 483 PARK HILL TIMES CITY (PHASE 2) Launched price: US$1,627/sqm Secondary price /16: US$1,709/sqm Total units launched: 3,868 ECO GREEN CITY Launched price: US$997/sqm Secondary price /16: US$1,058/sqm Total units launched: 1,200 HOA BINH GREEN CITY (TOWER A) Launched price: US$1,180/sqm Secondary price /16: US$1,302/sqm Total units launched: 546 35 CBRE MARKET INSIGHTS 2016 HCMC CONDOMINIUM Notable New Supply in Q4 2016 Palm Heights Empire City by Keppel Land, 816 units Sunwah Pearl by JV Keppel Land, Gaw Capital, Tran Thai and Tien Phuoc,~3,000 units by Sunwah Group, ~500 units Saigon South Residence Feliz en Vista by Phu My Hung, 1,840 units 36 CBRE MARKET INSIGHTS 2016 by CapitaLand, 960 units

HANOI CONDOMINIUM Upcoming launches scattered over different areas Skyline Hoang Cau Green Pearl Sky Park Residences Aqua Bay Sky Residences Petrowaco Xuan Mai Riverside 37 CBRE MARKET INSIGHTS 2016 HCMC CONDOMINIUM Foreign developers expand beyond their core area PMH Saigon South Residence 38 CBRE MARKET INSIGHTS 2016

HANOI CONDOMINIUM Stronger Together Tan Hoang Minh Group, Vingroup and Techcombank cooperate to promote D. Capitale 39 CBRE MARKET INSIGHTS 2016 HCMC CONDOMINIUM More Large-Scale/Township Projects Vinhomes Central Park Sala Thu Thiem VHGR Vingroup 43.9 ha Under construction Dai Quang Minh 257 ha Under construction Vingroup 25.29 ha Under construction Palm City Saigon Peninsula South Can Gio Keppel Land + Tran Thai + Tien Phuoc 30.2 ha Under construction Van Thinh Phat 117.8 ha Under construction Vingroup 1,080 ha Planning 40 CBRE MARKET INSIGHTS 2016

CONDOMINIUM CBRE Sales: More Foreign Buyers, for Investment Purpose in HCMC Buyers by Origin North-based 9% 7% Offshore Buyers 43% 33% 29% 3% 38% 18% 21% 60% Owner-occupier Buy-to-let Investors Buy-to-gain Investors 49% 60% 9M 2016 9M 2015 Buyers by Age 20% 17% 22% 2% 43% 16% 45% 22% South-based Under 30 30-40 41-50 Above 50 * The analysis above is based on CBRE Vietnam s residential closed deals and should not be used as a marketwise benchmark. Source: CBRE Vietnam, 2016. 41 CBRE MARKET INSIGHTS 2016 LANDED PROPERTY 42 CBRE MARKET INSIGHTS 2016

LANDED PROPERTY New Supply HCMC Palm Residence Senturia Vuon Lai Valora Fuji The Victoria District 2 136 units 30.2 ha US$2,800-3,000/m2 HANOI District 12 194 units 9.8 ha ~ US$900-1,000/m2 District 9 84 units 5.4 ha US$1,500-1,700 /m2 District 1 63 Villas 25.3 ha US$20,000++ /m2 Imperia Garden An Phu Shop Villa Gamuda ST4 La Casa Villa Thanh Xuan District 42 villas Scale: 4.2 ha US$8,200 8,500 /m2 Ha Dong District 246 shop houses Scale: 47.3 ha ~ US$1,900-2,400/m2 Hoang Mai District 133 terraced units Scale: 500 ha US$1,800 3,400/m2 Dong Da 16 villas and 9 shop houses Scale: 7019 sqm ~ US$8,437/m2 43 CBRE MARKET INSIGHTS 2016 LANDED PROPERTY HCMC Selling Price HCMC Villa and Townhouse, Selling Price by Quarter 5,000 4,000 3,000 2,000 1,000 0 Q2 Q4 US$ psm, on land area) Q2 Q4 Q2 2014 2015 2016 Source: CBRE Vietnam, 2016. District 2 District 9 District 7 Others District 7: Stable secondary market District 2: 2016 hot spot District 9: >10% y-o-y 44 CBRE MARKET INSIGHTS 2016

LANDED PROPERTY Hanoi Hanoi Villa and Townhouse, Selling Price by Quarter US$/sqm, on land area $8,000 $6,000 $4,000 $2,000 +1.3% y-o-y $0-1.9% q-o-q Q2 Q4 Q2 Q4 Q2 2014 2015 2016 Cau Giay Hoang Mai Long Bien Tu Liem Others Cau Giay: highest average price of active projects, increase 1.39% q-o-q Long Bien, Tu Liem and others: on the rise Source: CBRE Vietnam, 2016. 45 CBRE MARKET INSIGHTS 2016 LANDED PROPERTY HCMC Sales Rate Number of units Sold Rate by District 4,000 3,000 2,000 1,000 0 District 2 District 9 District 7 Others Sold Units Unsold units Good Sales Rate Recorded for Townships with sufficient amenities/facilities. 2015 Mega Village 2015 Khang Dien, D9 Sold out Sold >250 units Melosa Garden Khang Dien, D9 2016 Lakeview City 2016 Palm Residence 2016 Novaland, D2 Keppel Land, Tien Phuoc, Tran Thai Sold >500 units Sold 136 units of phase 1 Sold >150 units Cityland Park Hills Cityland, Go Vap 46 CBRE MARKET INSIGHTS 2016

LANDED PROPERTY Hanoi Sales Rate Q4/2015 Sold ~85% (147 units) Mon City Tu Liem District Gamuda Phase 2 /2015 Hoang Mai District Q4/2015 Sold 79% (246 units) Sold out (61 units) Green Pearl Hai Ba Trung District Q2/2016 Park Hill Shophouse /2016 FLC Garden City /2016 Hai Ba Trung District Tu Liem District Sold out (92 units) Sold out (143 units) Sold out (53 units) Five Star My Dinh Tu Liem District 47 CBRE MARKET INSIGHTS 2016 OFFICE 48 CBRE MARKET INSIGHTS 2016

HCMC OFFICE No New Supply in /2016 Total Supply by Year, HCMC Office 1,200,000 1,000,000 NLA (sm) 800,000 600,000 400,000 200,000 0 Q4 Q2 Q4 Q2 Q4 Q2 2013 2014 2015 2016 Source: CBRE Vietnam, 2016. Grade A Grade B 49 CBRE MARKET INSIGHTS 2016 HANOI OFFICE New supply came on stream Total Supply, Hanoi Office (NLA, sqm) 1,400,000 1,200,000 1,000,000 800,000 NEW SUPPLY IN /2016 VP Bank Tower 2016 Midtown GFA: 44,000 sqm 600,000 400,000 200,000 Hanoi Office supply 64% Grade B 44% from the West 0 2012 2013 2014 2015 /16 Grade A Grade B Source: CBRE Vietnam, 2016. 50 CBRE MARKET INSIGHTS 2016

HCMC OFFICE Negative net absorption in Grade A buildings Net Absorption, Office 80,000 70,000 60,000 NLA (sm) 50,000 40,000 30,000 20,000 10,000 0-10,000 Q4 Q2 Q4 Q2 Q4 Q2 2013 2014 2015 2016 Grade A Grade B Source: CBRE Vietnam, 2016. 51 CBRE MARKET INSIGHTS 2016 HANOI OFFICE Absorption improves q-o-q; still lags behind 2015 Net Absorption, Hanoi Office (sqm) 80 000 70 000 60 000 50 000 NLA,sqm 40 000 30 000 20 000 10 000-10 000 Q4 Q2 Q4 Q2 Q4 Q2 2013 2014 2015 2016 Grade A Grade B Source: CBRE Vietnam, 2016. 52 CBRE MARKET INSIGHTS 2016

OFFICE Rents (*): Slight increase in HCMC Drop in Hanoi HCMC HANOI 2016 Q2 Q4 2015 Q2 Q4 2014 Q2 2013 Q4 45 40 35 30 25 20 15 10 5 0 0 5 10 15 20 25 30 35 40 45 35 30 25 20 15 10 5 00 5 10 15 20 25 30 35 Grade A Grade B Source: CBRE Vietnam, 2016. (*) Average asking rents (US$/sm/month) 53 CBRE MARKET INSIGHTS 2016 OFFICE Vacancy rate: Slight increase with Grade A while Grade B decrease slightly HCMC HANOI 2016 Q2 Q4 2015 Q2 Q4 2014 Q2 2013 Q4 15% 10% 5% 0%0% 5% 10% 15% Grade A 40% 20% 0% 0% 20% 40% Grade B Source: CBRE Vietnam, 2016. 54 CBRE MARKET INSIGHTS 2016

OFFICE Tenants Demand HCMC New letting Relocation & Expansion 16% 46% 84% 53% Banking Pharmaceutical/Manufacturing IT/Software 1H 2016 2016 Source: CBRE, 2016 y-t-d HANOI New letting Relocation & Expansion 39% 42% 61% 58% 1H 2016 2016 Education IT/Software Insurance/banking Source: CBRE, 2016 y-t-d 55 CBRE MARKET INSIGHTS 2016 OFFICE Tenants Enquiries by Size HCMC HANOI 16% 20% 2% 8% 27% 10% 18% 16% 39% 45% Source: Based on CBRE enquiries, 2016 y-t-d 56 CBRE MARKET INSIGHTS 2016

OFFICE Landlord Offering Key terms Signage Rent free Rent review / escalation Parking / Wet pantry / Server room Caps and Collars Expansion / Right of first refusal Renewal Inflexible HCMC Flexible Inflexible Hanoi Flexible Termination / Break Contraction 2016 2015 CPI/Forex adjustment Sublet / Assignment / Surrender Reinstatement Holdover Security deposit 57 CBRE MARKET INSIGHTS 2016 OCCUPIERS DASHBOARD Office Real Estate Index HCMC and Hanoi HCMC INDEX Total supply (ths. sm) Rental Grade A (US$/sm/mth) Rental Grade B (US$/sm/mth) Q2/14 /14 Q4/14 /15 Q2/15 /15 Q4/15 /16 Q2/16 2,188 2,193 2,225 2,229 2,317 2,327 2,377 2,377 2,377 34.9 35.6 35.4 34.2 34.8 34.8 35.9 35.7 35.7 19.1 19.1 19.0 19.1 19.2 19.7 19.7 19.7 19.8 Building Metropolitan (D1) Diamond Plaza (D1) Sector Size sm Rent (US$ psm) Service Charge (US$ psm) Pharma 300 $30 $6 Insurance 2,200 $37 $8 MAJOR LIM II (D3) Technology 700 $28 $6 DEALS - Central Park HCMC Transportation 380 $16 $4 (D1) 2016 Habour View Design 499 $19 $5 (D1) Metropolitan Sourcing 795 $30 $6 () Pearl Plaza Sports 1,200 $18 $6 (Q.Bình Thạnh) Clothing Vincom Logistics 1,800 $21 $5.5 Center() HANOI INDEX Q2/14 /14 Q4/14 /15 Q2/15 /15 Q4/15 /16 Q2/16 Total supply (ths sm) 1,079 1,121 1,131 1,097 1,097 1,097 1,096 1,150 1,161 Rent-Grade A 31.0 (US$/sm/mth) 30.7 30.3 29.9 29.0 29.1 29.3 28.0 28.2 Rent-Grade B (US$/sm/mth) 18.4 18.3 18.1 18.0 17.9 17.8 17.7 17.7 18.1 MAJOR DEALS - HANOI 2016 Building Sector Size sm Rent +SC (USD psm) Gelex Construction 300 $24.5 IPH Education 683 $16.4 PVOil Manufacturing 276 $13.64 58 CBRE MARKET INSIGHTS 2016

HCMC OFFICE Major Office Leasing Deals Harbour View F&B 499 sm Centre Point NGO 500 sm Central Park Transportation 380 sm Diamond Plaza Life Insurance 2,200 sm Lim II Technology 700 sm Metropolitan Pharma/Mobile 300/189 sm 59 CBRE MARKET INSIGHTS 2016 Source: CBRE Vietnam enquiries only, 2016. HANOI OFFICE Hanoi Major Lease Transactions TNR Tower Finance ~1,400 sm Lotte Center Hanoi Technology 950 sm Indochina Plaza Hanoi Education 683 sm Source: CBRE, 2016 y-t-d 60 CBRE MARKET INSIGHTS 2016

HCMC OFFICE HCMC - Accelerating supply Q4 2016 2017 Decentralised Grade A MAPLETREE BUSINESS CENTRE Q4 2016 Dist. 7 GFA: 30,000 sm Grade B HA DO BUILDING Q4 2016 Tan Binh Dist. GFA: 32,000 sm Grade B HQC ROYAL TOWER Q4 2016 Dist. 7 GFA: 26,726 sm Grade B VIETTEL OFFICE 2017 Dist. 10 GFA: 33,000 sm Grade A DEUTSCHES HAUS Aug 2017 Dist. 1 GFA: 38,621 sm Grade A SAIGON CENTRE (P2) Q2 2017 Dist. 1 GFA: 40,000 sm Grade B ETOWN CENTRE 2017 Dist. 4 GFA: 67,760 sm 61 CBRE MARKET INSIGHTS 2016 Construction status (as of Sep 2016) HANOI OFFICE Supply to increase in Midtown and West Q4 2016 2017 Grade B Grade B MD COMPLEX Q4 2016 West GFA: 24,682 sm HORIZON TOWER 2017 Midtown GFA: 32,000 sm DSD BUILDING 2017 Midtown GFA: 20,000 sm EUROWINDOW 2017 Midtown GFA: 16,592 sm TRUONG THINH 2017 West GFA: 5,400 sm Construction status (as of Sep 2016) 62 CBRE MARKET INSIGHTS 2016

CO WORKING SPACE Regional Trend CWS Expansion Plan - APAC Source: Co Working Space, CBRE Research 2016 63 CBRE MARKET INSIGHTS 2016 CO WORKING SPACE Vietnam VS. APAC Dreamplex HCMC Toong Hanoi USD 27-90/ monthly pass Blueprint Hong Kong USD 60/ monthly pass Naked Hub Shanghai USD 258/ monthly pass USD 300-450/ monthly pass 64 CBRE MARKET INSIGHTS 2016

APAC OFFICE MARKET HCMC becoming more LANDLORD - Driven Kuala Lumpur Jakarta Singapore Bangkok Manila Hanoi HCM City Source: CBRE,Landlord Research, and Occupier July 2016. Symposium 2016 65 CBRE MARKET INSIGHTS 2016 APAC OFFICE MARKET New Supply: tight in core areas but high in decentralized areas Sydney 2016F 2017F 2018F Auckland Ho Chi Minh City Perth Brisbane Bangkok Taipei Hanoi Melbourne Singapore Manila Seoul Kuala Lumpur Hong Kong Beijing Guangzhou Tokyo Bangalore Jakarta New Delhi Shenzhen Mumbai Shanghai Source: CBRE,Landlord and Occupier Symposium 2016 0 5 10 15 20 25 30 Source: CBRE Research, July 2016 Note: Grade A new supply Million sq. ft. (NFA) 66 CBRE MARKET INSIGHTS 2016

APAC OFFICE MARKET Current vacancies largely near 10-year averages Grade A Vacancy (%) 40 35 30 25 20 15 10 5 0 Manila CBD Ho Chi Minh City Singapore Bangkok Jakarta Hanoi Kuala Lumpur 10-year Average 2016 Q2 2016F Source: CBRE,Landlord and Occupier Symposium 2016 67 CBRE MARKET INSIGHTS 2016 RETAIL 68 CBRE MARKET INSIGHTS 2016

RETAIL HCMC New Supply Total Supply by Year - HCMC 100,000 visitors in the first weekend opening NLA, sm 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000-2012 2013 2014 2015 2016 YTD 60 54 48 42 36 30 24 18 12 6 - No. of properties Saigon Centre Phase 2 (Takashimaya) Location: District 1 NLA: 40,000 sqm Occupancy Rate: 100% Total supply (NLA, sm) Total supply (properties) Source: CBRE Vietnam, 2016. Aeon Mall Binh Tan Location: Binh Tan District NLA: 60,000 sqm Occupancy Rate: 100% 69 CBRE MARKET INSIGHTS 2016 RETAIL Hanoi New supply Total Supply by Year - Hanoi 800,000 40 700,000 600,000 35 30 +18% y-o-y +2.3% q-o-q NLA, sqm 500,000 400,000 300,000 200,000 25 20 15 10 No. of projects 100,000 5 0 2012 2013 2014 2015 2016 YTD Total Supply No. of projects Source: CBRE Vietnam, 2016. 0 Mipec Riverside Long Bien Location: Long Bien District NLA: 24,000 sqm Occupancy Rate: 98% 70 CBRE MARKET INSIGHTS 2016

RETAIL HCMC Vacancy Rate Vacancy Rate of HCMC Shopping Centres Net Absorption (sm) 120,000 100,000 80,000 60,000 40,000 20,000 24 20 16 12 8 Vacancy Rate (%) ZARA FASHION STORE in Vincom Dong Khoi NLA: 2,400 m2 0 4-20,000 Q2 Q4 Q2 Q4 Q2 2014 2015 2016 0 Net absorption Vacancy rate Source: CBRE Vietnam, 2016. 71 CBRE MARKET INSIGHTS 2016 RETAIL Hanoi Vacancy Rate Vacancy Rate of Hanoi Shopping Centres Net Absorption (sm) 180,000 140,000 100,000 60,000 20,000 25% 20% 15% 10% 5% Vacancy rate (%) -20,000 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2013 2014 2015 2016 Net absorption Vacancy rate Source: CBRE Vietnam, 2016. 0% Increase in vacancy in certain shopping centers in Mid-town and West locations 72 CBRE MARKET INSIGHTS 2016

RETAIL Average rent stable across cities Average Rent of HCMC Shopping Centres 2016 Q2 Q4 2015 Q2 Q4 2014 Q2 2013 Q4 $100 Non-CBD $50 CBD $0 $0 $50 $100 $150 Average Rent of Hanoi Shopping Centres 2016 2015 2014 2013 Q2 Q4 Q2 Q4 Q2 Q4 Q2 $50 Non-CBD CBD $0 $0 $50 $100 $150 Source: CBRE Vietnam, 2016. CBD: 5.1% q-o-q Non-CBD: 0.52% q-o-q CBD: 0.52% q-o-q Non-CBD: 0.96% q-o-q 73 CBRE MARKET INSIGHTS 2016 RETAIL HCMC Future supply 2016-2017 2018 onward Golden Plaza District 5 15,000 sm Union Square (upgrade) District 1 39,454 sm Vincom Center Mall Binh Thanh District 59,000 sm The Spirit of Saigon District 1 48,000 sm Crescent Mall (Phase 2) District 7 18,000 sm Berjaya Financial Center District 10 156,000 sm Peninsula District 7 240,000 sm 74 CBRE MARKET INSIGHTS 2016

RETAIL Hanoi Future Supply Ciputra Hanoi Mall Tay Ho Dist. 130,000 sqm GFA Vincom Starbowl Dong Da Dist. 51,234 sqm GFA Vincom Exchange City Tu Liem Dist. 23,140 sqm GFA Artemis Thanh Xuan Dist. 37,000 sqm GFA Le Parc by Gamuda Hoang Mai Dist., 20,809 sm GFA 75 CBRE MARKET INSIGHTS 2016 RETAILERS EXPANSION HCMC and Hanoi 52 stores by 2020 2 stores opened in HCMC and Hanoi 6-8 more stores to open this year 200 stores to open in next 5 years 1 st store to open in 2017 HCMC 3 Auchan s stores 4 Galaxy cinemas 76 CBRE MARKET INSIGHTS 2016

RETAILERS EXPANSION AND CONTRACTION 33 stores in HCMC, 49 stores in other cities/provinces Saigon Co.op mart closed down store at Nam Do Complex, Hanoi in /2016, leaving only one left. Only one store in Hanoi September 2016 December 2008 September 2016 November 2014 77 CBRE MARKET INSIGHTS 2016 YOUNGSTERS DEMAND a source as reporting that the revenue of the shop on the opening day was VND5.5 billion Vietnam Fast Fashion Battle Brews After stunning debut for Zara Vietnam Arch rival H&M plan to open three stores in 2017 Japan s Uniqlo and US-based Forever 21 almost certain to follow 78 CBRE MARKET INSIGHTS 2016

INDUSTRIAL & LOGISTICS 79 CBRE MARKET INSIGHTS 2016 INDUSTRIAL Hai Phong hot spot 80 CBRE MARKET INSIGHTS 2016

INDUSTRIAL Stable supply Total Supply by Year, Industrial land Southern Industrial Zones, ha 14,000 12,000 Industrial land (ha) 10,000 8,000 6,000 4,000 2,000 0 2010 2011 2012 2013 2014 2015 2016 HCMC Binh Duong Dong Nai Long An Source: CBRE Vietnam, 2016. 81 CBRE MARKET INSIGHTS 2016 INDUSTRIAL HCMC & Binh Duong Most attractive Occupancy rate Southern Industrial Zones (%) Industrial land (ha) 15,000 13,500 12,000 10,500 9,000 7,500 6,000 4,500 3,000 1,500 0 HCMC Binh Duong Dong Nai Long An Supply Occupancy rate 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: CBRE Vietnam, 2016. 82 CBRE MARKET INSIGHTS 2016

INDUSTRIAL HCMC & Binh Duong Highest rent Average industrial land rents (US$/sm/term 50 years) $300 $250 $200 $150 $100 $50 $0 HCMC Binh Duong Dong Nai Long An Lowest $52 $38 $35 $45 Average $111 $74 $65 $69 Highest $270 $160 $150 $120 Source: CBRE Vietnam, 2016. 83 CBRE MARKET INSIGHTS 2016 SERVICED APARMENT 84 CBRE MARKET INSIGHTS 2016

SERVICED APARTMENTS HCMC One new SA came on Stream; Hanoi No new supply SILA URBAN LIVING District 3 217 units Grade B Rental rate: US$1,450 2,500 /room/month US$37-41/sm Studio (33 37 sm) 1 Bedroom unit (48 60 sm) 2 Bedroom unit (67 sm) 85 CBRE MARKET INSIGHTS 2016 SERVICED APARTMENTS 2017 will be a busy year Total Supply (units), Serviced Apartment HCMC Hanoi Vietinbank Tower Trang An Complex 6 000 5 000 4 000 3 000 2 000 1 000 6 000 5 000 4 000 3 000 2 000 1 000 2014 2015 2016F 2017F 2018F 2014 2015 2016F 2017F 2018F Source: CBRE Vietnam, 2016. Grade A Grade B 86 CBRE MARKET INSIGHTS 2016

2016 SERVICED APARTMENTS Future Supply in HCMC SAIGON PLAZA District 1 121 units 2017-2018 OAKWOOD RESIDENCE District 3 68 units ASCOTT SAIGON LAVENUE WATERFRONT CENTER P2 CROWN District 1 222 units District 1 200 units Source: CBRE Vietnam, 2016. District 1 186 units THE BERKLEY RESIDENCE District 2 85 units VIETTEL COMPLEX District 10 180 units SAIGON PLAZA SAIGON SOUTH COMPLEX District 3 District 7 221 units 450 units CITADINES REGENCY SAIGON District 1 85 units SOMERSET District 1 200 units THE SPIRIT OF SAIGON District 1 87 CBRE MARKET INSIGHTS 2016 SERVICED APARTMENTS Future Supply in Hanoi 2016 2017-2018 DREAM APARTMENT Dong Da District 61 units SOMERSET WEST POINT Tay Ho District 247 units TRANG AN COMPLEX Cau Giay District 40 units VIETINBANK TOWER Tay Ho District VINATA TOWER Cau Giay District SOMERSET WEST CENTRAL HANOI Cau Giay District 252 units Source: CBRE Vietnam, 2016. 88 CBRE MARKET INSIGHTS 2016

HCMC SERVICED APARTMENTS Grade A remains strong AVERAGE ASKING RENT (US$/sm/month) VACANCY RATE (%) GRADE B GRADE A GRADE B GRADE A 2016 Q2 Q4 2015 Q2 Q4 2014 Q2 2013 Q4 2016 Q2 Q4 2015 Q2 Q4 2014 Q2 2013 Q4 $40 $30 $20 $10 $0 $0 $10 $20 $30 $40 25% 20% 15% 10% 5% 0% 0% 5% 10% 15% 20% 25% Source: CBRE Vietnam, 2016. 89 CBRE MARKET INSIGHTS 2016 HANOI SERVICED APARTMENTS Grade A remains strong AVERAGE ASKING RENT (US$/sm/month) VACANCY RATE (%) GRADE B GRADE A GRADE B GRADE A 2016 Q2 Q4 2015 Q2 Q4 2014 Q2 2013 Q4 2016 Q2 Q4 2015 Q2 Q4 2014 Q2 2013 Q4 Source: CBRE Vietnam, 2016. 90 CBRE MARKET INSIGHTS 2016

HOSPITALITY 91 CBRE MARKET INSIGHTS 2016 SECOND HOME MARKET Da Nang Condo-tel (*): Increasing Supply 2,817 units launched in 2016 up 96% q-o-q & 787% y-o-y Hoa Binh Green by Hoa Binh Ltd., 984 units $1,365 /m2 Central Coast by Minh Dong Ltd., ~720 units @ ~$1,000/m2 Coco Skyline Resort by The Empire 637 units @ $1450/m2 Ariyana Beach Resort & Suite _NorthTower Developer: Sovico 420 units @ $2,500/m2 (*) Condo-tel is a condominium project that is operated as a hotel with a registration desk, cleaning service and more. The units are individually owned. Unit owners also have the option to place their unit in the hotels rental program where it is rented out like any other hotel 92 room. CBRE MARKET INSIGHTS 2016 Source: CBRE Vietnam.

SECOND HOME MARKET Da Nang Condo-tel: New launches cause the down trend of the average price Average Asking Price by Grade Average asking price (US$/m2) 3,500 3,000 2,500 2,000 1,500 1,000 500 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2012 2013 2014 2015 2016 High-end Mid-end Market-wide Price 93 CBRE MARKET INSIGHTS 2016 SECOND HOME MARKET Booming condo-tel also in Nha Trang Condo-tel, Accumulated Supply Da Nang 8,000 6,000 4,000 2,000 Condo-tel, Accumulated Supply Nha Trang 8,000 6,000 4,000 2,000 0 2013 2014 2015 9M2016 0 2013 2014 2015 9M2016 Supply Sold units Supply Sold units Source: CBRE Vietnam. Source: CBRE Vietnam. ~ 5,000 units launched in 9M2016 ~ 2,900 units launched in 9M2016 ~ 2,800 units sold in 9M2016 ~ 3,200 units sold in 9M2016 94 CBRE MARKET INSIGHTS 2016

SECOND HOME MARKET Guaranteed yield still a main S&M strategy PHU QUOC Rental Pool Villas Phu Quoc Emerald Bay, Phu Quoc Premier Village, Vinpearl Paradise Villas Guaranteed yield 9% - 10% per year Or 85% of revenue after tax in 10 years DA NANG Condo-tel/ Villas 90% of Condo-tel projects; Premier Village Danang Resort; Vinpearl Resort & Villas 3-10 years Guaranteed yield at 8% - 12% per year (VND) NHA TRANG Condo-tel/ Villas 90% of projects applied guaranteed yield with 8% - 10% per year in 3-10 years Source: Retrieved from the internet, September 2016. 95 CBRE MARKET INSIGHTS 2016 SECOND HOME MARKET Expected Condotel Completion 2017 ~ 900 units 2018 ~3,000 units INFINITY FIELD Ngu Hanh Son Dist Under-planning TOURANCE CONDOTEL Ngu Hanh Son Dist. Under-planning NOVALAND CONDOTEL Hai Chau District Under-planning WYNDHAM SOLEIL Son Tra District Under-construction PREMIER CONDOTEL HERITAGE Ngu Hanh Son District Under-planning ARIYANA (ELITE TOWER) Ngu Hanh Son District Under-planning HYATT PLACE Ngu Hanh Son District Under-planning (*) The number of completion is subject to change due to developer s plans 2019 > 1,000 units D-CITY Hai Chau District Under-planning ANVIE RESORT Ngu Hanh Son Dist. Under-planning LE MERIDIEN RESORT Ngu Hanh Son Dist. Under-planning OCEAN SUITES (BLOCK C) Ngu Hanh Son District 96 CBRE MARKET INSIGHTS 2016 Under-planning

SECOND HOME MARKET Da Nang Second Home Villa - Price Discovery Ocean Villas Average price: $1,453/m2 Unit size (GFA): 271 373 m2 Total unit: 110 Ocean Estate Average price: $1,673/m2 Unit size (GBA): 570-740 m2 Total unit: 33 Dune Average price: $1,236/m2 Unit size (GFA): 377 m2 Total unit: 15 The Point Average price: $923/m2 Unit size (GFA):257-289 m2 Total unit: 40 Vinpearl Premium Average price: $4,851/m2 Unit size (GFA): 348 526 m2 Total unit: 39 The Song Average price: N/A Unit size (GFA): N/A Total unit: 48 Hyatt Regency Average price: $4,931/m2 Unit size (GFA): 307 m2 Total unit: 27 Olalani Condotel & Resort Average price: $5,600/m2 Unit size (GFA): 340 470 m2 Total unit: 3 Nam An Residence Average price: $1,338/m2 Unit size (GFA):245-335m2 Total unit: 18 (1 st launch) Vinpearl Da Nang 2 Average price: $2,860/m2 Unit size (GFA): 180-330 m2 Total unit: 122 units Furama Pool Villas Average price: $1,867/m2 Unit size (GFA): 322 386 m2 Total unit: 134 Mercure Son Tra Average price: $2,146 m2 Unit size (GFA): 374-543 m2 Total unit: 22 Premier Village Average price:$2,800/m2 Unit size (GFA): 335-510 m2 Total unit: 118 *Asking prices are quoted in USD, exclusive of VAT and maintenance fee. Source: CBRE Vietnam, 2016. 97 CBRE MARKET INSIGHTS 2016 SECOND HOME MARKET Villa sale shows moderate improvement Phu Quoc Nha Trang Da Nang 850 units 481 units 396 units 0 units 140 units 103 units 7 units 180 units 52 units 2014 2015 9M 2016 2014 2015 9M 2016 2014 2015 9M 2016 Source: CBRE Vietnam. Source: CBRE Vietnam. Source: CBRE Vietnam. 98 CBRE MARKET INSIGHTS 2016

CITY HOTELS Hanoi and HCMC pipeline: Up-scale hotel projects in CBD 99 CBRE MARKET INSIGHTS 2016 NEW CABLE CARS ACROSS THE COUNTRY SAPA - The world s LONGEST triple wire cable car system Completed year: 2016 Total length: 6,292.5 m No. of cabin: 35 Capacity: 35 persons/cabin QUANG NINH: World s BIGGEST REVERSIBLE aerial tramway Completed year: 2016 Total length: 2,222 m No. of car: 66 Capacity: 230 persons/cabin DA NANG - The world s LONGEST one wire cable car system Completed year: 2009 Total length: 5,043 m No. of cabin: 94 Capacity: 10 persons/cabin NHA TRANG ONLY sea-crossing cable car in Vietnam Completed year: 2007 Total length: 3,320 m No. of cabin: 65 Capacity: 8 persons/cabin PHU QUOC - The world s LONGEST cable car system when completed Expected completed year: 2017 Total length: ~ 8,000 m No. of cabin: 70 Capacity: 30 persons/cabin 100 CBRE MARKET INSIGHTS 2016

INVESTMENT 101 CBRE MARKET INSIGHTS 2016 MAJOR INVESTMENT DEALS IN 2016 Hotel and development sites play key role Da Nang Hanoi Indochina Riverside Towers Indochina Capital Kajima @ US$ 17.5 mil. Retail + Office International Centre Keppel Land Ltd. VinaCapital @ US$ 13.8 mil. Office Hanoi HCMC The Manor Central Park Bitexco Group Mitsubishi @ Undisclosed. Mixed-use property Cau Kho Site River View Company Ltd. Capitaland Vietnam @ US$ 51.9 mil. Mixed-use property 102 CBRE MARKET INSIGHTS 2016 Source: DealstreetAsia, RCA and other websites, retreived in September 2016.

INVESTMENT No. of transactions up during 2012-2016 Investment Transactions by Year Millions $2,000 $1,600 $1,200 $800 $400 30 25 20 15 10 5 $0 2011 2012 2013 2014 2015 2016 YTD Transaction Value No. of transactions 0 Source: RCA. 103 CBRE MARKET INSIGHTS 2016 INVESTMENT Domestic players dominate the market Seller Nationality Buyer Nationality Source: RCA; transactions tracked between 2007 and 2016. 104 CBRE MARKET INSIGHTS 2016

HCMC MARKET OUTLOOK SUPPLY RENT/PRICE OCC./SALE RATE DEMAND OFFICE New buildings Mature buildings RETAIL CBD Non-CBD High-end CONDOMINIUM Mid-end Affordable HOTEL 5-Star SERVICED APARTMENT Grade A Grade B INDUSTRIAL Land Factory/ warehouse DEVELOPMENT SITE FOR SALE 105 CBRE MARKET INSIGHTS 2016 HANOI MARKET OUTLOOK SUPPLY RENT/PRICE OCC./SALE RATE DEMAND OFFICE New buildings Mature buildings RETAIL CBD Non-CBD High-end CONDOMINIUM Mid-end Affordable HOTEL 5-Star SERVICED APARTMENT Grade A Grade B 106 CBRE MARKET INSIGHTS 2016

Football: Townsend replaces Sterling (in England Squad) 5/10/2016 107 CBRE MARKET INSIGHTS 2016 AT CBRE, WE LIVE AND BREATHE THE BUSINESS OF REAL ESTATE Every quarter QUARTERLY REPORT Ad-hoc VIEWPOINT & SPECIAL REPORT Every week NEWS UPDATE Every month DASHBOARD Every quarter MARKETVIEW To subscribe to CBRE mailing list and receive frequent market updates, please email research.vietnam@cbre.com 108 CBRE MARKET INSIGHTS 2016

For more information regarding this presentation please contact: CBRE Vietnam Co., Ltd. Research & Consulting T +84 8 3824 6125 F +84 8 3823 8418 Email: research.vietnam@cbre.com All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only, exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorised publication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.