HCMC MARKET INSIGHTS Q2/2013

HCMC MARKET INSIGHTS Q2/2013 Presented by: Dung Duong (Ms.) July 8, 2013

VIETNAM ECONOMY Q2 2013 ECONOMIC OVERVIEW Q2/2012 Q1/2013 Q2/2013 Y-o-Y Q-o-Q GDP (% y-o-y) 4.8% 4.8% 5.0% CPI (% y-o-y, e-o-p) 6.9% 6.6% 6.7% Exchange rate (e-o-p) 20,828 20,828 21,036 Export (US$ Bn) 28.6 29.7 32.4 Import (US$ Bn) 29.0 29.2 34.3 FDI Implemented (US$ Bn) 2.9 2.7 3.0 International Tourist Arrivals (million arrivals) 1.5 1.8 1.7 Retail and Services Turnover (tril. dong) 567.7 636.1 639.3 Interbank exchange rate 21,100 21,000 20,900 Stable exchange rate 1% adjustment 20,800 20,700 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Source: Vietnamese General Statistics office 2 CBRE MARKET INSIGHTS Q2/2013

GOVERNMENT POLICIES Fiscal Policies - Tax Cut For social housing: Corporate tax rate: 10%; VAT: cut from 10% to 5%. Personal income tax: The level of deduction: increased to VND9 million/per month from VND4 million/ month; The level of deduction for each dependent: increased to VND3.6/ month from VND1.6 million per month for one. dependent. Expansion Monetary Policies Devaluation of the dong 1% versus the dollar ( to VND21,036) The interest-rate ceilings on short-term dong-denominated bank deposits: lowered to 7.0% from 7.5% The ceiling on dollar deposits: For institutional depositors: fall to 0.25% from 1.0% For individual depositors: fall to 1.25% from 2.0%. Boost domestic consumption and production Improve trade balance Reduce banks' funding costs => Lend at lower rates Encourage to exchange USD for VND Bolster its foreign-exchange reserves 3 CBRE MARKET INSIGHTS Q2/2013

Q2 2013 ECONOMIC OVERVIEW Gold Price And Bank Deposits Become Less Attractive Local gold sell price (VND million) 50 46 42 38 34 30 1,000 09/2011 12/2011 03/2012 06/2012 09/2012 12/2012 03/2013 06/2013 Source: SJC LOCAL GOLD GLOBAL GOLD 2,000 1,800 1,600 1,400 1,200 Global gold price (US$) Global gold price: decrease 24% YTD. Local gold price: reached its trough in June (22%) and currently downed 19% YTD Policy rates: 800bps reduction over the last 18 months. CPI (y-o-y, Vietnam) Rediscounting Rate Refinancing Rate CPI (m-o-m, Vietnam) CPI (% y-o-y) / Interest rates (%) 25 20 15 10 5 0 Inflation surged Monetary expansion Monetary contraction Inflation controlled Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 4 3 2 1 0-1 CPI (% m-o-m) Source: State Bank of Vietnam 4 CBRE MARKET INSIGHTS Q2/2013

Q2 2013 ECONOMIC OVERVIEW Stock Market Recovers, Real Estate Will Come Back To Focus VNIndex 550 500 450 400 350 300 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Source: FPTS, gold.org Trading value VNIndex 3,000 2,500 2,000 1,500 1,000 500 0 REAL ESTATE INDEX 2Y 1Y 6M 3M 1M Current Trading Value (Billions VND) Regional stock markets, 1 year return as of July 05, 2013: Thailand (SET) up 21.1%; Singapore (SGX) up 15.2%; Indonesia (JCI) up 15.8%; Vietnam (VNINDEX) peaked at 528 points in June, up 26%, currently up 21.1%. Real Estate Holding & Development Listed Companies Real Estate Services Listed Companies Source: Stockbiz 55.5 44.8 39.5 41.9 42.2 45.4 84.4 25 23.8 25.3 22.3 26.1 Source: Bloomberg 5 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET Snapshot CONDOMINIUM LUXURY HIGH-END MID-END AFFORDABLE TOTAL Total completion supply (units) 504 19,256 13,944 16,184 49,888 New completion (units) 313 286 263 558 1,420 Total launch supply (units) 1,278 28,255 26,743 39,900 96,176 New launch (units) 0 598 425 161 1,184 Secondary market Average price (US$ psm) $3,756 $1,650 $857 $694 Q-o-q change (%) -2.1% -0.4% -0.2% -0.3% Y-o-y change (%) -5.2% -5.0% -3.9% -1.7% All prices are quoted exclusive of VAT and service charges. New completion : the total number of units that were completed and started to be delivered to buyers in the review quarter. New launch : the number of units that were launched to the market by developers (official start of sales for a project) in the review quarter. Source: CBRE 6 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET Unsold stock improved 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 by ~400 units thanks to flexible payment terms plus incentives by ~400 units Q2 2012 Q1 2013 Q2 2013 New launch Unsold inventory Paused/On-hold/Distressed by ~260 units due to some projects converted to social housings or changed to other components Source: CBRE 7 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET High-end segment saw more sales y-o-y Units Sold by Segment, Q2/2012 Units Sold by Segment, Q2/2013 Luxury High-end Mid-end Affordable Luxury High-end Mid-end Affordable 03% 00% 42% 30% 43% 40% High-end has become middle-class housing. 26% Units Sold by Quarter Sold Units 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 17% $2,500 $2,000 $1,500 $1,000 $500 $0 Average pprice (US$/m2) Affordable is now truly affordable. Source: CBRE 2011 2012 2013 8 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET Prices Tropic Garden District 2 388 units Current asking price: $1,100-$1,300/sm Good payment term No direct price cut BUT long payment schedules with 0% rate increase sales Xi Riverview Palace District 2 258 units Current asking price: $2,200-$2,500/sm High discount: 18% if 98% payable The Estella District 2 719 units Current asking price: $1,600-$1,800/sm Good payment terms Imperia An Phu District 2 Him Lam Riverside District 7 314 units Current asking price: $1,357 - $1,457/sm Good payment term: 50% hand-over, the rest payable in 2 years with 0% 700 units Current asking price: $1,500-$1,800/sm Excellent payment terms Free parking Furniture package Gym free for 1 year Happy Valley District 7 541 units Current asking price: $1,500 - $1,700 /sm Longest payment schedule in PMH NUA Free parking Source: CBRE Sunrise City (North District 7) 554 units Current asking price: $1,119 - $1,428/sm Smaller unit size, lower price than P1, Good payment term (54 months) Central towers 9 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET Infrastructure development will ramp up property values The Vista Thao Dien Pearl Imperial An Phu Estella Cantavil Premier Source: CBRE Future projects Existing projects Metro line 1 Metro station 10 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET Advertising activities increase Residential Projects Advertised by Month, HCMC, 2013 30 25 No of Project 20 15 10 5 0 March April May June MTD July Newspapers tracked: Tuoi Tre; Mua & Ban; Tap chi Bat Dong San (Property Magazine);; Thanh Nien; Nhip Cau Dau Tu; Doanh nhan Sai Gon; Saigon Times Daily; Vietnam Investment Review; Vietnam News. 11 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET New launches Up Units Launched by Year Number of Unit Units Launched in Q2/2013 (% by Segment) 36% 20,000 15,000 10,000 5,000 0 14% 0% Annual launch Luxury High-end Mid-end Affordable 51% Q2 launch 2008 2009 2010 2011 2012 2013 High-end largest proportion in Q2/2013 New launches increased by 51.0% q-o-q and 234.5% y-o-y y. Some delayed projects were resumed and introduced to the market: New Pearl (D1), Central Plaza (Tan Binh). Others starting to prepare for construction or launch. Some developers continued launching their second phase. Source: CBRE 12 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET New Launches High-end Segment, Q2/2013 Happy Valley (2 nd &3 rd launch) District 7 Location: Phu My Hung NUA Developer: Phu My Hung Corp. Launched Unit: 266 Launch: June Current asking price: $1,500-$1,700 psm Sale rate: 80% of launched units. Sunrise City (North) District 7 Location: Nguyen Huu Tho Street Developer: Novaland Launched Unit: 182 (total 554 units) Launch: Early April Current asking price: $1,119 - $1,428/sm Sale rate: 65% of launched unit. Dragon Hill Residence & Suite Nha Be Location: Nguyen Huu Tho Street Developer: Phu Long Real Estate Corp. Launched Unit: ~150 (~200 wholesale) Launch: late June, early July Current asking price: $1,190 - $1,286/sm Sale rate: N/A. 13 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET New Launches Mid-end and Affordable, Q2/2013 Homyland 2 District 2 Location: Nguyen Duy Trinh Street Developer: Bao Son Co., Ltd Launched Unit: 425 units Launch: 29 June Current asking price: $761 - $881/sm Sale rate: ~17% Segment: Mid-end. Ehome 3 P2 Binh Tan District Location: Ho Ngoc Lam Street Developer: Nam Long Launched Unit: 161 (block A5) Launch: 22 June Current asking price: $794/sm Sale rate: 40% of launched unit Segment: Affordable. Dream Home Go Vap District Location: Street 59 Developer: Dream Home Co., Ltd. Launched Unit: 518 Launch: introduce model house Current asking price: $567 Sale rate: to officially launch in July Segment: Affordable. 14 CBRE MARKET INSIGHTS Q2/2013

HCMC RESIDENTIAL MARKET Outlook No further cut is expected BUT more flexible payment terms. More sales for projects with upfront payment of 30% - 50% to move in; Free of charge (management, parking) in the first one or two years to share buyers financial burdens; Unit size preferred: <65sm (affordable), and <100sm (high-end); Changes in personal income tax resulted in disposable income increase => more budget for housing; CBRE is cautiously optimistic about a limited high end recovery in Q4 2013 50% upfront -> hand over 15 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE Snapshot OFFICE GRADE A GRADE B GRADE C TOTAL Number of properties 10 53 267 330 Total supply (GFA, sm) 315,855 847,418 922,723 2,085,996 New supply (properties) 0 1 5 6 New supply ( GFA, sm) 0 14,000 25,661 39,661 Net absorption (NLA,sm) Q2/2013 2,252 18,888 21,140 Net absorption (NLA,sm) Q1/2013 10,504 15,368 25,873 Q-o-q change (%) -78.6% 22.9% -18.3% Y-o-y change (%) - 53.2% 91.1% 43.9% Vacancy rate (%) 12.5% 12.1% 12.2% Q-o-q change (pp) -0.6-1.5-1.2 Y-o-y change (pp) -4.3-1.1-2.0 Average asking rents (US$ psm per month) $31.53 $18.06 $21.79 Q-o-q change (%) 0.5% -0.2% 0.0% Y-o-y change (%) 2.4% 5.9% 4.3% All rents are the average rents quoted on the NLA basic, exclusive of VAT and service charge. Source: CBRE 16 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE New supply Saigon Airport Plaza Only one new office building for leased completed inq2/2013 A sky blue office building emerging in the decentralised area, creating more availability for tenants, especially those work in logistics industry. Saigon Airport Plaza Developer Address Total GFA SSG Group 1 Bach Dang, Tan Binh 14,000sm 17 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE Highlights 85 office leases signed in 6 months by CBRE Vietnam, up 20% on 2012. Healthy absorption as market sentiment improves and Average Grade A office rents rise 0.5% q-o-q. Oversupply a misconception! HCMC Office market performance Grade A&B 1,000,000 800,000 600,000 400,000 200,000 $25 $23 $21 $19 $17 Major occupiers FLIGHT TO QUALITY in 1H 2013 and CONSOLIDATION taking advantage of available opportunities in new buildings. 0 $15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 2013 Leased Area Vacant Area Asking Rent Local banking sector emerging as the largest occupiers of prime District 1 office buildings. New office buildings showing strong commitment, while major delayed projects have seen no movement. CBRE Tenant breakdown 1H/2013 (based on CBRE deals) Finance 8% 10% 13% 24% 16% Pharmaceutical Others Technology Manufacturing 13% 16% Retail Legal 18 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE Oversupply is beginning to disappear Number of successful deals during the first half of 2013 done by CBRE Vietnam went up 20% on 2012. CBRE Office Vacancy Spaces NLA (sm) Office supply (Grade A &B) NLA (sm) 120,000 90,000 60,000 30,000 - Grade A Grade B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 2013 Gross Floor Area (sm) 1,000,000 800,000 600,000 400,000 200,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 20 Leased Area Vacant Area 19 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE - PRESIDENT PLACE LEED Office building achieved noticeable performance. President Place Developer Address Total GFA Sapphire Vietnam 93 Nguyen Du, D1 11,475 sm Key facts More than 75% of total spaces occupied after 3 months of official opening with the remaining 25% under offer. 100% of Tenants are international brands with 66% of committed occupiers technology based clients Key tenants: Canon Diageo Vietnam Limited Microsoft Vietnam LLC Hiring Boss Schindler Vietnam A pioneering office development becoming Ho Chi Minh City's first LEED Gold accredited office building. Note: Leadership in Energy and Environmental Design (LEED) consists of a suite of rating systems for the design, construction and operation of high performance green buildings, homes and neighborhoods. 20 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE Projects Showed Good Construction Progress in Review Quarter Q1/2013 Q1/2013 Q1/2013 Q1/2013 Q2/2013 Q2/2013 Q2/2013 Q2/2013 Vietcombank Tower Vietin Bank Tower MB Sunny Tower LimTower Location Melinh Square, D1, HCMC Floor 35 floors Total GFA 55,000 sm Status Under construction Location Floor Total GFA Status Ham Nghi, D1, HCMC 24 floors 24,315 sm Under construction Location Tran Hung Dao, D1, HCMC Floor 22 floors Total GFA Status 16,500 sm Under construction Location Ton Duc Thang, D1, HCMC Floor 34 floors Total GFA Status 34,300 sm Fitting out 21 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE New supply from developed projects TIMESSQUARE 22-36 Nguyen Hue, D1 GFA: 14,076 sm Expected completion: Q3/2013 LE MERIDIEN 3C Ton Duc Thang, D1 GFA: 13,560 sm Expected completion: 2014 22 CBRE MARKET INSIGHTS Q2/2013

HCMC OFFICE Outlook Some project s are on its completion Providing 602,933 sm office space until 2015 Constant demand come to the market Market regain confidence Stable office market for whole year of 2013 OFFICE MARKET WILL BE IN TEMPORARY STABLE SITUATION THROUGH 2013 Rents keep stable Given tightening supply and existing demand, the market wide average asking rent is expected to be stable or increase marginally through 2013, however the effective rent will be stable. Gradual source of demand coming to the market will result in the absorption of available space in the market. Tenants and landlord will become closer when more flexible leasing packages and higher quality services are offered in the market to satisfy the clients needs. Major half complete / unfinished projects unlikely to come online in 2013 or even early 2014 which is likely to create further upward pressure on rentals until the next wave of major new supply 23 CBRE MARKET INSIGHTS Q2/2013

HCMC RETAIL Snapshot Retail Department store Shopping centre Retail arcade/podium Total Total supply (NLA, sm) 96,754 243,396 60,454 400,604 New supply (NLA, sm) 0 0 0 0 Vacancy rate (%) 8.4% 12.9% 9.8% Q-o-q change (pp) 0.7 pp 4.0 pp -1.5 pp Y-o-y change (pp) 8.2 pp -6.3 pp -17.5 pp CBD Average rents (US$ psm per month) $81.84 $106.96 $61.49 Q-o-q change (%) 0.6% 0.0% -1.6% Y-o-y change (%) 0.5% -3.0% NA Non-CBD Average rents (US$ psm per month) $48.32 $32.97 $17.09 Q-o-q change (%) -1.5% -3.7% 0.0% Y-o-y change (%) -1.4% -4.7% NA All rents are the average rents quoted on the ground floor and first floor, exclusive of VAT and service charge. Source: CBRE 24 CBRE MARKET INSIGHTS Q2/2013

HCMC RETAIL Highlights Vacancy rate increased due to decrease in tenant turnover, i.e. withdrawal of big tenants at Vincom Center A like Home One (1,200 sm), Gloria Jean s (100 sm), Nike (150 sm), Banana Leaf (100 sm) and Givral (100 sm). Unsustainable high rental rate and low foot traffic are two main observed obstacles. Rents of Shopping Centres in CBD: stable as developers will is either not to decrease rent nor accept weak tenant. Rents of Department Stores in CBD: slightly increased due to Diamond Plaza s annual renovation. In non-cbd, rents continued to decrease to attract new tenants. Performance of 5 selected shopping centres, HCMC Average Rent (US$/sm/month) 180 150 120 90 60 30 - Source: CBRE Diamond Plaza Icon 68 Shopping Centre Vincom Center B Crescent Mall Vincom Center A (Eden A) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Vacancy rate 25 CBRE MARKET INSIGHTS Q2/2013

HCMC RETAIL Taxation and Infrastructure cost burden retail operator, creating deadweight loss for both retailers and consumers. Net absorption (NLA, sm) Net Absorption (sm) Vacancy Rate (%) 60,000 23% 40,000 17% 20,000 11% 0-20,000 2010 2011 2012 2013 5% -1% -40,000-7% Source: CBRE 26 CBRE MARKET INSIGHTS Q2/2013

HCMC RETAIL Retailer expansion: fewer easy wins but still a strategy Top Cities for New Retailer Entries, 2012 Asia Pacific will continue to drive global retail growth in 2013. Slower economic growth poses significant obstacles for retailers planning to expand. 2013 50 th store opening Source: CBRE Global Research & Consulting 27 CBRE MARKET INSIGHTS Q2/2013

HCMC RETAIL RENTAL CYCLE Rental Decline Accelerating Rental decline Slowing Rental Growth Accelerating Rental Growth Slowing Vietnam Definition 1. Rents are at their peak and are expected to decline over the next 6-12 months. 2. Rents have started to fall, and the rate of decline is expected to accelerate over the next 6-12 months. 3. The rate of rental decline is at its peak. Rents are expected to continue declining but at a slower rate. 4. The rate of rental decline has slowed. Rents are not yet at their trough, and are expected to decline further, but at a slower rate. 5. Rents are at their trough. The next movement is expected to be upwards. 6. Rents have started to rise, and the rate of increase is expected to accelerate over the next 6-12 months. 7. The rate of rental growth is not yet at its peak. Rents are expected to continue rising but at a slower rate. 8. The rate of rental growth has slowed. Rents are not yet at their peak, and are expected to increase further, but at a slower lower rate. 9. Rents are at their peak and are considered to have reached a plateau. Marginal further growth still possible, but a significant decline not yet expected. 28 CBRE MARKET INSIGHTS Q2/2013

HCMC RETAIL Outlook Confidence remains in Vietnam retail market despite bridle in spending with expansion plan of Aeon (expand to 20 shopping malls in 2020), Fairprice (and Saigon Coop jointly open CoopXtraplus in May), Lotte Group (plan to expand further 60 supermarkets and shopping centres). Low consumer demand together with tighten spending budget will continue in the next two quarters. Future supply will be limited in the next four quarters. Large projects are facing difficulties in maintaining tenants. Decrease in rents or incentive terms including rent free period, turnover share, well-defined marketing strategy are two recommended solutions. Future supply in the next two quarters include: CantavilPremier 30,000 sm NLA Expected open year: 2013 Times Square 4,000 sm GFA Expected open year: 2013 Saigon Airport Plaza 6,980 sm GFA Expected open year: 2013 Thao Dien Pearl 20,400 sm GFA Expected open year: 2013 29 CBRE MARKET INSIGHTS Q2/2013

HCMC SERVICED APARTMENTS Snapshot SERVICED APARTMENTS GRADE A GRADE B GRADE C TOTAL Total supply (units) 782 2,462 1,146 4,390 New supply (units) 0 80 10 90 Vacancy rate (%) 4.0% 18.7% Q-o-q change (pp) -5.5 pp -7.2 pp Y-o-y change (pp) -13.3 pp -2.3 pp Average asking rents (US$ psm per month) $31.76 $23.95 Q-o-q change (%) 0.0% -1.3% Y-o-y change (%) -6.0% -5.7% All rents are quoted inclusive of VAT and service charge. Source: CBRE 30 CBRE MARKET INSIGHTS Q2/2013

HCMC SERVICED APARTMENTS Highlights New Supply DECENTRALISED D.2 D.7 Tan Binh Demand: Enquiries DECENTRALISED Towards D.2 villas Improved budget (US$2,000 - $3,000) Long-term stay: 85% Rents DOWNWARDS New bottom At slower rate Vacancy DOWNWARDS Approaching Q3/2011 low levels again New supply - SAIGON AIRPORT PLAZA Scale: 84 units 57-sm 1-bedroom Near Tan Son Nhat International Airport Developer: SSG Group Exclusively leased by CBRE Vietnam First Grade B serviced apartment in Tan Binh PRICING IS KEY FACTOR. After rents kept decreasing for EIGHT quarters, vacancy was improved and reached the lowest levels seen in Q3/2011. CBRE 31 CBRE MARKET INSIGHTS Q2/2013

HCMC SERVICED APARTMENTS Performance Supply (units) Decentralised to D.2, D.3, D.7, Tan Binh Rents (US$/sm/month) 84 3.8% 168 197 4.5% 197 District 11 330 7.5% 330 District 77 495 1,827 12.4% 544 41.6% 1,827 District 33 District 22 Binh Thanh 480 14.9% 652 Tan Tan Binh Binh 502 15.3% Others 672 Q1/2012 Q2/2013 Rent (US$/sm/month) $45 $40 $35 $30 $25 $20 $15 Slower decrease 2010 2011 2012 2013 Grade A Grade B Occupancy (%) Best performers Vacancy (%) 30% 97% Norfolk Mansion 25% 96% Grade A 20% 95% CBD 15% 94% InterContinental Asiana Saigon 10% 93% Indochine Park Tower 5% 92% Diamond Plaza 0% 91% $0 $10 $20 $30 $40 $50 Source: CBRE Vacancy (%) 2010 2011 2012 2013 Grade A Grade B strong take-up 32 CBRE MARKET INSIGHTS Q2/2013

HCMC SERVICED APARTMENTS Outlook Rents are expecting to bottom out as they are decreasing at a slower rate. Vacancy will continue to decrease as there will be no significant completions through year-end. As pricing is key factor, landlords are increasingly more flexible in benefits (parking, laundry, electricity and water allowance) for tenants and commission scheme for agents. Opportunity continues to be at the CBD: Although decentralisation is a notable trend, best performers with highest occupancy are still those at the CBD. CBRE Tenant s preference 1 2 3 4 5 6 7 FURNITURE GYMNASIUM SWIMMING POOL LAUNDRY Laundry HOUSEKEEPING MINIMART RESTAURANT 33 CBRE MARKET INSIGHTS Q2/2013

INDUSTRIAL AND LOGISTICS Small and medium ready-built-factories draw more attention Demand for small and medium ready-to-move-in factory with rents about $3-$5 psm per month are recorded increasingly in the first two quarters. Amata high tech park in Quang Ninh / VSIP active promotion in Central Vietnam, Quang Ngai. LOCAL TENANTS Samsung / LGE as major magnets to draw investment from Korea / Japan vendors to North Vietnam. FOREIGN TENANTS Logistics continue to expand aggressively i.e. DHL. Enquiries from US / Europe stabilizes / pick up, focusing on RBF for both North and South Vietnam. US IT / chip design seriously expands in HCMC and explore Danang as the 2 nd tier city presence. CBRE 34 CBRE MARKET INSIGHTS Q2/2013

INVESTMENT Thawing of Investment Market Transferring realty projects has been much more transparent than before: Vincom Center A, developed by Vingroup, was reported to have been sold to VIPD Group at VND9.8 trillion in Q1/2013 (US$460 mil) In May 2013, Vingroup entered into an agreement to transfer 20% of Vincom Retail JSC, to Warburg Pincus, a global private equity firm focused on growth investing. The value of the transfer is expected of US$250 million. In a further sign of increased capital markets liquidity, VinGroup appear to be re-structuring the ownership of the office component of Vincom Centre B, HCMC, in preparation for a further asset sale. In Q1/2013, Mapletree Investments, owned by Temasek Holdings of Singapore, successfully bought Centre Point, an office building of the total GFA of 38,610 sm in Phu Nhuan District. As the first project that is calling for sale publicly, Saigon Link marks a notable change in the behaviors as well as the mindset of developers. Transparent transactions and information will help to re-liquidate the market. SAIGON LINK 35 CBRE MARKET INSIGHTS Q2/2013

For more information regarding this presentation please contact: DUNG DUONG (Ms.) Associate Director T +84 8 3824 6125 Ext. 1224 F +84 8 3823 8418 Email.dung.duong@cbre.com