REAL ESTATE IN VIETNAM Picture of many brands

OUTLINE Reasons to invest as an expat Economic considerations Available inventories Pitfalls How we can add value 2

1. REASONS TO INVEST AS AN EXPAT

REASONS TO INVEST AS AN EXPAT State fully opened property market to foreign investors for the first time on 1 July 2015. Foreigners only required to have valid Passport and Visa to make purchase. Domestic mortgages are available to expats married to Vietnamese citizens. 4

    REASONS TO INVEST AS AN EXPAT Investors looking for alternatives to struggling stock markets? Over past year  S&P 500 index 1.34% MSCI emerging market index  17.87%  UK FTSE 100 index 8.89%  UK FTSE 100 index 16.49% S&P 500 1-year chart 5

  REASONS TO INVEST AS AN EXPAT Neighboring Hong Kong & Singapore property markets joining the struggle? Since beginning 2015, HK residential sales  70% Since end of 2013, Singapore residential property price index  14 index points HK residential sales 6

Gross yields higher than most Asian counterparts REASONS TO INVEST AS AN EXPAT Gross yields higher than most Asian counterparts Value from relatively low asking prices, leaving more room for capital gains 7

2. ECONOMIC CONSIDERATIONS

Central bank rates since ‘08 STABLE MONETARY POLICY 5-year VND vs USD Central bank rates since ‘08 Vietnamese Dong pegged to USD maintaining currency stability Steady VND depreciation of 2% per year on average vs USD Central bank rate unchanged since beginning of 2014, facilitating greater appetite for mortgage lending. Stable inflation: forcast of 3% for 2016 9

IMPROVED MORTAGE ACTIVITY, DEMOGRAPHIC SHIFTS Loans to home buyers increased by 22% during 2015 Buyers substituting cash payments for credit, allowing younger buyers to enter the market Urbanization and ever increasing consumer concentration in key hubs of Hanoi and Ho Chi Minh City 60% of Vietnamese under age of 35 10

SUPPLY, DEMAND & PRICE FORECATS Projected that +- 50 000 new residential units will come onto Ho Chi Minh City market by 2017 If sales increase at same level as 2015 (60% - 100%), demand should comfortably meet supply. Jones Lang LaSalle forecast price increases of 2% per quarter during 2016, better than +- 6% total performance during 2015. 11

3. KEY INVENTORIES

SUNRISE CITY (DISTRICT 7) KEY PROJECTS (HO CHI MINH CITY) TRESOR (CBD) RIVERGATE(CBD) ICON 56 (CBD) SUNRISE CITY (DISTRICT 7) *All projects developed by 13

KEY PROJECTS (HO CHI MINH CITY) The Tresor River Gate 14

KEY PROJECTS (HO CHI MINH CITY) Sunrise City Icon 56 15

SECTORS AVAILABLE THROUGH NOVALAND DEVELOPMENTS Residential: Most projects to be completed during 2017 – 2018. Units tend to sell out rapidly after project commences. 1, 2, 3 bedroom units + penthouses available Retail: Most developments offer large retail space. Tends to sell out very quickly Office: Available through units knows as “officetels”. Essentially small office space within the residential projects, with prices generally lower than conventional office space. 16

  CURRENT PRICES Residential Retail Office $2,300 /sqrM on average. Incl VAT. Available upon request $3,700 /sqrM on average Incl VAT.   70 – 120 sqrM 36 – 44 sqrM 17

KEY LUXURY PROJECT Sanctuary Residences @ Ho Tram Luxury Beachfront Villas Luxury Riverfront Villas Approximately 2.5 hour drive from Ho Chi Minh City Fantastic option for families, weekend getaways and as a lifestyle option Suitable as a longer term investment 18

Grand Ho Tram Casino & Hotel KEY LUXURY PROJECT Surrounding Areas Bluffs Ho Tram Strip (Greg Norman Designed Golf Course) Grand Ho Tram Casino & Hotel 19

4. PITFALLS

PITFALLS Speculative activities by local investors could potentially overinflate prices Often difficult to obtain accurate price and sales data Obtaining local mortgages can be difficult unless married to Vietnamese citizen The possibility that banks could be underreporting their non- performing loans (However mortgages only account for 8% of total bank loans) 21

5. HOW CAN TENZING ADD VALUE?

Risk Tolerance Questionnaire Application of international wealth management model when assisting client with real estate transactions Identifying budgetary constraints & assistance with mortgage applications, if necessary. Advising on the feasibility of a physical property investment in the context of a client’s entire investment portfolio, taking into account a client’s return objectives, risk tolerance and retirement goals. Explain & communicate entire purchase process to client. Assistance with obtaining & certifying necessary documents. Act as client point of contact instead of dealing directly with developer. Assist with re-sale on secondary market. Risk Tolerance Questionnaire 23

CONTACT US Sven Roering, Managing Partner: svenroering@tpim.co Aaron Jacobs, Sales Ascociate: aaronjacobs@tpim.co Company mail: clientservices@tpim.co Website: www.tpim.co 21

THANK YOU!