CBRE Vietnam - Eurocham

• The past 18 months has seen shopping centrerentals create a buzz;• 2012, we expect department store rentals to comeback to the forefront:• Lack of quality space in the CBD;• Still a softening on rents• 2012, shopping centre rentals in the CBD to remainsoft;• Saigon Centre phase 2, the CBD retail hub on thehorizon;• First new supply in CBD with department store;Non-CBD Asking Rents (US$/sm/month)RetailDepartment Store vs. Shopping CentreCBD Asking Rents (US$/sm/month)$140$120$100$80$60$40$20$0Source: CBRE VietnamDepartment Store2008 2009 2010 2011Shopping Centre$100$80$60$40$20Department StoreShopping Centre• 1 st quality shopping centre outside the CBD –Crescent Mall;• However, rentals still softening as retailers havemultiple options and established SHOPHOUSElocation remain popular;$02008 2009 2010 2011Source: CBRE VietnamCBRE VietnamCBRE VietnamCBRE Vietnam | Page 24 Fearless Forcast 2012