CBRE Vietnam Capabilities - Valuation & Advisory Services

Valuation & Advisory Services VIETNAM CAPABILITIES OVERVIEW

VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

Valuation & Advisory Service VAS VALUATION CO. LTD. In association with CBRE Vietnam As of 1st June 2020, VAS, in association with CBRE (Vietnam) Co., Ltd (“CBRE”), will provide valuation services in accordance with the requirements of the Pricing Law 2012 with high quality that you have been expecting. All valuation reports issued by VAS hereunder will be branded as CBRE, and all valuations will comply with CBRE’s robust quality and risk mitigation procedures.

VAS Valuation’s team in Vietnam, in association with CBRE, is uniquely positioned within the market. Having significant national reach, a highly experienced and diverse team that is well supported by a range of fellow professionals both in Vietnam and across the region. Our project team, including high profile professionals with valuation and advisory expertise will provide you with a highest quality of service.

© 2022 VAS VALUATION CO. LTD

VAS is a company which has been incorporated in accordance with the laws of Vietnam, and satisfied the conditions for doing business in valuation services in accordance with the Pricing Law 2012.

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VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

Award-winning Perspectives We offer our clients unique perspectives on global real estate valuations, advisory, and consulting services through our access to the largest and most valuable proprietary data and intelligence in the real estate sector.

Our highly qualified and experienced professional team undergo extensive training in all aspects of asset valuation, setting industry standards and best practices throughout the globe. CBRE’s valuation professionals are amongst the most highly regarded within the industry, and are recognized by international valuation accreditation bodies and local registration authorities.

© 2022 VAS VALUATION CO. LTD

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VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

Scope of Work

© 2022 VAS VALUATION CO. LTD

Our aim is to deliver to Vietnam’s best in class valuation and strategic advisory services. Leveraging our integration with CBRE’s International Valuation business and tapping into CBRE’s network of local market professionals, we provide our clients: •

Access to the expertise and local intelligence of our sector and market specialists;

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Bespoke reporting formats, tailored valuations and strategic advisory to meet specific client needs;

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Comprehensive advice applying global best practice standards, robust risk management procedures and delivery via a single point of contact.

TYPES OF PROPERTY

Office

Retail

Residential

Industrial

Land & Development sites

Hotels & Resort

Specialist Property

TYPES OF VALUATIONS •

Acquisition & Disposition

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Indirect & Secondary Investment

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Management & Financial Reporting

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Securitization & Syndication

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Mortgage Lending

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Debt & Equity Raising

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Project Financing

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Mezzanine Funding

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Development Feasibility

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VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

Risk Management & Quality Control CBRE valuation and advisory services have developed a rigorous process to ensure the accurate, timely, independent and expert assessment of value for our clients.

The foundation of quality assurance at CBRE is our quality and risk management (QRM) philosophy.

QRM is our overarching philosophy of implementing best practice quality and risk mitigation through the entire business including all processes, systems and valuation workflow. This important practice is driven by a dedicated QRM team consisting of senior valuation professionals in each region who drive the innovation, delivery and management of standardized risk mitigation and quality assurance practises.

As a CBRE associate, VAS Vietnam are fully integrated into the CBRE QRM philosophy.

We UNDERSTAND risks that Clients have to face; therefore, risk management is one of our priorities.

We have built regional systems and have the international expertise to assess the level of risk and support our Client to make the right decision.

Risk Assessment Form

Regional Quality & Risk Management Team

Quality Assurance Peer Review

© 2022 VAS VALUATION CO. LTD

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Our valuation is conducted strictly follow the Vietnam Pricing Law

by Vietnam Ministry of Finance as well as in accordance with the RICS Valuation-Global Standards 2020 incorporating the IVSC International Valuation Standards (IVS) 2020

VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

Valuation Procedure PHASE 1 INTERNAL PROCEDURES Competency / COI / Expertise Sign Letter of Engagement Allocate Jobs

COLLECT INFORMATION & REVIEW LEGAL DOCS Collect Information of Property Review Legal Documents

PHASE 2 VALUATION WORKS Adopt Appropriate Methods Modeling

MARKET RESEARCH Market Performance Highest & Best Use

PHASE 3 QA CHECK & REPORT Produce Report Quality Assurance

REPORT DELIVERY

© 2022 VAS VALUATION CO. LTD

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VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

Valuation Methodologies DIRECT COMPARISON METHOD The Direct Comparison Approach involves a comparison of the property being valued to similar properties that have actually been sold in arms - length transactions or are offered for sale. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in an open and competitive market and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis.

INCOME CAPITALISATION ANALYSIS This approach involves the application of a market derived yield to the assessed Net Operating Income from the property to indicate its current market value. This analysis is used where the income stream is expected to vary greater than the rate of underlying inflation due to foreseeable changing market conditions, a recovering or declining business following an internal or external event, or to reflect the effect of capital expenditure.

RESIDUAL METHOD / DISCOUNTED CASH FLOW ANALYSIS The Residual Method is an assessment of the value of the proposed development as completed and the deduction of all known or anticipated costs of development (including an allowance for developer’s profit) to arrive at the underlying land value (or residual value).

For this valuation, we have utilised a Discounted Cash Flow analysis, projecting the future cashflows of the development and discounting back to a present value. Cash flows include the future income from the anticipated sale or rental income of the completed development, offset by all the costs associated with completing the proposed development. Its application as an Investment Method of Valuation relies upon the calculation of a Net Present Value which is derived through the discounting of the cash inflows and outflows at the applied Discount Rate.

DEPRECIATED REPLACEMENT COST The Depreciated Replacement Cost (“DRC”) approach considers the cost to reproduce or replace in new condition the property appraised in accordance with current construction costs for similar property in the locality, with allowance for accrued depreciation as evidence by observed condition or obsolescence present, whether arising from physical, functional or economics causes.

© 2022 VAS VALUATION CO. LTD

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CBRE provides comprehensive valuation, advisory, and consulting services for real estate owners, investors, and lenders, combining our specialized expertise and premier technologies to deliver industry leading valuation reports and analysis.

VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

Meet the Team Oanh Ho

Em Nguyen

Ha Nguyen

Director, Head of Vas Valuation Co., Ltd

Associate Director HCM Team Leader

Associate Director Hanoi Team Leader

Nguyen Nguyen

Nam Nguyen

Associate Director Head of Hotel Team

Senior Manager Head of Residential Team

© 2022 VAS VALUATION CO. LTD

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PROFILES VALUATION AND ADVISORY

Oanh Ho MRICS Director , Head of Vas Valuation Co., Ltd. T +84 28 62847668 M +84 989 949 848 E kimoanh.ho@cbre.com 13 Floor, A&B Tower, 76A Le Lai, Ben Thanh Ward, District 1, HCMC

Professional Experience As a Director – Head of VAS Valuation Co., Ltd, Oanh directs the day to day operations of VAS Valuation Co., Ltd, specializing in both commercial and residential valuations, primarily focusing on providing funds and developers with valuations for a variety of purposes including acquisitions, disposals, mortgage security, IPO and financial reporting. Her work including not only doing valuation but also reviewing valuation on various sectors of properties, such as development sites, industrial properties, hotels and resorts, offices, retails.

Oanh has been working for CBRE Vietnam’s valuations team since 2006. In or around early 2020, Oanh left CBRE Vietnam and joined VAS Valuation Co., Ltd, who now operate in association with CBRE. She has completed valuations in most real estate sectors including some of the highest profile and highest value assets in the country. Before joining CBRE in 2006, she was responsible for market research, feasibility studies and preparation of project construction investment procedures and now leverages this into a particular strength in residential led mixed use developments.

A past recipient of CBRE’s Asia Circle of Excellence award, in February 2013 and 2018 Oanh was admitted to the Royal Institution of Chartered Surveyors, becoming the first Vietnamese national to achieve membership of the world’s preeminent property industry body.

Professional Affiliations / Accreditations •

RICS Registered Valuer No. 6138871, Member Royal Institution of Chartered Surveyors MRICS, Feb 2013.

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Certified Practicing Valuer No. VII 11.621, Sep 2012, Vietnam Ministry of Finance.

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Registered Valuer No.530-TP.HCM, Jan 2009, Department of Construction HCMC.

Education • Qualifying Certificate in Advanced Valuation, Oxford Brookes University • Master in Economics of Finance & Banking, University of Economics, HCMC • Bachelor of Economics (Finance), University of Economics, HCMC

VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

TRACK RECORD COMMERCIAL PROPERTIES

BITEXCO FINANCE TOWER

FRIENDSHIP TOWER

Location

Location

District 1, Ho Chi Minh City

Ho Chi Minh City

LANDMARK KEANGNAM 72 TOWER

LOTTE CENTER HANOI

Location

Location

Cau Giay District, Hanoi

Ba Dinh District, Hanoi

The above Noticeable Assignments relate to projects that have been undertaken either by VAS Valuation Co., Ltd. or its valuers.

© 2022 VAS VALUATION CO. LTD

HOTELS

HYATT REGENCY - Da Nang City

LOTTE CORALIS - Hanoi

MELIA HOTEL - Hanoi

MPLAZA - Ho Chi Minh City

SHERATONS NHA TRANG - Nha Trang City

SIX SENSES RESORT - Phu Quoc

THE NAM HAI - Quang Nam

JW MARIOTT - Hanoi

The above Noticeable Assignments relate to projects that have been undertaken either by VAS Valuation Co., Ltd. or its valuers.

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VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

TRACK RECORD INDUSTRIAL PROPERTIES

BWID PORTFOLIO

KTG PORTFOLIO

MAPLETREE GLOBAL PORTFOLIO VIETNAM PROPERTIES

VINAFCOV PORTFOLIO - VIETNAM PROPERTIES

The above Noticeable Assignments relate to projects that have been undertaken either by VAS Valuation Co., Ltd. or its valuers.

RESIDENTIAL PROPERTIES

4,000+

1,100,000

PROPERTIES

TOTAL BUILDING AREA

US$1,7B

19,590,000

TOTAL PROPERTY VALUES

TOTAL LAND AREA

sqm

sqm

© 2022 VAS VALUATION CO. LTD

SCHOOL PROPERTIES

KINDERWORLD GROUP

PARK CITY

INTERNATIONAL SCHOOLS IN VIETNAM

SCHOOL DEVELOPMENT SITE IN HANOI CITY

ECOPARK

INTERNATIONAL SCHOOL

SCHOOL DEVELOPMENT SITE IN HANOI CITY

DISTRICT 7, HO CHI MINH

The above Noticeable Assignments relate to projects that have been undertaken either by VAS Valuation Co., Ltd. or its valuers.

TOWNHOUSE

VILLA

VACANT LAND

APARTMENT/ INDUSTRIAL

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VALUATIONS & ADVISORY SERVICES | VIETNAM CAPABILITIES OVERVIEW

How can we help?

Oanh Ho MRICS Director, VAS Valutation Co., Ltd. +84 989 949 848 kimoanh.ho@cbre.com 13th Floor, A&B Tower, 76A Le Lai Street, District 1, HCMC

This disclaimer shall apply to VAS Valutation Co., Ltd. All information included herein pertaining to VAS Valutation Co., Ltd – including but not limited to its operations, employees, technology and clients – are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of VAS Valutation Co., Ltd. VAS Valutation Co., Ltd and the logo are the service marks of VAS Valutation Co., Ltd and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

VAS Valutation Co., Ltd © 2022 All Rights Reserved.