c) COST MANAGEMENT

The Metropole Thu Thiem project is inspired by classic European design

and modern lifestyle, which will bring residents a prosperous life, close to
nature, security and a classy fresh living environment.

Quoc Loc Phat is an investor developing The Metropole Thu Thiem project
located in Thu Thiem New Urban Area, on a land area of about 75,965m2,
the total project investment is expected to be nearly 7,500 billion VND.

The Galleria The Crest The Opera The Opusk

Open for sale T12- Open for sale T9- Open for sale Receiving
2018 2019 T10-2022 placeholders

• Original price: • Original price: • Original price: • Original

$4300-$6200/m2 $5500-$7500/m2 $5800-$7900/m2 price: ...
• Handover Q4- • Handover Q1- • Handover Q4- •Transfer:...
2020 2022 2022 • Total units:
• Total units: 456 • Total units: 250 • Total units: 646 192 units
units units units • 2 towers of 28-
• Height: 12 • Height: 24 • Height: 24 36 floors
storeys storeys storeys • 4 basements
• 3 towers • 1 tower • 2 Towers: Scala
• 1PN: 49-50m2 • 1PN: 79m2 – Massimo
• 2PN: 69-76- • 2PN: 82-94-99- • 1PN: 54-55-
95m2 115m2 66m2
• 3PN: 103- • 3PN: 129- • 2PN: 68-80-97-
110m2 151m2 128m2
• 4PN: 168- • Studio: 47m2 • 3PN: 120-137-
170m2 • Duplex: 86- 194m2
• Penthouse: 151m2 • 4PN: 175-179-
244m2 181m2
• Studio: 47m2
• Loft: 55-176m2
• Duplex: 227-
286m2
• Sky villa: 80-
335m2

Currently sold out of 3 phases and is receiving placeholders for phase 4.

The Metropole Thu Thiem project is invested by National Loc Phat

Company. At the time of establishment, National Loc Phat Company had a
charter capital of 300 billion VND.

However, just over 1 month later, until October 21, 2014, the shareholder
structure had a big change. Hai Dang Construction Investment Joint Stock
Company (Hai Dang Company) became the largest shareholder when
owning 40% of the company's shares (equivalent to 120 billion VND).
By March 21, 2016, the Company had a strong disturbance when it
increased its charter capital to 1,500 billion VND and appeared foreign
shareholders. It is Keppel Land Thu Thiem PTE.LTD. The Singapore-based
company owns 20% of the capital after pouring into the company 300
billion VND.

Since 2016, Keppel Land divested from the project and Son Kim Real Estate
Joint Stock Company (Son Kim Land) appeared as the project developer
from mid-2018.

2021 is a "pivotal" year when National Loc Phat reaps revenue for the first
time. And revenue amounted to 4,094 billion VND. Profit after tax is very
high, reaching 2,091 billion VND. Notably, while capital has only moved
slightly, the Company's debt is growing.

Specifically, from 2017 to 2020, the equity of National Loc Phat is only
about 1,500 billion VND. It is not until 2021 that this target will inch up to
VND 2,642 billion VND thanks to sudden profits in 2021. But debt has
accelerated.

At the end of 2017, National Loc Phat's liabilities were only 356 billion
VND, much lower than equity, but then 5 years later, by December 31,
2021, liabilities jumped to 11,676 billion VND, an increase of 11,320 billion
VND, equivalent to... 32 times. So, liabilities are 4.7 times higher than equity
and account for 82.6% of the Company's capital.

 Resulting in the project being pledged.

In order to obtain the huge debt mentioned above, the Metropole Thu
Thiem project was mortgaged. Income, receivables, fees obtained from
trading, exploiting the value of land use rights, assets attached to land
under this project are also on the list of collateral. In addition, the Company
"pledges" all monetary revenues, the right to receive monetary revenues,
income, incomes, receivables, collected fees, deposits, interest, penalties,
damages, reimbursements (arising now and in the future from the project)
arising out of or in connection with the investment, business, exploitation,
management and development of projects.

Final conclusion: The project has an expected investment of VND 7,500

billion and liabilities of VND 11,676 billion (as of 31/12/2021) ...