Etalon Group Operating Results

RESIDENTIAL DEVELOPMENT SCHEME Timing 3-5 YEARS Permission risk vs. Project value High permission risk Low entry price Stages of residential real estate development Zoning & initial permit documentation Revenue recognition Source: Company data TOTAL DEVELOPMENT PERIOD RANGE: 39-59 MONTHS 12-18 MONTHS Medium-low permission risk Medium entry price Investment contract, planning & construction permit 18-30 MONTHS Construction Pre-sale 1-2 MONTHS 3 MONTHS State commission Ownership rights registration Sales after commission ing For share participation agreements when the construction is completed and the building has been approved by the State commission for acceptance of finished buildings. For share accumulation agreements when the building has been approved by the State commission for acceptance of finished buildings and act of acceptance is signed by share accumulation cooperative. For 100% payment when sale-purchase agreement is signed. For less than 100% payment when preliminary agreement and act of acceptance is signed by client. Etalon Group focus OPERATING Etalon Group RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS APPENDIX 38

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