Investor Presentaiton

Revenue recognition scheme Timing Stages of residential real estate development Cash & revenue recognition Installment programs 3-5 years Total development period range: 39-59 months 12-18 months Investment contract, Zoning & initial permit documentation Permission risk vs. Project value High permission risk Source: Company data I + I I I I I I Low entry price I 18-30 months 6-8 months Construction planning & construction permit Pre-sale Up to 90% pre-sold and accounted in cash flows Medium-low permission risk Medium entry price 3 months State commission Act of acceptance signed Ownership rights registratio n Revenue is recognized when the Act of acceptance is signed by the buyer Etalon Group provides its customers various instalment plans The terms of these installment programs are agreed on individual basis Etalon Group focus I 2 Etalon Group 1 41

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