Investment opportunity · Marketing Communication

Senior secured bond to finance a residential development in Milano, Via Torino 41

July 2026 · For professional investors only · No public offering
YELDO · Capital Solutions for Real Estate
DisclaimerMarketing Communication · Subject to final due diligence

Disclaimer

This document is a marketing communication intended exclusively for professional investors within the meaning of applicable regulation. It does not constitute an offer to the public, a prospectus, or investment advice, and it may not be distributed to retail investors. [Testo legale integrale — componente unico versionato per lingua e regime: private placement EN. Ogni modifica passa dal legale, mai dal copywriter.]

Any return figures are targets, gross or net as indicated, based on assumptions that may vary; they are not a promise or a guarantee. Investments described are illiquid and involve risk of partial or total loss of capital — see the Risk factors section of this document and the full documentation before any commitment. Past performance is not an indicator of future results.

YELDO · MARKETING COMMUNICATION · FOR PROFESSIONAL INVESTORS ONLYPAGE 02
Deal snapshotSubject to final due diligence

Via Torino 41 at a glance: senior secured bond · 13% gross / 11% net · 24 months

Security
  • Position: Senior secured
  • Instrument: bond, LUX securitization notes
  • Security package: mortgage, share pledge, ECA
  • Sponsor equity: 18% of total costs
  • Min Cash-on-Cash: 1.13x contractual
Underlying asset
  • Use: residential development, 86 units
  • Location: Milano, Via Torino
  • Exit: fractional sale of units
  • Sponsor: [SPONSOR], developer & GC
  • Timeline: works to Q4 2027
13% / 11%Target IRR gross / net
24Months
54%LTV
€100kMin ticket
NOTE: THERE IS NO GUARANTEE THAT YELDO'S INVESTMENTS WILL ACHIEVE THEIR OBJECTIVES OR AVOID SIGNIFICANT LOSSES.FOR PROFESSIONAL INVESTORS ONLY · 03
ContentsMarketing Communication

Six sections. Then the documents.

01
Executive summary
02
The projectlocation · asset · timeline
03
The Sponsortrack record · YELDO deal selection
04
Deal structurecapital structure · vehicles · terms & conditions
05
FinancialsP&L · sources & uses · LTV · break-even
06
Risk factorsnamed first, mitigated second
YELDO · CAPITAL SOLUTIONS FOR REAL ESTATE04
01 · Executive summarySubject to final due diligence

The operation, in four blocks.

Investor terms
  • Target 13% gross / 11% net IRR
  • 5.5% quarterly coupon + 5.5% PIK
  • Maturity 24 months
  • Min ticket EUR 100,000
Underlying investment
  • Senior secured bond, EUR [X]m
  • Use: land acquisition + development
  • Exit: fractional sale of units
Project & Sponsor
  • 86 residential units, [SQM] sqm
  • [CITY], [DISTRICT]
  • Sponsor: [SPONSOR], [N] yrs, [N] projects
Capital structure
  • LTV 54% · BEP −46% vs expected price
  • YELDO position shielded by EUR [X]m
  • YELDO co-invests in the deal
NOTE: THERE IS NO GUARANTEE THAT YELDO'S INVESTMENTS WILL ACHIEVE THEIR OBJECTIVES OR AVOID SIGNIFICANT LOSSES.05
01 · Investment highlightsSubject to final due diligence

Fewer than 3% of the deals we screen pass our due diligence. This one did.

Risk-return profile
  • Senior position, repaid first
  • Target return in gross / net pair, with contractual minimum
  • Quarterly cash coupon
Security package
  • First-ranking mortgage
  • Pledge on shares · ECA
  • Break-even at −46% vs expected selling price
Alignment
  • We select, structure and manage — and answer for the deal
  • YELDO capital invested alongside investors
  • Monitoring to exit, intervention if needed
NOTE: THERE IS NO GUARANTEE THAT YELDO'S INVESTMENTS WILL ACHIEVE THEIR OBJECTIVES OR AVOID SIGNIFICANT LOSSES.06
SECTION 02

The project

02 · The locationSubject to final due diligence

[CITY]: the demand is structural, not cyclical.

Why here
Illustrative · replace with annotated map
SOURCES: [DATED THIRD-PARTY SOURCES]08
02 · The assetSubject to final due diligence

Permits secured. 30 of 86 units already reserved.

[2-3 lines: what is built/converted, for whom, at what stage — verifiable facts only]

Illustrative
86
Units
6,638
SQM GLA
35%
Units reserved
100%
Permits secured
[X]
EUR/SQM target
Q4 '27
Works completion
NOTE: THERE IS NO GUARANTEE THAT YELDO'S INVESTMENTS WILL ACHIEVE THEIR OBJECTIVES OR AVOID SIGNIFICANT LOSSES.09
02 · The asset · rendersSubject to final due diligence
Exterior render — illustrative, replace with min 3000px asset
Interior / site status — illustrative, real photo not stock
RENDERS ARE ILLUSTRATIVE AND MAY DIFFER FROM THE FINAL BUILD10
02 · Project timelineSubject to final due diligence

Exit expected within 24 months — with a buffer built in.

Acquisition & permits
Construction
Commercialisation
YELDO investment
Buffer to maturity
Q3 '26Q1 '27Q3 '27Q1 '28Q3 '28
TIMELINE IS A TARGET BASED ON THE SPONSOR'S BUSINESS PLAN — SEE RISK FACTORS11
SECTION 03

The Sponsor

03 · The SponsorSubject to final due diligence

[SPONSOR]: a track record we verified, deal by deal.

[N]+
Years active
[N]
Projects delivered
[N]
Units built
€[X]m
Revenues / GDV
[ PROGETTO 1 · foto + 1 riga ]
[ PROGETTO 2 · foto + 1 riga ]
[ PROGETTO 3 · foto + 1 riga ]
SPONSOR DATA AS VERIFIED DURING DUE DILIGENCE · [DATE]13
03 · YELDO deal selectionMarketing Communication

Before you see a deal, it has already survived five gates.

01
Originationproprietary and off-market channels; the pipeline is screened, not collected
02
Preliminary analysissponsor, location, business plan: most deals stop here
03
Structuringthe instrument is built around the operation — security package, covenants, scenarios
04
Due diligenceindependent appraisals, legal and technical DD, downside cases
05
Investment Committeeindependent approval; fewer than 3% of screened deals arrive here
YELDO · CAPITAL SOLUTIONS FOR REAL ESTATE14
SECTION 04

Deal structure

04 · Capital structureSubject to final due diligence

YELDO position shielded by EUR [X]m of margin and Sponsor equity.

Project marginEUR [X]m
Sponsor equityEUR [X]m · [N]%
[Mezzanine / other]EUR [X]m
1 · YELDO senior positionEUR [X]m
54%
LTV
−46%
BEP vs expected price
1.13x
Min cash-on-cash
24
Months
NOTE: THERE IS NO GUARANTEE THAT YELDO'S INVESTMENTS WILL ACHIEVE THEIR OBJECTIVES OR AVOID SIGNIFICANT LOSSES.16
04 · Financial structureSubject to final due diligence

One instrument, fully documented.

The chain
  • Investors subscribe securitization notes (LUX)
  • The vehicle subscribes the senior secured bond
  • Issuer: [SPV], owner of the asset
  • Paying agent / settlement: [BANK] · Clearstream
Key termsPooling instrument
Issuer[VEHICLE]
ISIN[ISIN]
Amountup to EUR [X]m
Subscription feeup to 0.5% — all fees stated here, none elsewhere
Vehicle costs~EUR [X]k p.a., borne by the structure
FULL TERMS IN THE OFFERING DOCUMENTATION — AVAILABLE BEFORE ANY COMMITMENT17
04 · Terms & conditionsSubject to final due diligence

The terms, on one page.

InstrumentSenior secured bond
Target return13% gross · 11% net IRR — target, not guaranteed
Coupon5.5% cash quarterly + 5.5% PIK — cash coupon subject to cash availability
Maturity24 months (+6 extension option)
Min ticketEUR 100,000 — professional investors only
Security packageFirst-ranking mortgage · pledge on shares · ECA · [altri]
DistributionAt exit / quarterly
NOTE: THERE IS NO GUARANTEE THAT YELDO'S INVESTMENTS WILL ACHIEVE THEIR OBJECTIVES OR AVOID SIGNIFICANT LOSSES.18
SECTION 05

Financials

05 · P&L · Sources & usesSubject to final due diligence

Project margin of [N]% — the first cushion of the structure.

P&L (EUR/000)
Revenues[X]
Hard + soft costs([X])
Financial costs([X])
Gross margin[X] · [N]%
Sources & uses (EUR/000)
YELDO financing[X] · [N]%
Sponsor equity[X] · [N]%
Usesacquisition [X] · capex [X] · other [X]
FIGURES FROM THE SPONSOR'S BUSINESS PLAN, REVIEWED IN DUE DILIGENCE — ASSUMPTIONS MAY VARY20
05 · LTV · Break-evenSubject to final due diligence

The asset could sell at −46% and still repay YELDO investors in full.

Loan-to-value
Amount financedEUR [X]m
Asset valueEUR [X]m — independent appraisal, [DATE], [APPRAISER]
LTV54% — stated on current value; exit-value LTV shown separately, never as substitute
Break-even point
BEP priceEUR [X]/sqm
Expected priceEUR [X]/sqm
Cushion−46% · in units: [N] of [N] units repay YELDO in full — [N] already reserved
NOTE: THERE IS NO GUARANTEE THAT YELDO'S INVESTMENTS WILL ACHIEVE THEIR OBJECTIVES OR AVOID SIGNIFICANT LOSSES.21
SECTION 06

Risk factors

06 · Risk factorsMarketing Communication

The risks, named before the mitigants.

This investment is illiquid and involves the risk of partial or total loss of capital. The main project-specific risks, each with its mitigant — never the reverse:

Risk
Mitigant
Market: residential prices in [CITY] may fall below plan
BEP at −46% vs expected price; pre-sales at [N]%
Construction: cost overruns or delays
Fixed-price contract / holdback / buffer to maturity
Sponsor: execution depends on [SPONSOR]
Verified track record; step-in rights; YELDO monitoring to exit
Exit: fractional sales slower than plan
Extension option; irrevocable mandate to sell at [MONTH]
Liquidity: no secondary market for the notes
None — hold-to-maturity instrument. Invest accordingly.
FULL RISK FACTORS IN THE OFFERING DOCUMENTATION — READ BEFORE ANY COMMITMENT23
APPENDIX

How it works · FAQ · Glossary

Appendix · From subscription to exitMarketing Communication

What happens after you subscribe.

01
Subscriptionallocation confirmed; funds called within the fundraising window
02
Deploymentcapital deployed per the drawdown plan; interest accrues from deployment, not from subscription
03
Monitoringquarterly reporting on the platform: works progress, sales, covenants
04
Repaymentat exit or maturity; early repayment possible — returns follow actual duration
YELDO · CAPITAL SOLUTIONS FOR REAL ESTATE25
Appendix · FAQMarketing Communication

The questions investors actually ask.

What am I investing in?

Securitization notes issued by a Luxembourg vehicle, whose sole purpose is to fund this operation. You are exposed to this deal only — no commingling.

When does interest start accruing?

From deployment of capital into the operation, not from your subscription date. The gap ("cash drag") is stated in the offering documentation.

What determines my net return?

Gross return, minus vehicle costs and fees — all stated in the Key Terms. Taxation depends on your jurisdiction; figures are gross of taxes.

Can I exit early?

No. There is no secondary market: this is a hold-to-maturity instrument. Early repayment can only come from the operation itself.

FULL FAQ IN THE OFFERING DOCUMENTATION26
Appendix · GlossaryMarketing Communication

Five terms, defined once.

IRR (gross / net)Annualised internal rate of return. Gross: before vehicle costs and fees. Net: after — the figure that reaches you, before taxes.
Min Cash-on-CashThe contractual minimum multiple on invested capital if the deal repays early.
LTVAmount financed over asset value (independent appraisal, current value). Exit-value LTV is a different, more favourable metric — when shown, it is labelled.
BEPBreak-even point: the selling price at which YELDO investors are repaid in full.
PIKPaid-in-kind interest: accrues and is paid at exit, not in cash during the deal.
YELDO · CAPITAL SOLUTIONS FOR REAL ESTATE27
ContactsMarketing Communication

Speak with our team — on the structure, or the documents.

Investor Relations · invest@yeldo.com · [NOME REFERENTE + TELEFONO]
Full documentation — term sheet, appraisals, scenarios — available on the platform before any commitment.

YELDO · MARKETING COMMUNICATION · FOR PROFESSIONAL INVESTORS ONLY · NO PUBLIC OFFERING28