Ascotway Ltd.

$[●] Equity Raise

Preliminary Summary of Terms and Conditions
[February 23, 2024]
The following is a summary of the preliminary terms and conditions (“Term Sheet”) for a proposed equity raise (the
“Equity Raise”). This Term Sheet is not intended to be a definitive agreement on all the terms of the Equity Raise,
and such terms and any obligation of the parties with respect to the Equity Raise are subject to the completion of
business, financial and legal due diligence and the negotiation and execution of the definitive documents for the
Equity Raise. This Term Sheet does not represent or constitute any commitment to arrange or provide any financing
to, or on behalf of, Ascotway Ltd. (“Ascotway”) or any affiliates thereof. Notwithstanding anything to the contrary
herein, the parties acknowledge and agree that their respective agreements set forth below under the headings “Legal
Fees”, “Exclusivity” and “Governing Law” are intended to be, and are, binding and enforceable agreements of the
parties with respect to the matters set forth therein and shall survive the termination or expiration of this agreement.
Issuer: Ascotway Ltd., a company incorporated in Ireland trading as EcoModular Pte Ltd.
Business Combination: The Business Combination by and among (i) Ascotway Ltd., (ii) JSA Holdings AG, a
company incorporated in Switzerland, (iii) Ecohouse Developments Limited, a private
limited company incorporated in Ireland, and (iv) Zalatoris II Acquisition Corp., a
Cayman Islands exempted company.
A description of the proposed Business Combination and a copy of the
applicable business combination agreement is available at the website of the U.S.
Securities and Exchange Commission (the “SEC”) www.sec.gov.
Investor(s): Addressed to Professional and Well-Informed Investors only (each an “Investor”).
Professional Investor - means an investor who qualifies as a professional client, or who
may request to be treated as a professional client within the meaning of Annex II of the
Investment Services and Activities and Regulated Markets Law of 2017 (as amended).

Well-informed investor - means an Investor who is not a Professional Investor and

fulfils the following conditions:
​
(a) the investor states in writing that: (i) he either has sufficient knowledge and
experience in financial and business matters in order to be able to assess the benefits
and risks associated with the proposed investment, and is aware of the risks associated
with the proposed investment; or (ii) his business is related to the management,
acquisition or sale of assets, either for its own account or on behalf of third parties of
the same type as the proposed investment; and (b) (i) either his investment in the
proposed investment amounts to at least one hundred and twenty-five thousand euros
(€125.000); or (ii) it has been assessed as a sufficiently well-informed investor by a
credit institution, an AIFM, a UCITS Management Company, an Investment Firm all
within the meaning provided in the AIF Law, or any alternative investment funds
(AIFs) manager authorized by the Republic of Cyprus or another EU Member State
and from the above assessment of the proposed investment it appears that he has
sufficient knowledge and experience in financial and business issues in order to assess
the benefits and risks associated with the proposed investment; or (iii) he is employed
by any of the persons referred to in point (b) (ii) as an employee who receives a total
remuneration within the same salary scale as the natural persons who effectively carry
out one of the business activities of the person referred to in (ii) of paragraph (b), or the
executive members of the Board of Directors who effectively carry out one of the
business activities; or (c) irrespective of paragraphs (a) and (b), the investor is a person
Confidential – Preliminary Summary of Terms and Conditions
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 who effectively directs the activities of the proposed investment or is a person who
manages the investments of that particular proposed investment.

Offering: [●] Ordinary Shares of Ascotway Ltd.

Equity Raise Date: Expected to occur [●] days after execution of this Term Sheet.
Warrants: Issuer will issue Investor warrants as follows:
1. Coverage: 100% (i.e. 100% of common shares the funded convertible notes
are convertible into).
2. Exercise Price: $11.50.
3. Exercise Period: 10 years.
4. Anti-Dilution Protection: The Investor Warrants shall have anti-dilution
protection on the price and quantity with respect to future equity offerings
of Ascotway Ltd.
5. Exercise: Cash exercise once the shares underlying the warrants (the
“Warrant Shares”) are registered, and either cash or cashless exercise prior
to registration. In the event the Warrant Shares are not registered within 9
months, warrant holders have the option to cashless exercise each warrant
for 0.9 Common Shares.
Certain Documentation The definitive documents shall include usual and customary provisions for transactions
Matters: of this type, including, but without limitation, representations and warranties,
affirmative covenants, negative covenants, financial covenants (including minimum
liquidity and/or revenue), closing conditions, and events of default.
ELOC Restriction: Issuer may not utilize an ELOC for a period of 9 months following the closing of the
Business Combination.
[Participation Rights: For 2 years, Investor has the right to co-invest for any of Issuer’s future financing deals
on the same terms with other investors on a pro-rata basis based on the number of
shares of common stock held by Investor to the total number of shares of outstanding
common stock of Issuer after giving effect to the Business Combination.]
Registration Rights: To the extent the Investor does not receive free trading shares on the date of the
Business Combination, customary demand and piggyback registration rights.
Lock-Up: Existing shareholders of the Issuer shall be subject to 6-month lock-up agreements
beginning from the closing of the Business Combination, subject to certain carveouts to
satisfy regulatory and Nasdaq requirements. Issuer shall negotiate to make as many of
Investor’s shares not subject to the lock-up as possible.
Legal Fees: The Issuer shall reimburse the Investor for all of Investor’s reasonable and documented
out-of-pocket legal and diligence fees and expenses incurred in connection with the
Equity Raise (the “Transaction Fees”), irrespective of whether or not the closing
occurs. Outstanding Transaction Fees shall be paid in full at the time of execution of
the definitive documents. Notwithstanding anything to the contrary contained herein,
this section “Legal Fees” shall be binding.
Governing Law: New York.
Exclusivity: [45] days.

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Expiration: This Term Sheet shall expire [7] days following the date first listed above unless first
executed and delivered by the parties.

IN WITNESS WHEREOF, the parties hereto have executed this Preliminary Summary of Terms and Conditions as
of the day of __________, 2023.

INVESTOR:

By:___________________________________

Name:
Title:

ASCOTWAY LTD:

By:___________________________________

Name:
Title:

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ECO MODULAR
www.ecomodular.com
 Background
ECO MODULAR WE OWN AND OPERATE: ECOHOUSE DEVELOPMENTS

Eco Modular, combining its established business with Ecohouse Ecohouse has successfully sold over 7,000 ADU (Accessory
Developments, a pioneering force in the modular construction Dwelling Units) since their inception in 2007.
sector. Here are the key facts;

In its current phase, Eco Modular is achieving remarkable • This year, we are projecting an impressive revenue of 20
success. The company's short-term strategy involves doubling million for ADU.
production capacity, expanding showrooms, and intensifying • 2 Factories in Eastern Europe, specializing in Loghouse and
sales efforts to achieve a goal of over 500 units a month in the UK Ecohouse production.
and Europe. Eco Modular's M&A strategy in the UK aims to • 6 showrooms in UK and Europe for customer sales.
enhance its market presence and customer base for Accessory • 2 warehouses with assembly plants for efficient stock
Dwelling Units. management.
• Central office, supported by a dedicated team of over 200
staff, serves as the hub for operations.

EXPANSION AND NASDAQ LISTING

We are expanding sales in the UK, with the aim to double revenue over the next 6-12 months along with going public on NASDAQ in
2024 to access additional capital to build a third factory in Eastern Europe to cover larger modular building developments in UK,
Europe, Middle East and Africa (EMEA).

Page 2 ECO MODULAR - Q4 2023

 WHAT OUR CUSTOMERS SAY:

Page 3 ECO MODULAR - Q4 2023

 $600M Listing on NASDAQ
STRATEGIC PARTNERSHIP:

Ecohouse Developments is on the verge of a game changing transformation through

a $600M Initial Public Offering (IPO) via a de-SPAC merger with Zalatoris II Acquisition
Corp on the NASDAQ Stock Exchange.

MILESTONES ACHIEVED:

Key milestones such as the completion of the Letter of Intent, Legal Due Diligence,
and securing a Third-Party Fairness Opinion showcase the meticulous approach taken.
The Business Combination Agreement is signed and announced, and we are actively
progressing through the PCAOB audit and F4 filing, required by the Securities and
Exchange Commission (SEC)in the United States.

REGULATORY COMPLIANCE:

Anticipated SEC approval post F4 filing is the next step in this journey, with the de-
SPAC merger completion expected to follow shortly thereafter, unlocking new
avenues for growth and investment.

Page 4 ECO MODULAR - Q4 2023

 NEW GIGA FACTORY

LAND SECURED AND COMPLETE COMPREHENSIVE DEVELOPMENT

STRATEGIC LOCATION:
ACQUISITION: PHASES:

The New Giga Factory is strategically We have secured prime land, and the From planning permissions and
located in a Free Zone in Klapedia, complete acquisition process ensures construction to the procurement of
Lithuania, offering attractive tax a solid foundation for the machinery, assembly setup, and
incentives that contribute to our development of the New Giga eventual operations, each phase is
overall cost-effectiveness. Factory. carefully orchestrated to ensure the
New Giga Factory becomes a
cornerstone of innovation and
efficiency.

Page 6 ECO MODULAR - Q4 2023

 Our Super System Technology for the NEW GIGA FACTORY

INTEGRATION OVERVIEW:
AIRTIGHT PRECISION:
• Streamlined Production: The patent-pending prototype is actively in production, ensuring a smooth
and efficient integration process. • Precision-engineered airtightness ensures controlled environments.
• Certification Assurance: Tested and certified in the UK, the quantum system meets rigorous • Reduces energy waste and maintains optimal conditions within the factory.
standards, guaranteeing reliability in every facet of your factory.

KEY FEATURES AND BENEFITS: INNOVATIVE WALL DESIGN:

• Optimized Thermal Control: • Thinner Profile:

• Enhanced temperature regulation for improved operational efficiency. • Maximizes usable space within the factory.
• Energy cost savings through advanced thermal heat management. • Enables flexible layout configurations to adapt to evolving operational needs.

SUPERIOR SOUNDPROOFING: INCREASED STRENGTH:

• Mitigates noise pollution, creating a conducive work environment. • Modern materials enhance structural strength, ensuring durability.
• Boosts employee productivity and well-being. • Long-lasting walls that withstand the demands of industrial operations.

FIRE REGULATION COMPLIANCE: ACCELERATED CONSTRUCTION:

• Meets and exceeds fire safety regulations, prioritizing employee safety. • Faster construction timelines contribute to quicker factory readiness.
• Minimizes potential damages, ensuring business continuity. • Minimizes disruptions, allowing your operations to commence promptly.

STRUCTURAL EXCELLENCE:

• Utilizes modern materials for walls that are not only thinner but exceptionally robust.
• Enhances overall structural integrity, contributing to long-term facility stability.

Page 7 ECO MODULAR - Q4 2023

 M&A STRATEGY
STRATEGIC GROWTH IN THE UK:
Our M&A strategy in the UK focuses on driving sales growth for Accessory
Dwelling Units. Acquiring existing businesses with established production
capabilities’ customer bases and marketing and branding allowing us to grow
by acquisition.

LOCAL MANAGEMENT INTEGRATION:

Retaining existing teams and local management ensures a seamless transition
and allows the acquired businesses to continue their operations while benefiting
from our broader resources.

CAPACITY EXPANSION IN EASTERN EUROPE:

Expanding our capacity in Eastern Europe is a crucial component of our
strategy, enabling us to supply the growing demand for ADUs resulting from the
acquisitions.

REVENUE GOAL:
Our ambitious goal is to supply 2,000 ADUs per annum translating up to 100M per
annum sales.

Page 8 ECO MODULAR - Q4 2023

 The Opportunity

Due to unprecedented population growth, buildings will double around the 400
$373.00 B
world over next 30 years.
350
The world’s population is projected to reach 8.5 billion in 2030 coupled with
unmet housing demand and relatively scarce construction labor which in turn 300
drives up wages and costs are the biggest predictors of where modular
construction can gain momentum.
250 $229.4 B
The modular construction market size will be valued at $229.4 billion in 2023 and
is expected to grow at a compound annual growth rate (CAGR) of 7.1 % over 200
the forecast period. (Modular Construction Market Size, 2020 - 2030) (ADD THE
SOURCE) 150

100
Market Size (2023) $229.4 billion
50
Market Size (2030) $373.0 billion
0
Market Size (2023) Market Size (2030)

https://www.globaldata.com/store/report/modular-construction-market-analysis/

Page 9 ECO MODULAR - Q4 2023

 Market Verticals

Hotel Residential Education Accessory Dwelling Units (ADU) Student Accommodation

Hospital NHS Retail Temporary Accommodation Commercial

Page 10 ECO MODULAR - Q4 2023

 Eco Modular Executive Management Team

Edvinas Cinga, Founder and Chief Executive Officer:

• Founder of Eco House Developments Limited & Eco Modular

• Passion for environmentally conscious and sustainable living
• Extensive background in diverse construction projects
• Mission to create innovative, energy-efficient, and environmentally friendly homes
• Leadership in setting new standards for eco-conscious development
• Use of cutting-edge technologies, renewable energy systems, and sustainable materials
• Active promotion of environmental awareness and advocacy for responsible construction practices
• Recognized for contributions to sustainable development, inspiring both business and environmental
communities

Page 11 ECO MODULAR - Q4 2023

 Executive Management Team
Terry Hutt, Director & Chief Architect: Vyga Dambrauskas, General Manager:
• Terry is on the Board of Directors of Ecohouse Developments • Worked in multiple industries, including enterprise retail and the construction sector
(www.ecomodular.com), joining the company in 2015. His remit as a • Held responsibilities for companies with multiple millions in revenues
member of the leadership team leverages from his architectural design • Proven track record of success
and operational expertise, plus he oversees the finance, administration, • Highly versatile in adapting to different industries
HR & legal functions. • Demonstrated ability to drive change in high-growth organizations
• Mr. Hutt was a member of the Canadian Armed Forces (Militia Force) • Contributed to increased operational efficiencies and profitability
for sixteen years (1982 to 1998).
• After leaving the military, Mr. Hutt works in the construction sector in Niall Shanahan, Corporate Director:
professional architectural design, engineering, and project • Commercial property specialist with a BSc in Property Economics
management for his customers and clients. He brings his Eco-friendly, • Over 30 years of experience in multiple industries, including Commercial Real Estate and
future-proofing ethos to the commercial and domestic structures Foreign Direct Investment sectors
delivered. • Served as owner's representative for numerous Fortune 500 companies, facilitating their
• Mr. Hutt was awarded a Master of Architecture (M.Arch) from TUNS establishment in Ireland and Europe
(Technical University of Nova Scotia, Canada) in 1988. • Holds a director and partner position at EnigmaSoft, a cybersecurity anti-virus SaaS
• Mr. Hutt, a native of Canada, moved to Ireland in 2004 and has lived company
and worked there ever since. • Acts as a non-executive director for several technology companies

Sameer Dababneh, Director of Sales and Strategy:

• Seasoned industry veteran with over 20 years of experience Conor Patton, Corporate Director:
• Held leading roles in global companies in real estate, banking, • Wealth of international experience in M&A, Capital Markets, and Capital Raising
investment, and aviation sectors • Specializes in various sectors, including Real Estate and Technology
• Valuable asset to the team
• Proven track record in successful partnerships
• Strong analytical and operational skills • Direct and formal approach with a focus on investor relations, deal origination,
• Highly accomplished corporate professional with extensive insight into the execution, and management
Middle East market • Unparalleled knowledge of Private and Public markets
• Specializes in developing key partnerships and possesses profound • Strong reputation in the industry
• Well-connected network of clients and partners across Europe and the Middle
knowledge of growth strategies in the US, UK, and Arabian Gulf
• Boasts an extensive portfolio of ultra-high net worth individuals and Royals East
• Born and raised in the UAE, established footprint in the industry through • Success in raising over $30 million and executing capital market deals worth over
global travels $200 million
• Holds a degree in business administration

Page 12 ECO MODULAR - Q4 2023

 Zalatoris II Board of Directors
Paul Davis, Chief Executive Officer: Adeel Rouf:
• Chief Operations Officer of the Acquirer, a global financial services company, since January • Mr. Rouf, experienced in investment banking, capital markets, and M&A
2019 • Involved in six SPAC transactions
• Previously served as Managing Director of Black Swan Data Ltd, a London-based technology • Current COO of Northern Revival Acquisition Corp. (Nasdaq: NRAC, NRACU) since 2023
and data science company • Founder, CFO, and Advisor to a SPAC merging with Rubicon Technologies, Inc. (Nasdaq: RBT,
• Led Black Swan Edge Ltd as Chief Executive Officer from December 2013 to March 2018 RBTWT) (NYSE: RBT) from April 2021 to December 2022
• Specialized in raising capital via structured products for small and medium-sized enterprises, • SVP of Altitude Acquisition Corp. (Nasdaq: ALTU, ALTUW) from June 2020 to January 2023
institutions, and corporations across Europe, America, and Asia • Involvement with Investcorp India Acquisition Corp. (Nasdaq: IVCA)
• Under Mr. Davis' leadership, Black Swan Edge Ltd experienced significant growth and success, • Previous roles at FinTech Acquisition Corp. III (merged with Paya, Inc. - Nasdaq: PAYA) and
leading to its sale in March 2018 Insurance Acquisition Corp. I (merged with Shift Technologies, Inc. - Nasdaq: SFT) from April
• Served as Business Development Manager of DVV Media Group GmbH from July 2007 to 2019 to June 2020
December 2013, following the acquisition of part of the Reed Business Information Ltd portfolio • Past experience includes J.P. Morgan Chase & Co.'s investment banking leveraged finance
• Previously a sales manager at Reed Business Information Ltd from 2004 to 2007, now part of team from June 2017 to May 2019
LexisNexis Risk Solutions, Inc., a subsidiary of RELX PLC (NYSE: RELX) (formerly Reed Elsevier Group• Associate on Sumitomo Mitsui Banking Corporation's finance team executing structured debt
PLC) finance transactions from March 2015 to June 2017

Llewellyn Farquharson, Chief Financial Officer: Mr. Demetris Demitriou:

• Over 30 years of knowledge gained in international • Highly accomplished Fellow Certified Chartered Mr. Vik Mittel:
business Accountant with over 40 years of experience in Audit, • Managing Member and Chief Investment Officer of Meteora
• Began professional career with Price Waterhouse Tax, and Consulting Capital, LLC, specializing in SPAC-related investments
(PwC) • Founding Partner of DFK Demetriou Trapezaris and • Over 18 years on the buy side, deploying capital across event-
• Spent 11 years with PwC in audit and advisory Managing Director of Demetriou & Associates Business driven investment strategies
services Advisers • Former investment professional and partner at Glazer Capital, LLC
• Invited by a client to join telecoms start-up • Demonstrated exceptional expertise and leadership ("GCM"), with a focus on mid-market M&A and private
company Jinny Software as hire #5 • Elected President of DFK International in 2014, now placements
• Board member at Jinny Software, contributing to holds the esteemed position of Lifetime President • Part of the founding team that launched Raymond James’ TMT
year-over-year growth in revenue, profit, and • Active contributor to the Institute of Certified Public investment banking practice in Palo Alto, CA in 2002
customer base Accountants (ICPAC) of Cyprus • Holds a B.S. in Finance from the University of Florida (summa cum
• Successfully managed the due diligence sale and • Holds significant roles within the organization laude) and an MBA from NYU Stern School of Business, also a CFA
post-sale activities • Approved licensed insolvency practitioner with a holder
• Orchestrated a cash trade sale of Jinny Software to background in prestigious Big 4 Accounting firms • Meteora Capital, an SEC registered investment adviser, manages
a North American PLC in 2014 • Currently serves on the Board of Directors of a major funds across the SPAC ecosystem with diverse sector experience
• Currently collaborates with like-minded Construction Company, providing strategic insights • Principals have a history of investing in SPACs since 2009, providing
entrepreneurs, leveraging broad expertise to assist and financial expertise resources to streamline the business combination process
ambitious enterprise owners in achieving personal • Well-suited for the role of Non-Executive Director, • Access to a robust pipeline of potential acquisition candidates
and corporate goals in the global market space offering valuable experience and a deep from private equity and venture capital-backed companies
understanding of financial matters to the board

Page 13 ECO MODULAR - Q4 2023

 The New Giga Factory
Location
6.7 kms from the port of Klaipeda and 7.2 kms to
Klaipeda rail head.

Google Map Link:

https://maps.app.goo.gl/MFsWcRwEZTs7Vwgu8

Market Reach
UK, Europe, Middle East and Africa (EMEA)

Timelines
2024 Secure Land and Complete Construction
2025 Commence Giga Factory Operations
2026 Operating at Full Capacity

Eco Modular is on the way to becoming one of Europe's leading suppliers of Modular buildings.

Page 14 ECO MODULAR - Q4 2023

 Export Markets

Markets
UK, Europe, Middle East and Africa (EMEA)

Target
3 factories in 3 continents

Output Capacity
Starting from 120,000 sqm per annum

Number of Factories
2 factories by Year 3
3 factories by Year 5

Page 15 ECO MODULAR - Q4 2023

 New Giga Factory Infrastructure

15 minutes to the largest Baltic

Direct railway Link
Part

Dozens of transport and

25 minutes to the Airport
logistics companies on the site

Daily public transport Car sharing

Direct motorway link 5G internet

Page 16 ECO MODULAR - Q4 2023

 New Giga Factory Key Data

Land & Building Production Capacity

● Proposed Location; Klaipeda Free ● Production Capacity per Annum will be

Economic Zone. approx. 180,000 to 200,000 sqm.
● Total Site Area is 10 Hectares or 24.7 Acres.
● Manufacturing Facility will be 25,000 sqm /
269,100 sqft.
● Global Expansion planned for the Middle
East, India, and Canada.

ISO Certifications Carbon Net Zero

● - ISO 9000 - Quality management ● - ISO 9000 - Quality management

● - ISO 14000 - Carbon footprint ● - ISO 14000 - Carbon footprint
● - ISO 31000 - Risk management ● - ISO 31000 - Risk management
● - ISO 26000 – Social responsibility ● - ISO 26000 – Social responsibility

Page 17 ECO MODULAR - Q4 2023

 TRADITIONAL GLOBAL CONSTRUCTION PROBLEMS

RELIANCE ON TOO MANY

TIME COST OVERRUN POOR QUALITY + FINISHING ENVIRONMENTAL ISSUES
TRADERS + EXPERTS

Page 18 ECO MODULAR - Q4 2023

 ECO MODULAR CONSTRUCTION SOLUTIONS

Speed – up to 70% time saving due to production in a Extensive design flexibility – wide range of façade
dry, factory- controlled environment, and then cladding, roofing and glazing options.
transporting of the complete building parts to a fully
prepared site, for a faster return on your investment. Less disturbing impact on the environment – less
traffic from and on the construction site, as result
High-rise building based on a durable, reliable and life transport-related emissions and disruption is reduced.
lasting steel frame.
Reduced risks of accidents and related liabilities for
Permanent or relocatable building solutions using workers – construction is done in a controlled, indoor
modular design concept. environment.

Less noise and disruption, cleaner and safer Flexible interior design options - using a load bearing
construction site. post system.

Cost effective and precise time planning due to minor Sustainability, durability and effective - improved
impact of weather-related delays or site-based thermal performance due to perfect sealing conditions,
manpower shortage. less waste, wide range of GREEN design options, less
interruption for surrounding and existing buildings, high
Further development possibilities – modular buildings quality, CE marked materials and internal finishing.
can easily be expanded, reduced, reconfigured or even
relocated to meet your Non-combustible and mold resistant.
changing needs.
Reduced site expenses - removing up to 80% of the
Reduced construction waste building construction activity from the site location.

Page 19 ECO MODULAR - Q4 2023

Offsite Construction - Turn-Key Solution Eco Modular Process

01 02 03

OFFSITE MANUFACTURING QUALITY ASSURANCE CONCEPTUALIZATION AND COST ESTIMATION STRUCTURAL ENGINEERING
DESIGN
Manufacturing of the superstructure Quality check at every stage of The estimation team prepares a Structural engineering team prepares
in a semiautomated straight line manufacturing to achieve very high Interaction between the client’s detailed estimate of the modular the structural designs prior to finalizing
production line like a car assembly quality architect and the design team of the design finalised during the the
line ensuring 24/7 production company to understand the client’s conceptualization and design state. building is broken down into several
requirement and finalise the Modular modules each representing a three-
design dimensional part.

04 05 06

LOW CLIMATE FOOTPRINT VERTICALLY INTEGRATED SYSTEM OFFSITE MODULE MANUFACTURING & MODULE TRANSPORTATION AND FINISHING AND HANDOVER
ONSITE FOUNDATION INSTALLATION
Manufacturing significantly reduces Prefabricated prefinished volumetric Then, the site is handed over after
wastage, energy and water modular constructions The manufacturing department The modules are transported to the site inspection of the property by the client
consumption prepares a plan to manufacture the and insta led using cranes and external and after signing handover certificate
modules. Modules are manufactured on cladding of the property is carried out signed by both the client and the
a rolling production line and are sealed asper the requirement of the client. The company.
and stored in the factory premise for finishing team carries out finishing work
transport. At the site, the production of such as joining, installing carpets, paint
ground, civil works and construction of touching, etc.
foundation are carried out whilst the
modules are being manufactured at
the factory.

Page 20 ECO MODULAR - Q4 2023

 E.S.G Investment
Carbon Net Zero

Measure Mitigate Offset

Calculate the footprint accurately Reduce the footprint through the Offset remaining emissions through
and conservatively use of new materials and tech third party certified offset
programmes

Page 21 ECO MODULAR - Q4 2023

 Competitors

Company Name Ticker Website Stock Price (21/11/2023) Market Cap ($M)

https://ir.skylinechampion.com/overvi
Skyline Champion Corporation SKY $ 59.46 $ 3,420.00
ew/default.aspx

McGrath RentCorp MGRC https://www.mgrc.com $ 99.18 $ 2,430.00

Cavco Industries, Inc. CVCO https://www.cavco.com $282.33 $ 2,350.00

Patrick Industries, Inc. PATK https://www.patrickind.com $ 84.48 $ 1,870.00

Fluor Corporation FLR https://www.fluor.com $ 38.23 $ 6,500.00

WillScot Mobile Mini Holdings Corp. WSC https://www.willscotmobilemini.com $ 38.00 $ 7,280.00

Skanska AB SKBSY https://www.skanska.com $163.95 $ 65,610.00

Art's-Way Manufactuing Co., Inc. ARTW https://artsway-mfg.com $ 2.04 $ 10.22

James Hardie Industries plc JHX https://www.jameshardie.co.uk $ 32.03 $ 13,085.00

UFP Industries, Inc. UFPI https://www.ufpi.com $109.92 $ 6,790.00

Page 22 ECO MODULAR - Q4 2023

 MODULEX COMPARISON
REVENUE AND OPERATIONS:
Modulex: Currently operating with zero revenue, Eco Modular has a robust revenue stream of €20m, selling over 7,000 Accessory Dwelling Units.

GEOGRAPHIC PRESENCE:
Modulex: Primarily focused on the UK, Eco Modular has a diversified international presence with showrooms in Ireland, the UK, and manufacturing facilities in Lithuania.

CONTRACTS AND NEGOTIATIONS:

Modulex: Holds a £75m order in the UK, while Eco Modular is actively negotiating approximately £100m worth of contracts in the UK and Middle East with exclusive
manufacturing partnerships.

MANUFACTURING CAPABILITIES:
Modulex: Building its first manufacturing facility in India, Eco Modular already operates two manufacturing facilities in Lithuania, showcasing an established production
infrastructure.

FINANCIAL VALUATION:
Modulex: Going public via a SPAC merger with a valuation of $600m USD, aligning with Eco Modular in terms of market capitalization.

MARKET FOCUS:
Modulex: Initial focus on the UK market, while Eco Modular has a diversified market approach with contracts in the UK and the Middle East.

STRATEGIC PARTNERSHIPS:
Modulex: No specific information provided, whereas Eco Modular has an exclusive partnership for £100m worth of contracts, highlighting strong collaborative initiatives.

In conclusion, while both Modulex and Eco Modular share a $600m USD valuation through SPAC mergers, Eco Modular stands out with its established revenue, diversified international
operations, ongoing contract negotiations, and strategic partnerships. The comprehensive analysis emphasizes Eco Modular's strengths, positioning it as a robust player in the modular
construction industry.

Page 23 ECO MODULAR - Q4 2023

 High Level Financials + Shipping

Page 24 ECO MODULAR - Q4 2023

 Business Plan

Short Term Medium Term Long Term

Increase Rev of ADU Business from 15 million Completion of Third Factory in Eastern Become one of the largest producers of
to 18 million in Ireland. Europe, capacity of 120,000 Sq Mt per modular buildings worldwide.
annum.
M&A strategy: Two ADU businesses in UK Revenue of 400 million per annum.
adding 20 million in revenue. Expand existing capacity of ADU Factories
to 160,000 Sq Mt per annum. Secure long term government backed
Sign up 50-75 million worth of contracts in contacts.
UK on Student Accommodation, Social Execute a total of 250 million worth of
Housing, Residential Apartments and volumetric modular contracts in the UK, Acquire land and begin planning phases
Holiday Parks. EMEA and India. with Indian partner develop our Sixth
Factory.
Complete De SPAC Merger with Zalatoris II Acquire land and begin planning phases
Acquisition Corp. for our Forth Factory in Middle East. Own and Operate Three Giga Factories
worldwide.
Complete Land Acquisition and Planning Grow market cap to 1 billion in value and
Phase on New Giga Factory Location. over 250 million of revenue. Supply over 1 million Sq Mt of modular
building through out the world.

Page 25 ECO MODULAR - Q4 2023

 Revenue Drivers

Lease + Model UK HOUSING BODY

UK STUDENT APARTMENT BLOCKS

LOG HOUSE UK Eco Modular TEMPORY ACCOMMODATIOM IRELAND, UK

LOG HOUSE IRE TEMPORY ACCOMMODATION MIDDLE EAST

SCHOOLS GOVERNMENT CONTRACT MIDDLE

NHS GOVERNMENT BACKED CONTRACTS
EAST

Page 26 ECO MODULAR - Q4 2023

 Welcome to the next
chapter of Eco Modular

"Assemble Dreams, Construct Sustainability

– Eco Modular."

Page 27 ECO MODULAR - Q4 2023