Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 104

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 104
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 statement by reference in its entirety. Holders of the Common Stock are encouraged to read this opinion carefully in its entirety. Marshall & Stevens’ opinion was provided to CSLM’s board of directors for their information in connection with their evaluation of the consideration to be received by CSLM in consideration of the issuance of its equity securities to the equity holders of Fusemachines in the merger, as to the fairness to CSLM and, through their holdings of common stock in CSLM, to its noncontrolling public common shareholders, from a financial point of view, that the purchase price being paid by CSLM for Fusemachines is fair to CSLM, and does not address any other aspect of the merger and does not constitute a recommendation to any stockholder as to how such stockholder should vote or act with respect to any matters relating to the merger. The summary of Marshall & Stevens’ opinion in this proxy statement is qualified in its entirety by reference to the full text of the opinion. In arriving at its opinion, Marshall & Stevens:

| • |     | spoke with certain members of Fusemachines’ management regarding Fusemachines’ operations, financial 
 condition, future prospects and projected operations and performance and regarding the merger;       |

| • |     | participated in discussions with the board and its counsel regarding Fusemachines’ projected financials 
 results, among other matters;                                                                           |

| • |     | reviewed certain business, financial and other information regarding Fusemachines that was furnished to 
 Marshall & Stevens by Fusemachines through its management;                                              |

| • |     | reviewed certain other publicly available financial data for certain companies that Marshall &                                                                                               
 Stevens deemed relevant for purposes of its analysis and publicly available transaction prices and premiums paid in other transactions that it deemed relevant for purposes of its analysis; |

| • |     | performed an income approach through a discounted cash flow analysis based on the projected financial 
 information provided by Fusemachines’ management;                                                     |

| • |     | performed a market approach through implementing the guideline public company method; and |

| • |     | conducted such other financial studies, analyses and inquiries as deemed appropriate. |

In connection with its review, Marshall & Stevens relied upon and assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished or otherwise made available to it, discussed with or reviewed by it, or publicly available, and did not assume any responsibility with respect to such data, material and other information. In addition, Fusemachines’ management advised Marshall & Stevens,