Company: FVN
Filing Date: 2025-02-14
Form Type: DRS/A
Source: 0001829126-25-000945
Chunk: 202

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-02-14
Form: DRS/A
Chunk 202
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 ● | A discount rate of 16.5%. KKG utilized WACC of 16.5% as the discount rate in DCF approach |

| ● | A constant growth rate of 2.0% in terminal year. in determining the terminal value, KKG have adopted the constant growth model which is based on expected long term growth of the business into perpetuity |

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| ● | A marketability discount of 28%. KKG applied marketability discount of 28% by reference to various studies of private transactions before IPOs. |

Based on the investigation and analyses, KKG is of the opinion that the fair value of 100% equity interest in VIWO Technology Inc. as at the valuation date on a control and non-marketable basis, primarily based on the DCF approach is 100,000,000 USD.

Further, KKG adopted market
approach to cross-check the VIWO’s 100% equity value. The result of market approach is around USD 111 million. As the comparable
companies were listed company which may have better financial performance than VIWO resulting in higher multiples. KKG deemed the result
derived from market approach higher than the result derived from income approach is reasonable. And the value of VIWO 100% equity derived
by income approach and market approach are relatively close. KKG deemed the value range is reasonable as well.

Summary of Financial Analysis of VIWO

The following is a summary of the material financial analyses reviewed by Future Vision in connection with the valuation of VIWO. The summary set forth below does not purport to be a complete description of the financial analyses reviewed or factors considered by us nor does the order of the financial analyses described represent the relative importance or weight given to those financial analyses reviewed by the Board of Directors. We may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analyses summarized below should not be taken to be our view of the actual value of VIWO.

Selected Market Analyses

Future Vision reviewed certain financial information of VIWO and the structure of the proposed Business Combination and reviewed VIWO management’s forecast and its existing business and business plan.

Certain VIWO Projected Financial Information

The projections regarding VIWO’s future performance and the review by Future Vision’s Board of Directors reflect and consider numerous assumptions made by VIWO management, including material assumptions regarding, among other things,

| ● | VIWO’s ability to successfully identify suitable strategic opportunities,