Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 317

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 317
---
|:--|----------:|:--|:--|
| Terminal Value Growth Rate 3.0%, Discount Rate 29% | ​ | ​ | ​                                        | $ | 459,676.2 | ​ | ​ | ​ | ​ | ​ |         ​ | ​ | ​ |
| Terminal Value Growth Rate 3.0%, Discount Rate 31% | ​ | ​ | ​                                        | ​ |         ​ | ​ | ​ | ​ | ​ | $ | 412,491.7 | ​ | ​ |
| Terminal Value Growth Rate 5.0%, Discount Rate 29% | ​ | ​ | ​                                        | ​ | 490,220.9 | ​ | ​ | ​ | ​ | ​ |         ​ | ​ | ​ |
| Terminal Value Growth Rate 5.0%, Discount Rate 31% | ​ | ​ | ​                                        | ​ |         ​ | ​ | ​ | ​ | ​ | ​ | 437,355.1 | ​ | ​ |

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TABLE OF CONTENTS

General

In connection with the review of the business combination by the IWAC Board, The Mentor Group performed a variety of financial and comparative analyses for purposes of rendering its opinion including comparison of the financial growth and profitability margin forecasts of the selected industry comparable companies to the forecasts for Btab. The preparation of a financial opinion is a complex process and is not necessarily susceptible to a partial analysis or summary description. In arriving at its opinion, The Mentor Group considered the results of all of its analyses as a whole and attributed particular weights to several of the analyses or factors it considered. The Mentor Group considered only the application of industry multiples to Btab’s 2026 revenue and EBITDA. For the results of the DCF analysis, The Mentor Group selected terminal growth rates of three and five percent paired, respectively, with a discount rate of twenty-nine percent for each. Of the four results, The Mentor Group applied a forty percent weighting to the implied value resulting from application of the EBITDA multiple and an equal weighting of twenty percent to the remaining three selected implied equity values from the two approaches (DCF and market multiples). The Mentor Group believes that selecting any portion of its analyses, without considering all analyses as a whole, would create an incomplete view of the process underlying its analyses and opinion. In addition, The Mentor Group may have given various analyses and factors more or less weight than other analyses and factors, and may have deemed various assumptions more or less probable than other assumptions. As