Company: NKLR
Filing Date: 2025-06-26
Form Type: S-4/A
Source: 0001213900-25-058019
Chunk: 647

Company: Terra Innovatum Global N.V.
Filing Date: 2025-06-26
Form: S-4/A
Chunk 647
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 developments may affect this Opinion, we do not have any obligation to update, revise, or reaffirm our Opinion. During the two years preceding the date of ERShares Valuation Services’ engagement with respect to this Opinion, we have not provided financial advisory services to the Company. ERShares Valuation Services may provide financial advisory services to parties in the Transaction in the future, for which ERShares Valuation Services may receive compensation. We acknowledge and agree that this Opinion and a summary thereof may be filed with or included in or with any registration or proxy statement required to be filed by GSRT with the SEC and delivered to the holders of GSRT’s or Terra Innovatum’s securities in connection with the Transaction. Annex E-3

We have been retained by GSRT to provide this Opinion in connection with the Transaction and will receive a fixed fee for our services, a portion of which became payable to us upon our engagement by GSRT and a portion of which is payable upon delivery of this Opinion to the Board of Directors of GSRT. Our fee is not contingent upon, or related to, the size of the Transaction Consideration or the outcome of the Fairness Opinion Assessment. Conclusion Based on the work performed by us, and on the statements above, we are of the opinion that, as of the date of this Opinion, the Transaction Consideration to be issued or paid to the shareholders of GSRT is fair from a financial point of view to GSRT and the shareholders of GSRT, other than the Sponsor and any of its affiliates.

| Yours Sincerely,            |
| Dr. Joel Shulman Ph.D., CFA 
 CEO                         
 EntrepreneurShares LLC      |

Annex E-4 Annex F Form of Amended and Restated Memorandum and Articles of Association of PubCo Annex F-1 PART II
INFORMATION NOT REQUIRED IN PROSPECTUS Item 20. Indemnification of Directors and Officers. Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, civil fraud or the consequences of committing a crime. The Cayman Constitutional Documents provided for indemnification of GSR III’s officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or will