Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 954

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 954
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 be reproduced, disseminated, quoted, or referred to at any time without our prior
written consent.

Therefore, subject to the foregoing, it is our opinion that, as of the date hereof, the Transaction meets or exceeds the
80% Threshold Test. It is further our opinion, as of the date hereof and subject to the foregoing, that the consideration to be received by CSLM in consideration of the issuance of CSLM’s common stock to the equity holders of the Acquired
Business in the Transaction is fair to CSLM and, through their holdings of common stock in CSLM, to its non-controlling public common shareholders, from a financial point of view.

Very truly yours,

Marshall & Stevens Transaction Advisory Services, LLC

File No. 34-36-63644

H-4

FORM OF PROXY CARD CSLM ACQUISITION CORP. PROXY FOR THE GENERAL MEETING OF SHAREHOLDERS THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS

The undersigned hereby appoints Charles Cassel and Jonathan Binder as proxies of the undersigned to attend the extraordinary meeting of Shareholders (the “ Meeting”) of CSLM Acquisition Corp. (the “ Company”), to be held in person at 2400 E. Commercial Boulevard, Suite 900, Ft. Lauderdale, FL 33308 and via teleconference as described in the Proxy Statement on July 28, 2025 at 11:00 Eastern time, and any postponement or adjournment thereof, and to vote as if the undersigned were then and there personally present on all matters set forth in the Notice of General Meeting, dated July 3, 2025 (the “ Notice”), a copy of which has been received by the undersigned, as follows:

For☐ Against☐ Abstain☐

| 2. | The Domestication Merger Proposal — A proposal to consider and vote to approve by way of special                                                                                                                                                     
 resolution of the holders of the CSLM Ordinary Shares that: (a) CSLM be and is hereby authorized to merge with and into CSLM Holdings, Inc. with CSLM Holdings, Inc. being the surviving company (such surviving company “Pubco”) and all            
 the undertaking, property and liability of CSLM vest in CSLM Holdings, Inc. by virtue of such merger pursuant to the Companies Act (As Revised) of the Cayman Islands and the DGCL; (b) the Plan of Merger, the form of which is