Company: FVN
Filing Date: 2025-04-14
Form Type: DRS/A
Source: 0001829126-25-002616
Chunk: 203

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-04-14
Form: DRS/A
Chunk 203
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 of the subject asset. |

The following is a summary of the material financial analyses delivered by KKG to the Board of Directors of Future Vision in connection with rendering the valuation opinion described above. The following summary, however, does not purport to be a complete description of the financial analyses performed by KKG.

Discounted Cash Flow Analysis

King Kee utilized the financial projections and estimates regarding VIWO prepared by VIWO and supplied to King Kee by Future Vision, to perform a discounted cash flow analysis of VIWO. The projections and estimates supplied to and utilized by King Kee are summarized below under “Certain VIWO Projected Financial Information.” In conducting this analysis, King Kee assumed that VIWO would perform in accordance with these projections and estimates. King Kee performed an analysis of the present value of the unlevered free cash flows that VIWO’s management projected VIWO will generate for the fiscal years 2025 through fiscal year 2029. King Kee utilized illustrative terminal values in the year 2029 based on a range of terminal multiples of 16.5x on projected fiscal year’s 2029 EBITDA. The terminal multiple was based on the discounted mean multiple of EV/LTM EBITDA of 16.5x calculated in the selected public companies analysis. King Kee estimated VIWO’s cost of equity to be16.8% and the after-tax cost of debt to be 2.9%. The average debt-to-total capitalization of the eight companies in the selected public companies analysis was 3.9%. King Kee used this average as the basis for estimating VIWO’s target capital structure to be 96.1% equity/ 3.9% debt. Based on the preceding inputs, VIWO’s weighted average cost of capital was calculated to be16.5%. As was the case with the terminal multiples, the discount rates were determined to be 16.5%. This analysis resulted in Indicated equity value for VIWO is $100 million.

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Financial projection

KKG relied on the financial projection from October 1, 2024 to March 30, 2029 with the terminal year provided and approved by the VIWO Management

| ● | Revenue: growth margin range from 20.0% to 60.0% over the forecasting period |

| ● | EBIT: EBIT range from 10.0% to 15.0% over the forecasting period |

| ● | Income tax: The income tax over the forecasting