Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 1047

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 1047
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 DECA. Furthermore, we have not participated in the negotiation of the transaction, provided any legal or other advice regarding the transaction or advised you with respect to any possible alternatives to the transaction. This opinion of value does not constitute a recommendation to DECA or any holders of ordinary shares of DECA as to how to pursue the transaction. This opinion of value does not address DECA’s underlying business decision to pursue the Transaction, the relative merits of the transaction as compared to any alternative business strategies that might exist for DECA or the effects of any other transaction in which DECA might engage. Our opinion is subject to the assumptions and conditions contained in this letter and is necessarily based on economic, market, and other conditions, and the information made available to us, as of the date of this letter. We assume no responsibility, and do not intend, to update or revise our opinion based on circumstances or events occurring after the date of this letter. H-3

Based upon and subject to the foregoing, as of August 14, 2024, we have arrived at the following valuation range for the aforementioned acquired assets, from a financial point of view, of between $2.001 B and $2.554 B, and from a financial point of view, the Transaction is a fair one. Very truly yours,

| MAKAMER, INC. |     | CB CAPITAL PARTNERS, INC. |

H-4