Company: NKLR
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001213900-25-063846
Chunk: 661

Company: Terra Innovatum Global N.V.
Filing Date: 2025-07-15
Form: S-4/A
Chunk 661
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 assumption that the final executed version of the Business Combination Agreement will not differ in any material respect from the draft Business Combination Agreement and LOI we have examined, that the conditions to the Transaction as set forth in the Business Combination Agreement and LOI will be satisfied, and that the Transaction will be consummated on a timely basis in the manner contemplated by the Business Combination Agreement. We have also assumed, that, in the course of obtaining the necessary governmental, regulatory and other approvals, consents, releases and waivers for the Transaction, no delay, limitation, restriction or condition, including any divestiture requirements or amendments or modifications, will be imposed that would have an adverse effect on Terra Innovatum or the contemplated benefits of the Transaction. Our Opinion is necessarily based on business, economic, market, and other conditions as they exist and can be evaluated by us at the date of this Opinion letter. It should be noted that although subsequent 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., C