Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 108

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 108
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 description of the financial analyses. Considering the data in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Marshall & Stevens’ financial analyses. Fees Paid to Marshall & Stevens Marshall & Stevens was engaged on a fixed fee basis and their compensation is not contingent upon the completion of the transaction. Marshall & Stevens previously provided valuation consulting services on an hourly basis to CSLM. Total fees for such services was approximately $140,000. Financial Projections Fusemachines’ management provided projections of revenue, cost of goods sold, operating expenses, depreciation, capital expenditures, and working capital, for the financial years ending 2024 through 2026. Marshall & Stevens then extended and extrapolated such projections to a steady state period that ended in 2033. See “ Certain Projected Financial Information for Fusemachines” for more information. Discounted Cash Flow Method Using the financial projections discussed above, Marshall & Stevens performed an income approach via discounted cash flow method. The major inputs and assumptions used in Marshall & Stevens’ discounted cash flow method were as follows:

| • |     | As discussed above, Fusemachines provided the projections through financial year 2026, which was extrapolated                                                                                                                     
 to 2033 by Marshall & Stevens reflecting a deceleration in revenue growth coupled with stable earnings before interest, depreciation and amortization (“EBITDA”) margins, as the basis for the Discounted Cash Flow analysis. The 
 duration of the projection provided assumes a time period by which Fusemachines believes it would achieve a stabilized long term growth rate.                                                                                     |

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| • |     | A weighted average cost of capital (WACC) was used as the discount rate in Marshall & Stevens’                                                                                                                                          
 analysis and applied to debt free, after-tax cash flows. The WACC was calculated to be approximately 18.0% and was determined based upon a cost of equity of approximately 19.58% and an after-tax cost of debt of approximately 4.01%. |

| • |     | A cost of equity was determined using a 20-year U.S. treasury rate of 4.19%, inflation data between 2.0% to                                                                                                                                  
 4.0% from the International Monetary Fund and Federal Reserve Bank of Philadelphia, Equity Risk Premium of 5.85% (Kroll Cost of Capital Navigator 2023 (“KCOC”)), Re-levered Equity beta of 0.95 based upon