Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 951

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 951
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 the fairness of such agreements or stock bonus or incentive arrangements. We further understand
that in connection with the Transaction, the SPAC may make commitments with respect to the future financing or funding of the Acquired Business. Our Opinion assigns no value to such future financing or funding commitments or obligations. We have
done no analysis of and express no opinion as to the fairness of any changes in rights, privileges, and preferences and/or in the changes to the composition of the SPAC’s management and board of directors. Our Opinion does not address the
fairness of any allocation of costs and expenses with respect to the Transaction, any use of the assets held by the SPAC in its trust account, or the amount of any transaction bonuses.

We have been asked to advise the Board to the fairness, from a financial point of view to the SPAC, of the Purchase Price deemed to be paid by
the SPAC in the Transaction based on the issuance of shares of the SPAC to the shareholders of Fuse. We have not been asked to render any opinion with respect to the fairness of the Purchase Price to or for the benefit of any other person or entity
besides the Board, and we specifically express no such opinion. We have not been engaged to serve as the financial advisor to the Board; we have not been involved in the negotiation and structuring of the Transaction or the negotiation or
structuring of the LOI or the BCA; we have not been involved in the raising of any funding for or with respect to, or associated with the SPAC and/or the Transaction or provided any advices with respect to such funding; and we have not been asked to
consider any non-financial elements of the Transaction or any other alternatives that might be available to the Board or the SPAC. We have not been engaged to provide and, accordingly, have not provided, any
legal, accounting, brokerage or underwriting services for the Company or the Board or any other person or entity.

H-2

Board of Directors of CSLM Acquisition Corp. December 27, 2023 Page 3 With your consent, in establishing fair value, we have solely considered the equity value of the Acquired Business as of a valuation date of December 22, 2023 and prior to the Transaction and have not taken into consideration any possible consequences of the Transaction (either positive or negative). We have, with your consent, not considered the dilution effects of the issuance of equity securities by the SPAC on equity holders of the SPAC. Our services