Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 952

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 952
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 in rendering this opinion have been in our capacity as an independent valuation consultant and not as a fiduciary to the Board, the SPAC, the stockholders of the SPAC, the shareholders of Fuse, or any other person or entity. We understand that this Opinion will be attached as an exhibit to the registration statement filed by the Company with the Securities and Exchange Commission (the “Registration Statement”) and have agreed to the inclusion of this Opinion on the basis that the Company is solely responsible for truth, correctness, completeness and adequacy of such Registration Statement. In connection with this opinion, we have made such reviews, analysis, and inquiry as we, in the exercise of our professional judgment, have deemed necessary and appropriate under the circumstances. We have considered, among other things, the following information:

| • |     | Conducted management interviews with Fuse management. Topics addressed included, but were not limited to,                                                                                                                                        
 transaction overview, business operations, product and service lines, financial results, projections, economic conditions and industry trends, market competitors, customer composition and various other topics related to business operations; |

| • |     | The LOI; |

| • |     | The BCA; |

| • |     | Investor presentations; |

| • |     | Industry research reports; |

| • |     | Third-party industry and economic research, including, but not limited to, IBISWorld, Capital IQ, Guide 
 to Cost of Capital published by Kroll; and                                                              |

| • |     | Other information, studies, and analyses as we deemed appropriate. |

With your consent, we have (i) relied upon the accuracy and completeness of the financial and supplemental information (a) provided by or on behalf of the Board, the SPAC and/or Fuse or (b) which we have otherwise obtained from public sources or from private sources and which we believe, in the exercise of our professional judgment to be reasonably dependable, (ii) not assumed responsibility for independent verification of such information, and (iii) not conducted any independent valuation or appraisal of any specific assets of the SPAC or Fuse or any appraisal or estimate of any specific liabilities of the SPAC or Fuse. With respect to the financial and supplemental information relating to Fuse, we have assumed, with your consent, that such projections have been reasonably prepared on the basis of and reflect the best currently available estimates and judgments of the H-3

Board of Directors of CSLM Acquisition Corp.

December 27, 2023

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management of the Ac