Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 106

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 106
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 purchase price
adjustments or otherwise). Marshall & Stevens also relied upon and assumed, without independent verification, that all governmental, regulatory and other consents and approvals necessary for the completion of the merger will be obtained and
that no delay, limitations, restrictions or conditions will be imposed.

Marshall & Stevens was not requested to
make, and did not make, any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of Fusemachines, CSLM or any other party. Furthermore, Marshall & Stevens did
not undertake independent analysis of any potential or actual litigation, governmental investigation, regulatory action, possible unasserted claims or other contingent liabilities to which Fusemachines or CSLM is a party or may be subject.

Marshall & Stevens’ opinion addressed only the fairness, from a financial point of view, of the consideration to
be received by CSLM in consideration of the issuance of its equity securities to the equity holders of Fusemachines in the merger and did not address any other aspect or implication of the merger or any other agreement, arrangement or understanding
entered into in connection with the merger or otherwise. Marshall & Stevens’ opinion was necessarily based upon information made available to it as of the date of the opinion and financial, economic, market and other conditions as they
existed and could be evaluated on the date of the opinion. Marshall & Stevens’ opinion did not address the relative merits of the merger as compared to alternative transactions or strategies that might be available to CSLM, nor did it
address CSLM’s underlying business decision to proceed with the merger. Except as described herein, CSLM’s board of directors imposed no other limitations on Marshall & Stevens with respect to the investigations made or procedures
followed in rendering the opinion.

In preparing its opinion to CSLM’s board of directors, Marshall &
Stevens performed a variety of financial and comparative analyses, including those described below that were the material financial analyses reviewed with CSLM’s board of directors in connection with Marshall & Stevens’ opinion.
The summary of Marshall & Stevens’ analyses described below is not a complete description of such analyses underlying Marshall & Stevens’ opinion. The preparation of a fairness opinion is a complex process involving
various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a fairness opinion is not readily susceptible to partial analysis or
summary description. Marshall & Stevens arrived at its ultimate opinion based on the results of all