Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 107

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 107
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 analyses undertaken by it and assessed as a whole and did not draw, in isolation, conclusions from or with regard to any one factor or
method of analysis. Accordingly, Marshall & Stevens believes that its analyses must be considered as a whole and that selecting portions of its analyses and factors or focusing on information presented in tables and charts, without
considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the processes underlying its analyses and opinion.

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In its analyses, Marshall & Stevens considered industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond Fusemachines’ control. No company, transaction or business used in Marshall & Stevens’ analyses as a comparison is identical to Fusemachines or the proposed merger, and an evaluation of the results of those analyses is not entirely mathematical. Rather, the analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors that could affect the acquisition, public trading or other values of the companies, business segments or transactions analyzed. The estimates contained in Marshall & Stevens’ analyses and the ranges of valuations resulting from any particular analysis are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than those suggested by the analyses. In addition, analyses relating to the value of businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold. Accordingly, the estimates used in, and the results derived from, Marshall & Stevens’ analyses are inherently subject to substantial uncertainty. Marshall & Stevens was not requested to, and it did not, recommend the specific consideration payable in the merger, which consideration was determined between CSLM and Fusemachines, and the decision to enter into the merger was solely that of CSLM’s board of directors. Marshall & Stevens’ opinion and financial analyses were only one of many factors considered by CSLM’s board of directors in its evaluation of the merger and should not be viewed as determinative of the views of CSLM’s board of directors or CSLM’s management with respect to the merger or the merger consideration. The following is a summary of the material financial analyses reviewed with CSLM’s board of directors in connection with Marshall & Stevens’ opinion. The financial analyses summarized below include information presented in tabular format. In order to fully understand Marshall & Stevens’ financial analyses, the tables must be read together with the text of each summary. The tables alone do not constitute a complete