Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 952

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 952
---
 (vi) the solvency, creditworthiness or fair value of the Company or any other participant in the Business Combination Agreement, or any of their respective assets, under any applicable laws relating to bankruptcy, insolvency, fraudulent conveyance or similar matters, or (vii) the fairness, financial or otherwise, of the amount, nature or any other aspect of any compensation to or consideration payable to or received by any officers, directors or employees of any party to the Business Combination Agreement, any class of such persons or any other party. Furthermore, no opinion, counsel or interpretation is intended in matters that require legal, regulatory, accounting, tax or other similar professional advice. It is assumed that such opinions, counsel or interpretations have been or will be obtained from the appropriate professional sources.

<div align='center'>G-5</div>

TABLE OF CONTENTS

Conclusion Based upon and subject to the foregoing, and in reliance thereon, it is our opinion that, as of the date hereof, the Equity Value of the Company of $250,000,000, is fair to the public shareholders of Integrated Wellness Acquisition Corp from a financial point of view.

| ​ | Respectfully submitted, | ​ | ​ | ​ | ​ |
| ​ |                         | ​ | ​ | ​ | ​ |
| ​ | THE MENTOR GROUP, INC.  | ​ | ​ |   | ​ |

G-6

TABLE OF CONTENTS

#### Statement of Limiting Factors and Assumptions
The analyses and opinions concluded by

#### The Mentor Group, Inc.
(hereinafter referred to as “TMG”) and set forth in this Opinion are subject to the following assumptions and limiting conditions:

We have no present or contemplated material interest in the business or assets that are the subject of this Opinion. We have no personal interest or bias with respect to the subject matter of this Opinion or the parties involved. In accordance with recognized professional ethics, the professional fee for this service is not contingent upon TMG’s conclusion of value, and neither TMG nor any of its employees has a present or intended financial interest in the Sellers.

To the best of our knowledge and belief, the statements of fact contained in this Opinion, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct.

The fee for this engagement is not contingent upon the values reported. The opinion of value expressed herein is valid only for the stated purpose and only as of the date of the Opinion.

No investigation of legal fee or title to