Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 929

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 929
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7. •A review of Scage’s targeted launch dates for its product lines. •A review of several presentations prepared by Scage’s management. •A review of information relating to Scage’s industry and similar companies. •A review of pricing data of comparable guideline companies and industry transactions existing as of the Valuation Date. We have not independently verified any of the foregoing information and have relied upon its completeness and accuracy in all material aspects. We have not made an independent evaluation or appraisal of the assets of Scage. We are not acting as the financial advisor to Finnovate or its shareholders in connection with this acquisition. It is understood that this letter is for the use of the Board of Directors and shareholders of Finnovate. Other than discussions in the proxy statement and registration statements related to the Subject Transaction, this letter is not to be used with any other document in connection with the Subject Transaction, without the express written consent of ValueScope, Inc. We understand and agree that our analysis and conclusions in the letter may be shared with current and potential shareholders and advisors of Finnovate. Based upon and subject to the foregoing, it is our opinion that, as of the Valuation Date, the total consideration of $800,000,000 minus closing net debt to be paid by Finnovate to acquire Scage is less than the estimated fair market value of Scage; therefore, the transaction is FAIR to the shareholders of Finnovate from a financial point of view. 1 We are independent of and have no current or prospective economic interests in Finnovate and Scage. Our fee for the development of this fairness opinion was in no way influenced by our conclusion. Respectfully submitted, ValueScope, Inc. Steven C. Hastings, Principal, CPA/ABV/CFF/CGMA, ASA, CVA ____________ 1The total consideration of $800,000,000 minus closing net debt for the equity implies an enterprise value of $800,000,000.

TABLE OF APPENDICES

|                                                             |     | Annex D-2 
 Page Nos. |
| Appendix A: Background of Transaction                       |     | D-2-1     |
| Appendix B: Economic and Industry Overview                  |     | D-2-2     |
| Global Economic Outlook                                     |     | D-2-2     |
| China Economic Outlook                                      |     | D-2-2     |
| Global Electric Vehicle Outlook                             |     | D-2-4     |
| Hybrid and Electric Vehicle Manufacturing