Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 950

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 950
---
 Corp.

December 27, 2023

Page
2

Based on the fact that the SPAC (a) is only recently formed, (b) has no operating
history, (c) has no significant balance sheet assets other than cash, prepaid expenses and marketable securities and no off-balance sheet or intangible assets other than its rights under the letter of
intent dated January 23, 2023 (the “LOI”) and the offering costs incurred to initially list the SPAC on the NasdaqCM public exchange and no contingent liabilities (other than content liabilities that would be triggered by any change
of control such as the Transaction (“Transaction Contingent Liabilities”)), and (d) that its securities are thinly traded, we have used, with your permission, an adjusted book value method (“ABV”) of valuation (determined
without taking into account any Transaction Contingent Liabilities or any illiquidity or minority interest discounts) to determine the fair value per share of the consideration being paid by the SPAC through the issuance by the SPAC of the Purchase
Price to the shareholders of Fuse (the “Consideration Value”). Under this methodology, we have relied upon the SPAC’s balance sheet as of September 30, 2023, and your representation that there have been no material positive
changes to that balance sheet since that date. As the holders of the common stock of the SPAC and the holders of the equity securities of Fuse will be receiving equity securities of the SPAC in the Transaction, we have not performed any analysis
regarding the fair market value of the currently outstanding common stock of the SPAC. Likewise, as our Opinion speaks as of a date prior to the execution and delivery of the BCA, we express no opinion as to the fair market value of the SPAC equity
securities to be issued in the Transaction.

As stated in the BCA, the Base Purchase Price is $196,100,000 (the “Purchase
Price”), which is to be issued in the form of 19,610,000 shares of the SPAC. Based upon the ABV method, the Consideration Value of the SPAC shares to be issued in the Transaction is approximately $119,411,000.

We understand that, in connection with the Transaction, certain employees of Fuse may enter into employment agreements with the surviving
entity, and that certain equity of the SPAC may be reserved for issuance pursuant to stock bonus or incentive arrangements. Our Opinion does not address