Company: TELO
Filing Date: 2025-11-20
Form Type: PREM14A
Source: 0001493152-25-024463
Chunk: 227

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-11-20
Form: PREM14A
Chunk 227
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omir Pharmaceuticals, Inc.Valuation | November 2025Page 24 of 24 |

Annex D

| Fairness Opinion | November 2025 |

19/11/2025

To: Telomir Pharmaceuticals,
Inc. & TELI Pharmaceuticals, Inc.

Dear Sirs,

You have requested our opinion
as to the fairness, from a financial point of view, to Telomir Pharmaceuticals, Inc. (“TELO”) and TELI Pharmaceuticals, Inc.
(“TELI”) (together: the “Companies”) of the Exchange Ratio in the proposed merger (the “Transaction”)
between the Companies.

Pursuant to the Agreement
and Plan of Merger, (the “Agreement”), assuming specific conditions specified in the agreements, including cash balances in
both companies, both companies will hold common shares of the merged entity, a NASDAQ traded company, with holding ratio of (1) 50% to
the original TELO shareholders and 50% to the original TELI shareholders of outstanding TELI shares following the Transaction; and (2)
additional 14,250,000 warrants to purchase shares of TELO’s common stock, to be held by the original TELI shareholders.

In connection with preparing
our opinion, we have (i) reviewed the Agreement; (ii) reviewed certain publicly available business and financial information concerning
the Companies and the industries in which they operate; (iii) analyzed both companies’ share pricing as traded in the relevant stock
exchanges; (iv) reviewed certain internal financial analyses and forecasts prepared by the managements of the Companies relating to the
Companies’ businesses (v) performed such other financial studies and analyses and considered such other information as we deemed
appropriate for the purposes of this opinion.

In addition, we have held
discussions with certain members of the management of the Companies with respect to certain aspects of the Transaction, and the past and
current business operations of the Companies, the financial condition and future prospects and operations of the Companies, and certain
other matters we believed necessary or appropriate to our inquiry.

In giving our opinion, we
have relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed
with us by the Companies or otherwise reviewed by or for us. We have not independently verified any such information or its accuracy or
completeness and, pursuant to our engagement letter with the Companies, we did not assume any obligation to undertake any such independent
verification