Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 230

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 230
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 or any other matter. In arriving at its opinion, Marshall & Stevens, among other things:

| • |     | reviewed the Merger Agreement; |

| • |     | reviewed a draft of the Sponsor Support Agreement; |

| • |     | reviewed certain publicly available business and financial information relating to CSLM; |

| • |     | reviewed certain historical financial information and other data relating to Fusemachines that were provided               
 to Marshall & Stevens by the management of CSLM, approved for Marshall & Stevens’ use by CSLM, and not publicly available; |

| • |     | reviewed certain internal financial forecasts, estimates, and other data relating to the business and 
 financial prospects of Fusemachines (the “Projections”);                                              |

| • |     | conducted discussions with members of the senior management of Fusemachines and CSLM concerning the business,   
 operations, historical financial results, and financial prospects of Fusemachines and the Business Combination; |

| • |     | reviewed current and historical market prices of the CSLM Class A Ordinary Shares; |

| • |     | reviewed certain financial data of Fusemachines and compared that data with similar publicly available data 
 for certain other companies;                                                                                |

| • |     | reviewed certain pro forma effects relating to the Business Combination, including estimated transaction costs 
 and the effects of anticipated financings, approved for Marshall & Stevens’ use by CSLM;                       |

| • |     | In performing its analysis and rendering its opinion, with CSLM’s consent, Marshall & Stevens relied                                                                                                                                                  
 upon and assumed, without assuming liability or responsibility for independent verification, the accuracy and completeness of financial and other information that was publicly available or was furnished, or otherwise made available to Marshall & 
 Stevens or discussed with or reviewed by Marshall & Stevens.                                                                                                                                                                                          |

| • |     | Without limiting the generality of the foregoing, for the purpose of its opinion, Marshall & Stevens 
 assumed with respect to financial forecasts, estimates, pro forma effects, and other forward-looking |

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| information reviewed by Marshall & Stevens, that such information had been reasonably prepared based on assumptions reflecting the best currently available estimates and judgments of the                                                               
 management of Fusemachines as to the expected future results of operations and financial condition of Fusemachines. Marshall & Stevens assumed no responsibility for and expressed no opinion as to any such financial forecasts, estimates, pro         
 forma effects, or forward-looking information or the assumptions on which they were based. Marshall Stevens also assumed that the Business Combination will have the