Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 325

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 325
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 should
be allocated between the Class A ordinary share, one right, and one-half of one warrant based on their respective fair market values (as determined by each
such unit holder based on all the relevant facts and circumstances) at the time of
disposition. The separation of the Class A ordinary share, the right, and the one-half of one warrant constituting a unit and the combination of halves of warrants into a single warrant should not be a taxable event for United States federal income tax purposes.

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The foregoing treatment of the units, Class A ordinary shares, rights and warrants and a holder’s purchase price allocation are not binding on the IRS or the courts. Because there
are no authorities that directly address instruments that are similar to the units, no assurance can be given that the IRS or the courts will agree with the characterization
described above or the discussion below. Accordingly, each prospective investor is
urged to consult its tax advisors regarding the tax consequences of an investment
in a unit (including alternative characterizations of a unit). The balance of this
discussion assumes that the characterization of the units described above will be respected for United States federal income tax purposes.

U.S. Holders

This section applies to you if you are a “U.S. Holder.” A U.S. Holder is a beneficial owner of our units, Class A ordinary shares or warrants who or that is, for United States federal income tax purposes:

| ● | an individual who is a citizen or resident of the United States; |

| ● | a corporation (or other entity taxable as a corporation for United States federal income tax purposes) organized in or under the laws of the United States, any state thereof or the District of Columbia; |

| ● | an estate whose income is subject to United States federal income tax regardless of its source; or |

| ● | a trust, if (i) a court within the United States is able to exercise primary supervision over the administration of the trust 
 and one or more U.S. persons (as defined in the Code) have authority to control all substantial decisions                     
 of the trust or (ii) it has a valid election in effect under Treasury Regulations to be treated as a U.S. person.             |

Taxation of Distributions

Subject to the passive foreign
investment company (“PFIC”) rules discussed below, a U.S. Holder generally will be required to include in gross income as
dividends in the year actually or constructively received by the U.S