Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 909

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 909
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 the process underlying our analyses and Opinion; the range of valuations resulting from any particular analysis described above should not be taken to be Choloc’s view of the actual value of OSR. In Schedule 1, we attached the results of AF’s analyses on OSR’s free cash flows and rNPV models on Vaximm and Darnatein which we have considered in the process of rendering our fairness opinion. Very truly yours, /s/ Myung Seok Chae Choloc Asset Investment Advisory Co., Ltd. Annex I-16

rNPV valuation model of Vaximm AG The total enterprise value of Vaximm AG is USD 183,461,000

| (Unit: USD k)           |     |  Result |     | Peak sales |     | Royalty rate |
| VXM 01                  |     | 113,943 |     |            |     |              |
| rGBM                    |     |  21,451 |     | 24.00%     |     | 15.00%       |
| mCRC                    |     |  32,693 |     | 10.00%     |     | 15.00%       |
| Liver Cancer            |     |  38,226 |     | 10.00%     |     | 15.00%       |
| Schwannoma NF2          |     |  21,574 |     | 38.00%     |     | 20.00%       |
| VXM Technology platform |     |  69,517 |     | 5.00%      |     | 15.00%       |
| Total                   |     | 183,461 |     |            |     |              |

Annex I-17

Estimating Future Cash Flows to Calculate Enterprise Value Vaximm AG Recurrent Glioblastoma – 1 / 2 The company’s estimated operating cash flows for the pipeline of recurrent glioblastoma are shown below.

| Currency: USD k      |     |        |     | FY19 |     | FY20 |     | FY21 |     | FY22 |     | FY23 |     |   FY24 |   |     |   FY25 |   |     |   FY26 |   |     |   FY27 |   |     |    FY28 |   |     |   FY29 |   |     |    FY30 |