Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 313

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 313
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 the actual values of OSR Holdings or BLAC. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before September 17, 2024 and is not necessarily indicative of current market conditions. The type and amount of consideration payable in the Transaction contemplated by the Business Combination Agreement was determined through negotiations between the BLAC M&A Committee and OSR Holdings, rather than by any financial advisor, and was approved by the BLAC Board, with the recommendation of the BLAC M&A Committee. The decision to enter into the Business Combination Agreement was solely that of the BLAC Board, as recommended by the BLAC M&A Committee, and the OSR Holdings board of directors. Receipt of Choloc’s opinion and analyses should not be viewed as determinative of the views of the BLAC M&A Committee, the BLAC Board or management of BLAC with respect to the transaction or the consideration payable in the transaction. Discounted Cash Flow (rNPV) Analysis Choloc reviewed the adequacies of the rNPV/DCF valuation analyses conducted by AF (for Vaximm and Darnatein) and Ghilin (for RMC), compiled the data and derived a sum -of - the-parts(SOTP) analysis on the business portfolio of OSR Holdings as follows:

| Company|                 |     | Valuation model         
 provided by:            |     | Methodology 
 used:       |     | Discount rate 
      applied: |   |     | Indicative 
 value      |               |   |
|:-------------------------|:----|:------------------------|:----|:------------|:----|--------------:|:--|:----|:-----------|--------------:|:--|
| Vaximm                   |     | AF                      |     | rNPV        |     |         15.27 | % |     | $          | 183.5 million |   |
| Darnatein                |     | AF                      |     | rNPV        |     |         17.09 | % |     | $          | 104.1 million |   |
| RMC                      |     | Ghilin Accounting Corp. |     | DCF         |     |          11.5 | % |     | $          |   7.4 million |   |
| Sum of the Parts (SOTP): |     |                         |     |