Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 890

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 890
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 7 of, the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder. Very truly yours, /s/ Myung Seok Chae Choloc Asset Investment Advisory Co., Ltd. Dear Sirs: Choloc Asset Investment Advisory Co., Ltd. (“ Choloc ”) has been mandated by the M&A committee of the Board of Directors (the “ M&A Committee ”) of Bellevue Life Sciences Acquisition Corp. (“ BLAC ”), to provide an independent opinion to the M&A committee in connection with the Aggregate Consideration to be paid to the stockholders of OSR Holdings Co., Ltd. (“ OSR ” or the “ Company ”) in the contemplated share exchange transaction between BLAC and the stockholders of OSR (the “ Transaction ” or the “ Business Combination ”) pursuant to the Amended and Restated Business Combination Agreement dated May 23, 2024 executed between BLAC and OSR (the “ Business Combination Agreement ”). Capitalized terms used but not defined herein, have the meanings assigned to them in the Business Combination Agreement. The Company is a healthcare holding company headquartered in South Korea utilizing a “Hub-and-Spoke” business model with centralized portfolio management team (at the parent company) through which it conducts operations through three subsidiary entities which are emerging biotech and medtech companies in South Korea as well as in Switzerland. Table of Content 1. No conflict of interest 2. Scope of the Fairness Opinion 3. The Transaction subject to the Fairness Opinion 4. OSR business model and comparable companies 5. Fairness Opinion in connection with the Investment Criteria 6. Fairness Opinion in connection with the Value of the Aggregate Consideration 1.No conflict of interest Choloc has no present or contemplated material interest in the business or assets that are the subject of this report and has never received any form of compensation from OSR in the past. We have no personal interest or bias with respect to the subject matter of this report or the parties involved. In accordance with recognized professional ethics, Annex I-1 the professional fee for this service is not contingent upon Choloc’s conclusion of value or the consummation of the Transaction, and neither Choloc nor any of its employees has a present or intended financial interest in BLAC, OSR or any of their respective subsidiaries or affiliates. 2.Scope of the Fairness Opinion The M&A Committee has requested that Choloc