Company: KYIV
Filing Date: 2025-04-18
Form Type: DRS
Source: 0001213900-25-033341
Chunk: 414

Company: Kyivstar Group Ltd.
Filing Date: 2025-04-18
Form: DRS
Chunk 414
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 management team considered a wide variety of complex factors. In light of the number and wide variety of factors considered in connection with its evaluation of the Business Combination, the Cohen Circle Board did not consider it practicable or relevant to quantify or otherwise assign relative weights to the specific factors it considered in reaching its final decision. The Cohen Circle Board viewed its decision as being based on all the information available and the factors presented to and considered by it. In addition, individual directors may have given different weight to different factors. This explanation of the Cohen Circle Board’s reasons for approval of the Business Combination, and the transactions contemplated thereby, and all other information presented in this section is forward -lookingin nature and, therefore, should be read in light of the factors discussed under “ Cautionary Note Regarding Forward -Looking Statements.” Important criteria Cohen Circle used in evaluating prospective business transaction opportunities included: •Recurring revenue. •Strong management team. •Opportunities for growth. •Defensible and differentiated business niche. •Commitment to providing social and financial value. •Technology and risk management infrastructure. 233 The Cohen Circle Board determined that Kyivstar met all of the above criteria. In particular, the Cohen Circle Board considered the following positive factors, although not weighted or in any order of significance: • Strong financial profile:As the leading mobile communication provider in the Ukraine, with revenue of $919million, profit for the period of $283million and Adjusted EBITDA of $515million in the year ended December31, 2024, Kyivstar has a strong financial profile with robust margins and operating leverage to continue to drive significant cash flow generation. • Strong management team:Led by CEO Oleksandr Komarov, who was recognized by Forbes as the #1 Chief Executive Officer in the Ukraine in 2020 and Chief Financial Officer Boris Dolgushin, who has spent over 20 years within the VEON Group, Kyivstar has built a leading management team with deep experience in the telecommunications business. Management has demonstrated resilience in the face of a challenging wartime environment by continuing to deliver strong results, making investments in network quality and acquiring and integrating a portfolio of B2B and B2C products and services. • Opportunities for growth:Kyivstar is poised for growth both by continuing to expand the uptake of its suite of digital products, including Helsi, Ukraine’s leading digital health service, and Kyivstar TV, across its 24 million telecom consumers to expand its average revenue per user, as well as by continuing to