Company: KYIV
Filing Date: 2025-06-06
Form Type: 425
Source: 0001213900-25-051743
Chunk: 33

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-06
Form: 425
Chunk 33
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 consistent with Sarbanes - Oxley Act standards, assessed annually by management, which it has historically applied to Kyivstar

Kyivstar investment highlights World class team: Proven leaders with a track record of resilience through war and robust governance Robust financial profile: We believe we are poised for growth with Ukrainian recovery and digital services expansion Strong balance sheet: significant financial and strategic flexibility Scarcity value: Expected to be the only pure play Ukrainian investment opportunity to be publicly listed in the U.S. 1 National advocate: One of the most recognizable brands and a proven long - term leader in Ukraine's vital infrastructure 22 Note: 1. Upon the successful closing of the business combination; FactSet (as of June 2025)

23 Attractive valuation relative to peers 23 2024 - 2025 EV / EBITDA 1 Median: 7.1x Sources: FactSet (as of 30 May 2025) calendarised to Dec YE, Equity analyst research notes Notes: Europe peers include BT, Deutsche Telekom, KPN, Orange, OTE, Proximus, Swisscom, Telecom Italia, Telefonica, Telenor, Tel ia, Elisa, Tele2, Vodafone, Orange Belgium, Sunrise, Orange Polska, Magyar Telekom; APAC peers include NTT Data, Spark NZ, Si ngT el, Telstra, KDDI, Softbank KK, TPG, KT Corp, Telkom Indonesia, CelcomDigi , AIS, Indosat, Axiata, LG Uplus, Maxis, SK Telecom, True, XLSmart , Grameenphone; Emerging / MEA peers include Airtel Africa, MTN, Safaricom, Vodacom, Omantel , Zain, Mobily, STC, Etisalat, Ooredoo, Zain KSA, Du, Telkom SA; Global peers include all of the above. 1. EBITDA definition for comparable companies may not be directly comparable to Kyivstar definition; EV / Q1’25 LTM Adj. EBITDA sho wn for Kyivstar; Kyivstar multiple is based on estimated trust value of $10.35 per share at closing 2. 2024 EBITDA margins above 35% 3. Defined as peers with > 75% of their total revenue deriving from a single country 4. By subscriber market share 5. Calculated as LTM Adjust