Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 419

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 419
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 opinion was only one of many factors considered by the board of directors of Cohen Circle in evaluating the Business Combination. Neither Northland’s opinion nor its financial analyses were determinative of the terms of the Business Combination or of the views of the board of directors of Cohen Circle or Cohen Circle management with respect to the Business Combination. None of the analyses performed by Northland were necessarily assigned a greater significance by Northland than any other, nor does the order of the analyses described represent relative importance or wright given to those analyses by Northland. The summary text describing each financial analysis does not purport to constitute a complete description of Northland’s financial analyses, including the methodologies and assumptions underlying the analyses, and, if viewed in isolation, could create a misleading or incomplete view of financial analyses performed by Northland. The summary text set forth below does not represent and should not be viewed by anyone as constituting or purporting to constitute the conclusions reached by Northland with respect to any of the analyses performed by it in connection with its opinion. As the board of directors of Cohen Circle was aware, Northland did not conduct a discounted cash flow analysis of VEON Holdings given, based on discussions with the management of Cohen Circle, the unavailability of adequate long -termfinancial projections and estimates. Analysis of Selected Publicly Traded Companies As part of its financial analyses, Northland reviewed and compared certain publicly available financial data, ratios and trading multiples for publicly traded companies within the telecommunications services industry that Northland determined, based on its professional judgment, to be similar to VEON Holdings in one or more respects, including (but not limited to) the nature of the business, size, diversification, geographic locations, growth rates, and financial performance, for purposes of this analysis, including the following thirteen companies (collectively, the “ Selected Publicly Traded Companies”): •Bezeq The Israel Telecommunications Corp. Ltd. •Etihad Etisalat Company •Hellenic Telecommunications Organization S.A. •Magyar Telekom Távköxlési Nyilvánosan Müködö Részvénytársaság •Mobile Telecommunications Company K.S.C.P. •Oman Telecommunications Company SAOG •Ooredoo Q.P.S.C. •Orange Polska S.A. •Telecom Egypt Company •Türk Telekomünikasyon Anonim Sirketi •Turkcell Iletisim Hizmetleri A.S. •VEON Ltd. •