Company: KYIV
Filing Date: 2025-06-05
Form Type: 425
Source: 0001213900-25-051631
Chunk: 23

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: 425
Chunk 23
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 Secretary of State VEON has been U.S. listed since 1996 Established compliance, internal audit, and business assurance functions Implemented ethics and compliance policies, controls, assurance, and risk management framework (GRC) VEON maintains strong internal controls and a risk management framework 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