Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 789

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 789
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 matters. Annex H-2 None of the companies or transactions we may have used in any analysis for purposes of comparison is identical to the Company or the Transaction. Accordingly, our analysis of the results of the comparisons is not mathematical; rather, it involves complex considerations and judgments about differences in the companies and transactions to which the Company and the Transaction were compared and other factors that could affect the public trading value or transaction value of the companies or transactions. We also have considered no potential judicial, legislative, or regulatory changes pending or being considered or that may be adopted by any judicial, governmental, or regulatory bodies or any potential changes in accounting methods or generally accepted accounting principles that may be adopted. The Opinions are based upon the financial, market, economic, and other conditions that exist on, and the information made available to us as of, the date hereof. As you are aware, the credit, financial, and stock markets have from tim e-to-ti me experienced unusual volatility, and we express no opinion or view as to any potential effects of such volatility on the Transaction and the Opinions do not address potential developments in any such markets. In addition, we express no opinion or view as to any potential effects of the COVID-19 pandemic on the Transaction, Cohen Circle, or the Company. Subsequent developments may affect the assumptions underlying the Opinions and we disclaim any undertaking or obligation to advise any person of any change in any fact or matter affecting the Opinions that may come or be brought to our attention after the date of the Opinions. We have not undertaken to reaffirm or revise the Opinions or otherwise comment upon any events after the date hereof and have no obligation to update, revise or reaffirm the Opinions. The Company is based in and operates in Ukraine, which has been engaged in an ongoing military conflict with Russia since February 2022. With your consent, our analyses and opinions do not account for the potential impacts of this conflict or the implications of being based in or operating in Ukraine. The situation remains fluid and may have significant implications, including materially adverse effects on the results of operations, for companies like the Company, as well as broader market and economic impacts. With your consent, we did not apply any conflict- or geography-related discounts in our analyses, nor did we select public companies or precedent transactions for our analyses based on conflict or geographic considerations. Consistent with applicable legal and regulatory requirements, we have adopted policies and procedures to establish and maintain the independence of our research department and personnel. Our research analysts may