Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 457

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 457
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 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 five transactions (the “ Selected Precedent Transactions”):

| Transaction Closing Date |     | Target                                     |     | Buyer/Seller                          |
| September 2024           |     | Lifecell LLC/LLC Global Bilgi/LLC Ukrtower |     | DVL Telecom SAS                       |
| October 2023             |     | VEON Russia                                |     | Vimpelcom Management                  |
| June 2022                |     | VEON Georgia LLC                           |     | Miren Investments Ltd                 |
| March 2022               |     | Türk Telekomünikasyon Anonim Sirketi       |     | Turkey Wealth Fund Management Company |
| December 2021            |     | Vodafone Egypt                             |     | Vodacom                               |

Northland reviewed transaction values in the Selected Precedent Transactions based on the consideration paid in such transactions, as multiples of the target company’s most recent publicly reported LTM revenue and LTM EBITDA, available as of the closing date of the relevant transaction. Financial data of the Selected Precedent Transactions were based on public filings and other publicly available information. Financial data for VEON Holdings was based on historical financials provided by Cohen Circle’s management, VEON Holdings, and their advisors. The overall low to high LTM revenue multiples and LTM EBITDA multiples observed for the Selected Precedent Transactions were 1.5x to 2.0x (with a mean of 1.7x and a median of 1.7x) and 2.9x to 6.8x (with a mean of 4.3x and a median of 4.0x), respectively. Northland then applied the low to high of the LTM revenue multiples and the LTM EBITDA multiples derived from the Selected Precedent Transactions to corresponding data of VEON Holdings using VEON Holdings’ LTM revenues and LTM EBITDA’s. This analysis indicated approximate implied aggregate enterprise value reference ranges for Cohen Circle of $1.422 million to $1.803 million and $1.459 million to $3.475 million, respectively. No transaction used in the Selected Precedent Transactions analysis is identical to VEON Holdings or the Business Combination. In evaluating the Selected Precedent Transactions, North