# EDGAR Filing Document

**Accession Number:** 0001855457
**File Stem:** 0001140361-26-014631
**Filing Date:** 2026-4
**Character Count:** 652037
**Document Hash:** 47a439a7ed352d13c15b940eeb2254f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-014631.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001140361-26-014631

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 334

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260414

**GROUP MEMBERS**: ABRY INVESTMENT PARTNERSHIP, L.P.

**GROUP MEMBERS**: ABRY PARTNERS VII CO-INVESTMENT FUND, L.P.

**GROUP MEMBERS**: ABRY PARTNERS VII, L.P.

**GROUP MEMBERS**: ABRY SENIOR EQUITY IV CO-INVESTMENT FUND, L.P.

**GROUP MEMBERS**: ABRY SENIOR EQUITY IV, L.P.

**GROUP MEMBERS**: ANDREW FREY

**GROUP MEMBERS**: KONA MERGER SUB CO

**GROUP MEMBERS**: KONA PARENT GP, LLC

**GROUP MEMBERS**: KONA PARENT, L.P.

**GROUP MEMBERS**: KORE GROUP HOLDINGS, INC.

**GROUP MEMBERS**: SEARCHLIGHT IV KOR, L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KORE Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001855457
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 863078783
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92916
- **FILM NUMBER:** 26861841

**BUSINESS ADDRESS:**
- **STREET 1:** 1155 PERIMETER CENTER WEST
- **STREET 2:** 11TH FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30346
- **BUSINESS PHONE:** 877-710-5673

**MAIL ADDRESS:**
- **STREET 1:** 1155 PERIMETER CENTER WEST
- **STREET 2:** 11TH FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30346

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** King Pubco, Inc.
- **DATE OF NAME CHANGE:** 20210406
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KORE Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001855457
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 863078783
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3

**BUSINESS ADDRESS:**
- **STREET 1:** 1155 PERIMETER CENTER WEST
- **STREET 2:** 11TH FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30346
- **BUSINESS PHONE:** 877-710-5673

**MAIL ADDRESS:**
- **STREET 1:** 1155 PERIMETER CENTER WEST
- **STREET 2:** 11TH FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30346

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** King Pubco, Inc.
- **DATE OF NAME CHANGE:** 20210406

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### SCHEDULE 13E-3

#### RULE 13E-3 TRANSACTION STATEMENT UNDER

#### SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934

## KORE Group Holdings, Inc.
(Name of the Issuer)

#### KONA Merger Sub Co

#### KONA Parent, L.P.

#### KONA Parent GP, LLC

#### Searchlight IV KOR, L.P.

#### Andrew Frey

#### ABRY Partners VII, L.P.

#### ABRY Partners VII Co-Investment Fund, L.P.

#### ABRY Investment Partnership, L.P.

#### ABRY Senior Equity IV, L.P.

#### ABRY Senior Equity IV Co-Investment Fund, L.P.

(Names of Persons Filing Statement)

#### Common Stock, $0.0001 par value
(Title of Class of Securities)

#### 50066V305
(CUSIP Number of Class of Securities)

#### Jack W. Kennedy Jr.

#### Executive Vice President, Chief Legal Officer and Secretary

#### KORE Group Holdings, Inc.

#### 1155 Perimeter Center West, 11th Floor

#### Atlanta, GA 30338

#### 877-710-5673
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications

on Behalf of the Persons Filing Statement)

*With copies to*

---

| | | |
|:---|:---|:---|
| **Coburn R. Beck,** | **Steven A. Cohen** | **Joshua Korff P.C.** |
| **Paul Davis Fancher** | **Wachtell, Lipton, Rosen & Katz** | **Kirkland & Ellis LLP** |
| **Troutman Pepper Locke LLP**<br> **600 Peachtree Street NE, Suite 3000**<br> **Atlanta, Georgia 30308**<br> (404) 885-3000 | **51 West 52nd Street**<br> **New York, NY 10019**<br> (212) 403-1000 | **601 Lexington Avenue**<br> **New York, NY 10022**<br> (212) 446-4800 |

---

This statement is filed in connection with (check the appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;a. ☒ The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;b. ☐ The filing of a registration statement under the Securities Act of 1933.

c.<br> ☐ A tender offer.

d.<br> ☐ None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

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#### INTRODUCTION

This Rule 13e-3 transaction statement on Schedule 13E-3, together with the exhibits hereto (this "Schedule 13E-3" or "Transaction Statement"), is being filed with the United States Securities and Exchange Commission (the "SEC") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "Exchange Act"), jointly by the following persons (each, a "Filing Person," and collectively, the "Filing Persons"): (i) KORE Group Holdings, Inc. ("KORE" or the "Company"), a Delaware corporation and the issuer of the common stock, par value $0.0001 per share (the "Shares"), that is subject to the Rule 13e-3 transaction, (ii) KONA Parent, L.P., a Delaware limited partnership ("Parent"), (iii) KONA Merger Sub Co., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), (iv) Searchlight IV KOR, L.P., a Delaware limited partnership and stockholder of the Company ("Searchlight IV KOR"), (v) KONA Parent GP, LLC, a Delaware limited liability company and the general partner of Parent ("Parent GP"), (vi) Andrew Frey, the sole member of Parent GP, (vii) ABRY Partners VII, L.P., a Delaware limited partnership and stockholder of the Company ("Abry Partners VII"), (viii) ABRY Partners VII Co-Investment Fund, L.P., a Delaware limited partnership and stockholder of the Company ("Abry Partners VII Co-Investment"), (ix) ABRY Investment Partnership, L.P., a Delaware limited partnership and stockholder of the Company ("Abry Investment"), (x) ABRY Senior Equity IV, L.P., a Delaware limited partnership and stockholder of the Company ("Abry Senior Equity") and (xi) ABRY Senior Equity IV Co-Investment Fund, L.P., a Delaware limited partnership and stockholder of the Company ("Abry Senior Equity IV Co-Investment"). Parent, Merger Sub, Searchlight IV KOR, Parent GP, Andrew Frey, Abry Partners VII, Abry Partners VII Co-Investment, Abry Investment, Abry Senior Equity and Abry Senior Equity IV Co-Investment are Filing Persons of this Transaction Statement because they are affiliates of the Company under the SEC rules governing "going-private" transactions.

On February 26, 2026, the Company entered into an Agreement and Plan of Merger (as amended, restated, supplemented or otherwise modified from time to time, the "Merger Agreement") with Parent and Merger Sub, pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the "Merger") with the Company continuing as the surviving corporation and a subsidiary of Parent.

In connection with the Merger Agreement, Parent has obtained equity financing commitments from Searchlight Capital IV, L.P., Searchlight Capital IV PV-A, L.P., and Searchlight Capital IV PV-B, L.P. (together, the "Guarantors") in an aggregate amount of $175,000,000 to fund the transactions contemplated by the Merger Agreement (the "Equity Commitment Letter"). The consummation of the Merger is not subject to a financing condition. The Company is entitled to specific performance, subject to the terms and conditions of the Merger Agreement and the Equity Commitment Letter, to require each Guarantor to fund its respective equity commitment and Parent to close the Merger, if, among other things, all closing conditions are met. In addition, concurrently with the execution of the Merger Agreement, the Guarantors also entered into a limited guaranty with the Company (the "Limited Guaranty") pursuant to which the Guarantors have provided a limited guaranty with respect to the payment of their pro rata portion of certain payment obligations of Parent and Merger Sub that may be owed to the Company under the Merger Agreement up to the applicable aggregate amount set forth in the Limited Guaranty.

Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each Share issued and outstanding immediately prior to the Effective Time (other than Shares that are (i) to be cancelled or converted in accordance with the Merger Agreement or (ii) held by any person who properly exercises appraisal rights under Delaware law (collectively, the "Excluded Shares")) shall be converted into the right to receive an amount in cash equal to $9.25 per share, without interest (the "Merger Consideration"), subject to any withholding of taxes required by applicable law.

------

Pursuant to the Merger Agreement, each restricted stock unit ("RSU") outstanding immediately prior to the Effective Time will be automatically converted into a right to receive a cash-based award (a "Parent Equity Cash Award") in an amount equal to the product of (i) the number of Shares subject to such RSU immediately prior to the Effective Time multiplied by (ii) the Merger Consideration. Each Parent Equity Cash Award will remain outstanding after the Effective Time and will be subject to the same terms and conditions that applied to the corresponding RSU immediately prior to the Effective Time, including the applicable vesting schedule, acceleration (including double-trigger vesting protection) and payment-timing provisions.

Pursuant to the Merger Agreement, long-term cash awards that are subject to performance-based vesting conditions and are outstanding immediately prior to the Effective Time ("Performance Cash Awards") will remain outstanding after the Effective Time and will continue to be eligible to vest and become payable upon achievement, through the end of the applicable performance period, of the performance-based vesting conditions applicable to such Performance Cash Awards immediately prior to the Effective Time, subject to the same terms and conditions that applied to such Performance Cash Award prior to the Effective Time, including vesting schedule, acceleration (including double-trigger vesting protection) and payment-timing provisions. Long-term cash awards that are subject only to service-based vesting conditions (or that were previously subject to performance-based vesting conditions with respect to which the performance period ended prior to the Effective Time) and are outstanding immediately prior to the Effective Time ("Service Cash Awards") will remain outstanding after the Effective Time and will continue to be eligible to vest and become payable upon satisfaction of the applicable service-based vesting conditions in effect immediately prior to the Effective Time, subject to the same terms and conditions that applied to such Service Cash Award prior to the Effective Time, including vesting schedule, acceleration (including double-trigger vesting protection) and payment-timing provisions.

Concurrently with the execution of the Merger Agreement, the Company entered into a Rollover, Voting and Support Agreement with Searchlight IV KOR, pursuant to which, among other things, Searchlight IV KOR has agreed to vote (or cause to be voted) all of its shares of Company common stock in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement and to contribute all of such shares to Parent immediately prior to the Effective Time. The Company also entered into (i) a Voting and Support Agreement with Cerberus Telecom Acquisition Holdings, LLC ("Cerberus"), pursuant to which, among other things, Cerberus has agreed to vote (or cause to be voted) all of the shares of Company Common Stock held by it in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement; (ii) Voting and Support Agreements with Abry Investment, Abry Senior Equity, and Abry Senior Equity IV Co-Investment (together, the "ABRY Support Entities"), and Rollover, Voting and Support Agreements with Abry Partners VII and Abry Partners VII Co-Investment (together, the "ABRY Rollover Entities" and, together with the ABRY Support Entities, the "ABRY Entities"), pursuant to which, among other things, the ABRY Entities have agreed to vote (or cause to be voted) all of the shares of Company common stock held by the ABRY Entities in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement and to contribute all shares of Company common stock held by the ABRY Rollover Entities to Parent immediately prior to the Effective Time; (iii) a Rollover, Voting and Support Agreement with Dotmar Investments Limited, pursuant to which, among other things, Dotmar Investments Limited has agreed to vote (or cause to be voted) all of its shares of Company common stock in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement and to contribute all of such shares to Parent immediately prior to the Effective Time ("Dotmar Rollover Agreement"); (iv) a Rollover, Voting and Support Agreement with Richard Burston, pursuant to which, among other things, Richard Burston has agreed to vote (or cause to be voted) all of his shares of Company common stock in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement and to contribute all of such shares to Parent immediately prior to the Effective Time ("Burston Rollover Agreement"); and (v) a Rollover, Voting and Support Agreement with Terrdian Holdings Inc., pursuant to which, among other things, Terrdian Holdings Inc. has agreed to vote (or cause to be voted) all of its shares of Company common stock in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement and to contribute all of such shares to Parent immediately prior to the Effective Time ("Terrdian Rollover Agreement" and, together with the Dotmar Rollover Agreement and the Burston Rollover Agreement, the "Additional Rollover Agreements").

------

Concurrently with the filing of this Schedule 13E-3, the Company is filing with the SEC a preliminary proxy statement (the "Proxy Statement") under Regulation 14A of the Exchange Act, relating to a special meeting of the stockholders of the Company (the "Special Meeting") at which the stockholders of the Company will consider and vote upon, among other things, a proposal to adopt the Merger Agreement. The adoption of the Merger Agreement will require the affirmative vote (in person or by proxy) of the holders of (a) a majority of the outstanding shares of Company common stock entitled to vote thereon and (b) a majority of votes cast by the Disinterested Stockholders (as defined in the Proxy Statement). A copy of the Proxy Statement is attached hereto as Exhibit (a)(2)(i) and incorporated herein by reference. A copy of the Merger Agreement is attached hereto as Exhibit (d)(i) and is also included as Annex A to the Proxy Statement and incorporated herein by reference.

The board of directors of the Company (the "Board") formed a special committee of independent and disinterested members of the Board (the "Special Committee") to, among other things, evaluate the Merger, and the Special Committee has by unanimous vote (a) determined that the Merger Agreement, the related transaction documents and the transactions contemplated thereby, including the Merger, are fair, advisable and in the best interests of, the Company and its stockholders (including the Disinterested Stockholders); (b) approved, adopted and declared advisable the Merger Agreement, the related transaction documents and the transactions contemplated thereby, including the Merger; (c) approved the execution and delivery of the Merger Agreement, the related transaction documents, the performance by the Company of its covenants and other obligations contained therein, and the consummation of the Merger and the other transactions contemplated thereby upon the terms and subject to the conditions contained therein, including approval and adoption of the Merger Agreement by the stockholders of the Company; (d) directed that the adoption of the Merger Agreement be submitted to a vote of the stockholders of the Company at a meeting of the stockholders of the Company; and (e) recommended that the stockholders of the Company vote in favor of the adoption of the Merger Agreement in accordance with the DGCL.

The Board, acting upon the recommendation of the Special Committee, has by unanimous vote of those directors present at a special meeting of the Board held on February 26, 2026 (a) determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are fair, advisable and in the best interests of, the Company and its stockholders (including the Disinterested Stockholders); (b) approved, adopted and declared advisable the Merger Agreement and the transactions contemplated thereby, including the Merger; (c) approved the execution and delivery of the Merger Agreement, the performance by the Company of its covenants and other obligations contained herein, and the consummation of the Merger and the other transactions contemplated hereby upon the terms and subject to the conditions contained therein, including approval and adoption of the Merger Agreement by the stockholders of the Company; (d) directed that the adoption of the Merger Agreement be submitted to a vote of the stockholders of the Company at a meeting of the stockholders of the Company; and (e) recommended that the stockholders of the Company vote in favor of the adoption of the Merger Agreement in accordance with the DGCL.

The Merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, including the approval and adoption of the Merger Agreement by the Company's stockholders.

------

The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Proxy Statement, including all appendices thereto, is incorporated in its entirety herein by reference, and the responses to each item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Proxy Statement and the appendices thereto.

As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion and/or amendment. This Schedule 13E-3 will be amended to reflect such completion or amendment of the Proxy Statement. Capitalized terms used but not expressly defined in this Schedule 13E-3 shall have the respective meanings given to them in the Proxy Statement.

The information concerning the Company contained in, or incorporated by reference into this Schedule 13E-3 and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into this Schedule 13E-3 and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

**Item 1.** **Summary Term Sheet**<br>

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

**Item 2.** **Subject Company Information**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Name and Address**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"THE PARTIES TO THE MERGER"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Securities**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"THE SPECIAL MEETING — Record Date and Stockholders Entitled to Vote"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Beneficial Ownership of Common Stock by Management, Directors and Holders of 5% or More of Common Stock"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of Shares and Dividends"*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Trading Market and Price**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of Shares and Dividends"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Dividends**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of Shares and Dividends"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Prior Public Offerings**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Prior Stock Purchases**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Certain Transactions in the Shares of Company Common Stock"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"*

**Item 3.** **Identity and Background of Filing Person**<br>

**(a)–(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons.** KORE Group Holdings, Inc. is the subject company. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"THE PARTIES TO THE MERGER"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY"*

*"WHERE YOU CAN FIND ADDITIONAL INFORMATION"*

**Item 4.** **Terms of the Transaction**<br>

**(a)(1) Tender Offers**. Not Applicable.

**(a)(2) Merger or Similar Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

------

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Certain Financial Forecasts"*

*"SPECIAL FACTORS — Opinion of Rothschild & Co US Inc."*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Effects on the Company if the Merger Is Not Consummated"*

*"SPECIAL FACTORS — Alternatives to the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"SPECIAL FACTORS — Material U.S. Federal Income Tax Consequences of the Merger"*

*"SPECIAL FACTORS — Regulatory Approvals in Connection with the Merger"*

*"SPECIAL FACTORS — Delisting and Deregistration of Company Common Stock"*

*"SPECIAL FACTORS — Accounting Treatment"*

*"THE SPECIAL MEETING — Vote Required"*

*"THE MERGER AGREEMENT"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

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*"DELISTING AND DEREGISTRATION OF COMMON STOCK"*

*Annex A — Agreement and Plan of Merger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Different Terms**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"*

*"THE MERGER AGREEMENT — Treatment of Company Equity Awards and Cash Awards"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"*

*Annex A — Agreement and Plan of Merger*

*Annex B — Voting and Support Agreement*

*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Appraisal Rights**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Appraisal Rights"*

*"THE SPECIAL MEETING — Appraisal Rights"*

*Annex A — Agreement and Plan of Merger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Provisions for Unaffiliated Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

------

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Provisions for Disinterested Stockholders"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Eligibility for Listing or Trading**. Not Applicable.

**Item 5.** **Past Contacts, Transactions, Negotiations and Agreements**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

*"THE MERGER AGREEMENT"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Certain Transactions in the Shares of Company Common Stock"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"*

*"WHERE YOU CAN FIND ADDITIONAL INFORMATION"*

*Annex A — Agreement and Plan of Merger*

*Annex B — Voting and Support Agreement*

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*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Significant Corporate Events.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"THE MERGER AGREEMENT"*

*"THE MERGER AGREEMENT — Treatment of Company Equity Awards and Cash Awards"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"*

*Annex A — Agreement and Plan of Merger*

*Annex B — Voting and Support Agreement*

*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

------

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Negotiations or Contacts.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Conflicts of interest.** Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Agreements Involving the Subject Company's Securities.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

*"THE MERGER AGREEMENT"*

------

*"THE MERGER AGREEMENT — Treatment of Series A Preferred Stock"*

*"THE MERGER AGREEMENT — Treatment of Company Equity Awards and Cash Awards"*

*"THE MERGER AGREEMENT — Treatment of Company Warrants"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Certain Transactions in the Shares of Company Common Stock"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"*

*"WHERE YOU CAN FIND ADDITIONAL INFORMATION"*

*Annex A — Agreement and Plan of Merger*

*Annex B — Voting and Support Agreement*

*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

**Item 6.** **Purposes of the Transaction and Plans or Proposals**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Purposes.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

------

*"SPECIAL FACTORS — Delisting and Deregistration of Company Common Stock"*

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Use of Securities Acquired.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Delisting and Deregistration of Company Common Stock"*

*"THE MERGER AGREEMENT"*

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"*

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"*

*Annex A — Agreement and Plan of Merger*

**(c)(1)–(8) Plans**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

------

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

*"SPECIAL FACTORS — Delisting and Deregistration of Company Common Stock"*

*"THE MERGER AGREEMENT"*

*"THE MERGER AGREEMENT — Parent Vote"*

*"THE MERGER AGREEMENT — Treatment of Series A Preferred Stock"*

*"THE MERGER AGREEMENT — Treatment of Company Equity Awards and Cash Awards"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"THE SPECIAL MEETING"*

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"*

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"*

*Annex A — Agreement and Plan of Merger*

*Annex B — Voting and Support Agreement*

*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

**Item 7.** **Purposes, Alternatives, Reasons and Effects**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Purposes.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

------

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Alternatives.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Opinion of Rothschild & Co US Inc."*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Alternatives to the Merger"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Reasons.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Opinion of Rothschild & Co US Inc."*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

------

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Alternatives to the Merger"*

*Annex I — Opinion of Rothschild & Co US Inc.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Effects.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Plans for the Company After the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"SPECIAL FACTORS — Effects on the Company if the Merger Is Not Consummated"*

*"SPECIAL FACTORS — Alternatives to the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

------

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"SPECIAL FACTORS — Material U.S. Federal Income Tax Consequences of the Merger"*

*"SPECIAL FACTORS — Delisting and Deregistration of Company Common Stock"*

*"SPECIAL FACTORS — Accounting Treatment"*

*"THE MERGER AGREEMENT — Effects of the Merger"*

*"THE MERGER AGREEMENT — Directors and Officers of the Surviving Corporation"*

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"*

*"THE MERGER AGREEMENT — Excluded Shares"*

*"THE MERGER AGREEMENT — Treatment of Series A Preferred Stock"*

*"THE MERGER AGREEMENT — Treatment of Company Equity Awards and Cash Awards"*

*"THE MERGER AGREEMENT — Treatment of Company Warrants"*

*"THE MERGER AGREEMENT — Payment for Securities; Surrender of Certificates"*

*"THE MERGER AGREEMENT — Dissenting Shares (Appraisal Rights)"*

*"THE MERGER AGREEMENT — Indemnification and Insurance"*

*"THE MERGER AGREEMENT — Employee Benefits Matters"*

*"THE MERGER AGREEMENT — Fees and Expenses"*

*"THE MERGER AGREEMENT — Withholding Taxes"*

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"*

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"*

*Annex A — Agreement and Plan of Merger*

**Item 8.** **Fairness of the Transaction**<br>

**(a)–(b) Fairness; Factors Considered in Determining Fairness.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

------

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Opinion of Rothschild & Co US Inc."*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"THE MERGER AGREEMENT — Indemnification and Insurance"*

*Annex I — Opinion of Rothschild & Co US Inc.*

The discussion materials prepared by Rothschild & Co US Inc. and provided to the Special Committee, dated April 9, 2025, July 29, 2025, September 30, 2025, October 19, 2025, November 4, 2025, November 14, 2025, December 15, 2025, January 2, 2026, February 11, 2026, February 22, 2026 and February 26, 2026, are attached hereto as Exhibit (c)(ii) through and including Exhibit (c)(xii) and are each incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Approval of Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"THE MERGER AGREEMENT — Company Stockholder Meeting; Proxy Statement"*

*"THE MERGER AGREEMENT — Conditions of the Merger"*

*"THE SPECIAL MEETING — Record Date and Stockholders Entitled to Vote"*

------

*"THE SPECIAL MEETING — Quorum"*

*"THE SPECIAL MEETING — Vote Required"*

*"THE SPECIAL MEETING — Voting Procedures"*

*"THE SPECIAL MEETING — How Proxies Are Voted"*

*"THE SPECIAL MEETING — Revocation of Proxies"*

*Annex A — Agreement and Plan of Merger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Unaffiliated Representative.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Approval of Directors.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

------

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Other Offers.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Alternatives to the Merger"*

*"THE MERGER AGREEMENT — No Solicitation; Change in Board Recommendation"*

*Annex A — Agreement and Plan of Merger*

**Item 9.** **Reports, Opinions, Appraisals and Negotiations**<br>

**(a)–(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference.

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

------

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Opinion of Rothschild & Co US Inc."*

*"SPECIAL FACTORS – TD Cowen Preliminary and Illustrative Discussion Materials Provided to or on Behalf of Searchlight and/or Abry"*

*"WHERE YOU CAN FIND ADDITIONAL INFORMATION"*

*Annex I — Opinion of Rothschild & Co US Inc.*

The discussion materials prepared by Rothschild & Co US Inc. and provided to the Special Committee, dated April 9, 2025, July 29, 2025, September 30, 2025, October 19, 2025, November 4, 2025, November 14, 2025, December 15, 2025, January 2, 2026, February 11, 2026, February 22, 2026 and February 26, 2026, are attached hereto as Exhibit (c)(ii) through and including Exhibit (c)(xii) and are each incorporated by reference herein.

The preliminary and illustrative discussion materials of TD Securities (USA) LLC ("TD Cowen") provided to or on behalf of Searchlight and/or Abry, dated August 2025, September 2025, October 2025, November 2025, December 2025 and January 2026, are attached hereto as Exhibit (c)(xiii) through and including Exhibit (c)(xxiii) and are each incorporated by reference herein.

The reports, opinions or appraisals referenced in this Item 9 are filed herewith or incorporated by reference herein and will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested holder of Shares or representative who has been designated in writing, and copies may be obtained by requesting them in writing from the Company at the email address provided under the caption "*Where You Can Find Additional Information*" in the proxy statement, which is incorporated herein by reference.

**Item 10.** **Source and Amount of Funds or Other Consideration**<br>

**(a)-(b) Source of Funds; Conditions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Financing of the Merger"*

** 

<br> ------

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"THE MERGER AGREEMENT — Closing and Effective Time of the Merger"*

*"THE MERGER AGREEMENT — Covenants Regarding Conduct of Business by the Company Pending the Closing"*

*"THE MERGER AGREEMENT — Conditions of the Merger"*

*Annex A — Agreement and Plan of Merger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Expenses.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Fees and Expenses"*

*"THE MERGER AGREEMENT — Termination of the Merger Agreement"*

*"THE MERGER AGREEMENT — Termination Fees"*

*"THE MERGER AGREEMENT — Fees and Expenses"*

*"THE SPECIAL MEETING — Solicitation of Proxies"*

*Annex A — Agreement and Plan of Merger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Borrowed Funds**.

*"SPECIAL FACTORS — Financing of the Merger"*

**Item 11.** **Interest in Securities of the Subject Company**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Securities Ownership.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"THE SPECIAL MEETING — Record Date and Stockholders Entitled to Vote"*

*"THE SPECIAL MEETING — Quorum"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Beneficial Ownership of Common Stock by Management, Directors and Holders of 5% or More of Common Stock"*

------

*Annex B — Voting and Support Agreement*

*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Securities Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"THE MERGER AGREEMENT"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Certain Transactions in the Shares of the Company Common Stock"*

*Annex A — Agreement and Plan of Merger*

*Annex B — Voting and Support Agreement*

*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

**Item 12.** **The Solicitation or Recommendation**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Intent to Tender or Vote in a Going-Private Transaction.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

** 

<br> ------

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"THE MERGER AGREEMENT — Parent Vote"*

*"THE VOTING AND SUPPORT AND ROLLOVER AGREEMENTS"*

*"THE SPECIAL MEETING — Record Date and Stockholders Entitled to Vote"*

*"THE SPECIAL MEETING — Quorum"*

*"THE SPECIAL MEETING — Voting by Company Directors, Executive Officers and Principal Securityholders"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Beneficial Ownership of Common Stock by Management, Directors and Holders of 5% or More of Common Stock"*

*Annex B — Voting and Support Agreement*

*Annex C — Rollover, Voting and Support Agreement*

*Annex D — Form of Abry Voting and Support Agreement*

*Annex E — Form of Abry Rollover, Voting and Support Agreement*

The Additional Rollover Agreements are attached hereto as Exhibit (d)(vi) through and including Exhibit (d)(viii) and are each incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Recommendation of Others.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

------

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

**Item 13.** **Financial Statements**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Financial Information.** The audited financial statements set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, originally filed on March 31, 2026 (see pages 44 through 80 therein) are incorporated herein by reference. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"SPECIAL FACTORS — Certain Financial Forecasts"*

*"SPECIAL FACTORS — Opinion of Rothschild & Co US Inc."*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Selected Historical Consolidated Financial Data"*

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Book Value per Share"*

*"WHERE YOU CAN FIND ADDITIONAL INFORMATION"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Pro Forma Information**. Not Applicable.

**Item 14.** **Persons/Assets, Retained, Employed, Compensated or Used**<br>

**(a)-(b) Solicitations or Recommendations; Employees and Corporate Assets.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"*

*"SPECIAL FACTORS — Background of the Merger"*

*"SPECIAL FACTORS — Recommendation of the Special Committee"*

------

*"SPECIAL FACTORS — Recommendation of the Board"*

*"SPECIAL FACTORS — Reasons for the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Company for the Merger"*

*"SPECIAL FACTORS — Position of the Company as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Purpose and Reasons of the Searchlight Entities and Abry Entities for the Merger"*

*"SPECIAL FACTORS — Position of the Searchlight Entities and Abry Entities as to the Fairness of the Merger"*

*"SPECIAL FACTORS — Fees and Expenses"*

*"THE MERGER AGREEMENT— Fees and Expenses"*

*"THE SPECIAL MEETING"*

*"THE SPECIAL MEETING — Solicitation of Proxies"*

**Item 15.** **Additional Information**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"*

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"*

*"SPECIAL FACTORS — Certain Effects of the Merger"*

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"*

*"THE MERGER AGREEMENT — Treatment of Company Equity Awards and Cash Awards"*

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"*

*Annex A — Agreement and Plan of Merger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Other Material Information.** The entirety of the Proxy Statement, including all appendices thereto, is incorporated herein by reference.

------

**Item 16.** **Exhibits**<br>

The following exhibits are filed herewith:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(2)(i)](https://www.sec.gov/Archives/edgar/data/1855457/000114036126014625/ny20068726x1_prem14a.htm) | Preliminary Proxy Statement of KORE Group Holdings, Inc. (included in the Schedule 14A filed on April 14, 2026, and incorporated herein by reference) (the "Preliminary Proxy Statement"). |
| [(a)(2)(ii)](https://www.sec.gov/Archives/edgar/data/1855457/000114036126014625/ny20068726x1_prem14a.htm#ny20068726x1_prem14a_400-proxycard_pg1) | Form of Proxy Card (included in the Preliminary Proxy Statement and incorporated herein by reference). |
| [(a)(2)(iii)](https://www.sec.gov/Archives/edgar/data/1855457/000114036126014625/ny20068726x1_prem14a.htm#ny20068726x1_prem14a_101-letter_pg1) | Letter to Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference). |
| [(a)(2)(iv)](https://www.sec.gov/Archives/edgar/data/1855457/000114036126014625/ny20068726x1_prem14a.htm#ny20068726x1_prem14a_102-notice_pg1) | Notice of Special Meeting of Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference). |
| [(a)(5)(i)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1855457/000110465926021030/tm267508d1_8k.htm) | Press Release, dated February 27, 2026 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on February 27, 2026). |
| [(c)(i)](https://www.sec.gov/Archives/edgar/data/1855457/000114036126014625/ny20068726x1_prem14a.htm#ny20068726x1_prem14a_308-annexi_pg1) | Opinion of Rothschild & Co US Inc., dated February 26, 2026 (included in the Preliminary Proxy Statement and incorporated herein by reference). |
| [(c)(ii)](ny20068726x2_excii.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated April 9, 2025, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(iii)](ny20068726x2_exciii.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated July 29, 2025, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(iv)](ny20068726x2_exciv.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated September 30, 2025, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(v)](ny20068726x2_excv.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated October 19, 2025, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(vi)](ny20068726x2_excvi.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated November 4, 2025, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(vii)](ny20068726x2_excvii.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated November 14, 2025, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(viii)](ny20068726x2_excviii.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated December 15, 2025, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |

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| | |
|:---|:---|
| [(c)(ix)](ny20068726x2_excix.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated January 2, 2026, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(x)](ny20068726x2_excx.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated February 11, 2026, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(xi)](ny20068726x2_excxi.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated February 22, 2026, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(xii)](ny20068726x2_excxii.htm) | Discussion materials prepared by Rothschild and Co US Inc., dated February 26, 2026, for the Special Committee of the Board of Directors of KORE Group Holdings, Inc. |
| [(c)(xiii)](ny20068726x2_excxiii.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated August 2025, for ABRY Partners VII, L.P. and Searchlight IV KOR, L.P. |
| [(c)(xiv)](ny20068726x2_excxiv.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated September 2025, for ABRY Partners VII, L.P. and Searchlight IV KOR, L.P. |
| [(c)(xv)](ny20068726x2_excxv.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated September 2025, for ABRY Partners VII, L.P. |
| [(c)(xvi)](ny20068726x2_excxvi.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated September 2025, for ABRY Partners VII, L.P. |
| [(c)(xvii)](ny20068726x2_excxvii.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated October 2025, for Searchlight IV KOR, L.P. |
| [(c)(xviii)](ny20068726x2_excxviii.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated October 2025, for ABRY Partners VII, L.P. |
| [(c)(xix)](ny20068726x2_excxix.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated October 2025, for ABRY Partners VII, L.P. and Searchlight IV KOR, L.P. |
| [(c)(xx)](ny20068726x2_excxx.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated November 2025, for ABRY Partners VII, L.P. and Searchlight IV KOR, L.P. |
| [(c)(xxi)](ny20068726x2_excxxi.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated December 2025, for ABRY Partners VII, L.P. and Searchlight IV KOR, L.P. |
| [(c)(xxii)](ny20068726x2_excxxii.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated January 2026, for ABRY Partners VII, L.P. and Searchlight IV KOR, L.P. |

---

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| | |
|:---|:---|
| [(c)(xxiii)](ny20068726x2_excxxiii.htm) | Discussion materials prepared by TD Securities (USA) LLC, dated January 2026, for ABRY Partners VII, L.P. and Searchlight IV KOR, L.P. |
| [(d)(i)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926021030/tm267508d1_ex2-1.htm) | Agreement and Plan of Merger, dated February 26, 2026, by and among KONA Parent, L.P., KONA Merger Sub Co. and KORE Group Holdings, Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by C KORE Group Holdings, Inc. with the Commission on February 27, 2026). |
| [(d)(ii)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926021030/tm267508d1_ex10-1.htm) | Voting and Support Agreement, dated February 26, 2026, by and between KORE Group Holdings, Inc., KONA Parent L.P., and Cerberus Telecom Acquisition Holdings, LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on February 27, 2026). |
| [(d)(iii)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926021030/tm267508d1_ex10-2.htm) | Rollover, Voting and Support Agreement, dated February 26, 2026, by and between KORE Group Holdings, Inc., KONA Parent L.P., and Searchlight IV KOR, L.P. (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on February 27, 2026). |
| [(d)(iv)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926021030/tm267508d1_ex10-3.htm) | Form of Voting and Support Agreement, dated February 26, 2026, by and between KORE Group Holdings, Inc., KONA Parent L.P., and each of ABRY Investment Partnership, L.P., ABRY Senior Equity IV, L.P., and ABRY Senior Equity IV Co-Investment Fund, L.P. (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on February 27, 2026). |
| [(d)(v)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926021030/tm267508d1_ex10-4.htm) | Form of Rollover, Voting and Support Agreement, dated February 26, 2026, by and between KORE Group Holdings, Inc., KONA Parent L.P., and each of ABRY Partners VII, L.P. and ABRY Partners VII Co-Investment Fund, L.P. (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on February 27, 2026). |
| [(d)(vi)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926032748/tm269312d1_ex10-1.htm) | Rollover, Voting and Support Agreement, dated March 17, 2026, by and between KORE Group Holdings, Inc., KONA Parent L.P., and Dotmar Investments Limited (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on March 20, 2026). |
| [(d)(vii)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926032748/tm269312d1_ex10-2.htm) | Rollover, Voting and Support Agreement, dated March 17, 2026, by and between KORE Group Holdings, Inc., KONA Parent L.P., and Richard Burston (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on March 20, 2026). |
| [(d)(viii)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926032748/tm269312d1_ex10-3.htm) | Rollover, Voting and Support Agreement, dated March 17, 2026, by and between KORE Group Holdings, Inc., KONA Parent L.P., and Terrdian Holdings Inc. (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on March 20, 2026). |

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| | |
|:---|:---|
| [(d)(ix)](https://www.sec.gov/Archives/edgar/data/1855457/000119312523274584/d318950dex101.htm) | Investment Agreement, dated as of November 9, 2023, by and between KORE Group Holdings, Inc. and Searchlight IV KOR, L.P. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on November 9, 2023). |
| [(d)(x)](https://www.sec.gov/Archives/edgar/data/1855457/000185545723000056/exhibit101amendmenttoinves.htm) | Amendment to Investment Agreement, dated as of December 13, 2023, by and between KORE Group Holdings, Inc. and Searchlight IV KOR, L.P. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on December 13, 2023). |
| [(d)(xi)](https://www.sec.gov/Archives/edgar/data/1855457/000185545723000056/exhibit42-amendedandrestat.htm) | Amended and Restated Common Stock Purchase Warrant (Penny Warrant), dated as of December 13, 2023, issued by KORE Group Holdings, Inc. to Searchlight IV KOR, L.P. (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on December 13, 2023). |
| [(d)(xii)](https://www.sec.gov/Archives/edgar/data/1855457/000119312523278859/d882882dex101.htm) | Amended and Restated Investor Rights Agreement, dated as of November 15, 2023, by and among KORE Group Holdings, Inc., Searchlight IV KOR, L.P. and certain stockholders of KORE Group Holdings, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by KORE Group Holdings, Inc. with the Commission on November 16, 2023). |
| [(d)(xiii)](https://www.sec.gov/Archives/edgar/data/1855457/000110465925074058/tm2522539d1_ex-9.htm) | Agreement by and between KORE Group Holdings, Inc. and Searchlight IV KOR, L.P., dated as of August 1, 2025 (incorporated by reference to Exhibit 9 to the Amendment No. 3 to Schedule 13D of Searchlight IV KOR, L.P. filed with the Commission on August 5, 2025). |
| [(d)(xiv)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926015523/tm266442d1_ex-11.htm) | Amendment to August 1 Agreement by and between KORE Group Holdings, Inc. and Searchlight IV KOR, L.P., dated as of November 25, 2025 (incorporated by reference to Exhibit 11 to the Amendment No. 7 to Schedule 13D of Searchlight IV KOR, L.P. filed with the Commission on February 17, 2026). |
| [(d)(xv)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926015523/tm266442d1_ex-12.htm) | Amendment No. 2 to August 1 Agreement by and between KORE Group Holdings, Inc. and Searchlight IV KOR, L.P., dated as of January 2, 2026 (incorporated by reference to Exhibit 12 to the Amendment No. 7 to Schedule 13D of Searchlight IV KOR, L.P. filed with the Commission on February 17, 2026). |
| [(d)(xvi)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926015523/tm266442d1_ex-13.htm) | Amendment No. 3 to August 1 Agreement by and between KORE Group Holdings, Inc. and Searchlight IV KOR, L.P., dated as of February 13, 2026 (incorporated by reference to Exhibit 13 to the Amendment No. 7 to Schedule 13D of Searchlight IV KOR, L.P. filed with the Commission on February 17, 2026). |
| [(d)(xvii)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926021814/tm267650d1_ex16.htm) | Joint Bidding and Cost Sharing Agreement by and between Searchlight Capital Partners, L.P. and ABRY Partners VII, L.P., dated as of February 26, 2026 (incorporated by reference to Exhibit 16 to the Amendment No. 8 to Schedule 13D of Searchlight IV KOR, L.P. filed with the Commission on March 2, 2026). |
| [(d)(xviii)](https://www.sec.gov/Archives/edgar/data/1855457/000110465926021814/tm267650d1_ex17.htm) | Amended and Restated Agreement by and between KORE Group Holdings, Inc. and Searchlight IV KOR, L.P., dated as of February 26, 2026 (incorporated by reference to Exhibit 17 to the Amendment No. 8 to Schedule 13D of Searchlight IV KOR, L.P. filed with the Commission on March 2, 2026). |

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| | |
|:---|:---|
| [(d)(xix)](ny20068726x2_exdxix.htm) | Equity Commitment Letter, dated February 26, 2026, by and between KONA Parent, L.P., Searchlight Capital IV, L.P., Searchlight Capital IV PV-A, L.P., and Searchlight Capital IV PV-B, L.P. |
| [(d)(xx)](ny20068726x2_exdxx.htm) | Limited Guaranty, dated February 26, 2026, by and between KORE Group Holdings, Inc., Searchlight Capital IV, L.P., Searchlight Capital IV PV-A, L.P., and Searchlight Capital IV PV-B, L.P. |
| (g) | Not Applicable. |
| [107](ny20068726x2_107.htm) | Filing Fee Table. |

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#### SIGNATURES

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **KORE GROUP HOLDINGS, INC.** | **KORE GROUP HOLDINGS, INC.** | **KORE GROUP HOLDINGS, INC.** |
| By: | /s/ Jack W. Kennedy Jr. | /s/ Jack W. Kennedy Jr. |
|  | Name: | Jack W. Kennedy Jr. |
|  | Title: | Executive Vice President, Chief Legal Officer, and Secretary |

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Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **KONA PARENT, L.P.** | **KONA PARENT, L.P.** | **KONA PARENT, L.P.** |
| **By: KONA Parent GP, LLC, its general partner** | **By: KONA Parent GP, LLC, its general partner** | **By: KONA Parent GP, LLC, its general partner** |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Person |

---

Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **KONA MERGER SUB CO** | **KONA MERGER SUB CO** | **KONA MERGER SUB CO** |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Chief Executive Officer, Secretary |

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Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **SEARCHLIGHT IV KOR, L.P.** | **SEARCHLIGHT IV KOR, L.P.** | **SEARCHLIGHT IV KOR, L.P.** |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;Andrew Frey |
|  | Title: | Authorized Person |

---

Date: April 14, 2026

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **KONA PARENT GP, LLC** | **KONA PARENT GP, LLC** | **KONA PARENT GP, LLC** |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;Andrew Frey |
|  | Title: | Authorized Person |

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Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **ANDREW FREY** | **ANDREW FREY** |
| By: | /s/ Andrew Frey |

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Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **ABRY PARTNERS VII, L.P.** | **ABRY PARTNERS VII, L.P.** | **ABRY PARTNERS VII, L.P.** |
| By: ABRY VII Capital Partners, L.P.<br> Its: General Partner | By: ABRY VII Capital Partners, L.P.<br> Its: General Partner | By: ABRY VII Capital Partners, L.P.<br> Its: General Partner |
| By: ABRY VII Capital Investors LLC<br> Its: General Partner | By: ABRY VII Capital Investors LLC<br> Its: General Partner | By: ABRY VII Capital Investors LLC<br> Its: General Partner |
| By: | /s/ Robert MacInnis | /s/ Robert MacInnis |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;Robert MacInnis |
|  | Title: | Authorized Signatory |

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Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **ABRY PARTNERS VII CO-INVESTMENT FUND, L.P.** | **ABRY PARTNERS VII CO-INVESTMENT FUND, L.P.** | **ABRY PARTNERS VII CO-INVESTMENT FUND, L.P.** |
| By: ABRY VII Co-Investment GP, LLC<br> Its: General Partner | By: ABRY VII Co-Investment GP, LLC<br> Its: General Partner | By: ABRY VII Co-Investment GP, LLC<br> Its: General Partner |
| By: ABRY VII Capital Investors LLC<br> Its: General Partner | By: ABRY VII Capital Investors LLC<br> Its: General Partner | By: ABRY VII Capital Investors LLC<br> Its: General Partner |
| By: | /s/ Robert MacInnis | /s/ Robert MacInnis |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;Robert MacInnis |
|  | Title: | Authorized Signatory |

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Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **ABRY INVESTMENT PARTNERSHIP, L.P.** | **ABRY INVESTMENT PARTNERSHIP, L.P.** | **ABRY INVESTMENT PARTNERSHIP, L.P.** |
| By: ABRY Investment GP, LLC<br> Its: General Partner | By: ABRY Investment GP, LLC<br> Its: General Partner | By: ABRY Investment GP, LLC<br> Its: General Partner |
| By: | /s/ Robert MacInnis | /s/ Robert MacInnis |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;Robert MacInnis |
|  | Title: | Authorized Signatory |

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Date: April 14, 2026

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | |
|:---|:---|:---|
| **ABRY SENIOR EQUITY IV, L.P.** | **ABRY SENIOR EQUITY IV, L.P.** | **ABRY SENIOR EQUITY IV, L.P.** |
| By: ABRY Senior Equity Investors IV, L.P.<br> Its: General Partner | By: ABRY Senior Equity Investors IV, L.P.<br> Its: General Partner | By: ABRY Senior Equity Investors IV, L.P.<br> Its: General Partner |
| By: ABRY Senior Equity Holdings IV, LLC<br> Its: General Partner | By: ABRY Senior Equity Holdings IV, LLC<br> Its: General Partner | By: ABRY Senior Equity Holdings IV, LLC<br> Its: General Partner |
| By: | /s/ Robert MacInnis | /s/ Robert MacInnis |
|  | Name: | Robert MacInnis |
|  | Title: | Authorized Signatory |

---

Date: April 14, 2026

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
| **ABRY SENIOR EQUITY IV CO-INVESTMENT FUND, L.P.** | **ABRY SENIOR EQUITY IV CO-INVESTMENT FUND, L.P.** | **ABRY SENIOR EQUITY IV CO-INVESTMENT FUND, L.P.** |
| By: ABRY Senior Equity Co-Investment GP IV, LLC<br> Its: General Partner | By: ABRY Senior Equity Co-Investment GP IV, LLC<br> Its: General Partner | By: ABRY Senior Equity Co-Investment GP IV, LLC<br> Its: General Partner |
| By: ASE Senior Equity Holdings IV, LLC<br> Its: General Partner | By: ASE Senior Equity Holdings IV, LLC<br> Its: General Partner | By: ASE Senior Equity Holdings IV, LLC<br> Its: General Partner |
| By: | /s/ Robert MacInnis | /s/ Robert MacInnis |
|  | Name: | Robert MacInnis |
|  | Title: | Authorized Signatory |

---

Date: April 14, 2026

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## Ex-99.(C)(Ii)

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**Exhibit (c)(ii)**<br>

![](ny20068726x2_exciislide1.jpg)

Project Kona: Special Committee discussion materials April 9, 2025 Exhibit (c)(ii)

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![](ny20068726x2_exciislide2.jpg)

Contents Rothschild & Co qualifications Executive summary Appendix 3 14 26

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![](ny20068726x2_exciislide3.jpg)

1 Rothschild & Co qualifications

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![](ny20068726x2_exciislide4.jpg)

Highly experienced team for Kona's Special Committee Deep connectivity / digital infrastructure expertise, significant Special Committee experience Involvement in Consolidated Communications' Special Committee assignment Media & Telecom execution support Sector M&A knowledge and experience Special Committee & public company advisory expertise Successful navigation of complex M&A situations Dominic Kenneally Associate, M&T Joined in 2023 Rickard Blecker Analyst, M&T Joined in 2023 Hailee Seehusen Analyst, M&T Joined in 2024 Senior Rothschild & Co leadership team Jonathan Herbst Partner Head of Media & Telecom 27+ years of experience Select experience: Evolve IP on its combination with ATSG Sale of Consolidated Communications Omnibus advisor to Shentel INAP on multiple asset sales Blackstone acquisition of Phoenix Tower GTCR acquisition of Point Broadband Wren House acquisition of i3 Broadband Uniti in relation to Windstream's restructuring Sale of Great Plains Communications James Ben Partner Head of M&A 25+ years of experience Select complex, pubco M&A experience: John Swire & Sons acquisition of Swire Coca-Cola USA from Swire Pacific Sale of Consolidated Communications Sale of Meridian Bioscience to SD Biosensor and SJL Partner Sale of Veoneer to Qualcomm and SSW Partners Coke Consolidated on multiple territory purchases from Coca-Cola Company Sale of Pep Boys to Icahn Enterprises David Dreyfus Director Media & Telecom 10+ years of experience Select experience: Evolve IP on its combination with ATSG NaaS provider on contemplated capital raise Alaska Communications on its refinancing Sale of Consolidated Communications Sale of Ventus to Digi International Wren House acquisition of i3 Broadband Printful on its preferred capital raise from Bregal Sagemount Sale of NewWave to Cable One Global sector support Warner Mandel Global Co-Head of TMT 30+ years of experience Select experience: Wireless Logic on the acquisition of Webbing Telit take private by DBAY Advisors Montagu on its acquisition of CVC's minority stake in Wireless Logic Anton Black Partner, TMT 20+ years of experience Capital markets support Michael Speller Partner, Head of Debt Advisory 25+ years of experience Charles Huyghues-Despointes Director, Debt Advisory 12+ years of experience 1. ROTHSCHILD & CO QUALIFICATIONS 4

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![](ny20068726x2_exciislide5.jpg)

2023 - 2024 global M&A1 1 Rothschild & Co 618 2 Houlihan Lokey 590 3 JP Morgan 587 4 Goldman Sachs 584 5 Morgan Stanley 508 6 Lazard 426 7 Jefferies 370 8 BofA Securities 359 9 UBS 326 10 Citi 298 Rothschild & Co's leading global advisory practice The only bank to combine the long-term approach and client-first values of the advisory-only model with the scale, experience and global reach of the largest universal banks Rothschild & Co's guiding principles and differentiation Objective Advice Independent family-controlled business with over 200 years of history Relationship Focused Consistent senior banker involvement and dedicated teams – high repeat business Creativity & Rigor Insightful and innovative to deliver the best solutions Core Values Client-first Discretion & integrity Long-term perspective Ownership & banker stability Consistent advisory leadership globally Extensive global firm with seamless collaboration c.1,400 bankers globally; c.250 in the U.S. and Canada 59 offices across 47 countries North American offices in New York, Boston, Los Angeles and Toronto Leading independent advisory firm and unique advisory model Leading independent advisor consistently advising on more transactions than even the largest banks History and experience navigating complicated transactions balancing nuanced shareholder dynamics Experts across M&A / strategic advisory, debt & restructuring and equity advisory Unbiased, advisory-only services with deep history providing bespoke, conflict-free advice Our pure advisory focus means we only have one client in any given transaction and our work remains impartial Credibility in complicated situations Unparalleled global platform with deep relationships across the globe Long established global presence – 200+ year history The Banker Investment Banking Awards Independent Investment Bank of The Year 2023 The Banker Investment Banking Awards Investment Bank of the Year for M&A 2023 Euromoney Awards for Excellence Western Europe's Best Bank for Advisory 2024 Mergermarket European M&A Awards European Mid-Market M&A Financial Adviser of the Year 2024 Source: Refinitiv Note: Announced deals by number from 1/1/2023 to 9/30/2024 1. ROTHSCHILD & CO QUALIFICATIONS 5

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Why Rothschild & Co We believe Rothschild & Co is uniquely positioned to assist Kona and its Special Committee Deep sector expertise across connectivity as well as digital infrastructure Rothschild & Co senior bankers have successfully sold telecom / connectivity companies for more than 20 years We understand the near and long-term trends / risks / opportunities in the sector We have multiple recent engagements with relevant industry peers and deep buyer relationships to bring to bear Recent experience assisting boards of public telecom businesses to evaluate simultaneous sale and capital raise paths Informed perspective on market valuation Involvement in multiple real-time situations gives us highly attuned insight into the public and private market valuations of similar businesses across varying network types and maturity levels – Recent engagements in Connectivity include Montagu / Wireless Logic, DBAY / Telit, Digi / Ventus, among others Experience with value-add infrastructure as well PE funds focused on connectivity / B2B services Active dialogue with multiple strategics in the sector on M&A / capital raising situations Extensive public company sell-side and Special Committee expertise Relevant sector examples: Consolidated Communications, SureWest, Lumos, Hawaiian Telcom, Shentel, Alaska Communications, nTelos, Sprint Successfully leveraged sector knowledge and longstanding relationships with strategic / financial buyers to benefit clients Independent and conflict free Free from actual or perceived conflict with Kona and Samoa or its portfolio entities Fair and balanced assessment of the Company's situation No lending or advisory activity with the Company that could influence our advice / independence Multi-disciplinary team Dedicated suite of senior leaders overseeing all steps of any transaction process with global strategic buyer access Debt Advisory team will assist in assessing the current capital structure and availability of financing to support a competing proposal Highly relevant experience in dealing with Samoa as a take-private buyer Recently served as advisor to the Special Committee of Consolidated Communications on the Samoa / BCI offer to take the company private Successfully guided Special Committee through its evaluation of Samoa's proposal and strategic alternatives to the proposal Engaged in negotiations which resulted in a material increase in price per share (18% increase to initial offer price) despite little strategic / negotiating leverage Strong parallels to Kona situation give Rothschild & Co unique perspectives to help the Special Committee navigate the situation 1. ROTHSCHILD & CO QUALIFICATIONS 6

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Extensive experience in global B2B services Highly relevant track-record in managed network / connectivity and enterprise solutions Managed network / Connectivity Wireless Logic Acquisition of Webbing by Wireless Logic 2023 Echoes Solutions Disposal of Echoes Solutions to Moving Intelligence 2024 Qunifi Sole financial advisor to Qunifi on its sales to Dstny 2022 INAP Network Joint lead advisor to company on sale to Unitas Global 2022 2021 Ventus Advisor to Ventus on its $347m sale to Digi International 2021 Service Express Advisor to Service Express on its acquisition of Blue Chip Montagu Advisor to Montagu Private Equity in its acquisition of a minority stake in Wireless Logic from CVC 2021 Koch Equity Development Advisor to Koch Equity Development on its acquisition of Transaction Network Services 2021 1nce Advisor on strategic options Current Telit Financial and Rule 3 Advisor to Telit on the £307m recommended all-cash offer by DBAY Advisors 2022/21 Onecom Advisor to Onecom on acquisition of the Retail and Partner divisions of 9 Group Limited 2021 CEE Equity Adviser to CEE Equity on the sale of Invitech to 4iG 2021 CorpFlex Advisor to CorpFlex and its shareholders on sale to Claranet 2020 ECI Partners Advisor to ECI on its investment in CSL Group 2020 Tele2 Sale of its German business to Tele2 Germany management 2020 2020 I Squared Capital Debt advice on its $2.15bn acquisition of GTT's infrastructure business Buysse & Partners Advised ESAS on Sale to Circet by Buysse & Partners 2020 2021 Inteliquent Advisor to Inteliquent on $1.1bn sale to Sinch Service Express / Pamlico Capital Sale of Service Express to Harvest Partners 2019 Enterprise solutions OVH Groupe Advisor on IPO and various debt issuances 2025/24/21 Evolve IP Atos INAP Colocation Sole financial Sale of Atos' Unified Joint lead advisor to advisor to Evolve IP Communications & company on sale to on its combination Collaboration Services Evocative with ATSG 2024 2023 2022 GlobalInternet Advisor to GlobalInternet on disposal to Expereo and Apax Partners 2020 1. ROTHSCHILD & CO QUALIFICATIONS 7

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Company R&Co role(s) Company overview R&Co value-add 2023: advisor on Wireless Logic's acquisition of Webbing 2021: advisor to Montagu Private Equity on its acquisition of CVC's remaining minority equity stake and refinancing Largest independent IoT connectivity provider in Europe Conducted market check to minority investor short-list with tailored marketing materials and detailed investor model to buy out CVC's stake Prepared in-depth valuation analysis to support the Montagu IC's decision- making in acquiring the CVC stake alongside management Assisted with both equity recapitalization and debt refinancing 2022: joint lead advisor on the sale of INAP's Network segment to Unitas Global (subsequently PacketFabric) 2022: sale of INAP's Colocation segment to Evocative 2020: advised INAP's lenders on its restructuring Secure NaaS / infrastructure solution provider After working as financial advisor to INAP's lenders during its restructuring, we executed a multi-year, multi-step process to sell the company Included carve-out of multiple businesses, adding complexity of intercompany relationships and multi-product customers Managed multiple constituents – each with differing, and sometimes conflicting, objectives (4 transactions in the last 5 years) 2022: advisor on Telit's all-share acquisition of Thales's cellular IoT business 2021: financial and Rule 3 advisor to Telit on DBAY Advisors' recommended all-cash offer IoT provider offering modules, plans, software and platforms Key strategic advisor across asset disposals, its take-private and its acquisition of Thales' industrial and automotive cellular IoT business Helped the company evaluate strategic options during sustained share price downturn prior to take-private Led diligence and negotiated with DBAY over 7 rounds, resulting in a 26% price increase from the initial proposal as DBAY built its insider stake 2021: advisor to Ventus Holdings on its $347m sale to Digi International ATM and Gaming focused Wireless IoT connectivity provider Assisted founder-owner in developing impactful marketing materials, market story and value-prop as well as development of Ventus' forecast model Successfully identified and positioned key commercial diligence topics in advance of and during outreach 2020: advisor to Globalinternet on its sale to Expereo and Apax Partners 2018: advisor to Carlyle on its sale of Expereo to Apax Partners Global enterprise-focused network aggregation Leveraged network and industry expertise to identify likely buyers and design highly competitive processes for respective sell-sides Explored interest from broad range of global carriers, asset-lite connectivity providers and financial sponsors Highlighted Expereo's unique business model, technology and go-to-market strategy to secure significant value uplift Established track record of successfully executing IoT / connectivity transactions 1. ROTHSCHILD & CO QUALIFICATIONS 8

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Comverse Technology $1.9bn merger with Verint Systems (Advisor to parent) Advisor to the Board of Directors Leading advisor to Special Committees & public companies Reinsurance Group of America\* Advisor to the Special Committee of Reinsurance Group of America Incorporated in the context of its separation from MetLife Advisor to Special Committee Justice Holdings Ltd.\* $7.5bn merger with Burger King Worldwide Holdings Advisor to Special Committee Cargill (Trustee of the Charitable Trust) $24.3bn split-off and distribution of Cargill's stake in Mosaic Advisor to trustee of Charitable Trust Sitronics (Special Committee) Advised Special Committee on tender offer by majority shareholder to minority shareholders for remaining 37% stake in $950mm transaction Advisor to Special Committee Federal-Mogul Advisor to Special Committee of Federal-Mogul on $500mm rights issue Advisor to Special Committee Dana Advisor to the Special Committee on repurchase of Series A Preferred Stock from Centerbridge Partners, LP for $472mm Advisor to Special Committee Olam Independent adviser to Independent Directors of Olam on $4.2bn cash offer of Olam by Breedens Investments Advisor to Independent Directors Verso Corporation Sale of Verso Corporation to BillerudKorsnäs AB for c. $825mm equity value Advisor to Special Committee Edison Fairness opinion in to independent directors in connection with the public tender offer on Edison's share capital launched by EdF Advisor to Independent Directors Adelphia Communications Corp.\* Advisor to the Special Committee of Adelphia Communications Corp. in the context of its $17.6bn acquisition by Time Warner Inc. and Comcast Corp. Advisor to Special Committee Coca-Cola Bottling Consolidated Co. Fairness Opinion in connection with distribution rights and assets in DL, MD, NC, PA, VA, & WV Advisor to Board / Related Party transaction \*Transaction led by Rothschild banker while at predecessor firm BAT $3.5bn delisting offer of Souza Cruz Advisor to minority shareholders of Target NCO Group\* $1.2bn Special Committee role for the NCO Group going private proposal received from management and backed by One Equity Partners Advisor to Special Committee Revlon, Inc.\* Special Committee Advisor (withdrawn) on attempted take private by MacAndrews & Forbes Advisor to Special Committee Consolidated Communications Sale to Searchlight Capital and BCI for $3.1bn Advisor to Special Committee Chesapeake Corp Advisor to the Special Committee of Chesapeake Corp. in the context of its $485m acquisition by Irving Place Capital and Oaktree Advisor to Special Committee\* BWAY Spectrum Brands, Inc.\* Advisor to the Special Committee of BWAY in the context of its $915m acquisition by Madison Dearborn Capital Special Committee Advisor on $675mm combination with Russell Hobbs, Inc. Advisor to Special Committee\* Advisor to Special Committee Select Special Committee & BoD advisory mandates Panavision \* Advisor to the Special Committee of Panavision on the acquisition of the remaining stock by MacAndrews & Forbes Holding Advisor to Special Committee GCR International Shipping Corp. Possible going-private proposed by direct competitor Advisor to Special Committee\* AMC Entertainment Going-private transaction initiated by controlling stockholder Advisor to Special Committee\* OSG Going-private transaction initiated by majority equity holder Advisor to Special Committee\* Panavision \* Advisor to the Special Committee of the Board of Directors of Panavision in two transactions involving the controlling shareholder (MacAndres & Forbes) Advisor to Special Committee Tele-Communications, Inc.\* Advisor to TCI on $69bn sale to AT&T Advisor to Special Committee Clearlake STG $7.7bn take-private acquisition of Dun & Bradstreet ~$1.4bn acquisition of Avid Technology by STG 2025 2023 Note: 1. Pending transaction Cision Solera ~$2.7bn sale of Cision ~$6.5bn sale of Solera to Platinum Equity to Vista Equity Partners 2020 2019 Trusted advisor for public company M&A Paramount Global Advisor to Paramount Global on its $28bn+ merger with Skydance Media1 Current Rio Tinto $2.7bn proposal for 49% of Turquoise Hill Resources Financial Advisor to Ro Tinto Apollo Global $7.1bn acquisition of Tenneco 2023 Meridian Bioscience $1.5 billion all-cash sale to SDB Biosensor and SJL Partners 2022 Veoneer $4.5bn sale to Qualcomm 2022 Cornerstone / Clearlake Builders FirstSource $7.0bn merger with ~$5.2bn acquisition of BMC Stock Holdings Cornerstone OnDemand 2021 2021 1. ROTHSCHILD & CO QUALIFICATIONS 9

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Rothschild & Co's leading Special Committee practice Rothschild & Co is an active advisor to Special Committees and has significant experience in providing advice in connection with related party transactions We actively follow developments in Delaware law and understand the unique requirements that are placed on Special Committee members and management when considering a related party transaction; we tailor our advice and the services we provide to ensure the needs of the Special Committee are met Rothschild & Co is the leading global independent advisory firm We are never a counterparty to our clients, we do not lend or underwrite and sell only one product: our advice We align our interests with those of our clients and not to "structure" or "manage" around conflicts Our Special Committee practice benefits from the relevant strengths of the firm as applied to a given situation We believe we would be uniquely positioned to advise the Special Committee of Kona The world's premier independent equity advisor We have historic knowledge of Kona and its comparables and can efficiently diligence the business and develop an independent point of view Rothschild & Co regularly renders fairness opinions as a core part of our advisory business including in connection with related party transactions All fairness opinions rendered by Rothschild & Co must be approved by the Global Advisory Commitment Committee, which is composed of senior members of Rothschild & Co's investment banking team and legal department We are also experienced in rendering opinions in cross-border transactions where local market knowledge is required to develop a full context of a transaction Long established global presence – 200+ year history As a leading global advisory firm, Rothschild & Co has extensive experience advising Special Committees on a wide array of situations Experienced Special Committee advisor Experienced fairness opinion provider Special Committee practice expertise is built upon the substantive strengths of the firm Independent, impartial advice 1. ROTHSCHILD & CO QUALIFICATIONS 10

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Case study: Sale of Consolidated Communications Exclusive financial advisor to the Special Committee of the Board of Directors on the Searchlight / BCI offer to take the company private Transaction background Transaction highlights Shareholders received $4.70 per share in cash 18% premium to initial offer price Implied enterprise value of approximately $3.1bn The transaction implied a 9.6x multiple on the Company's LTM PF Adj. EBITDA as of June 30, 2023 The consideration corresponded to: A premium of approximately 70% to the unaffected price (April 12, 2023) A premium of approximately 89% to the Company's unaffected 1-month volume-weighted average share price ("VWAP") A premium of approximately 33% to the Company's unaffected 6-month VWAP The transaction closed in Q4 2024 In 2021, Searchlight Capital Partners ("Searchlight") invested approximately $425m into Consolidated Communications ("Consolidated", "CNSL" or the "Company"), obtaining a 34% stake in the Company's common shares (in addition to preferred equity) In April 2022, Searchlight made public its intentions to acquire the remaining publicly held shares and take the Company private On April 12, 2023, Searchlight, in conjunction with British Columbia Investment Management Corporation ("BCI"), submitted a preliminary offer to take the Company private Offer price of $4.00 per share, a 45% premium to then current share price of $2.76 Upon receipt of the offer, the Company formed a Special Committee of the Board of Directors (the "Special Committee") to evaluate the Searchlight / BCI offer Rothschild & Co was subsequently retained by the Special Committee to advise it on evaluating the offer Rothschild & Co value-add Special Committee of Board of Directors Sale to Searchlight Capital and BCI for $3.1bn 2024 "We are pleased to have reached this agreement with Searchlight and BCI, which delivers a significant and certain cash premium to our shareholders" Robert Currey Chairman of the Board and Special Committee Chair "As we navigate this environment, we will have increased flexibility as a private company and Searchlight will continue to be an outstanding partner as we advance our transformation to a leading fiber-first provider. We believe this continued partnership will create an outstanding outcome for the Company, our customers and our employees" Bob Udell President and CEO of Consolidated Communications Leveraged significant broadband sector and company-specific knowledge to assess sector trends, Consolidated's positioning, growth trajectory and relative M&A benchmarks Guided the Special Committee through its evaluation of various strategic alternatives to the transaction, including but not limited to a review of past and current business operations and financial conditions, review of Management's financial projections and assessment of alternative financing Engaged in negotiations which resulted in a material increase in value per share (~18% increase over the initial offer price) Achieving a premium valuation for the Company and its shareholders Highest disclosed transaction multiple for an ILEC Assisted in securing FOR recommendations from ISS and Glass Lewis and shareholder approval despite public opposition from dissident shareholders 11 1. ROTHSCHILD & CO QUALIFICATIONS

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$2.76 $4.00 $4.20 $4.35 $4.50 $4.55 $4.65 $6.00 $5.25 $5.05 $4.80 $4.70 How Rothschild & Co drove the process to a successful outcome for Consolidated Communications Prior to holding substantive discussions with Searchlight, R&Co engaged with the Special Committee and mgmt. to refine the business plan in light of liquidity constraints Evaluated Company objectives, market dynamics, financing alternatives, gauged potential buyer interest and prepared detailed valuation to frame negotiations with Searchlight Acted as a negotiator with Searchlight resulting in numerous price increases Supported management in negotiations with lenders for improved credit terms as the process unfolded Managed regular dialogue with activist shareholder Assisted management, the Special Committee and CNSL's PR advisor in preparing letters to shareholders to refute activist claims and drive voting behavior Drafted comprehensive materials and prepared the SC to present to ISS / Glass Lewis resulting in a FOR vote ISS and Glass Lewis presentation materials1 Activist shareholders counterarguments1 Comprehensive six-month process Robust process to deliver CNSL an improved outcome Special 35+ Committee ("SC") meetings 6 Total price increases Improvement ~18% in equity value Premium to 70% unaffected price2 Alternative bidders 0 despite long and expressed interest, public process $4.70 April 12, Initial offer Revised SC Revised SC Revised SC Revised SC Revised SC Agreed 2023 offer #1 counteroffer offer #2 counteroffer offer #3 counteroffer offer #4 counteroffer offer #5 counteroffer price Premium to unaffected price2 45% 52% #1 58% #2 63% #3 65% #4 69% #5 70% Premium to unaffected EV2 6% 10% 16% 17% 17% 18% 18% R&Co value-add Notes: Schedule 14A prepared in Consolidated Communications process Unaffected date is April 12, 2023, the last trading day prior to public announcement of the Searchlight non-binding proposal        1. ROTHSCHILD & CO QUALIFICATIONS 12

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$17.20 $20.00 $24.00 $25.00 $26.50 $27.00 Unaffected date Atlas proposal July 9, 2021 July 11, 2021 August 6, August 21, 2021 2021 September 29, 2021 Billerud October 15, November 9-17, proposal #1 2021 2021 Billerud proposal #2 December 1, 2021 Billerud proposal #3 December 4, 2021 Final Billerud proposal PR announces Special Committee On December 19, 2021, VERSO Corporation ("VERSO" or the "Company") announced it had entered into a definitive agreement to be acquired by BillerudKorsnäs ABC ("Billerud") for $27.00 per share The transaction followed an unsolicited proposal from Atlas Holdings to acquire VERSO for $20.00 per share in cash (the "Atlas proposal") Atlas was a 9% holder in VERSO with 2 appointees on the VERSO board of directors $27.00 acquisition price represented a premium of: 57% to the unaffected price prior to the Atlas proposal 26% to the 30-day VWAP Rothschild & Co acted as exclusive financial advisor to the Special Committee 13D / PR Atlas NDA SC determined Atlas proposal insufficient How Rothschild & Co drove the process to a successful outcome for VERSO Corporation Source: Proxy filings R&Co value-add Prior to engaging with buyers, assisted management and the Special Committee in formulating a business plan that reflected the Company's prospects Provided the Special Committee with financial analysis that supported their deeming the Atlas proposal insufficient Provided the Special Committee with an informed assessment of the prospects for Billerud to table on attractive offer Developed negotiation tactics to drive the process forward Acted as negotiator with Billerud and its advisors Provided a fairness opinion to the Special Committee and Board of VERSO Transaction background Focused process to drive value for VERSO Six-month process during COVID travel ban Premium to unaffected 16% 40% 45% 54% 57% Atlas Proposal - 20% 25% 33% 35% SC sent letter to Billerud requesting a revised proposal Billerud site visits 1. ROTHSCHILD & CO QUALIFICATIONS 13

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2 Executive summary

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Preliminary thoughts on Kona's situation Samoa looks to have followed a playbook with Kona similar to that used with CNSL (and other distressed public company situations) Rescue preferred investment with material common ownership Portable capital structure and blocking rights on new capital position for a high probability take-private Deep integration with management to drive strategy in direction they desire post take-private Simply getting repaid on its preferred is a suboptimal outcome for Samoa Initial capital deployment below target size for a Samoa investment ($153m on a $4bn fund) Significant time / attention invested in Kona business from Samoa team to date 13% per annum preferred coupon plus value of warrants only hits typical Samoa return targets at significant premium to current stock price Long dated maturity (2033) with no ability to accelerate liquidity limits Samoa options outside of a take-private In December 2024, Samoa filed an amended Schedule 13D indicating it may seek to acquire all of Kona's outstanding shares; Samoa has a strong incentive to succeed in its effort to take Kona private Allows topping up investment to typical Samoa levels Ability to reposition Kona outside the eye of public markets Provides full control of outcome / timing Unlocks ability to generate Samoa level returns However, Kona's recent operational / financial improvements give it options Attractive business to short list of high-probability, motivated buyers Synergy potential unlocks value that Samoa cannot capture Samoa does have certain structural advantages Samoa can roll the existing capital structure and require a third-party to refinance its preferred Preferred make-whole starting in November 2025 materially increases obligation for third-party buyer In partnership with Amelia, they control ~37% of diluted common shares which creates a challenge to an alternate buyer obtaining >50% of the shareholder vote Key to driving to best outcome for Kona shareholders is creating viability of alternatives Support that standalone business plan will generate greater risk adjusted value Near-term process to surface real alternative interest in the business inside of minimum return threshold beginning in November 2025 Willingness to push Samoa to maximum "ability to pay" 3 2 1 4 5 6 2. EXECUTIVE SUMMARY 15

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Nov '24 5:1 reverse stock split Nov '24 Completes restructuring plan Kona historical trading performance Share price (~$2.30) and EV / NTM EBITDA multiple (~7.9x 2025E EBITDA) have stabilized post-restructuring, though market valuation remains slow to reflect operational improvements Sources: Company filings, FactSet (as of April 8, 2025), press releases Notes: Fully diluted shares include outstanding shares, penny warrants issued to Samoa, RSUs and PSUs (except where anti-dilutive) Ownership percentage calculated on a fully diluted basis Kona stock price and valuation multiple1 history since 2021 de-SPAC Stock price ($ actuals) EV / NTM EBITDA multiple (x) Select data points Nov '23 Kona reports strategic investment from Samoa disclosing 12.0% ownership2 Dec '24 Samoa files an amended 13D indicating it may seek to acquire Kona Apr '24 CEO transition Feb '22 Announces acquisition of Business Mobility Partners & SIMON Mar '23 Announces acquisition of Twilio's IoT business unit Stock price Q / K filed Samoa events Other events EV / NTM EBITDA Share price $2.27 3-month return 12% 3-year return (92%) Return since de-SPAC (95%) VWAP 10-day $2.35 30-day 2.42 90-day 2.26 52-week performance High $4.88 Low 1.10 Historical trading multiples Current 7.9x 3-month 7.8x 6-month 7.5x 1-year 5.0x De-SPAC opening 15.2x $2.27 0.0x 2.0x 4.0x 6.0x 8.0x 7.9x 10.0x 12.0x 14.0x 6-month return 8% 16.0x 1-year return (32%) 2-year return (63%) $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 2. EXECUTIVE SUMMARY 16

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Ilustrative share price $2.27 $2.62 $3.00 $5.00 $7.00 $9.00 $11.00 $13.00 $15.00 Implied premia to: Current (April 8, 2025) $2.27 - 15.4% 32.2% 120.3% 208.4% 296.5% 384.6% 472.7% 560.8% 1-month VWAP $2.42 (6.2%) 8.3% 24.0% 106.6% 189.3% 271.9% 354.6% 437.2% 519.8% 3-month VWAP $2.26 0.3% 15.7% 32.5% 120.8% 209.2% 297.5% 385.8% 474.2% 562.5% 6-month VWAP $3.00 (24.4%) (12.7%) (0.0%) 66.6% 133.3% 199.9% 266.6% 333.2% 399.9% 52-week high $4.88 (53.5%) (46.3%) (38.5%) 2.5% 43.4% 84.4% 125.4% 166.4% 207.4% 52-week low $1.10 106.4% 138.2% 172.7% 354.5% 536.4% 718.2% 900.0% 1,081.8% 1,263.6% (x) Fully diluted shares outstanding 17 17 17 17 17 17 17 17 17 Implied equity value $39 $45 $51 $85 $119 $153 $187 $221 $255 (+) Value of Samoa warrants $5 $6 $7 $12 $17 $22 $26 $31 $36 Equity value incl. warrants $44 $51 $58 $97 $136 $175 $213 $252 $291 25E EBITDA incl. 10% expense synergies $88 5.8x 5.9x 5.9x 6.4x 6.8x 7.3x 7.7x 8.2x 8.6x 25E EBITDA incl. 20% expense synergies $111 4.6x 4.6x 4.7x 5.0x 5.4x 5.7x 6.1x 6.4x 6.8x (+) Net debt $285 $285 $285 $285 $285 $285 $285 $285 $285 (+) Preferred stock (at liquidation pref.) 3 $177 $177 $177 $177 $177 $177 $177 $177 $177 Implied enterprise value $506 $513 $521 $559 $598 $637 $676 $715 $754 Memo: implied EV premium Implied multiples: - 1.3% 2.8% 10.5% 18.1% 25.8% 33.5% 41.1% 48.8% EV / Adj. EBITDA 24E $55 9.3x 9.4x 9.6x 10.3x 11.0x 11.7x 12.4x 13.1x 13.8x 25E $64 7.9x 8.0x 8.1x 8.7x 9.3x 9.9x 10.5x 11.1x 11.7x Memo: incremental make-whole after Nov. 2025 4 Memo: implied 2025E EV / EBITDA inclusive of make-whole $93 9.3x $92 9.4x $91 9.5x $86 10.0x $81 10.6x $77 11.1x $72 11.6x $67 12.1x $62 12.7x Synergized EV / Adj. EBITDA Current Unaffected 2 Kona's valuation at various stock prices 10x valuation (at current preferred liability) implies approximately $9 per share Sources: Company filings, FactSet (as of April 8, 2025), Wall Street research Notes: 1. Transaction assumed to occur prior to 11/15/25 with current capital structure Unaffected date as of 12/14/2023, the date prior to Samoa's initial 13D filing Liquidation preference inclusive of accumulated PIK interest (as of 9/30/2024) and 102 call premium Incremental value vs. 9/30/24 preferred balance Implied valuation at various prices1 2. EXECUTIVE SUMMARY 17

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Alternative strategies for Kona to consider There are multiple potential paths to enable the Special Committee to explore alternative interest while balancing opportunity and risk Rationale Considerations Launch formal process without offer Wait for offer, launch sale process Wait for offer, negotiate with Samoa, go-shop Wait for offer, negotiate with Samoa, go-shop, consent solicitation Evaluate market interest with time to reach alternative deal inside of make-whole window Alternative transaction difficult without Samoa / Amelia support Bidders may be reluctant to engage prior to establishment of a price target through a Samoa offer Provides opportunity to test market after locking in Samoa Potential to use threat of go-shop to spur Samoa to increase its proposal Limited ways to create leverage with Samoa Go-shops have historically had a limited ability to generate additional offers Provides higher degree of competitive tension Known capital structure makes proposals easier to compare Opens the process up to a larger pool of new bidders Samoa's response to both a go-shop and consent solicitation would likely be negative More constructive debt market / pricing today makes consent solicitation less of a priority Opportunity to create competitive tension for Samoa and capture additional valuation upside Established price target for alternative bidders Length of process – needs to be quick as make-whole for Samoa comes into effect November 2025 Dependent on Samoa desire to submit an offer early; they are advantaged the longer they wait 2. EXECUTIVE SUMMARY 18

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Illustrative action plan – Immediate sale process Key action items and illustrative timing to ensure an efficient sale exploration and / or Samoa engagement Estimated timing (weeks) Topic Objective Rothschild & Co action items 1 2 3 4 Step 1 Initial information gathering / banker diligence Provide advisors with all necessary information to prepare for a potential sale process and / or evaluate any proposal received from Samoa Provide initial information request list, hold initial call / meeting with Kona management ("Management") Initial call with Samoa to open line of communication to further understand objectives Step 2 Management Plan review Obtain Kona's current Management Plan Assess whether the plan represents a basis upon which to evaluate the value of Kona and to use for sale process Review business plan with management; provide outside-in assessment on the feasibility of the Management Plan and share other key learnings with the Special Committee Use Rothschild & Co's knowledge of the connectivity industry to ensure the Special Committee has context on the Management Plan and is comfortable the plan is a reasonable basis to value and market the Company Step 3 Document preparation Ensure all materials are in place to support efficient outreach and due diligence Finalize marketing materials and financial model Prepare initial diligence materials, data-pack and preliminary financing read (for sponsors) Coordinate internal ownership of document updates and review process Step 4 Determine scope of sale process Establish calling list / buyer outreach Align on process framework Formalize buyer / contact list Prepare outreach script 2. EXECUTIVE SUMMARY 19

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Launching an immediate sale process – Key considerations Decide whether to go broad or only to a targeted buyer list focused on high-likelihood strategic buyers (greater depth → longer timeline) Explore subset of sponsors, though interest likely to be limited due to process dynamics with Samoa Scope of outreach Short-form investor presentation / teaser deck + public information package + financial model KPI data-pack and preliminary financing assessment (for sponsors) Preparation timeline Drive streamlined process that provides value indications within 4-6 weeks and sign within 2-3 months Targeting a close ahead of Nov-25 minimum return threshold implies a signed transaction by late July; earlier preferred to maintain flexibility □ Given typical public company timelines (~3 months to close), immediate process launch likely necessary Buyer engagement / deal certainty Consent solicitation unlikely to improve the process outcome Utilize Rothschild & Co's Debt Advisory team to receive leverage reads from credible lenders to expedite process end-game Debt consent solicitation Samoa's participation a Samoa elects to participate in sale process: placed on same timeline as other bidders b Samoa elects to stay on the sideline: ability to use competing proposal to push Samoa up, or alternatively, let Samoa engage as part of go-shop process if alternative transaction is reached; Samoa can still elect to submit a proposal letter Evaluate timing of publicly announcing the exploration of strategic alternatives – public announcement will pull interested parties forward □ Impetus to achieve transaction ahead of November make-whole warrants the catalyst a public announcement will provide Engage with insider shareholders to understand key objectives / support level for alternative transaction Messaging Materials for outreach Timeline Prepare marketing materials in conjunction with alternatives assessment (3-4 weeks to finalize) Start NDA process in the interim (2-3-week process to conduct outreach / negotiate and sign NDAs) □ Include anti-teaming language in NDAs to preserve competitive tension Need to address head-on buyer concerns about being a stalking horse bid for Samoa □ Frame Samoa as a motivated but not guaranteed buyer Communicate that any insider proposal will be reviewed under the same criteria and timeline as third-party bids Convey relatively level financing playing field Amelia impact on process Third-party interest may hinge on Amelia's intentions — sale of full stake vs. retained ownership / roll 2. EXECUTIVE SUMMARY 20

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Potential strategic buyers Rationale Potential counterparties Expands footprint to North America Cross-sell opportunity into existing customer base Enhances enterprise offerings Global carriers IoT connectivity Expands geographic presence Cross-sell opportunity into existing customer base Expands vertical expertise Significant synergy opportunity bringing customers on network Protection against losses for legacy revenue streams Enhances enterprise offerings North American wireless carriers Expands and / or converges wireless / fixed line offering Protection against losses for legacy revenue streams Managed network Multiple strategic buyer categories that could be worth considering in a sale process Category Key buyer criteria 1 Capacity to complete a $600m+ acquisition 2 Familiarity and historic participation in the IoT / connectivity / networking space 3 Potential synergies 2. EXECUTIVE SUMMARY 21

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Potential strategic buyers (cont'd) Select strategic acquiror company perspectives Strategic buyer EV EV / EBITDA1 Rationale Financial capacity IoT connectivity $1.0bn 10.0x Rapidly expands Solutions segment revenue contribution for Digi Digi has been on a multi-year effort to add recurring revenues; last large deal was in 2021 n.a. n.a. Opportunity to expand US footprint and establish regional enterprise relationships n.a. n.a. Recapitalized by former RacoWireless CEO with desire to consolidate IoT connectivity providers Diversifies Kajeet's concentrated education end-market exposure <$1.0bn Mid-teens (estimated) (estimated) Diversifies end-market mix; large presence in ATM, digital signage and kiosks today Kona would be relatively large transaction for OptConnect / Graham Partners to consummate $1.1bn 17.6x (at acquisition) (at acquisition) Opportunity to increase scale at reasonable price; diversified satellite and industrial IoT exposure Sponsor owner (GI Partners) actively looking for M&A opportunity to transform ORBCOMM's risk profile $19.4bn n.a. Strengthen control of IoT connectivity stack and expands industry capabilities $2.9bn 13.0x Focused on adding IoT / cloud revenue streams $2.0bn 20.0x (estimated) (estimated) Global story fundamental to future equity investors Has repeatedly expressed interest in Kona in the past Sources: Company filings, FactSet (as of April 8, 2025) Note: 1. NTM adj. EBITDA 2. EXECUTIVE SUMMARY 22

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Financial sponsors Potential financial buyers Sizable group of mid-to-large-cap sponsors 1 Capacity to complete a $600m+ acquisition 2 Familiarity and historic participation in the IoT / connectivity / networking / IT services space Key buyer criteria 2. EXECUTIVE SUMMARY 23

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Follow-on path – Proposal evaluation Rothschild & Co would assist the Special Committee in a multi-step process to establish an informed view of a potential proposal from Samoa and / or a third-party On a preliminary basis, Rothschild & Co would evaluate the following: What valuation range does the management plan yield for Kona as a standalone public company? What impact do upside / downside risks have on achievability of management's plan and value? How does the proposal compare to standalone value for Kona? What are the risks to standalone value compared to the proposal? What is the availability of either incremental or better priced capital to support growth objectives? What is the impact on value? What does management's plan indicate potential buyer could pay? How might a prospective buyer's plan differ from management's plan and what potential value does that yield? In the event of an insider proposal, what is a likely point of indifference where the insider may prefer status quo? Assess standalone intrinsic Kona value Standalone value comparison to proposal Determine view of potential C incremental value potential buyer could pay A B Potential buyer price sensitivity analysis LBO of management's plan Private vs. public company outlook (less applicable; many analysts have discontinued coverage) Model differences Cost savings Review of regulatory approvals and timing Valuation analysis Preparation of traditional methodologies Value ranges implied by analysis Review by Rothschild & Co Fairness Committee Capital structure / liquidity analysis □ Impact of future refinancings / need for capital Due diligence / business review with management\* Multi-year outlook Comparison to historical results / performance Assessment of Management's long-term plan for the business \* Benchmarking vs. peers Upside / downside scenarios Key workstreams \*Previously completed in advance of the sale process 2. EXECUTIVE SUMMARY 25

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Appendix

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Illustrative offer price $7.00 $7.00 Shares to purchase 17 17 (% of FDSO) 100% 100% Gross equity ($m) $119 17 $119 17 (+) Value of warrants 177 258 (+) Financing fees (+) Redemption of pref 3 52 5 2 Illustrative sponsor investment requirement – Pre and post 11/15/25 Scenario: Leverage / FCF Debt Leverage Avg. cost Cash interest LFCF ('26E)1 1. LFCF reflects net income adjusted for non-cash D&A and capital expenditures, assuming 5.0x leverage and interest rate of SOFR + 500-550 (+) Deleveraging equity 31 31 Total equity ($m) $332 $430 (+) Total debt $273 $273 (-) Cash (18) (18) Illustrative EV ($m) $587 $685 Implied EV / Adj. 2025E EBITDA 9.1x 10.6x Sources: Company filings, Wall Street research Notes: 2. Assumes 2% financing fees 3. Includes redemption of $153m Samoa preferred, accrued PIK interest and incremental make-whole following November 15, 2025 New sponsor, full refinancing (current) $273m 5.0x 9.57% $26m $48m New sponsor, full refinancing (YE 2025) $273m 5.0x 9.57% $26m $48m Includes redemption of Samoa preferred at 102 call + ~$21m in accrued PIK interest Includes redemption of Samoa preferred at 101 call + ~$25m in accrued PIK interest + ~$57m incremental make-whole APPENDIX 27

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Premiums paid analysis Typical takeover premiums in the range of 30%–45% Implied Kona share price based on share price premium 1-day $2.73 $3.31 $3.01 $3.59 Implied Kona share price based on $2.27 current price: $4.49 Sources: FactSet (as of April 8, 2025), Refinitv Note: Includes transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors 20.1% 32.5% 46.0% 58.4% 97.6% 25th percentile Median Mean 75th percentile 90th Percentile Chart Title Implied Kona share price based on share price premium 1-month Implied Kona share price based on $2.27 current price: $2.84 $3.11 $3.60 $4.13 24.9% 36.9% 43.7% 58.5% 82.0% 25th percentile Median Mean 75th percentile 90th Percentile Chart Title $3.26 APPENDIX 28

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$25m White Horse senior secured revolver – S+650 11/15/2028 $185m White Horse senior secured term loan 184 94.1 S+650 11/15/2028 $120m Convertible backstop notes 120 5.50% 9/30/2028 Total debt $304 $153m Series A-1 preferred 1 177 13.0% 11/15/2033 Total debt and preferred $481 Cash and cash equivalents (18) Net debt incl. preferred $462 Market capitalization (based on $2.27 stock price) 44 Total capitalization $506 Credit statistics Gross leverage 5.7x Gross leverage (including preferred stock) 9.1x Net leverage 5.4x Net leverage (including preferred stock) 8.7x Sep-24 Price Interest rate Maturity LTM adj. EBITDA $53 Existing capital structure overview and observations As of 9/30/24 \| Pricing as of 4/8/25 Capitalization overview ($m) Capital structure observations Sources: Bloomberg, company filings, S&P Note: 1. 102 call, ~$21m accrued PIK Liquidity analysis $25m SeniorSecured RCF $25 - Amount outstanding – Facility available $25 + Cash and cash equivalents 18 Total liquidity $43 1 Samoa is a permitted holder under the existing term loan and bonds, allowing it to acquire the Company without refinancing the current capital structure 2 Current market offers better terms (S+500-550bps vs. S+650bps); strong equity backing favors new sponsor 3 Competitive, covenant-lite financing likely attainable; ~5x EBITDA coverage possible APPENDIX 29

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55% 36% 9% Active Passive Individual Kona shareholder base Sources: Bloomberg, company filings, FactSet (as of 4/8/2025) Shareholder base overview Samoa, Amelia and Cook collectively own ~44% of Kona's diluted shares outstanding HS to re flash Overview of institutional shareholders Investor details Holding Name Type %SO %SO 12m chg. Top 10 holders Amelia Active 24.8 -1.2 Samoa Active 12.4 -1.6 Corient Private Wealth LLC Passive 10.8 +9.7 Koch Industries, Inc. (Investment Management) Active 10.2 -0.5 SB Investment Advisers (UK) Ltd. Active 9.8 +11.2 Cook Active 7.1 -0.3 Twilio, Inc. Passive 5.1 -0.2 Jarman Terence James Individual 5.1 -0.2 Marathon Asset Management LP Active 1.8 +1.7 Liberty Mutual Insurance Co. (Investment Portfolio) Passive 1.6 -0.1 Total top 10 holders 88.7 +18.5 APPENDIX 30

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Disclaimer This presentation was prepared exclusively by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis. Rothschild & Co has not assumed any responsibility for independent verification of any of the information contained herein and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. This presentation provides summary information only and is being delivered solely for informational purposes. Rothschild & Co does not provide legal, tax or accounting advice of any kind. By receipt of this presentation, the recipient acknowledges that it is not relying on Rothschild & Co for legal, tax or accounting advice, and that the recipient should receive separate and qualified legal, tax and accounting advice in connection with any transaction or course of conduct. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party to enter into any transaction or to take any course of action. This presentation is not intended to provide a basis for evaluating any transaction or other matter. This presentation is confidential and may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation.

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## Ex-99.(C)(Iii)

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**Exhibit (c)(iii)**<br>

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Project Kona Special Committee materials July 29, 2025 DRAFT All numbers and references herein are highly preliminary and subject to material refinement Exhibit (c)(iii)

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Contents Situation overview Management LTP Preliminary valuation perspectives Appendices 4 9 12 22

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1 Situation overview

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Situation overview In December 2024, Samoa filed an amended Schedule 13D indicating it intends to evaluate further investment in or a full acquisition of Kona In May 2025, Rothschild & Co ("R&Co") began assisting the Special Committee of the Board of Kona ("Special Committee") in its consideration of Kona's strategic alternatives For the purposes of evaluating Kona's business and performing preliminary valuation analysis, the Special Committee instructed R&Co to use the LTP R&Co has relied on the LTP for the analyses presented on the subsequent pages of these materials. While certain sensitivity analyses have been performed to assess the impact of changes to key assumptions, these analyses do not fully reflect the broader implications of sustained underperformance relative to the LTP, including potential effects on liquidity or enterprise valuation Focused on Kona's operating performance, process dynamics and tactics, Samoa's competitive position and strategic alternatives 3 During June and July, R&Co and the Special Committee were provided access to Kona's internal operating and financial information and to Kona's Management team for the purposes of reviewing information regarding Kona, its recent performance and its outlook including Management's long-term plan ("LTP") 1 2 6 Assumptions for the LTP were based on Management's current view of business conditions and outlook as of July 2025 The LTP has been reviewed and analyzed by, and discussed with, R&Co and the Special Committee 5 In evaluating the LTP, R&Co has observed the following: Following the Company's recent business improvement initiatives, right-sizing actions and leadership transition, Management expects improved top-line growth and margin expansion The LTP reflects gross margin improvement driven by sales mix and vendor savings and modest growth in operating expenses, delivering operating leverage and improved profitability long-term The LTP assumes no material changes to the Company's capital structure or incremental external capital required to fund operations or growth initiatives over the plan period Situation overview 1 4 5

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Mar '23 Announces acquisition of Twilio's IoT business unit - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x - $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 Oct-21 Mar-22 Aug-22 Jan-23 Jun-23 Nov-23 Apr-24 Sep-24 Feb-25 Jul-25 Jun '24 1:5 reverse stock split Nov '24 Completes operational restructuring plan Dec '24 NYSE accepts plan to regain compliance with listing standards Nov '23 Kona reports strategic investment from Samoa disclosing 12.0% ownership2 Apr '24 CEO transition Feb '22 Announces acquisition of Business Mobility Partners & SIMON Kona historical trading performance Share price and EV / NTM Adj. EBITDA multiple have declined following the de-SPAC, although business shows signs of stabilization amidst operational improvements Sources: Company filings, FactSet (as of July 25, 2025), press releases Notes: FDSO includes 17.3m common shares and 2.4m warrants issued to Samoa as of June 18, 2025 and 2.0m RSUs as of July 8, 2025, per Kona Management Ownership percentage calculated including the 2.4m warrants issued to Samoa Inclusive of intraday price movements over the past 52 weeks Stock price ($ actuals) Historical NTM trading multiple (x) Kona stock price and NTM Adj. EBITDA multiple since 2021 de-SPAC1 Select data points Stock price EV / NTM Adj. EBITDA Samoa events Other events Q / K file d Share price (July 25, 2025) $2.50 3-month return (2%) 6-month return 7% 16.0x 1-year return (19%) 2-year return (60%) 14.0x 3-year return (81%) Return since de-SPAC (95%) Situation overview 1 $2.50 6 7.6x VWAP 1-month $2.59 3-month 2.52 6-month 2.47 52-week performance3 High $4.88 Low 1.10 Historical EV / NTM Adj. EBITDA multiples Current 7.6x 3-month 7.7x 6-month 7.5x 1-year 7.2x Since de-SPAC 8.1x

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 2.0x 4.0x 6.0x 8.0x - Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Sources: Company filings, FactSet (as of July 25, 2025), press releases Notes: $1.00 $3.00 $4.00 Apr-25 May-25 Jun-25 Jul-25 Kona historical trading performance (cont'd) Share price increased 70% in the following 1 month after Samoa's amended 13D filing, and 110% since the filing 7.6x $1.19 Situation overview 1 7 $2.50 $3.22 Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona $2.00 Stock price ($ actuals) Historical NTM trading multiple (x) Dec '24 NYSE accepts plan to regain compliance with listing standards Unaffected date as of December 17, 2024, the day prior to Samoa's amended 13D filing FDSO includes 17.3m common shares and 2.4m warrants issued to Samoa as of June 18, 2025 and 2.0m RSUs as of July 8, 2025, per Kona Management Inclusive of all intraday price movements following the filing of Samoa's amended 13D Kona stock price and NTM Adj. EBITDA multiple since 1 month prior to Samoa's amended 13D filing1,2 Select data points Stock price EV / NTM Adj. EBITDA Samoa events Other events Q / K filed Share price 1 day prior to 13D $1.19 1 month prior 13D (40%) 1 day after 13D (2%) 1 week after 13D 58% 1 month after 13D 70% 3 months after 13D 113% Return since 13D 110% VWAP 1 month after 13D $3.27 3 month after 13D 3.17 6 month after 13D 3.13 Share performance3 High after 13D $4.88

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Ilustrative share price ($) $2.50 $1.19 $3.00 $5.00 $7.00 $9.00 $11.00 $13.00 $15.00 Implied premia to: Current (July 25, 2025) $2.50 - (52.4%) 20.0% 100.0% 180.0% 260.0% 340.0% 420.0% 500.0% 1-month VWAP $2.59 (3.3%) (54.0%) 16.0% 93.3% 170.7% 248.0% 325.3% 402.7% 480.0% 3-month VWAP $2.52 (0.9%) (52.8%) 18.9% 98.2% 177.5% 256.8% 336.1% 415.3% 494.6% 6-month VWAP $2.47 1.0% (51.9%) 21.2% 102.1% 182.9% 263.7% 344.6% 425.4% 506.2% 52-week high $4.88 (48.8%) (75.6%) (38.5%) 2.5% 43.4% 84.4% 125.4% 166.4% 207.4% 52-week low $1.10 127.3% 8.2% 172.7% 354.5% 536.4% 718.2% 900.0% 1,081.8% 1,263.6% (x) Fully diluted shares outstanding (m)3 19 19 19 19 19 19 19 19 19 Implied equity value $48 $23 $58 $96 $135 $173 $212 $250 $289 (+) Value of Samoa warrants $6 $3 $7 $12 $17 $22 $26 $31 $36 Equity value incl. warrants $54 $26 $65 $108 $151 $195 $238 $281 $325 (+) Net debt4 $283 $283 $283 $283 $283 $283 $283 $283 $283 (+) Preferred stock (at liquidation pref.)5 186 186 186 186 186 186 186 186 186 Implied enterprise value $523 $495 $534 $577 $621 $664 $707 $751 $794 Memo: implied EV premium Implied multiples: - (5.4%) 2.1% 10.3% 18.6% 26.9% 35.2% 43.5% 51.7% EV / Adj. EBITDA LTM (March 31, 2025) $53 9.9x 9.4x 10.1x 10.9x 11.7x 12.6x 13.4x 14.2x 15.0x 25E $63 8.4x 7.9x 8.5x 9.2x 9.9x 10.6x 11.3x 12.0x 12.7x 26E $67 7.8x 7.4x 8.0x 8.6x 9.3x 9.9x 10.6x 11.2x 11.9x Memo: incremental make-whole to Nov. 2025 ($275m) 6 $83 $86 $82 $77 $72 $67 $62 $58 $53 Memo: implied EV / 2025E EBITDA inclusive of make-whole 9.7x 9.3x 9.8x 10.4x 11.1x 11.7x 12.3x 12.9x 13.5x $m, unless noted Current Unaffected2 Kona's valuation at various stock prices Sources: Company filings, FactSet (as of July 25, 2025), Kona Management, LTP Notes: Transaction assumed to occur prior to November 15, 2025 with current capital structure Unaffected date as of December 17, 2024, day prior to Samoa's amended 13D filing FDSO includes 17.3m common shares as of June 18, 2025 and 2.0m RSUs as of July 8, 2025, per Kona Management Net debt of $283m as of March 31, 2025 Liquidation preference inclusive of accumulated PIK interest (as of July 25, 2025) Incremental value calculated vs. July 25, 2025 preferred balance and value of Samoa warrants Implied valuation at various prices1 8 Situation overview 41

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2 Management LTP

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 53.6% 54.5% 55.1% 55.5% 55.7% 2025E 2026E 2027E 2028E 2029E $0.92 $0.87 $0.85 $0.83 $0.82 2025E 2026E 2027E 2028E 2029E 21.4 24.0 26.9 30.1 33.8 2025E 2026E 2027E Sources: Kona Management, LTP Notes: 2028E 2029E b LTP: review of key plan assumptions 1. Core IoT Connectivity revenue recategorized to include Connectivity, SuperSIM / Carrier+ and SIMs. 2. 2025E includes segments designated by Kona Management as non-core (incl. CEaaS, PaaS and Vital); 2026E incl. $0.7m of CEaaS revenue ARPU = (IoT Connectivity Revenue / 12) / Average IoT Connectivity Connections. IoT Connectivity includes SIM, SuperSIM / Carrier+, CEaaS, PaaS and Vital Selected KPIs (Management LTP) Key assumptions a Core IoT Connectivity1 revenue is forecast to grow 2.9% in 2025, reflecting a transitional year with strategic focus on continued improvements to operational efficiency Growth accelerates to 8.3%, 10.4%, 9.7% and 9.7% in 2026 to 2029, respectively, reflecting a return to industry growth rates Hardware revenue is held approximately flat throughout the forecast period, as Management prioritizes higher-margin opportunities that support recurring Connectivity revenue c Gross margin is forecast to improve, with modest improvements in Connectivity (+1% in 2026) and SuperSIM / Carrier+ (+1% in 2026, +1.5% in 2027 and up +0.5% in 2028), reflecting improved vendor pricing with carriers due to higher volumes, while accounting for customer re-rates d Operating expenses are forecast to grow 2–3% annually, with the anticipated realization of efficiency gains expected to offset the impact of higher revenue Management believes additional cost levers are available should revenue fall short of expectations 28 10 EoP total connections (m) ARPU2 Gross margin % YoY growth (%) YoY growth (%) YoY improvement (bps) 9.1% 11.9% 12.3% 11.6% 12.3% (9.5%) (5.2%) (1.9%) (2.0%) (2.0%) (28) 88 60 41 Management LTP 2

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Summary of LTP Sources: Kona Management, LTP Notes: 1. Other tax deductible expenses include integration-related costs and other one-time items Average Connections and ARPU based on IoT Connectivity include SuperSIM / Carrier+, SIMs, CEaaS, PaaS and Vital offerings ARPU = (IoT Connectivity Revenue / 12) / Average IoT Connectivity Connections. IoT Connectivity includes SIM, SuperSIM / Carrier+, CEaaS, PaaS and Vital 11 Management LTP 2 CAGR $m, unless noted 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E '22-'25 '25-'29 Connectivity $158 $161 $166 Super SIM / Carrier+ - 21 40 SIMs 4 4 6 Total IoT Connectivity 163 186 212 Total IoT Solutions 79 62 50 Non-core 26 28 25 $162 $170 $186 $203 $222 48 58 66 74 82 8 8 8 9 9 218 236 260 285 313 59 59 58 59 60 14 1 - - - 1% 8% n.m. 14% 20% 5% 10% 10% (10%) 1% (19%) (100%) Revenue $268 $277 $286 % growth 8% 3% 3% $290 $295 $318 $344 $373 3% 7% 1% 2% 8% 8% 8% Gross profit $137 $146 $154 % margin 51% 53% 54% $155 $161 $175 $191 $208 4% 8% 54% 54% 55% 55% 56% Adj. EBITDA $63 $56 $53 % margin 23% 20% 19% $63 $67 $78 $90 $103 (0%) 13% 22% 23% 24% 26% 28% (-) One-time items1 (-) Stock-based compensation (tax deductible) (-) Tax D&A ($15) ($2) ($2) - - (1) (2) (3) (4) (4) (36) (35) (23) (22) (22) EBIT % margin $10 $28 $49 $63 $77 66% 4% 9% 15% 18% 21% Memo: Average connections (m)2 18.7 ARPU2,3 $1.01 CapEx (13) 20.5 22.7 25.5 28.5 31.9 12% $0.92 $0.87 $0.85 $0.83 $0.82 (3%) (10) (10) (9) (10) (10) (0%)

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3 Preliminary valuation perspectives

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Overview of preliminary valuation methodologies and other references Preliminary valuation perspectives 3 Selected public company analysis Selected publicly-traded companies in the IoT Solutions sector Selected precedent acquisition transactions in the IoT Solutions sector Selected precedent transactions analysis Analysis of LTP as approved by the Special Committee Valuation date as of December 31, 2025 Terminal multiple range of 8.0x – 10.0x Weighted average cost of capital (WACC) of 13.0 – 17.0% Illustrative discounted cash flow analysis Other references Premia paid analysis Analysis of observed premia to unaffected stock price in all-cash going private transactions and acquisitions □ Going-private transactions include U.S. targets with transaction enterprise values above $250m since 2017 Other metrics Kona 52-week stock trading range Equity research analysts stock price targets 13

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 13.0% $707 $742 $776 $810 $845 78% 79% 80% 81% 81% $7.76 $9.54 $11.33 $13.11 $14.89 14.0% 686 719 752 785 818 77% 78% 79% 80% 81% 6.63 8.35 10.07 11.79 13.52 15.0% 665 697 729 761 793 77% 78% 79% 80% 81% 5.54 7.21 8.87 10.53 12.20 16.0% 645 676 706 737 768 77% 78% 79% 80% 80% 4.51 6.11 7.72 9.32 10.93 17.0% 625 655 685 715 745 76% 78% 78% 79% 80% 3.51 5.06 6.61 8.16 9.71 Implied share price at terminal multiple of 6 Enterprise value ($m) at terminal multiple of 6 PV of terminal value as % of EV at terminal multiple of 6 Illustrative discounted cash flow analysis 14 Sources: Company filings, Kona Management, LTP Notes: Unlevered cash flow line items based on LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Kona Management, other tax deductible expenses include acquisition costs, integration-related costs and other one-time items 40% of SBC is tax-deductible per Kona Management. SBC treated as cash expense 25% tax rate per LTP Valuation date assumed as of December 31, 2025. FDSO includes 17.3m common shares and 2.4m warrants issued to Samoa as of June 18, 2025 and 2.0m RSUs as of July 8, 2025, preferred stock valued at liquidation value of 1.8x MOIC ($275m), senior secured note valued at principal balance as of March 31, 2025 ($188m), backstop notes valued at principal value as of March 31, 2025 ($120m), cash balance as of March 31, 2025 ($20m), all per Kona Management and company filings 2 Projected cash flows1 $m 2026E 2027E 2028E 2029E Terminal period Total revenue $295 $318 $344 $373 $405 % growth 1.9% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $67 $78 $90 $103 $112 % margin 22.7% 24.4% 26.1% 27.7% (-) One-time items 3 (2) (2) - - (-) Stock-based compensation (tax deductible)4 (2) (3) (4) (4) (-) Tax D&A (35) (23) (22) (22) 27.7% - (4) (10) EBIT $28 $49 $63 $77 $98 (-) Tax at 25% rate 5 (7) (12) (16) (19) (24) NOPAT $21 $37 $48 $58 $73 (+) Tax D&A 35 23 22 22 (-) Stock-based compensation (non-tax deductible)4 (3) (5) (6) (6) (-) CapEx (10) (9) (10) (10) (+/-) Source / (use) of NWC (0) (1) (1) (1) 10 (6) (10) (1) Unlevered FCF $43 $45 $53 $62 $66 Preliminary valuation perspectives 3

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![](ny20068726x2_exciiislide15.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE $5.01 $7.22 $8.02 $3.49 $10.98 $10.37 $9.26 $11.38 Illustrative discounted cash flow analysis sensitivity DCF sensitivity to various operating assumptions 15 Implied per-share midpoint DCF range1 LTP assumption Item Sources: Company filings, Kona Management, LTP Notes: Sensitivity analyses vs. LTP. Valuation date assumed as of December 31, 2025. FDSO includes 17.3m common shares and 2.4m warrants issued to Samoa as of June 18, 2025 and 2.0m RSUs as of July 8, 2025 per Kona Management. Assumes WACC of 15.0% and terminal multiple midpoint of 9.0x 2025E to 2029E CAGR 53.6% represents 2025E LTP gross margin and 56.7% represents 2029E LTP gross margin +1% Represents 2026E margin Sensitivity range Avg. connections (% CAGR)2 Average connections reach 31.9m by 2029 2025-2029 CAGR of 12% 9% 13% 12% IoT Solutions (% CAGR) IoT Solutions has ~1% CAGR across 2025 to 2029 (5%) 5% 1% Gross margin (% +/-) Gross margin increases from 53.6% in 2025 to 55.7% in 2029 53.6%3 56.7%3 55.7% Adj. EBITDA margin increases from 21.6% in 2025 to 27.7% in 2029 Terminal Adj. EBITDA margin 22.7%4 30% 27.7% TMM Base DCF midpoint: $8.87 Preliminary valuation perspectives 3

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![](ny20068726x2_exciiislide16.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE $m, unless noted1, 2 price ($) high cap value 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E Kona LTP $2.50 51.2% $54 $523 1.8x 1.8x 8.4x 7.8x 1.4% 1.9% 21.6% 22.7% Kona consensus $2.50 51.2% $54 $523 1.8x 1.7x 8.1x 7.2x 2.6% 6.7% 22.0% 23.3% IoT Solutions Digi $33.54 90.5% $1,298 $1,343 3.1x 3.0x 12.8x 12.3x 1.0% 3.6% 24.5% 24.7% Powerfleet 3 4.57 52.5% 617 842 2.0x 1.8x 8.7x 6.6x 14.1% 11.7% 23.3% 27.8% Ituran 40.70 89.6% 810 762 2.2x 2.1x 7.7x 7.3x 4.4% 5.7% 28.1% 28.2% Mean 2.4x 2.3x 9.8x 8.7x 6.5% 7.0% 25.3% 26.9% Median 2.2x 2.1x 8.7x 7.3x 4.4% 5.7% 24.5% 27.8% Share %52w Market Enterprise EV / Revenue EV / Adj. EBITDA Revenue growth Adj. EBITDA margin Selected public company analysis Sources: Company filings, FactSet (as of July 25, 2025), Kona Management, LTP Notes: Metrics based on median consensus estimate Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Powerfleet pro-forma financials include the acquisition of MiX Telematics in October 2023 and Fleet Complete in September 2024 16 Preliminary valuation perspectives 3

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![](ny20068726x2_exciiislide17.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 4.0x 8.0x 12.0x 16.0x 20.0x Jul-15 Jul-17 Jul-19 Jul-21 Jul-23 Jul-25 Selected public company analysis: valuation over time EV / NTM EBITDA (L10Y) 17 Sources: Company filings, FactSet (as of July 25, 2025), Kona Management Note: 1. Kona since 2021 de-SPAC Kona1 IoT Solutions Preliminary valuation perspectives 3 Average EV / NTM Adj. EBITDA since July 2015 10yr 5yr 4yr 3yr 2yr 1yr Kona1 n.a n.a. 8.1x 7.2x 7.0x 7.2x IoT Solutions Digi 10.0x 12.1x 12.4x 12.6x 11.4x 11.7x Powerfleet 15.4x 12.8x 12.0x 10.7x 10.2x 8.6x 9.0x 7.6x Ituran 6.8x 5.6x 5.4x 5.2x 5.3x 6.0x Mean 10.7x 10.2x 9.9x 9.5x 9.0x 8.8x

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![](ny20068726x2_exciiislide18.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 18 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x 7.9x Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 Preliminary valuation perspectives 3

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![](ny20068726x2_exciiislide19.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative PV of Kona future share value Share price sensitivity at trading multiple between 8 – 12x and cost of equity of 15 – 20% Sources: Bloomberg, company filings, FactSet (as of July 25, 2025), Kona Management, LTP Notes: 1. Illustrative share prices based on FDSO including 17.3m common shares as of June 18, 2025 and 2.0m RSUs as of July 8, 2025, per Kona Management 2. Assumes current capital structure (as of March 31, 2025) and cost of equity 15 - 20% Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) Cost of equity held at 17.5% NPV of future share value1,2,3 9.0x 8.0x EV / NTM Adj. EBITDA4: 11.0x 10.0x 12.0x 19 Preliminary valuation perspectives 3 n.m. $1.99 $4.98 $6.95 $2.20 $5.19 $8.72 $10.66 $5.37 $8.43 $12.12 $13.77 $8.59 $11.65 $15.14 $16.67 $2.50 $11.81 $14.86 $18.00 $19.50 - $5.00 $10.00 $15.00 $20.00 Current 2025E 2026E 2027E 2028E Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% n.m. $2.22 $5.42 $8.67 $11.92 17.5% n.m. 2.20 5.37 8.59 11.81 20.0% n.m. 2.18 5.32 8.51 11.70 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $2.05 $5.35 $8.70 $12.02 $15.33 17.5% 1.99 5.19 8.43 11.65 14.86 20.0% 1.93 5.04 8.18 11.30 14.42 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $5.24 $9.19 $12.77 $15.95 $18.97 17.5% 4.98 8.72 12.12 15.14 18.00 20.0% 4.73 8.28 11.51 14.38 17.11 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $7.48 $11.48 $14.83 $17.95 $21.00 17.5% 6.95 10.66 13.77 16.67 19.50 20.0% 6.47 9.92 12.81 15.51 18.14 Implied PV of '25E share price at illustrative trading multiple of Implied PV of '26E share price at illustrative trading multiple of Implied PV of '27E share price at illustrative trading multiple of Implied PV of '28E share price at illustrative trading multiple of

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![](ny20068726x2_exciiislide20.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative PV of Kona future share value (cont'd) 2025-2029 Revenue CAGR sensitivity from 3 to 8% for 2026E, 2027E and 2028E Assumptions1,2 2026E1,2 Summary assumptions: 1 EBITDA margins consistent with prior scenario 2 Cost of equity held at 17.5% (midpoint of sensitivity range) 3 Exit multiple range of 8 – 12x NTM adj. EBITDA 4 LTP assumes revenue CAGR of 7% Sources: Bloomberg, company filings, FactSet (as of July 25, 2025), LTP, Kona Management Notes: 1. Illustrative share prices based on FDSO including 17.3m common shares as of June 18, 2025 and 2.0m RSUs as of July 8, 2025, per Kona Management 2. Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) 2027E1,2 2028E1,2 20 Preliminary valuation perspectives 3 Revenue Implied PV of '26E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.42 $3.28 $6.30 $9.29 $12.29 4% 0.86 3.81 6.90 9.96 13.01 5% 1.31 4.36 7.50 10.63 13.74 6% 1.75 4.91 8.12 11.30 14.48 7% 1.99 5.19 8.43 11.65 14.86 8% 2.44 5.75 9.06 12.34 15.61 Revenue Implied PV of '27E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $1.91 $5.82 $8.95 $11.90 $14.62 4% 2.95 6.63 9.83 12.87 15.56 5% 3.80 7.45 10.73 13.77 16.52 6% 4.59 8.29 11.64 14.67 17.50 7% 4.98 8.72 12.12 15.14 18.00 8% 5.73 9.58 13.06 16.06 19.01 Revenue Implied PV of '28E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $2.97 $7.23 $10.07 $12.64 $15.13 4% 4.38 8.18 11.09 13.75 16.33 5% 5.48 9.15 12.13 14.89 17.57 6% 6.46 10.15 13.21 16.06 18.84 7% 6.95 10.66 13.77 16.67 19.50 8% 7.89 11.69 14.89 17.90 20.83

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![](ny20068726x2_exciiislide21.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Share price premium 1-day 19.5% 31.8% 44.8% 54.1% 94.4% 25th percentile Median Mean 75th percentile 90th percentile Premiums paid analysis Share price premium 1-month Source: Refinitiv Note: Analysis includes 152 going-private transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors 21 23.2% 37.0% 42.7% 57.1% 81.1% 25th percentile Median Mean 75th percentile 90th percentile Preliminary valuation perspectives 3

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![](ny20068726x2_exciiislide22.jpg)

Appendices

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![](ny20068726x2_exciiislide23.jpg)

Appendix A Additional valuation support

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![](ny20068726x2_exciiislide24.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 4% 9% 1% 1% 5% 27% 18% n.a. 24% 19% 7% 4% 2% 1% 3% 8% 1% 12% 5% 6% 48% 52% 73% 60% 54% 8% 24% n.a. 9% (8%) 24 Selected public company analysis: operational benchmarking Historical financials1 2022A – 2024A 2022A – 2024A 2024A 2022A – 2024A 2024A 2024A 3% \| 4% 6% \| 6% 56% \| 58% 9% \| 14% 24% \| 23% 2% \| 3% Gross profit CAGR Gross profit margin Adj. EBITDA CAGR Adj. EBITDA margin CapEx % of sales Revenue CAGR Solutions only 2 Sources: Company filings, Kona Management Notes: Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Pro-forma for MiX Telematics (acquired October 2023) excluding Fleet Complete (acquired September 2024) Additional valuation support A

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![](ny20068726x2_exciiislide25.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Additional reference points: acquired IoT providers Historical financials1 Sources: Company filings, press releases Notes: Calendarized to Kona's fiscal year ending December 31; margins and CapEx % sales based on final year of public reporting EV / adj. LTM EBITDA Filed for Ch. 11 bankruptcy in June 2024 (2021A – 2023A) Acquired by Powerfleet in October 2023 for 3.9x2 (2021A – 2024A) Acquired by GI Partners in September 2021 for 22.9x2 (2018A – 2020A) Revenue CAGR CapEx % of sales Additional valuation support A 25 7% 1% (2%) %) Gross profit CAGR Gross profit margin Adj. EBITDA CAGR Adj. EBITDA Margin 5% 3% (6%) 63% 68% 37% (11%) (2 (25%) 20% 35% 6% 14% 12% 4%

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![](ny20068726x2_exciiislide26.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 5% 13% 8% 3% 5% 2% n.a. 58% n.a. 62% 56% 54% 7% 42% n.a. 4% 17% 12% 28% 23% n.a. 25% 22% 22% n.a. 7% n.a. 1% 3% 4% Kona Consensus LTP 26 Sources: Company filings, FactSet (as of July 25, 2025), Kona Management, LTP, Wall Street research Notes: 1. Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 2. Pro-forma for MiX Telematics (acquired October 2023) and Fleet Complete (acquired September 2024) Additional valuation support A Selected public company analysis: operational benchmarking Forward financials1 2024A – 2026E 2025E 2024A – 2026E 2025E 2025E Gross profit margin Adj. EBITDA CAGR Adj. EBITDA margin CapEx % of sales Revenue CAGR 7% \| 7% 60% \| 60% 7% \| 18% 25% \| 25% 4% \| 4% 2 Solutions only

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![](ny20068726x2_exciiislide27.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 57% 43% - - - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ 8% 28% 22% 42% - - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 Sources: FactSet (as of July 25, 2025), Kona Management Note: $4.5 - 5.5 $5.5+ 3% 19% 26% 28% 16% 8% < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ Last 90 days Last 6 months Last 1 year Last 2 years 1. Represents shares traded as a % of average basic shares outstanding over given period VWAP: $2.52 VWAP: $2.47 ADTV (in millions / day): 0.01 % of VWAP: $2.96 ADTV (in millions / day): 0.07 % of VWAP: $2.43 ADTV (in millions / day): 0.05 % of S/O1 S/O1 3% 0% 2% ADTV (in millions / day): 0.02 % of 0% 0% 0% S/O1 S/O1 Total % of S/O: 5% Total % of S/O: 12% Total % of S/O: 97% Total % of S/O: 257% 5% 0% 7% 0% 0% 0% 22% 8% 27% 41% 0% 0% 67% 9% 49% 72% 41% 20% Historical trading volume analysis Largest number of shares traded between $2.50 – $4.50 over the last year Additional valuation support A 27 - 40% 60% - - - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+

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![](ny20068726x2_exciiislide28.jpg)

Appendix B Other supporting materials

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![](ny20068726x2_exciiislide29.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Mar-25 Interest rate Maturity Net leverage $25m WhiteHorse senior secured revolver – 2.6x $185m WhiteHorse senior secured term loan1 $120m Convertible backstop notes 183 120 S+650 S+650 5.50% 11/15/2028 11/15/2028 9/30/2028 Total debt 4.6x $153m Series A-1 preferred2 $303 186 13.0% 11/15/2033 Credit metrics Gross leverage Gross leverage (including preferred equity) 1st lien net leverage5 Net leverage Net leverage (including preferred equity) 5.0x 8.0x 2.6x 4.6x 7.7x Total debt and preferred $489 7.7x Cash and cash equivalents (20) Net debt incl. preferred $469 Market capitalization (based on $2.50 stock price)3 54 Total capitalization $523 LTM Credit Agreement EBITDA4 $61 Existing capital structure overview Balance sheet as of March 31, 2025 Capitalization overview ($m) Sources: Company filings, FactSet (as of July 25, 2025), Kona Management Notes: Term loan has a 1% prepayment premium prior to November 9, 2025 Valued at liquidation preference inclusive of accumulated PIK interest (as of July 25, 2025) FDSO includes 17.3m common shares and 2.4m warrants issued to Samoa as of June 18, 2025 and 2.0m RSUs as of July 8, 2025, per Kona Management Q1 2025 LTM Credit Agreement EBITDA per Kona Management inclusive of pro-forma adjustments Includes senior secured term loan and revolver Other supporting materials B 29 Liquidation value increases to $275m (1.8x par) following November 15, 2025 Liquidity analysis $25m Senior Secured RCF $25 (-) Amount outstanding – Facility available $25 (+) Cash and cash equivalents 20 Total liquidity $45

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![](ny20068726x2_exciiislide30.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Amelia 25% Samoa 12% Individual 7% Active 22% Passive 20% Overview of top 10 shareholders Investor details Holding Shareholder Type % BSO incl. Samoa warrants1 % BSO Amelia Active 25% 28% Samoa Active 12% - Corient Private Wealth LLC Passive 11% 12% Koch Industries (Investment Management) Active 10% 12% Cerberus Active 7% 8% Twilio, Inc Passive 5% 6% Terrdian CCPC 2 Individual 5% 6% Goldman Sachs & Co LLC (Private Banking) Active 5% 5% Dotmar Investments Ltd Passive 4% 5% Jared Deith3 Individual 2% 3% Top 10 shareholders 86% 84% % of BSO (incl. Samoa warrants)1 Kona shareholder base Samoa and Amelia collectively own ~37% of Kona's basic shares outstanding, assuming Samoa chooses to exercise its warrants1 Sources: Bloomberg, company filings, Kona Management Notes: 1. 17.3m common shares outstanding and 2.4m warrants issued to Samoa, per Kona Management Terence Jarman, former Chairman of Kona, is President of Terrdian CCPC Jared Deith is the current CRO at Kona Other supporting materials B Upon exercise of the Samoa warrants, Amelia and Samoa collectively hold ~37% of basic shares outstanding 30

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## Ex-99.(C)(Iv)

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**Exhibit (c)(iv)**<br>

![](ny20068726x2_excivslide1.jpg)

DRAFT All numbers and references herein are highly preliminary and subject to material refinement Project Kona \| 2025 Model Update September 2025 Exhibit (c)(iv)

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![](ny20068726x2_excivslide2.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 2025E – 8+4 Management model update Comparison of 5+7 and 8+4 2025 Management models ($m) Notes: T-Mobile commissions of $8.9m in the 5+7 have been reallocated from COGS to SG&A which now aligns with company filings Excludes capitalized R&D 5+7 TMO commission 5+7 (adjusted) 8+4 Difference reclassification1 Connectivity Revenue $225.7 $225.7 $226.3 $0.7 Solutions Revenue 64.3 64.3 63.7 (0.7) Revenue $290.0 $290.0 $290.0 ($0.0) Connectivity Gross Profit $136.8 $136.8 $137.2 $0.4 Solutions Gross Profit 18.5 8.9 27.4 24.4 (3.0) Total Gross Profit $155.4 $164.3 $161.6 ($2.6) % margin 53.6% 56.6% 55.7% (0.9%) OpEx2 $93.4 $8.9 $102.3 $102.3 $0.0 Other Income / (Expense) $0.7 $0.7 $4.7 $4.0 Adj. EBITDA $62.7 $62.7 $64.0 $1.4 % margin 21.6% 21.6% 22.1% 0.5% Memo: Integration and One-Time Items (15.4) (15.4) (18.9) (3.6) Labor CapEx (7.4) (7.4) (6.9) 0.5 Cash Bonus (STI / LTI) (6.4) (6.4) (5.8) 0.6 2

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![](ny20068726x2_excivslide3.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 2 Disclaimer This presentation was prepared exclusively by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis. Rothschild & Co has not assumed any responsibility for independent verification of any of the information contained herein and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. This presentation provides summary information only and is being delivered solely for informational purposes. Rothschild & Co does not provide legal, tax or accounting advice of any kind. By receipt of this presentation, the recipient acknowledges that it is not relying on Rothschild & Co for legal, tax or accounting advice, and that the recipient should receive separate and qualified legal, tax and accounting advice in connection with any transaction or course of conduct. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party to enter into any transaction or to take any course of action. This presentation is not intended to provide a basis for evaluating any transaction or other matter. This presentation is confidential and may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation.

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## Ex-99.(C)(V)

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**Exhibit (c)(v)**<br>

![](ny20068726x2_excvslide1.jpg)

DRAFT All numbers and references herein are highly preliminary and subject to material refinement Project Kona \| Management LTP Update October 2025 Exhibit (c)(v)

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![](ny20068726x2_excvslide2.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 5+7 vs. 9+3 Management LTP Comparison of prior Management LTP and updated model ($m) Comparison Year Prior LTP (5+7) 2025E 2026E 2027E 2028E 2029E Updated Model (9+3) Difference (9+3 - 5+7) 2025E 2026E 2027E 2028E 2029E 2025E 2026E 2027E 2028E 2029E Connectivity revenue $225.7 $236.6 $260.2 $285.5 $313.2 $225.8 $238.7 $260.2 $285.5 $313.2 $0.1 $2.1 - - - % growth - YoY 4.8% 10.0% 9.7% 9.7% 5.7% 9.0% 9.7% 9.7% 91bps (99bps) - - Solutions revenue 64.3 58.9 57.9 58.9 60.0 64.2 56.8 57.9 58.9 60.0 ($0.1) ($2.1) - - - % growth - YoY (8.4%) (1.8%) 1.7% 2.0% (11.6%) 1.9% 1.7% 2.0% (320bps) 372bps - - Total Revenue $290.0 $295.5 $318.1 $344.3 $373.2 $290.0 $295.5 $318.1 $344.3 $373.2 - - - - - % growth - YoY 1.9% 7.6% 8.3% 8.4% 1.9% 7.6% 8.3% 8.4% - - - - Connectivity Gross Profit $136.8 $143.0 $157.7 $173.3 $190.1 $135.1 $145.1 $157.7 $173.3 $190.1 ($1.7) $2.1 - - - % connectivity revenue 60.6% 60.4% 60.6% 60.7% 60.7% 59.8% 60.8% 60.6% 60.7% 60.7% (79bps) 36bps - - - Solutions Gross Profit 26.1 23.4 22.3 22.3 22.3 25.0 21.2 22.3 22.3 22.3 (1.1) (2.1) - - - % solutions revenue 40.6% 39.7% 38.6% 37.9% 37.2% 38.9% 37.4% 38.6% 37.9% 37.2% (167bps) (228bps) - - - Gross profit $162.9 $166.3 $180.0 $195.6 $212.4 $160.1 $166.3 $180.0 $195.6 $212.4 ($2.8) - - - - % margin 56.2% 56.3% 56.6% 56.8% 56.9% 55.2% 56.3% 56.6% 56.8% 56.9% (98bps) - - - - SG&A ($100.9) ($103.3) ($106.4) ($109.6) ($113.0) ($101.9) ($103.9) ($106.4) ($109.6) ($113.0) ($1.0) ($0.6) - - - % revenue 34.8% 35.0% 33.4% 31.8% 30.3% 35.1% 35.2% 33.4% 31.8% 30.3% 35bps 21bps - - - Total TSA & Royalty income $0.7 $0.9 $0.8 $0.8 $0.9 $4.7 $0.7 $0.8 $0.8 $0.9 $4.0 ($0.2) - - - Adjusted EBITDA $62.7 $64.0 $74.4 $86.9 $100.3 $62.8 $63.1 $74.4 $86.9 $100.3 $0.2 ($0.8) - - - % margin 21.6% 21.6% 23.4% 25.2% 26.9% 21.7% 21.4% 23.4% 25.2% 26.9% 6bps (28bps) - - - Labor CapEx ($7.4) ($7.7) ($7.3) ($7.5) ($7.8) ($7.2) ($6.9) ($7.3) ($7.5) ($7.8) $0.3 $0.8 - - - PP&E CapEx (2.9) (2.5) (2.1) (2.3) (2.5) (2.9) (2.5) (2.1) (2.3) (2.5) - - - - - CapEx and Cap Labor ($10.3) ($10.2) ($9.4) ($9.8) ($10.2) ($10.1) ($9.4) ($9.4) ($9.8) ($10.2) $0.3 $0.8 - - - % revenue 3.6% 3.5% 3.0% 2.8% 2.7% 3.5% 3.2% 3.0% 2.8% 2.7% (10bps) (28bps) - - - Adj. EBITDA - CapEx $52.3 $53.8 $65.0 $77.1 $90.1 $52.8 $53.8 $65.0 $77.1 $90.1 $0.5 - - - - % margin 18.0% 18.2% 20.4% 22.4% 24.1% 18.2% 18.2% 20.4% 22.4% 24.1% 16bps - - - - Memo: Cash Bonus (STI and LTI) $6.4 $6.8 $7.0 $7.8 $8.7 $5.6 $6.8 $7.0 $7.8 $8.7 ($0.7) - - - - Integration-Acquisition related (15.4) (2.0) (2.0) - - (18.8) (2.0) (2.0) - - (3.4) - - - - 2

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![](ny20068726x2_excivslide3.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 2 Disclaimer This presentation was prepared exclusively by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis. Rothschild & Co has not assumed any responsibility for independent verification of any of the information contained herein and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. This presentation provides summary information only and is being delivered solely for informational purposes. Rothschild & Co does not provide legal, tax or accounting advice of any kind. By receipt of this presentation, the recipient acknowledges that it is not relying on Rothschild & Co for legal, tax or accounting advice, and that the recipient should receive separate and qualified legal, tax and accounting advice in connection with any transaction or course of conduct. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party to enter into any transaction or to take any course of action. This presentation is not intended to provide a basis for evaluating any transaction or other matter. This presentation is confidential and may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation.

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## Ex-99.(C)(Vi)

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**Exhibit (c)(vi)**<br>

![](ny20068726x2_excvislide1.jpg)

Project Kona Special Committee materials November 4, 2025 DRAFT All numbers and references herein are highly preliminary and subject to material refinement Exhibit (c)(vi)

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![](ny20068726x2_exciiislide2.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

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![](ny20068726x2_excvislide3.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Kona's valuation at various stock prices Sources: Company filings, FactSet (as of November 3, 2025), Kona Management, 9+3 LTP Notes: Transaction assumed to occur after November 15, 2025 with current capital structure Unaffected date as of December 18, 2024, day prior to Samoa's initial amended 13D filing FDSO includes 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management Net debt of $282m as of September 30, 2025 Inclusive of preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants Additional payment in the event of a change of control comprised of the remaining coupons to maturity and accrued interest on the $120m in backstop notes, as of November 16, 2025 Implied valuation at various prices1 8 Ilustrative share price ($) $3.98 $1.17 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Implied premia to: Current (November 3, 2025) $3.98 - (71%) 26% 51% 76% 101% 126% 151% Unaffected $1.17 240% - 327% 413% 498% 584% 669% 755% 1-month VWAP $3.29 21% (64%) 52% 82% 113% 143% 173% 204% 3-month VWAP $2.86 39% (59%) 75% 110% 144% 179% 214% 249% 6-month VWAP $2.71 47% (57%) 85% 122% 158% 195% 232% 269% 52-week high $4.88 (18%) (76%) 2% 23% 43% 64% 84% 105% 52-week low $1.10 262% 6% 355% 445% 536% 627% 718% 809% (x) Fully diluted shares outstanding (m)3 19 19 19 19 19 19 19 19 Implied equity value (excl. Samoa warrants) $76 $22 $96 $115 $134 $153 $172 $191 (+) Net debt4 $282 $282 $282 $282 $282 $282 $282 $282 (+) Returned capital to Samoa5 275 275 275 275 275 275 275 275 Implied enterprise value $633 $580 $653 $672 $691 $710 $729 $749 Memo: implied EV premium - (8.5%) 3.1% 6.1% 9.1% 12.1% 15.2% 18.2% Memo: mandatory redemption of backstop notes 6 $20 $20 $20 $20 $20 $20 $20 $20 Implied multiples: EV / Adj. EBITDA LTM (September 30, 2025) $60 10.6x 9.7x 10.9x 11.3x 11.6x 11.9x 12.2x 12.5x 25E $63 10.1x 9.2x 10.4x 10.7x 11.0x 11.3x 11.6x 11.9x 26E $63 10.0x 9.2x 10.3x 10.6x 10.9x 11.3x 11.6x 11.9x $m, unless noted 2 Current Unaffected Initial offer

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## Ex-99.(C)(Vii)

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**Exhibit (c)(vii)**<br>

![](ny20068726x2_excviislide1.jpg)

Project Kona Updated valuation materials November 2025 DRAFT All numbers and references herein are highly preliminary and subject to material refinement Exhibit (c)(vii)

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![](ny20068726x2_exciiislide2.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

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![](ny20068726x2_excviislide3.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Contents Situation overview Management LTP Preliminary valuation perspectives Appendices 4 8 11 20

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![](ny20068726x2_exciiislide4.jpg)

1 Situation overview

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![](ny20068726x2_excviislide5.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - - Sep-21 Feb-22 Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 6-month return 70% 1-year return 127% 2-year return 64% 3-year return (75%) Return since de-SPAC (92%) VWAP 1-month $4.43 3-month 4.18 6-month 3.96 52-week performance 3 High $4.88 Low 1.10 Historical EV / NTM Adj. EBITDA multiples Current 7.9x 3-month 7.6x 6-month 7.3x 1-year 7.1x Since de-SPAC 7.7x Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Mar '23 Announces acquisition of Twilio's IoT business unit Jun '24 1:5 reverse stock split Nov '24 Completes operational restructuring plan Nov '23 Kona reports strategic investment from Samoa disclosing 12.0% ownership2 Apr '24 CEO transition Feb '22 Announces acquisition of Business Mobility Partners & SIMON Stock price EV / NTM Adj. EBITDA Samoa events Other events Q / K filed Share price (November 13, 2025) $3.93 $45.00 3-month return 65% Kona historical trading performance Share price and EV / NTM Adj. EBITDA multiple have declined following the de-SPAC, although business shows signs of stabilization amidst operational improvements Sources: Company filings, FactSet (as of November 13, 2025), press releases Notes: FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Ownership percentage calculated including the 2.4m warrants issued to Samoa Inclusive of intraday price movements over the past 52 weeks Kona stock price and NTM Adj. EBITDA multiple since 2021 de-SPAC1 Select data points Stock price ($ actuals) Historical NTM trading multiple (x) Situation overview 1 16.0x 14.0x 12.0x 10.0x 8.0x 7.9x 6.0x 4.0x 2.0x $3.93 Dec '24 NYSE accepts plan to regain compliance with listing standards Nov '25 Amended 13D filing indicating Samoa / Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 5

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![](ny20068726x2_excviislide6.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 2.0x 4.0x 6.0x 8.0x - Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Sources: Company filings, FactSet (as of November 13, 2025), press releases Notes: $1.00 $2.00 $3.00 $4.00 Aug-25 Sep-25 Oct-25 Nov-25 Share price 1 day prior to 13D $1.17 1 month prior 13D (36%) 1 day after 13D 7% 1 week after 13D 62% 1 month after 13D 73% 3 months after 13D 111% Return since 13D 236% VWAP 1 month after 13D $3.30 3 month after 13D 3.20 6 month after 13D 3.15 Share performance3 High after 13D $4.88 Kona historical trading performance (cont'd) Share price increased 70% in the following 1 month after Samoa's amended 13D filing, and 236% since the filing 7.9x $1.17 Situation overview 1 $3.93 $3.22 Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Stock price ($ actuals) Historical NTM trading multiple (x) Dec '24 NYSE accepts plan to regain compliance with listing standards Unaffected date as of December 18, 2024, the day prior to Samoa's amended 13D filing FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Inclusive of all intraday price movements following the filing of Samoa's amended 13D Kona stock price and NTM Adj. EBITDA multiple since 1 month prior to Samoa's amended 13D filing1,2 Select data points Stock price EV / NTM Adj. EBITDA Samoa events Other events Q / K filed Nov '25 Amended 13D filing indicating Samoa/Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 6

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![](ny20068726x2_excviislide7.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Kona's valuation at various stock prices Sources: Company filings, FactSet (as of November 13, 2025), Kona Management, LTP Notes: Transaction assumed to occur after November 15, 2025 with current capital structure. Samoa and WL 5. offers are both non-binding offers Unaffected date as of December 18, 2024, day prior to Samoa's initial amended 13D filing 6. FDSO includes 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management Net debt of $282m as of September 30, 2025 Inclusive of preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants Additional payment in the event of a change of control comprised of the remaining coupons to maturity 7 and accrued interest on the $120m in backstop notes, as of November 16, 2025 Implied valuation at various prices1 Situation overview 1 Ilustrative share price ($) $3.93 $1.17 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Implied premia to: Current (November 13, 2025) $3.93 - (70%) 27% 53% 78% 104% 129% 154% Unaffected $1.17 236% - 327% 413% 498% 584% 669% 755% 1-month VWAP $4.43 (11%) (74%) 13% 35% 58% 81% 103% 126% 3-month VWAP $4.18 (6%) (72%) 20% 43% 67% 91% 115% 139% 6-month VWAP $3.96 (1%) (70%) 26% 52% 77% 102% 128% 153% 52-week high $4.88 (19%) (76%) 2% 23% 43% 64% 84% 105% 52-week low $1.10 257% 6% 355% 445% 536% 627% 718% 809% (x) Fully diluted shares outstanding (m)3 19 19 19 19 19 19 19 19 Implied equity value (excl. Samoa warrants) $75 $22 $96 $115 $134 $153 $172 $191 (+) Net debt4 $282 $282 $282 $282 $282 $282 $282 $282 (+) Returned capital to Samoa5 275 275 275 275 275 275 275 275 Implied enterprise value $632 $580 $653 $672 $691 $710 $729 $749 Memo: implied EV premium Memo: mandatory redemption of backstop notes 6 - $20 (8.3%) $20 3.2% $20 6.3% $20 9.3% $20 12.3% $20 15.3% $20 18.4% $20 Implied multiples: EV / Adj. EBITDA LTM (September 30, 2025) $60 10.6x 9.7x 10.9x 11.3x 11.6x 11.9x 12.2x 12.5x 25E $63 10.1x 9.2x 10.4x 10.7x 11.0x 11.3x 11.6x 11.9x 26E $63 10.0x 9.2x 10.3x 10.6x 10.9x 11.3x 11.6x 11.9x $m, unless noted Current Unaffected Samoa offer WL offer

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![](ny20068726x2_exciiislide9.jpg)

2 Management LTP

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![](ny20068726x2_excviislide9.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE b LTP: review of key plan assumptions 1. CaaS ARPU is calculated as the weighted average monthly revenue over the period 2025E 2026E 2027E Sources: Kona Management, LTP Note: Selected KPIs (Management LTP) Key assumptions a CaaS Connectivity1 revenue is forecast to decline (1.1%) in 2025, reflecting a transitional year with strategic focus on continued improvements to operational efficiency Growth accelerates to 8.3%, 10.9%, 9.8% and 9.9% in 2026 to 2029, respectively, reflecting a return to industry growth rates Solutions revenue is held approximately flat throughout the forecast period, as Management prioritizes higher-margin opportunities that support recurring Connectivity revenue c Gross margin is forecast to improve, reflecting improved vendor pricing with carriers due to higher volumes, while accounting for customer re-rates d Operating expenses are forecast to grow ~2–3% annually, with the anticipated realization of efficiency gains expected to offset the impact of higher revenue Management believes additional cost levers are available should revenue fall short of expectations Average CaaS connections (m) CaaS ARPU1 Gross margin % YoY growth (%) YoY growth (%) YoY improvement (bps) Management LTP 2 (111bps) 109bps 31bps 22bps 11bps 55.2% 56.3% 56.6% 56.8% 56.9% 2025E 2026E 2027E 2028E 2029E (9.1%) (0.4%) 0.6% (2.0%) (2.0%) $0.89 $0.88 $0.89 $0.87 $0.86 2025E 2026E 2027E 2028E 2029E 8.7% 8.7% 10.2% 12.0% 12.1% 19.8 21.5 23.7 26.6 29.8 2028E 2029E 9

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![](ny20068726x2_excviislide10.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Summary of LTP Sources: Kona Management, LTP Notes: 1. Other tax deductible expenses include integration-related costs and other one-time items Average CaaS Connections and ARPU based on CaaS, SuperSIM and Carrier+ revenue and average monthly connections CaaS ARPU is calculated as the weighted average monthly revenue over the period CAGR $m, unless noted 2023A 2024A 2025E 2026E 2027E 2028E 2029E '23-'25 '25-'29 Total IoT Connectivity 204 228 Total IoT Solutions 73 58 226 239 260 285 313 64 57 58 59 60 5% 9% (6%) (2%) Revenue $277 $286 % growth 14% 3% $290 $295 $318 $344 $373 2% 7% 1% 2% 8% 8% 8% Gross profit $149 $161 % margin 54% 56% $160 $166 $180 $196 $212 4% 7% 55% 56% 57% 57% 57% Adj. EBITDA $56 $53 % margin 20% 19% $63 $63 $74 $87 $100 6% 12% 22% 21% 23% 25% 27% (-) One-time items1 ($18) ($19) (-) Stock-based compensation (tax deductible (4) (4) (-) Tax D&A (58) (56) ($19) ($2) ($2) - - (1) (2) (3) (4) (4) (41) (35) (23) (22) (22) EBIT % margin $3 $25 $46 $60 $74 130% 1% 8% 14% 18% 20% Memo: Average CaaS connections (m)2 18.2 CaaS ARPU2,3 $0.98 CapEx $13 19.8 21.5 23.7 26.6 29.8 11% $0.89 $0.88 $0.89 $0.87 $0.86 (1%) $10 $9 $9 $10 $10 0% Management LTP 2 10

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![](ny20068726x2_exciiislide12.jpg)

3 Preliminary valuation perspectives

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![](ny20068726x2_excviislide12.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative discounted cash flow analysis Projected cash flows1 Sources: Company filings, Kona Management, LTP Notes: Unlevered cash flow line items based on LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Kona Management, other tax-deductible expenses include integration-related costs and other one-time items 40% of SBC is tax-deductible per Kona Management. SBC treated as cash expense 25% tax rate per LTP Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, preferred stock valued at liquidation value of 1.8x MOIC ($275m), senior secured note valued at principal balance ($182m), backstop notes valued at principal value ($120m), cash balance ($20m), all as of September 30, 2025, per Kona Management and company filings Enterprise value ($m) at terminal multiple of 6 PV of terminal value as % of EV at terminal multiple of 6 Implied share price at terminal multiple of 6 2 $m 2026E 2027E 2028E 2029E Terminal period Total revenue $295 $318 $344 $373 $405 % growth 1.9% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $63 $74 $87 $100 $109 % margin 21.4% 23.4% 25.2% 26.9% 26.9% (-) One-time items3 (2) (2) - - - (-) Stock-based compensation (tax deductible)4 (2) (3) (4) (4) (4) (-) Tax D&A (35) (23) (22) (22) (10) EBIT $25 $46 $60 $74 $94 (-) Tax at 25% rate 5 (6) (11) (15) (18) (20) NOPAT $19 $35 $46 $56 $74 (+) Tax D&A 35 23 22 22 10 (-) Stock-based compensation (non-tax deductible)4 (3) (5) (6) (6) (6) (-) CapEx (9) (9) (10) (10) (10) (+/-) Source / (use) of NWC (0) (2) (2) (2) (2) Unlevered FCF $41 $41 $50 $59 $65 WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 13.0% $682 $715 $748 $782 $815 78% 79% 80% 81% 82% $6.51 $8.25 $9.99 $11.74 $13.48 14.0% 661 693 725 757 789 78% 79% 80% 81% 82% 5.40 7.09 8.77 10.45 12.14 15.0% 640 672 703 734 765 78% 79% 80% 80% 81% 4.35 5.97 7.60 9.22 10.85 16.0% 621 651 681 711 741 77% 78% 79% 80% 81% 3.34 4.91 6.48 8.05 9.62 17.0% 603 632 661 690 719 77% 78% 79% 80% 81% 2.37 3.88 5.40 6.92 8.43 Preliminary valuation perspectives 3 12

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![](ny20068726x2_excviislide13.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE $5.06 $6.57 $6.92 $1.60 $11.04 $10.01 $7.99 $11.01 Illustrative discounted cash flow analysis sensitivity DCF sensitivity to various operating assumptions Implied per-share midpoint DCF range1 LTP assumption Item Sources: Company filings, Kona Management, LTP Notes: Sensitivity analyses vs. LTP. Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025 per Kona Management. Assumes WACC of 15.0% and terminal multiple midpoint of 9.0x 2025E to 2029E CAGR 55.2% represents 2025E LTP gross margin and 57.9% represents 2029E LTP gross margin +1% Represents 2026E margin Sensitivity range Avg. CaaS connections (% CAGR)2 Average CaaS connections reach 29.8m by 2029 2025-2029 CAGR of 11% 9% 13% 11% Solutions (% CAGR) IoT Solutions has (2%) CAGR across 2025 to 2029 (5%) 5% (2%) Gross margin (% +/-) Gross margin increases from 55.2% in 2025 to 56.9% in 2029 55.2%3 57.9%3 56.9% Adj. EBITDA margin increases from 21.7% in 2025 to 26.9% in 2029 Terminal Adj. EBITDA margin 21.4%4 30% 26.9% TMM Base DCF midpoint: $7.60 Preliminary valuation perspectives 3 13

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Selected public company analysis Sources: Company filings, FactSet (as of November 13, 2025), Kona Management, LTP Notes: Metrics based on median consensus estimate Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Preferred stock valued at liquidation value of 1.8x MOIC ($275m) assumed after November 15, 2025 Powerfleet pro-forma financials include the acquisition of MiX Telematics in October 2023 and Fleet Complete in September 2024 Share %52w Market Enterprise EV / Revenue EV / Adj. EBITDA Revenue growth Adj. EBITDA margin $m, unless noted1, 2 price ($) high cap value 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E 3 Kona LTP $3.93 80.5% $75 $632 2.2x 2.1x 10.1x 10.0x 1.4% 1.9% 21.7% 21.4% Kona consensus3 $3.93 80.5% $75 $632 2.2x 2.1x 10.3x 8.9x (0.9%) 7.7% 21.7% 23.4% IoT Solutions Digi $38.53 86.0% $1,495 $1,633 3.7x 3.3x 14.4x 12.6x 4.0% 10.2% 25.5% 26.6% Powerfleet 4 4.99 57.3% 679 922 2.2x 2.0x 10.0x 7.8x 16.2% 11.7% 21.8% 25.1% Ituran 37.03 81.5% 737 689 2.0x 1.9x 7.5x 6.9x 1.9% 5.7% 26.8% 27.7% Mean 2.6x 2.4x 10.7x 9.1x 7.3% 9.2% 24.7% 26.5% Median 2.2x 2.0x 10.0x 7.8x 4.0% 10.2% 25.5% 26.6% Preliminary valuation perspectives 3 14

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 10yr 5yr 4yr 3yr 2yr 1yr Kona1 n.a n.a. 7.7x 7.0x 7.0x 7.1x IoT Solutions Digi 10.1x 12.3x 12.5x 12.4x 11.6x 12.2x Powerfleet 14.4x 12.4x 11.4x 10.2x 9.6x 8.3x Ituran 6.9x 5.8x 5.6x 5.5x 5.7x 6.5x Mean 10.3x 10.2x 9.8x 9.4x 8.9x 9.0x Average EV / NTM Adj. EBITDA since July 2015 - 4.0x 8.0x 12.0x 16.0x 20.0x Nov-15 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Selected public company analysis: valuation over time EV / NTM EBITDA (L10Y) Sources: Company filings, FactSet (as of November 13, 2025), Kona Management Note: 1. Kona since 2021 de-SPAC Kona1 IoT Solutions 9.0x 7.9x Preliminary valuation perspectives 3 15

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![](ny20068726x2_excviislide16.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x 7.9x Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 Preliminary valuation perspectives 3 16

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% n.m. $0.62 $3.77 $6.98 $10.21 17.5% n.m. 0.62 3.76 6.96 10.18 20.0% n.m. 0.62 3.75 6.94 10.15 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $1.10 $4.27 $7.70 $11.06 $14.40 17.5% 1.08 4.17 7.52 10.79 14.05 20.0% 1.05 4.07 7.34 10.54 13.72 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $4.14 $8.22 $12.03 $15.43 $18.51 17.5% 3.96 7.85 11.49 14.74 17.68 20.0% 3.78 7.51 10.99 14.09 16.90 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $6.36 $10.71 $14.36 $17.59 $20.72 17.5% 5.94 10.01 13.42 16.45 19.37 20.0% 5.56 9.37 12.56 15.40 18.13 Implied PV of '25E share price at illustrative trading multiple of Implied PV of '26E share price at illustrative trading multiple of Implied PV of '27E share price at illustrative trading multiple of Implied PV of '28E share price at illustrative trading multiple of Illustrative PV of Kona future share value Share price sensitivity at trading multiple between 8 – 12x and cost of equity of 15 – 20% Sources: Bloomberg, company filings, FactSet (as of November 13, 2025), Kona Management, LTP Notes: Illustrative share prices based on FDSO including 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management Assumes current capital structure (as of September 30, 2025) and cost of equity 15 - 20% Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) Cost of equity held at 17.5% NPV of future share value1,2,3 9.0x 8.0x EV / NTM Adj. EBITDA4: 11.0x 10.0x 12.0x Preliminary valuation perspectives 3 17 $1.08 $3.96 $5.94 $0.62 n.m. $4.17 $7.85 $10.01 $3.76 $7.52 $11.49 $13.42 $6.96 $10.79 $14.74 $16.45 $3.93 $10.18 $14.05 $17.68 $19.37 - $5.00 $10.00 $15.00 $20.00 Current 2025E 2026E 2027E 2028E

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative PV of Kona future share value (cont'd) 2025-2029 Revenue CAGR sensitivity from 3 to 8% for 2026E, 2027E and 2028E Assumptions1,2 2026E1,2 Summary assumptions: 1 EBITDA margins consistent with prior scenario 2 Cost of equity held at 17.5% (midpoint of sensitivity range) 3 Exit multiple range of 8 – 12x NTM adj. EBITDA 4 LTP assumes revenue CAGR of 7% Sources: Bloomberg, company filings, FactSet (as of November 13, 2025), LTP, Kona Management Notes: 1. Illustrative share prices based on FDSO including 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management 2. Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) 2027E1,2 2028E1,2 Preliminary valuation perspectives 3 Revenue Implied PV of '26E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $2.69 $5.88 $8.98 $12.07 4% 0.05 2.93 6.16 9.30 12.42 5% 0.36 3.30 6.57 9.75 12.92 6% 0.84 3.87 7.19 10.44 13.67 7% 1.08 4.17 7.52 10.79 14.05 8% 1.79 5.03 8.47 11.84 15.19 Revenue Implied PV of '27E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $5.34 $8.80 $11.90 $14.80 4% 0.43 5.83 9.36 12.52 15.41 5% 2.08 6.48 10.06 13.29 16.16 6% 3.42 7.39 11.00 14.26 17.16 7% 3.96 7.85 11.49 14.74 17.68 8% 5.33 9.21 12.94 16.15 19.21 Revenue Implied PV of '28E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $6.61 $9.77 $12.43 $14.99 4% 0.69 7.43 10.71 13.49 16.15 5% 3.33 8.36 11.73 14.61 17.38 6% 5.23 9.45 12.84 15.82 18.68 7% 5.94 10.01 13.42 16.45 19.37 8% 7.73 11.65 15.16 18.33 21.41 18

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 22.3% 36.4% 42.1% 56.2% 81.1% 25th percentile Median Mean 75th percentile 90th percentile 20.2% 32.4% 44.3% 53.4% 94.4% 25th percentile Median Mean 75th percentile 90th percentile Share price premium 1-day Premiums paid analysis Share price premium 1-month Source: Refinitiv Note: Analysis includes 172 going-private transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors Preliminary valuation perspectives 3 19

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Appendices

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![](ny20068726x2_exciiislide23.jpg)

Appendix A Additional valuation support

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![](ny20068726x2_excviislide22.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 4% 9% 1% 1% 5% 27% 18% n.a. 24% 19% 7% 4% 2% 1% 3% 8% 1% 12% 5% 6% 48% 52% 73% 60% 54% 8% 24% n.a. 9% (8%) Selected public company analysis: operational benchmarking Historical financials1 2022A – 2024A 2022A – 2024A 2024A 2022A – 2024A 2024A 2024A 3% \| 4% 6% \| 6% 56% \| 58% 9% \| 14% 24% \| 23% 2% \| 3% Gross profit CAGR Gross profit margin Adj. EBITDA CAGR Adj. EBITDA margin CapEx % of sales Revenue CAGR Solutions only 2 Sources: Company filings, Kona Management Notes: Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Pro-forma for MiX Telematics (acquired October 2023) excluding Fleet Complete (acquired September 2024) Additional valuation support A 22

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Additional reference points: acquired IoT providers Historical financials1 Sources: Company filings, press releases Notes: Calendarized to Kona's fiscal year ending December 31; margins and CapEx % sales based on final year of public reporting EV / adj. LTM EBITDA Filed for Ch. 11 bankruptcy in June 2024 (2021A – 2023A) Acquired by Powerfleet in October 2023 for 3.9x2 (2021A – 2024A) Acquired by GI Partners in September 2021 for 22.9x2 (2018A – 2020A) Revenue CAGR CapEx % of sales Additional valuation support A 7% 1% (2%) %) Gross profit CAGR Gross profit margin Adj. EBITDA CAGR Adj. EBITDA Margin 5% 3% (6%) 63% 68% 37% (11%) (2 (25%) 20% 35% 6% 14% 12% 4% 23

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE n.a. 6% n.a. 1% 3% 3% 28% 22% n.a. 26% 22% 22% 7% 37% n.a. 14% 17% 9% n.a. 56% n.a. 63% 56% 55% 5% 14% 19% 8% 5% 2% Kona Consensus LTP Sources: Company filings, FactSet (as of November 13, 2025), Kona Management, LTP, Wall Street research Notes: 1. Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 2. Pro-forma for MiX Telematics (acquired October 2023) and Fleet Complete (acquired September 2024) Additional valuation support A Selected public company analysis: operational benchmarking Forward financials1 2024A – 2026E 2025E 2024A – 2026E 2025E 2025E Gross profit margin Adj. EBITDA CAGR Adj. EBITDA margin CapEx % of sales Revenue CAGR 11% \| 11% 59% \| 59% 14% \| 19% 26% \| 25% 3% \| 3% 2 Solutions only 24

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 3% 18% 23% 27% 22% 6% < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ 6% 22% 17% 37% 18% - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 Sources: FactSet (as of November 13, 2025), Kona Management Note: $4.5 - 5.5 $5.5+ - 13% 15% 16% 56% - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ 7% 10% 18% 65% - - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ Last 90 days Last 6 months Last 1 year Last 2 years 1. Represents shares traded as a % of average basic shares outstanding over given period ADTV (in millions / day): 0.09 % of VWAP: $4.18 VWAP: $3.96 ADTV (in millions / day): 0.06 % of VWAP: $3.30 ADTV (in millions / day): 0.09 % of VWAP: $2.85 ADTV (in millions / day): 0.06 % of S/O1 S/O1 3% 0% 3% 6% 22% 0% S/O1 S/O1 Total % of S/O: 35% Total % of S/O: 40% Total % of S/O: 126% Total % of S/O: 262% 6% 0% 5% 6% 22% 0% 22% 8% 28% 47% 22% 0% 61% 9% 47% 72% 59% 15% Historical trading volume analysis Largest number of shares traded between $1.50 – $4.50 over the last year Additional valuation support A 25

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![](ny20068726x2_exciiislide28.jpg)

Appendix B Other supporting materials

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![](ny20068726x2_excviislide27.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Sep-25 Interest rate Maturity Net leverage $25m WhiteHorse senior secured revolver $185m WhiteHorse senior secured term loan $120m Convertible backstop notes - 182 120 S+650 S+650 5.50% Nov-28 Nov-28 Sep-28 2.6x 4.8x 9.2x 2.6x 4.5x 8.9x Existing capital structure overview Balance sheet as of September 30, 2025 Capitalization overview ($m) Sources: Company filings, FactSet (as of November 13, 2025), Kona Management Notes: 1. Valued at liquidation preference inclusive of accumulated PIK interest (as of anticipated close of December 31, 2025) FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Q3 2025 LTM Credit Agreement EBITDA per Kona Management inclusive of pro-forma adjustments Includes senior secured term loan and revolver Other supporting materials B $25m Senior Secured RCF $25 (-) Amount outstanding – Facility available $25 (+) Cash and cash equivalents 20 Total liquidity $45 Gross leverage Gross leverage (including preferred equity) 1st lien net leverage4 Net leverage Net leverage (including preferred equity) Total debt $302 4.5x $153m Series A-1 preferred1 275 13.0% Nov-33 Total debt and preferred $577 8.9x Cash and cash equivalents (20) Net debt incl. preferred $557 Market capitalization (based on $3.93 stock price)2 75 Total capitalization $632 LTM Credit Agreement EBITDA3 $63 Credit metrics Liquidity analysis 27

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 24% 12% Kona shareholder base Samoa and Amelia collectively own ~36% of Kona's basic shares outstanding, assuming Samoa chooses to exercise its warrants1 1. 17.5m common shares outstanding and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Terence Jarman, former Chairman of Kona, is President of Terrdian CCPC Jared Deith is the current CRO at Kona Overview of top 10 shareholders % of BSO (incl. Samoa warrants)1 Investor details Holding Shareholder Type % BSO incl. Samoa warrants1 % BSO Amelia Active 24% 28% Samoa Active 12% - Corient Private Wealth LLC Passive 11% 12% Koch Industries (Investment Management) Active 10% 11% Cerberus Active 8% 9% Twilio, Inc Passive 5% 6% Terrdian CCPC 2 Individual 5% 6% Other supporting materials B Individual 7% Active 22% Passive 20% Samoa Amelia Upon exercise of the Samoa warrants, Goldman Sachs & Co LLC (Private Banking) Active 4% 5% Amelia and Samoa collectively hold ~36% of basic shares outstanding Dotmar Investments Ltd Passive 4% 5% Jared Deith 3 Individual 2% 3% Top 10 shareholders 86% 84% Sources: Bloomberg, company filings, Kona Management Notes: 28

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## Ex-99.(C)(Viii)

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**Exhibit (c)(viii)**<br>

![](ny20068726x2_excviiislide1.jpg)

Project Kona Updated valuation materials December 15, 2025 DRAFT All numbers and references herein are highly preliminary and subject to material refinement Exhibit (c)(viii)

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Contents Situation overview Preliminary valuation perspectives Supplemental analyses Appendix 4 8 15 21

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![](ny20068726x2_exciiislide4.jpg)

1 Situation overview

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Share price (December 12, 2025) $4.50 Premium to unaffected price 285% 3-month return 109% 6-month return 83% 1-year return 266% 2-year return 70% 3-year return (55%) Return since de-SPAC (91%) VWAP 1-month $4.20 3-month 4.25 6-month 4.06 52-week performance3 High $4.88 Low 1.10 Historical EV / NTM Adj. EBITDA multiples Current 9.1x 3-month 8.8x 6-month 7.9x 1-year 7.5x Since de-SPAC 7.7x - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x - $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 Sep-21 Feb-22 Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Mar '23 Announces acquisition of Twilio's IoT business unit Jun '24 1:5 reverse stock split Nov '24 Completes operational restructuring plan Nov '23 Kona reports strategic investment from Samoa disclosing 12.0% ownership2 Apr '24 CEO transition Feb '22 Announces acquisition of Business Mobility Partners & SIMON Kona historical trading performance Since the Samoa / Amelia offer, shares have settled between $4.20 to $4.50 per share Sources: Company filings, FactSet (as of December 12, 2025), press releases Notes: FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Ownership percentage calculated including the 2.4m warrants issued to Samoa Inclusive of intraday price movements over the past 52 weeks Stock price ($ actuals) Historical NTM trading multiple (x) Select data points Q / K filed Kona stock price and NTM Adj. EBITDA multiple since 2021 de-SPAC1 Stock price EV / NTM Adj. EBITDA Samoa events Other events Situation overview 1 $4.50 9.1x Dec '24 NYSE accepts plan to regain compliance with listing standards Nov '25 Amended 13D filing indicating Samoa / Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 5

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Consensus median4 $71 Memo: LTP 2026E Adj. EBITDA $63 EV / 2026E Adj. EBITDA TD Cowen 9.5x ROTH 8.5x Consensus median5 9.1x Memo: LTP 10.2x Share price 1 day prior to 13D $1.17 1 day after 13D 7% 1 week after 13D 62% 1 month after 13D 73% 3 months after 13D 111% Return since 13D 285% VWAP 1 month after 13D $3.30 3 month after 13D 3.20 6 month after 13D 3.15 Share performance3 High after 13D $4.88 Broker coverage ($m) TD Cowen 2026E Adj. EBITDA $68 ROTH 2026E Adj. EBITDA $75 - 2.0x 4.0x 6.0x 8.0x - Nov-24 Jan-25 Mar-25 May-25 Sources: Company filings, FactSet (as of December 12, 2025), press releases Notes: $1.00 $2.00 $3.00 $4.00 Jul-25 Sep-25 Nov-25 Kona historical trading performance (cont'd) Share price increased 73% in the following 1 month after Samoa's amended 13D filing, and 285% since the filing 9.1x $1.17 Kona stock price and NTM Adj. EBITDA multiple since 1 month prior to Samoa's amended 13D filing1,2 Select data points Situation overview 1 $4.50 $3.22 Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Historical NTM trading multiple (x) Dec '24 NYSE accepts plan to regain compliance with listing standards Unaffected date as of December 18, 2024, the day prior to Samoa's amended 13D filing FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Inclusive of all intraday price movements following the filing of Samoa's amended 13D NTM Adj. EBITDA based on broker estimates per FactSet (as of December 12, 2025) EV / NTM Adj. EBITDA based on broker estimates per FactSet (as of December 12, 2025) Nov '25 Amended 13D filing indicating Samoa/Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 6 Q / K filed Stock price EV / NTM Adj. EBITDA Samoa events Other events Stock price ($ actuals)

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Kona's valuation at various stock prices Sources: Company filings, FactSet (as of December 12, 2025), Kona Management, LTP Notes: Unaffected date as of December 18, 2024, day prior to Samoa's initial amended 13D filing Samoa / Amelia proposal is a non-binding offer received November 3, 2025 FDSO includes 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management Net debt of $281m as of November 30, 2025 Inclusive of preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants Additional payment in the event of a change of control comprised of the remaining coupons to maturity 7 and accrued interest on the $120m in backstop notes, as of November 30, 2025 Implied valuation at various prices Situation overview 1 3rd-party indication $m, unless noted Ilustrative share price ($) $4.50 $1.17 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Implied premia to: Current (December 12, 2025) $4.50 - (74%) 11% 33% 56% 78% 100% 122% Unaffected $1.17 285% - 327% 413% 498% 584% 669% 755% 1-month VWAP $4.20 7% (72%) 19% 43% 67% 90% 114% 138% 3-month VWAP $4.25 6% (72%) 18% 41% 65% 88% 112% 135% 6-month VWAP $4.06 11% (71%) 23% 48% 73% 97% 122% 146% 52-week high $4.88 (8%) (76%) 2% 23% 43% 64% 84% 105% 52-week low $1.10 309% 6% 355% 445% 536% 627% 718% 809% (x) Fully diluted shares outstanding (m)3 19 19 19 19 19 19 19 19 Implied equity value (excl. Samoa warrants) $86 $22 $96 $115 $134 $153 $172 $191 Memo: value of Samoa warrants $11 $3 $12 $14 $19 $22 $24 (+) Net debt4 $281 $281 $281 $281 $281 $281 $281 $281 (+) Returned capital to Samoa5 275 275 275 275 275 275 275 275 Implied enterprise value $642 $579 $652 $671 $690 $709 $728 $747 Memo: implied EV premium Memo: mandatory redemption of backstop notes 6 - $20 (9.9%) $20 1.5% $20 4.5% $20 7.4% $20 10.4% $20 13.4% $20 16.4% $20 Implied multiples: EV / Adj. EBITDA LTM (November 30, 2025) $62 10.4x 9.4x 10.6x 10.9x 11.2x 11.5x 11.8x 12.1x 25E $63 10.2x 9.2x 10.4x 10.7x 11.0x 11.3x 11.6x 11.9x 26E $63 10.2x 9.2x 10.3x 10.6x 10.9x 11.2x 11.5x 11.8x Current Samoa/Amelia Unaffected1 proposal 2

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2 Preliminary valuation perspectives

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![](ny20068726x2_excviiislide9.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Summary of LTP1 Sources: Kona Management, LTP Notes: Based on Management LTP reflecting 9+3 forecast received October 12, 2025 and approved by Special Committee Other tax deductible expenses include integration-related costs and other one-time items Average CaaS Connections and ARPU based on CaaS, SuperSIM and Carrier+ revenue and average monthly connections CaaS ARPU is calculated as the weighted average monthly revenue over the period Inclusive of CapEx and capitalized labor 9 Preliminary valuation perspectives 2 $m, unless noted 2023A 2024A 2025E 2026E 2027E 2028E 2029E '23-'25 '25-'29 Total IoT Connectivity $204 $228 Total IoT Solutions 73 58 $226 $239 $260 $285 $313 64 57 58 59 60 5% 9% (6%) (2%) Revenue $277 $286 % growth 14% 3% $290 $295 $318 $344 $373 2% 7% 1% 2% 8% 8% 8% Gross profit $149 $161 % margin 54% 56% $160 $166 $180 $196 $212 4% 7% 55% 56% 57% 57% 57% Adj. EBITDA $56 $53 % margin 20% 19% $63 $63 $74 $87 $100 6% 12% 22% 21% 23% 25% 27% (-) One-time items2 ($18) ($19) (-) Stock-based compensation (tax deductible) (4) (4) (-) Tax D&A (58) (56) ($19) ($2) ($2) - - (1) (2) (3) (4) (4) (41) (35) (23) (22) (22) EBIT % margin $3 $25 $46 $60 $74 130% 1% 8% 14% 18% 20% Memo: Average CaaS connections (m)3 18.2 CaaS ARPU3,4 $0.98 CapEx5 $13 19.8 21.5 23.7 26.6 29.8 11% $0.89 $0.88 $0.89 $0.87 $0.86 (1%) $10 $9 $9 $10 $10 0% CAGR

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative discounted cash flow analysis Projected cash flows1 Sources: Company filings, Kona Management, LTP Notes: Unlevered cash flow line items based on LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Kona Management, other tax-deductible expenses include integration-related costs and other one-time items 40% of SBC is tax-deductible per Kona Management. SBC treated as cash expense 25% tax rate per LTP Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, preferred stock valued at liquidation value of 1.8x MOIC ($275m), senior secured note valued at principal balance ($182m), backstop notes valued at principal value ($120m), cash balance ($21m), all as of November 30, 2025, per Kona Management and company filings Enterprise value ($m) PV of terminal value as % of EV Implied share price at terminal multiple of6 at terminal multiple of6 at terminal multiple of6 2 $m 2026E 2027E 2028E 2029E Terminal period Total revenue $295 $318 $344 $373 $405 % growth 1.9% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $63 $74 $87 $100 $109 % margin 21.4% 23.4% 25.2% 26.9% 26.9% (-) One-time items3 (2) (2) - - - (-) Stock-based compensation (tax deductible)4 (2) (3) (4) (4) (4) (-) Tax D&A (35) (23) (22) (22) (10) EBIT $25 $46 $60 $74 $94 (-) Tax at 25% rate5 (6) (11) (15) (18) (20) NOPAT $19 $35 $46 $56 $74 (+) Tax D&A 35 23 22 22 10 (-) Stock-based compensation (non-tax deductible)4 (3) (5) (6) (6) (6) (-) CapEx (9) (9) (10) (10) (10) (+/-) Source / (use) of NWC (0) (2) (2) (2) (2) Unlevered FCF $41 $41 $50 $59 $65 Preliminary valuation perspectives 2 10 WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 13.0% $682 $715 $748 $782 $815 78% 79% 80% 81% 82% $6.56 $8.30 $10.05 $11.79 $13.53 14.0% 661 693 725 757 789 78% 79% 80% 81% 82% 5.46 7.14 8.82 10.51 12.19 15.0% 640 672 703 734 765 78% 79% 80% 80% 81% 4.40 6.03 7.65 9.28 10.90 16.0% 621 651 681 711 741 77% 78% 79% 80% 81% 3.39 4.96 6.53 8.10 9.67 17.0% 603 632 661 690 719 77% 78% 79% 80% 81% 2.42 3.94 5.45 6.97 8.49

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE $5.11 $6.63 $6.98 $1.66 $11.09 $10.07 $8.05 $11.06 Illustrative discounted cash flow analysis sensitivity DCF sensitivity to various operating assumptions Implied per-share midpoint DCF range1 LTP assumption Item Sources: Company filings, Kona Management, LTP Notes: Sensitivity analyses vs. LTP. Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025 per Kona Management. Assumes WACC of 15.0% and terminal multiple midpoint of 9.0x 2025E to 2029E CAGR 55.2% represents 2025E LTP gross margin and 57.9% represents 2029E LTP gross margin +1% Represents 2026E management LTP EBITDA margin Sensitivity range Avg. CaaS connections (% CAGR)2 Average CaaS connections reach 29.8m by 2029 2025-2029 CAGR of 11% 9% 13% 11% Solutions (% CAGR) IoT Solutions has (2%) CAGR across 2025 to 2029 (5%) 5% (2%) Gross margin (% +/-) Gross margin increases from 55.2% in 2025 to 56.9% in 2029 55.2%3 57.9%3 56.9% Adj. EBITDA margin increases from 21.7% in 2025 to 26.9% in 2029 Terminal Adj. EBITDA margin 21.4%4 30% 26.9% TMM Base DCF midpoint: $7.65 Preliminary valuation perspectives 2 11

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Kona LTP $2.50 51.2% $54 $523 1.8x 1.8x 8.4x 7.8x 1.4% 1.9% 21.6% 22.7% Kona consensus $2.50 51.2% $54 $523 1.8x 1.7x 8.1x 7.2x 2.6% 6.7% 22.0% 23.3% IoT Solutions Digi $33.54 90.5% $1,298 $1,343 3.1x 3.0x 12.8x 12.3x 1.0% 3.6% 24.5% 24.7% Powerfleet 4 4.57 52.5% 617 842 2.0x 1.8x 8.7x 6.6x 14.1% 11.7% 23.3% 27.8% Ituran 40.70 89.6% 810 762 2.2x 2.1x 7.7x 7.3x 4.4% 5.7% 28.1% 28.2% Mean 2.4x 2.3x 9.8x 8.7x 6.5% 7.0% 25.3% 26.9% Median 2.2x 2.1x 8.7x 7.3x 4.4% 5.7% 24.5% 27.8% $m, unless noted1, 2 Share price ($) %52w high Market cap Enterprise EV / Revenue EV / Adj. EBITDA Revenue growth Adj. EBITDA margin value 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E Kona LTP 3 $4.50 92.2% $86 $642 2.2x 2.2x 10.2x 10.2x 1.4% 1.9% 21.7% 21.4% Kona consensus $4.50 92.2% $86 $642 2.3x 2.1x 10.5x 9.0x (0.9%) 7.7% 21.7% 23.4% IoT Solutions Digi $45.51 94.8% $1,774 $1,912 4.3x 3.9x 16.9x 14.7x 4.1% 10.3% 25.5% 26.7% Powerfleet 4 5.28 60.6% 719 962 2.3x 2.0x 10.5x 8.1x 16.2% 11.7% 21.8% 25.2% Ituran 44.24 97.4% 880 796 2.2x 2.1x 8.3x 7.4x 6.7% 8.0% 26.8% 27.9% Mean 2.9x 2.7x 11.9x 10.1x 9.0% 10.0% 24.7% 26.6% Median 2.3x 2.1x 10.5x 8.1x 6.7% 10.3% 25.5% 26.7% $m, unless noted1, 2 Share price ($) %52w high Market cap Enterprise value EV / Revenue 2025E 2026E EV / Adj. EBITDA 2025E 2026E Revenue growth 2025E 2026E Adj. EBITDA margin 2025E 2026E Select public company analysis (as of July 25, 2025) Selected public company analysis Sources: Company filings, FactSet (as of December 12, 2025), Kona Management, LTP Notes: Metrics based on median consensus estimate Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Preferred stock valued at liquidation value of 1.8x MOIC ($275m) Powerfleet pro-forma financials include the acquisition of MiX Telematics in October 2023 and Fleet Complete in September 2024 Preliminary valuation perspectives 2 12

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![](ny20068726x2_excviiislide13.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 4.0x 8.0x 12.0x 16.0x 20.0x Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 10yr 5yr 4yr 3yr 2yr 1yr Kona1 n.a n.a. 7.7x 7.1x 7.2x 7.5x IoT Solutions Digi 10.1x 12.3x 12.6x 12.2x 11.6x 12.1x Powerfleet 14.9x 12.3x 11.2x 10.2x 9.5x 8.1x Ituran 6.9x 5.8x 5.5x 5.5x 5.7x 6.6x Mean 10.7x 10.2x 9.8x 9.4x 8.9x 8.9x Average EV / NTM Adj. EBITDA since July 2015 Selected public company analysis: valuation over time EV / NTM EBITDA (L10Y) Sources: Company filings, FactSet (as of December 12, 2025), Kona Management Note: 1. Kona since 2021 de-SPAC Kona1 IoT Solutions 10.2x 9.1x Preliminary valuation perspectives 2 13 Current NTM trading multiple

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![](ny20068726x2_excviiislide14.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x 7.9x Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 Preliminary valuation perspectives 2 14

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3 Supplemental analyses

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![](ny20068726x2_excviiislide16.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative PV of Kona future share value Share price sensitivity at trading multiple between 8 – 12x and cost of equity of 16 – 20% Sources: Bloomberg, company filings, FactSet (as of December 12, 2025), Kona Management, LTP Notes: Illustrative share prices based on FDSO including 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management Assumes current capital structure (as of November 30, 2025) and cost of equity 16 - 20% Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) Cost of equity held at 18.0% NPV of future share value1,2,3 9.0x 8.0x EV / NTM Adj. EBITDA4: 11.0x 10.0x 12.0x Supplemental analyses 3 16 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 16.0% n.m. $0.68 $3.87 $7.11 $10.38 18.0% n.m. 0.68 3.86 7.11 10.37 20.0% n.m. 0.68 3.86 7.10 10.36 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 16.0% $1.15 $4.33 $7.77 $11.13 $14.48 18.0% 1.13 4.25 7.63 10.93 14.22 20.0% 1.11 4.18 7.49 10.74 13.97 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 16.0% $4.19 $8.22 $12.00 $15.37 $18.42 18.0% 4.04 7.94 11.58 14.84 17.79 20.0% 3.90 7.67 11.19 14.33 17.18 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 16.0% $6.34 $10.60 $14.18 $17.36 $20.44 18.0% 6.02 10.06 13.46 16.48 19.40 20.0% 5.72 9.55 12.78 15.66 18.43 Implied PV of '25E share price at illustrative trading multiple of Implied PV of '26E share price at illustrative trading multiple of Implied PV of '27E share price at illustrative trading multiple of Implied PV of '28E share price at illustrative trading multiple of $1.13 $4.04 $6.02 $0.68 n.m. $4.25 $7.94 $10.06 $3.86 $7.63 $11.58 $13.46 $7.11 $10.93 $14.84 $16.48 $4.50 $10.37 $14.22 $17.79 $19.40 - $5.00 $10.00 $15.00 $20.00 $25.00 Current 2025E 2026E 2027E 2028E

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative PV of Kona future share value (cont'd) 2025-2029 Revenue CAGR sensitivity from 3 to 8% for 2026E, 2027E and 2028E Assumptions1,2 2026E1,2 Summary assumptions: 1 EBITDA margins consistent with prior scenario 2 Cost of equity held at 18.0% (midpoint of sensitivity range) 3 Exit multiple range of 8 – 12x NTM adj. EBITDA 4 LTP assumes revenue CAGR of 7% Sources: Bloomberg, company filings, FactSet (as of December 12, 2025), LTP, Kona Management Notes: 1. Illustrative share prices based on FDSO including 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management 2. Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) 2027E1,2 2028E1,2 17 Supplemental analyses 3 Revenue Implied PV of '26E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $2.76 $5.97 $9.10 $12.22 4% 0.09 3.01 6.26 9.42 12.57 5% 0.41 3.38 6.67 9.88 13.07 6% 0.89 3.96 7.30 10.58 13.83 7% 1.13 4.25 7.63 10.93 14.22 8% 1.85 5.12 8.58 11.99 15.37 Revenue Implied PV of '27E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $5.42 $8.88 $11.99 $14.90 4% 0.73 5.91 9.44 12.61 15.51 5% 2.23 6.57 10.14 13.39 16.27 6% 3.51 7.47 11.09 14.36 17.27 7% 4.04 7.94 11.58 14.84 17.79 8% 5.41 9.30 13.04 16.26 19.33 Revenue Implied PV of '28E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $6.67 $9.80 $12.46 $15.02 4% 1.17 7.49 10.75 13.52 16.18 5% 3.53 8.42 11.76 14.64 17.41 6% 5.32 9.50 12.88 15.85 18.72 7% 6.02 10.06 13.46 16.48 19.40 8% 7.78 11.70 15.19 18.37 21.44

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![](ny20068726x2_excviiislide18.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative Samoa perspective assessment1 Illustrative close date of December 31, 2025 and exit date of December 31, 2028 N Assumes 3-year investment post take-private transaction Delisting triggers mandatory redemption of the $120m backstop notes, including ~$20m in accrued and remaining coupons through maturity Sources $m % of total Refinanced debt $302 42% Existing cash on balance sheet 21 3% Rollover of Samoa preferred to equity3 275 38% Rollover of Amelia equity 24 3% New equity4 103 14% Total sources $724 100% Uses $m % of total Equity purchase price ($5.00 / share) $71 10% Refinancing of term loan 182 25% Mandatory redemption of backstop notes 140 19% Rollover of Samoa preferred3 275 38% Rollover of Amelia equity 24 3% Transaction & financing fees5 12 2% Cash to balance sheet 20 3% Total uses $724 100% Sources: LTP, company filings, R&Co financing extrapolations otes: Assumes acquisition by Samoa and Amelia with rollover of portable instruments2 including existing Amelia equity Overview Implied IRR on initial investment and new equity Represents return on new Samoa equity and initial preferred equity investment of $153m in November 2023 Implied MoM on initial investment and new equity Represents return on new Samoa equity and initial preferred equity investment of $153m in November 2023 For returns math, rolled into transaction as equity; based on liquidation preference as of December 31, 2025; reflects minimum 1.8x return, inclusive of accrued PIK interest and 2.4m warrants 10% of pro forma equity allocated to illustrative Management Incentive Plan in place of existing stock-based compensation Transaction fees include illustrative estimated M&A fees and financing fee on new debt 18 Supplemental analyses 3 Exit Implied IRR at entry share price of multiple $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 8.0x 18% 17% 15% 14% 13% 11% 10% 9.0x 22% 21% 19% 18% 17% 15% 14% 10.0x 26% 24% 23% 22% 20% 19% 18% 11.0x 29% 28% 26% 25% 24% 22% 21% 12.0x 32% 31% 29% 28% 27% 25% 24% Exit multiple $5.00 $6.00 $10.00 $11.00 2.1x 1.9x 1.5x 1.5x 2.4x 2.2x 1.8x 1.7x 2.7x 2.6x Implied MoM at entry share price of $7.00 $8.00 $9.00 1.8x 1.7x 1.6x 2.1x 2.0x 1.9x 2.4x 2.3x 2.2x 2.0x 1.9x 8.0x 9.0x 10.0x 11.0x 12.0x 3.1x 3.4x 2.9x 3.2x 2.7x 3.0x 2.6x 2.8x 2.4x 2.7x 2.3x 2.5x 2.2x 2.4x

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative Samoa perspective assessment (cont'd) Levered free cash flow forecast Projected cash flows1 Sources: LTP, company filings, R&Co financing extrapolations Notes: Levered free cash flow line items based on LTP Includes ~$3m of annual public company cost savings beginning in 2026E 3. Per Kona Management, other tax deductible expenses include integration-related costs and other one-time items Valuation date as of December 31, 2025 Assumes exit at December 31, 2028 Assumes acquisition by Samoa and Amelia with rollover of existing Amelia equity □ Refinanced debt priced at SOFR + 650 $20m minimum cash All excess cash flows swept to pay down debt Tax rate of 25%, per Kona Management Transaction fees of $12m including illustrative estimated M&A fees and financing fee on new debt Key assumptions 19 Supplemental analyses 3 $m 2025E 2026E 2027E 2028E Total revenue $290 $295 $318 $344 % growth 2% 8% 8% Adj. EBITDA2 $63 $66 $77 $89 % margin 22% 22% 24% 26% (-) One-time items3 (2) (2) - (-) Tax D&A (35) (23) (22) EBIT $29 $52 $67 (-) Net interest expense (28) (25) (22) EBT $1 $27 $45 (-) Cash taxes (4) (8) (10) (+) D&A 35 23 22 (-) CapEx (9) (9) (10) (+ / -) Change in NWC (0) (2) (2) Levered FCF $22 $31 $46 Credit metrics Gross debt $302 $279 $248 $203 Net debt 282 259 228 183 Gross leverage 4.8x 4.3x 3.2x 2.3x Net leverage 4.5x 3.9x 3.0x 2.0x LFCF / net debt 0.1x 0.1x 0.2x Cumulative trx. debt paid down - 7% 18% 33%

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![](ny20068726x2_excviiislide20.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 22.3% 36.4% 42.1% 56.2% 81.1% 25th percentile Median Mean 75th percentile 90th percentile 20.2% 32.4% 44.3% 53.4% 94.4% 25th percentile Median Mean 75th percentile 90th percentile Share price premium 1-day Premiums paid analysis Share price premium 1-month Source: Refinitiv Note: Analysis includes 172 going-private transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors 20 Supplemental analyses 3

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Appendix

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![](ny20068726x2_excviiislide22.jpg)

Appendix A Other supporting materials

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![](ny20068726x2_excviiislide23.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Nov-25 Interest rate Maturity Net leverage - $25m WhiteHorse senior secured revolver $185m WhiteHorse senior secured term loan $120m Convertible backstop notes 182 120 S+650 S+650 5.50% Nov-28 Nov-28 Sep-28 Credit metrics Gross leverage 4.8x Gross leverage (including preferred equity) 9.2x 1st lien net leverage 4 2.6x Net leverage 4.5x Net leverage (including preferred equity) 8.9x 2.6x Existing capital structure overview Balance sheet as of November 30, 2025 Capitalization overview ($m) Sources: Company filings, FactSet (as of December 12, 2025), Kona Management Notes: 1. Valued at liquidation preference inclusive of accumulated PIK interest (as of anticipated close of December 31, 2025) FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Q3 2025 LTM Credit Agreement EBITDA per Kona Management inclusive of pro-forma adjustments Includes senior secured term loan and revolver Other supporting materials A 23 Total debt $302 4.5x $153m Series A-1 preferred1 275 13.0% Nov-33 Total debt and preferred $577 8.9x Cash and cash equivalents (21) Net debt incl. preferred $556 Market capitalization (based on $4.50 stock price) 2 86 Total capitalization $642 LTM Credit Agreement EBITDA 3 $63 Liquidity analysis $25m Senior Secured RCF (-) Amount outstanding $25 – Facility available $25 (+) Cash and cash equivalents 21 Total liquidity $46

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![](ny20068726x2_excviiislide24.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Investor details Holding Shareholder Type % BSO % BSO incl. Samoa warrants1 Amelia Active 28% 24% Samoa Active - 12% Corient Private Wealth LLC Passive 12% 11% Koch Industries (Investment Management) Active 11% 10% Cerberus Active 9% 8% Twilio, Inc Passive 6% 5% Individual 6% 5% Goldman Sachs & Co LLC (Private Banking) Active 5% 4% Dotmar Investments Ltd3 Individual 5% 4% Jared Deith4 Individual 3% 2% Top 10 shareholders 84% 86% 2 Terrdian CCPC % of BSO (incl. Samoa warrants)1 Kona shareholder base Samoa and Amelia collectively own ~36% of Kona's basic shares outstanding, assuming Samoa chooses to exercise its warrants1 Sources: Bloomberg, company filings, Kona Management Notes: 1. 17.5m common shares outstanding and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Terence Jarman, former Chairman of Kona, is President of Terrdian CCPC Richard Burston, co-founder and early investor of Kona, is Chairman of Dotmar Investments Jared Deith is the current CRO at Kona Overview of top 10 shareholders Other supporting materials A Upon exercise of the Samoa warrants, Amelia and Samoa collectively hold ~36% of basic shares outstanding 24 Active 22% Amelia 24% Samoa 12% Passive 16% Individual 12%

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## Ex-99.(C)(Ix)

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**Exhibit (c)(ix)**<br>

![](ny20068726x2_excixslide1.jpg)

Project Kona Updated valuation materials January 1, 2026 DRAFT All numbers and references herein are highly preliminary and subject to material refinement Exhibit (c)(ix)

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![](ny20068726x2_exciiislide2.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

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![](ny20068726x2_excixslide3.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Implied valuation at various prices $m, unless noted Current Unaffected 1st Samoa/Amelia 1 proposal 2 Ilustrative share price ($) $4.17 $1.17 $5.00 $8.75 $9.00 $9.25 $9.50 $9.75 Implied premia to: Current (December 30, 2025) $4.17 - (72%) 20% 110% 116% 122% 128% 134% Unaffected $1.17 256% - 327% 648% 669% 691% 712% 733% 1-month VWAP $4.30 (3%) (73%) 16% 103% 109% 115% 121% 127% 3-month VWAP $4.33 (4%) (73%) 15% 102% 108% 113% 119% 125% 6-month VWAP $4.09 2% (71%) 22% 114% 120% 126% 132% 138% 52-week high $4.88 (15%) (76%) 2% 79% 84% 90% 95% 100% 52-week low $1.66 151% (30%) 201% 427% 442% 457% 472% 487% (x) Fully diluted shares outstanding (m)3 19 19 19 19 19 19 19 19 Implied equity value (excl. Samoa warrants) $80 $22 $96 $167 $172 $177 $182 $186 Memo: value of Samoa warrants $10 $3 $12 $21 $22 $22 $23 $23 Memo: equity purchase price (excl. shares owned by Amelia) $59 $17 $71 $125 $128 $132 $136 $139 (+) Net debt4 $281 $281 $281 $281 $281 $281 $281 $281 (+) Returned capital to Samoa5 275 275 275 275 275 275 275 275 Implied enterprise value $636 $579 $652 $724 $728 $733 $738 $743 Memo: implied EV premium - (9.0%) 2.5% 13.8% 14.5% 15.3% 16.0% 16.8% Memo: mandatory redemption of backstop notes 6 $20 $20 $20 $20 $20 $20 $20 $20 Implied multiples: EV / Adj. EBITDA LTM (November 30, 2025) $62 10.3x 9.4x 10.6x 11.8x 11.8x 11.9x 12.0x 12.1x 25E $63 10.1x 9.2x 10.4x 11.5x 11.6x 11.7x 11.7x 11.8x 26E $63 10.1x 9.2x 10.3x 11.5x 11.5x 11.6x 11.7x 11.8x Kona's valuation at various stock prices Sources: Company filings, FactSet (as of December 30, 2025), Kona Management, LTP Notes: Unaffected date as of December 18, 2024, day prior to Samoa's initial amended 13D filing Samoa / Amelia proposal is a non-binding offer received November 3, 2025 FDSO includes 17.5m common shares and 1.6m RSUs as of November 30, 2025, per Kona Management Net debt of $281m as of November 30, 2025 Inclusive of preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants Additional payment in the event of a change of control comprised of the remaining coupons to maturity and accrued interest on the $120m in backstop notes, as of December 31, 2025 3

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![](ny20068726x2_excixslide4.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative discounted cash flow analysis Projected cash flows1 Sources: Company filings, Kona Management, LTP Notes: Unlevered cash flow line items based on LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Kona Management, other tax-deductible expenses include integration-related costs and other one-time items 40% of SBC is tax-deductible per Kona Management. SBC treated as cash expense 25% tax rate per LTP Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs and 2.4m warrants issued to Samoa as of November 30, 2025, preferred stock valued at liquidation value of 1.8x MOIC ($275m), senior secured note valued at principal balance ($182m), backstop notes valued at principal value ($120m), cash balance ($21m), all as of November 30, 2025, per Kona Management and company filings Enterprise value ($m) at terminal multiple of6 PV of terminal value as % of EV at terminal multiple of6 Implied share price at terminal multiple of6 4 $m 2026E 2027E 2028E 2029E Terminal period2 Total revenue $295 $318 $344 $373 $405 % growth 1.9% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $63 $74 $87 $100 $109 25.2% 26.9% 26.9% - - - % margin (-) One-time items3 (-) Stock-based compensation (tax deductible) 4 (-) Tax D&A 21.4% (2) (2) (35) 23.4% (2) (3) (23) (4) (22) (4) (22) (4) (10) EBIT $25 $46 $60 $74 $94 (-) Tax at 25% rate5 (6) (11) (15) (18) (20) NOPAT $19 $35 $46 $56 $74 (+) Tax D&A (-) Stock-based compensation (non-tax deductible)4 (-) CapEx (+/-) Source / (use) of NWC 35 (3) (9) (0) 23 (5) (9) (2) 22 (6) (10) (2) 22 (6) (10) (2) 10 (6) (10) (2) Unlevered FCF $41 $41 $50 $59 $65 WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 13.0% $682 $715 $748 $782 $815 78% 79% 80% 81% 82% $6.56 $8.30 $10.05 $11.79 $13.54 14.0% 661 693 725 757 789 78% 79% 80% 81% 82% 5.46 7.14 8.83 10.51 12.19 15.0% 640 672 703 734 765 78% 79% 80% 80% 81% 4.40 6.03 7.65 9.28 10.91 16.0% 621 651 681 711 741 77% 78% 79% 80% 81% 3.39 4.96 6.53 8.10 9.67 17.0% 603 632 661 690 719 77% 78% 79% 80% 81% 2.42 3.94 5.45 6.97 8.49

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![](ny20068726x2_excixslide5.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Kona LTP $2.50 51.2% $54 $523 1.8x 1.8x 8.4x 7.8x 1.4% 1.9% 21.6% 22.7% Kona consensus $2.50 51.2% $54 $523 1.8x 1.7x 8.1x 7.2x 2.6% 6.7% 22.0% 23.3% IoT Solutions Digi $33.54 90.5% $1,298 $1,343 3.1x 3.0x 12.8x 12.3x 1.0% 3.6% 24.5% 24.7% Powerfleet4 4.57 52.5% 617 842 2.0x 1.8x 8.7x 6.6x 14.1% 11.7% 23.3% 27.8% Ituran 40.70 89.6% 810 762 2.2x 2.1x 7.7x 7.3x 4.4% 5.7% 28.1% 28.2% Mean 2.4x 2.3x 9.8x 8.7x 6.5% 7.0% 25.3% 26.9% Median 2.2x 2.1x 8.7x 7.3x 4.4% 5.7% 24.5% 27.8% Share price ($) %52w high Market cap Enterprise EV / Revenue EV / Adj. EBITDA Revenue growthAdj. EBITDA margin value 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E $m, unless noted1, 2 Kona LTP3 $4.17 85.5% $80 $636 2.2x 2.2x 10.1x 10.1x 1.4% 1.9% 21.7% 21.4% Kona consensus $4.17 85.5% $80 $636 2.2x 2.1x 10.4x 8.9x (0.9%) 7.7% 21.7% 23.4% IoT Solutions Digi $44.15 92.0% $1,720 $1,858 4.2x 3.8x 16.4x 14.2x 4.1% 10.3% 25.5% 26.7% Powerfleet4 5.35 61.4% 729 972 2.3x 2.1x 10.6x 8.2x 16.2% 11.7% 21.8% 25.2% Ituran 42.40 93.3% 843 759 2.1x 2.0x 7.9x 7.0x 6.7% 8.0% 26.8% 27.9% Mean 2.9x 2.6x 11.6x 9.8x 9.0% 10.0% 24.7% 26.6% Median 2.3x 2.1x 10.6x 8.2x 6.7% 10.3% 25.5% 26.7% Share price ($) %52w high Market cap Enterprise value EV / Revenue 2025E 2026E EV / Adj. EBITDA 2025E 2026E Revenue growthAdj. EBITDA margin 2025E 2026E 2025E 2026E $m, unless noted1, 2 Select public company analysis (as of July 25, 2025) Selected public company analysis Sources: Company filings, FactSet (as of December 30, 2025), Kona Management, LTP Notes: Metrics based on median consensus estimate Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Preferred stock valued at liquidation value of 1.8x MOIC ($275m) Powerfleet pro-forma financials include the acquisition of MiX Telematics in October 2023 and Fleet Complete in September 2024 5

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![](ny20068726x2_excixslide6.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x 7.9x Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 6

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![](ny20068726x2_excixslide7.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative Samoa perspective assessment1 Illustrative close date of December 31, 2025 and exit date of December 31, 2028 Sources: LTP, company filings, R&Co financing extrapolations Notes: Assumes 3-year investment post take-private transaction Delisting triggers mandatory redemption of the $120m backstop notes, including ~$20m in accrued and remaining coupons through maturity Assumes acquisition by Samoa and Amelia with rollover of portable instruments2 including existing Amelia equity Overview Implied IRR on initial investment and new equity Implied MoM on initial investment and new equity Represents return on new Samoa equity and initial preferred equity investment of $153m in November 2023 Represents return on new Samoa equity and initial preferred equity investment of $153m in November 2023 For returns math, rolled into transaction as equity; based on liquidation preference as of December 31, 2025; reflects minimum 1.8x return, inclusive of accrued PIK interest and 2.4m warrants 10% of pro forma equity allocated to illustrative Management Incentive Plan in place of existing stock-based compensation Transaction fees include illustrative estimated M&A fees and financing fee on new debt 7 Exit Implied IRR at entry share price of multiple $8.75 $9.00 $9.25 $9.50 $9.75 8.0x 13% 13% 12% 12% 12% 9.0x 17% 17% 16% 16% 16% 10.0x 21% 20% 20% 20% 19% 11.0x 24% 24% 23% 23% 23% 12.0x 27% 27% 26% 26% 26% Exit Implied MoM at entry share price of multiple $8.75 $9.00 $9.25 $9.50 $9.75 8.0x 1.7x 1.6x 1.6x 1.6x 1.6x 9.0x 1.9x 1.9x 1.9x 1.8x 1.8x 10.0x 2.2x 2.2x 2.1x 2.1x 2.1x 11.0x 2.5x 2.4x 2.4x 2.4x 2.3x 12.0x 2.7x 2.7x 2.6x 2.6x 2.6x Sources $m % of total Refinanced debt $302 38% Existing cash on balance sheet 21 3% Rollover of Samoa preferred to equity3 275 35% Rollover of Amelia equity 42 5% New equity4 156 20% Total sources $796 100% Uses $m % of total Equity purchase price ($8.75 / share) $125 16% Refinancing of term loan 182 23% Mandatory redemption of backstop notes 140 18% Rollover of Samoa preferred3 275 35% Rollover of Amelia equity 42 5% Transaction & financing fees5 12 2% Cash to balance sheet 20 3% Total uses $796 100% IRR < 15% IRR 15%-20% IRR > 20% MoM < 1.8x MoM 1.8x-2.0x MoM > 2.0x

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## Ex-99.(C)(X)

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**Exhibit (c)(x)**<br>

![](ny20068726x2_excxslide1.jpg)

Project Kona Process and valuation materials February 11, 2026 DRAFT All numbers and references herein are highly preliminary and subject to material refinement Exhibit (c)(x)

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![](ny20068726x2_exciiislide2.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

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![](ny20068726x2_excxslide3.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Contents Executive summary Overview of Standalone LTP Preliminary valuation perspectives Appendix – Valuation supplement 4 12 15 19

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![](ny20068726x2_excxslide4.jpg)

1 Executive summary

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![](ny20068726x2_excxslide5.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Rothschild & Co engagement 5 Rothschild & Co US Inc. ("Rothschild & Co" or "We") has been engaged by the Special Committee (the "Special Committee") of the Board of Directors of Kona (the "Company") as financial advisor in connection with advising the Special Committee with respect to a potential transaction (the "Transaction") proposed by Samoa (together with its affiliated investment funds) and Amelia (collectively, referred herein as the "Samoa Group") as well as in evaluating potential strategic alternatives to the Transaction, and if requested by the Special Committee, rendering an opinion as to the fairness, from a financial point of view, of the consideration to be received by the Company's disinterested stockholders. To this end, these materials focus on the following: Review of Kona's Standalone LTP Preliminary valuation analysis of Kona In connection with our engagement, Rothschild & Co has, among other things: At the direction of the Special Committee, utilized financial forecasts for Kona, prepared and provided by Kona's management team ("Management") and confirmed and approved by Management and by the Special Committee on October 20, 2025 (the "Standalone Long Term Plan" or "Standalone LTP") Held discussions with the Special Committee regarding: The proposed Transaction; Past and current business operations and financial condition and prospects of Kona, including the Standalone LTP and the financial implications thereof; Strategic alternatives available to the Company; and Certain other matters believed necessary or appropriate to our inquiry Held discussions with key members of Management on a regular basis over the course of our engagement 1.1SITEUxAeTcIOuNtiOvVeEsRuVmIEmWary

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![](ny20068726x2_excxslide6.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE In 2023, Samoa completed a $153m private placement investment consisting of 153k shares of Series A-1 Preferred Stock along with 2.4m warrants exercisable at $0.05 per share, convertible into 2.4m shares of common stock (reflecting adjustment for 1:5 reverse stock split enacted in June 2024) On December 19, 2024, Samoa amended its 13D indicating it may seek to further invest in or evaluate a take-private of Kona In March 2025, the Company's Board of Directors formed a Special Committee of independent directors to evaluate strategic opportunities and subsequently retained Rothschild & Co in June 2025 to advise it on evaluating potential strategic alternatives In July 2025, at the direction of the Special Committee, Rothschild & Co initiated a two-phase, targeted outreach to 22 potential strategic buyers (including the Samoa Group), of which 8 signed NDAs In October 2025, 7 parties received preliminary information on Kona and attended a meeting with Management On November 3, 2025, Samoa, in consortium with Amelia1, submitted a preliminary offer of $5.00 per share to take the Company private, a 327% premium to the unaffected price of $1.172 On November 13, 2025, a third party submitted a preliminary offer of $8.00 per share to take the Company private, a 584% premium to the unaffected price2 On December 12, 2025, the third party withdrew its offer Subsequent negotiations with the Samoa Group resulted in a final proposal of $9.25 per share Engagement and process overview Transaction background Sources: Company filings, FactSet 2. Notes: 1. Amelia originally invested in November 2014, and currently holds 28% of basic shares outstanding 3. Unaffected price represents close price on the day prior to Samoa's amended 13D on December 19, 2024 Initial SG offer announced on November 4, 2025 6 Special Committee ("SC") meetings 40+ Bidding history ($ per share) 4 Total price increases Premium to unaffected price2 691% 1.1SITEUxAeTcIOuNtiOvVeEsRuVmIEmWary $1.17 $5.00 $6.00 $8.00 $8.00 $8.75 $9.25 $10.00 $9.75 $9.50 Dec 18, 2024 Initial SG offer Revised SG Third party offer #1 offer SC counter offer #1 Revised SG SC counter Revised SG offer #2 offer #2 offer #3 SC counter offer #3 Final SG proposal premium to price prior to the initial SG offer3 138%

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![](ny20068726x2_excxslide7.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 22 7 2 1 Parties Engaged Received Round I VDR Access Submitted IOI Samoa Group Final Proposal 1.1SITEUxAeTcIOuNtiOvVeEsRuVmIEmWary Buyer outreach overview 7 Process overview July 2025: Buyer outreach initiated with 14 parties contacted in an early outreach phase based on likelihood of interest in Kona / ability to transact September 2025: Buyer outreach continued with 7 additional parties contacted for a formal process October 2025: 7 total parties received round I VDR access to conduct further diligence November 2025: Samoa filed its 13D indicating interest in acquiring outstanding shares for $5.00 per share cash consideration On November 13, 2025, a third party submitted a preliminary offer of $8.00 per share Other parties declined to submit proposals for the Company On December 12, 2025, the third party withdrew its offer Negotiations with the Samoa Group resulted in a final proposal of $9.25 per share Process outcome as of February 11, 2026

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![](ny20068726x2_excxslide8.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Terms currently being negotiated $726m sale of Kona to the Samoa Group 8 Sources: FactSet (as of February 9, 2026), Samoa amended 13D dated January 5, 2026, draft Merger Agreement dated February 6, 2026 Notes: 1. Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Initial SG offer announced on November 4, 2025 As of February 9, 2026 1 Executive summary Target Kona Acquiror Samoa Group Purchase price $9.25 per share Premium 691% premium to the unaffected price of $1.171 138% premium to the $3.89 share price prior to the initial Samoa Group offer2 86% premium to current share price of $4.963 Form of consideration All cash Financing No financing contingency; transaction funded via equity and debt funding Shareholder approval "Requisite Company Stockholder Approval," which consists of approval from a majority of the outstanding shares entitled to vote and a majority of votes cast by disinterested stockholders at the Company Stockholders Meeting Conditions Requisite Company Stockholder Approval obtained Regulatory approvals obtained No government order enjoining or prohibiting closing Mutual bring-down conditions for satisfaction of each party's reps, warranties, and covenants No material adverse effect "No shop" Generally prevents the Company from soliciting or engaging in discussions concerning alternative offers, subject to exceptions If the Company determines an alternative offer is superior, the Company can change its recommendation and/or terminate to pursue such offer Termination fee Kona to pay the Samoa Group a termination fee equal to [3.75]% of common equity value in the event of termination of the agreement in order to enter into a transaction deemed a superior proposal

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![](ny20068726x2_excxslide9.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Current The Samoa $4.88 2% 90% $4.47 11% 107% 1-month VWAP (January 9, 2025)4 4 3-month VWAP (November 12, 2025) Samoa Group proposed price per share $9.25 (02/09/2026): Group proposal: (x) Fully diluted shares outstanding1 19 Benchmark $4.96 $9.25 Implied Kona equity value (excl. Samoa warrants) $177 Unaffected (December 18, 2024) $1.17 324% 691% (+) WhiteHorse term loan2 $181 Close prior to initial SG offer (November 3, 2025) $3.89 28% 138% (+) Backstop notes2 120 Current (February 9, 2026) $4.96 - 86% (+) Samoa preferred3 275 4 1-month VWAP after 13D (December 18, 2024) $3.30 50% 180% (-) Cash2 (27) 4 3-month VWAP after 13D (December 18, 2024) 4 $3.20 55% 189% Implied enterprise value $726 6-month VWAP after 13D (December 18, 2024) $3.15 57% 194% Metric ($m) Multiple (x) 4 6-month VWAP (August 14, 2025) $4.29 16% 116% Standalone LTP5 52-week high (February 2, 2026) $5.29 (6%) 75% EV / 2025A Adj. EBITDA $63 11.5x 52-week low (September 10, 2025) $2.00 148% 363% EV / 2026E Adj. EBITDA $63 11.5x EV / 2027E Adj. EBITDA $74 9.8x Consensus6 EV / 2025E Adj. EBITDA $61 11.8x EV / 2026E Adj. EBITDA $71 10.2x Sources: Standalone LTP, company filings, press releases, FactSet (as of February 9, 2026) Notes: Current FDSO includes 17.5m common shares and 1.6m RSUs as of December 31, 2025, per Kona Management Balance sheet as of December 31, 2025, as per Kona Management. WhiteHorse term loan and Backstop notes gross of discounts and deferred debt issuance costs 3. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa Calendar day VWAP Projected metrics per Standalone LTP EV / Adj. EBITDAs based on broker consensus estimates per FactSet (as of February 9, 2026) Implied enterprise value ($m, except per-share data) Implied premia 9 1 Executive summary Proposal overview 691% premium to the unaffected price of $1.17 and 138% premium to the $3.89 share price the day prior to the initial Samoa Group offer Implied multiples

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x - Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 Jan-26 1 Executive summary Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Mar '23 Announces acquisition of Twilio's IoT business unit Jun '24 1:5 reverse stock split Nov '24 Completes operational restructuring plan Nov '23 Kona reports strategic investment from Samoa disclosing 12.0% ownership3 Apr '24 CEO transition Feb '22 Announces acquisition of Business Mobility Partners & SIMON Kona historical trading performance 691% premium to the unaffected price of $1.17 and 138% premium to the $3.89 share price prior to the initial Samoa Group offer Sources: Company filings, FactSet (as of February 9, 2026), press releases Notes: Current FDSO includes 17.5m common shares and 1.6m RSUs as of December 31, 2025, per Kona Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025 EV / NTM Adj. EBITDA based on broker consensus estimates per FactSet (as of February 9, 2026) Ownership percentage calculated including the 2.4m warrants issued to Samoa Kona stock price and NTM Adj. EBITDA multiple since 2021 de-SPAC1 Stock price ($ actuals) Historical NTM trading multiple (x) Stock price EV / NTM Adj. EBITDA2 Samoa events Other events Q / K filed $4.96 9.0x Dec '24 NYSE accepts plan to regain compliance with listing standards Nov '25 Amended 13D filing indicating Samoa / Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 10 Feb-26

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![](ny20068726x2_excxslide11.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 2.0x 4.0x 6.0x 8.0x - Nov-24 Feb-25 Sources: Company filings, FactSet (as of February 9, 2026), press releases Notes: $1.00 $2.00 $3.00 $4.00 $5.00 May-25 Aug-25 Nov-25 Feb-26 Kona historical trading performance (cont'd) Share price increased 73% in the following 1 month after initial 13D filing, and 324% since the filing Kona stock price and NTM Adj. EBITDA multiple since 1 month prior to amended 13D filing1,2 9.0x $1.17 $4.96 $3.22 Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Historical NTM trading multiple (x) Dec '24 NYSE accepts plan to regain compliance with listing standards Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Current FDSO includes 17.5m common shares and 1.6m RSUs as of December 31, 2025, per Kona Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025 EV / NTM Adj. EBITDA based on broker consensus estimates per FactSet (as of February 9, 2026) Nov '25 Amended 13D filing indicating Samoa/Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 11 1 Executive summary Stock price ($ actuals) Stock price EV / NTM Adj. EBITDA3 Samoa events Other events Q / K filed

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![](ny20068726x2_excxslide12.jpg)

2 Overview of Standalone LTP

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![](ny20068726x2_excxslide13.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 8.5% 8.9% 10.2% 12.0% 12.1% 19.8 21.5 23.7 26.6 29.8 2025A 2026E 2027E 2028E Sources: Kona Management, Standalone LTP Note: 2029E 2bps (4bps) 31bps 22bps 11bps 56.3% 56.3% 56.6% 56.8% 56.9% 2025A 2026E 2027E 2028E 2029E (9.4%) (0.0%) 0.6% (2.0%) (2.0%) $0.88 $0.88 $0.89 $0.87 $0.86 2025A 2026E 2027E 2028E 2029E Management Standalone LTP: review of key plan assumptions 1. CaaS ARPU is calculated as the weighted average monthly revenue per user over the period Selected KPIs (Standalone LTP) Key assumptions a CaaS Connectivity revenue growth is forecasted at 8.9%, 10.9%, 9.8% and 9.9% in 2026 to 2029, respectively, reflecting a return to industry growth rates b Solutions revenue is held approximately flat throughout the forecast period, as Management prioritizes higher-margin opportunities that support recurring Connectivity revenue c Gross margin is forecasted to improve, reflecting improved vendor pricing with carriers due to higher volumes, while accounting for customer re-rates d Operating expenses are forecasted to grow ~2-3% annually, with the anticipated realization of efficiency gains Management believes additional cost levers are available should revenue fall short of expectations Average CaaS connections (m) CaaS ARPU1 Gross margin % YoY growth (%) YoY growth (%) YoY improvement (bps) Overview of Standalone LTP 2 13

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Summary of Standalone LTP1 Sources: Company filings, Kona Management, Standalone LTP Notes: Based on the Standalone LTP. 2023A – 2025A financials per Kona Management Other tax deductible expenses include integration-related costs and other one-time items 40% of stock-based compensation is tax deductible, per Kona management Average CaaS Connections and ARPU based on CaaS, SuperSIM and Carrier+ revenue per user and average monthly connections CaaS ARPU is calculated as the weighted average monthly revenue per user over the period Inclusive of CapEx and capitalized labor 14 Overview of Standalone LTP 2 CAGR $m, unless noted 2023A 2024A 2025A 2026E 2027E 2028E 2029E '23-'25 '25-'29 Total IoT Connectivity $204 $228 $225 Total IoT Solutions 73 58 61 $239 $260 $285 $313 57 58 59 60 5% 9% (8%) (0%) Revenue $277 $286 $286 % growth 14% 3% (0%) $295 $318 $344 $373 2% 7% 3% 8% 8% 8% Gross profit $149 $161 $161 % margin 54% 56% 56% $166 $180 $196 $212 4% 7% 56% 57% 57% 57% Adj. EBITDA $56 $53 $63 % margin 20% 19% 22% $63 $74 $87 $100 7% 12% 21% 23% 25% 27% (-) One-time items2 (-) Stock-based compensation (tax deductible)3 (-) Tax D&A ($2) ($2) - - (2) (3) (4) (4) (24) (24) (23) (23) EBIT % margin $35 $45 $59 $73 12% 14% 17% 20% Memo: Average CaaS connections (m)4 CaaS ARPU4,5 CapEx6 21.5 23.7 26.6 29.8 11% $0.88 $0.89 $0.87 $0.86 (1%) $9 $9 $10 $10 1%

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3 Preliminary valuation perspectives

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PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Overview of preliminary valuation methodologies and other references Selected public company analysis Selected publicly traded companies in the IoT Solutions sector Selected Adj. EBITDA multiples applied to Kona's 2025A and 2026E Adj. EBITDAs, based on Standalone LTP Selected precedent acquisition transactions in the IoT Solutions sector Analysis based on implied transaction enterprise value multiples of last twelve months (LTM) Adj. EBITDA Selected multiples applied to Kona's 2025A Adj. EBITDA as per Standalone LTP Selected precedent transactions analysis Analysis of Standalone LTP Valuation date as of December 31, 2025 Terminal multiple range of 8.0x – 10.0x Weighted average cost of capital (WACC) range of 14.5 – 16.5% Illustrative discounted cash flow analysis Other references Premia paid analysis Analysis of observed premia to unaffected stock price and price prior to initial Samoa Group offer, in all-cash take- private transactions and acquisitions □ Take-private transactions include U.S. targets with transaction enterprise values above $250m since 2017 Other metrics Kona 52-week stock trading range Equity research analysts stock price targets 16 Preliminary valuation perspectives 3

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![](ny20068726x2_excxslide17.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Methodology Current: $4.96 Samoa Group proposal: $9.25 Per-share value ($)1,2,4 Approx. implied EV2,4 Assumptions Core references Selected public company analysis EV / 2025A Adj. EBITDA $570 - 760m EV / 2025A Adj. EBITDA multiple: 9.0x – 12.0x EV / 2026E Adj. EBITDA $510 - 630m  EV / 2026E Adj. EBITDA multiple: 8.0x – 10.0x Selected precedent transactions EV / 2025A Adj. EBITDA $570 - 820m  EV / 2025A Adj. EBITDA multiple: 9.0x – 13.0x Illustrative discounted cash flow analysis $610 - 780m Terminal multiple range: 8.0 – 10.0x WACC range: 14.5 – 16.5% Valuation date as of December 31, 2025 Other references Premia paid analysis Precedent take- privates (1-day) $580 - 580m $640 - 670m 20 – 53% (25th and 75th percentile, respectively) premia to prior closing prices of $1.17 (unaffected) and $3.98 (initial SG offer)5 Precedent take-privates (30-day) $600 - 610m $610 - 630m 22 – 56% (25th and 75th percentile, respectively) premia to close prices 30 days prior of $1.97 (unaffected) and $2.57 (initial SG offer)5 Other metrics 52-week high / low $590 - 650m 52-week trading high and low closing prices as of February 9, 2026 Analyst target prices Unaffected3 $580 - 780m Represents low and high of analyst target prices as of December 18, 2024; 4 contributors6 Analyst target prices Current $650m Represents low and high of analyst target prices as of February 9, 2026; 2 contributors 1.10 n.m. 1.10 3.15 2.00 1.50 5.00 11.00 4.30 14.35 11.80 1.40 1.80 2.40 3.05 5.29 12.00 Preliminary valuation Preliminary valuation perspectives 3 Sources: Bloomberg (as of February 9, 2026), company filings, FactSet (as of February 9, 2026), Kona Management, Kroll Cost of Capital Guide, Standalone LTP, U.S. Fed Notes: Rounded to nearest $0.05 except for 52-week high / low and analyst target prices 5. Per Kona Management, fully diluted shares outstanding calculated including 17.5m common shares and 1.6m RSUs, net debt of $274m as of December 31, 2025, and $275m in preferred (valued at 1.8x 6. minimum return, inclusive of value of warrants). EV figures are rounded to the nearest $10m 7. Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Excludes value impact of Kona's NOLs (~$2.6m of NOLs at year end 2025 with per-share value of ~$0.03) Unaffected date of December 18, 2024, and close prior to initial SG offer announced on November 4, 2025 Includes final coverage reports from Deustche Bank (Aug-24) and Morgan Stanley (Dec-24) 2026E Adj. EBITDA multiple is based on Standalone LTP 17 4.78 6.11 3.09 3.94 Current trading implies 10.2x '26E Adj. EBITDA7

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![](ny20068726x2_excxslide18.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative discounted cash flow analysis sensitivity DCF sensitivity to various operating assumptions Implied per-share midpoint DCF range1 Standalone LTP assumption Item Sources: Company filings, Kona Management, Standalone LTP Notes: 1. Sensitivity analyses vs. Standalone LTP. Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares and 1.6m RSUs as of December 31, 2025, per Kona Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa. Assumes WACC of 15.5% and terminal multiple midpoint of 9.0x 2. 2025A to 2029E CAGR 56.3% represents 2025A gross margin per Kona Management. 57.9% represents 2029E Standalone LTP gross margin +1% 21.4% represents 2026E Standalone LTP Adj. EBITDA margin and 27.9% represents 2029E Standalone LTP Adj. EBITDA margin +1% Sensitivity range Avg. CaaS connections (% CAGR)2 Average CaaS connections reach 29.8m by 2029 2025–2029 CAGR of 11% 9% 13% 11% Solutions (% CAGR)2 IoT Solutions has (0.3%) CAGR across 2025 to 2029 (5%) 5% (0.3%) Gross margin (% +/-) Gross margin increases from 56.3% in 2025 to 56.9% in 2029 56.3%3 57.9%3 56.9% Adj. EBITDA margin increases from 22.2% in 2025 to 26.9% in 2029 Terminal Adj. EBITDA margin 21.4%4 27.9%4 26.9% 18 Preliminary valuation perspectives 3 $3.15 $5.08 $6.47 $1.45 $12.87 $10.39 $8.81 $8.42 TMM Base DCF midpoint: $7.35

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4 Appendix – Valuation supplement

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![](ny20068726x2_excxslide20.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 3, 4 Kona Standalone LTP $4.96 93.8% $95 $644 10.2x 10.2x (0.0%) 3.3% 22.2% 21.4% 3, 4 Kona consensus $4.96 93.8% $95 $644 10.5x 9.0x (0.9%) 7.7% 21.7% 23.4% IoT Solutions Digi $44.98 93.7% $1,768 $1,873 16.5x 14.1x 5.3% 14.0% 25.4% 26.1% Powerfleet 4.78 54.9% 662 904 9.3x 7.4x 22.0% 8.9% 22.1% 25.5% Ituran 47.21 98.6% 939 865 9.0x 8.0x 6.7% 8.0% 26.8% 27.9% Mean 11.6x 9.8x 11.3% 10.3% 24.8% 26.5% Median 9.3x 8.0x 6.7% 8.9% 25.4% 26.1% Share %52w Market Enterprise EV / Adj. EBITDA Revenue growth Adj. EBITDA margin $m, unless noted1, 2 price ($) high cap value 2025E 2026E 2025E 2026E 2025E 2026E Selected public company analysis Sources: Company filings, FactSet (as of February 9, 2026), Kona Management, Standalone LTP Notes: Metrics based on median broker consensus estimate per FactSet (as of February 9, 2026), except Kona Standalone LTP Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa Kona Standalone LTP 2025 data reflects 2025 actuals per Kona Management; Kona consensus 2025 data reflects broker consensus 20 A Appendix – Valuation supplement

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![](ny20068726x2_excxslide21.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE A Appendix – Valuation supplement Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x1 7.9x1 Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 21

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![](ny20068726x2_excxslide22.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE A Appendix – Valuation supplement Illustrative discounted cash flow analysis Projected cash flows1 $m 2026E 2027E 2028E 2029E Terminal period2 Total revenue $295 $318 $344 $373 $405 % growth 3.3% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $63 $74 $87 $100 $109 % margin 21.4% 23.4% 25.2% 26.9% 26.9% (-) One-time items3 ($2) ($2) - - - (-) Stock-based compensation (tax deductible)4 (2) (3) (4) (4) (4) (-) Tax D&A (24) (24) (23) (23) (10) EBIT $35 $45 $59 $73 $94 (-) Tax at 25% rate5 ($9) ($11) ($15) ($18) ($24) NOPAT $26 $34 $45 $55 $71 (+) Tax D&A $24 $24 $23 $23 $10 (-) Stock-based compensation (non-tax deductible)4 (3) (5) (6) (6) (6) (-) CapEx (9) (9) (10) (10) (10) (+/-) Source / (use) of NWC (0) (2) (2) (2) (2) Unlevered FCF $39 $42 $50 $59 $62 Sources: Company filings, Kona Management, Standalone LTP Notes: Unlevered cash flow line items based on Standalone LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Kona Management, other tax deductible expenses include integration-related costs and other one-time items 40% of SBC is tax deductible per Kona Management. SBC treated as cash expense 25% tax rate per Standalone LTP and includes $0.2m p.a. estimated US R&D tax credits for 2026E to 2029E per Kona Management Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs as of December 31, 2025, preferred stock valued at liquidation value of 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa ($275m), senior secured note valued at principal balance ($181m), backstop notes valued at principal value ($120m), cash balance ($27m), all as of December 31, 2025, per Kona Management Enterprise value ($m) PV of terminal value as % of EV Implied share price at terminal multiple of6 at terminal multiple of6 at terminal multiple of6 22 WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 14.5% $649 $680 $712 $743 $775 78% 79% 80% 81% 82% $5.19 $6.84 $8.50 $10.15 $11.80 15.0% 639 670 701 732 763 78% 79% 80% 81% 81% 4.66 6.29 7.92 9.54 11.17 15.5% 629 659 690 720 751 78% 79% 80% 81% 81% 4.15 5.75 7.35 8.95 10.54 16.0% 619 649 679 709 739 78% 79% 80% 80% 81% 3.65 5.22 6.79 8.36 9.93 16.5% 610 639 669 698 728 77% 78% 79% 80% 81% 3.16 4.70 6.25 7.79 9.34

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![](ny20068726x2_excxslide23.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Risk-free rate2 4.8% Levered beta 1.43 Equity risk premium3 6.8% Size premium4 3.0% Size premium 17.6% Cost of debt Cost of debt (pre-tax)5 9.6% Tax shield6 (2.4%) Cost of equity Ituran 939 - - - - 25% 0.92 0.92 1.09 25th percentile 13% 1.04 1.01 Median 18% 1.17 1.11 Mean 18% 1.39 1.20 75th percentile 24% 1.63 1.35 Kona $959 $301 9 $27510 86%10 608%10 25% 0.13 n.m.11 n.m.11 23 Weighted average cost of capital (WACC) Sources: Company filings, Bloomberg, FactSet, Kroll Cost of Capital Guide, U.S. Federal Reserve Notes: Informed by the range of the peer references as well as capital markets outlook Based on current yield on 20-year U.S. Treasury (as of February 9, 2026) Based on the average of Kroll's Supply-side ERP methodology (6.3%) and Historical ERP methodology (7.4%) per Kroll's Cost of Capital Guide (as of December 31, 2025) Based on size premia analysis per Kroll's Cost of Capital Guide (average of 9th and 10th decile, as of December 31, 2025) based on target capital structure of 20% gross debt / capital, respectively Based on 600bps on latest 3-month SOFR (as of February 9, 2026) 25% tax rate per Kona Management Debt / capital and debt / equity interquartile range and mean exclude Ituran Based on peer mean 2-year adjusted historical beta (weekly periodicity, regressed against S&P 500) per Bloomberg (as of February 9, 2026) Kona share price as of February 9, 2026; balance sheet as of December 31, 2025, per Kona Management; FDSO includes 17.5m common shares and 1.6m RSUs as of December 31, 2025, per Kona Management Illustratively includes preferred stock as debt-like item. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa Not meaningful as R-squared is 0.001 Implied WACC Selected public company beta analysis Gross debt / capital1 Gross debt / equity Pre-tax cost of debt 1.00 1.20 1.30 1.00 1.20 1.30 1.00 1.20 1.30 10.0% 11.1% 9.6% 1.08 1.30 1.41 15.2% 16.7% 17.4% 14.4% 15.8% 16.4% 15.0% 17.6% 9.6% 1.13 1.36 1.47 15.6% 17.1% 17.9% 14.3% 15.6% 16.3% 20.0% 25.0% 9.6% 1.19 1.43 1.54 15.9% 17.6% 18.4% 14.2% 15.5% 16.1% 25.0% 33.3% 9.6% 1.25 1.50 1.63 16.4% 18.1% 18.9% 14.1% 15.4% 16.0% 30.0% 42.9% 9.6% 1.32 1.59 1.72 16.9% 18.7% 19.6% 14.0% 15.2% 15.9% Market Debt Pref. Debt / Debt / Tax Beta Cost of debt (post-tax) 7.2% Peer cap ($m) ($m) eq. ($m) cap7 equity 7 rate (%) Levered8 Unlevered Relevered Digi $1,768 $136 - 7% 8% 25% 1.17 1.11 1.32 Powerfleet 662 277 - 30% 42% 25% 2.08 1.58 1.88 A Appendix – Valuation supplement Implied levered beta given unlevered beta of Implied cost of equity given unlevered beta of Implied WACC given unlevered beta of

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![](ny20068726x2_excxslide24.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 20% 32% 44% 53% 94% 25th percentile Median Mean 75th percentile 90th percentile 22% 36% 42% 56% 81% 25th percentile Median Mean 75th percentile 90th percentile Premia paid analysis Share price premium 30-day Source: Refinitiv Note: Analysis includes 172 take-private transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors 24 A Appendix – Valuation supplement $2.84 $2.61 $3.05 $3.71 $3.40 $3.94 Implied Kona share price based on: $1.97 30-day prior to unaffected: $2.40 $3.83 $2.57 30-day prior to initial Samoa Group offer: $3.09 $5.00 $1.40 $1.68 $1.54 $1.80 $2.27 $4.78 $5.74 $5.27 $6.11 $7.74 Implied Kona share price based on: $1.17 unaffected price: $3.98 close prior to initial Samoa Group offer: Share price premium 1-day

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![](ny20068726x2_excxslide25.jpg)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE – $20.00 $40.00 $60.00 - 20% 40% 60% 80% 100% Oct-21 Aug-22 Dec-25 Buy Hold Jun-23 Apr-24 Feb-25 Sell Share price Target price $5.00 $5.00 $12.00 $2.50 $3.00 $1.50 Discontinued coverage Analyst price targets Analyst sentiment since 2021 de-SPAC1 Analyst price targets 1 2 Number of broker recommendations 4 4 2 $/ share Oct-21 Jul-22 Feb-24 Feb-25 Feb-26 Average target price $87.50 $50.50 $12.50 $7.25 $5.00 % Premium 2 118.8% 271.3% 129.4% 190.0% 0.8% Average target price over time1 Sources: FactSet (as of February 9, 2026), Wall Street research Notes: Target prices based on 100-day consensus window adjusted for 1:5 reverse stock split % Premium based on date of the median broker consensus price at the time 3. Unaffected date as of December 18, 2024, the day prior to Samoa's amended 13D filing Price target as of 11/13/25 Price target as of 11/13/25 Final coverage 12/13/24 Final coverage 08/15/24 Current price target Price target as of unaffected date3 Price target as of final coverage 25 A Appendix – Valuation supplement Feb-26

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## Ex-99.(C)(Xi)

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**Exhibit (c)(xi)**<br>

![](ny20068726x2_excxislide1.jpg)

STRICTLY CONFIDENTIAL Project Kona Process and valuation materials February 22, 2026 Exhibit (c)(xi)

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STRICTLY CONFIDENTIAL Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

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STRICTLY CONFIDENTIAL Contents Executive summary Overview of Standalone LTP Preliminary valuation perspectives Appendix – Valuation supplement 4 12 15 19

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1 Executive summary

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STRICTLY CONFIDENTIAL Rothschild & Co engagement 5 Rothschild & Co US Inc. ("Rothschild & Co" or "We") has been engaged by the Special Committee (the "Special Committee") of the Board of Directors of Kona (the "Company") as financial advisor in connection with advising the Special Committee with respect to a potential transaction (the "Transaction") proposed by Samoa (together with its affiliated investment funds) and Amelia (collectively, with Samoa, referred herein as the "Samoa Group") as well as in evaluating potential strategic alternatives to the Transaction, and if requested by the Special Committee, rendering an opinion as to the fairness, from a financial point of view, of the consideration to be received by the Disinterested Stockholders (as defined in the Draft Merger Agreement, dated February 20, 2026 (the "Agreement"). To this end, these materials focus on the following: Review of Kona's Standalone LTP (as defined below) Valuation analysis of Kona In connection with our engagement, Rothschild & Co has, among other things: At the direction of the Special Committee, utilized financial forecasts for Kona, prepared and provided by Kona's management team ("Management") and confirmed and approved for Rothschild & Co's use by Management and by the Special Committee on February 19, 2026 (the "Standalone Long Term Plan" or "Standalone LTP") Held discussions with the Special Committee regarding: The Transaction; Past and current business operations and financial condition and prospects of Kona, including the Standalone LTP and the financial implications thereof; Strategic alternatives available to the Company; and Certain other matters believed necessary or appropriate to our inquiry Held discussions with key members of Management on a regular basis over the course of our engagement 1.1SITEUxAeTcIOuNtiOvVeEsRuVmIEmWary

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STRICTLY CONFIDENTIAL $1.17 $5.00 $8.00 $6.00 $7.50 $8.00 $8.75 $9.25 $10.00 $9.75 Dec 18, 2024 Initial SG offer Third party offer Revised SG offer #1 SC counter offer #1 Revised SG offer #2 SC counter offer #2 Revised SG offer #3 Revised SG offer #4 Final SG proposal In 2023, Samoa completed a $153m private placement investment consisting of 153k shares of Series A-1 Preferred Stock along with 2.4m warrants exercisable at $0.05 per share, convertible into 2.4m shares of common stock (reflecting adjustment for 1:5 reverse stock split enacted in June 2024) On December 19, 2024, Samoa amended its 13D indicating it may seek to further invest in or evaluate a take-private of Kona In March 2025, the Company's Board of Directors formed a Special Committee of independent directors to evaluate strategic opportunities and subsequently retained Rothschild & Co in June 2025 to advise it on evaluating potential strategic alternatives In July 2025, at the direction of the Special Committee, Rothschild & Co initiated a two-phase, targeted outreach to 22 potential strategic buyers (including the Samoa Group), of which 8 signed NDAs In October 2025, 7 parties received preliminary information on Kona and attended a meeting with Management On November 3, 2025, Samoa, in consortium with Amelia1, submitted a preliminary offer of $5.00 per share to take the Company private, a 327% premium to the unaffected price of $1.172 On November 13, 2025, a third party submitted a preliminary offer of $8.00 per share to take the Company private, a 584% premium to the unaffected price2 On December 12, 2025, the third party withdrew its offer Subsequent negotiations with the Samoa Group resulted in a final proposal of $9.25 per share Engagement and process overview Transaction background Sources: Company filings, FactSet Notes: 1. Amelia originally invested in November 2014, and currently holds 28% of basic shares outstanding Unaffected price represents close price on the day prior to Samoa's amended 13D on December 19, 2024 Initial SG offer announced on November 4, 2025 6 Special Committee ("SC") meetings 40+ Bidding history ($ per share) 5 Total price increases Premium to unaffected price2 691% 1.1SITEUxAeTcIOuNtiOvVeEsRuVmIEmWary premium to price prior to the initial SG offer3 138%

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STRICTLY CONFIDENTIAL 22 7 2 1 Parties Engaged Received Round I VDR Access Submitted IOI Samoa Group Final Proposal 1.1SITEUxAeTcIOuNtiOvVeEsRuVmIEmWary Buyer outreach overview 7 Process overview July 2025: Buyer outreach initiated with 14 parties contacted in an early outreach phase based on likelihood of interest in Kona / ability to transact September 2025: Buyer outreach continued with 7 additional parties contacted for a formal process October 2025: 7 total parties received round I VDR access to conduct further diligence November 2025: Samoa filed its 13D indicating interest in acquiring outstanding shares for $5.00 per share cash consideration On November 13, 2025, a third party submitted a preliminary offer of $8.00 per share Other parties declined to submit proposals for the Company On December 12, 2025, the third party withdrew its offer Negotiations with the Samoa Group resulted in a final proposal of $9.25 per share Process outcome as of February 11, 2026

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STRICTLY CONFIDENTIAL Deal Terms overview (1 of 2) 8 Sources: FactSet (as of February 20, 2026), Agreement, Samoa Group Proposal (as of February 20, 2026) ("Samoa Group proposal") Notes: 1. Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Initial Samoa Group offer announced on November 4, 2025 As of February 20, 2026 $726m sale of Kona to the Samoa Group 1 Executive summary Target Kona Acquiror Samoa Group Purchase price $9.25 per share ("Merger Consideration") Premium 691% premium to the unaffected price of $1.171 138% premium to the $3.89 share price prior to the initial Samoa Group offer2 78% premium to current share price of $5.213 Form of consideration All cash Financing No financing contingency; transaction funded via equity provided by Samoa pursuant to an equity commitment letter and debt pursuant to a debt commitment underwritten by [certain financial institutions] Shareholder approval "Requisite Company Stockholder Approval," which consists of approval from a majority of the outstanding shares entitled to vote and a majority of votes cast by Disinterested Stockholders at the company stockholders meeting Conditions Requisite Company Stockholder Approval obtained Regulatory approvals obtained No government order enjoining or prohibiting closing Mutual bring-down conditions for satisfaction of each party's reps, warranties and covenants No material adverse effect on Kona "No shop" Generally, prevents the Company from soliciting or engaging in discussions concerning alternative offers, subject to exceptions If the Company determines an alternative offer is superior, the Company can change its recommendation and/or terminate to pursue such offer Termination fee Kona to pay the Samoa Group a termination fee equal to [3.75]% of common equity value in the event of termination of the agreement in order to enter into a transaction deemed a superior proposal Samoa Group to pay Kona a termination fee equal to [4.75]% of common equity value in the event of termination of the agreement under specific circumstances, including failure to close due to failure to obtain financing, other breaches by Samoa Group, or Samoa Group's failure to timely close while all closing conditions are satisfied or waived

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STRICTLY CONFIDENTIAL Implied premia Benchmark Current (02/20/2026): $5.21 Merger Consideration: $9.25 Unaffected (December 18, 2024) $1.17 345% 691% Close prior to initial Samoa Group offer (November 3, 2025) $3.89 34% 138% Current (February 20, 2026) $5.21 - 78% 1-month VWAP after 13D (December 18, 2024)4 $3.30 58% 180% 3-month VWAP after 13D (December 18, 2024)4 $3.20 63% 189% 6-month VWAP after 13D (December 18, 2024)4 $3.15 65% 194% 1-month VWAP (January 22, 2026) 4 $4.95 5% 87% 3-month VWAP (November 21, 2025) 4 $4.62 13% 100% 6-month VWAP (August 20, 2025) 4 $4.33 20% 114% 52-week high (February 2, 2026) $5.29 (2%) 75% 52-week low (September 10, 2025) $2.00 161% 363% Sources: Standalone LTP, company filings, press releases, FactSet (as of February 20, 2026), Management, Samoa Group proposal, Samoa 13D filings, Agreement Notes: Current FDSO includes 17.6m common shares and 1.5m RSUs as of February 16, 2026, per Management Balance sheet as of December 31, 2025, as per Management. WhiteHorse term loan and Backstop notes gross of discounts and deferred debt issuance costs 3. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management Calendar day VWAP Projected metrics per Standalone LTP EV / Adj. EBITDAs based on broker consensus estimates per FactSet (as of February 20, 2026) Deal Terms overview (2 of 2) Implied enterprise value ($m, except per-share data) 9 1 Executive summary 691% premium to the unaffected price of $1.17 and 138% premium to the $3.89 share price the day prior to the initial Samoa Group offer Samoa Group proposed price per share $9.25 (x) Fully diluted shares outstanding1 19 Implied Kona equity value (excl. Samoa warrants) $177 (+) WhiteHorse term loan2 $181 (+) Backstop notes2 120 (+) Samoa preferred3 275 (-) Cash2 (27) Implied enterprise value $726 Implied multiples Metric ($m) Multiple (x) Standalone LTP5 EV / 2025A Adj. EBITDA $63 11.5x EV / 2026E Adj. EBITDA $63 11.5x EV / 2027E Adj. EBITDA $74 9.8x Consensus6 EV / 2025E Adj. EBITDA $61 11.8x EV / 2026E Adj. EBITDA $71 10.2x

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STRICTLY CONFIDENTIAL Dec '24 NYSE accepts plan to regain compliance with listing standards Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 Jan-26 1 Executive summary Mar '23 Announces acquisition of Twilio's IoT business unit Jun '24 1:5 reverse stock split Nov '24 Completes operational restructuring plan Nov '23 Kona reports strategic investment from Samoa disclosing 12.0% ownership3 Apr '24 CEO transition Feb '22 Announces acquisition of Business Mobility Partners & SIMON Kona historical trading performance Merger Consideration represents a 691% premium to the unaffected price of $1.17 and 138% premium to the $3.89 share price prior to the initial Samoa Group offer Sources: Company filings, FactSet (as of February 20, 2026), press releases, Samoa 13D filings, Samoa Group proposal, Agreement Notes: Current FDSO includes 17.6m common shares and 1.5m RSUs as of February 16, 2026, per Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management EV / NTM Adj. EBITDA based on broker consensus estimates per FactSet (as of February 20, 2026) Ownership percentage calculated including the 2.4m warrants issued to Samoa, per Management Kona stock price and NTM Adj. EBITDA multiple since 2021 de-SPAC1 Stock price ($ actuals) Historical NTM trading multiple (x) Stock price EV / NTM Adj. EBITDA2 Samoa events Other events Q / K filed $5.21 9.1x Nov '25 Amended 13D filing indicating Samoa / Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 10 - Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Feb-26

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STRICTLY CONFIDENTIAL - 2.0x 4.0x 6.0x 8.0x - Nov-24 Feb-25 May-25 Sources: Company filings, FactSet (as of February 20, 2026), press releases, Management, Samoa 13D filings Notes: $1.00 $2.00 $3.00 $4.00 $5.00 Aug-25 Nov-25 Feb-26 Kona historical trading performance (cont'd) Share price increased 73% in the following 1 month after initial 13D filing, and 345% since the filing Kona stock price and NTM Adj. EBITDA multiple since 1 month prior to amended 13D filing1,2 9.1x $1.17 $5.21 $3.22 Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Historical NTM trading multiple (x) Dec '24 NYSE accepts plan to regain compliance with listing standards Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Current FDSO includes 17.6m common shares and 1.5m RSUs as of February 16, 2026, per Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management EV / NTM Adj. EBITDA based on broker consensus estimates per FactSet (as of February 20, 2026) Nov '25 Amended 13D filing indicating Samoa/Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 11 1 Executive summary Stock price ($ actuals) Stock price EV / NTM Adj. EBITDA3 Samoa events Other events Q / K filed

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2 Overview of Standalone LTP

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STRICTLY CONFIDENTIAL 8.5% 8.9% 10.2% 12.0% 12.1% 19.8 21.5 23.7 26.6 29.8 2025A 2026E 2027E 2028E Sources: Management, Standalone LTP Note: 2029E 2bps (4bps) 31bps 22bps 11bps 56.3% 56.3% 56.6% 56.8% 56.9% 2025A 2026E 2027E 2028E 2029E (9.4%) (0.0%) 0.6% (2.0%) (2.0%) $0.88 $0.88 $0.89 $0.87 $0.86 2025A 2026E 2027E 2028E 2029E Standalone LTP: review of key plan assumptions 1. CaaS ARPU is calculated as the weighted average monthly revenue per user over the period Selected KPIs (Standalone LTP) Key assumptions a CaaS Connectivity revenue growth is forecasted at 8.9%, 10.9%, 9.8% and 9.9% in 2026 to 2029, respectively, reflecting a return to industry growth rates b Solutions revenue is held approximately flat throughout the forecast period, as Management prioritizes higher-margin opportunities that support recurring Connectivity revenue c Gross margin is forecasted to improve, reflecting improved vendor pricing with carriers due to higher volumes, while accounting for customer re-rates d Operating expenses are forecasted to grow ~2-3% annually, with the anticipated realization of efficiency gains Management believes additional cost levers are available should revenue fall short of expectations Average CaaS connections (m) CaaS ARPU1 Gross margin % YoY growth (%) YoY growth (%) YoY improvement (bps) Overview of Standalone LTP 2 13

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STRICTLY CONFIDENTIAL CAGR $m, unless noted 2023A 2024A 2025A 2026E 2027E 2028E 2029E '23-'25 '25-'29 Total IoT Connectivity $204 $228 $225 Total IoT Solutions 73 58 61 $239 $260 $285 $313 57 58 59 60 5% 9% (8%) (0%) Revenue $277 $286 $286 % growth 14% 3% (0%) $295 $318 $344 $373 2% 7% 3% 8% 8% 8% Gross profit $149 $161 $161 % margin 54% 56% 56% $166 $180 $196 $212 4% 7% 56% 57% 57% 57% Adj. EBITDA $56 $53 $63 % margin 20% 19% 22% $63 $74 $87 $100 7% 12% 21% 23% 25% 27% (-) One-time items1 (-) Stock-based compensation (tax deductible)2 (-) Tax D&A ($2) ($2) - - (2) (3) (4) (4) (24) (24) (23) (23) EBIT % margin $35 $45 $59 $73 12% 14% 17% 20% Memo: Average CaaS connections (m)3 CaaS ARPU3,4 CapEx5 21.5 23.7 26.6 29.8 11% $0.88 $0.89 $0.87 $0.86 (1%) $9 $9 $10 $10 1% Summary of Standalone LTP Sources: Company filings, Management, Standalone LTP Notes: Other tax deductible expenses include integration-related costs and other one-time items 40% of stock-based compensation is tax deductible, per Management Average CaaS Connections and ARPU based on CaaS, SuperSIM and Carrier+ revenue per user and average monthly connections CaaS ARPU is calculated as the weighted average monthly revenue per user over the period Inclusive of CapEx and capitalized labor 14 Overview of Standalone LTP 2

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3 Preliminary valuation perspectives

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STRICTLY CONFIDENTIAL Overview of valuation methodologies and other references Selected public company analysis Selected publicly traded companies in the IoT Solutions sector Selected Adj. EBITDA multiples applied to Kona's 2025A and 2026E Adj. EBITDAs, based on Management and Standalone LTP Selected precedent acquisition transactions in the IoT Solutions sector Analysis based on implied transaction enterprise value multiples of last twelve months (LTM) Adj. EBITDA Selected multiples applied to Kona's 2025A Adj. EBITDA as per Management Selected precedent transactions analysis Analysis of Standalone LTP Valuation date as of December 31, 2025 Terminal multiple range of 8.0x – 10.0x Weighted average cost of capital (WACC) range of 14.5 – 16.5% Illustrative discounted cash flow analysis Other references Premia paid analysis Analysis of observed premia to unaffected stock price and price prior to initial Samoa Group offer on November 4, 2025, in take-private transactions and acquisitions □ Take-private transactions include U.S. targets with transaction enterprise values above $250m since 2017 Other metrics Kona 52-week stock trading range Equity research analysts stock price targets 16 Preliminary valuation perspectives 3 Sources: Standalone LTP, Wall Street research, public company filings, Management, Samoa 13D filings

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STRICTLY CONFIDENTIAL Methodology Current: $5.21 Merger Consideration: $9.25 Per-share value ($)1,2,4 Approx. implied EV2,4 Assumptions Core references Selected public company analysis EV / 2025A Adj. EBITDA $570 - 760m EV / 2025A Adj. EBITDA multiple: 9.0x – 12.0x EV / 2026E Adj. EBITDA $510 - 630m  EV / 2026E Adj. EBITDA multiple: 8.0x – 10.0x Selected precedent transactions EV / 2025A Adj. EBITDA Illustrative discounted cash flow analysis Other references Premia paid analysis Precedent take- privates (1-day) $580 - 580m $640 - 670m 20 – 53% (25th and 75th percentile, respectively) premia to prior closing prices of $1.17 (unaffected) and $3.98 (initial SG offer)5 Precedent take-privates (30-day) $600 - 610m $610 - 630m 22 – 56% (25th and 75th percentile, respectively) premia to close prices 30 days prior of $1.97 (unaffected) and $2.57 (initial SG offer)5 Other metrics 52-week high / low $590 - 650m 52-week trading high and low closing prices as of February 20, 2026 Analyst target prices Unaffected3 $580 - 780m Represents low and high of analyst target prices as of December 18, 2024; 4 contributors6 Analyst target prices Current $650m Represents low and high of analyst target prices as of February 20, 2026; 2 contributors 1.10 n.m. 2.00 1.50 5.00 11.05 4.30 1.10 14.35 $570 - 820m EV / 2025A Adj. EBITDA multiple: 9.0x – 13.0x Terminal multiple range: 8.0 – 10.0x 3.15 11.80 $610 - 780m WACC range: 14.5 – 16.5% Valuation date as of December 31, 2025 1.40 1.80 2.40 3.05 5.29 12.00 Assessment of valuation methodologies Preliminary valuation perspectives 3 Sources: Bloomberg (as of February 20, 2026), company filings, FactSet (as of February 20, 2026), Management, Kroll Cost of Capital Guide, Standalone LTP, U.S. Fed, Management, Samoa Group proposal, Agreement Notes: Rounded to nearest $0.05 except for 52-week high / low and analyst target prices Per Management, fully diluted shares outstanding calculated including 17.6m common shares and 1.5m RSUs as of February 16, 2026, net debt of $274m as of December 31, 2025 and $275m in preferred (valued at 1.8x minimum return, inclusive of value of warrants issued to Samoa following November 15, 2025). EV figures are rounded to the nearest $10m Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Excludes value impact of Kona's NOLs (~$2.6m of NOLs at year end 2025 with per-share value of ~$0.03, per Management) Unaffected date of December 18, 2024, and close prior to initial SG offer announced on November 4, 2025 Includes final coverage reports from Deustche Bank (Aug-24) and Morgan Stanley (Dec-24) 2026E Adj. EBITDA multiple is based on Standalone LTP 17 4.80 6.10 3.15 4.00 Current trading implies 10.3x '26E Adj. EBITDA7

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STRICTLY CONFIDENTIAL $3.15 $5.08 $6.48 $1.45 $12.88 $10.40 $8.81 $8.42 Illustrative discounted cash flow analysis sensitivity DCF sensitivity to various operating assumptions Item Standalone LTP assumption Sensitivity range Implied per-share midpoint DCF range1 Sources: Company filings, Management, Standalone LTP Notes: 1. Sensitivity analyses vs. Standalone LTP. Valuation date assumed as of December 31, 2025. FDSO includes 17.6m common shares and 1.5m RSUs as of February 16, 2026, per Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 4. 2.4m warrants issued to Samoa following November 15, 2025, per Management. Assumes WACC of 15.5% and terminal multiple midpoint of 9.0x. Excludes value impact of Kona's NOLs (~$2.6m of NOLs at year end 2025 with per-share value of ~$0.03, per Management) 2025A to 2029E CAGR 56.3% represents 2025A gross margin per Management. 57.9% represents 2029E Standalone LTP gross margin +1% 21.4% represents 2026E Standalone LTP Adj. EBITDA margin and 27.9% represents 2029E Standalone LTP Adj. EBITDA margin +1% Avg. CaaS connections (% CAGR)2 Average CaaS connections reach 29.8m by 2029 2025–2029 CAGR of 11% 9% 13% 11% Solutions (% CAGR)2 IoT Solutions has (0.3%) CAGR across 2025 to 2029 (5%) 5% (0.3%) Gross margin (% +/-) Gross margin increases from 56.3% in 2025 to 56.9% in 2029 56.3%3 57.9%3 56.9% Adj. EBITDA margin increases from 22.2% in 2025 to 26.9% in 2029 Terminal Adj. EBITDA margin 21.4%4 27.9%4 26.9% 18 TMM Base DCF midpoint: $7.35 Preliminary valuation perspectives 3

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4 Appendix – Valuation supplement

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STRICTLY CONFIDENTIAL 3, 4 Kona Standalone LTP $5.21 98.5% $100 $649 10.2x 10.3x (0.0%) 3.3% 22.2% 21.4% 3, 4 Kona consensus $5.21 98.5% $100 $649 10.6x 9.1x (0.9%) 7.7% 21.7% 23.4% IoT Solutions Digi $50.20 97.0% $1,975 $2,081 18.3x 15.6x 5.3% 14.0% 25.4% 26.1% Ituran 48.76 98.1% 970 896 9.3x 8.3x 6.7% 8.0% 26.8% 27.9% Powerfleet 3.79 46.1% 523 765 7.9x 6.3x 22.2% 8.8% 22.0% 25.2% Mean 11.8x 10.1x 11.4% 10.2% 24.7% 26.4% Median 9.3x 8.3x 6.7% 8.8% 25.4% 26.1% Share %52w Market Enterprise EV / Adj. EBITDA Revenue growth Adj. EBITDA margin $m, unless noted1, 2 price ($) high cap value 2025E 2026E 2025E 2026E 2025E 2026E Selected public company analysis Sources: Public company filings, FactSet (as of February 20, 2026), Management, Standalone LTP Notes: Metrics based on median broker consensus estimate per FactSet (as of February 20, 2026), except Kona Standalone LTP Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management Standalone LTP 2025 data reflects 2025 actuals per Management; Kona consensus 2025 data reflects broker consensus 20 A Appendix – Valuation supplement

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STRICTLY CONFIDENTIAL A Appendix – Valuation supplement Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Public company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x1 7.9x1 Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 21

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STRICTLY CONFIDENTIAL A Appendix – Valuation supplement Illustrative discounted cash flow analysis Projected cash flows1 $m 2026E 2027E 2028E 2029E Terminal period2 Total revenue $295 $318 $344 $373 $405 % growth 3.3% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $63 $74 $87 $100 $109 % margin 21.4% 23.4% 25.2% 26.9% 26.9% (-) One-time items3 ($2) ($2) - - - (-) Stock-based compensation (tax deductible)4 (2) (3) (4) (4) (4) (-) Tax D&A (24) (24) (23) (23) (10) EBIT $35 $45 $59 $73 $94 (-) Tax at 25% rate5 ($9) ($11) ($15) ($18) ($24) NOPAT $26 $34 $45 $55 $71 (+) Tax D&A $24 $24 $23 $23 $10 (-) Stock-based compensation (non-tax deductible)4 (3) (5) (6) (6) (6) (-) CapEx (9) (9) (10) (10) (10) (+/-) Source / (use) of NWC (0) (2) (2) (2) (2) Unlevered FCF $39 $42 $50 $59 $62 Sources: Company filings, Management, Standalone LTP Notes: Unlevered cash flow line items based on Standalone LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Management, other tax deductible expenses include integration-related costs and other one-time items 40% of SBC is tax deductible per Management. SBC treated as cash expense 25% tax rate per Standalone LTP and includes $0.2m p.a. estimated US R&D tax credits for 2026E to 2029E per Management 6. Valuation date assumed as of December 31, 2025. FDSO includes 17.6m common shares, 1.5m RSUs as of February 16, 2026, preferred stock valued at liquidation value of 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025 ($275m) per Management, senior secured note valued at principal balance ($181m), backstop notes valued at principal value ($120m), cash balance ($27m), all as of December 31, 2025, per Management. Excludes value impact of Kona's NOLs (~$2.6m of NOLs at year end 2025 with per-share value of ~$0.03, per Management) 22 WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 14.5% $649 $680 $712 $743 $775 78% 79% 80% 81% 82% $5.19 $6.84 $8.50 $10.15 $11.81 15.0% 639 670 701 732 763 78% 79% 80% 81% 81% 4.67 6.29 7.92 9.54 11.17 15.5% 629 659 690 720 751 78% 79% 80% 81% 81% 4.15 5.75 7.35 8.95 10.55 16.0% 619 649 679 709 739 78% 79% 80% 80% 81% 3.65 5.22 6.79 8.36 9.94 16.5% 610 639 669 698 728 77% 78% 79% 80% 81% 3.16 4.71 6.25 7.79 9.34 Enterprise value ($m) PV of terminal value as % of EV Implied share price at terminal multiple of6 at terminal multiple of6 at terminal multiple of6

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STRICTLY CONFIDENTIAL Selected public company beta analysis Tax shield 6 (2.4%) Market Debt Pref. Debt / Debt / Tax Beta Cost of debt (post-tax) 7.3% Peer cap ($m) ($m) eq. ($m) cap7 equity 7 rate (%) Levered8 Unlevered Relevered Digi $1,975 $136 - 6% 7% 25% 1.16 1.11 1.31 Powerfleet 523 277 - 35% 53% 25% 2.12 1.52 1.80 Cost of equity Implied levered beta given unlevered beta of Implied cost of equity given unlevered beta of Implied WACC given unlevered beta of Ituran 970 - - - - 25% 0.92 0.92 1.09 25th percentile 13% 1.04 1.01 Median 21% 1.16 1.11 Mean 21% 1.40 1.18 75th percentile 28% 1.64 1.31 Kona $100 9 $301 9 $27510 85%10 579%10 25% 0.13 n.m.11 n.m.11 23 Weighted average cost of capital (WACC) Sources: Company filings, Bloomberg, FactSet, Kroll Cost of Capital Guide, U.S. Federal Reserve, Management Notes: Informed by the range of the peer references as well as capital markets outlook Based on current yield on 20-year U.S. Treasury (as of February 20, 2026) Based on the average of Kroll's Supply-side ERP methodology (6.3%) and Historical ERP methodology (7.4%) per Kroll's Cost of Capital Guide (as of December 31, 2025) Based on size premia analysis per Kroll's Cost of Capital Guide (average of 9th and 10th decile, as of December 31, 2025) based on target capital structure of 20% gross debt / capital, respectively Based on 600bps on latest 3-month SOFR (as of February 20, 2026) 25% tax rate per Management Debt / capital and debt / equity interquartile range and mean exclude Ituran Based on peer mean 2-year adjusted historical beta (weekly periodicity, regressed against S&P 500) per Bloomberg (as of February 20, 2026) Kona share price as of February 20, 2026; balance sheet as of December 31, 2025, per Management; FDSO includes 17.6m common shares and 1.5m RSUs as of February 16, 2026, per Management Illustratively includes preferred stock as debt-like item. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management Not meaningful as R-squared is 0.001 Implied WACC Gross debt / capital1 Gross debt / equity Pre-tax cost of debt 1.00 1.18 1.30 1.00 1.18 1.30 1.00 1.18 1.30 10.0% 11.1% 9.7% 1.08 1.28 1.41 15.2% 16.6% 17.4% 14.4% 15.6% 16.4% 15.0% 17.6% 9.7% 1.13 1.34 1.47 15.6% 17.0% 17.9% 14.3% 15.5% 16.3% 20.0% 25.0% 9.7% 1.19 1.40 1.54 15.9% 17.4% 18.4% 14.2% 15.4% 16.2% 25.0% 33.3% 9.7% 1.25 1.48 1.63 16.4% 17.9% 18.9% 14.1% 15.3% 16.0% 30.0% 42.9% 9.7% 1.32 1.56 1.72 16.9% 18.5% 19.6% 14.0% 15.1% 15.9% Risk-free rate 2 4.8% Levered beta 1.40 Equity risk premium3 6.8% Size premium4 3.0% Size premium 17.4% Cost of debt Cost of debt (pre-tax) 5 9.7% A Appendix – Valuation supplement

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STRICTLY CONFIDENTIAL 20% 32% 44% 53% 94% 25th percentile Median Mean 75th percentile 90th percentile 22% 36% 42% 56% 81% 25th percentile Median Mean 75th percentile 90th percentile Premia paid analysis Share price premium 30-day1 Source: Refinitiv Notes: Analysis includes 172 take-private transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Share price as of November 3, 2025, the day prior to the public announcement of the initial Samoa Group offer 24 A Appendix – Valuation supplement $2.84 $2.61 $3.05 $3.83 $3.71 $3.40 $3.94 $5.00 Implied Kona share price based on: $1.97 30-day prior to unaffected2: $2.40 $2.57 30-day prior to initial Samoa Group offer3: $3.09 $1.40 $1.68 $1.54 $1.80 $2.27 $4.78 $5.74 $5.27 $6.11 $7.74 Implied Kona share price based on: $1.17 unaffected price2: $3.98 close prior to initial Samoa Group offer3: Share price premium 1-day1

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STRICTLY CONFIDENTIAL $/ share Oct-21 Jul-22 Feb-24 Feb-25 Feb-26 Average target price $87.50 $50.50 $12.50 $7.25 $5.00 % Premium 2 118.8% 271.3% 129.4% 197.1% (4.0%) – $20.00 $40.00 $60.00 - 20% 40% 60% 80% 100% Oct-21 Aug-22 Dec-25 Buy Hold Jun-23 Apr-24 Feb-25 Sell Share price Target price $5.00 $5.00 $12.00 $2.50 $3.00 $1.50 Discontinued coverage Analyst price targets Analyst sentiment since 2021 de-SPAC1 Analyst price targets 1 2 Number of broker recommendations 4 4 2 Average target price over time1 Sources: FactSet (as of February 20, 2026), Wall Street research Notes: Target prices based on 100-day consensus window adjusted for 1:5 reverse stock split % Premium based on date of the median broker consensus price at the time 3. Unaffected date as of December 18, 2024, the day prior to Samoa's amended 13D filing Price target as of 11/13/25 Price target as of 11/13/25 Final coverage 12/13/24 Final coverage 08/15/24 Current price target Price target as of unaffected date3 Price target as of final coverage 25 A Appendix – Valuation supplement Feb-26

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## Ex-99.(C)(Xii)

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**Exhibit (c)(xii)**<br>

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STRICTLY CONFIDENTIAL Project Kona Fairness opinion analysis February 26, 2026 Exhibit (c)(xii)

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STRICTLY CONFIDENTIAL Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. ("Rothschild & Co") on a confidential basis for the benefit and internal use of the Special Committee (the "Special Committee") of the Board of Directors of KORE Group Holdings, Inc. (the "Company" or "Kona") in the context of the Special Committee's consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company's management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company's security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. 2

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STRICTLY CONFIDENTIAL Contents Executive summary Overview of Standalone LTP Valuation perspectives Appendix – Valuation supplement 4 10 13 16

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1 Executive summary

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STRICTLY CONFIDENTIAL Rothschild & Co engagement 5 Rothschild & Co US Inc. ("Rothschild & Co" or "We") has been engaged by the Special Committee (the "Special Committee") of the Board of Directors of Kona (the "Company") as financial advisor in connection with advising the Special Committee with respect to a potential transaction (the "Transaction") proposed by Samoa (together with its affiliated investment funds) and Amelia (collectively, with Samoa, referred herein as the "Samoa Group") as well as in evaluating potential strategic alternatives to the Transaction, and if requested by the Special Committee, rendering an opinion to the Special Committee as to the fairness, from a financial point of view, to the Disinterested Stockholders (as defined in the Draft Merger Agreement, dated February 26, 2026 (the "Agreement")) of the consideration payable to the Disinterested Stockholders in the Transaction. To this end, these materials focus on the following: Review of Kona's Standalone LTP (as defined below) Valuation analysis of Kona In connection with our engagement, Rothschild & Co has, among other things: At the direction of the Special Committee, utilized financial forecasts for Kona, prepared and provided by Kona's management team ("Management") and confirmed and approved for Rothschild & Co's use by Management and by the Special Committee on February 19, 2026 (the "Standalone Long Term Plan" or "Standalone LTP") Held discussions with the Special Committee regarding: The Transaction; Past and current business operations and financial condition and prospects of Kona, including the Standalone LTP and the financial implications thereof; Strategic alternatives available to the Company; and Certain other matters believed necessary or appropriate to our inquiry Held discussions with key members of Management on a regular basis over the course of our engagement 1.1SITEUxAeTcIOuNtiOvVeEsRuVmIEmWary

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STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Deal Terms overview (1 of 2) 6 Sources: FactSet (as of February 25, 2026), Agreement Notes: 1. Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Initial Samoa Group offer announced on November 4, 2025 As of February 25, 2026 $726m sale of Kona to the Samoa Group 1 Executive summary Target Kona Acquiror Samoa Group Purchase price $9.25 per share ("Merger Consideration") Premium 691% premium to the unaffected price of $1.171 132% premium to the $3.98 share price prior to the initial Samoa Group offer2 82% premium to current share price of $5.093 Form of consideration All cash Financing No financing contingency; transaction funded via equity provided by Samoa pursuant to an equity commitment letter and debt pursuant to a debt commitment underwritten by certain financial institutions Shareholder approval "Requisite Company Stockholder Approval," which consists of approval from a majority of the outstanding shares entitled to vote and a majority of votes cast by Disinterested Stockholders at the company stockholders meeting Conditions Requisite Company Stockholder Approval obtained Regulatory approvals obtained No government order enjoining or prohibiting closing Mutual bring-down conditions for satisfaction of each party's reps, warranties and covenants No material adverse effect on Kona "No shop" Generally, prevents the Company from soliciting or engaging in discussions concerning alternative offers, subject to exceptions If the Company determines an alternative offer is superior, the Company can change its recommendation and/or terminate to pursue such offer Termination fee Kona to pay the Samoa Group a termination fee equal to $7.2m in the event of termination of the agreement in order to enter into a transaction deemed a superior proposal Samoa Group to pay Kona a termination fee equal to $12m in the event of termination of the agreement under specific circumstances, including failure to close due to failure to obtain financing or other breaches by Samoa Group, or Samoa Group's failure to timely close while all closing conditions are satisfied or waived

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STRICTLY CONFIDENTIAL 4 6-month VWAP (August 25, 2025) $4.34 17% 113% 52-week high (February 2, 2026) $5.29 (4%) 75% 52-week low (September 10, 2025) $2.00 155% 363% Sources: Standalone LTP, company filings, press releases, FactSet (as of February 25, 2026), Management, Samoa 13D filings, Agreement Notes: Current FDSO includes 17.6m common shares and 1.5m RSUs as of February 25, 2026, per Management Balance sheet as of December 31, 2025, as per Management. WhiteHorse term loan and Backstop notes gross of discounts and deferred debt issuance costs 3. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management Calendar day VWAP Projected metrics per Standalone LTP EV / Adj. EBITDAs based on broker consensus estimates per FactSet (as of February 25, 2026) Deal Terms overview (2 of 2) Implied enterprise value ($m, except per-share data) Implied premia 7 1 Executive summary 691% premium to the unaffected price of $1.17 and 132% premium to the $3.98 share price the day prior to the initial Samoa Group offer Implied multiples Metric ($m) Multiple (x) Standalone LTP5 EV / 2025A Adj. EBITDA $63 11.5x EV / 2026E Adj. EBITDA $63 11.5x EV / 2027E Adj. EBITDA $74 9.8x Consensus6 EV / 2025E Adj. EBITDA $61 11.8x EV / 2026E Adj. EBITDA $71 10.2x 4 1-month VWAP (January 27, 2026) $4.99 2% 85% 4 3-month VWAP (November 28, 2025) $4.67 9% 98% Samoa Group proposed price per share $9.25 Current (02/25/2026): The Samoa Group proposal: (x) Fully diluted shares outstanding1 19 Benchmark $5.09 $9.25 Implied Kona equity value (excl. Samoa warrants) $177 Unaffected (December 18, 2024) $1.17 335% 691% (+) WhiteHorse term loan2 $181 Close prior to initial Samoa Group offer (November 3, 2025) $3.98 28% 132% (+) Backstop notes2 120 Current (February 25, 2026) $5.09 - 82% (+) Samoa preferred3 275 1-month VWAP after 13D (December 18, 2024)4 $3.30 54% 180% (-) Cash2 (27) 3-month VWAP after 13D (December 18, 2024)4 $3.20 59% 189% Implied enterprise value $726 6-month VWAP after 13D (December 18, 2024)4 $3.15 62% 194%

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STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 Jan-26 Dec '24 NYSE accepts plan to regain compliance with listing standards 1 Executive summary Mar '23 Announces acquisition of Twilio's IoT business unit Jun '24 1:5 reverse stock split Nov '24 Completes operational restructuring plan Nov '23 Kona reports strategic investment from Samoa disclosing 12.0% ownership3 Apr '24 CEO transition Feb '22 Announces acquisition of Business Mobility Partners & SIMON Kona historical trading performance Merger Consideration represents a 691% premium to the unaffected price of $1.17 and 132% premium to the $3.98 share price prior to the initial Samoa Group offer Sources: Company filings, FactSet (as of February 25, 2026), press releases, Samoa 13D filings, Agreement Notes: Current FDSO includes 17.6m common shares and 1.5m RSUs as of February 25, 2026, per Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management EV / NTM Adj. EBITDA based on broker consensus estimates per FactSet (as of February 25, 2026) Ownership percentage calculated including the 2.4m warrants issued to Samoa, per Management Kona stock price and NTM Adj. EBITDA multiple since 2021 de-SPAC1 Stock price ($ actuals) Historical NTM trading multiple (x) Stock price EV / NTM Adj. EBITDA2 Samoa events Other events Q / K filed $5.09 9.1x Nov '25 Amended 13D filing indicating Samoa / Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration - Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Feb-26 8

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STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL - 2.0x 4.0x 6.0x 8.0x - Nov-24 Feb-25 May-25 Sources: Company filings, FactSet (as of February 25, 2026), press releases, Management, Samoa 13D filings Notes: $1.00 $2.00 $3.00 $4.00 $5.00 Aug-25 Nov-25 Feb-26 Kona historical trading performance (cont'd) Share price increased 73% in the following 1 month after initial 13D filing, and 335% since the filing Kona stock price and NTM Adj. EBITDA multiple since 1 month prior to amended 13D filing1,2 9.1x $1.17 $5.09 $3.22 Dec '24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Historical NTM trading multiple (x) Dec '24 NYSE accepts plan to regain compliance with listing standards Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Current FDSO includes 17.6m common shares and 1.5m RSUs as of February 25, 2026, per Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management EV / NTM Adj. EBITDA based on broker consensus estimates per FactSet (as of February 25, 2026) Nov '25 Amended 13D filing indicating Samoa/Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 9 1 Executive summary Stock price ($ actuals) Stock price EV / NTM Adj. EBITDA3 Samoa events Other events Q / K filed

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2 Overview of Standalone LTP

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STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL 8.5% 8.9% 10.2% 12.0% 12.1% 19.8 21.5 23.7 26.6 29.8 2025A 2026E 2027E 2028E Sources: Management, Standalone LTP Note: 2029E 2bps (4bps) 31bps 22bps 11bps 56.3% 56.3% 56.6% 56.8% 56.9% 2025A 2026E 2027E 2028E 2029E (9.4%) (0.0%) 0.6% (2.0%) (2.0%) $0.88 $0.88 $0.89 $0.87 $0.86 2025A 2026E 2027E 2028E 2029E Standalone LTP: review of key plan assumptions 1. CaaS ARPU is calculated as the weighted average monthly revenue per user over the period Selected KPIs (Standalone LTP) Key assumptions a CaaS Connectivity revenue growth is forecasted at 8.9%, 10.9%, 9.8% and 9.9% in 2026 to 2029, respectively, reflecting a return to industry growth rates b Solutions revenue is held approximately flat throughout the forecast period, as Management prioritizes higher-margin opportunities that support recurring Connectivity revenue c Gross margin is forecasted to improve, reflecting improved vendor pricing with carriers due to higher volumes, while accounting for customer re-rates d Operating expenses are forecasted to grow ~2-3% annually, with the anticipated realization of efficiency gains Management believes additional cost levers are available should revenue fall short of expectations Average CaaS connections (m) CaaS ARPU1 Gross margin % YoY growth (%) YoY growth (%) YoY improvement (bps) Overview of Standalone LTP 2 11

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STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL CAGR $m, unless noted 2023A 2024A 2025A 2026E 2027E 2028E 2029E '23-'25 '25-'29 Total IoT Connectivity $204 $228 $225 Total IoT Solutions 73 58 61 $239 $260 $285 $313 57 58 59 60 5% 9% (8%) (0%) Revenue $277 $286 $286 % growth 14% 3% (0%) $295 $318 $344 $373 2% 7% 3% 8% 8% 8% Gross profit $149 $161 $161 % margin 54% 56% 56% $166 $180 $196 $212 4% 7% 56% 57% 57% 57% Adj. EBITDA $56 $53 $63 % margin 20% 19% 22% $63 $74 $87 $100 7% 12% 21% 23% 25% 27% (-) One-time items1 (-) Stock-based compensation (tax deductible)2 (-) Tax D&A ($2) ($2) - - (2) (3) (4) (4) (24) (24) (23) (23) EBIT % margin $35 $45 $59 $73 12% 14% 17% 20% Memo: Average CaaS connections (m)3 CaaS ARPU3,4 CapEx5 21.5 23.7 26.6 29.8 11% $0.88 $0.89 $0.87 $0.86 (1%) $9 $9 $10 $10 1% Summary of Standalone LTP Sources: Company filings, Management, Standalone LTP Notes: Other tax deductible expenses include integration-related costs and other one-time items 40% of stock-based compensation is tax deductible, per Management Average CaaS Connections and ARPU based on CaaS, SuperSIM and Carrier+ revenue per user and average monthly connections CaaS ARPU is calculated as the weighted average monthly revenue per user over the period Inclusive of CapEx and capitalized labor 12 Overview of Standalone LTP 2

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3 Valuation perspectives

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STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Overview of valuation methodologies and other references Selected public company analysis Selected publicly traded companies in the IoT Solutions sector Selected Adj. EBITDA multiples applied to Kona's 2025A and 2026E Adj. EBITDAs, based on Management and Standalone LTP Selected precedent acquisition transactions in the IoT Solutions sector Analysis based on implied transaction enterprise value multiples of last twelve months (LTM) Adj. EBITDA Selected multiples applied to Kona's 2025A Adj. EBITDA as per Management Selected precedent transactions analysis Analysis of Standalone LTP Valuation date as of December 31, 2025 Terminal multiple range of 8.0x – 10.0x Weighted average cost of capital (WACC) range of 14.5 – 16.5% Illustrative discounted cash flow analysis Other references Premia paid analysis Analysis of observed premia to unaffected stock price and price prior to initial Samoa Group offer on November 4, 2025, in take-private transactions and acquisitions □ Take-private transactions include U.S. targets with transaction enterprise values above $250m since 2017 Other metrics Kona 52-week stock trading range Equity research analysts stock price targets 14 Sources: Standalone LTP, Wall Street research, public company filings, Management, Samoa 13D filings Valuation perspectives 3

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STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Methodology Current: $5.09 Merger Consideration: $9.25 Per-share value ($)1,2,4 Approx. implied EV2,4 Assumptions Core references Selected public company analysis EV / 2025A Adj. EBITDA $570 - 760m EV / 2025A Adj. EBITDA multiple: 9.0x – 12.0x EV / 2026E Adj. EBITDA $510 - 630m  EV / 2026E Adj. EBITDA multiple: 8.0x – 10.0x Selected precedent transactions EV / 2025A Adj. EBITDA Illustrative discounted cash flow analysis Other references Premia paid analysis Precedent take- privates (1-day) $580 - 580m $640 - 670m 20 – 53% (25th and 75th percentile, respectively) premia to prior closing prices of $1.17 (unaffected) and $3.98 (initial SG offer)5 Precedent take-privates (30-day) $600 - 610m $610 - 630m 22 – 56% (25th and 75th percentile, respectively) premia to close prices 30 days prior of $1.97 (unaffected) and $2.57 (initial SG offer)5 Other metrics 52-week high / low $590 - 650m 52-week trading high and low closing prices as of February 25, 2026 Analyst target prices Unaffected3 $580 - 780m Represents low and high of analyst target prices as of December 18, 2024; 4 contributors6 Analyst target prices Current $650m Represents low and high of analyst target prices as of February 25, 2026; 2 contributors 1.10 n.m. 2.00 1.50 5.00 11.05 4.30 1.10 14.35 $570 - 820m EV / 2025A Adj. EBITDA multiple: 9.0x – 13.0x Terminal multiple range: 8.0 – 10.0x 3.15 11.80 $610 - 780m WACC range: 14.5 – 16.5% Valuation date as of December 31, 2025 1.40 1.80 2.40 3.05 5.29 12.00 Assessment of valuation methodologies Sources: Bloomberg (as of February 25, 2026), company filings, FactSet (as of February 25, 2026), Management, Kroll Cost of Capital Guide, Standalone LTP, U.S. Fed, Management, Agreement Notes: Rounded to nearest $0.05 except for 52-week high / low and analyst target prices Per Management, fully diluted shares outstanding calculated including 17.6m common shares and 1.5m RSUs as of February 25, 2026, net debt of $274m as of December 31, 2025 and $275m in preferred (valued at 1.8x minimum return, inclusive of value of warrants issued to Samoa following November 15, 2025). EV figures are rounded to the nearest $10m Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Excludes value impact of Kona's NOLs (~$2.6m of NOLs at year end 2025 with per-share value of ~$0.03, per Management) Unaffected date of December 18, 2024, and close prior to initial SG offer announced on November 4, 2025 Includes final coverage reports from Deustche Bank (Aug-24) and Morgan Stanley (Dec-24) 2026E Adj. EBITDA multiple is based on Standalone LTP 15 4.80 6.10 3.15 4.00 Current trading implies 10.2x '26E Adj. EBITDA7 Valuation perspectives 3

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![](ny20068726x2_excxslide19.jpg)

4 Appendix – Valuation supplement

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![](ny20068726x2_excxiislide17.jpg)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL 3, 4 Kona Standalone LTP $5.09 96.2% $97 $647 10.2x 10.2x (0.0%) 3.3% 22.2% 21.4% 3, 4 Kona consensus $5.09 96.2% $97 $647 10.5x 9.1x (0.9%) 7.7% 21.7% 23.4% IoT Solutions Digi $49.91 96.4% $1,964 $2,069 18.2x 15.5x 5.3% 14.0% 25.4% 26.1% Ituran 47.49 95.5% 945 871 9.0x 8.1x 6.7% 8.0% 26.8% 27.9% Powerfleet 3.70 48.6% 511 753 7.7x 6.2x 22.2% 8.8% 22.0% 25.2% Mean 11.7x 9.9x 11.4% 10.2% 24.7% 26.4% Median 9.0x 8.1x 6.7% 8.8% 25.4% 26.1% Share %52w Market Enterprise EV / Adj. EBITDA Revenue growth Adj. EBITDA margin $m, unless noted1, 2 price ($) high cap value 2025E 2026E 2025E 2026E 2025E 2026E Selected public company analysis Sources: Public company filings, FactSet (as of February 25, 2026), Management, Standalone LTP Notes: Metrics based on median broker consensus estimate per FactSet (as of February 25, 2026), except Kona Standalone LTP Digi and Powerfleet financials calendarized to Kona's fiscal year ending December 31 Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management Standalone LTP 2025 data reflects 2025 actuals per Management; Kona consensus 2025 data reflects broker consensus 17 A Appendix – Valuation supplement

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![](ny20068726x2_excxiislide18.jpg)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL A Appendix – Valuation supplement Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Public company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x1 7.9x1 Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 18

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![](ny20068726x2_excxiislide19.jpg)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL A Appendix – Valuation supplement Illustrative discounted cash flow analysis Projected cash flows1 $m 2026E 2027E 2028E 2029E Terminal period2 Total revenue $295 $318 $344 $373 $405 % growth 3.3% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $63 $74 $87 $100 $109 % margin 21.4% 23.4% 25.2% 26.9% 26.9% (-) One-time items3 ($2) ($2) - - - (-) Stock-based compensation (tax deductible)4 (2) (3) (4) (4) (4) (-) Tax D&A (24) (24) (23) (23) (10) EBIT $35 $45 $59 $73 $94 (-) Tax at 25% rate5 ($9) ($11) ($15) ($18) ($24) NOPAT $26 $34 $45 $55 $71 (+) Tax D&A $24 $24 $23 $23 $10 (-) Stock-based compensation (non-tax deductible)4 (3) (5) (6) (6) (6) (-) CapEx (9) (9) (10) (10) (10) (+/-) Source / (use) of NWC (0) (2) (2) (2) (2) Unlevered FCF $39 $42 $50 $59 $62 Sources: Company filings, Management, Standalone LTP Notes: Unlevered cash flow line items based on Standalone LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Management, other tax deductible expenses include integration-related costs and other one-time items 40% of SBC is tax deductible per Management. SBC treated as cash expense 25% tax rate per Standalone LTP and includes $0.2m p.a. estimated US R&D tax credits for 2026E to 2029E per Management 6. Valuation date assumed as of December 31, 2025. FDSO includes 17.6m common shares, 1.5m RSUs as of February 25, 2026, preferred stock valued at liquidation value of 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025 ($275m) per Management, senior secured note valued at principal balance ($181m), backstop notes valued at principal value ($120m), cash balance ($27m), all as of December 31, 2025, per Management. Excludes value impact of Kona's NOLs (~$2.6m of NOLs at year end 2025 with per-share value of ~$0.03, per Management) 19 WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 14.5% $649 $680 $712 $743 $775 78% 79% 80% 81% 82% $5.19 $6.84 $8.50 $10.15 $11.81 15.0% 639 670 701 732 763 78% 79% 80% 81% 81% 4.67 6.29 7.92 9.54 11.17 15.5% 629 659 690 720 751 78% 79% 80% 81% 81% 4.15 5.75 7.35 8.95 10.55 16.0% 619 649 679 709 739 78% 79% 80% 80% 81% 3.65 5.22 6.79 8.36 9.94 16.5% 610 639 669 698 728 77% 78% 79% 80% 81% 3.16 4.71 6.25 7.79 9.34 Enterprise value ($m) PV of terminal value as % of EV Implied share price at terminal multiple of6 at terminal multiple of6 at terminal multiple of6

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![](ny20068726x2_excxiislide20.jpg)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL $3.15 $5.08 $6.48 $1.45 $12.88 $10.40 $8.81 $8.42 Illustrative discounted cash flow analysis sensitivity DCF sensitivity to various operating assumptions Item Standalone LTP assumption Sensitivity range Implied per-share midpoint DCF range1 Sources: Company filings, Management, Standalone LTP Notes: 1. Sensitivity analyses vs. Standalone LTP. Valuation date assumed as of December 31, 2025. FDSO includes 17.6m common shares and 1.5m RSUs as of February 25, 2026, per Management. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 4. 2.4m warrants issued to Samoa following November 15, 2025, per Management. Assumes WACC of 15.5% and terminal multiple midpoint of 9.0x. Excludes value impact of Kona's NOLs (~$2.6m of NOLs at year end 2025 with per-share value of ~$0.03, per Management) 2025A to 2029E CAGR 56.3% represents 2025A gross margin per Management. 57.9% represents 2029E Standalone LTP gross margin +1% 21.4% represents 2026E Standalone LTP Adj. EBITDA margin and 27.9% represents 2029E Standalone LTP Adj. EBITDA margin +1% Avg. CaaS connections (% CAGR)2 Average CaaS connections reach 29.8m by 2029 2025–2029 CAGR of 11% 9% 13% 11% Solutions (% CAGR)2 IoT Solutions has (0.3%) CAGR across 2025 to 2029 (5%) 5% (0.3%) Gross margin (% +/-) Gross margin increases from 56.3% in 2025 to 56.9% in 2029 56.3%3 57.9%3 56.9% Adj. EBITDA margin increases from 22.2% in 2025 to 26.9% in 2029 Terminal Adj. EBITDA margin 21.4%4 27.9%4 26.9% 20 TMM Base DCF midpoint: $7.35 A Appendix – Valuation supplement

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![](ny20068726x2_excxiislide21.jpg)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Implied levered beta given unlevered beta of Implied cost of equity given unlevered beta of Implied WACC given unlevered beta of Selected public company beta analysis Tax shield 6 (2.4%) Market Debt Pref. Debt / Debt / Tax Beta Cost of debt (post-tax) 7.3% Peer cap ($m) ($m) eq. ($m) cap7 equity7 rate (%) Levered8 Unlevered Relevered Digi $1,964 $136 - 6% 7% 25% 1.16 1.11 1.31 Powerfleet 511 277 - 35% 54% 25% 2.12 1.51 1.79 Ituran 945 - - - - 25% 0.92 0.92 1.09 25th percentile 14% 1.04 1.01 Median 21% 1.16 1.11 Mean 21% 1.40 1.18 75th percentile 28% 1.64 1.31 Kona $97 9 $3019 $27510 86%10 592%10 25% 0.12 n.m.11 n.m.11 Cost of equity 21 Weighted average cost of capital (WACC) Sources: Company filings, Bloomberg, FactSet (as of February 25, 2026), Kroll Cost of Capital Guide, U.S. Federal Reserve, Management Notes: Informed by the range of the peer references as well as capital markets outlook Based on current yield on 20-year U.S. Treasury (as of February 25, 2026) Based on the average of Kroll's Supply-side ERP methodology (6.3%) and Historical ERP methodology (7.4%) per Kroll's Cost of Capital Guide (as of December 31, 2025) Based on size premia analysis per Kroll's Cost of Capital Guide (average of 9th and 10th decile, as of December 31, 2025) based on target capital structure of 20% gross debt / capital, respectively Based on 600bps on latest 3-month SOFR (as of February 25, 2026) 25% tax rate per Management Debt / capital and debt / equity interquartile range and mean exclude Ituran Based on peer mean 2-year adjusted historical beta (weekly periodicity, regressed against S&P 500) per Bloomberg (as of February 25, 2026) Kona share price as of February 25, 2026; balance sheet as of December 31, 2025, per Management; FDSO includes 17.6m common shares and 1.5m RSUs as of February 25, 2026, per Management Illustratively includes preferred stock as debt-like item. Preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants issued to Samoa following November 15, 2025, per Management Not meaningful as R-squared is 0.001 Implied WACC Gross debt / capital1 Gross debt / equity Pre-tax cost of debt 1.00 1.18 1.30 1.00 1.18 1.30 1.00 1.18 1.30 10.0% 11.1% 9.7% 1.08 1.27 1.41 15.1% 16.4% 17.3% 14.3% 15.5% 16.3% 15.0% 17.6% 9.7% 1.13 1.33 1.47 15.4% 16.8% 17.7% 14.2% 15.3% 16.2% 20.0% 25.0% 9.7% 1.19 1.40 1.54 15.8% 17.2% 18.2% 14.1% 15.2% 16.0% 25.0% 33.3% 9.7% 1.25 1.47 1.63 16.2% 17.7% 18.8% 14.0% 15.1% 15.9% 30.0% 42.9% 9.7% 1.32 1.55 1.72 16.7% 18.3% 19.4% 13.9% 15.0% 15.8% Risk-free rate 2 4.6% Levered beta 1.40 Equity risk premium3 6.8% Size premium4 3.0% Size premium 17.2% Cost of debt Cost of debt (pre-tax) 5 9.7% A Appendix – Valuation supplement

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![](ny20068726x2_excxiislide22.jpg)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL 20% 32% 44% 53% 94% 25th percentile Median Mean 75th percentile 90th percentile 22% 36% 42% 56% 81% 25th percentile Median Mean 75th percentile 90th percentile Premia paid analysis Share price premium 30-day1 Source: Refinitiv Notes: Analysis includes 172 take-private transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors Unaffected date as of December 18, 2024, the day prior to Samoa's 13D filing Share price as of November 3, 2025, the day prior to the public announcement of the initial Samoa Group offer 22 A Appendix – Valuation supplement $2.84 $2.61 $3.05 $3.83 $2.40 $2.57 30-day prior to initial Samoa Group offer3: $3.09 $3.71 $3.40 $3.94 $5.00 Implied Kona share price based on: $1.97 30-day prior to unaffected2: $1.40 $1.68 $1.54 $1.80 $2.27 $4.78 $5.74 $5.27 $6.11 $7.74 Implied Kona share price based on: $1.17 unaffected price2: $3.98 close prior to initial Samoa Group offer3: Share price premium 1-day1

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![](ny20068726x2_excxiislide23.jpg)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL $/ share Oct-21 Jul-22 Feb-24 Feb-25 Feb-26 Average target price $87.50 $50.50 $12.50 $7.25 $5.00 % Premium 2 118.8% 271.3% 129.4% 197.7% (1.8%) – $20.00 $40.00 $60.00 - 20% 40% 60% 80% 100% Oct-21 Aug-22 Dec-25 Buy Hold Jun-23 Apr-24 Feb-25 Sell Share price Target price $5.00 $5.00 $12.00 $2.50 $3.00 $1.50 Discontinued coverage Analyst price targets Analyst sentiment since 2021 de-SPAC1 Analyst price targets 1 2 Number of broker recommendations 4 4 2 Average target price over time1 Sources: FactSet (as of February 25, 2026), Wall Street research Notes: Target prices based on 100-day consensus window adjusted for 1:5 reverse stock split % Premium based on date of the median broker consensus price at the time 3. Unaffected date as of December 18, 2024, the day prior to Samoa's amended 13D filing Price target as of 11/13/25 Price target as of 11/13/25 Final coverage 12/13/24 Final coverage 08/15/24 Current price target Price target as of unaffected date3 Price target as of final coverage 23 A Appendix – Valuation supplement Feb-26

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## Ex-99.(C)(Xiii)

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**Exhibit (c)(xiii)**<br>

![](ny20068726x2_excxiiislide1.jpg)

Project King Discussion Materials August 2025 Exhibit (c)(xiii)

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![](ny20068726x2_excxiiislide2.jpg)

Illustrative Transaction Overview 2 Note: Balance sheet cash, Whitehorse term loan, and Fortress convertible notes balances are as of Q1 2025. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight of $47.8M, as of December 31, 2025. Assumes $63.8M of 2025E EBITDA. Assumes $75.0M of pro forma EBITDA. Key Assumptions Assumes a ~67% premium, $4.00 / share take out price Assumes Searchlight, Abry, Terence Jarman, Richard Burston, and Koch equity rollover (56.8%) Remaining 43.2% bought out with new equity Assumes rollover of Whitehorse debt ($182.7M) and Searchlight preferred equity, while Fortress convertible note ($120.0M) is taken out at par Assumes pro forma EBITDA of ~$75M (current ~$65M), cash on balance sheet not used in transaction Sources & Uses New Equity $33.8 6.1% Fortress Converts $120.0 21.6% New Debt 120.0 21.6% Non-rolling Equity 33.8 6.1% Searchlight Preferred Equity1 200.6 36.0% Searchlight Preferred Equity 1 200.6 36.0% Whitehorse Term Loan 182.7 32.8% Whitehorse Term Loan 182.7 32.8% Balance Sheet Cash 19.7 3.5% Balance Sheet Cash 19.7 3.5% Total Sources $556.8 100.0% Total Uses $556.8 100.0% Current Senior Net Leverage2 4.4x Pro Forma Senior Net Leverage3 3.8x $% of Total $% of Total Sources Uses

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![](ny20068726x2_excxiiislide3.jpg)

Shares Outstanding Ownership Take-Private Pro-Forma Ownership Abry 4.9 24.8% 4.9 24.8% Searchlight 2.4 12.3% 2.4 12.3% TDJ Company (Terence Jarman) 1.0 5.1% 1.0 5.1% Dotmar Investments (Richard Burston) 0.9 4.4% 0.9 4.4% Koch 2.0 10.2% 2.0 10.2% Cerberus 1.4 7.1% — — Twilio 1.0 5.1% — — Goldman Sachs Asset Management 0.9 4.8% — — Other Investors 5.1 26.1% — — New Equity 8.4 43.2% Total Shares 19.6 100.0% 19.6 100.0% Current Balance Sheet Pro Forma Balance Sheet Cash Cash Existing Cash Balance $19.7 Existing Cash Balance $19.7 Pro-Forma Cash $19.7 Pro-Forma Cash $19.7 Debt Debt Whitehorse Term Loan $182.7 Whitehorse Term Loan $182.7 Searchlight Preferred Equity 2 200.6 Searchlight Preferred Equity 2 200.6 Fortress Converts 120.0 New Debt 3 120.0 Total Debt / Preferred $503.3 Total Debt / Preferred $503.3 Illustrative Take-Private Analysis 3 Assumes Searchlight purchases 100% of Cerberus, Twilio, Goldman Sachs, and Other Investors shares. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight of $47.8M, as of December 31, 2025. Assumes $120M of Fortress' convertible note is purchased in full and replaced with new debt instrument. Pro Forma Ownership1

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![](ny20068726x2_excxiiislide4.jpg)

(-) Cash and Cash Equivalents1 (19.7) (19.7) (19.7) (19.7) (19.7) (+) Debt and Preferred Equity 503.3 503.3 503.3 503.3 503.3 Implied Enterprise Value $552.1 $561.9 $571.7 $581.5 $591.3 Premium to: Current Share Price $2.40 45.8% 66.7% 87.5% 108.3% 129.2% Last 6-Months VWAP $2.44 43.6% 64.1% 84.6% 105.1% 125.6% LTM VWAP $2.29 53.1% 74.9% 96.8% 118.7% 140.6% 52-Week High (One Day - 12/31/24) $3.22 8.7% 24.2% 39.8% 55.3% 70.8% Implied Multiples: EV / 2025E Revenue ($290.7M) 1.9x 1.9x 2.0x 2.0x 2.0x EV / 2025E EBITDA ($63.8M) 8.7x 8.8x 9.0x 9.1x 9.3x EV / 2026E Revenue ($304.3M) 1.8x 1.8x 1.9x 1.9x 1.9x EV / 2026E EBITDA ($69.9M) 7.9x 8.0x 8.2x 8.3x 8.5x Illustrative Analysis at Various Prices 4 Source: TD Cowen research. 1. Preferred equity includes accrued PIK interest at 13% as of December 31, 2025. Illustrative Analysis at Various Multiples ($ in millions) Purchase Share Price Shares Outstanding $3.50 19.6 $4.00 19.6 $4.50 19.6 $5.00 19.6 $5.50 19.6 Implied Equity Value $68.5 $78.3 $88.0 $97.8 $107.6

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![](ny20068726x2_excxiiislide5.jpg)

Illustrative Impact of Min MOIC 5 Implied Equity Value $68.5 $78.3 $88.0 $97.8 $107.6 (-) Cash and Cash Equivalents (19.7) (19.7) (19.7) (19.7) (19.7) (+) Debt and Preferred Equity 1 503.3 503.3 503.3 503.3 503.3 Enterprise Value $552.1 $561.9 $571.6 $581.4 $591.2 Diluted Shares Outstanding 19.6 19.6 19.6 19.6 19.6 Implied Share Price (Pre-Min MOIC) $3.50 $4.00 $4.50 $5.00 $5.50 Implied Share Price Affected by Min MOIC 2 ($0.08) $0.42 $0.92 $1.42 $1.92 Premium (%) NM 843.4% 388.9% 251.8% 186.2% Required Offer Price to Reach Equivalent Pre-Min MOIC Implied Share Price $7.08 $7.58 $8.08 $8.58 $9.08 Implied EV / 2025E EBITDA ($63.8M) 9.7x 9.9x 10.1x 10.2x 10.4x Source: TD Cowen research. Preferred equity includes accrued PIK interest at 13% as of December 31, 2025. Assumes incremental $70M impact related to min MOIC.

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Company Share Price (USD) % of 52- Week High1 F.D. Market Capitalization Enterprise Value Revenue Growth Gross Margin EBITDA Margin EV / Revenue EV / EBITDA Net Debt / P/E 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E LTM EBITDA 2025E Itron, Inc. $125.48 90% $5,746 $5,806 (2%) 6% 37% 37% 15% 16% 2.4x 2.3x 16.1x 14.6x 0.1x 20.7x Alarm.com Holdings, Inc. $54.41 78% $2,722 $2,806 6% 4% 66% 66% 20% 20% 2.8x 2.7x 14.4x 13.2x 0.2x 23.3x RingCentral, Inc. $28.75 68% $2,603 $3,941 5% 5% 77% 77% 26% 27% 1.6x 1.5x 6.0x 5.5x 1.8x 6.8x Digi International Inc. $31.85 86% $1,191 $1,215 1% 3% 62% 62% 25% 25% 2.8x 2.8x 11.3x 10.9x 0.3x 15.5x Bandwidth Inc. $13.37 58% $403 $815 1% 13% 59% 59% 12% 13% 1.1x 1.0x 9.2x 7.3x 4.8x 8.4x 8x8, Inc. $1.93 55% $263 $575 (1%) 1% 70% 67% 12% 13% 0.8x 0.8x 6.8x 5.9x 3.4x 6.4x Mean 2% 5% 62% 62% 18% 19% 1.9x 1.8x 10.6x 9.6x 1.8x 10.1x Median 1% 5% 64% 64% 17% 18% 2.0x 1.9x 10.3x 9.1x 1.1x 8.4x King $2.40 75%1 $47 $516 3% 5% 56% 57% 22% 23% 1.8x 1.7x 8.1x 7.4x 5.3x NM (In $ millions, unless otherwise noted) IoT & Comms Comps Public Comparable Companies 6 Source: S&P Capital IQ as of August 8, 2025. Note: Negative multiples are deemed "not meaningful" or "NM". 1. Based on a closing share price of $3.22 as of December 31, 2024.

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![](ny20068726x2_excxiiislide7.jpg)

Premiums Paid Analysis – US Technology Transactions 7 Source: Refinitiv Eikon as of August 10, 2025. Based on transaction announcement date and deal values of $100M to $5.0B. Includes majority acquisition transactions of companies in high technology, media and entertainment, and telecommunications. 30-Day represents 4 weeks prior to the announcement day. Excludes stock consideration mergers (only acquisitions) and transactions with premiums of <0% or >150% cancelled, expired, dismissed, withdrawn or liquidated/out of business. Median Premiums Paid to One-Day and 30-Day Prior Stock Price – 2015A to YTD 2025A Market clearing "control premium" for selected publicly traded technology companies in M&A transactions with $100M to $5.0B in deal value 34.1% 22.2% 25.9% 26.8% 29.7% 46.0% 39.5% 37.7% 31.4% 42.9% 28.2% 28.0% 28.1% 36.8% 37.0% 33.9% 41.6% 49.3% 46.2% 41.3% 52.8% 0.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% Chart Title Mean One-Day Premium 30-Day Premium 38.3% 42.5% Median 32.0% 38.6% 25th Percentile 18.7% 25.9% 75th Percentile 48.2% 54.0% 48.0% 65 89 20 16 <30% 30-60% 60-80% 80%+ 81.1% of Transactions 18.9% of Transactions Deals 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 # of 26 32 25 13 18 11 14 16 10 17 8 32.0% 38.6% Selected Precedent Transactions Median One-Day Premium: 32.0% Selected Precedent Transactions Median 30-Day Premium: 38.6% One-Day Premium 30-Day Premium Acquisitions of Public Technology Companies Since 2014A – Premium Distribution (Target Stock Premium – 4 Weeks Prior %)

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![](ny20068726x2_excxiiislide8.jpg)

Common Shareholder Value Deterioration 8 Source: Company Filings. Note: Cash and cash equivalents, Whitehorse term loan, and Fortress convertible notes balances, as well as shares outstanding, are as of Q1 2025. 1. Includes a 2% prepayment penalty and accrued PIK interest at 13% as of March 31, 2025. ($ in millions) 19.7 (182.7) (120.0) (185.9)1 Illustrative Acquisition Scenario & Minimum MOIC Impact Shift in Value Allocation Due to Minimum MOIC ($ in millions) Value to Lenders and Preferred Equity Holders Value to Common Equity Holders $131.0 $47.2 $469.0 $552.8 $600.0 $600.0 Today 11/15/2025 ~$85M potential reduction in shareholder value due to minimum MOIC (~$4.30 / share) Transaction Assumptions Transaction Date EV / EBITDA Multiple EBITDA Today 10.0x $60.0 11/15/2025 10.0x $60.0 Purchase Price (Enterprise Value) $600.0 $600.0 (-) Net Debt (469.0) (552.8) Value to Shareholders (Equity Value) $131.0 $47.2 (+) Cash and Cash Equivalents (-) Whitehorse Term Loan (-) Fortress Converts (-) Searchlight Preferred Equity 19.7 (182.7) (120.0) (269.8) Shares Outstanding 19.6 19.6 Implied Share Price $6.70 $2.41

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![](ny20068726x2_excxiiislide9.jpg)

Appendix

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(+) Cash and Cash Equivalents 19.7 19.7 19.7 19.7 19.7 (-) Debt and Preferred Equity1 (503.3) (503.3) (503.3) (503.3) (503.3) Value to Shareholders (Equity Value) $58.8 $74.8 $90.8 $106.7 $122.7 Shares Outstanding Implied Share Price Premium to: 19.6 $3.01 19.6 $3.82 19.6 $4.64 19.6 $5.45 19.6 $6.27 Current Share Price $2.40 25.3% 59.3% 93.3% 127.3% 161.3% Last 6-Months VWAP $2.44 23.4% 56.9% 90.3% 123.8% 157.2% LTM VWAP $2.29 31.6% 67.2% 102.9% 138.6% 174.2% 52-Week High (One Day - 12/31/24) $3.22 (6.6%) 18.7% 44.1% 69.4% 94.7% Implied Multiples: EV / 2026E Revenue ($304.3M) 1.8x 1.8x 1.9x 1.9x 2.0x EV / 2026E EBITDA ($69.9M) 7.8x 8.0x 8.2x 8.4x 8.7x Additional Analysis at Various Prices 10 Source: TD Cowen research. 1. Preferred equity includes accrued PIK interest at 13% as of December 31, 2025. Additional Analysis at Various Multiples ($ in millions) EBITDA Acquisition Multiple 2025E EBITDA 8.50x $63.8 8.75x $63.8 9.00x $63.8 9.25x $63.8 9.50x $63.8 Purchase Price (Enterprise Value) $542.5 $558.5 $574.4 $590.4 $606.3

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Potential Buyers: Select Strategics 11 First Calls Other Strategics Rationale IoT / Connectivity Complement existing IoT connectivity platforms, expanding geographic reach Strengthen subscription-based IoT revenue models Carriers Enhance enterprise IoT connectivity for private networks and LPWAN Create new revenue streams in industrial, healthcare, and smart city applications Strengthen carrier B2B connectivity offerings Big Tech Immediate entry into enterprise IoT connectivity Integrate real-time IoT insights into broader cloud and AI ecosystems Access to King's international connectivity platform and client base Semiconductor IoT Companies Combine IoT chipsets with managed connectivity solutions Enable end-to-end, secure IoT deployments for OEMs and enterprises Expand current TAM into IoT (natural adjacent market) Industrial Tech Strengthen scalable IoT solutions for industrial equipment Enhance IoT connectivity for industrial automation and smart infrastructure

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Potential Buyers: Select Sponsors 12 Select Sponsor Buyer Universe

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## Ex-99.(C)(Xiv)

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**Exhibit (c)(xiv)**<br>

![](ny20068726x2_excxivslide1.jpg)

Project King Discussion Materials September 2025 Exhibit (c)(xiv)

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New Sponsor Equity $49.1 7.9% Purchase of Equity $35.1 5.6% Rollover Equity 44.5 7.1% Rollover Equity 44.5 7.1% New Debt 300.0 48.2% Repay Term Loan 181.3 29.1% Rollover Preferred Equity (1) 199.6 32.1% Repay Convertible Notes 120.0 19.3% Cash on Balance Sheet 29.6 4.8% Rollover Preferred Equity (1) 199.6 32.1% Fees & Expenses 12.6 2.0% Cash to Balance Sheet 29.6 4.8% Total Sources $622.7 100.0% Total Uses $622.7 100.0% 2025E Senior Net Leverage(2) 4.3x Sources & Uses $% of Total $% of Total Sources Uses Proposed Transaction Overview 2 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025. Assumes $62.7M of 2025E adjusted EBITDA per management forecast. Key Assumptions Assumes a $4.00/share take-private (~72% premium to current share price and ~77% premium to LTM VWAP) Searchlight, Abry, Terence Jarman, Richard Burston, and Koch equity rollover (55.9% of shares); remaining 44.1% bought out with new equity Assumes rollover of Searchlight preferred ($199.6M) Whitehorse term loan ($181.3M) and Fortress converts ($120.0M) taken out at par $300M of new debt at SOFR+650 bps; total funded leverage of 4.8x with $29.6M cash balance at close Implied EV / Adj. EBITDA entry multiple of 8.8x (based on $62.7M of 2025E EBITDA); implied enterprise value of $550.9M

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Pro Forma Ownership 3 Pro Forma Ownership Shares Outstanding Ownership Take-Private(1) Pro-Forma Ownership Abry 4.9 24.4% 4.9 24.4% Searchlight 2.4 12.1% 2.4 12.1% TDJ Company (Terence Jarman) 1.0 5.0% 1.0 5.0% Dotmar Investments (Richard Burston) 0.9 4.3% 0.9 4.3% Koch 2.0 10.1% 2.0 10.1% Cerberus 1.4 7.0% — — Twilio 1.0 5.0% — — Goldman Sachs Asset Management 0.8 4.3% — — Other Investors / RSUs 5.5 27.8% — — New Equity 8.8 44.1% Total Shares 19.9 100.0% 19.9 100.0% Source: Bloomberg. Note: Total shares excludes RSUs. 1. Assumed 11.1M shares roll.

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![](ny20068726x2_excxivslide4.jpg)

Updated Management Forecast (Received 9/4) 4 Management Forecast TD Cowen Adj. EBITDA reflects moderated growth assumptions applied to 2027 – 2029, relative to management's forecast Total IoT Connectivity $212 $218 $236 $260 $285 $313 10% Total IoT Solutions 50 59 59 58 59 60 1% Non-core 25 14 1 - - - n.m. Revenue $286 $290 $295 $318 $344 $373 7% % growth 1% 2% 8% 8% 8% IoT Connectivity gross profit $124 $130 $142 $158 $173 $190 10% IoT Solutions gross profit $12 $16 $16 $16 $16 $16 0% Non-core gross profit $18 $10 $1 – – – n.m. Gross profit $154 $155 $159 $173 $189 $206 7% % margin 54% 54% 54% 54% 55% 55% OpEx before capitalization of R&D $111 $101 $104 $107 $111 $115 Less: Capitalization of R&D (10) (7) (8) (7) (8) (8) OpEx Other income $101 - $93 $1 $96 $1 $100 $1 $103 $1 $107 $1 3% Management Adj. EBITDA % margin $53 19% $63 22% $64 22% $74 23% $87 25% $100 27% 12% TD Cowen Adj. EBITDA (Downside Case) $53 $63 $64 $69 $74 $79 6% % margin 19% 22% 22% 22% 21% 21% '25-'29 CAGR All figures shown in US$m unless stated otherwise 2024A 2025E 2026E 2027E 2028E 2029E Source: Management estimates.

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Returns Summary 5 Illustrative Returns - $4.00/share, 10.0x Exit Multiple Entry Snapshot Offer Price per Share $4.00 Total Equity Invested (Rolled + New Sponsor Equity) $93.5 Exit Build (Management Forecast) Exit Build (TD Cowen Adjusted Forecast) 2029E EBITDA (Mgmt) $100.3 2029E EBITDA (TDC) $79.5 Exit Multiple 10.0x Exit Multiple 10.0x Enterprise Value at Exit $1,002.9 Enterprise Value at Exit $794.5 Less: Debt / Preferred at Exit ($613.5) Less: Debt / Preferred at Exit ($613.5) Add: Cumulative Free Cash Flow Generated $155.2 Add: Cumulative Free Cash Flow Generated $106.2 Equity Value at Exit $544.6 Equity Value at Exit $287.2 Sponsor Net Proceeds $451.1 Sponsor Net Proceeds $193.7 IRR 55.3% IRR 32.3% MOIC 5.8x MOIC 3.1x

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![](ny20068726x2_excxivslide6.jpg)

MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $79.5M - TD Cowen Adj. Forecast) Implied Entry Multiple (1) Acq. Share Price 9.0x 10.0x 11.0x 12.0x 13.0x 8.5x $3.00 2.8x / 29.7% 3.9x / 40.7% 5.0x / 49.5% 6.1x / 57.0% 7.2x / 63.6% 8.8x $4.00 2.2x / 22.1% 3.1x / 32.3% 3.9x / 40.7% 4.8x / 47.7% 5.6x / 53.9% 9.1x $5.00 1.8x / 16.2% 2.5x / 26.0% 3.2x / 34.0% 3.9x / 40.7% 4.6x / 46.6% 9.4x $6.00 1.6x / 11.6% 2.1x / 21.0% 2.7x / 28.6% 3.3x / 35.0% 3.9x / 40.7% MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $100.3M - Management Forecast) Implied Entry Multiple (1) Acq. Share Price 9.0x 10.0x 11.0x 12.0x 13.0x 8.5x $3.00 6.1x / 56.9% 7.4x / 65.1% 8.8x / 72.2% 10.2x / 78.5% 11.5x / 84.2% 8.8x $4.00 4.8x / 47.6% 5.8x / 55.3% 6.9x / 62.0% 8.0x / 67.9% 9.0x / 73.3% 9.1x $5.00 3.9x / 40.5% 4.8x / 47.9% 5.7x / 54.3% 6.5x / 59.9% 7.4x / 65.0% 9.4x $6.00 3.3x / 34.9% 4.1x / 41.9% 4.8x / 48.1% 5.6x / 53.5% 6.3x / 58.4% Entry / Exit Sensitivity (Management vs. TD Cowen Adjusted) 6 Management Case TD Cowen Adjusted Case 1. Assumes $62.7M of 2025E adjusted EBITDA per management forecast.

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![](ny20068726x2_excxivslide7.jpg)

Illustrative Analysis at Various Prices 7 Illustrative Analysis at Various Multiples ($ in millions) Source: S&P Capital IQ as of September 8, 2025. Reflects management estimates. Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. 1. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Share Price Shares Outstanding (1) $3.00 19.9 $3.50 19.9 $4.00 19.9 $4.50 19.9 $5.00 19.9 Implied Equity Value $59.7 $69.6 $79.6 $89.5 $99.5 (-) Cash and Cash Equivalents (29.6) (29.6) (29.6) (29.6) (29.6) (+) Debt and Preferred Equity 500.9 500.9 500.9 500.9 500.9 Enterprise Value $531.0 $541.0 $550.9 $560.9 $570.8 Premium to: Current Share Price $2.32 29.3% 50.9% 72.4% 94.0% 115.5% Last 6-Months VWAP $2.41 24.4% 45.1% 65.9% 86.6% 107.3% LTM VWAP $2.26 32.8% 54.9% 77.1% 99.2% 121.4% 52-Week High (One Day - 12/31/24) $3.22 (6.8%) 8.7% 24.2% 39.8% 55.3% Implied Multiples: EV / 2025E Revenue ($290.0M) 1.8x 1.9x 1.9x 1.9x 2.0x EV / 2025E EBITDA ($62.7M) 8.5x 8.6x 8.8x 9.0x 9.1x EV / 2026E Revenue ($295.5M) 1.8x 1.8x 1.9x 1.9x 1.9x EV / 2026E EBITDA ($64.0M) 8.3x 8.5x 8.6x 8.8x 8.9x

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![](ny20068726x2_excxivslide8.jpg)

Levered FCF Walk – Management Case 8 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025. Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025. Implied Metrics EV / 2025E Revenue EV / 2026E Revenue EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA $290.0 $295.5 $62.7 $64.0 1.9x 1.9x 8.8x 8.6x Sources & Uses Sources x EBITDA New Sponsor Equity $49.1 8% Rollover Equity 44.5 7% New Debt 300.0 4.8x 48% Rollover Preferred Equity 199.6 32% Cash on Balance Sheet 29.6 5% Total $622.7 100% 181.3 120.0 199.6 12.6 29.6 29% 19% 32% 2% 5% Total $622.7 100% Offer Structure Purchase Price Offer Price $4.00 Current Share Price $2.32 Premium to Current Share Price 72% Total Shares(3) 19.898 Implied Equity Value $79.6 Less: Cash ($29.6) Add: Debt $301.3 Uses Add: Preferred (4) $199.6 Purchase of Equity $35.1 6% Implied Enterprise Value $550.9 Rollover Equity 44.5 7% Repay Term Loan Repay Convertible Notes Rollover Preferred Equity(4) Fees & Expenses Cash to Balance Sheet Projected Levered Free Cash Flows $ in millions Historical Management Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $290.0 $295.5 $318.1 $344.3 $373.2 Adj. EBITDA $53.1 $62.7 $64.0 $74.4 $86.9 $100.3 Add: Eliminated Public Company Costs (1) 2.6 2.6 2.6 2.6 Less: Integration-related Costs (1) (2.0) (2.0) - - Less: Cash Interest Expense, Net (28.5) (26.6) (25.8) (24.6) Less: Levered Cash Taxes - - - - Less: Capex (1) (10.2) (9.4) (9.8) (10.2) Less: (Increase) / Decrease in NWC (2) (5.0) (5.0) (5.0) (5.0) Available Cash Flow $20.8 $34.0 $48.9 $63.0 Less: Mandatory Amortization (3.0) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $17.8 $31.0 $45.9 $60.0 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $17.8 $31.0 $45.9 $60.0 Total Debt Outstanding $297.0 $294.0 $291.0 $288.0 Cumulative Debt Paydown 1.0% 2.0% 3.0% 4.0% Net Debt / EBITDA 3.9x 2.9x 1.9x 1.0x

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![](ny20068726x2_excxivslide9.jpg)

Implied Metrics EV / 2025E Revenue EV / 2026E Revenue EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA $290.0 $295.5 $62.7 $64.0 1.9x 1.9x 8.8x 8.6x Levered FCF Walk – TD Cowen Adjusted Case 9 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025. Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025. Sources & Uses Sources x EBITDA New Sponsor Equity $49.1 8% Rollover Equity 44.5 7% New Debt 300.0 4.8x 48% Rollover Preferred Equity 199.6 32% Cash on Balance Sheet 29.6 5% Total $622.7 100% 181.3 120.0 199.6 12.6 29.6 29% 19% 32% 2% 5% Total $622.7 100% Offer Structure Purchase Price Offer Price $4.00 Current Share Price $2.32 Premium to Current Share Price 72% Total Shares(3) 19.898 Implied Equity Value $79.6 Less: Cash ($29.6) Add: Debt $301.3 Uses Add: Preferred (4) $199.6 Purchase of Equity $35.1 6% Implied Enterprise Value $550.9 Rollover Equity 44.5 7% Repay Term Loan Repay Convertible Notes Rollover Preferred Equity(4) Fees & Expenses Cash to Balance Sheet Projected Levered Free Cash Flows $ in millions Historical TD Cowen Adjusted Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $290.0 $295.5 $318.1 $344.3 $373.2 Adj. EBITDA $53.1 $62.7 $64.0 $68.8 $73.9 $79.5 Add: Eliminated Public Company Costs (1) 2.6 2.6 2.6 2.6 Less: Integration-related Costs (2) (6.0) (4.0) (2.0) - Less: Cash Interest Expense, Net (28.5) (26.7) (26.1) (25.5) Less: Levered Cash Taxes - - - - Less: Capex (1) (10.2) (9.4) (9.8) (10.2) Less: (Increase) / Decrease in NWC (2) (5.0) (5.0) (5.0) (5.0) Available Cash Flow $16.8 $26.2 $33.5 $41.3 Less: Mandatory Amortization (3.0) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $13.8 $23.2 $30.5 $38.3 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $13.8 $23.2 $30.5 $38.3 Total Debt Outstanding $297.0 $294.0 $291.0 $288.0 Cumulative Debt Paydown 1.0% 2.0% 3.0% 4.0% Net Debt / EBITDA 4.0x 3.3x 2.6x 1.9x

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![](ny20068726x2_excxivslide10.jpg)

Appendix

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![](ny20068726x2_excxivslide11.jpg)

Public Company Costs Breakdown 11 Public Company Costs Vendor Expense Type Estimated Annual Savings BDO Annual Public Company Audit $400,000 BDO Quarterly Reviews $151,800 E&Y Quarterly tax provisions $100,000 Source: Management estimates. Represents the approximate amount in 2025. Currently at $310K. Assumes some nominal for private board and travel. Excludes D&O run-off. UHY Outsourced internal audit $175,000 Various Other finance services $100,000 Troutman Public Company Legal Costs $300,000 NYSE Stock Exchange Fees $82,000 Board Comp - (2) $260,000 $600,000 (3) Willis Towers D&O Insurance Other savings, including headcount - $400,000 Total $2,568,800 (1)

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![](ny20068726x2_excxivslide12.jpg)

Historical EBITDA Adjustments ($ in millions) 2022A 2023A 2024A Net Loss ($106) ($167) ($146) Income tax benefit ($10) ($4) ($6) Interest expense, net 31 43 51 Depreciation and amortization 54 58 56 EBITDA ($31) ($70) ($45) Goodwill impairment loss $58 $78 $66 Loss on debt extinguishment - 3 - Change in fair value of warrant liability (0) 6 (4) Transformation expenses 8 7 - Acquisition costs 1 2 - Integration-related restructuring costs 15 17 19 Stock-based compensation 10 11 8 Foreigh currency (gain) loss 0 (0) 5 Other (1) 1 2 3 Adjusted EBITDA $63 $56 $53 12 1. Comprised of adjustments for certain indirect or non-income-based taxes.

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![](ny20068726x2_excxivslide13.jpg)

Company Share Price (USD) % of 52- Week High F.D. Market Capitalization Enterprise Value Revenue Growth Gross Margin EBITDA Margin EV / Revenue EV / EBITDA Net Debt / P/E 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E LTM EBITDA 2025E Itron, Inc. $120.12 86% $5,500 $5,561 (2%) 6% 37% 37% 15% 16% 2.3x 2.2x 15.4x 14.0x 0.1x 19.8x Alarm.com Holdings, Inc. $56.98 81% $2,852 $2,934 6% 4% 66% 67% 20% 21% 3.0x 2.8x 15.0x 13.8x 0.2x 24.1x RingCentral, Inc. $32.44 77% $2,937 $4,275 5% 5% 77% 77% 26% 27% 1.7x 1.6x 6.5x 6.0x 1.8x 7.6x Digi International Inc. $34.60 93% $1,295 $1,317 3% 6% 63% 63% 25% 27% 3.0x 2.8x 12.1x 10.7x 0.3x 16.7x Bandwidth Inc. $15.70 68% $473 $885 1% 14% 59% 59% 12% 13% 1.2x 1.0x 10.0x 7.9x 4.8x 9.8x 8x8, Inc. $2.09 59% $285 $597 (1%) 1% 70% 67% 12% 13% 0.8x 0.8x 7.1x 6.2x 3.4x 6.9x Mean 2% 6% 62% 62% 18% 19% 2.0x 1.9x 11.0x 9.8x 1.8x 11.2x Median 2% 5% 65% 65% 17% 18% 2.0x 1.9x 11.0x 9.3x 1.1x 9.8x King $2.32 $46 $519 1% 2% 54% 54% 22% 22% 1.8x 1.8x 8.3x 8.1x 4.7x NM (In $ millions, unless otherwise noted) IoT & Comms Comps 1 72% Public Comparable Companies 13 Source: S&P Capital IQ as of September 8, 2025. King financials reflect management estimates. Note: Negative multiples are deemed "not meaningful" or "NM". 1. Based on a closing share price of $3.22 as of December 31, 2024.

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![](ny20068726x2_excxivslide14.jpg)

Premiums Paid Analysis – US Technology Transactions 14 Source: Refinitiv Eikon as of August 2025. Based on transaction announcement date and deal values of $100M to $5.0B. Includes majority acquisition transactions of companies in high technology, media and entertainment, and telecommunications. 30-Day represents 4 weeks prior to the announcement day. Excludes stock consideration mergers (only acquisitions) and transactions with premiums of <0% or >150% cancelled, expired, dismissed, withdrawn or liquidated/out of business. Median Premiums Paid to One-Day and 30-Day Prior Stock Price – 2015A to YTD 2025A Market clearing "control premium" for selected publicly traded technology companies in M&A transactions with $100M to $5.0B in deal value 34.1% 22.2% 25.9% 26.8% 29.7% 46.0% 39.5% 37.7% 31.4% 42.9% 28.2% 28.0% 28.1% 36.8% 37.0% 33.9% 41.6% 49.3% 46.2% 41.3% 52.8% 0.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% Chart Title Mean One-Day Premium 30-Day Premium 38.3% 42.5% Median 32.0% 38.6% 25th Percentile 18.7% 25.9% 75th Percentile 48.2% 54.0% 48.0% 65 89 20 16 <30% 30-60% 60-80% 80%+ 81.1% of Transactions 18.9% of Transactions Deals 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 # of 26 32 25 13 18 11 14 16 10 17 8 32.0% 38.6% Selected Precedent Transactions Median One-Day Premium: 32.0% Selected Precedent Transactions Median 30-Day Premium: 38.6% One-Day Premium 30-Day Premium Acquisitions of Public Technology Companies Since 2014A – Premium Distribution (Target Stock Premium – 4 Weeks Prior %)

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![](ny20068726x2_excxivslide15.jpg)

Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. 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Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third-party sources, and there is no assurance that such estimates and projections will be realized. None of TD Securities, its affiliates or its or their respective officers, directors, employees, advisors or representatives ("Representatives") makes any representation or warranty (express or implied) as to the accuracy or completeness of any information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction, and nothing contained herein or therein is, or shall be construed or relied upon as, a representation or warranty, whether as to the past, present or future. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein (though all information contained herein is subject to revision). 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TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities' policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. 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Final terms and conditions, if any, and any obligation of TD Securities or any of its affiliates with respect to any possible transaction discussed herein will be subject to (among other things): (i) satisfactory completion, in TD Securities' sole discretion, of customary business, financial and legal due diligence review and inquiry, (ii) execution of definitive documentation containing terms and conditions customary to TD Securities for similar transactions, (iii) market conditions, (iv) approval by the appropriate TD internal committee and (v) any other conditions that TD Securities may deem appropriate. "TD Securities" is a trademark of The Toronto-Dominion Bank ("TD") and represents certain investment banking, capital markets and wholesale banking activities conducted through certain subsidiaries and branches of TD. "TD Cowen" is a division of TD Securities and represents a marketing name of certain businesses within TD Securities. TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces. The following affiliated entities are registered U.S. broker dealers with the U.S Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation: TD Securities (USA) LLC, TD Prime Services LLC, TD Securities Automated Trading LLC, TD Arranged Services LLC and Westminster Research Associates LLC. TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security -based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. TD, TD Bank Europe Limited and TD Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland. TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. Copyright© 2025 The Toronto-Dominion Bank and/or its affiliates. All rights reserved.® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. 15

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## Ex-99.(C)(Xv)

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**Exhibit (c)(xv)**<br>

![](ny20068726x2_excxvslide1.jpg)

Project King Discussion Materials September 2025 Exhibit (c)(v)

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![](ny20068726x2_excxvslide2.jpg)

Abry Take-Private Returns Summary – Management Case Illustrative Returns - $4.00/share, 12.0x Exit Multiple Abry Pro Forma Ownership Exit Build (Management Forecast) Abry Existing Ownership Shares (M) 4.851 Ownership (%) 24.4% 2029E EBITDA (Mgmt) Exit Multiple $100.3 12.0x Abry New Equity Ownership (1) 4.390 22.1% Enterprise Value at Exit $1,203.5 Total Pro Forma Abry Ownership 9.241 46.4% Less: Debt / Preferred at Exit ($613.5) Returns Summary 3 1 2 3 Offer Price per Share for New Equity $4.00 Abry New Equity Purchased $17.6 Equity Value at Exit $743.0 Abry Investment Since Inception (Excl. New Equity) $161.1 Abry Equity Value at Exit (Existing Ownership) $181.1 Total Abry Investment $178.6 Abry Equity Value at Exit (New Equity) $163.9 Add: Cumulative Free Cash Flow Generated $152.9 Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 12/31/25 12/31/29 Abry Historical Equity Invested ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - Abry New Equity - - - - - - ($17.6) $181.1 $163.9 Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($17.6) $345.0 1 Existing Position Gross Proceeds IRR MOIC $181.1 0.8% 1.1x 2 New Equity Invested Gross Proceeds IRR MOIC $163.9 74.7% 9.3x Cumulative Gross Proceeds IRR MOIC $345.0 4.9% 1.9x Note: All figures in $M, unless otherwise stated. 2 1. Assumes Abry acquires 50% of the non-rolling shares.

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![](ny20068726x2_excxvslide3.jpg)

Abry Take-Private Returns Summary – Downside Case (TD Adjusted Model) Illustrative Returns - $4.00/share, 10.0x Exit Multiple Abry Pro Forma Ownership Exit Build (Downside Case - TD Adjusted Model) Abry Existing Ownership Shares (M) 4.851 Ownership (%) 24.4% 2029E EBITDA (TDC) Exit Multiple $79.5 10.0x Abry New Equity Ownership (1) 4.390 22.1% Enterprise Value at Exit $794.5 Total Pro Forma Abry Ownership 9.241 46.4% Less: Debt / Preferred at Exit ($613.5) Returns Summary 3 1 2 3 Offer Price per Share for New Equity $4.00 Abry New Equity Purchased $17.6 Equity Value at Exit $285.2 Abry Investment Since Inception (Excl. New Equity) $161.1 Abry Equity Value at Exit (Existing Ownership) $69.5 Total Abry Investment $178.6 Abry Equity Value at Exit (New Equity) $62.9 Add: Cumulative Free Cash Flow Generated $104.2 Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 12/31/25 12/31/29 Abry Historical Equity Invested ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - Abry New Equity - - - - - - ($17.6) $69.5 $62.9 Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($17.6) $132.4 1 Existing Position Gross Proceeds IRR MOIC $69.5 (5.6%) 0.4x 2 New Equity Invested Gross Proceeds IRR MOIC $62.9 37.6% 3.6x Cumulative Gross Proceeds IRR MOIC $132.4 (2.2%) 0.7x Note: All figures in $M, unless otherwise stated. 2 1. Assumes Abry acquires 50% of the non-rolling shares.

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![](ny20068726x2_excxvslide4.jpg)

MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $79.5M - TD Adj. Forecast) Implied Entry Multiple (1) Acq. Share Price 9.0x 11.0x 12.0x 13.0x 15.0x 8.5x $3.00 0.5x / -4.3% 1.0x / -0.2% 1.2x / 1.2% 1.4x / 2.4% 1.8x / 4.4% 8.8x $4.00 0.5x / -4.6% 0.9x / -0.4% 1.2x / 1.1% 1.4x / 2.3% 1.8x / 4.2% 9.1x $5.00 0.5x / -4.9% 0.9x / -0.6% 1.1x / 0.9% 1.3x / 2.1% 1.7x / 4.1% 9.4x $6.00 0.5x / -5.2% 0.9x / -0.8% 1.1x / 0.7% 1.3x / 2.0% 1.7x / 4.0% 1. Assumes $62.7M of 2025E adjusted EBITDA per management forecast. 4 MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $100.3M - Management Forecast) Implied Entry Multiple (1) Acq. Share Price 9.0x 11.0x 12.0x 13.0x 15.0x 8.5x $3.00 1.2x / 1.2% 1.7x / 3.9% 2.0x / 5.0% 2.2x / 5.9% 2.8x / 7.5% 8.8x $4.00 1.1x / 1.0% 1.7x / 3.8% 1.9x / 4.9% 2.2x / 5.8% 2.7x / 7.4% 9.1x $5.00 1.1x / 0.9% 1.6x / 3.7% 1.9x / 4.8% 2.1x / 5.7% 2.6x / 7.3% 9.4x $6.00 1.1x / 0.7% 1.6x / 3.5% 1.8x / 4.6% 2.1x / 5.6% 2.6x / 7.2% Entry / Exit Sensitivity (Management Case vs. Downside Case) Abry Management Case (Cumulative) Abry Downside Case – TD Adjusted Model (Cumulative)

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![](ny20068726x2_excxivslide10.jpg)

Appendix

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![](ny20068726x2_excxvslide6.jpg)

Abry Investment Since Inception Date ABRY Partners VII, L.P. ABRY Partners VII Co-Investment Fund, L.P. Fund Family Total ABRY Investment Partnership, L.P. Total Abry Investment September 12, 2014 ($110.3) ($6.4) ($116.6) ($0.2) ($116.8) December 4, 2014 ($15.7) ($0.9) ($16.6) - ($16.6) April 11, 2016 ($2.1) ($0.1) ($2.3) - ($2.3) May 10, 2018 ($9.9) - ($9.9) - ($9.9) June 5, 2018 - ($0.6) ($0.6) ($0.0) ($0.6) December 21, 2018 ($14.2) ($0.8) ($15.0) - ($15.0) Total Investment ($152.1) ($8.8) ($160.9) ($0.2) ($161.1) 6

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![](ny20068726x2_excxvslide7.jpg)

Implied Metrics EV / 2025E Revenue EV / 2026E Revenue EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA Offer Structure Purchase Price Offer Price $4.00 Current Share Price $2.32 Premium to Current Share Price 72% Total Shares(3) 19.898 Implied Equity Value $79.6 Less: Cash ($29.6) Add: Debt $301.3 Uses Add: Preferred (4) $199.6 Purchase of Equity $35.1 6% Implied Enterprise Value $550.9 Rollover Equity 44.5 7% $290.0 $295.5 $62.7 $64.0 1.9x 1.9x 8.8x 8.6x Levered FCF Walk – Management Case Repay Term Loan Repay Convertible Notes Rollover Preferred Equity(4) Fees & Expenses Cash to Balance Sheet Projected Levered Free Cash Flows $ in millions Historical Management Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $290.0 $295.5 $318.1 $344.3 $373.2 Adj. EBITDA $53.1 $62.7 $64.0 $74.4 $86.9 $100.3 Add: Eliminated Public Company Costs (1) 2.6 2.6 2.6 2.6 Less: Integration-related Costs (1) (2.0) (2.0) - - Less: Cash Interest Expense, Net (28.9) (27.0) (26.2) (25.1) Less: Levered Cash Taxes - - - - Less: Capex (1) (10.2) (9.4) (9.8) (10.2) Less: (Increase) / Decrease in NWC (2) (5.0) (5.0) (5.0) (5.0) Available Cash Flow $20.4 $33.6 $48.4 $62.5 Less: Mandatory Amortization (3.0) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $17.4 $30.6 $45.4 $59.5 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $17.4 $30.6 $45.4 $59.5 Total Debt Outstanding $297.0 $294.0 $291.0 $288.0 Cumulative Debt Paydown 1.0% 2.0% 3.0% 4.0% Net Debt / EBITDA 4.1x 3.1x 2.1x 1.2x Sources & Uses Sources x EBITDA New Sponsor Equity $35.1 6% Rollover Equity 44.5 7% New Debt 300.0 4.8x 49% Rollover Preferred Equity(4) 199.6 33% Cash on Balance Sheet 29.6 5% Total $608.8 100% 181.3 120.0 199.6 12.6 15.7 30% 20% 33% 2% 3% Total $608.8 100% Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025. 7 1. 2. 3. 4. Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025.

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![](ny20068726x2_excxvslide8.jpg)

Projected Levered Free Cash Flows $ in millions Historical TD Adjusted Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $290.0 $295.5 $318.1 $344.3 $373.2 Adj. EBITDA $53.1 $62.7 $64.0 $68.8 $73.9 $79.5 Add: Eliminated Public Company Costs (1) 2.6 2.6 2.6 2.6 Less: Integration-related Costs (2) (6.0) (4.0) (2.0) - Less: Cash Interest Expense, Net (28.9) (27.1) (26.6) (25.9) Less: Levered Cash Taxes - - - - Less: Capex (1) (10.2) (9.4) (9.8) (10.2) Less: (Increase) / Decrease in NWC (2) (5.0) (5.0) (5.0) (5.0) Available Cash Flow $16.4 $25.8 $33.1 $40.9 Less: Mandatory Amortization (3.0) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $13.4 $22.8 $30.1 $37.9 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $13.4 $22.8 $30.1 $37.9 Total Debt Outstanding $297.0 $294.0 $291.0 $288.0 Cumulative Debt Paydown 1.0% 2.0% 3.0% 4.0% Net Debt / EBITDA 4.2x 3.5x 2.8x 2.1x Implied Metrics EV / 2025E Revenue EV / 2026E Revenue EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA Offer Structure Purchase Price Offer Price $4.00 Current Share Price $2.32 Premium to Current Share Price 72% Total Shares(3) 19.898 Implied Equity Value $79.6 Less: Cash ($29.6) Add: Debt $301.3 Uses Add: Preferred (4) $199.6 Purchase of Equity $35.1 6% Implied Enterprise Value $550.9 Rollover Equity 44.5 7% $290.0 $295.5 $62.7 $64.0 1.9x 1.9x 8.8x 8.6x Levered FCF Walk – Downside Case (TD Adjusted Model) Repay Term Loan Repay Convertible Notes Rollover Preferred Equity(4) Fees & Expenses Cash to Balance Sheet Sources & Uses Sources x EBITDA New Sponsor Equity $35.1 6% Rollover Equity 44.5 7% New Debt 300.0 4.8x 49% Rollover Preferred Equity(4) 199.6 33% Cash on Balance Sheet 29.6 5% Total $608.8 100% 181.3 120.0 199.6 12.6 15.7 30% 20% 33% 2% 3% Total $608.8 100% Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025. 7 1. 2. 3. 4. Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025.

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![](ny20068726x2_excxvslide9.jpg)

Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. These materials and the information contained herein do not purport to be all-inclusive or to contain all of the information, or to identify or suggest all of the risks (direct or indirect), that may be associated with any possible transaction or transactions or that may be necessary to evaluate any possible transaction or transactions. The information in this presentation reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. TD Securities' opinions and estimates constitute TD Securities' judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing the materials, TD Securities has relied upon documents and information prepared for or supplied to TD Securities by the Company and other sources, without independent verification by TD Securities. Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third-party sources, and there is no assurance that such estimates and projections will be realized. None of TD Securities, its affiliates or its or their respective officers, directors, employees, advisors or representatives ("Representatives") makes any representation or warranty (express or implied) as to the accuracy or completeness of any information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction, and nothing contained herein or therein is, or shall be construed or relied upon as, a representation or warranty, whether as to the past, present or future. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein (though all information contained herein is subject to revision). TD Securities believes that these materials must be considered as a whole and that selecting portions of the analyses and the factors considered by TD Securities, without considering all of the factors and analyses together, could create a misleading view of the presentation. The preparation of a presentation such as this is complex and is not necessarily susceptible of partial analysis or summary description. Any attempt to do so could lend to undue emphasis on any particular factor or analysis. Any market valuations contained herein are indicative values as of the time and date indicated for illustrative purposes only. TD Securities does not warrant their completeness or accuracy. Any price or valuation constitutes our judgment and is subject to change without notice. Investors should understand that statements regarding future prospects may not be realized. TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities' policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. Prior to entering into any possible transaction, you should determine the financial suitability, risks and merits of such transaction, including all economic, legal, tax, accounting or any other consequences associated therewith. Neither TD Securities nor any of its Representatives will be liable to the Company or any third party, whether for negligence, breach of contract or otherwise, for any loss or damage of whatsoever nature suffered by the Company or a third party (including, without limitation, direct loss or damage, indirect or consequential loss or damage, loss of goodwill, loss of business opportunity, loss of data or loss of profit) arising from TD Securities providing you with these materials or the information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction. TD Securities and its affiliates expressly disclaim any and all liability relating to, resulting from or based, in whole or in part, on such information, errors therein or omissions therefrom. These materials do not constitute a commitment, express or implied, by TD Securities or any of its affiliates to enter into any transaction, underwrite, subscribe for, purchase or place any securities or to extend or arrange credit or to otherwise provide any financing or other services. Nothing in these materials (i) may be used in connection with, or should be construed as, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product or (ii) shall constitute "directed selling efforts" in the United States under Regulation S promulgated under the Securities Act of 1933, as amended. Final terms and conditions, if any, and any obligation of TD Securities or any of its affiliates with respect to any possible transaction discussed herein will be subject to (among other things): (i) satisfactory completion, in TD Securities' sole discretion, of customary business, financial and legal due diligence review and inquiry, (ii) execution of definitive documentation containing terms and conditions customary to TD Securities for similar transactions, (iii) market conditions, (iv) approval by the appropriate TD internal committee and (v) any other conditions that TD Securities may deem appropriate. "TD Securities" is a trademark of The Toronto-Dominion Bank ("TD") and represents certain investment banking, capital markets and wholesale banking activities conducted through certain subsidiaries and branches of TD. "TD Cowen" is a division of TD Securities and represents a marketing name of certain businesses within TD Securities. TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces. The following affiliated entities are registered U.S. broker dealers with the U.S Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation: TD Securities (USA) LLC, TD Prime Services LLC, TD Securities Automated Trading LLC, TD Arranged Services LLC and Westminster Research Associates LLC. TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security -based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. TD, TD Bank Europe Limited and TD Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland. TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. Copyright© 2025 The Toronto-Dominion Bank and/or its affiliates. All rights reserved.® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. 9

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## Ex-99.(C)(Xvi)

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**Exhibit (c)(xvi)**<br>

![](ny20068726x2_excxvislide1.jpg)

Project Kona Discussion Materials September 2025 Exhibit (c)(xvi)

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![](ny20068726x2_excxvislide2.jpg)

Abry Take-Private Returns Summary – Management Case 2 Illustrative Returns - $4.00/share, 12.0x Exit Multiple Abry Pro Forma Ownership Exit Build (Management Forecast) Abry Existing Ownership (Excl. ASE) Shares (M) 4.553 Ownership (%) 22.9% 2029E EBITDA (Mgmt) Exit Multiple $100.3 12.0x Abry Existing Ownership (ASE Shares) 0.298 1.5% Enterprise Value at Exit $1,203.5 Abry New Equity Ownership (1) 4.390 22.1% Less: Debt / Preferred at Exit ($613.5) Total Pro Forma Abry Ownership 9.241 46.4% Add: Cumulative Free Cash Flow Generated $152.9 Returns Summary Note: All figures in $M, unless otherwise stated. 1. Assumes Abry acquires 50% of the non-rolling shares. 1 Existing Position Excl. ASE Gross Proceeds IRR MOIC 2 Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 12/31/25 12/31/29 Abry Historical Equity (Excl. ASE) ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - $170.0 1 Abry New Equity - - - - - - ($17.6) $163.9 2 Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($17.6) $333.9 3 Offer Price per Share for New Equity $4.00 Equity Value at Exit $743.0 Abry New Equity Purchased $17.6 Abry Equity Value at Exit (Existing Ownership Excl. ASE) $170.0 Abry Investment Since Inception (Excl. New Equity & ASE) $161.1 Abry Equity Value at Exit (Existing Ownership ASE Shares) $11.1 Total Abry Investment Excl. ASE $178.6 Abry Equity Value at Exit (New Equity) $163.9 $170.0 0.4% 1.1x New Equity Invested Gross Proceeds IRR MOIC $163.9 74.7% 9.3x 3 Cumulative Gross Proceeds IRR MOIC $333.9 4.6% 1.9x

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![](ny20068726x2_excxvislide3.jpg)

Abry Take-Private Returns Summary – Downside Case (TD Adjusted Model) 3 Illustrative Returns - $4.00/share, 10.0x Exit Multiple Abry Pro Forma Ownership Exit Build (Downside Case - TD Adjusted Model) Abry Existing Ownership (Excl. ASE) Shares (M) 4.553 Ownership (%) 22.9% 2029E EBITDA (TDC) Exit Multiple $79.5 10.0x Abry Existing Ownership (ASE Shares) 0.298 1.5% Enterprise Value at Exit $794.5 Abry New Equity Ownership (1) 4.390 22.1% Less: Debt / Preferred at Exit ($613.5) Total Pro Forma Abry Ownership 9.241 46.4% Add: Cumulative Free Cash Flow Generated $104.2 Returns Summary Note: All figures in $M, unless otherwise stated. 1. Assumes Abry acquires 50% of the non-rolling shares. 1 Existing Position Excl. ASE Gross Proceeds IRR MOIC 2 Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 12/31/25 12/31/29 Abry Historical Equity (Excl. ASE) ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - $65.3 1 Abry New Equity - - - - - - ($17.6) $62.9 2 Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($17.6) $128.2 3 Offer Price per Share for New Equity $4.00 Equity Value at Exit $285.2 Abry New Equity Purchased $17.6 Abry Equity Value at Exit (Existing Ownership Excl. ASE) $65.3 Abry Investment Since Inception (Excl. New Equity & ASE) $161.1 Abry Equity Value at Exit (Existing Ownership ASE Shares) $4.3 Total Abry Investment Excl. ASE $178.6 Abry Equity Value at Exit (New Equity) $62.9 $65.3 (6.0%) 0.4x New Equity Invested Gross Proceeds IRR MOIC $62.9 37.6% 3.6x 3 Cumulative Gross Proceeds IRR MOIC $128.2 (2.4%) 0.7x

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![](ny20068726x2_excxvislide4.jpg)

MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $79.5M - TD Adj. Forecast) Implied Entry Multiple (2) Acq. Share Price 9.0x 11.0x 12.0x 13.0x 15.0x 8.5x $3.00 0.5x / -4.6% 0.9x / -0.4% 1.1x / 1.0% 1.4x / 2.2% 1.8x / 4.1% 8.8x $4.00 0.5x / -4.8% 0.9x / -0.6% 1.1x / 0.8% 1.3x / 2.0% 1.7x / 4.0% 9.1x $5.00 0.5x / -5.1% 0.9x / -0.8% 1.1x / 0.6% 1.3x / 1.9% 1.7x / 3.9% 9.4x $6.00 0.5x / -5.4% 0.9x / -1.0% 1.1x / 0.5% 1.3x / 1.7% 1.6x / 3.7% MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $100.3M - Management Forecast) Implied Entry Multiple (2) Acq. Share Price 9.0x 11.0x 12.0x 13.0x 15.0x 8.5x $3.00 1.1x / 1.0% 1.7x / 3.7% 1.9x / 4.7% 2.2x / 5.7% 2.7x / 7.3% 8.8x $4.00 1.1x / 0.8% 1.6x / 3.5% 1.9x / 4.6% 2.1x / 5.6% 2.6x / 7.2% 9.1x $5.00 1.1x / 0.6% 1.6x / 3.4% 1.8x / 4.5% 2.1x / 5.5% 2.6x / 7.1% 9.4x $6.00 1.1x / 0.4% 1.5x / 3.3% 1.8x / 4.4% 2.0x / 5.4% 2.5x / 7.0% Entry / Exit Sensitivity (Management Case vs. Downside Case) 4 Abry Management Case (Cumulative1) Abry Downside Case – TD Adjusted Model (Cumulative1) Excludes ASE shares. Assumes $62.7M of 2025E adjusted EBITDA per management forecast.

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![](ny20068726x2_excxivslide10.jpg)

Appendix

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![](ny20068726x2_excxvslide6.jpg)

Abry Investment Since Inception 6 Date ABRY Partners VII, L.P. ABRY Partners VII Co-Investment Fund, L.P. Fund Family Total ABRY Investment Partnership, L.P. Total Abry Investment September 12, 2014 ($110.3) ($6.4) ($116.6) ($0.2) ($116.8) December 4, 2014 ($15.7) ($0.9) ($16.6) - ($16.6) April 11, 2016 ($2.1) ($0.1) ($2.3) - ($2.3) May 10, 2018 ($9.9) - ($9.9) - ($9.9) June 5, 2018 - ($0.6) ($0.6) ($0.0) ($0.6) December 21, 2018 ($14.2) ($0.8) ($15.0) - ($15.0) Total Investment ($152.1) ($8.8) ($160.9) ($0.2) ($161.1)

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![](ny20068726x2_excxvislide7.jpg)

Implied Metrics EV / 2025E Revenue EV / 2026E Revenue EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA Offer Structure Purchase Price Offer Price $4.00 Current Share Price $2.32 Premium to Current Share Price 72% Total Shares(3) 19.898 Implied Equity Value $79.6 Less: Cash ($29.6) Add: Debt $301.3 Uses Add: Preferred (4) $199.6 Purchase of Equity $35.1 6% Implied Enterprise Value $550.9 Rollover Equity 44.5 7% $290.0 $295.5 $62.7 $64.0 1.9x 1.9x 8.8x 8.6x Levered FCF Walk – Management Case 7 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025. Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025. Repay Term Loan Repay Convertible Notes Rollover Preferred Equity(4) Fees & Expenses Cash to Balance Sheet Projected Levered Free Cash Flows $ in millions Historical Management Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $290.0 $295.5 $318.1 $344.3 $373.2 Adj. EBITDA $53.1 $62.7 $64.0 $74.4 $86.9 $100.3 Add: Eliminated Public Company Costs (1) 2.6 2.6 2.6 2.6 Less: Integration-related Costs (1) (2.0) (2.0) - - Less: Cash Interest Expense, Net (28.9) (27.0) (26.2) (25.1) Less: Levered Cash Taxes - - - - Less: Capex (1) (10.2) (9.4) (9.8) (10.2) Less: (Increase) / Decrease in NWC (2) (5.0) (5.0) (5.0) (5.0) Available Cash Flow $20.4 $33.6 $48.4 $62.5 Less: Mandatory Amortization (3.0) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $17.4 $30.6 $45.4 $59.5 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $17.4 $30.6 $45.4 $59.5 Total Debt Outstanding $297.0 $294.0 $291.0 $288.0 Cumulative Debt Paydown 1.0% 2.0% 3.0% 4.0% Net Debt / EBITDA 4.1x 3.1x 2.1x 1.2x Sources & Uses Sources x EBITDA New Sponsor Equity $35.1 6% Rollover Equity 44.5 7% New Debt 300.0 4.8x 49% Rollover Preferred Equity(4) 199.6 33% Cash on Balance Sheet 29.6 5% Total $608.8 100% 181.3 120.0 199.6 12.6 15.7 30% 20% 33% 2% 3% Total $608.8 100%

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![](ny20068726x2_excxvislide8.jpg)

Projected Levered Free Cash Flows $ in millions Historical TD Adjusted Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $290.0 $295.5 $318.1 $344.3 $373.2 Adj. EBITDA $53.1 $62.7 $64.0 $68.8 $73.9 $79.5 Add: Eliminated Public Company Costs (1) 2.6 2.6 2.6 2.6 Less: Integration-related Costs (2) (6.0) (4.0) (2.0) - Less: Cash Interest Expense, Net (28.9) (27.1) (26.6) (25.9) Less: Levered Cash Taxes - - - - Less: Capex (1) (10.2) (9.4) (9.8) (10.2) Less: (Increase) / Decrease in NWC (2) (5.0) (5.0) (5.0) (5.0) Available Cash Flow $16.4 $25.8 $33.1 $40.9 Less: Mandatory Amortization (3.0) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $13.4 $22.8 $30.1 $37.9 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $13.4 $22.8 $30.1 $37.9 Total Debt Outstanding $297.0 $294.0 $291.0 $288.0 Cumulative Debt Paydown 1.0% 2.0% 3.0% 4.0% Net Debt / EBITDA 4.2x 3.5x 2.8x 2.1x Implied Metrics EV / 2025E Revenue EV / 2026E Revenue EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA Offer Structure Purchase Price Offer Price $4.00 Current Share Price $2.32 Premium to Current Share Price 72% Total Shares(3) 19.898 Implied Equity Value $79.6 Less: Cash ($29.6) Add: Debt $301.3 Uses Add: Preferred (4) $199.6 Purchase of Equity $35.1 6% Implied Enterprise Value $550.9 Rollover Equity 44.5 7% $290.0 $295.5 $62.7 $64.0 1.9x 1.9x 8.8x 8.6x Levered FCF Walk – Downside Case (TD Adjusted Model) 8 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025. Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025. Repay Term Loan Repay Convertible Notes Rollover Preferred Equity(4) Fees & Expenses Cash to Balance Sheet Sources & Uses Sources x EBITDA New Sponsor Equity $35.1 6% Rollover Equity 44.5 7% New Debt 300.0 4.8x 49% Rollover Preferred Equity(4) 199.6 33% Cash on Balance Sheet 29.6 5% Total $608.8 100% 181.3 120.0 199.6 12.6 15.7 30% 20% 33% 2% 3% Total $608.8 100%

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![](ny20068726x2_excxvislide9.jpg)

Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. These materials and the information contained herein do not purport to be all-inclusive or to contain all of the information, or to identify or suggest all of the risks (direct or indirect), that may be associated with any possible transaction or transactions or that may be necessary to evaluate any possible transaction or transactions. The information in this presentation reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. TD Securities' opinions and estimates constitute TD Securities' judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing the materials, TD Securities has relied upon documents and information prepared for or supplied to TD Securities by the Company and other sources, without independent verification by TD Securities. Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third-party sources, and there is no assurance that such estimates and projections will be realized. None of TD Securities, its affiliates or its or their respective officers, directors, employees, advisors or representatives ("Representatives") makes any representation or warranty (express or implied) as to the accuracy or completeness of any information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction, and nothing contained herein or therein is, or shall be construed or relied upon as, a representation or warranty, whether as to the past, present or future. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein (though all information contained herein is subject to revision). TD Securities believes that these materials must be considered as a whole and that selecting portions of the analyses and the factors considered by TD Securities, without considering all of the factors and analyses together, could create a misleading view of the presentation. The preparation of a presentation such as this is complex and is not necessarily susceptible of partial analysis or summary description. Any attempt to do so could lend to undue emphasis on any particular factor or analysis. Any market valuations contained herein are indicative values as of the time and date indicated for illustrative purposes only. TD Securities does not warrant their completeness or accuracy. Any price or valuation constitutes our judgment and is subject to change without notice. Investors should understand that statements regarding future prospects may not be realized. TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities' policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. Prior to entering into any possible transaction, you should determine the financial suitability, risks and merits of such transaction, including all economic, legal, tax, accounting or any other consequences associated therewith. Neither TD Securities nor any of its Representatives will be liable to the Company or any third party, whether for negligence, breach of contract or otherwise, for any loss or damage of whatsoever nature suffered by the Company or a third party (including, without limitation, direct loss or damage, indirect or consequential loss or damage, loss of goodwill, loss of business opportunity, loss of data or loss of profit) arising from TD Securities providing you with these materials or the information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction. TD Securities and its affiliates expressly disclaim any and all liability relating to, resulting from or based, in whole or in part, on such information, errors therein or omissions therefrom. These materials do not constitute a commitment, express or implied, by TD Securities or any of its affiliates to enter into any transaction, underwrite, subscribe for, purchase or place any securities or to extend or arrange credit or to otherwise provide any financing or other services. Nothing in these materials (i) may be used in connection with, or should be construed as, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product or (ii) shall constitute "directed selling efforts" in the United States under Regulation S promulgated under the Securities Act of 1933, as amended. Final terms and conditions, if any, and any obligation of TD Securities or any of its affiliates with respect to any possible transaction discussed herein will be subject to (among other things): (i) satisfactory completion, in TD Securities' sole discretion, of customary business, financial and legal due diligence review and inquiry, (ii) execution of definitive documentation containing terms and conditions customary to TD Securities for similar transactions, (iii) market conditions, (iv) approval by the appropriate TD internal committee and (v) any other conditions that TD Securities may deem appropriate. "TD Securities" is a trademark of The Toronto-Dominion Bank ("TD") and represents certain investment banking, capital markets and wholesale banking activities conducted through certain subsidiaries and branches of TD. "TD Cowen" is a division of TD Securities and represents a marketing name of certain businesses within TD Securities. TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces. The following affiliated entities are registered U.S. broker dealers with the U.S Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation: TD Securities (USA) LLC, TD Prime Services LLC, TD Securities Automated Trading LLC, TD Arranged Services LLC and Westminster Research Associates LLC. TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security -based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. TD, TD Bank Europe Limited and TD Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland. TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. Copyright© 2025 The Toronto-Dominion Bank and/or its affiliates. All rights reserved.® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. 9

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## Ex-99.(C)(Xvii)

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**Exhibit (c)(xvii)**<br>

![](ny20068726x2_excxviislide1.jpg)

Project Kona Discussion Materials October 2025 Exhibit (c)(xvii)

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![](ny20068726x2_excxviislide2.jpg)

Illustrative Equity Contribution Analysis at Various Prices 2 Assumes Equity Contributions Sized to Achieve Equal Ownership ($ in millions) Share Price $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Shares Outstanding(1) 19.9 19.9 19.9 19.9 19.9 19.9 Implied Equity Value $99.5 $119.4 $139.3 $159.2 $179.1 $199.0 Rolling Shares 11.1 11.1 11.1 11.1 11.1 11.1 Non-Rolling Shares to be Purchased 8.8 8.8 8.8 8.8 8.8 8.8 Pre-Deal Abry Shares 4.9 4.9 4.9 4.9 4.9 4.9 Abry Purchased Shares 3.2 3.2 3.2 3.2 3.2 3.2 Total Abry Shares 8.0 8.0 8.0 8.0 8.0 8.0 Abry Pro Forma Ownership 40.3% 40.3% 40.3% 40.3% 40.3% 40.3% Pre-Deal Searchlight Shares 2.4 2.4 2.4 2.4 2.4 2.4 Searchlight Purchased Shares 5.6 5.6 5.6 5.6 5.6 5.6 Total Searchlight Shares 8.0 8.0 8.0 8.0 8.0 8.0 Searchlight Pro Forma Ownership 40.3% 40.3% 40.3% 40.3% 40.3% 40.3% Abry Equity Contribution $15.8 $19.0 $22.2 $25.3 $28.5 $31.7 Searchlight Equity Contribution $28.1 $33.7 $39.3 $44.9 $50.5 $56.1 1. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs.

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![](ny20068726x2_excxviislide3.jpg)

Pro Forma Ownership 3 Pro Forma Ownership Shares Outstanding Ownership Take-Private(1) Pro-Forma Ownership Abry 4.9 24.4% 4.9 24.4% Searchlight 2.4 12.1% 2.4 12.1% TDJ Company (Terence Jarman) 1.0 5.0% 1.0 5.0% Dotmar Investments (Richard Burston) 0.9 4.3% 0.9 4.3% Koch 2.0 10.1% 2.0 10.1% Cerberus 1.4 7.0% — — Twilio 1.0 5.0% — — Goldman Sachs Asset Management 0.8 4.3% — — Other Investors / RSUs 5.5 27.8% — — New Equity 8.8 44.1% Total Shares 19.9 100.0% 19.9 100.0% Source: Bloomberg. Note: Total shares excludes RSUs. 1. Assumed 11.1M shares roll.

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![](ny20068726x2_excxviislide4.jpg)

Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. These materials and the information contained herein do not purport to be all-inclusive or to contain all of the information, or to identify or suggest all of the risks (direct or indirect), that may be associated with any possible transaction or transactions or that may be necessary to evaluate any possible transaction or transactions. The information in this presentation reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. TD Securities' opinions and estimates constitute TD Securities' judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing the materials, TD Securities has relied upon documents and information prepared for or supplied to TD Securities by the Company and other sources, without independent verification by TD Securities. Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third-party sources, and there is no assurance that such estimates and projections will be realized. None of TD Securities, its affiliates or its or their respective officers, directors, employees, advisors or representatives ("Representatives") makes any representation or warranty (express or implied) as to the accuracy or completeness of any information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction, and nothing contained herein or therein is, or shall be construed or relied upon as, a representation or warranty, whether as to the past, present or future. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein (though all information contained herein is subject to revision). TD Securities believes that these materials must be considered as a whole and that selecting portions of the analyses and the factors considered by TD Securities, without considering all of the factors and analyses together, could create a misleading view of the presentation. The preparation of a presentation such as this is complex and is not necessarily susceptible of partial analysis or summary description. Any attempt to do so could lend to undue emphasis on any particular factor or analysis. Any market valuations contained herein are indicative values as of the time and date indicated for illustrative purposes only. TD Securities does not warrant their completeness or accuracy. Any price or valuation constitutes our judgment and is subject to change without notice. Investors should understand that statements regarding future prospects may not be realized. TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities' policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. Prior to entering into any possible transaction, you should determine the financial suitability, risks and merits of such transaction, including all economic, legal, tax, accounting or any other consequences associated therewith. Neither TD Securities nor any of its Representatives will be liable to the Company or any third party, whether for negligence, breach of contract or otherwise, for any loss or damage of whatsoever nature suffered by the Company or a third party (including, without limitation, direct loss or damage, indirect or consequential loss or damage, loss of goodwill, loss of business opportunity, loss of data or loss of profit) arising from TD Securities providing you with these materials or the information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction. TD Securities and its affiliates expressly disclaim any and all liability relating to, resulting from or based, in whole or in part, on such information, errors therein or omissions therefrom. These materials do not constitute a commitment, express or implied, by TD Securities or any of its affiliates to enter into any transaction, underwrite, subscribe for, purchase or place any securities or to extend or arrange credit or to otherwise provide any financing or other services. Nothing in these materials (i) may be used in connection with, or should be construed as, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product or (ii) shall constitute "directed selling efforts" in the United States under Regulation S promulgated under the Securities Act of 1933, as amended. Final terms and conditions, if any, and any obligation of TD Securities or any of its affiliates with respect to any possible transaction discussed herein will be subject to (among other things): (i) satisfactory completion, in TD Securities' sole discretion, of customary business, financial and legal due diligence review and inquiry, (ii) execution of definitive documentation containing terms and conditions customary to TD Securities for similar transactions, (iii) market conditions, (iv) approval by the appropriate TD internal committee and (v) any other conditions that TD Securities may deem appropriate. "TD Securities" is a trademark of The Toronto-Dominion Bank ("TD") and represents certain investment banking, capital markets and wholesale banking activities conducted through certain subsidiaries and branches of TD. "TD Cowen" is a division of TD Securities and represents a marketing name of certain businesses within TD Securities. TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces. The following affiliated entities are registered U.S. broker dealers with the U.S Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation: TD Securities (USA) LLC, TD Prime Services LLC, TD Securities Automated Trading LLC, TD Arranged Services LLC and Westminster Research Associates LLC. TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security -based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. TD, TD Bank Europe Limited and TD Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland. TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. Copyright© 2025 The Toronto-Dominion Bank and/or its affiliates. All rights reserved.® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. 4

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## Ex-99.(C)(Xviii)

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**Exhibit (c)(xviii)**<br>

![](ny20068726x2_excxviislide5.jpg)

Project Kona Discussion Materials October 2025 Exhibit (c)(xviii)

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![](ny20068726x2_excxviislide6.jpg)

Abry Take-Private Returns Summary – Lender Model Case 2 Abry Pro Forma Ownership Abry Existing Ownership (Excl. ASE) Shares (M) 4.553 Ownership (%) 22.9% Abry Existing Ownership (ASE Shares) 0.298 1.5% Abry New Equity Ownership(1) 3.040 15.3% Total Pro Forma Abry Ownership 7.891 39.7% Illustrative Returns - $5.00/share, 12.0x Exit Multiple Returns Summary Note: All figures in $M, unless otherwise stated. Assumes Abry and Searchlight will each own 40% of common equity. Includes free cash flow generated from Q2 2026E through Q4 2029E. 1 Existing Position Excl. ASE Gross Proceeds IRR MOIC 2 3 Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 3/31/26 12/31/29 Abry Historical Equity (Excl. ASE) ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - $164.5 1 Abry New Equity - - - - - - ($15.2) $109.8 2 Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($15.2) $274.3 3 Offer Price per Share for New Equity $5.00 Equity Value at Exit $718.9 Abry New Equity Purchased $15.2 Abry Equity Value at Exit (Existing Ownership Excl. ASE) $164.5 Abry Investment Since Inception (Excl. New Equity & ASE) $161.1 Abry Equity Value at Exit (Existing Ownership ASE Shares) $10.7 Total Abry Investment Excl. ASE $176.3 Abry Equity Value at Exit (New Equity) $109.8 Exit Build (Lender Model) 2029E EBITDA (Lender Model) $98.9 Exit Multiple 12.0x Enterprise Value at Exit $1,186.3 Less: Debt / Preferred at Exit ($614.2) Add: Cumulative Free Cash Flow Generated $146.9(2) $164.5 0.1% 1.0x New Equity Invested Gross Proceeds IRR MOIC $109.8 69.3% 7.2x Cumulative Gross Proceeds IRR MOIC $274.3 3.2% 1.6x

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Exit Build (Downside Case - TD Adjusted Model) 2029E EBITDA (TDC Adjusted) $82.2 Exit Multiple 10.0x Enterprise Value at Exit $822.0 Less: Debt / Preferred at Exit ($614.2) Offer Price per Share for New Equity $5.00 Equity Value at Exit $329.1 Abry New Equity Purchased $15.2 Abry Equity Value at Exit (Existing Ownership Excl. ASE) $75.3 Abry Investment Since Inception (Excl. New Equity & ASE) $161.1 Abry Equity Value at Exit (Existing Ownership ASE Shares) $4.9 Total Abry Investment Excl. ASE $176.3 Abry Equity Value at Exit (New Equity) $50.3 Add: Cumulative Free Cash Flow Generated $121.3(2) Abry Take-Private Returns Summary – Downside Case (TD Adjusted Model) 3 Abry Pro Forma Ownership Abry Existing Ownership (Excl. ASE) Shares (M) 4.553 Ownership (%) 22.9% Abry Existing Ownership (ASE Shares) 0.298 1.5% Abry New Equity Ownership(1) 3.040 15.3% Total Pro Forma Abry Ownership 7.891 39.7% Illustrative Returns - $5.00/share, 10.0x Exit Multiple Returns Summary Note: All figures in $M, unless otherwise stated. Assumes Abry and Searchlight will each own 40% of common equity. Includes free cash flow generated from Q2 2026E through Q4 2029E. 1 Existing Position Excl. ASE Gross Proceeds IRR MOIC 2 3 Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 3/31/26 12/31/29 Abry Historical Equity (Excl. ASE) ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - $75.3 1 Abry New Equity - - - - - - ($15.2) $50.3 2 Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($15.2) $125.6 3 $75.3 (5.1%) 0.5x New Equity Invested Gross Proceeds IRR MOIC $50.3 37.5% 3.3x Cumulative Gross Proceeds IRR MOIC $125.6 (2.5%) 0.7x

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MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $98.9M - Lender Model) Implied Entry Multiple (2) Acq. Share Price 9.0x 11.0x 12.0x 13.0x 15.0x 8.8x $4.00 0.9x / -0.5% 1.4x / 2.3% 1.6x / 3.3% 1.8x / 4.3% 2.2x / 5.9% 9.1x $5.00 0.9x / -0.7% 1.3x / 2.2% 1.6x / 3.2% 1.8x / 4.2% 2.2x / 5.8% 9.4x $6.00 0.9x / -0.8% 1.3x / 2.1% 1.5x / 3.2% 1.7x / 4.1% 2.2x / 5.7% 9.7x $7.00 0.9x / -0.9% 1.3x / 1.9% 1.5x / 3.1% 1.7x / 4.0% 2.1x / 5.7% Entry / Exit Sensitivity (Lender Model vs. Downside Case) 4 Abry Management Case (Cumulative1) Abry Downside Case – TD Adjusted Model (Cumulative1) Excludes ASE shares. Assumes $65.6M of 2025E adjusted PF EBITDA per lender model. (2) MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $82.2M - TD Adj. Forecast) Implied Entry Multiple Acq. Share Price 9.0x 11.0x 12.0x 13.0x 15.0x 8.8x $4.00 0.5x / -4.4% 0.9x / -0.7% 1.1x / 0.6% 1.3x / 1.7% 1.6x / 3.5% 9.1x $5.00 0.5x / -4.6% 0.9x / -0.8% 1.1x / 0.5% 1.2x / 1.6% 1.6x / 3.5% 9.4x $6.00 0.5x / -4.8% 0.9x / -1.0% 1.1x / 0.4% 1.2x / 1.5% 1.6x / 3.4% 9.7x $7.00 0.5x / -5.0% 0.9x / -1.1% 1.0x / 0.2% 1.2x / 1.4% 1.5x / 3.3%

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Appendix

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Abry Investment Since Inception 6 Date ABRY Partners VII, L.P. ABRY Partners VII Co-Investment Fund, L.P. Fund Family Total ABRY Investment Partnership, L.P. Total Abry Investment September 12, 2014 ($110.3) ($6.4) ($116.6) ($0.2) ($116.8) December 4, 2014 ($15.7) ($0.9) ($16.6) - ($16.6) April 11, 2016 ($2.1) ($0.1) ($2.3) - ($2.3) May 10, 2018 ($9.9) - ($9.9) - ($9.9) June 5, 2018 - ($0.6) ($0.6) ($0.0) ($0.6) December 21, 2018 ($14.2) ($0.8) ($15.0) - ($15.0) Total Investment ($152.1) ($8.8) ($160.9) ($0.2) ($161.1)

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Levered FCF Walk – Lender Model Case 7 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect Q1 2026E balances. Current share price as of October 29, 2025. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of March 31, 2025. Implied Equity Value $99.5 Less: Cash ($32.0) Add: Debt $300.0 Add: Preferred (2) $207.0 Implied Enterprise Value $574.5 Add: Fees & Expenses 20.0 $287.0 $302.9 $65.6 $71.0 Cash on Balance Sheet 32.0 5% Total $638.5 100% Uses Offer Structure Sources & Uses Purchase Price Sources x EBITDA Offer Price $5.00 New Sponsor Equity $43.0 7% Current Share Price $3.55 Rollover Equity 56.5 9% Premium to Current Share Price 41% New Debt 300.0 4.6x 47% Total Shares (1) 19.898 Rollover Preferred Equity (2) 207.0 32% Purchase of Equity $43.0 7% Rollover Equity 56.5 9% Repay Term Loan 180.0 28% Repay Convertible Notes 120.0 19% Adjusted Enterprise Value $594.5 Rollover Preferred Equity (2) 207.0 32% EV / 2025E Revenue 2.1x Fees & Expenses 20.0 3% EV / 2026E Revenue 2.0x Cash to Balance Sheet 12.0 2% EV / 2025E Adj. EBITDA 9.1x Total $638.5 100% EV / 2026E Adj. EBITDA 8.4x Projected Levered Free Cash Flows $ in millions Historical Lender Model Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $287.0 $302.9 $321.0 $343.2 $367.1 PF Adj. EBITDA $53.1 $65.6 $71.0 $78.6 $88.6 $98.9 Less: Non-Recurring Costs (2.0) (2.0) - - Less: Cash Interest Expense, Net (26.2) (25.2) (25.4) (25.5) Less: Levered Cash Taxes - (0.6) (7.1) (11.4) Less: Capex (10.3) (11.0) (11.7) (12.5) Less: (Increase) / Decrease in NWC - - - - Available Cash Flow $32.5 $39.8 $44.4 $49.4 Less: Mandatory Amortization (2.3) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $30.2 $36.8 $41.4 $46.4 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $30.2 $36.8 $41.4 $46.4 Total Debt Outstanding $297.8 $294.8 $291.8 $288.8 Cumulative Debt Paydown 0.8% 1.8% 2.8% 3.8% Net Debt / EBITDA 3.7x 2.8x 2.0x 1.3x

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Projected Levered Free Cash Flows $ in millions Historical TD Adjusted Forecast 2024A 2025E 2026E 2027E 2028E 2029E Revenue $286.1 $287.0 $302.9 $321.0 $343.2 $367.1 PF Adj. EBITDA $53.1 $65.6 $71.0 $74.6 $78.3 $82.2 Less: Non-Recurring Costs (2.0) (2.0) - - Less: Cash Interest Expense, Net (26.2) (25.2) (25.4) (25.5) Less: Levered Cash Taxes - (0.3) (4.9) (8.5) Less: Capex (10.3) (11.0) (11.7) (12.5) Less: (Increase) / Decrease in NWC - - - - Available Cash Flow $32.5 $36.1 $36.3 $35.6 Less: Mandatory Amortization (2.3) (3.0) (3.0) (3.0) Available Cash Flow After Mandatory Amortization $30.2 $33.1 $33.3 $32.6 Less: Excess Cash Flow Sweep - - - - Levered Free Cash Flow, Post FCF Sweep $30.2 $33.1 $33.3 $32.6 Total Debt Outstanding $297.8 $294.8 $291.8 $288.8 Cumulative Debt Paydown 0.8% 1.8% 2.8% 3.8% Net Debt / EBITDA 3.7x 3.1x 2.5x 1.9x Levered FCF Walk – Downside Case (TD Adjusted Model) 8 Add: Fees & Expenses 20.0 $287.0 $302.9 $65.6 $71.0 Cash on Balance Sheet 32.0 5% Total $638.5 100% Uses Implied Equity Value $99.5 Less: Cash ($32.0) Add: Debt $300.0 Add: Preferred (4) $207.0 Implied Enterprise Value $574.5 Offer Structure Sources & Uses Purchase Price Sources x EBITDA Offer Price $5.00 New Sponsor Equity $43.0 7% Current Share Price $3.55 Rollover Equity 56.5 9% Premium to Current Share Price 41% New Debt 300.0 4.6x 47% Total Shares (1) 19.898 Rollover Preferred Equity (2) 207.0 32% Purchase of Equity $43.0 7% Rollover Equity 56.5 9% Repay Term Loan 180.0 28% Repay Convertible Notes 120.0 19% Adjusted Enterprise Value $594.5 Rollover Preferred Equity (2) 207.0 32% EV / 2025E Revenue 2.1x Fees & Expenses 20.0 3% EV / 2026E Revenue 2.0x Cash to Balance Sheet 12.0 2% EV / 2025E Adj. EBITDA 9.1x Total $638.5 100% EV / 2026E Adj. EBITDA 8.4x Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect Q1 2026E balances. Current share price as of October 29, 2025. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of March 31, 2025.

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Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. 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## Ex-99.(C)(Xix)

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**Exhibit (c)(xix)**<br>

![](ny20068726x2_excxixslide1.jpg)

I n v e s t o r P r e s e n t a t i o n October 2025 Exhibit (c)(xix)

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D i s c l a imer These materials (the "Presentation") are being delivered on behalf of Searchlight Capital Partners and Abry Partners (the "Company") by its financial advisor, TD Securities (USA) LLC ("TD Securities"), on a confidential basis and is subject to the Confidentiality Agreement you entered into with the Company. This Presentation was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations. It contains highly confidential and proprietary information and is solely for informational and discussion purposes in connection with the evaluation of a potential transaction regarding a business of the Company (the "Business"). 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TD Securities is a full-service securities firm and it and its affiliates may engage in various activities, including securities trading, providing investment banking and financial advice, investment management, principal investment, commercial banking, hedging, financing, brokerage activities and financial planning. Accordingly, any information contained herein should not be viewed as independent of the interests of TD Securities and its affiliates. Such interests may conflict with the recipient's interests and the recipient should be aware of such potential conflicts of interest when reviewing this information. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos and brands does not imply endorsement. All communications and inquiries relating to this Presentation and requests for additional information should be addressed to TD Securities' Representatives listed in the materials. James Steinlage Director james.steinlage@tdsecurities.com (646) 562-1105 Jai Vaswani Vice President jai.vaswani2@tdsecurities.com (650) 455-7708 Vinni Trehan Managing Director & Co-Head of Technology Investment Banking vinni.trehan@tdsecurities.com (703) 725-4739 New York: 22 Vanderbilt Avenue \| New York, New York 10017 2 Dylan Piccolo Managing Director dylan.piccolo@tdsecurities.com (332) 259-5220 Paul Zangrilli Managing Director paul.zangrilli@tdsecurities.com (646) 696-0054

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**Table of Contents** 1 Business Overview 2 2 KORE's Value Creation & Transformation (2023-25) 3 Investment Highlights 4 Financial Overview

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![](ny20068726x2_excxixslide4.jpg)

E x e c u t i v e S u m m a r y 4 Introduction & Business Overview KORE Wireless (NYSE: KORE) ("KORE" or the "Company") is a leading provider of Internet-of-Things ("IoT") connectivity & solutions that manages over 20 million connections across 3,600 enterprise and mid-market customers For the LTM period ended September 30th, 2025, the Company generated $285 million of Revenue and $65 million of Q3-25 LQA1 Pro Forma EBITDA2 (23% margin) Transaction Overview Abry Partners LLC and Searchlight Capital Partners L.P. (the "Sponsors") are jointly pursuing a take-private transaction of KORE, with an anticipated bid submission in the near-term To finance the transaction, the Sponsors plan to contribute new equity to cash out existing shareholders, and proceeds from new Senior Secured Facilities will refinance all existing debt In addition, at the end of 2023, Searchlight invested $153 million of preferred equity, which is subordinated to all company debt The Senior Secured Credit Facilities will consist of the following: $25 million Revolving Credit Facility (undrawn at close) $300 million new Term Loan Pro forma for the transaction, KORE will have total net leverage of 4.4x, based on Q3-25 LQA Pro Forma EBITDA of $65 million Last Quarter Annualized Pro forma for (i) exclusion of contribution profit from non-core segments (CEaaS / PositionLogic) that have been or are in-process of being sunset in 2025/26; (ii) estimated public company cost savings; and (iii) additional cost savings actioned in 2025

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Sources and Uses ($ in millions) Credit Metrics and Pro Forma Capitalization ($ in millions) Sources Pro Forma Capitalization (Q1-26 Close) Est. Cash on Balance Sheet (Q1-26) $33 New Senior Secured Term Loan 300 Est. Equity (Junior to Debt) 287 (-) Pro Forma Cash (12) New Senior Secured Term Loan 300 Net Debt $288 Total Sources $619 Est. Equity (Junior to Debt) $287 Tr a n s a c t i o n S u m m a r y 5 Transaction Overview Expected Size and Structure: $300M Senior Secured Term Loan funded at close and $25M Revolving Credit Facility (undrawn at close) Use of Proceeds: Refinance existing debt (Term Loan, Unsecured Notes) New debt will be senior to Searchlight's existing preferred equity and $80M of common equity Transaction expected to close by Q1-2026 Uses Pro Forma Leverage Metrics Net Debt / EBITDA %-LTV 4.4x 52% Repay Term Loan $180 Repay Convertible Notes 120 Est. Equity (Junior to Debt) 287 Transaction Costs 20 Cash to Balance Sheet 12 Total Uses $619 Enterprise Value $574 Q3-25 LQA PF EBITDA $65

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Business Overview Proprietary & confidential to KORE Wireless \|6

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K O R E a t a G l a n c e Global, independent provider of mission critical IoT solutions and has been an industry leader since the early 2000s KORE by the Numbers 90%+ Recurring Connectivity Gross Profit $287M 2025E Revenue $226M (79% of Total) 2025E Connectivity Revenue 3600+ Global Customers 20M+ IoT Connections $65M (23% Margin) Q3-25 LQA PF EBITDA Trusted By Global Industry Leaders and Recognized Brands F O U N D E D I N 2003 ~ 5 0 0 Employees 14 Global Offices 7+ Years Average Customer Tenure 200+ Countries Coverage 40+ Direct Carrier Partners 7

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Wh at We D o Connectivity-led, technology-powered services & solutions that support global, scalable deployment for Enterprise IoT customers IoT Solutions 21% of 2025E revenue IoT Connectivity 79% of 2025E revenue Product Description Connectivity offered through managed IoT platform 'KORE One', which securely connects devices across any network (multiple devices, multiple locations, multiple carriers) Suite of SIM and eSIM products with access to over 600 networks in over 200 countries Highly available APIs for easy management of all SIM-embedded devices Pre-installed multi-IMSI profile and Remote SIM Provisioning (RSP) to filter use to only local networks in instances of regulatory boundaries available in KORE eSIM offerings Enterprise-grade IoT hardware including telematics devices, sensors, asset trackers and fixed-wireless routers / gateways Outsourced platform-enabled services (e.g., logistics, configuration, device management) General device testing as well as certification testing for government and industry compliance Revenue Model Recurring revenue, per subscriber per month for lifetime of device (7-10 years) Multi-year contracts with automatic renewals Upfront fee per device or per device per month Target Customer Enterprise / mid-market customers across multiple key industry verticals Customer IoT Use Cases Connected Health Fleet Management EV Charging Infrastructure Retail Renewables & Utilities Smart Agriculture 7

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DEVICE TO NETWORK TO PLATFORM TO CLOUD L o R a W A N S a t e l l i t e C O N N E C T I V I T Y & C O N N E C T I V I T Y M A N A G E M E N T Hardware design guidance Routers, modules Device testing Device certification (carrier & industry) Staging, kitting, assembly Forward & reverse logistics Inventory & device management HARDWARE & DEVICE SERVICES LIFECYCLE MANAGEMENT Predictive analytics Anomaly detection GenAI-powered data querying AI-powered rule automation, data processing & protocol translation Security, insights & observability Sensor data Device data Platform data Network data DEPLOY I N T E L L I G E N C E C O N N E C T Local cellular options 2G/3G/4G, Cat M, Cat 1bis, NB, 5G Global cellular connectivity 2G/3G/4G, Cat M, Cat 1bis, 5G KORE i s a F u l l - S tac k I o T Solu t i on Unified IoT ecosystem for global connectivity, hardware, deployment and data intelligence services 7

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$49 $47 $7 $7 20% 19% $194 $219 $219 $241 $257 $69 $54 $60 $62 $64 $14 $13 $8 $277 $286 $287 $303 $321 2023A 2024A 2025E 2026E 2027E 2023A 2024A Connectivity 23% 23% 24% $79 $70 $71 $66 E s t a b l i s h e d F o u n d a t i o n f o r L o n g - Te r m P r o f i t a b l e G r o w t h 10 Revenue PF Adjusted EBITDA1 # Connections (End of Period) (in millions) ($ in millions) ($ in millions) % EBITDA Margin 17.1 19.2 21.3 23.5 25.8 $298 $53 $56 2025E 2026E 2027E 2023A 2024A 2025E 2026E 2027E Solutions Non-Core Non-Core Q4-25 Run-rate PF Adj. EBITDA Q4-25 Run-rate Revenue 1. 2025E EBITDA pro forma for (i) exclusion of contribution profit from non-core segments (CEaaS / PositionLogic) that have been or are in-process of being sunset in 2025/26; (ii) estimated public company cost savings; and (iii) additional cost savings actioned in 2025

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Q3-2025 Annualized EBITDA Q3 - 2 0 2 5 E B I T D A B r i d g e 11 (in millions) 1 Estimated costs that can be eliminated or reduced as a private company, including accounting and legal costs, board costs, and D&O insurance, among others 1 2 3 2 3 Contribution from CEaaS business (~50% est. EBITDA margin), which is non-core to KORE. This business is in-process of being sunset. KORE exited Q3-2025 with $65 million of run-rate PF EBITDA, after adjusting for non-core segments and cost savings Cost savings already completed in middle of Q3-25, largely related to headcount reductions in the sales / operations teams () 0 3 2 Annuali ed E ITDA Add Public Company Costs Less on Core (CEaaS) Add 202 Completed Cost Actions 3 2 P E ITDA

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$54 $56 $57 $58 $18 $15 $12 $17 $72 $71 $69 $75 Q1-25 Q3-25 Solutions Q4-25 Q2-25 Connectivity S t r o n g P r o g r e s s i n 2 0 2 5 a n d S e t t o E x i t t h e Ye a r w i t h G r o w t h 12 Quarterly Revenue Quarterly PF Adjusted EBITDA1 $17 $15 $16 $18 23% 21% 24% 23% Q1-25 Q2-25 Q3-25 Q4-25 ($ in millions) ($ in millions) % EBITDA Margin 1. Pro forma for (i) exclusion of contribution profit from non-core segments (CEaaS / PositionLogic) that have been or are in-process of being sunset in 2025/26; (ii) estimated public company cost savings; and (iii) additional cost savings actioned in 2025

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E s t a b l i s h e d S p o n s o r s w i t h a P r o v e n Tr a c k R e c o r d a t K O R E Trans-Atlantic private investment firm founded in 2010 with over $16 billion in assets under management dedicated to investment opportunities in the Americas and Europe Approximately 65 investment professionals across three offices in New York, London, and Miami that have completed 45+ transactions to-date Deep sector expertise in telecommunications and media (represents > 50% of Searchlight's investments) Select Communications Investments Cablevision of Puerto Rico Boston-based private equity firm founded in 1989 with $17 billion in assets under management dedicated to investment opportunities in the Americas and Europe Approximately 50 investment professionals across Boston and Charlotte offices that have completed 550+ transactions to-date Deep sector expertise in tech-enabled services, communications, healthcare, financial services, and business services Select Communications Investments 13

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S p o n s o r Ta k e - P r i v a t e T h e s i s •1 KORE is not well positioned to be a public company today Microcap stock – limited / no liquidity or public float Missed customer opportunities out of concern about market capitalization and financials Distractions of public company obligations (SOX compliance, quarterly earnings, etc.), as well as costs associated with being public •2 Significantly more opportunity to execute on both organic and inorganic growth as a private company Limited access to capital as a public company More operational and strategic flexibility as a private company Difficult to make longer-payback investments as a public company, in particular being more aggressive as an attacker in Europe and in new verticals •3 Effecting a turnaround would be done more efficiently as private company Many of the changes to enhance the business are better made out of the public spotlight and away from quarter-to-quarter measurements and earnings pressure The underlying business and sector are very strong – 2 closest competitors (Wireless Logic, Cubic Telecom) have been valued in private markets at significantly higher multiples 13

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KORE's Value Creation & Transformation (2023-25) Proprietary & confidential to KORE Wireless \|15

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S t r a t e g i c Tr a n s f o r m a t i o n i n t o a P u r e - P l a y I o T C o m p a n y 2021-2023 (Legacy Challenges) Legacy model with complicated balance sheet and limited focus 2023-2025 (Reset & Restructuring) Recapitalized and reset with new leadership and cost actions 2026+ (Scaled, Focused & Profitable) Well-positioned for the next phase of profitable growth In late 2021, KORE went public through a SPAC at a $1 billion valuation, after the market had turned negative on SPACs After going public, KORE faced a series of operating headwinds, including: Pricing and margin pressure from legacy 2G/3G network sunset Poor integration of acquisitions (BMP, Integron) that created fragmented platforms and tech debt In addition, KORE had a highly leveraged balance sheet with a $300 million impending debt maturity in late 2024 As a result, KORE's market capitalization fell greater than 90% from the IPO price In late 2023, Searchlight Capital invested $153 million of structured equity, catalyzing a broader refinancing to de-lever the balance sheet and recapitalize the business for growth Key actions since the Searchlight investment: New leadership team installed (CEO, CFO, COO, CRO, and others) providing stability and focus Actioned restructuring of the business that yielded $20M+ run-rate savings, focused on headcount reduction and rationalization of products, tech debt, facilities, and legal entities Resource and workforce re-allocation to IoT connectivity and away from non-core revenue streams Focus on reduction of non-recurring costs, which has resulted in positive free cash flow in 2025 – first time in 5 years Full alignment with all stakeholders to drive long-term value creation and profitable growth Relentless focus on an excellent customer experience has resulted in improved NPS, automated activations, and platform availability Continuous product suite evolution to maintain competitive edge and unlock entry into high-bandwidth, advanced use cases Divestiture of non-core businesses has enabled renewed focus on core connectivity business Proven M&A engine – paused due to public company and capital constraints – ready to re-accelerate under private ownership Leveraging AI to deliver personalized, proactive and intelligent IoT solutions 16

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R e v a m p e d L e a d e r s h i p Te a m Ron Totton Chief Executive Officer Bruce Gordon Chief Operating Officer Jared Deith Chief Revenue Officer Anthony Bellomo Chief Financial Officer Jack Kennedy Chief Legal Officer Gloria Garber Chief People Officer KORE has revamped its leadership team with industry leaders, transformation veterans, and entrepreneurs New Existing 30+ years of experience Joined KORE in 2024 16 30+ years of experience Joined KORE in 2024 20+ years of experience Joined KORE in 2021 15+ years of experience Joined KORE in 2025 20+ years of experience Joined KORE in 2025 15+ years of experience Re-joined KORE in 2024

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K O R E B u s i n e s s Tr a n s f o r m a t i o n U n d e r N e w L e a d e r s h i p Limited product offering and concentration of legacy devices Narrow product suite with lack of defined product roadmap and development and sub-optimal resource allocation Legacy devices on sunsetting 2G / 3G networks Multiple platforms from acquired businesses Limited system integration of prior acquisitions, resulting in fragmented systems and excess costs Technology debt in need of retirement / integration Acquisition fueled growth Revenue growth and endpoint expansion driven by M&A Modest organic revenue growth experienced in Connectivity segment Underperforming sales strategy with limited incentives for the sales team to engage customers ocus on winning revenue "at all costs" Lack of attention to customer experience The "Old" KORE Significant progress upgrading and developing Connectivity suite Diverse SIM portfolio across 2G–5G and alignment with SGP.32 New SIM products and carrier integrations expanding reach into non-US markets Unified, proprietary technology stack under KORE One 9 of 12 legacy systems retired or integrated and the remainder to be retired by June 2026 Differentiated platform offers clear customer value proposition Executed material shift towards profitable growth Deprioritized lower-margin hardware sales Rightsized the business to unlock $20M+ of annual savings Negotiation of new carrier partnership agreements Revamped sales and marketing strategy to deliver more wins Realigned sales incentives and customer experience framework Improved customer metrics, retention and pipeline growth KORE Today New and improved management has significantly transformed KORE and its growth trajectory in the last year Poor financial hygiene – lack of cost management and cash focus 16

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Workforce realignment Product rationalization Res t r u c t u r i n g & C os t Ration a l i z at i on Program $20M+ annual savings Focus on customers, reducing operating expenses, streamlining processes & reducing discretionary spend Program overview Actioned starting Q3 2024 and ended in 1H 2025 Cost-to-achieve (one-time expense) of ~$5M 1 25% reduction in headcount across the Company Delivered significant cost savings while sustaining customer satisfaction Additional savings from downsizing (ex. AUS, UK) and legal entity / office portfolio rationalization (ex. Singapore) 2 Identified and de-prioritized non-core projects, eliminated redundancies and re-balanced resource allocation Focused on areas of strength within Connectivity (next-gen eSIM) Deep-dive of IoT Managed Services operations 3 Enhanced customer intimacy Executed reorganization without impacting customers or growth plans Further strengthened customer relationships to drive satisfaction and loyalty 4 16

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S i g n i f i c a n t R e d u c t i o n i n G o - F o r wa r d N o n - R e c u r r i n g E x p e n s e s Commentary 1 Costs related to implementation of strategic tech and operational overhaul, completed in 2023 KORE - Non-Recurring Cost Summary Historical Estimate Projection 2023A 2024A 2025E 2026E 2027E Transformation Expenses 1 $6.6 $0.0 Professional Services 2 8.6 3.0 Severance / Other Compensation 3 3.0 9.5 Twilio TSA 4 0.8 1.4 – 1.8 6.6 0.5 – – – – 2.0 2.0 – – Ramping Down $19.1 $14.0 $8.9 $2.0 $2.0 Rochester Facility Shut-Down 5 – – Google Cloud Commitment 6 – – 2.6 1.5 – – – – 2025 Cost Savings $– $– $4.0 $– $– Project Kona 7 – – All Other 1.1 0.8 2.3 1.3 – – – – Non-Recurring Cash Expenses $20.1 $14.8 $16.5 $2.0 $2.0 ERC Income 8 – – Impairment / Write-Offs 9 0.1 4.3 (3.7) 2.2 – – – – Non-Cash $0.1 $4.3 ($1.5) $– $– Total Non-Recurring Expenses $20.3 $19.2 $15.0 $2.0 $2.0 7 One-time costs (legal, special committee) related to the sell-side process 2 One-time integration and restructuring support (e.g., consultants, legal, and other external services) related to the IT / tech stack transformation, Twilio acquisition, Searchlight investment, and various legal expenses related to the organizational restructuring Non-recurring severance and related costs associated with organizational restructuring (actioned in 2024/25), the departures of the former CEO and CFO, and headcount reductions after the Twilio IoT acquisition (2023) Temporary transition-service expenses (completed in 2025) related to the Twilio IoT acquisition (2023) 3 4 5 One-time exit and relocation costs tied to closing the Rochester facility (to be complete Nov. 2025), generating ~$3 million of run-rate savings 6 One-time fee in 2025 stemming from renegotiation and amendment of contract with Google Cloud 8 Recognition of non-recurring income related to U.S. Employee Retention Credit (ERC) claims (originally filed in 2021, cash received in 2023) 9 16 Adjustments for non-cash inventory impairment (related to the Rochester facility exit and prior acquisitions), R&D write-off related to capitalization policy changes, and other software / payable write-offs

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Investment Highlights Proprietary & confidential to KORE Wireless \|21

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I n v e s t m e n t H i g h l i g h t s Strong IoT Industry Growth with High Barriers to Entry IoT connectivity is one of the fastest-growing segments in tech, with strong growth expected for years KORE is right in the center of that wave, enabling mission-critical connectivity for some of the world's most innovative companies KORE is Well-Positioned in the IoT Landscape Differentiated product suite (KORE One platform), extensive proprietary IP, and deep vertical expertise (connected health, fleet) create meaningful barriers to entry and set KORE apart from competitors Well-Diversified Recurring Revenue Base Across Growing End-Markets Global coverage and strong retention of high-quality logos, with average customer tenure of 7+ years Attractive Unit Economics and Financial Profile Highly recurring revenue base and attractive unit economics (LTV/CAC of > x) demonstrate the scalability of KORE's platform Revamped Management Team KORE has revamped its leadership team with industry leaders, transformation veterans, and entrepreneurs that will position the Company for sustainable, long-term growth 2 5 1 3 4 22

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Well - Po s i t i o n e d i n A t t rac t i ve an d Growi n g I o T Mar ke t IoT market growth and device adoption create multi-billion-dollar connectivity opportunities Surge in connected devices The number of connected devices is expected to exceed 50bn by 2029, marking a CAGR of >10% eSIM momentum eSIM market is expected to grow from 366m devices in 2024 to 1.5bn by 2029 (34% CAGR) – an increase from 10% market share in 2024 to 24% by 2029 Rising use of eSIM technology results in more flexible and global IoT deployments Digital Transformation Enterprise push toward digital transformation driving use cases in healthcare, fleet, and industrials Cellular IoT expansion Adoption of 5G and LPWA networks enabling new enterprise use cases Key trends IoT market ($bn) Connectivity Applications and Platforms Managed Services $48 $53 $58 $61 $64 $66 $68 $17 $21 $26 $32 $39 $46 $25 $14 $31 $39 $58 $70 $82 $87 $102 $48 $118 $135 $154 $174 $196 2022A 2023A 2024A 2025E 2026E 2027E 2028E 1 Source erg Insights "IoT Connectivity Management Platforms and eSIM Solutions", 1st edition, January 202 , Gartner Market Statistics (forecast IoT market opportunity by technology segment, 2022 – 2028) 23

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K O R E i s We l l - Po s i t i o n e d i n t h e I o T L a n d s c a p e (1 o f 2) Mobile Network Operators (MNOs) Pure-Play IoT Connectivity Operators Competitive Differentiation Can leverage greater scale and cross-sell IoT solutions alongside mobility Owner's economics on the network x Limited ability to serve as end-to-end, managed services and solutions provider x Lack of vertical expertise Offer greater coverage, through aggregation of MNO networks, with the ability to offer multiple carriers across multiple geographies One of a few scaled pure-play IoT operators, which drives better economies of scale (e.g., carrier economics) More targeted capabilities and 'know-how' in certain industry verticals (healthcare, fleet, industrial IoT) Seen by MNOs as channel/partner to access SMB/mid-market End-to-end managed services capabilities for scaled IoT deployments Strategic Focus Large enterprise focus – typically high-data / high-volume use cases or large-scale applications (e.g., connected cars) Driven by need to monetize their wireless infrastructure (particularly 4G/5G), but IoT rarely a large or singular focus for MNOs "Sweet spot" is the mid-market customer base that requires a suite of bundled value-added services and customer service due to added complexity 2 24 Value-added services, industry expertise, and aggregated network coverage position KORE as an essential partner in the IoT connectivity landscape

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Managed Services Overall Competitive Positioning Most Recent Valuation K O R E i s We l l - Po s i t i o n e d i n t h e I o T L a n d s c a p e (2 o f 2) 25 2 Revenue Key customers Geographic Focus Connections Core offer Pure-Play IoT Connectivity 18m+  $4.6b1 (~28x EBITDA) ~$400m (LTM Apr-25) Global – EU Focus Scaled IoT operator largely focused on the EU & UK IoT Connectivity (Automotive-Focused) 120m+  n.a. ~$100m (estimated) Global Automotive-focused IoT operator IoT Hardware & Connectivity ~5m × $1.2b2 (~20x EBITDA) $677m Global Identified as a module for solutions (sells hardware) but connectivity adds a solid value proposition IoT Connectivity (Automotive-Focused) 25m × $1.0b3 (~14x Revenue) ~$71m (CY2023) Global Automotive-only IoT operator, with majority of revenues associated with Audi / Volkswagen relationship Pure-Play IoT Connectivity 20m+  $0.5b (~8x EBITDA) ~$287m (2025E) Global – US Focus Scaled, market leader in in the U.S. across multiple verticals (Connected Health, Fleet) Received minority investment from General Atlantic in May 2025 Acquired by Semtech in Jan. 2023 Acquired by Softbank in Dec. 2023

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Differentiated Offering, Backed by Extensive IP, Creates Sustainable Competitive Moat Underpinned by proprietary platform, global carrier integrations and deep expertise in IoT applications SIM and eSIM technology stack / proprietary IP across a range of different bandwidth intensities offered globally and locally 3G, 4G LTE, 5G, LPWA and satellite KORE eSIM products offered domestically and globally with 600+ available networks Driven by KORE's proprietary Cloud ative network Proprietary KORE One platform integrating all SIM APIs onto one space, allowing IoT Connectivity and Solutions customization ConnectivityPro service and related APIs for IoT device management Connectivity IoT Solutions Industry applications with select FDA and HIPAA certifications as well as SaaS and APIs with video bundling for fleet management 3,400+ connectivity-only customers for cross-sell Comprehensive mission-critical IoT solution set KORE's proprietary IoT creates high switching costs ~40 direct carrier partners KORE One platform Limited remaining legacy systems, with 9 of 12 already retired or integrated and the remainder scheduled for retirement by June 2026 Analysis & optimization Operations management & support Deployment (forward logistics) Sustainment (reverse logistics) IoT strategy & end-to-end security Technology evaluation, selection, dev Connectivity, device & data management 2 26

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U.S. IoT Connectivity / Managed Services Case Study – Connected Health KORE global connectivity Provided a global connectivity package to provide connectivity across a large number of countries Acting as a trusted advisor for customer with transition of 2G/ 3G devices to LTE (in 2021/22) Subscriber base is growing fast, leading to significant connectivity revenue stream for 7-10 years per device Upsell to eSIM highly likely given global footprint of services KORE solution: IoT enablement of cardiac devices Helped design a custom connectivity device which works with a large number of cellular networks globally; contracted manufacturing with a global contract manufacturer KORE is an extension of the customer's supply chain, configuring & handling 200-300K devices per year with facilities which are: ISO 13485 / 9001 certified FDA Registration 21 CFR Part 820 compliant HIPAA (US) and GDPR (EU) compliant KORE CaaS Physician portal Cardiac device Bedside monitor KORE delivers a full-stack IoT solution – pairing connectivity with value-added managed services that enhance customer retention and highlights its value as a strategic partner One of KORE's largest and most tenured (10+ years) customers is a multinational medical devices company Collaborated with the cardiac monitoring (pacemakers & related devices) division to design custom devices and deploy connectivity across several countries 2 26

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Leadin g I o T Produ c t Su i t e Continuous product suite evolution to maintain competitive edge and unlock new and advanced use cases Platform that integrates connectivity, device management, and application enablement for IoT deployments Carrier and device agnostic, enabling customers to deploy and scale IoT solutions globally across multiple networks, devices, and geographies Pre-built APIs and modular architecture simplifies integration and accelerates time-to-market Provides real-time analytics, monitoring, and automation to improve the customer experience KORE One IoT enablement platform providing device and data analysis tools Next-generation, multi-IMSI SIM card and eSIM platform that brings top-tier networks together for global reach, granular control, and developer-friendly automation Central to Super SIM is KORE's cloud-scale mobile core, which orchestrates intelligent network selection, automatic failover, and policy-based access Devices can autonomously switch between carriers based on location, signal strength – ensuring maximum uptime and low latency without manual intervention Roaming Super SIM One platform combining all SIM deployments, offering access to 600+ networks across 200+ countries The Carrier+ offering combines local, native SIM profiles of Tier 1 cellular networks with roaming Super SIM as a backup (failover) to ensure superior reliability and coverage Native SIM profiles receive prioritized traffic from carriers, delivering higher bandwidth, faster speeds, and lower latency Full access to 5G networks, which are only available natively, enabling high-bandwidth applications Breadth of carrier relationships positions KORE to deliver Carrier+ across all major networks Carrier+ Combines global roaming with direct access to Tier-1 cellular networks 2 26

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We l l - D i ve r s i f i e d Re c u r r i n g Re ve n u e B a s e A c ro s s G row i n g E n d - M a r ke t s Global coverage and strong retention of high-quality logos, with average customer tenure of 7+ years 29 Revenue by customer1 2 Revenue by region1 3 Reflects twelve-month period ending June 2025 Revenue by KORE subsidiary Represents Dollar- ased et Expansion Rate ("D ER"), a metric tracked by Management and calculated by dividing the revenue for a given period from existing go-forward customers by the revenue from the same customers for the same period measured one year prior Excludes non-core gross profit (CEaaS / PositionLogic) Recurring Customer Base 4 Net Retention % by Year3 1 Revenue by Industry Vertical Vertical % Revenue Use Cases Illustrative Customers Healthcare ~ 2 5 % Remote patient monitoring Medical equipment diagnostics Clinical trials Industrials ~ 1 5 % Smart utilities/meters Smart cities/buildings/factories Industrial IoT Fleet Management ~ 2 0 % Stolen vehicle recovery Fleet tracking / telematics Connected car Asset Management ~ 1 5 % Home / business security Offender tracking, alcohol monitoring Critical asset management Retail / Comms & Others ~ 2 5 % IoT & consumer service providers Carrier IoT business units Enterprise connectivity, private networking No customer represents more than 5% of total revenue Customers % of revenue Customer 1 Customer 2 5% 4% 4% Customer 3 Customer 4 2% Customer 5 2% Customers 6-10 10% Customers 11-20 12% Other Customers 60% United States 85% 3% Netherlands 6% Majority US revenues with ability to service customers across diverse range of geographies Revenue by region2 Canada UK BrazilOther 1% 2% 3% 96% 95% 99% 2023 2024 LTM Jun-25 2023 2024 2025E Connectivity Gross Profit as % of Total4 89% 91% 91% 3

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P r o v e n S u c c e s s i n S e r v i n g H i g h - B a n d w i d t h I o T U s e C a s e s 30 Motive – Fleet Management Bardy Diagnostics – Connected Health 2025 KORE Win $2.6M Annual Recurring Revenue Incumbent Replaced Customer Motive is a fleet management customer that specializes in in-vehicle video solutions (dash cams) Fleet management providers are looking for IoT enabled video solutions to help customers overcome various challenges related to safety, liability, and operational efficiency KORE Solution and Outcome Order of 400k units that will generate $2.6mm of Connectivity ARR (ARPU of $0.54 / month) based on data usage of 200 MB / month Expected usage per camera expected to approach 1 GB of data, which would result in increased ARPUs of $2.20 / month Provides connectivity and IoT solutions for the customer's driver and road-facing dash cams, which help to monitor driver behavior, improve fleet safety, and prevent collisions Replaced AT&T as the incumbent provider, driven by several key factors: AT&T's account management and customer service function was not performing Preference for KORE's SuperSIM technology, with ability to route traffic at the SIM level and leverage multiple carrier networks 3 2025 KORE Win $4.50 Monthly ARPU Customer Bardy Diagnostics (owned by Baxter) developed the Cardiac Ambulatory Monitor (CAM) patch, a wireless patient-friendly and IoT-enabled cardiac monitor The CAM patch collects ECG and other remote patient data and transmits to a secure, cloud-based data platform KORE Solution and Outcome KORE secured a win of $1mm total contract value and is expected to generate ~$350k of Connectivity ARR across an initial order of 6.5k devices (ARPU of $4.50 / month) based on data usage of 400 MB / month KORE enables secure cardiac monitoring by supplying hardware (smartphone), SIM card, and MDM (mobile device management) licenses to enable secure cardiac monitoring and manage devices Replaced T-Mobile as the incumbent provider Demonstrates KORE's continued success and leadership in the Connected Health space Incumbent Replaced

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G r o w i n g R e c u r r i n g M i x S u p p o r t s D u r a b l e O p e r a t i n g L e v e r a g e 31 Gross Profit Mix1 ($M) Illustrative Connectivity LTV / CAC Source: Company filings 1. Excludes non-core (CEaaS / PositionLogic) gross profit $119 $15 $13 $13 $134 $143 $143 2023 2024 2025E Connectivity Solutions ~90% of Total Recurring Connectivity Gross Profit (2025E) Growing recurring mix combined with favorable LTV/CAC dynamics demonstrates the scalability of KORE's platform and strong operating leverage as the business continues to expand Lifetime Value of Connectivity Device Monthly ARPU $1.00 (x) Months 12 Annual Revenue / Device $12 Lifetime Value of Device (Yrs) 7.0 LTV - Revenue $84 (x) Connectivity %-Margin 60% LTV - Gross Profit [A] $50 $130 $130 Cost per Device Sales & Marketing %-Revenue 10% (x) Lifetime Value - Revenue $84 Lifetime Value of Costs [B] $9 LTV / CAC [A/B] 5.7x 4

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Financial Overview Proprietary & confidential to KORE Wireless \|32

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F i n a n c i a l M o d e l Over v i ew 33 Connectivity-as-a-Service (CaaS) revenue expected to grow +8% '2 -'30 CAGR, with SIM volume growth (+10% CAGR) outpacing minor ARPU decline (-2% CAGR), largely driven by mix shift Connectivity segment now past the effects of the 2G/3G network sunset and continues to exhibit strong unit economics and high net revenue retention Legacy, high-margin CEaaS business (non-core to KORE) wound down to zero in 2026 IoT Connectivity IoT Solutions revenue expected to recover to > $60 million by 2025, driven by: Strong growth in Connected Health (CHTS) program, as evidenced by won-contract with Phillips Hardware sales – particularly in healthcare, which is dependent on customer inventory mgmt. and timing of clinical studies – should recover due to project delays Gross margin to remain in the mid-20s percent over course of forecast IoT Solutions Material reduction in operating expenses in 2025, reflecting execution of the cost transformation plan actioned in 2024-2025 A portion of cost savings re-invested into sales resources to drive profitable growth, particularly in Connected Health, Fleet, and Channel Partner program PF Adj. EBITDA margins projected to grow from 23% in 2025E to 28% by 2030E, driven by meaningful operating leverage within KORE's largely fixed cost base Significant reduction in non-recurring expenses beginning in 2026 drives meaningful improvement in free cash flow generation Cost Structure

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L e n d e r M o d e l – C o n s o l i d a t e d F i n a n c i a l S u m m a r y 34 Revenue ($M) Gross Profit ($M) PF Adj. EBITDA1 ($M) PF Adj. EBITDA – Capex ($M) $219 $241 $257 $277 $298 $322 $62 $64 $67 $69 $71 $8 $60 $303 $321 $343 $367 $393 2025E 2026E Connectivity 2027E Solutions 2028E Non-Core $298 $287 2029E 2030E Q4-25 Run-rate Revenue $71 $79 $89 $99 23% 23% 24% 28% $110 26% 27% 2025E 2026E 2027E 2028E 2029E 2030E 2025E 2026E 2027E 2028E 2029E $56 $61 $68 $77 $86 $97 19% 20% 21% 22% 24% 25% 2030E $130 $144 $155 $169 $183 $198 $13 $16 $16 $17 $17 $7 $150 $160 $172 $186 $216 $18 $200 2025E 2026E 2027E 2028E Solutions 2030E Connectivity 2029E Non-Core % PF Adj. EBITDA Margin $70 $66 % PF Adj. EBITDA - CAPEX Margin Q4-25 Run-rate PF Adj. EBITDA Source: Management estimates 1. 2025E pro forma for (i) exclusion of contribution profit from non-core segments (CEaaS / PositionLogic) that have been or are in-process of being sunset in 2025/26; (ii) estimated public company cost savings; and (iii) additional cost savings actioned in 2025

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2025E 2026E 2027E 2028E 2029E 2030E 2031E Cash Flow Summary PF Adj. EBITDA - Capex $56 $61 $68 $77 $86 $97 $108 (-) PF Adjustments (7) – – – – – – (-) Non-Recurring Costs (17) (2) (2) – – – – (-) Cash Interest (26) (25) (21) (18) (13) (8) (2) (-) Cash Taxes (1) – (1) (9) (16) (22) (26) (+/-) NWC / Other 2 – – – – – – Levered FCF $7 $34 $44 $50 $58 $67 $79 Capitalization Summary Q1-26E New Senior Secured Term Loan 300 272 229 178 121 54 – Total Debt $300 $272 $229 $178 $121 $54 $– Cash & Cash Equivalents 12 10 10 10 10 10 35 Net Debt $288 $262 $219 $168 $111 $44 ($35) Net Debt / PF LQA EBITDA 1 4.4x 3.4x 2.5x 1.7x 1.0x 0.4x (0.3x) Memo: PF LQA EBITDA $65 $77 $86 $96 $107 $119 $132 L e n d e r M o d e l – Cas h F l ow & Capitaliz at i on 35 1. Represents 3'2 Pro orma L A E ITDA

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![](ny20068726x2_excxixslide36.jpg)

Appendix Proprietary & confidential to KORE Wireless \|36

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![](ny20068726x2_excxixslide37.jpg)

~40 carrier relationships across the globe Direct global carrier partnerships Broad Ran ge of C ar r i er Par t n er s h i ps U.S.A. Austria U.S. DVM Turkey IoT 37

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![](ny20068726x2_excxixslide38.jpg)

Time to Respond (Minutes) Time-to-Resolve (Hours) Tickets Open (End of Period) Uptime (Connectivity Products) Provisioning Success Rate 162 37 30 39 29 26 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 13.3 13.9 9.4 9.1 11.5 9.4 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 553 391 306 270 306 361 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 99.3% 99.8% 99.7% FY24 Q1-25 Q2-25 Improved C u s t omer E xper i en ce Ref l ected i n Key KPIs 93.7% 98.5% 99.3% FY24 Q1-25 Q2-25 Target: 45mins Target: 10hrs 37 Network Connection KPIs

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## Ex-99.(C)(Xx)

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**Exhibit (c)(xx)**<br>

![](ny20068726x2_excxxslide1.jpg)

Project Kona November 2025 Public Comps Exhibit (c)(xx)

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![](ny20068726x2_excxxslide2.jpg)

Public Comparable Companies 2 Source: S&P Capital IQ as of November 17, 2025. 1. Financial projections per Company's model, which estimates $62.8M of 2025E EBITDA and $63.1M of 2026E EBITDA. Company Share Price (USD) % of 52- Week High F.D. Market Capitalization Enterprise Value Revenue Growth Gross Margin EBITDA Margin EV / Revenue EV / EBITDA Total Debt / 2024A 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E LTM EBITDA NICE Ltd. $134.63 63% $8,359 $7,850 15% 8% 8% 69% 69% 35% 31% 2.7x 2.5x 7.7x 7.9x 0.1x RingCentral, Inc. $26.78 63% $2,318 $3,632 9% 5% 4% 77% 78% 26% 27% 1.4x 1.4x 5.5x 5.1x 2.0x Five9, Inc. $18.72 38% $1,464 $1,539 13% 11% 9% 63% 63% 23% 24% 1.3x 1.2x 5.9x 5.1x 3.2x PowerFleet, Inc. $4.50 52% $600 $846 114% 51% 9% 56% 60% 21% 25% 2.0x 1.8x 9.1x 7.2x 3.3x Ribbon Communications Inc. $3.00 56% $530 $790 (0%) 4% 6% 52% 53% 13% 15% 0.9x 0.9x 7.1x 5.8x 3.6x Bandwidth Inc. $14.09 63% $430 $605 23% 2% 15% 54% 54% 12% 12% 0.8x 0.7x 6.7x 5.6x 5.4x 8x8, Inc. $1.87 53% $259 $509 (2%) 1% 0% 70% 66% 12% 13% 0.7x 0.7x 5.9x 5.3x 4.3x Mean 25% 12% 7% 63% 63% 20% 21% 1.4x 1.3x 6.8x 6.0x 3.1x Median 13% 5% 8% 63% 63% 21% 24% 1.3x 1.2x 6.7x 5.6x 3.3x Kona (as of 11/17/25) 1 $4.13 92% $82 $571 3% 1% 2% 55% 56% 22% 21% 2.0x 1.9x 9.1x 9.1x 5.1x Kona (Unaffected as of 12/18/24) $1.17 $23 $512 1.8x 1.7x 8.2x 8.1x Kona (at $5.00 per share) $5.00 $100 $589 2.0x 2.0x 9.4x 9.3x Kona (at $6.00 per share) $6.00 $120 $609 2.1x 2.1x 9.7x 9.6x Kona (at $7.00 per share) $7.00 $140 $629 2.2x 2.1x 10.0x 10.0x (In $ millions, unless otherwise noted) IoT & Comms Comps

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![](ny20068726x2_excxxslide3.jpg)

Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. 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TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities' policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. 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TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces. The following affiliated entities are registered U.S. broker dealers with the U.S Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation: TD Securities (USA) LLC, TD Prime Services LLC, TD Financial Products LLC, TD Arranged Services LLC and Westminster Research Associates LLC. TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security -based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. TD, TD Bank Europe Limited and TD Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland. TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. Copyright© 2025 The Toronto-Dominion Bank and/or its affiliates. All rights reserved.® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. 3

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## Ex-99.(C)(Xxi)

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**Exhibit (c)(xxi)**<br>

![](ny20068726x2_excxxislide1.jpg)

Project Kona Analysis December 2025 Exhibit (c)(xxi)

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![](ny20068726x2_excxxislide2.jpg)

Sources & Uses $% of Total $% of Total Sources Uses New Sponsor Equity $60.5 8.9% Purchase of Equity $60.5 8.9% Rollover Equity 79.1 11.7% Rollover Equity 79.1 11.7% New Debt 300.0 44.2% Repay Term Loan 180.0 26.5% Rollover Preferred Equity (2) 207.0 30.5% Repay Convertible Notes 120.0 17.7% Cash on Balance Sheet 32.0 4.7% Rollover Preferred Equity(2) 207.0 30.5% Fees & Expenses 20.0 2.9% Cash to Balance Sheet 12.0 1.8% Total Sources $678.6 100.0% Total Uses $678.6 100.0% TTM Q1'26 Senior Net Leverage(3) 4.3x Proposed Transaction Overview 2 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Includes $20M of fees and expenses assumed for the transaction. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of March 31, 2025. Assumes $66.4M of TTM Q1'26E adjusted EBITDA per management forecast. Key Assumptions Assumes $7.00/share take-private (55% premium to current share price and 164% premium to LTM VWAP) Searchlight, Abry, Terence Jarman, Richard Burston, and Koch equity rollover (57% of shares); remaining 43% bought out with new equity Assumes preferred stays in place Whitehorse term loan ($180M) and Fortress converts ($120M) taken out at par $300M of new debt at SOFR+575 bps; total funded TTM Q1'26E leverage of 4.5x Implied EV / Adj. EBITDA entry multiple of 8.9x(1) (based on $71M of 2026E EBITDA)

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![](ny20068726x2_excxxislide3.jpg)

Pro Forma Ownership 3 Pro Forma Ownership Shares Outstanding Ownership Take-Private (1) Pro-Forma Ownership Abry 4.9 24% 4.9 24% Searchlight 2.4 12% 2.4 12% TDJ Company (Terence Jarman) 1.0 5% 1.0 5% Dotmar Investments (Richard Burston) 0.9 5% 0.9 5% Koch 2.0 10% 2.0 10% Cerberus 1.4 7% — — Twilio 1.0 5% — — Goldman Sachs Asset Management 0.8 4% — — Other Investors / RSUs 5.4 27% — — New Equity 8.7 43% Total Shares 19.9 100% 19.9 100% Source: Bloomberg. Note: Total shares excludes RSUs. Assumed ~11.3M shares roll.

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![](ny20068726x2_excxxislide4.jpg)

Returns Summary (at 10.0x Exit Multiple) 4 Illustrative Returns - $7.00/share Illustrative Returns - $8.00/share Illustrative Returns - $9.00/share Entry Snapshot Entry Snapshot Entry Snapshot Offer Price per Share $7.00 Offer Price per Share $8.00 Offer Price per Share $9.00 Total Equity Invested (Rolled + New Sponsor Equity) $139.6 Total Equity Invested (Rolled + New Sponsor Equity) $159.6 Total Equity Invested (Rolled + New Sponsor Equity) $179.5 Exit Build (Lender Model Forecast) Exit Build (Lender Model Forecast) Exit Build (Lender Model Forecast) 2029E EBITDA (Lender Model) $98.9 2029E EBITDA (Lender Model) $98.9 2029E EBITDA (Lender Model) $98.9 Exit Multiple 10.0x Exit Multiple 10.0x Exit Multiple 10.0x Enterprise Value at Exit $988.6 Enterprise Value at Exit $988.6 Enterprise Value at Exit $988.6 Less: Debt / Preferred at Exit ($579.8) Less: Debt / Preferred at Exit ($579.8) Less: Debt / Preferred at Exit ($579.8) Add: Cumulative Free Cash Flow Generated $99.0 Add: Cumulative Free Cash Flow Generated $99.0 Add: Cumulative Free Cash Flow Generated $99.0 Equity Value at Exit $507.8 Equity Value at Exit $507.8 Equity Value at Exit $507.8 Sponsor Net Proceeds $368.2 Sponsor Net Proceeds $348.3 Sponsor Net Proceeds $328.3 IRR 59.8% IRR 52.2% IRR 45.8% MOIC 3.6x MOIC 3.2x MOIC 2.8x

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![](ny20068726x2_excxxislide5.jpg)

MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $98.9M - Lender Model) Implied Entry Multiple(1) Acq. Share Price 9.0x 10.0x 11.0x 12.0x 13.0x 8.7x $6.00 3.4x / 56.2% 4.2x / 68.9% 5.1x / 80.2% 5.9x / 90.4% 6.7x / 99.6% 8.9x $7.00 2.9x / 47.7% 3.6x / 59.8% 4.3x / 70.4% 5.1x / 80.0% 5.8x / 88.8% 9.1x $7.50 2.7x / 44.0% 3.4x / 55.8% 4.1x / 66.2% 4.7x / 75.6% 5.4x / 84.1% 9.2x $8.00 2.6x / 40.7% 3.2x / 52.2% 3.8x / 62.3% 4.4x / 71.5% 5.0x / 79.8% 9.4x $8.50 2.4x / 37.6% 3.0x / 48.9% 3.6x / 58.8% 4.2x / 67.8% 4.7x / 75.9% 9.5x $9.00 2.3x / 34.8% 2.8x / 45.8% 3.4x / 55.6% 3.9x / 64.3% 4.5x / 72.3% 9.8x $10.00 2.1x / 29.8% 2.5x / 40.4% 3.0x / 49.7% 3.5x / 58.2% 4.0x / 65.9% Entry / Exit Sensitivity (Lender Model) 5 Lender Model 1. Assumes $71.0M of 2026E pro forma adjusted EBITDA per lender model.

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![](ny20068726x2_excxxislide6.jpg)

Appendix

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![](ny20068726x2_excxxislide7.jpg)

(-) Cash and Cash Equivalents (32.0) (32.0) (32.0) (32.0) (32.0) (32.0) (32.0) (+) Debt and Preferred Equity 507.0 507.0 507.0 507.0 507.0 507.0 507.0 Enterprise Value $594.7 $614.6 $624.6 $634.6 $644.5 $654.5 $674.4 Premium to: Current Share Price $4.53 32.5% 54.5% 65.6% 76.6% 87.6% 98.7% 120.8% Last 6-Months VWAP $2.95 103.5% 137.5% 154.4% 171.4% 188.3% 205.3% 239.2% LTM VWAP $2.65 126.2% 163.9% 182.8% 201.6% 220.5% 239.3% 277.0% 52-Week High (12/10/2025) $4.60 30.4% 52.2% 63.0% 73.9% 84.8% 95.7% 117.4% Implied Multiples: EV / 2025E Revenue ($287.0M) 2.1x 2.1x 2.2x 2.2x 2.2x 2.3x 2.3x EV / 2025E EBITDA ($65.6M) 9.1x 9.4x 9.5x 9.7x 9.8x 10.0x 10.3x EV / 2026E Revenue ($302.9M) 2.0x 2.0x 2.1x 2.1x 2.1x 2.2x 2.2x EV / 2026E EBITDA ($71.0M) 8.4x 8.7x 8.8x 8.9x 9.1x 9.2x 9.5x Illustrative Analysis at Various Prices 7 Illustrative Analysis at Various Multiples ($ in millions) Source: S&P Capital IQ as of December 15, 2025. Reflects lender model projections. Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect expected close balances. 1. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Share Price Shares Outstanding1 $6.00 19.9 $7.00 19.9 $7.50 19.9 $8.00 19.9 $8.50 19.9 $9.00 19.9 $10.00 19.9 Implied Equity Value $119.7 $139.6 $149.6 $159.6 $169.5 $179.5 $199.4

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![](ny20068726x2_excxxislide8.jpg)

Company Share Price (USD) % of 52- Week High F.D. Market Capitalization Enterprise Value Revenue Growth Gross Margin EBITDA Margin EV / Revenue EV / EBITDA Total Debt / 2024A 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E LTM EBITDA NICE Ltd. $107.78 50% $6,692 $6,188 15% 8% 8% 69% 68% 35% 31% 2.1x 1.9x 6.0x 6.4x 0.1x RingCentral, Inc. $29.17 72% $2,525 $3,839 9% 5% 4% 77% 78% 26% 27% 1.5x 1.5x 5.9x 5.4x 2.0x Five9, Inc. $20.60 41% $1,611 $1,687 13% 11% 9% 63% 63% 23% 24% 1.5x 1.3x 6.4x 5.6x 3.2x PowerFleet, Inc. $5.18 59% $693 $937 114% 51% 9% 56% 60% 21% 25% 2.2x 2.0x 10.1x 7.9x 3.3x Ribbon Communications Inc. $2.90 54% $512 $772 (0%) 4% 6% 52% 53% 13% 15% 0.9x 0.9x 6.9x 5.6x 3.6x Bandwidth Inc. $14.86 74% $454 $628 23% 2% 15% 54% 54% 12% 12% 0.8x 0.7x 6.9x 5.8x 5.4x 8x8, Inc. $2.06 59% $286 $536 (2%) 1% 0% 70% 66% 12% 13% 0.7x 0.7x 6.2x 5.5x 4.3x Mean 25% 12% 7% 63% 63% 20% 21% 1.4x 1.3x 6.9x 6.0x 3.1x Median 13% 5% 8% 63% 63% 21% 24% 1.5x 1.3x 6.4x 5.6x 3.3x Kona (as of 12/15/25) 1 $4.53 101% $90 $565 3% 0% 6% 52% 53% 23% 23% 2.0x 1.9x 8.6x 8.0x 5.0x Kona (Unaffected as of 12/18/24) $1.17 $23 $498 1.7x 1.6x 7.6x 7.0x Kona (at $6.00 per share) $6.00 $120 $595 2.1x 2.0x 9.1x 8.4x Kona (at $7.00 per share) $7.00 $140 $615 2.1x 2.0x 9.4x 8.7x Kona (at $8.00 per share) $8.00 $160 $635 2.2x 2.1x 9.7x 8.9x Kona (at $9.00 per share) $9.00 $180 $655 2.3x 2.2x 10.0x 9.2x Kona (at $10.00 per share) $10.00 $199 $674 2.3x 2.2x 10.3x 9.5x (In $ millions, unless otherwise noted) IoT & Comms Comps Public Comparable Companies 8 Source: S&P Capital IQ as of December 15, 2025. Kona financials reflect the lender model. 1. Enterprise value for Kona includes $20M of fees and expenses assumed for the transaction. Financial projections per lender model, which estimates $65.6M of 2025E EBITDA and $71.0M of 2026E EBITDA. Cash and debt figures reflect estimates as of expected close.

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![](ny20068726x2_excxxislide9.jpg)

Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. 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Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third-party sources, and there is no assurance that such estimates and projections will be realized. None of TD Securities, its affiliates or its or their respective officers, directors, employees, advisors or representatives ("Representatives") makes any representation or warranty (express or implied) as to the accuracy or completeness of any information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction, and nothing contained herein or therein is, or shall be construed or relied upon as, a representation or warranty, whether as to the past, present or future. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein (though all information contained herein is subject to revision). 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## Ex-99.(C)(Xxii)

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**Exhibit (c)(xxii)**<br>

![](ny20068726x2_excxxiislide1.jpg)

Project Kona Analysis January 2026 Exhibit (c)(xxii)

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![](ny20068726x2_excxxiislide2.jpg)

Proposed Transaction Overview 2 Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Includes $20M of fees and expenses assumed for the transaction. Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE's $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of March 31, 2025. Assumes $66.4M of TTM Q1'26E adjusted EBITDA per management forecast. Key Assumptions Assumes $9.25/share take-private (108% premium to current share price and 234% premium to LTM VWAP) Searchlight, Abry, Terence Jarman, Richard Burston, and Koch equity rollover (57% of shares); remaining 43% bought out with new equity Assumes preferred stays in place Whitehorse term loan ($180M) and Fortress converts ($120M) taken out at par $300M of new debt at SOFR+575 bps; total funded TTM Q1'26E leverage of 4.5x Implied EV / Adj. EBITDA entry multiple of 9.6x(1) (based on $71M of 2026E EBITDA) Sources & Uses New Sponsor Equity $80.0 11.1% Purchase of Equity $80.0 11.1% Rollover Equity 104.5 14.4% Rollover Equity 104.5 14.4% New Debt 300.0 41.5% Repay Term Loan 180.0 24.9% Rollover Preferred Equity (2) 207.0 28.6% Repay Convertible Notes 120.0 16.6% Cash on Balance Sheet 32.0 4.4% Rollover Preferred Equity (2) 207.0 28.6% Fees & Expenses 20.0 2.8% Cash to Balance Sheet 12.0 1.7% Total Sources $723.5 100.0% Total Uses $723.5 100.0% TTM Q1'26 Senior Net Leverage (3) 4.3x $% of Total Sources $% of Total Uses

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![](ny20068726x2_excxxiislide3.jpg)

Pro Forma Ownership 3 Pro Forma Ownership Shares Outstanding Ownership Take-Private (1) Pro-Forma Ownership Abry 4.9 24% 4.9 24% Searchlight 2.4 12% 2.4 12% TDJ Company (Terence Jarman) 1.0 5% 1.0 5% Dotmar Investments (Richard Burston) 0.9 5% 0.9 5% Koch 2.0 10% 2.0 10% Cerberus 1.4 7% — — Twilio 1.0 5% — — Goldman Sachs Asset Management 0.8 4% — — Other Investors / RSUs 5.4 27% — — New Equity 8.7 43% Total Shares 19.9 100% 19.9 100% Source: Bloomberg. Note: Total shares excludes RSUs. Assumed ~11.3M shares roll.

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![](ny20068726x2_excxxiislide4.jpg)

Returns Summary (at 10.0x Exit Multiple) 4 Illustrative Returns - $7.00/share Illustrative Returns - $8.00/share Illustrative Returns - $9.25/share Entry Snapshot Entry Snapshot Entry Snapshot Offer Price per Share $7.00 Offer Price per Share $8.00 Offer Price per Share $9.25 Total Equity Invested (Rolled + New Sponsor Equity) $139.6 Total Equity Invested (Rolled + New Sponsor Equity) $159.6 Total Equity Invested (Rolled + New Sponsor Equity) $184.5 Exit Build (Lender Model Forecast) Exit Build (Lender Model Forecast) Exit Build (Lender Model Forecast) 2029E EBITDA (Lender Model) $98.9 2029E EBITDA (Lender Model) $98.9 2029E EBITDA (Lender Model) $98.9 Exit Multiple 10.0x Exit Multiple 10.0x Exit Multiple 10.0x Enterprise Value at Exit $988.6 Enterprise Value at Exit $988.6 Enterprise Value at Exit $988.6 Less: Debt / Preferred at Exit ($579.8) Less: Debt / Preferred at Exit ($579.8) Less: Debt / Preferred at Exit ($579.8) Add: Cumulative Free Cash Flow Generated $99.0 Add: Cumulative Free Cash Flow Generated $99.0 Add: Cumulative Free Cash Flow Generated $99.0 Equity Value at Exit $507.8 Equity Value at Exit $507.8 Equity Value at Exit $507.8 Sponsor Net Proceeds $368.2 Sponsor Net Proceeds $348.3 Sponsor Net Proceeds $323.3 IRR 59.8% IRR 52.2% IRR 44.4% MOIC 3.6x MOIC 3.2x MOIC 2.8x

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![](ny20068726x2_excxxiislide5.jpg)

MOIC / IRR by Acquisition Share Price and Exit Multiple Exit Multiple (2029E EBITDA of $98.9M - Lender Model) Implied Entry Multiple (1) Acq. Share Price 9.0x 10.0x 11.0x 12.0x 13.0x 8.7x $6.00 3.4x / 56.2% 4.2x / 68.9% 5.1x / 80.2% 5.9x / 90.4% 6.7x / 99.6% 8.9x $7.00 2.9x / 47.7% 3.6x / 59.8% 4.3x / 70.4% 5.1x / 80.0% 5.8x / 88.8% 9.1x $7.75 2.6x / 42.3% 3.3x / 54.0% 3.9x / 64.2% 4.6x / 73.5% 5.2x / 81.9% 9.4x $8.50 2.4x / 37.6% 3.0x / 48.9% 3.6x / 58.8% 4.2x / 67.8% 4.7x / 75.9% 9.6x $9.25 2.2x / 33.5% 2.8x / 44.4% 3.3x / 54.0% 3.8x / 62.7% 4.4x / 70.6% 9.8x $10.00 2.1x / 29.8% 2.5x / 40.4% 3.0x / 49.7% 3.5x / 58.2% 4.0x / 65.9% 10.1x $11.00 1.9x / 25.4% 2.3x / 35.6% 2.8x / 44.6% 3.2x / 52.8% 3.7x / 60.2% Entry / Exit Sensitivity (Lender Model) 5 Lender Model 1. Assumes $71.0M of 2026E pro forma adjusted EBITDA per lender model.

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![](ny20068726x2_excxxiislide6.jpg)

Appendix

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![](ny20068726x2_excxxiislide7.jpg)

(-) Cash and Cash Equivalents (32.0) (32.0) (32.0) (32.0) (32.0) (32.0) (32.0) (+) Debt and Preferred Equity 507.0 507.0 507.0 507.0 507.0 507.0 507.0 Enterprise Value $594.7 $614.6 $624.6 $634.6 $644.5 $659.5 $674.4 Premium to: Current Share Price $4.45 34.8% 57.3% 68.5% 79.8% 91.0% 107.9% 124.7% Last 6-Months VWAP $3.14 91.3% 123.2% 139.1% 155.1% 171.0% 194.9% 218.9% LTM VWAP $2.77 116.9% 153.0% 171.1% 189.1% 207.2% 234.3% 261.4% 52-Week High (12/10/2025) $4.60 30.4% 52.2% 63.0% 73.9% 84.8% 101.1% 117.4% Implied Multiples: EV / 2025E Revenue ($287.0M) 2.1x 2.1x 2.2x 2.2x 2.2x 2.3x 2.3x EV / 2025E EBITDA ($65.6M) 9.1x 9.4x 9.5x 9.7x 9.8x 10.1x 10.3x EV / 2026E Revenue ($302.9M) 2.0x 2.0x 2.1x 2.1x 2.1x 2.2x 2.2x EV / 2026E EBITDA ($71.0M) 8.4x 8.7x 8.8x 8.9x 9.1x 9.3x 9.5x Illustrative Analysis at Various Prices 7 Illustrative Analysis at Various Multiples ($ in millions) Source: S&P Capital IQ as of January 2, 2026. Reflects lender model projections. Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect expected close balances. 1. Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs. Share Price Shares Outstanding1 $6.00 19.9 $7.00 19.9 $7.50 19.9 $8.00 19.9 $8.50 19.9 $9.25 19.9 $10.00 19.9 Implied Equity Value $119.7 $139.6 $149.6 $159.6 $169.5 $184.5 $199.4

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![](ny20068726x2_excxxiislide8.jpg)

Company Share Price (USD) % of 52- Week High F.D. Market Capitalization Enterprise Value Revenue Growth Gross Margin EBITDA Margin EV / Revenue EV / EBITDA Total Debt / 2024A 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E LTM EBITDA NICE Ltd. $113.99 57% $7,078 $6,568 15% 8% 8% 68% 68% 35% 31% 2.2x 2.1x 6.4x 6.8x 0.1x RingCentral, Inc. $27.59 74% $2,362 $3,676 9% 5% 4% 78% 78% 26% 27% 1.5x 1.4x 5.6x 5.2x 2.0x Five9, Inc. $18.81 38% $1,471 $1,547 13% 11% 9% 63% 64% 23% 24% 1.3x 1.2x 5.9x 5.1x 3.2x PowerFleet, Inc. $5.25 60% $702 $946 114% 51% 9% 59% 61% 21% 25% 2.2x 2.0x 10.2x 8.0x 3.3x Ribbon Communications Inc. $2.90 54% $512 $772 (0%) 4% 6% 53% 57% 13% 15% 0.9x 0.9x 6.9x 5.6x 3.6x Bandwidth Inc. $14.22 72% $434 $609 23% 2% 15% 54% 55% 12% 12% 0.8x 0.7x 6.7x 5.6x 5.4x 8x8, Inc. $1.89 54% $262 $512 (2%) 1% 0% 66% 64% 12% 13% 0.7x 0.7x 5.9x 5.3x 4.3x Mean 25% 12% 7% 63% 64% 20% 21% 1.4x 1.3x 6.8x 5.9x 3.1x Median 13% 5% 8% 63% 64% 21% 24% 1.3x 1.2x 6.4x 5.6x 3.3x Kona (as of 1/2/2026) 1 $4.45 99% $89 $564 3% 0% 6% 52% 53% 23% 23% 2.0x 1.9x 8.6x 7.9x 5.0x Kona (Unaffected as of 12/18/24) $1.17 $23 $498 1.7x 1.6x 7.6x 7.0x Kona (at $7.00 per share) $7.00 $140 $615 2.1x 2.0x 9.4x 8.7x Kona (at $8.00 per share) $8.00 $160 $635 2.2x 2.1x 9.7x 8.9x Kona (at $8.50 per share) $8.50 $170 $645 2.2x 2.1x 9.8x 9.1x Kona (at $9.25 per share) $9.25 $184 $659 2.3x 2.2x 10.1x 9.3x Kona (at $10.00 per share) $10.00 $199 $674 2.3x 2.2x 10.3x 9.5x (In $ millions, unless otherwise noted) IoT & Comms Comps Public Comparable Companies 8 Source: S&P Capital IQ as of January 2, 2026. Kona financials reflect the lender model. 1. Enterprise value for Kona includes $20M of fees and expenses assumed for the transaction. Financial projections per lender model, which estimates $65.6M of 2025E EBITDA and $71.0M of 2026E EBITDA. Cash and debt figures reflect estimates as of expected close.

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Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. 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TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities' policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. 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## Ex-99.(C)(Xxiii)

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**Exhibit (c)(xxiii)**<br>

![](ny20068726x2_excxxiislide10.jpg)

Project Kona Pro Forma Ownership January 2026 Exhibit (c)(xxiii)

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![](ny20068726x2_excxxiislide11.jpg)

Shares Outstanding Ownership Take-Private(1) Pro-Forma Ownership Abry 4.9 28% 4.9 28% TDJ Company (Terence Jarman) 1.0 6% 1.0 6% Dotmar Investments (Richard Burston) 0.9 5% 0.9 5% Koch 2.0 12% 2.0 12% Cerberus 1.4 8% — — Twilio 1.0 6% — — Goldman Sachs Asset Management 0.8 5% — — Other Investors / RSUs 5.4 31% — — New Equity 8.7 49% Total Shares 17.5 100% 17.5 100% Pro Forma Ownership 2 Pro Forma Ownership Source: Bloomberg. Note: Total shares excludes RSUs and Searchlight warrants. Assumed ~8.9M shares roll.

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![](ny20068726x2_excxxiislide12.jpg)

Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the "Company" or "you") to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. These materials and the information contained herein do not purport to be all-inclusive or to contain all of the information, or to identify or suggest all of the risks (direct or indirect), that may be associated with any possible transaction or transactions or that may be necessary to evaluate any possible transaction or transactions. The information in this presentation reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. TD Securities' opinions and estimates constitute TD Securities' judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing the materials, TD Securities has relied upon documents and information prepared for or supplied to TD Securities by the Company and other sources, without independent verification by TD Securities. Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third-party sources, and there is no assurance that such estimates and projections will be realized. None of TD Securities, its affiliates or its or their respective officers, directors, employees, advisors or representatives ("Representatives") makes any representation or warranty (express or implied) as to the accuracy or completeness of any information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction, and nothing contained herein or therein is, or shall be construed or relied upon as, a representation or warranty, whether as to the past, present or future. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein (though all information contained herein is subject to revision). 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TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities' policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. 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TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces. The following affiliated entities are registered U.S. broker dealers with the U.S Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation: TD Securities (USA) LLC, TD Prime Services LLC, TD Financial Products LLC, TD Arranged Services LLC and Westminster Research Associates LLC. TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security -based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. TD, TD Bank Europe Limited and TD Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland. TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. Copyright© 2025 The Toronto-Dominion Bank and/or its affiliates. All rights reserved.® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. 3

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## Ex-99.(D)(Xix)

#### Exhibit (d)(xix)

#### SEARCHLIGHT CAPITAL IV, L.P.

#### SEARCHLIGHT CAPITAL IV PV-A, L.P.

#### SEARCHLIGHT CAPITAL IV PV-B, L.P.

February 26, 2026

#### KONA Parent, L.P.
c/o Searchlight Capital Partners, L.P.

745 Fifth Avenue, 27<sup>th</sup> Floor

New York, New York 10151

Re: <u>Kona Equity Commitment Letter</u>

Ladies and Gentlemen:

Reference is made to the Agreement and Plan of Merger, dated as of the date hereof (the "<u>Merger Agreement</u>"), by and among KONA Parent, L.P., a Delaware limited partnership ("<u>Parent</u>"), KONA Merger Sub Co., a Delaware corporation and a wholly-owned Subsidiary of Parent ("<u>Merger Sub</u>"), and KORE Group Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), pursuant to which, among other things, and subject to the terms and conditions set forth therein, Merger Sub will merge with and into the Company (the "<u>Merger</u>") with the Company surviving the Merger as a wholly owned Subsidiary of Parent. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement. This letter agreement (this "<u>letter agreement</u>") is being delivered to Parent in connection with the execution of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitment</u>. This letter agreement confirms the commitment of the undersigned (an "<u>Equity Investor</u>" and collectively, the "<u>Equity Investors</u>"), severally and not jointly, and not jointly and severally, subject to the terms and conditions set forth herein and in the Merger Agreement, to purchase, or to cause one or more of its permitted assignees to purchase, directly or indirectly, equity interests of Parent at the Closing in an aggregate amount equal to the percentage of the Aggregate Commitment (as defined below) set forth opposite such Equity Investor's name on <u>Exhibit A</u> hereto (such amount with respect to each Equity Investor is referred to herein as such Equity Investor's "<u>Investor Commitment</u>"); <u>provided</u> that no Equity Investor shall, under any circumstances, be obligated to purchase, directly or indirectly, equity from Parent or otherwise provide any funds to Parent in an amount exceeding the amount of such Equity Investor's Investor Commitment. The term "<u>Aggregate Commitment</u>" means $175,000,000, or such lesser amount as is equal to such amount as is in the aggregate, together with the available cash of the Company and its Subsidiaries, sufficient (i) to pay the aggregate Merger Consideration at the Closing under the Merger Agreement (which for purposes of this Agreement, shall include amounts payable to any Rollover Stockholders under the terms of the Merger Agreement if such Rollover Stockholders' shares of Common Stock are treated as shares of Common Stock not held by a Rollover Stockholder pursuant to Section 4.1(a) of the Merger Agreement) and (ii) when taken together with the amount available under the Debt Commitment Letter, to fund the Required Amount. Each Equity Investor hereby confirms that it has (and will have at such time as such commitment is due and payable at the Closing) available cash, unfunded capital commitments and/or other access to available funds in an amount not less than such Equity Investor's Investor Commitment, and no internal or other approval is required for such Equity Investor to fulfill its obligations hereunder pursuant to the terms of this letter agreement. No Equity Investor shall under any circumstances be obligated to fund any of such Equity Investor's Investor Commitment evidenced hereby except in connection with the Closing in accordance with and subject to the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Funding</u>. Each Equity Investor's obligation to fund its Investor Commitment is subject to the terms of this letter agreement and subject to the requirements that the following occur: (a) all of the conditions set forth in <u>Section 7.1</u> (*Conditions to Each Party's Obligations to Effect the Merger*) and <u>Section 7.2</u> (*Conditions to Obligations of Parent and Merger Sub*) of the Merger Agreement have been, and continue to be, satisfied (other than those conditions that by their nature are to be satisfied by actions to be taken at the Closing, each of which is capable of being, and would be satisfied at Closing) or, to the extent permitted by Law, waived and (b) substantially concurrent occurrence of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination</u>. All rights and obligations under this letter agreement, including the obligation of each Equity Investor to fund all or any portion of its Investor Commitment, will expire and terminate automatically and immediately and cease to be of any further force or effect without the need for any further action by any Person upon the earliest to occur of (a) the consummation of the Closing (including the payment of the Merger Consideration), (b) the valid termination of the Merger Agreement in accordance with its terms, (c) the payment by any Guarantor of the Guaranteed Obligations (as defined in the Guaranty) pursuant to the Guaranty on the terms and subject to the conditions thereof or the award of any monetary damages in accordance with the Merger Agreement or (d) the assertion, directly or indirectly, by the Company, any of its Subsidiaries or any of their respective officers, directors or Affiliates in any Action of any claim (whether at law, in equity, in contract, in tort or otherwise) against any Equity Investor, Parent, Merger Sub or any Related Party (as defined below) of the foregoing or any Related Party of any such Related Party in connection with the Merger Agreement, the Guaranty, this letter agreement or any other document, certificate or instrument delivered in connection herewith or therewith or any of the transactions contemplated thereby or hereby (including the termination or abandonment thereof or in respect of any written or oral representations made or alleged to be made in connection therewith or herewith), except, in the case of <u>clause (d)</u> of this <u>Section 3</u>, for a claim brought by the Company (i) solely against any Equity Investor as a third party beneficiary of this letter agreement and solely as and to the extent specified in, and on the terms and subject to the conditions of, <u>Section 7</u> (*Binding Effect*) hereof seeking (A) to enjoin the assignment or amendment of this letter agreement without the consent of the Company to the extent such consent is expressly required under <u>Section 6</u> (*Assignment*) or <u>11</u> (*Miscellaneous*) hereof, as applicable, or (B) specific performance of an Equity Investor's obligation to cause such Equity Investor's Investor Commitment to be funded at Closing if and when required hereunder, and then only to the extent specific performance of that obligation is granted pursuant to <u>Section 9.5</u> (*Governing Law and Venue; Waiver of Jury Trial; Specific Performance*) of the Merger Agreement, (ii) against Parent or Merger Sub pursuant to <u>Section 9.5</u> (*Governing Law and Venue; Waiver of Jury Trial; Specific Performance*) of the Merger Agreement of Parent's and Merger Sub's obligation to consummate the Merger and such Equity Investor's obligation to cause such Equity Investor's Investor Commitment to be funded at the Closing, (iii) against Parent or Merger Sub, (iv) against the Rollover Stockholders for breach of Section 2.3 by the Rollover Stockholders of the Rollover Agreements, and then only to the extent permitted under the Merger Agreement, or (v) a claim brought by the Company solely against the Equity Investors in their capacity as guarantors seeking payment of the Guaranteed Obligations (as defined in the Limited Guaranty, dated as of the date hereof, by the Equity Investors in favor of the Company (the "<u>Guaranty</u>")) and solely as and to the extent specified in, and on the terms and subject to the conditions of, the Guaranty (<u>clauses (i)</u> and <u>(ii)</u> collectively, the "<u>Excluded Claims</u>"). <u>Sections 3</u> (*Termination*), <u>4</u> (*Sole and Exclusive Remedies*), <u>5</u> (*No Recourse*), <u>7</u> (*Binding Effect*), <u>8</u> (*Confidentiality*), <u>10</u> (*Waiver of Trial by Jury*) and <u>11</u> (*Miscellaneous*) hereof shall survive any such termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Sole and Exclusive Remedies</u>. (x) The Excluded Claims shall, and are intended to, be the sole and exclusive direct or indirect remedies available to the Company and its Affiliates against the Equity Investors, and (y) no other remedies may be directly or indirectly obtained or sought from any Equity Investor, nor shall any remedy be directly or indirectly obtained or sought from any former, current or future direct or indirect equity holder, controlling Person, general or limited partner, shareholder, member, manager, director, officer, employee, agent, Affiliate, assignee, client, or contractor of Searchlight Capital Partners, L.P. ("<u>Searchlight</u>"), any of Searchlight's Affiliates, any investment fund which is, directly or indirectly, controlled, managed or advised by Searchlight or one of its Affiliates, any portfolio company, fund or other vehicle invested in by the foregoing Persons or any Representatives or financing source of any of the foregoing, in each case other than Parent and Merger Sub and their respective permitted assignees under the Merger Agreement (any such Person, other than the undersigned, a "<u>Related Party</u>"), in each case in respect of any liabilities or obligations arising under, or in connection with, the Merger Agreement, the Guaranty or this letter agreement or the transactions contemplated thereby or hereby, or in respect of any written or oral representations made or alleged to be made in connection therewith or herewith, including in the event Parent or Merger Sub breaches its obligations under the Merger Agreement, whether or not any such breach is caused by an Equity Investor's breach of its obligations under this letter agreement. For the avoidance of doubt, notwithstanding anything in this letter agreement to the contrary, nothing herein shall limit the liabilities or obligations of Parent and Merger Sub arising under, or in connection with, the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Recourse</u>. Parent, by its acceptance hereof, covenants, acknowledges and agrees that no person other than an Equity Investor shall have any obligation hereunder and that, (a) notwithstanding that an Equity Investor may be a partnership, limited partnership, limited liability company or other form of entity, no recourse (whether at law, in equity, in contract, in tort or otherwise) hereunder or under any document, certificate or instrument delivered in connection herewith, or in respect of any written or oral representations made or alleged to be made in connection herewith or therewith, shall be had against any Related Party (including, without limitation, any liabilities or obligations arising under, or in connection with, the Merger Agreement, the Guaranty or this letter agreement and the transactions contemplated thereby and hereby or the termination or abandonment thereof), with respect to any suit, action, litigation, claim, charge, complaint, grievance, arbitration or proceeding, at law or in equity, or by, in or before any court, tribunal, commission, agency or other governmental authority or similar proceeding (each, a "<u>Claim</u>"), including, without limitation, in the event Parent or Merger Sub breaches its obligations under the Merger Agreement and including whether or not Parent's or Merger Sub's breach is caused by the breach by an Equity Investor of its obligations under this letter agreement, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, and (b) no personal liability whatsoever will attach to, be imposed on or otherwise incurred by any Equity Investor or any Related Party thereof or any Related Party of any such Related Party under this letter agreement or the Merger Agreement or any documents, certificates or instruments delivered in connection herewith, or in connection with the Merger Agreement, or for any Claim based on, in respect of, or by reason of such obligations hereunder or by their creation; <u>provided</u> that the foregoing <u>clauses (a)</u> and <u>(b)</u> shall not prohibit or limit the Excluded Claims. Nothing in this letter agreement, express or implied, is intended to or shall confer upon any Person, other than Parent*,* the Company (only to the extent expressly set forth in this letter agreement) and the Equity Investors, any right, benefit or remedy of any nature whatsoever under or by reason of this letter agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Assignment</u>. This letter agreement and each Equity Investor's commitment hereunder shall not be assignable, directly or indirectly, to any other Person without the prior written consent of Parent and the Company (as a third party beneficiary hereunder), and any attempted assignment without such consent shall be null and void and of no force and effect, except that each Equity Investor may without the consent of Parent or the Company assign its commitments hereunder to funds or investment vehicles affiliated with such Equity Investor; <u>provided</u>, <u>however</u>, that notwithstanding any such assignment, each Equity Investor shall remain liable to perform all of its obligations hereunder, except to the extent its Investor Commitment is actually funded by such affiliated entity (in which case such Investor Commitment and the Aggregate Commitment shall be reduced dollar for dollar by any amounts so funded). This letter agreement shall not be assignable by Parent without the prior written consent of the Equity Investors and the Company (as a third party beneficiary hereunder), other than to Parent's permitted assignees under the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Binding Effect</u>. This letter agreement shall be binding on each of the parties hereto for the benefit of the parties hereto, and nothing in this letter agreement, express or implied, shall be construed to confer upon or give any Person other than the parties hereto any benefits, rights or remedies of any nature whatsoever under or by reason of, or any rights to enforce or cause Parent to enforce, the Investor Commitment of any Equity Investor, or any provision of this letter agreement; <u>provided</u> that the Company may rely upon this letter agreement as an express third party beneficiary, solely (a) to seek to enjoin the assignment or amendment of this letter agreement without the consent of the Company to the extent such consent is expressly required under <u>Section 6</u> (*Assignment*) or <u>11</u> (*Miscellaneous*) hereof, as applicable, or (b) to the extent that the Company is awarded, in accordance with and subject to the terms of <u>Section 9.5</u> (*Governing Law and Venue; Waiver of Jury Trial; Specific Performance*) of the Merger Agreement, specific performance of the Equity Investors obligations to fund their respective Investor Commitments at the Closing under this letter agreement; <u>provided</u>, that each Related Party may rely upon <u>Sections</u> <u>4</u> (*Sole and Exclusive Remedies*) and <u>5</u> (*No Recourse*) of this letter agreement as an intended third-party beneficiary. Neither Parent nor the Company will be required to prove actual damages in connection with seeking specific performance in accordance with the terms hereof. The Equity Investors hereby waive any requirement for the securing or posting of any bond in connection with such remedy, and the Equity Investors hereby agree not to assert that the remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable on the basis that (i) Parent or the Company has an adequate remedy at law or (ii) an award of specific enforcement is not an appropriate remedy for any reason at law or equity. Except as expressly set forth in <u>Section 6</u> (*Assignment*), the first sentence of this <u>Section 7</u> or the last sentence of the first paragraph of <u>Section 11</u> (*Miscellaneous*), nothing set forth in this letter agreement shall be construed to confer upon or give any Person other than Parent any benefits, rights or remedies under or by reason of, or any rights to enforce or cause Parent to enforce, the Investor Commitment of any Equity Investor or any provision of this letter agreement. Parent's creditors shall have no right to enforce this letter agreement or to cause Parent to enforce this letter agreement. For the avoidance of doubt and notwithstanding anything to the contrary contained in the Merger Agreement or in this letter agreement, and notwithstanding that this letter agreement is referred to in the Merger Agreement, no party other than Parent and, only to the extent expressly provided in this letter agreement, the Company, shall have any rights against any Equity Investor pursuant to this letter agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidentiality</u>. This letter agreement shall be treated as strictly confidential and is being provided to Parent and the Company solely in connection with the Merger Agreement and the transactions contemplated thereby. This letter agreement may not be disclosed to any Person or used, circulated, quoted or otherwise referred to in any document (other than the Merger Agreement and the Guaranty), except with the written consent of each Equity Investor; <u>provided</u> that Parent and the Company may each disclose this letter agreement (a) to its respective Representatives and Affiliates if it agrees to cause each such Representative or Affiliate to treat this letter agreement and its contents as confidential, and to cause its directors, officers and advisors to so treat this letter agreement and its contents as confidential and agrees to be responsible for any breach by any such Representative of such obligations, (b) to the extent required by applicable Law or stock exchange rule or requirement or in connection with any securities regulatory agency filings relating to the transactions contemplated by the Merger Agreement, (c) as reasonably necessary in connection with filings, approvals and rulings to be obtained from any Governmental Authority (it being understood that any such filing may include the filing of a copy of this letter agreement), or (d) as necessary to enforce any rights pursuant to any proceeding that may arise between or among any of the parties hereto and/or the Company in respect of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Equity Investor Representations</u>. Each Equity Investor hereby represents and warrants that (a) it is an entity formed and validly existing under the laws of its jurisdiction of formation and it has the power and authority to execute, deliver and perform this letter agreement; (b) the execution, delivery and performance of this letter agreement by such Equity Investor has been duly and validly authorized and approved by all necessary limited partnership, limited liability company, or corporate action, as applicable, and no other proceedings or actions on the part of such Equity Investor are necessary therefor; (c) this letter agreement has been duly and validly executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against such Equity Investor in accordance with its terms, subject to the Bankruptcy and Equity Exception; (d) the execution, delivery and performance by such Equity Investor of this letter agreement does not and will not violate the organizational or governing documents of such Equity Investor; and (e) as of the Closing, to the extent (if any) that any Equity Investor's organizational or governing documents limit the amount it may commit to any one investment, such Equity Investor's Investor Commitment will be less than the maximum amount that it is permitted to invest in any one portfolio investment pursuant to the terms of such organizational or governing documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>WAIVER OF TRIAL BY JURY</u>. THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT, TO THE FULLEST EXTENT PERMITTED BY LAW, TO A TRIAL BY JURY IN ANY ACTION, CLAIM OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING UNDER, OUT OF OR RELATING TO THIS LETTER AGREEMENT, ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous</u>. This letter agreement may be executed in multiple counterparts (and may be delivered by facsimile transmission or via email as a portable document format (.pdf)), each of which will be deemed an original but all of which together shall constitute one and the same instrument. This letter agreement will become effective upon its acceptance by Parent, as evidenced by the delivery to each Equity Investor of a counterpart of this letter agreement executed by Parent. This letter agreement and any Claim, controversy or dispute arising under or related to this letter agreement, the relationship of the parties, or the interpretation and enforcement of the rights and duties of the parties will be governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. No amendment or waiver of any provision of this letter agreement will be valid and binding unless it is in writing and signed by Parent and each Equity Investor and the Company (as a third party beneficiary hereunder).

Each party hereto expressly and irrevocably consents and submits to the jurisdiction and venue of the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, only if the Chancery Court declines to accept jurisdiction over a particular matter, in any state or federal court within the State of Delaware) in connection with any exercise by any party hereto of their respective rights to seek a decree or order of specific performance, injunction or other equitable remedies pursuant to this letter agreement, and each party hereto agrees to accept service of process in connection with any such proceeding. Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. Each of the parties agrees that a final, nonappealable judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by Law. Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. The parties have participated jointly in negotiating and drafting this letter agreement. If an ambiguity or a question of intent or interpretation arises, this letter agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this letter agreement.

[*Remainder of page intentionally left blank.*]

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Very truly yours,

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| | | |
|:---|:---|:---|
| **SEARCHLIGHT CAPITAL IV, L.P.** | **SEARCHLIGHT CAPITAL IV, L.P.** | **SEARCHLIGHT CAPITAL IV, L.P.** |
| By: | Searchlight Capital Partners IV GP, L.P., its general partner | Searchlight Capital Partners IV GP, L.P., its general partner |
| By: | Searchlight Capital Partners IV GP, LLC, its general partner | Searchlight Capital Partners IV GP, LLC, its general partner |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Signatory |
| **SEARCHLIGHT CAPITAL IV PV-A, L.P.** | **SEARCHLIGHT CAPITAL IV PV-A, L.P.** | **SEARCHLIGHT CAPITAL IV PV-A, L.P.** |
| By: | Searchlight Capital Partners IV GP, L.P., its general partner | Searchlight Capital Partners IV GP, L.P., its general partner |
| By: | Searchlight Capital Partners IV GP, LLC, its general partner | Searchlight Capital Partners IV GP, LLC, its general partner |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Signatory |
| **SEARCHLIGHT CAPITAL IV PV-B, L.P.** | **SEARCHLIGHT CAPITAL IV PV-B, L.P.** | **SEARCHLIGHT CAPITAL IV PV-B, L.P.** |
| By: | Searchlight Capital Partners IV GP, L.P., its general partner | Searchlight Capital Partners IV GP, L.P., its general partner |
| By: | Searchlight Capital Partners IV GP, LLC, its general partner | Searchlight Capital Partners IV GP, LLC, its general partner |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Signatory |

---

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Accepted and Agreed,

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| | | |
|:---|:---|:---|
| **KONA PARENT, L.P.** | **KONA PARENT, L.P.** | **KONA PARENT, L.P.** |
| By: | KONA Parent GP, LLC, its general partner | KONA Parent GP, LLC, its general partner |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Signatory |

---

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EXHIBIT A

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| | |
|:---|:---|
| **Equity Investor** | **Percentage of Aggregate Commitment** |
| **Searchlight Capital IV, L.P.** | 55.4244% |
| **Searchlight Capital IV PV-A, L.P.** | 39.4573% |
| **Searchlight Capital IV PV-B, L.P.** | 5.1183% |

---

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## Ex-99.(D)(Xx)

#### Exhibit (d)(xx)

<u>EXECUTION VERSION</u>

#### LIMITED GUARANTY

Limited Guaranty, dated as of February 26, 2026 (this "<u>Guaranty</u>"), by each of the parties listed on <u>Exhibit A</u> hereto (each, a "<u>Guarantor</u>" and collectively, the "<u>Guarantors</u>"), in favor of KORE Group Holdings, Inc., a Delaware corporation (the "<u>Guaranteed Party</u>"). Reference is made to the Merger Agreement, dated as of the date hereof (as it may be amended, restated, supplemented or modified from time to time, the "<u>Merger Agreement</u>"), by and among KONA Parent, L.P., a Delaware limited partnership ("<u>Parent</u>"), KONA Merger Sub Co., a Delaware corporation and a wholly owned Subsidiary of Parent ("<u>Merger Sub</u>"), and the Guaranteed Party, pursuant to which, among other things, on the Closing Date, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Guaranteed Party (the "<u>Merger</u>") with the Guaranteed Party surviving the Merger as a wholly owned Subsidiary of Parent. Except as otherwise specified herein, capitalized terms used herein but not otherwise defined have the meanings ascribed to them in the Merger Agreement. As used in this Guaranty, the terms "Guarantor" and Guarantors" shall mean the Guarantor and Guarantors in their capacity as such under this Guaranty and not in their capacity as Equity Investors (as defined in the Equity Commitment Letter) under the Equity Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Limited Guaranty</u>. To induce the Guaranteed Party to enter into the Merger Agreement, each Guarantor hereby guarantees, severally and not jointly, and not jointly and severally, to the Guaranteed Party, subject to the terms and subject to the conditions set forth herein and in the Merger Agreement, without duplication, the payment of the percentage set forth opposite such Guarantor's name on <u>Exhibit A</u> hereto of the (a) Parent Termination Fee, if and when the Parent Termination Fee payable by Parent to the Guaranteed Party pursuant to <u>Section 8.2(c)</u> of the Merger Agreement is due and payable, (b) the Enforcement Costs, if and when any Enforcement Costs payable by Parent to the Guaranteed Party pursuant to Section 8.2(d) of the Merger Agreement are due and payable, up to $3,500,000, and (c) the Reimbursement Obligations, together with any amount for which Parent or Merger Sub is determined by a court of competent jurisdiction to be liable pursuant to any final, binding and non-appealable judgment thereof in respect of any claim for monetary damages made by the Guaranteed Party in accordance with, and on the terms and subject to the conditions set forth in, the Merger Agreement and herein (any such amounts, the "<u>Guaranteed Obligations</u>"); <u>provided</u> that (i) the maximum liability of each Guarantor hereunder shall not exceed the percentage of the Maximum Aggregate Amount (as defined below) set forth opposite such Guarantor's name on <u>Exhibit A</u> hereto (such amount with respect to each Guarantor is such Guarantor's "<u>Maximum Guarantor Amount</u>"), (ii) the maximum aggregate liability of the Guarantors hereunder shall not exceed $18,500,000 (the "<u>Maximum Aggregate Amount</u>"), it being understood and agreed that this Guaranty may not be enforced without giving full and absolute effect to the Maximum Aggregate Amount and each Maximum Guarantor Amount and may be enforced for the payment of money only and (iii) the Maximum Aggregate Amount shall be reduced by any amounts paid or to be paid under the Equity Commitment Letter. The Guaranteed Party, on behalf of itself and its Subsidiaries and its and their respective Related Parties, hereby agrees that the Guarantors shall in no event be required to pay in the aggregate more than the Maximum Aggregate Amount (and that each Guarantor shall in no event be required to pay in the aggregate more than such Guarantor's Maximum Guarantor Amount) under, in respect of, or in connection with this Guaranty or the Merger Agreement, and no Guarantor shall have any obligation or liability to any Person under, in respect of or in connection with this Guaranty or the Merger Agreement other than (A) to the Guaranteed Party under this Guaranty as expressly set forth herein and (B) to Parent under the Equity Commitment Letter, dated as of the date hereof, by and between Parent and the Guarantors (the "<u>Equity Commitment Letter</u>"), as expressly set forth therein. Notwithstanding anything to the contrary contained in this Guaranty or in the Merger Agreement, the Guaranteed Party hereby agrees, on behalf of itself and its Subsidiaries and its and their respective Related Parties, that to the extent Parent and Merger Sub are relieved of all or any portion of their obligations under the Merger Agreement by satisfaction thereof or pursuant to any other agreement with the Guaranteed Party, each Guarantor shall be similarly relieved, to such extent, of its respective obligations under this Guaranty. For the avoidance of doubt, the obligations of the Guarantors under this Guaranty shall be several and not joint, and not joint and several.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Terms of Limited Guaranty; Recovery Claim</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Guaranty is a guarantee of payment, not collection, and a separate action or actions may be brought and prosecuted against the Guarantors to enforce this Guaranty, irrespective of whether any action is brought against Parent, Merger Sub or any other Person or whether Parent, Merger Sub or any other Person is joined in any such action or actions. Each Guarantor reserves the right, notwithstanding anything to the contrary provided herein, to (i) set off any amount owed hereunder by such Guarantor against any payment due and payable, as determined by a court of competent jurisdiction pursuant to any final, binding and non-appealable judgment thereof, by the Guaranteed Party to Parent, Merger Sub or any of the Guarantors, (ii) assert any and all defenses which any Guarantor, Parent or Merger Sub or any of their Affiliates may have, including under the Merger Agreement, against payment of the Guaranteed Obligations and (iii) assert any and all defenses based on the breach by the Guaranteed Party of this Guaranty or the Merger Agreement (<u>clauses (i)</u> through <u>(iii)</u>, "<u>Preserved Matters</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The liability of the Guarantors under this Guaranty shall, to the fullest extent permitted under applicable Law, be absolute and unconditional, irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change in the corporate existence, structure or ownership of Parent or Merger Sub, or any insolvency, bankruptcy, reorganization, liquidation or other similar proceeding of Parent or Merger Sub or affecting any of their respective assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any change in the manner, place or terms of payment or performance, or any change or extension of the time of payment or performance of, renewal or alteration of, the Guaranteed Obligations, or any liability incurred directly or indirectly in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure or delay on the part of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent, Merger Sub or any Guarantor or any Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise interested in the transactions contemplated by the Merger Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the adequacy of any other means the Guaranteed Party may have of obtaining payment related to the Guaranteed Obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any lack of enforceability of the Merger Agreement other than by reason of fraud by the Guaranteed Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the Maximum Aggregate Amount, and the terms and conditions of the Merger Agreement, to the fullest extent permitted by applicable Laws, the Guarantors hereby expressly waive any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Guaranteed Party. The Guarantors waive promptness, diligence, notice of acceptance of this Guaranty and of the Guaranteed Obligations, presentment, demand for payment, notice of nonperformance, default, dishonor and protest, notice of the incurrence of any Guaranteed Obligations and all other notices of any kind (other than the provision to Parent or Merger Sub of notices required to be provided to Parent or Merger Sub pursuant to the Merger Agreement or to the applicable parties as set forth in any other agreement contemplated in connection with the transactions contemplated thereby or hereby), all defenses which may be available by virtue of any stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshaling of assets of any Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses generally (in each case, other than (i) Preserved Matters or (ii) fraud by the Guaranteed Party or any of its Subsidiaries or its or their respective Related Parties).

Notwithstanding the foregoing or anything to the contrary in this Guaranty, each of the Guarantors shall be fully released and discharged hereunder if the Guaranteed Obligations are paid in full by Parent, Merger Sub or any other Person in accordance with the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sole Remedy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guaranteed Party acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sole cash assets of Parent and Merger Sub are cash in a *de minimis* amount, and that no additional funds are expected to be contributed to Parent or Merger Sub unless and until the Closing occurs in accordance with the terms and conditions of the Merger Agreement, and that, without limiting the express third-party beneficiary rights of the Guaranteed Party under the Equity Commitment Letter, subject to all of the terms, conditions and limitations in the Merger Agreement and therein, the Guaranteed Party shall not have any right to cause any assets to be contributed to Parent or Merger Sub by any Guarantor, any of Guarantor's Related Parties or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that the Guaranteed Party is bound by and shall comply with the applicable terms and conditions of <u>Sections 2</u> (*Funding*), <u>3</u> (*Termination*), <u>4</u> (*Sole and Exclusive Remedies*), <u>5</u> (*No Recourse*), <u>7</u> (*Binding Effect*) and <u>8</u> (*Confidentiality*) of the Equity Commitment Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Guarantors shall not have any obligation or liability to any Person relating to, arising out of or in connection with this Guaranty, the Merger Agreement, the Equity Commitment Letter or the transactions contemplated hereby or thereby, other than as expressly set forth herein or in the Equity Commitment Letter; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notwithstanding anything to the contrary in this Guaranty, the Equity Commitment Letter or the Merger Agreement, it has no and shall have no right of recovery against Parent, Merger Sub, any Guarantor, any Related Party (as defined below) of any of the foregoing or any Related Party of any such Related Party, through any Guarantor, Parent, Merger Sub or otherwise, whether by or through attempted piercing of the corporate, limited liability company or limited partnership veil, by or through a claim by or on behalf of Parent or Merger Sub against a Guarantor or any Related Party of any Guarantor, or otherwise, except for (A) its rights against the Guarantors under this Guaranty pursuant to the terms and subject to the conditions hereof and (B) the Excluded Claims (as defined in the Equity Commitment Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recourse against the Guarantors under this Guaranty shall be the sole and exclusive remedy (whether at law, in equity, in contract, in tort or otherwise) of the Guaranteed Party and its Subsidiaries and all of its and their respective Related Parties against any Guarantor, Parent, Merger Sub, any Related Party of any of the foregoing or any Related Party of any such Related Party in respect of any breaches, losses or damages arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, including in respect of any written or oral representations made or alleged to be made in connection therewith, other than any Excluded Claims. The Guaranteed Party hereby unconditionally and irrevocably covenants and agrees that it shall not institute, and shall cause its Subsidiaries and its and their respective Related Parties not to institute, any proceeding or bring any other claim (whether at law, in equity, in contract, in tort or otherwise) arising under, or in connection with, the Merger Agreement, the Equity Commitment Letter, the Guaranty or the transactions contemplated thereby or hereby, or in respect of any written or oral representations made or alleged to be made in connection therewith or herewith, against any Guarantor, Parent, Merger Sub, any Related Party of any of the foregoing or any Related Party of any such Related Party, except for claims of the Guaranteed Party against the Guarantors under this Guaranty and Excluded Claims. As used in this Guaranty, the term "<u>Related Party</u>" shall mean, with respect to any Person, any former, current or future direct or indirect equity holder, controlling Person, general or limited partner, shareholder, member, manager, director, officer, employee, agent, Affiliate, assignee, client, contractor, Representative or financing source of such Person, (and with respect to a Guarantor, Parent or Merger Sub, in addition to the foregoing, shall also include Searchlight Capital Partners, L.P. ("<u>Searchlight</u>"), any of Searchlight's Affiliates, any investment fund which is, directly or indirectly, controlled, managed or advised by Searchlight or one of its Affiliates, any portfolio company, fund or other vehicle invested in by the foregoing Persons, but shall exclude in all cases the Guarantors, Parent and Merger Sub).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the Guaranteed Party's right to obtain specific performance of the Equity Financing at the Closing in accordance with the Merger Agreement and the Equity Commitment Letter, the Guaranteed Party further covenants and agrees that it shall not have the right to recover, and shall not recover, and shall not institute, directly or indirectly, and shall cause its Subsidiaries and its and their respective Related Parties not to institute, any proceeding or bring any other claim to recover, more than the Maximum Aggregate Amount in respect of any liabilities or obligations of the Guarantors or the respective assignees of the foregoing, or the applicable Maximum Guarantor Amount from each Guarantor and its assigns in respect of any liabilities or obligations of the Guarantors or the respective assignees of the foregoing, arising under or in connection with the Merger Agreement, this Guaranty or the transactions contemplated thereby or hereby, and the Guaranteed Party shall promptly return all monies paid to it or its Subsidiaries or its or their respective Related Parties in excess of the Maximum Aggregate Amount or applicable Maximum Guarantor Amount.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Guaranteed Party acknowledges that each Guarantor is agreeing to enter into this Guaranty in reliance on the provisions set forth in this <u>Section 3</u>. This <u>Section 3</u> shall survive termination of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Waiver; Cumulative Rights</u>. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by applicable Law or other agreement shall be cumulative and not exclusive of any other and may be exercised by the Guaranteed Party at any time or from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. Each Guarantor hereby represents and warrants with respect to itself that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is an entity formed and validly existing under the laws of its jurisdiction of formation and it has the power and authority to execute, deliver and perform this Guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance by it of this Guaranty do not and will not (i) violate its constituent documents, (ii) violate any applicable Law or judgment, or (iii) result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the loss of any benefit under, any material contract to which it is a party (except, in the case of clauses (ii) and (iii), as would not prevent the Guarantors from paying the Guaranteed Obligations pursuant to this Guaranty);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all consents, approvals, authorizations and permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this Guaranty by it have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority is required in connection with the execution, delivery or performance of this Guaranty (except, in each case, for such consents, approvals, authorizations, permits, actions, filings and notifications as are set forth in <u>Section 5.1(d)</u> (*Governmental Filings; No Violations*) of the Merger Agreement or as would not prevent the Guarantors from paying the Guaranteed Obligations pursuant to this Guaranty);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Guaranty is a legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, subject to the Bankruptcy and Equity Exception; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Guarantor has unfunded capital commitments in an amount not less than such Guarantor's Maximum Guarantor Amount or has such other financial means at its disposal to enable such Guarantor to pay such Guarantor's Maximum Guarantor Amount when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination</u>. This Guaranty shall terminate and the Guarantors shall have no further obligation under this Guaranty as of the earliest to occur of: (a) consummation of the Merger and the Closing in accordance with the terms of the Merger Agreement; (b) the payment of the Maximum Aggregate Amount in respect of the Guaranteed Obligations; (c) the valid termination of the Merger Agreement in accordance with its terms in any circumstances other than pursuant to which Parent or Merger Sub would be obligated to make any payment of any Guaranteed Obligations; and (d) the termination of this Guaranty by mutual written agreement of the Guarantors and the Guaranteed Party. Upon any termination of this Guaranty in accordance with and subject to the first sentence of this <u>Section 6</u>, no Person shall have any rights or claims against any of Parent, Merger Sub, any Guarantor, any Related Party of any of the foregoing or any Related Party of any such Related Party under the Merger Agreement, this Guaranty, the Equity Commitment Letter or in respect of any written or oral representations made or alleged to be made in connection herewith, whether at Law or equity, in contract, in tort or otherwise, and none of Parent, Merger Sub, any Guarantor, any Related Party of any of the foregoing or any Related Party of any such Related Party shall have any further liability or obligation relating to or arising out of the Merger Agreement, this Guaranty or the Equity Commitment Letter, in respect of the transactions contemplated thereby or hereby or in respect of any written or oral representations made or alleged to be made in connection herewith or therewith. In the event that the Guaranteed Party or any of its Subsidiaries or its or their respective Related Parties asserts, directly or indirectly, in any litigation or any other proceeding (whether at Law, in equity, in contract, in tort or otherwise) that the provisions of <u>Section 1</u> hereof limiting the Guarantors' liability to the Maximum Aggregate Amount or any Guarantor's liability to such Guarantor's Maximum Guarantor Amount or the provisions of <u>Section 3</u> hereof are illegal, invalid or unenforceable, in whole or in part, or asserts, directly or indirectly, in any litigation or any other proceeding, any theory of liability against Parent, Merger Sub, any Guarantor, any Related Party of any of the foregoing or any Related Party of any such Related Party with respect to the transactions contemplated by the Merger Agreement (including in respect of any written or oral representations made or alleged to be made in connection therewith) other than an Excluded Claim, (i) the obligations of each Guarantor under this Guaranty shall terminate forthwith and shall thereupon be null and void, (ii) if any Guarantor has previously made any payments under this Guaranty, such Guarantor shall be entitled to recover such payments from the Guaranteed Party and (iii) none of Parent or Merger Sub (except, in each case, with respect to any obligations under the Merger Agreement or, if the Merger Agreement is validly terminated in accordance with its terms, obligations under the Merger Agreement that by their terms survive the termination of the Merger Agreement), any Guarantor, any Related Party of any of the foregoing or any Related Party of any such Related Party shall have any liability to the Guaranteed Party or any of its Subsidiaries or any of its or their respective Related Parties with respect to the transactions contemplated by the Merger Agreement, the Equity Commitment Letter or this Guaranty (including in respect of any written or oral representations made or alleged to be made in connection therewith or herewith).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Continuing Guarantee</u>. Except to the extent terminated pursuant to the provisions of <u>Section 6</u> of this Guaranty, this Guaranty is a continuing one and shall remain in full force and effect until the payment and satisfaction in full of the Guaranteed Obligations, shall be binding upon the Guarantors, their successors and assigns, and shall inure to the benefit of, and be enforceable by, the Guaranteed Party and its successors and permitted assigns. All obligations to which this Guaranty applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement</u>. This Guaranty, together with the Merger Agreement, the Confidentiality Agreement and the Equity Commitment Letter, contain the complete agreement between the parties hereto and supersede any prior understandings, agreements or representations by or between the parties, written or oral, which may have related to the subject matter hereof in any way, among Parent, Merger Sub, the Guarantors, any Related Party of any of the foregoing or any Related Party of any such Related Party, on the one hand, and the Guaranteed Party or any of its Subsidiaries or its or their respective Related Parties, on the other hand. Except as provided in this Guaranty, no representation or warranty has been made or relied upon by any of the parties to this Guaranty with respect to this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendments and Waivers</u>. No amendment or waiver of any provision of this Guaranty will be valid and binding unless it is in writing and signed, in the case of an amendment, by each of the Guarantors and the Guaranteed Party or, in the case of a waiver, by the party or each of the parties against whom the waiver is to be effective. No waiver by any party of any breach or violation of, or default under, this Guaranty, whether intentional or not, will be deemed to extend to any prior or subsequent breach, violation or default hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. No delay or omission on the part of any party in exercising any right, power, or remedy under this Guaranty will operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Notices</u>. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Guaranty shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) when transmitted via electronic mail to the applicable e-mail address set out below, in each case before 5:00 p.m., Eastern Time, on a Business Day (so long as no notice of failure of delivery is received by the sender), (c) the next Business Day following the day on which the same has been delivered prepaid to a reputable national overnight air courier service, or (d) the third (3rd) Business Day following the day on which the same is sent by certified or registered mail, postage prepaid. Notices, demands and communications, in each case to the respective parties hereto, shall be sent to the applicable address set forth below, unless another address has been previously specified in writing by the applicable party:

If to any Guarantor, to:

Searchlight Capital Partners, L.P.

745 Fifth Avenue, 27<sup>th</sup> Floor

New York, New York 10151

Attention:&nbsp;&nbsp;&nbsp;&nbsp; Nadir Nurmohamed

Facsimile:&nbsp;&nbsp;&nbsp;&nbsp; 212-207-3837

------

with a copy (which shall not constitute notice) to:

Wachtell, Lipton, Rosen & Katz

51 f 52nd Street

New York, New York 10019

Attention:&nbsp;&nbsp;&nbsp;&nbsp; Steven A. Cohen

Facsimile:&nbsp;&nbsp;&nbsp;&nbsp; (212) 403-2000

If to the Guaranteed Party, to:

KORE Group Holdings, Inc.

1155 Perimeter Center West, 11th Floor

Atlanta, GA 30338

Attention:&nbsp;&nbsp;&nbsp;&nbsp; Jack W. Kennedy Jr.; Anthony Bellomo

with a copy (which shall not constitute notice) to:

Troutman Pepper Locke LLP

600 Peachtree Street NE, Suite 3000

Atlanta, Georgia 30308

Attention:&nbsp;&nbsp;&nbsp;&nbsp; Paul Davis Fancher; Coburn R. Beck

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Assignment</u>. This Guaranty and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither this Guaranty nor any of the rights, interests or obligations hereunder may be assigned (by operation of law or otherwise) or delegated by either the Guarantors or the Guaranteed Party to any other Person without the prior written consent of the Guaranteed Party (in the case of an assignment by any Guarantor) or each of the Guarantors (in the case of an assignment by the Guaranteed Party) and any purported assignment without such consent shall be null and void and of no force and effect, except that if a portion of any Guarantor's commitment under the Equity Commitment Letter is assigned in accordance with the terms thereof, then a corresponding portion of the obligations hereunder in respect of the Guaranteed Obligations may be assigned to the same assignee; <u>provided</u>, <u>however</u>, that notwithstanding any such assignment, each Guarantor shall remain liable to perform all of its obligations hereunder, except to the extent such obligations are actually paid to the Guaranteed Party by such assignee (in which case the such Guarantor's Maximum Guarantor Amount and the Maximum Aggregate Amount shall be reduced dollar for dollar by any amounts so paid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Third Party Beneficiaries</u>. This Guaranty is not intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies hereunder; provided, that Merger Sub, each Related Party of Parent, Merger Sub or any Guarantor and any Related Party of any such Related Party may rely upon <u>Sections 3</u> and <u>6</u> of this Guaranty as an intended third-party beneficiary.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. Whenever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Guaranty is held to be prohibited by or invalid under applicable Law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty; <u>provided</u>, <u>however</u>, that this Guaranty may not be enforced without giving full and absolute effect to the limitation of the amount payable by the Guarantors hereunder to the Maximum Aggregate Amount and by each Guarantor to its Maximum Guarantor Amount provided in <u>Section 1</u> hereof and to the provisions of <u>Sections 3</u>, <u>6</u> and <u>12</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Interpretation</u>. The headings and titles contained in this Guaranty are for convenience purposes only and will not in any way affect the meaning or interpretation hereof. Each party hereto has participated in the drafting of this Guaranty, which each party acknowledges is the result of extensive negotiations between the parties. If an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Confidentiality</u>. This Guaranty shall be treated as strictly confidential and is being provided to the Guaranteed Party solely in connection with the Merger Agreement and the transactions contemplated thereby. This Guaranty may not be disclosed to any Person or used, circulated, quoted or otherwise referred to in any document (other than the Merger Agreement and the Equity Commitment Letter), except with the written consent of each Guarantor; provided that each Guarantor and the Guaranteed Party may each disclose this Guaranty (a) to its respective Representatives and Affiliates if it agrees to cause each such Representative or Affiliate to treat this Guaranty and its contents as confidential, and to cause its directors, officers and advisors to so treat this Guaranty and its contents as confidential and agrees to be responsible for any breach by any such Representative of such obligations, (b) to the extent required by applicable Law or stock exchange rule or requirement or in connection with any securities regulatory agency filings relating to the transactions contemplated by the Merger Agreement, (c) as reasonably necessary in connection with filings, approvals and rulings to be obtained from any Governmental Authority (it being understood that any such filing may include the filing of a copy of this Guaranty) or (d) as necessary to enforce any rights pursuant to any proceeding that may arise between or among any of the parties hereto in respect of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Miscellaneous</u>. <u>Sections 10</u> (*Waiver of Trial by Jury*) and <u>11</u> (*Miscellaneous*) of the Equity Commitment Letter are incorporated herein and shall apply *mutatis mutandis*.

*[Remainder of Page Intentionally Left Blank]*

------

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Guaranty as of the date first set forth above.

---

| | | |
|:---|:---|:---|
| **Guarantors:** | **Guarantors:** | **Guarantors:** |
| **SEARCHLIGHT CAPITAL IV, L.P.** | **SEARCHLIGHT CAPITAL IV, L.P.** | **SEARCHLIGHT CAPITAL IV, L.P.** |
| By: | Searchlight Capital Partners IV GP, L.P., its general partner | Searchlight Capital Partners IV GP, L.P., its general partner |
| By: | Searchlight Capital Partners IV GP, LLC, its general partner | Searchlight Capital Partners IV GP, LLC, its general partner |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Signatory |
| **SEARCHLIGHT CAPITAL IV PV-A, L.P.** | **SEARCHLIGHT CAPITAL IV PV-A, L.P.** | **SEARCHLIGHT CAPITAL IV PV-A, L.P.** |
| By: | Searchlight Capital Partners IV GP, L.P., its general partner | Searchlight Capital Partners IV GP, L.P., its general partner |
| By: | Searchlight Capital Partners IV GP, LLC, its general partner | Searchlight Capital Partners IV GP, LLC, its general partner |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Signatory |
| **SEARCHLIGHT CAPITAL IV PV-B, L.P.** | **SEARCHLIGHT CAPITAL IV PV-B, L.P.** | **SEARCHLIGHT CAPITAL IV PV-B, L.P.** |
| By: | Searchlight Capital Partners IV GP, L.P., its general partner | Searchlight Capital Partners IV GP, L.P., its general partner |
| By: | Searchlight Capital Partners IV GP, LLC, its general partner | Searchlight Capital Partners IV GP, LLC, its general partner |
| By: | /s/ Andrew Frey | /s/ Andrew Frey |
|  | Name: | Andrew Frey |
|  | Title: | Authorized Signatory |

---

[Signature Page to Limited Guaranty]

------

Accepted and Agreed,

---

| | | |
|:---|:---|:---|
| **KORE GROUP HOLDINGS, INC.** | **KORE GROUP HOLDINGS, INC.** | **KORE GROUP HOLDINGS, INC.** |
| By: | /s/ Jack W. Kennedy Jr. | /s/ Jack W. Kennedy Jr. |
|  | Name: | Jack W. Kennedy Jr. |
|  | Title: | Executive Vice President, Chief Legal Officer, and Secretary |

---

[Signature Page to Limited Guaranty]

------

#### Exhibit A

---

| | |
|:---|:---|
| **Guarantor** | **Maximum Guarantor Amount**<br> **(% of Maximum Aggregate Amount)** |
| **Searchlight Capital IV, L.P.** | $10,253,514 (55.4244%) |
| **Searchlight Capital IV PV-A, L.P.** | $7,299,60.50 (39.4573%) |
| **Searchlight Capital IV PV-B, L.P.** | $946,885.50 (5.1183%) |
| **Total** | **$18,500,000 (100%)** |

---

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

------

**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

**Schedule 13E-3**

(Form Type)

**KORE Group Holdings, Inc.**

**KONA Merger Sub Co**

**KONA Parent, L.P.**

**KONA Parent GP, LLC**

**Searchlight IV KOR, L.P.**

**Andrew Frey**

**ABRY Partners VII, L.P.**

**ABRY Partners VII Co-Investment Fund, L.P.**

**ABRY Investment Partnership, L.P.**

**ABRY Senior Equity IV, L.P.**

**ABRY Senior Equity IV Co-Investment Fund, L.P.**

(Exact Name of Registrant as Specified in its Charter)

**<u>Table 1 - Transaction Valuation</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Proposed Maximum Aggregate Value of Transaction<sup>(i)</sup>** | **Fee Rate** | **Amount of Filing Fee** |
| &nbsp;&nbsp; Fees to Be Paid  | $112031311.00<sup>(ii)(iii)</sup> | 0.00013810 | $15472.00 |
| &nbsp;&nbsp; Fees Previously Paid  | $0.00 |  | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Transaction Valuation**  | $112031311.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fees Due for Filing**  |  |  | $15472.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fees Previously Paid**  |  |  | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fee Offsets**  |  |  | $15472.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Fee Due**  |  |  | $0.00 |

---

**<u>Table 2 - Fee Offset Claims and Sources</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registrant or Filer Name** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** |
| &nbsp;&nbsp; Fees Offset Claims  |  | Schedule 14A | 001-40856 | April 14, 2026 |  | $15472.00 |
| &nbsp;&nbsp; Fees Offset Sources  | KORE Group Holdings, Inc. | Schedule 14A | 001-40856 |  | April 14, 2026 | &nbsp;&nbsp; $15472.00<sup>(iv)</sup> |

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| Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated February 26, 2026, by and among KORE Group Holdings, Inc. (the "Company"), KONA Parent, L.P. (the "Parent") and KONA Merger Sub Co. ("Merger Sub"). | Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated February 26, 2026, by and among KORE Group Holdings, Inc. (the "Company"), KONA Parent, L.P. (the "Parent") and KONA Merger Sub Co. ("Merger Sub"). | Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated February 26, 2026, by and among KORE Group Holdings, Inc. (the "Company"), KONA Parent, L.P. (the "Parent") and KONA Merger Sub Co. ("Merger Sub"). |
| (i) | Title of each class of securities to which the transaction applies: common stock, par value $0.0001 per share, of the Company (the "Company common stock").  | Title of each class of securities to which the transaction applies: common stock, par value $0.0001 per share, of the Company (the "Company common stock").  |
| (ii)  | Aggregate number of securities to which the transaction applies: As of the close of business on April 3, 2026, the maximum number of shares of Company common stock to which this transaction applies is estimated to be 12,111,493, which consists of the following securities that are entitled to receive the per share merger consideration of $9.25 (the "Merger Consideration"):  | Aggregate number of securities to which the transaction applies: As of the close of business on April 3, 2026, the maximum number of shares of Company common stock to which this transaction applies is estimated to be 12,111,493, which consists of the following securities that are entitled to receive the per share merger consideration of $9.25 (the "Merger Consideration"):  |
|  | a. | 10,859,206 issued and outstanding shares of Company common stock; and |
|  | b.  | 1,252,287 shares of Company common stock underlying restricted stock units. |
| (iii)  | Per unit price or other underlying value of the transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):  | Per unit price or other underlying value of the transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):  |
|  | Solely for the purpose of calculating the filing fee, as of the close of business on April 3, 2026, the underlying value of the transaction was calculated as the sum of: | Solely for the purpose of calculating the filing fee, as of the close of business on April 3, 2026, the underlying value of the transaction was calculated as the sum of: |
|  | a.  | the product of 10,859,206 shares of Company common stock entitled to receive the Merger Consideration, payable to the holder in cash, without interest, subject to any withholding of taxes required by applicable law, multiplied by the Merger Consideration; and |
|  | b.  | the product of 1,252,287 shares of Company common stock underlying restricted stock units, multiplied by the Merger Consideration.  |
| (such sum, the "Total Consideration"). | (such sum, the "Total Consideration"). | (such sum, the "Total Consideration"). |
| In accordance with Section 14(g) of the Exchange Act, the filing fee was determined by multiplying the Total Consideration by 0.00013810. | In accordance with Section 14(g) of the Exchange Act, the filing fee was determined by multiplying the Total Consideration by 0.00013810. | In accordance with Section 14(g) of the Exchange Act, the filing fee was determined by multiplying the Total Consideration by 0.00013810. |

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(iv) The Company previously paid $15,472.00 upon the filing of its Preliminary Proxy Statement on Schedule 14A on April 14, 2026 in connection with the transaction reported hereby.

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