Exhibit (c)(ii)

 Project Kona: Special Committee discussion materials  April 9, 2025  Exhibit (c)(ii) 
 
 Contents  Rothschild & Co qualifications  Executive summary  Appendix  3  14  26 
 
 1  Rothschild & Co qualifications 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 $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 
 
 $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 
 
 2  Executive summary 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 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 
 
 Third-party viable bids – not supported by Samoa  Immediate sale process – Potential outcomes & follow-on paths  Four likely paths following a formal process launch  No third-party viable interest / bids and Samoa does not participate in the sale process  Third-party viable bids – supported by Samoa  Begin negotiations with Samoa or decide to remain standalone  Samoa most likely path forward  Weakened negotiating leverage  Confirm third-party bidder interest in pursuing a transaction despite insider opposition  Determine risk allocation between buyer and seller  May require no-vote fee to buyer  Finalize sale with third-party buyer  Strong validation of Company value  Clean path to transaction realization  Eliminates make-whole risk  Eliminates risk of semi-blocking position held by Samoa and Amelia jointly  Evaluate business plan / standalone value  Engage with Samoa to negotiate take-private terms  Evaluate capital structure  alternatives  Pursue transaction  Enter into agreement and solicit shareholder vote  Prepare for implications of a failed vote  Proceed with final negotiations and Special Committee / board approval of preferred bidder  Diligence / definitive agreement  drafting  Negotiate with Samoa whether to redeem or roll preferred  Frame Samoa’s position as unattractive unless exit achieved to induce an offer  Use third-party bid to establish  valuation floor  Test Samoa and Amelia’s group resolve  Test Samoa and Amelia’s desire to participate with third-party  Samoa submits and is most viable bid  Samoa provides compelling proposal that maximizes shareholder value  Increases certainty of closing  Requires process protections to ensure fairness  Support board in reviewing offer through Special Committee  Continue running process to maintain competitive tension  Consider go-shop provision to validate outcome post-signing  2  3  Outcome Implications How to create leverage Next steps   1  4  Ensure proposal reflects value created by standalone plan  Stress uncertain path to Samoa liquidity until 2033, making an exit now the only viable value realization  2. EXECUTIVE SUMMARY  24 
 
 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 
 
 Appendix 
 
 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 
 
 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 
 
 $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 
 
 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 
 
 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.