Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 273

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 273
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|:------------|-----:|:----|:-----------|--:|
| Tranche 1                                        |     | $            | 15.00 |     |     661,919 |     | $           | 5.05 |     | $          | 3 |
| Tranche 2                                        |     |              | 20.00 |     |     661,919 |     |             | 5.55 |     |            | 4 |
| Total                                            |     |              |       |     |   1,323,838 |     |             |      |     | $          | 7 |

F.The difference in the estimated fair value of equity instruments ( i.e., shares and warrants issued by Kyivstar Group Ltd.) over the fair value of identifiable net assets of Cohen Circle represents a service for listing of the Kyivstar Group Ltd. Common Shares and is accounted for as a share -basedpayment expense in accordance with IFRS 2. The cost of the service, which is a non -cashand non -recurringexpense, is estimated to be $102 million in the no redemption scenario, $97 million in the 50% redemption scenario and $94 million in the maximum redemption scenario, based on the calculation presented in the table below using Cohen Circle market prices as of July 2, 2025 for both the Public Warrants to be automatically converted into Kyivstar Group Ltd. Warrants and Cohen Circle Class A Ordinary Shares to be exchanged for Kyivstar Group Ltd. Common Shares, each to be issued by Kyivstar Group Ltd. The value is preliminary and will change based on fluctuations in the share price of Cohen Circle Class A Ordinary Shares and changes in the fair value valuations for the other components listed below through the Closing of the Business Combination. A ten percent change in the market price per share of Cohen Circle Class A Ordinary Shares would result in a change of approximately $31 million, $19 million and $12 million in the estimated expense assuming no redemptions, 50% redemptions and maximum redemptions, respectively. F1.In the no redemption scenario, the net assets of Cohen Circle for the purposes of the IFRS 2 calculation represent the net assets of Cohen Circle at March31, 2025 adjusted by pro forma adjustment A1 to reflect the subsequent interests in the Trust Account, by proforma adjustment G estimated Transaction Costs, and excluding the Warranty Liabilities as those warrants are exchanged for Kyivstar Group