Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 262

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 262
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 8.55 |     |            |  6 |
| Total                                            |     |              |       |     |   1,437,500 |     |             |      |     | $          | 13 |

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 $172million in the no redemption scenario, $143 million in the 50% redemption scenario and $125million in the maximum redemption scenario, based on the calculation presented in the table below using Cohen Circle market prices as of May19, 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 $36 million, $21 million and $13 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 Ltd. Warrants and therefore do not represent a liability assumed but are included in the calculation of the consideration transferred.

126

F2.The net assets of Cohen Circle in the 50% redemption scenario are calculated consistently with the no redemption scenario and also include a reduction of cash totaling approximately $119 million, which represents the redemption of Cohen Circle Class A Ordinary Shares. Reflects the 50% redemption of 11,500,