Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 225

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 225
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 conversion thereof or payment or other consideration therefor (the “Forfeited Sponsor Shares”); and (B) each Cohen Circle Ordinary Share, that is issued and outstanding immediately prior to the Merger Effective Time, owned by Cohen Circle as a treasury share immediately prior to the Merger Effective Time, shall automatically be cancelled without any conversion thereof or payment or other consideration therefor (the “Cancelled Treasury Shares”); (iii)(A) each eligible outstanding share of Cohen Circle’s Class B Ordinary Shares, par value $0.0001 per share (each, a “Cohen Circle Class B Share”), (excluding the Forfeited Sponsor Shares and the Cancelled Treasury Shares), shall automatically convert into a Cohen Circle Class A Ordinary Share and (B) each Cohen Circle Class A Ordinary Share (including the Cohen Circle Class A Ordinary Shares held as a result of the Unit Separation described above and the Cohen Circle Class A Ordinary Shares converted as a result of clause (iii)(A) above) shall convert into the right to receive one Kyivstar Group Ltd. Common Share; and (iv) each Cohen Circle Public Warrant outstanding and unexercised immediately prior to the Merger Effective Time, whether or not vested, including the Cohen Circle Public Warrants held as a result of the Unit Separation described in clause (A) above, shall convert into a Cohen Circle. Public Warrant to purchase Kyivstar Group Ltd. Common Shares, and each Cohen Circle Private Placement Warrant will be cancelled for no consideration. Ownership of Kyivstar Group Ltd. Following the Closing The following table illustrates the varying ownership levels of Kyivstar Group Ltd. after consummation of the Business Combination under the following scenarios: with no redemptions by Cohen Circle Public Shareholders, with redemptions of 50% of the outstanding Cohen Circle Class A Ordinary Shares in connection with the Business Combination and with redemptions of the maximum number of Cohen Circle Class A Ordinary Shares that could occur while still satisfying the Minimum Cash Condition in the Business Combination Agreement, assuming no additional private placement financing, including any PIPE Investment, is obtained. The following table also assumes 96

that there are no other issuances of equity interests of Cohen Circle, VEON Holdings or Kyivstar Group Ltd. prior to Closing and does not take into account Cohen Circle Public Warrants that will be converted into Kyivstar Group Ltd. Warrants in connection with the Closing and may be exercised at a later date:

|                                            |     |          Assuming no 
 redem