Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 261

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 261
---
 period of 20 trading days in a 30 trading day period (the “Sponsor First Level Vesting Target”), the next 718,750 of the Vesting Securities will vest when the average price of Kyivstar Group Ltd. Common Shares equals or exceeds $20.00 per share for a period of 20 trading days in a 30 trading day period (the “Sponsor Second Level Vesting Target”). The Sponsor First Level Vesting Target and the Sponsor Second Level Vesting Target may be achieved at the same time or over the same overlapping trading days.Unvested Vesting Securities will be forfeited if (i) the Sponsor First Level Vesting Target is not met prior to the second anniversary of the Closing Date and (ii) the Sponsor Second Level Vesting Target is not met prior to the fifth anniversary of the Closing Date . The accounting for the Vesting Securities is expected to be evaluated and determined to be consistent with a bonus payment for a successful stock exchange listing and therefore is within the scope of IFRS2, because the Sponsors are providing a stock exchange listing service, the instruments are equity based, and the transaction does not meet the definition of a business combination under IFRS 3. As a result, the Vesting Securities are expected to be classified as equity and are recognized at fair value and compared to the fair value of the net assets of Cohen Circle. Any difference between the fair value of the shares deemed issued by the Company and the fair value of the net assets of Cohen Circle represents a service received by the Company for the stock exchange listing. Accordingly, a separate adjustment has been recorded to increase the estimated stock exchange listing expense for the estimated fair value of the Vesting Securities. Fair value Conclusions

| USD in millions, except share and per share data |     | Hurdle Price |       |     |      Number 
 outstanding |     | Fair Value  
 per Founder 
 Share       |      |     | Total      
 Fair Value |    |
|:-------------------------------------------------|:----|:-------------|------:|:----|------------:|:----|:------------|-----:|:----|:-----------|---:|
| Tranche 1                                        |     | $            | 15.00 |     |     718,750 |     | $           | 9.20 |     | $          |  7 |
| Tranche 2                                        |     |              | 20.00 |     |     718,750 |     |             |