Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 111

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 111
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:|:----|------------:|:----|:---------------|-----:|:----|:-----------|---:|
| Tranche 1                                        |     | $      | 15.00 |     |     661,919 |     | $              | 8.70 |     | $          |  6 |
| Tranche 2                                        |     |        | 20.00 |     |     661,919 |     |                | 8.10 |     |            |  5 |
| Total                                            |     |        |       |     |   1,323,838 |     |                |      |     | $          | 11 |

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 $161 million, based on the calculation presented in the table below using Cohen Circle market prices as of August 14, 2025 for both the Cohen Circle 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 net assets of Cohen Circle for the purposes of the IFRS 2 calculation represent the net assets of Cohen Circle as of the Closing Date.

62

Cohen Circle fair value

| USD in millions, except share and per share data                                                         |     | Per Share 
 value     |       |     |     Shares |     | Fair Value |     |   |
|:---------------------------------------------------------------------------------------------------------|:----|:----------|------:|:----|-----------:|:----|:-----------|----:|:--|
| Cohen Circle Class A Ordinary Shares*                                                                    |     | $         | 12.70 |     | 21,839,500 |     | $          | 277 |   |
| Kyivstar Group Ltd. Common Shares issuable to Non-Redeeming Shareholders**                               |     |           | 12.70 |     |    757,745 |     |            |  10 |