Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 271

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 271
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 Fair value Conclusions

| USD in millions, except share and per share data |     | Hurdle Price |       |     |      Number 
 outstanding |     | Fair Value  
 per Vesting 
 Security    |      |     | Total      
 Fair Value |   |
|:-------------------------------------------------|:----|:-------------|------:|:----|------------:|:----|:------------|-----:|:----|:-----------|--:|
| 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 $106million in the no redemption scenario, $101 million in the 50% redemption scenario and $98million in the maximum redemption scenario, based on the calculation presented in the table below using Cohen Circle market prices as of July2, 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 $27 million, $14 million and $7 million in the estimated expense assuming no redemptions, 50% redemptions and maximum redemptions, respectively. F1.In the