Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 109

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 109
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 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 
 Vesting        
 security       |      |     | Total      
 Fair Value |    |
|:-------------------------------------------------|:----|:-------|------:|:----|------------:|:----|:---------------|-----:|:----|:-----------|---:|
| 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