Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 44

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 44
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, see the section entitled “ Risk Factors — Cohen Circle shareholders who do not redeem their Cohen Circle Public Shares will experience immediate and material dilution upon Closing of the Business Combination.”

xviii

The following table shows the change in net tangible book value per share attributable to Cohen Circle shareholders who elect not to redeem their shares in connection with the Business Combination and related transactions, calculated as the difference between Cohen Circle’s net tangible book value per share as of March31, 2025 and Cohen Circle’s net tangible book value per share, as adjusted, assuming a no redemptions scenario, a 50% redemptions scenario, and a scenario of maximum redemptions not subject to non -redemptioncommitments pursuant to the Non -RedemptionAgreements.

| USD                                                                                
 Cohen Circle’s net tangible book value as of March 31, 2025                        
 Class A and B ordinary shares issued and outstanding as of March 31, 2025          |     | Scenario 1  
 Assuming No 
 Redemptions | (11,111,740 
   8,620,000 | ) |     | Scenario 2   
 Assuming 50% 
 Redemptions  | (11,111,740 
   8,620,000 | ) |     | Scenario 3  
 Assuming    
 Maximum     
 Redemptions | (11,111,740 
   8,620,000 | ) |
|:-----------------------------------------------------------------------------------|:----|:------------|------------:|:--|:----|:-------------|------------:|:--|:----|:------------|------------:|:--|
| Cohen Circle’s net tangible book value per share, as of March 31, 2025             |     | $           |       (1.29 | ) |     | $            |       (1.29 | ) |     | $           |       (1.29 | ) |
| Cohen Circle’s net tangible book value per share as of March 31, 2025, as adjusted |     | $           |        7.38 |   |     | $            |        5.56 |   |     | $           |        3.05 |   |

For purposes of Regulation S -K, Item 1604(c)(1), Kyivstar Group Ltd. would have 219,991,570 total shares after giving effect to the de -SPACtransaction under the no redemptions scenario (including 1,323,838 Vesting