Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 792

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 792
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 inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, we believe that our analyses must be considered as a whole and that selecting portions of our analyses and of the factors considered by us, without considering all analyses and factors in their entirety, could create a misleading or incomplete view of the evaluation process underlying the Opinions. The conclusion reached by us, therefore, is based on applying our own experience and judgment to all analyses and factors considered by us. The Opinions were reviewed and approved by the Northland Securities Fairness Opinion Committee. Other than as required by applicable law, this letter and the Opinions may not be published, disclosed, or otherwise used, nor may any public references to us be made, without our prior written approval. This letter and a summary thereof may be filed with or included in or with any proxy or information statement required to be filed by Cohen Circle with the SEC and delivered to the holders of Cohen Circle’s securities in connection with the Transaction. However, no reference to this letter or the Opinions in the proxy or information statement may be made without our written consent and subject to our approval of the language that references this letter or the Opinions, which consent will not be unreasonably withheld, conditioned, or delayed. By execution of this letter, we hereby consent to the inclusion of this letter as an annex to the proxy statement relating to the Transaction and to the references to us and such letter therein. Based upon and subject to the foregoing and based upon such other factors as we consider relevant, it is our opinion that, as of the date hereof, (i) the consideration to be paid by Cohen Circle to the equityholders of the Company pursuant to the Business Combination Agreement is fair, from a financial point of view , to Cohen Circle, and (ii) the Company has an aggregate fair market value equal to at least 80 percent of the balance of funds in Cohen Circle’s trust account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80 percent test). Sincerely,

| Northland Securities, Inc. |     |                   |
| By:                        |     | /s/ Jeff Peterson |

Annex H-4

PART II INFORMATION NOT REQUIRED IN PROSPECTUS Item 20. Indemnification of Directors and Officers Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any