Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 36

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 36
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 fairness opinion (the “Fairness Opinion”) from Northland Capital Markets (“Northland”), to the effect that, as of the date of such Fairness Opinion and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Northland, as set forth in the Fairness Opinion, the Business Combination was fair, from a financial point of view, to the shareholders of Cohen Circle. Northland Capital Markets is a division of Northland Securities, Inc., a full -servicecapital markets group focused on growth companies and their institutional and accredited investors. Its investment banking services include public offerings of equity and convertible securities, PIPEs, CMPOs and registered direct offerings, private placements of equity and debt securities, and M&A advisory services. The research group provides in -depthresearch for leading small and mid -capcompanies in growth sectors of the economy, with sector expertise in business services, consumer, energy, healthcare, industrial growth, and technology. The institutional sales and trading group provides active market making and trading support in its targeted sectors and coverage companies. In selecting Northland, the board of directors of Cohen Circle considered, among other things, xv Northland’s qualifications, expertise, and reputation, as well as Northland’s knowledge of Cohen Circle and VEON Holdings, the businesses of Cohen Circle and VEON Holdings, and the industries in which Cohen Circle and VEON Holdings operate. The Cohen Circle Board believes it was reasonable to rely upon the Fairness Opinion at the time of its delivery in concluding that the Business Combination was in the best interest of Cohen Circle shareholders. The Fairness Opinion spoke only as of its date. The Cohen Circle Board has not requested that Northland provide a new or updated fairness opinion and does not intend to secure a new or updated fairness opinion from Northland or any other third party. As compensation for Northland’s services in connection with the rendering of the Fairness Opinion to the Cohen Circle Board, Cohen Circle agreed to pay Northland a fee of $100,000, with an additional $1,000,000 to be paid upon consummation of the Business Combination. A portion of the fee was payable upon delivery of the Fairness Opinion and a portion is payable upon consummation of the Business Combination. No portion of Northland’s fee is refundable or contingent upon the conclusion reached in the Fairness Opinion. Furthermore, Northland is entitled to be paid additional fees at Northland’s standard hourly rates for any time incurred should Northland be called