Company: KYIV
Filing Date: 2025-04-18
Form Type: DRS
Source: 0001213900-25-033341
Chunk: 257

Company: Kyivstar Group Ltd.
Filing Date: 2025-04-18
Form: DRS
Chunk 257
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 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 123

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 Founder 
       Share |     | Total Fair 
      Value |
| Tranche 1                                        |     |  15.00 |     |     718,750 |     |        4.95 |     |          4 |
| Tranche 2                                        |     |  20.00 |     |     718,750 |     |        5.45 |     |          4 |
| Total                                            |     |        |     |   1,437,500 |     |             |     |          8 |

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 $95 million in the no redemption scenario, $91 million in the 50% redemption scenario and $88 million in the maximum redemption scenario, based on the calculation presented in the table below using Cohen Circle market prices as of April 4, 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