Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 831

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 831
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, for such purpose, set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as the liquidator shall think fit, but so that no Shareholders shall be compelled to accept any shares or other securities or assets whereon there is any liability. Annex G-26 Annex H March 18, 2025 Board of Directors of Cohen Circle Acquisition Corp. I 2929 Arch Street Suite 1703 Philadelphia, PA 19104 Dear Members of the Board of Directors: We understand that Cohen Circle Acquisition Corp. I, a Cayman Islands company (“ Cohen Circle ”), proposes to enter into a transaction (the “ Transaction ”) pursuant to a Business Combination Agreement, dated March 18, 2025 (the “ Business Combination Agreement ”), by and among VEON Amsterdam B.V. (the “Seller”), VEON Holdings B.V. (the “Company”), Kyivstar Group Ltd. (“ New PubCo ”), Varna Merger Sub Corp. (“ Merger Sub ”), and Cohen Circle under which Cohen Circle will merge with and into Merger Sub, with Cohen Circle continuing as the surviving entity. Cohen Circle will be a wholly owned subsidiary of New PubCo. The shareholders of Cohen Circle and Seller will each receive New PubCo Ordinary Shares in the Transaction. We have been advised that the Transaction includes JSC Kyivstar and its subsidiaries LLC Kyivstar. Tech, Helsi Ukraine Limited Liability Company and Limited Liability Company Lan Trace, and excludes all other assets in Ukraine owned by the VEON Group, including UkraineTower Company. “Merger Consideration” means the Seller Share Consideration Number times $10.35, which is the price we assumed, with your permission, for the Cohen Circle Class A ordinary shares less the cash held by Cohen Circle. You have advised us that the Merger Consideration will be approximately $2.026 billion. The terms of the Transaction are more fully set forth in the Business Combination Agreement and capitalized terms used but not defined herein have the meanings ascribed to such terms in the Business Combination Agreement. You have requested our opinion as to (i) the fairness, from a financial point of view, to Cohen Circle of the consideration paid by Cohen Circle to the equityholders of the