Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 253

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 253
---
 |             |     |             |
| Total current liabilities                                                                                  |     |             |     |             |     |             |
| Total liabilities                                                                                          |     |             |     |             |     |             |
| Total equity attributable to owners of the company                                                         |     |             |     |             |     |             |

Description of the Business Combination For more information about the transactions, please see the section entitled “The Business Combination.” Accounting Treatment of the Business Combination The Business Combination will be accounted for as a capital reorganization, in accordance with IFRS. Under this method of accounting, Cohen Circle would be expected to be treated as the “acquired” company for financial reporting purposes, and PubCo will be the accounting “acquirer.” This determination was primarily based on the assumption that: •VEON Holdings’ current shareholders will have the largest voting interest in the combined company post -Closingof the Business Combination; •VEON Holdings and its shareholders will have the ability to elect a majority of the members of the PubCo board of directors post -Closingof the Business Combination; •VEON Holdings and Kyivstar’s operations will substantially comprise the ongoing operations of the combined company; •VEON Holdings is the larger entity in terms of substantive operations and employee base; and •The Seller the majority shareholder pre and post merger of VEON Holdings, will appoint the senior management which will comprise the senior management of the combined company. Another determining factor was that Cohen Circle does not meet the definition of a “business” pursuant to IFRS 3 Business Combinations (“IFRS 3”), and thus, for accounting purposes, the Business Combination will be accounted for as a capital reorganization, within the scope of IFRS2, Share -BasedPayments, (“IFRS 2”). The net assets of Cohen Circle will be stated at historical cost, with no goodwill or other intangible assets recorded. Any excess of fair value of shares issued to Cohen Circle over the fair value of Cohen Circle’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred. The stock exchange listing expense is further increased for the estimated fair value of the Vesting Securities.

117 In accordance with IFRS 2, the difference in the fair value of the consideration (i.e. shares and warrants issued by PubCo) for the acquisition of Cohen Circle over the fair value of the identifiable net assets of Cohen Circle will represent a service for the listing of PubCo and be recognized as a share