Company: KYIV
Filing Date: 2025-04-18
Form Type: DRS
Source: 0001213900-25-033341
Chunk: 249

Company: Kyivstar Group Ltd.
Filing Date: 2025-04-18
Form: DRS
Chunk 249
---
3 | % |     |           7,666,667 |     |    3.3 | % |     |           7,666,667 |     |    3.3 | % |
| Cantor                                     |     |             270,000 |     |    0.1 | % |     |             270,000 |     |    0.1 | % |     |             270,000 |     |    0.1 | % |
| Kyivstar Group LTIP(3)                     |     |           7,040,976 |     |    3.0 | % |     |           7,040,976 |     |    3.0 | % |     |           7,040,976 |     |    3.0 | % |

____________ (1)Assumes all 1,437,500 Vesting Securities have vested pursuant to their terms. (2)Such Kyivstar Group Ltd. Common Shares issuable in respect of 7,666,667 Cohen Circle Warrants. (3)Pursuant to the Business Combination Agreement, the parties agreed for Kyivstar Group Ltd. to implement a long term equity incentive plan that is equal to at least 3.0% of the total outstanding common shares of Kyivstar Group Ltd. on a fully diluted basis. Anticipated Accounting Treatment of the Business Combination Kyivstar Group Ltd. expects to account for the Business Combination 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 Kyivstar Group Ltd. 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 -Clos ingof the Business Combination; •VEON Holdings and its shareholders will have the ability to elect a majority of the members of the Kyivstar Group Ltd. board of directors post -Closingof the Business Combination; •VEON Holdings’ and Kyivstar’s operations will be the sole ongoing operations of the combined company; •VEON Holdings is the larger entity in terms of substantive operations and employee base; and •The Seller is the majority shareholder pre- and post -mergerof VEON Holdings and will appoint the senior management which will comprise the senior management of the combined company. Another