Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 265

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 265
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 —                   |   |      |        |           |     — |             | —                   |   |      |        |           |     — |     | —                   |   |     |        |     |     — |
| Accrued expenses              |     |         — |      |                  — |           | —          |             | —                   |   |      |        |           |     — |             | —                   |   |      |        |           |     — |     | —                   |   |     |        |     |     — |
| Promissory note — related     
 party                         |     |         — |      |                  — |           | —          |             | —                   |   |      |        |           |     — |             | —                   |   |      |        |           |     — |     | —                   |   |     |        |     |     — |
| Other liabilities             |     |        59 |      |                  — |           | —          |             | —                   |   |      |        |           |    59 |             | —                   |   |      |        |           |    59 |     | —                   |   |     |        |     |    59 |
| Total current liabilities     |     |       940 |      |                  2 |           | —          |             | (580                | ) |      |        |           |   362 |             | (580                | ) |      |        |           |   362 |     | (580                | ) |     |        |     |   362 |
| Total equity and liabilities  |     |     2,352 |      |                236 |           | —          |             | (792                | ) |      |        |           | 1,796 |             | (792                | ) |      |        |           | 1,796 |     | (792                | ) |     |        |     | 1,796 |

____________ *Numbers are presented in millions and may present rounding differences

119

Unaudited Pro Forma Condensed Combined Income Statement for the Three-Month Period Ended March 31, 2025

| USD in millions*                                                                    |     |      VEON 
  Holdings 
        BV 
 (Kyivstar 
 business) 
    (IFRS) |      |     | Cohen Circle       
 Historical         
 (after IFRS        
 adjustments