Company: KYIV
Filing Date: 2025-07-17
Form Type: F-4/A
Source: 0001213900-25-064873
Chunk: 223

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-17
Form: F-4/A
Chunk 223
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ution generally is not taxable. A U.S. holder of a Cohen Circle Public Warrant would, however, be treated as receiving a constructive distribution from Kyivstar Group Ltd. if, for example, the adjustment increases the holder’s proportionate interest in Kyivstar Group Ltd.’s assets or earnings and profits (e.g., through an increase in the number of Kyivstar Group Ltd. Common Shares that would be obtained upon exercise of such warrant) as a result of a distribution of cash to the holders of the Kyivstar Group Ltd. Common Shares which is taxable to the U.S. holders of such shares as described under “— Distributions on Kyivstar Group Ltd. Common Shares” above. Such constructive distribution would be subject to tax as described under that section in the same manner as if the U.S. holder of such warrant received a cash distribution from Kyivstar Group Ltd. equal to the fair market value of such increased interest. 89 Passive Foreign Investment Company Rules A non -U.S. corporation, such as Kyivstar Group Ltd., will be a PFIC for U.S. federal income tax purposes in any taxable year in which, after applying relevant look -throughrules with respect to the income and assets of its subsidiaries, either (i) 75% or more of its gross income is passive income, or (ii) 50% or more of the value of its assets in any taxable year (generally based on the quarterly average of the value of its assets during such year) is attributable to assets, including cash, that produce passive income or are held for the production of passive income. Passive income generally includes dividends, interest, certain royalties and rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. Based on the expected composition of Kyivstar Group Ltd.’s gross assets (including unbooked goodwill as valued based on the projected market value of Kyivstar Group Ltd.’s equity) and income and the manner in which Kyivstar Group Ltd. expects to operate its business in future years, Kyivstar Group Ltd. does not expect to be classified as a PFIC for U.S. federal income tax purposes for Kyivstar Group Ltd.’s current taxable year or in the foreseeable future. Whether Kyivstar Group Ltd. is a PFIC is a factual determination made annually, and Kyivstar Group Ltd.’s status could change depending, among other things, upon changes in the composition and relative value of its