Company: KYIV
Filing Date: 2025-04-18
Form Type: DRS
Source: 0001213900-25-033341
Chunk: 89

Company: Kyivstar Group Ltd.
Filing Date: 2025-04-18
Form: DRS
Chunk 89
---
, a 45.46% shareholder in VEON, that Mr. Fridman and Mr. Aven are shareholders in LetterOne (approximately 37.86% and 12.13%, respectively) and that Mr. Khan and Mr. Kuzmichev are no longer shareholders in LetterOne. In October 2022, Ukraine imposed sanctions for a ten -yearperiod against Mikhail Fridman and Petr Aven, as well as Andrey Kosogov, who is also a shareholder in LetterOne (holding approximately 47.24% of LetterOne’s shares based on a LetterOne memorandum dated May 24, 2022 and updated February 28, 2023, October 1, 2023 and April 25, 2024). Both we and VEON have not been named as, and have concluded that we are otherwise not, the target of the United States’, United Kingdom’s, the European Union’s or Ukraine’s sanctions, including as a consequence of LetterOne being a 45.46% shareholder in VEON. However, as a result of the association of Designated Persons with VEON’s largest shareholder, even after the sale of VEON’s Russian operations, we have suffered and may continue to suffer reputational harm. Moreover, notwithstanding this sale, many multinational companies and firms, including certain of our service providers, partners and suppliers, have chosen of their own accord to cease transacting with us along with all Russia -basedor Russian -affiliatedcompanies or those that they perceive to be affiliated with Russia (i.e., self -imposedsanctions), as a result of the ongoing war in Ukraine. In addition, even where multinational companies and firms are willing to transact with us, we have been and may continue to be subject to lengthy due diligence processes that at times cause significant delays in the transaction process. To the extent that the ongoing war in Ukraine continues or further escalates, the list of companies and firms refusing to transact with companies they determine or perceive to be Russian or Russian -affiliated, including as a result of ultimate beneficial owners, may continue to grow. Such actions have the equivalent effect, insofar as the ability to transact with such companies is concerned, as if the companies that are perceived to be Russia -basedor Russian -affiliatedcompanies were the target of government -imposedsanctions. In the event the association of VEON’s largest shareholder continues to have an impact on certain of our operations, the inability or reduction in business with our