Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 416

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 416
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 such assets from Kyivstar. As of December 2024, we and UTC jointly had approximately 15,500 sites, approximately 1,000 of which were added in 2023 and approximately 1,000 of which were added in 2024. We are the anchor tenant for almost all of UTC’s sites, with 524 of UTC’s owned sites being exclusive to us until the end of 2025. As of December 31, 2024, we held approximately 6,800 tower sites. Approximately 1,000 additional sites were contemplated to be transferred to UTC in 2023, but restrictions on assets located on state or communal property related to the imposition of martial law in Ukraine caused the transaction to be put on hold. Subject to management and board approval, such sites may be transferred to UTC in the future once restrictions are lifted. While the transfer is not a certainty to occur, if the restrictions are lifted and the 1,000 tower sites are transferred from Kyivstar to UTC, subject to regulatory considerations, the sale would take place for fair market value. UTC sites account for about 60% of our network roll -out. Kyivstar continues to provide certain shared services to UTC under service agreements relating to accounting, corporate legal, treasury, procurement, warehousing and logistics, technical documentation processing, budget planning, compliance, car fleet management and global relations. Kyivstar and UTC also share a single enterprise resource planning system under separate licenses, and Kyivstar leases certain IT equipment, vehicles and office facilities to UTC pursuant to sub -leaseagreements. UTC has approximately 170 full -timeemployees, with Kyivstar currently providing additional HR support to UTC amounting to an equivalent of 32 full -timeemployees, 25 of which provide accounting services. Such human resources cost is compensated to Kyivstar by UTC based on service agreement terms. Furthermore, Kyivstar management occasionally advises the UTC management team in negotiations in respect of agreements that UTC enters into with third parties. Despite VEON’s ownership of UTC, we nevertheless maintain an arm’s -lengthcommercial relationship with UTC via a series of principles and MTA terms, including unified commercial pricing principles for all tenants. The lease agreement that we have in place with UTC (Lease Agreement No. 427392, dated August25, 2021 (the “MLA”)) has an initial term of seven years, with subsequent renewal options for seven years each, each renewal being on an “all or nothing” basis,