Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 87

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 87
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5,027,500 |     |    2.3 | % |

____________ (1)Excludes (i) 1,437,500 Vesting Securities that will not have vested as of the Closing Date, (ii) the number of Kyivstar Group Ltd. Common Shares issuable upon exercise of Kyivstar Group Ltd. Warrants converted from 7,666,667 Cohen Circle Warrants that are only exercisable 30 days after the Closing Date and (iii) issuances pursuant to the long -termequity incentive plan to be implemented equal to at least 3.0% of the total outstanding common shares of Kyivstar Group Ltd. on a fully diluted basis.

20 RISK FACTORS You should carefully consider the following risk factors, together with all of the other information included in this proxy statement / prospectus, including matters addressed in the “Cautionary Note Regarding Forward -Looking Statements” before you decide whether to vote or instruct your vote to be cast to approve the Proposals. These risks could have a material adverse effect on the business, results of operations or financial condition of Kyivstar and could adversely affect the trading price of Kyivstar Group Ltd. Common Shares and Kyivstar Group Ltd. Warrants. Kyivstar will face additional risks and uncertainties that are not presently known to it, or that Kyivstar currently deems immaterial, which may also impair its business and financial condition. The following discussion should be read in conjunction with the section entitled “Kyivstar Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the consolidated financial statements and accompanying notes thereto included in this proxy statement / prospectus. Risks Related to the Business and Industry of Kyivstar Unless the context otherwise requires, all references in this section to “we,” “us,” “our,” or “Kyivstar” refer to VEON Holdings B.V. and its subsidiaries, including JSC Kyivstar, which are presented in the VEON Holdings B.V. audited combined financial statements included in this proxy statement/prospectus. Risks Related to the War in Ukraine We have experienced, and may continue to experience, disruptions to our business, financial conditions and results of operation as a result of the war, including due to increased operating costs and damage to network infrastructure and assets. The ongoing war in Ukraine is having, and will continue to have, an impact on our business, financial condition, results of operations, cash flows and business prospects. As a leading telecommunications