Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 103

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 103
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 interests of Kyivstar Group Ltd. were as set forth in the table below: Equity Capitalization at Closing (1)

|                                              |     | Ownership in 
       Shares |     | Equity 
      % |   |
| VEON Amsterdam B.V.                          |     |  206,942,440 |     |   89.6 | % |
| Cohen Circle Public Shareholders             |     |   17,152,985 |     |    7.4 | % |
| Sponsors                                     |     |    4,686,515 |     |    2.0 | % |
| Investors Party to Non-Redemption Agreements |     |      757,745 |     |    0.3 | % |

____________ (1)Excludes (i) 1,323,838 Vesting Securities that have not 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 7,666,629 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 3.0% of the total outstanding common shares of Kyivstar Group Ltd. on a fully diluted basis. Anticipated Accounting Treatment of the Business Combination Kyivstar Group Ltd. expects to account for the Business Combination as a capital reorganization, in accordance with IFRS. Under this method of accounting, Cohen Circle would be expected to be treated as the “acquired” company for financial reporting purposes, and Kyivstar Group Ltd. will be the accounting “acquirer.” This determination was primarily based on the following: •VEON Holdings’ current shareholders have the largest voting interest in the combined company post -Closingof the Business Combination; •VEON Holdings and its shareholders have the ability to elect a majority of the members of the Kyivstar Group Ltd. board of directors post -Closingof the Business Combination; •VEON Holdings’ and Kyivstar’s operations are the sole ongoing operations of the combined company; •VEON Holdings is the larger entity in terms of substantive operations and employee base; and •The Seller is the majority shareholder pre- and post -mergerof VEON Holdings and has appointed the senior management which will comprise the senior management of the combined company. Another determining factor was that Cohen Circle does not meet the definition