Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 475

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 475
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 of the defense sector. The Security Council Secretary indicated that at the end of the application of martial law, the assets can be returned or their owners can be appropriately compensated. As noted above, in October 2023, the Security Services of Ukraine (SSU) announced that the Ukrainian courts are seizing all “corporate rights” of Mikhail Fridman, Peter Aven and Andrei Kosogov, who are some of the beneficial owners of L1T VIP Holdings S.à r.l. (“LetterOne”) which is one of VEON Ltd.’s shareholders, in 20 Ukrainian companies that these individuals beneficially own, while criminal proceedings, unrelated to Kyivstar or VEON, are in progress. This announcement was incorrectly characterized by some Ukrainian media as a “seizure” or “freezing” of “Kyivstar’s assets”. On October9, 2023, Ukrainian media further reported, with a headline which incorrectly targets Kyivstar, that the Ministry of Justice of Ukraine is separately finalizing a lawsuit in the Ukraine High Anti -CorruptionCourt to confiscate any Ukrainian assets of M. Fridman. We have received notification from our local custodian of Kyivstar shares that 47.85% of Kyivstar shares have been blocked which will prevent any transaction involving this portion of shares from proceeding. In November 2024, the Shevchenkivskyi District Court of Kyiv ruled in favor of a request to unfreeze 47.85% of VEON’s corporate rights in Kyivstar and 100% of VEON’s corporate rights in Kyivstar Tech and Helsi. Refer to Management’s actions below for further details. F-34 VEON Holdings B.V.
GENERAL INFORMATION ABOUT THE GROUP (cont.) 1GENERAL INFORMATION (cont.) •If further measures are adopted and applied in relation to Kyivstar, this could lead to the involuntary deconsolidation of Kyivstar, and could trigger certain financial covenants or non -financialprovisions in our debt agreements or in the debt agreements of the Wider VEON Group, requiring accelerated repayment, potentially triggering a cross -defaultacross other debt agreements and the revolving credit facility and negatively impact our liquidity. Management’s actions to address these events and conditions are as follows: •We have implemented business continuity plans to address known contingency scenarios to ensure that we have adequate processes and practices in place to protect the safety of our people and to handle potential impacts to our operations. •Management is actively monitoring