Company: KYIV
Filing Date: 2025-07-17
Form Type: F-4/A
Source: 0001213900-25-064873
Chunk: 567

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-17
Form: F-4/A
Chunk 567
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363 |     |   343 |
| Total                                 |     | 1,179 |     | 1,031 |

Kyivstar’s cash and deposits are primarily held in banks located in Ukraine. As of December 31, 2024, 55% of cash and cash equivalents were held in three banks (2023: 56% in three banks). The cash and cash equivalent retained by the Company in accordance with the demerger proposal relates to bank accounts of VEON Holdings. Analysis by credit quality of cash and cash equivalents including security deposits and cash collateral at Kyivstar based on credit ratings as published by the credit rating agency Fitch Ratings Inc. (“Fitch”) at December 31 is as follows:

|                                   |     | 2024 |     | 2023 |
| – CCC-/C rated                    |     |    — |     |   35 |
| – Unrated – Other Ukrainian banks |     |  493 |     |  164 |
| – BBB- VEON Holdings              |     |  245 |     |  282 |
| Total                             |     |  738 |     |  481 |

For cash and cash equivalents and security deposits and cash collateral, the Group assessed ECL based on the Fitch’s rating for rated banks and based on the sovereign rating of Ukraine defined by Fitch as “CC/CCC-”. The non -ratedbanks listed above are mainly members of international banking groups with A to AA ratings. Based on this assessment the Group concluded that the identified impairment loss was immaterial.

F-80

VEON Holdings B.V. GENERAL INFORMATION ABOUT THE GROUP 16FINANCIAL RISK MANAGEMENT (cont.) Trade receivable are presented net of allowances. The Group does not require collateral for trade receivables. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed for all customers requiring credit over a certain amount. Credit risk arising from financial transactions is reduced through diversification, through accepting counterparties with high credit ratings only and through defining limits on aggregated credit exposure towards each counterparty. The Group’s credit risk exposure is monitored and analyzed on a case -by -casebasis, and the Group’s management believes that credit risk is appropriately reflected in impairment allowances recognized against assets. The Company’s maximum exposure to credit risk for the components of the statement of financial position as of December 31, 2024 and 2023 is the carrying amount as illustrated