Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 310

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 310
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 future impairment charges, which could be material, if the war continues or escalates or due to other related macroeconomic conditions. In addition, with increased targeting of Ukraine’s electrical grid, we have faced challenges in ensuring that our network assets in Ukraine have a power source. We installed approximately 2,600 additional generators and approximately 176,000 additional batteries in the year ended December 31, 2024 to help ensure backup capacity. Our results of operations have also been impacted by sanctions. In May 2024, our local custodian notified us that all of Kyivstar’s shares had been blocked from voting and transferring, which prevented and continues to prevent any such transactions involving Kyivstar’s shares. VEON continues to work with the local custodian to remove all restrictions on its corporate rights in Kyivstar. Given the impact of the decision of the current custodian of Kyivstar is limited to certain voting actions, such as changing Kyivstar’s charter or appointing a local Ukrainian auditor, it does not critically impact our day -to -dayoperations, and we do not expect the restrictions to impact the Demerger. See further “ Business — Litigation and Other Proceedings — Freezing of Corporate Rights in Kyivstar.” 160 Cyberattack in 2023 Since the war began, we have faced and expect to continue facing challenges in our performance in Ukraine, which will be exacerbated as the conflict continues. For example, on December 12, 2023, we announced that our network had been the target of a widespread external cyber -attackcausing a technical failure. This resulted in a temporary disruption of our network and services, interrupting the provision of voice and data connectivity on mobile and fixed networks, international roaming and SMS services, among others, for our customers in Ukraine and abroad. Our technical teams, working in collaboration with Ukrainian law enforcement and government agencies and the Security Service of Ukraine, restored services in multiple stages, starting with voice and data connectivity. For more information, see “ Business of Kyivstar and Certain Information about Kyivstar — Information Technology and Cybersecurity — Cyber -Attack in December 2023.” After stabilizing the network, we immediately initiated a “customer appreciation” program to thank our customers for their loyalty, offering one billing cycle of free services on select types of contracts, despite no legal obligation to do so. As a result of the incident and the “customer appreciation” program, there was a financial impact on our combined results, notably combined revenue, for the years ended December