Notice of EGM

Notice of Extraordinary General Meeting of Shareholders of Kcell JSC

Almaty, 29 December 2014 - Kcell Joint Stock Company notifies that the Board of Directors has decided to convene Extraordinary General Meeting of Shareholders of Kcell JSC (the "EGM") on 03 February 2015 at 11:00 a.m. (Almaty time) at the following address: 51, Alimzhanov Street, Almaty, Republic of Kazakhstan. Registration of the EGM participants will start at 10:00 a.m. (Almaty time).

In the event that the meeting does not take place, it will be rescheduled for 10 February 2015 at 11:00 a.m. Almaty time.

Shareholders registered on the record date of 06 January 2015 (01:00 a.m. Almaty time) will be eligible to attend the EGM.

To register, participants will need to provide their identity documents and trustees are required to present a power of attorney to participate in the meeting with the right to vote.

The proposed EGM agenda is as follows:

1. Election of the Chairman and Secretary of the general meeting of shareholders and approval of the form of voting.

2. Approval of the agenda of the general meeting of shareholders.

3. Amendments to the Charter of Kcell JSC regarding an increase in the number of Board of Directors members from 6 to 7.

4. Election of new member of the Board of Directors of Kcell JSC.

Materials on the agenda

Kcell JSC shareholders can access the materials relating to the above agenda of the General Meeting of Shareholders by sending request with documents certifying the shareholder's status attached to the following e-mail: [email protected] or at the Company's executive office of the Chief Executive Officer at the following address: Republic of Kazakhstan, 050051, Almaty, Samal-2, 100. The materials of the General Meeting of Shareholders will be ready and available for viewing by shareholders not later than ten days before the meeting. Shareholders can request to have materials to be sent to them within three working days of the receipt of such a request. Charges for copies of the documents and document delivery are at the expense of shareholders.

Leonid Fink, Galyna Kulachek,

Kay Larsen

Company Overview

Kcell is the leading provider of mobile telecommunications services in Kazakhstan by market share in terms of revenue and the number of subscribers. It has operated since 1998, and as at 31 December 2013 it had approximately 14.3 million subscribers, representing a market share of 46.2%, as estimated by the Company. Its estimated market share in terms of revenue was 54% for the year ended 31 December 2013.

Kcell provides mobile voice telecommunications services, messaging services, value-added services such as multimedia and mobile content services, as well as data transmission services including internet access. It has two brands: the Kcell brand, which is targeted primarily at corporate subscribers (including government subscribers), and the Activ brand, which is targeted primarily at mass market subscribers. The Company offers its services through its extensive, high quality network which covers substantially all of the populated territory of Kazakhstan.

In December 2012, Kcell successfully completed its offering of GDR's on the London Stock Exchange and common shares on KASE. The price was set at USD 10.50 per GDR and KZT 1,578.68 per share with each GDR representing one share. The offering consisted of a sale by TeliaSonera of 50 million shares, which represent 25 percent of Kcell's share capital. TeliaSonera holds directly and indirectly 61.9% of the Company's common shares.

Kcell plans to benefit from the significant growth potential for mobile data services in Kazakhstan. The Company intends to continue to invest in the deployment of its 3G network to expand coverage. Kcell aims to maintain its market leadership in terms of revenue and the number of subscribers by offering its products and services at competitive prices, expanding its offering of products and services, maintaining the high quality of its network and enhancing its brand value.