Kcell announces cross-listing of securities on AIX

Kcell announces the cross-listing of its securities on the Astana International Exchange

Almaty, 6 February 2020 - Kcell Joint Stock Company ("Kcell" or "Company") (LSE, KASE: KCEL), the leading provider of mobile telecommunications services in Kazakhstan, announces that its ordinary shares and global depositary receipts (GDRs) have been admitted to the Astana International Exchange (AIX) Official List as of today. The trading will commence on 7 February 2020. Kcell shares will be traded under the ticker "KCEL", while the Company's GDRs will be traded under the ticker "KCEL.Y" with quotation and settlements in tenge and US dollars, and are fully fungible between London Stock Exchange, Kazakhstan Stock Exchange and AIX.

Comments of Kaspars Kukelis, the Chairman of the Management Board and CEO of Kcell:

"With our track record as a listed Company spanning more than seven years, I am proud to announce that Kcell's securities are now also cross-listed on AIX. This move will enable the Company to diversify and expand its investor base, as well as enhance its stock liquidity.

We continue to adhere to the highest international standards of corporate governance to which we have been committed since our IPO in 2012. This latest development will allow us to create greater value for our customers and our shareholders. I am confident that this cooperation between Kcell and AIX will prove to be a long lasting and mutually beneficial relationship."

Comments of Tim Bennett CEO of AIX:

"We are delighted to welcome Kcell to the AIX. The listing of Kcell securities on our platform will allow the Company to diversify its pool of investors and will provide full local and foreign retail investors' access to trading in the Kcell shares and GDR's on one market."

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Company Overview

Kcell provides mobile voice telecommunications services, messaging services, value-added services (VAS) 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 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 of 50 million shares, which represent 25 percent of Kcell's share capital.

On 21 December 2018, Kazakhtelecom JSC purchased 75% of shares of Kcell owned by Telia Company and Fintur Holdings B.V.

The Company intends to continue to invest in the deployment of its 3G/4G network to expand coverage and to introduce high quality services. Kcell aims to maintain high standards of service in the market by offering its products and services at competitive prices, expanding its offering of products and services, maintaining the quality of its network and enhancing its brand value.