AGM and BoD meeting results

PRESS RELEASE

Announcement on the results of the Annual General Meeting of Shareholders and the meeting of the Board of Directors of KMG EP

Astana, May 22, 2013.KazMunaiGas Exploration Production ("KMG EP" or the "Company") held its Annual General Meeting and the meeting of the Board of Directors.

The shareholders approved the Financial Statements and the Annual Report for 2012. They also approved the dividend for 2012of 1,619 Tenge (including taxes to be withheld in accordance with the legislation of Kazakhstan) per one ordinary and one preferred share of KMG EP. The total dividend for 2012 will be about 110 billion Tenge (approx. US$740million).

The approved dividend represents a 25% increase in dividend per share compared to the previous year and is the highest amount per share since IPO in 2006. The payment of the annual dividend for 2012 will be made to shareholders of record as at 23:59of May 31, 2013 and will commence on July 1, 2013.

The Board of Directors has decided to call an extraordinary general meeting (EGM) of shareholders of the Company on the 9th of July 2013 with the agenda including early termination of the power of a member of Board of Directors and election of a member of the Board of Directors of KMG EP.

Notes to editors

KMG EP is among the top three Kazakh oil and gas producers. Overall production in 2012 was 12.2mt (an average of 247kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The total volume of proved and probable reserves, as at the end of 2011 was 226mt (1.7bn bbl), including shares in the associates of about 2.1bn barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and its GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BBB-" corporate credit rating in December 2011.

For further details please contact us at

KMG EP Investor Relations (+7 7172 97 5433)

Asel Kaliyeva

e-mail: [email protected]

KMG EP Public Relations (+7 7172 97 7915)

Zhanna Oyshybaeva

e-mail: [email protected]

Pelham Bell Pottinger (+44 (0)207 861 3147)

Elena Dobson

e-mail: [email protected]

Forward-looking statements

This document includes statements that are, or may be deemed to be, ''forward-looking statements''. These forward-looking statements can be identified by the use of forward-looking terminology including, but not limited to, the terms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the Company's intentions, beliefs and statements of current expectations concerning, amongst other things, the Company's results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries in which the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.