CEO of KMG EP has resigned

PRESS-RELEASE

CEO of KMG EP has resigned

Astana, January 21, 2013 JSC KazMunaiGas Exploration Production ("the Company" or "KMG EP") confirms that on 18th of January 2013 the General Director (CEO) of the Company Alik Aidarbayev has resigned due to his appointment as Akim of Mangistau region by the decree of the President of Kazakhstan Nursultan Nazarbayev. The announcement on the appointment of a new CEO of the Company will be made shortly after the Board of Directors makes a decision.

Under the leadership of Alik Aidarbayev KMG EP carried out a number of administrative and economic changes. The production units "OzenMunaiGas" and "EmbaMunaiGas" have been transformed into joint stock companies, the new company "Technological transport and maintenance of wells management LLP" was founded, drilling management office of JSC "OzenMunaiGas" was established, a large-scale modernization program was launched, and significant measures to improve employees' working conditions were taken.

Alik Aidarbayev said: "KMG EP faced huge challenges related to modernisation of the production process and stabilization of labor relations in the previous year. I am grateful to the personnel of KMG EP and managers of all subsidiaries and associates for their support and active participation in the realization of such challenging projects. Together we have come a long way in improving labour relations at all of our assets. A strong foundation has been built for further work. I believe that the Company has a great potential to continue to develop dynamically in the future".

NOTES TO EDITORS

KMG EP is among the top three Kazakh oil and gas producers. Its overall production in 2011 was 12.3mt (an average of 250 kbopd) 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 2.1 bn barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on the London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. The international rating agency Standard & Poor's (S&P) confirmed KMG EP's "BBB-" corporate credit rating in December 2011.

KMG EP. Investor Relations (+7 7172 97 54 33) Asel Kaliyeva E-mail: [email protected]

KMG EP. Public Relations (+7 7172 97 79 15) Zhanna Oyshybaeva E-mail: [email protected]

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.