KMG EP 2015 Reserves

PRESS RELEASE

KMG EP reserves update as at 31 December 2015

Astana, 25 February 2016. JSC KаzМunaiGas Exploration Production ("KМG EP" or the "Company") announces the results of the estimates of liquid hydrocarbon reserves as at 31 December 2015 performed by independent consultant DeGolyer and MacNaughton ("D&M").

According to the D&M report proved plus probable (2P) reserves of liquid hydrocarbons as at 31 December 2015 excluding the Company's stakes in JV Kazgermunai LLP, CCEL and PetroKazakhstan Inc. were 152 million tonnes (1,115 million barrels), which is 15% more than at the end of 2014 mainly due to the involvement in the development of reserves through the implementation of more effective geological and technical measures, including the drilling of wells.

Proved (1P) reserves of liquid hydrocarbons as at 31 December 2015 were 99 million tonnes (723 million barrels), and proved, probable and possible (3P) reserves stand at 204 million tonnes (1,491 million barrels).

Notes to editors

KMG EP is among the top three Kazakh oil producers. The overall production in 2015 was 12.4 million tonnes (251 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The Company's volume of proved and probable reserves excluding shares in the associates, as at the end of 2015 was 152 million tonnes (1,115 mmbbl). 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.

For further details please contact us at:

KMG EP Investor Relations (+7 7172 97 5433)

Yerlan Kaldybayev

e-mail: [email protected]

KMG EP Public Relations (+7 7172 97 79 08)

Elena Pak

e-mail: [email protected]

Brunswick Group (+44 207 404 5959)

Carole Cable

e-mail: KMGEP@brunswickgroup.com

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.