KMG EP appoints new CEO

PRESS RELEASE

KMG EP appoints new Chief Executive Officer

Astana, 23 January 2013. JSC "KMG EP" ("KMG EP" or the "Company") announces that Abat Nurseitov has been appointed the General Director (CEO) by the Board of Directors. Abat Nurseitov previously worked as the Deputy General Director for Production. He has succeeded Alik Aidarbayev who resigned due to his appointment as Akim of Mangistau region.

The newly appointed CEO has confirmed his commitment to the strategic goals and aims of KMG EP and his intention to continue the modernization program launched earlier on.

NOTES TO EDITORS

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2012 was 12.2mt (an average of 247 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.

Abat Nurseitovjoined the Company in 2006 and worked as Deputy General Director for Production since January 2012. Prior to this, he worked as Managing Director for Production. He has been working in the oil and gas industry since 1986, starting his career as an oil well operator and progressing to the Head of Zhetybaineft. He has held various managerial posts at NIPIneftegaz, Turgai-Petroleum CJSC, and the Kazakh branch of LukOil Overseas Service. He has been awarded with 100th and 110th Anniversary of Kazakh Oil medals.

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]

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, objective, 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.