Result of AGM

PRESS- RELEASE

Announcement on the results of the Annual General Meeting of

KMG EP's Shareholders

Astana, 26 May 2010. JSC KazMunaiGas EP ("KMG EP" or "The Company") held an Annual General Meeting of Shareholders.

The shareholders approved the Financial Statements and the Annual Report for 2009. They also approved the dividend for 2009 in the amount of 704 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 volume of the dividend pay for 2009 will be 50.9 billion Tenge (approx. US$ 346.4 million)[1]. The payment of the annual dividend for 2009 will be made to shareholders of the Company as per share register at 0:00, June 7, 2010 and will commence on July 12, 2010.

The shareholders elected Philip John Dayer as an independent director of KMG EP.

Notes to Editors

Members of the Board of Directors of KMG EP:

Askar Balzhanov, Managing Director on Exploration and Production of NC KMG

Tolegen Bozzhanov, Managing Director for Corporate Center of NC KMG

Yerzhan Zhangaulov, General Manager on Legal Support of NC KMG

Kenzhebek Ibrashev, General Director, Chairman of the Management Board of KMG EP

Assiya Syrgabekova, Finance Director of NC KMG

Paul Manduca, Independent Director of the Company

Edward Walshe, Independent Director of the Company

Philip John Dayer, Independent Director of the Company

Philip Dayer LLB FCA qualified as a chartered accountant with KPMG and then pursued a career for 25 years in investment banking, specialising in advising UK listed companies. He gained extensive experience working for companies such as Barclays de Zoete Wedd and Citicorp. He retired from ABN AMRO Hoare Govett in 2005. Since then he has acted as an adviser to Rosneft on their successful flotation in 2006 and currently sits on a number of boards, including Dana Petroleum and AVEVA Group, as an independent director.

Notes:

 - current directorships: Dana Petroleum plc, AVEVA Group plc, Cadogan Petroleum plc, Navigators Underwriting Agency Limited, IP Plus plc and Arden Partners plc

 - former directorships: Baltic Oil Terminals PLC

 - No further information is required to be disclosed pursuant to Listing Rule 9.6.13 R

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5mmt (an average of 232kbopd) of crude oil, including the Company's share in Kazgermunai and CCEL. The volume of proved and probable reserves (2P) of KMG EP as at the end of 2009 was 234mmt (1.7bn barrels); while including the share of reserves from associates and joint ventures, preliminary about 2.2 bn barrels. The Company's shares are listed on 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. In July 2009 International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BB+" corporate credit rating and assigned the Company "GAMMA-6" level.

For further details please contact us at:

«KMG EP». Public Relations (+7 7172 97 7600)

Daulet Zhumadil

E-mail: [email protected]

«KMG EP». Investor Relations (+7 7172 97 5433)

Asel Kaliyeva

E-mail: [email protected]

Pelham PR (+44 207 861 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.