Results of the KMG EP BoD meeting

PRESS RELEASE

Results of the KMG EP Board of Directors' meeting

Astana, December 20, 2012. JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") has held its regular Board of Directors ("the Board") meeting.

KMG EP's Board of Directors has approved the budget for 2013. This budget assumes average Brent oil price for the year of $90 per barrel, in accordance with the official forecasts of the Government of the Republic of Kazakhstan and the National Company KMG.

The planned production in 2013 is expected to be around 5.3 million tonnes (107 kbopd) and around 2.8 million tonnes (57 kbopd) from JCS UzenMunaiGas (UMG) and JCS EmbaMunaiGas (EMG) respectively. Thus, total planned production volume in 2013 from UMG and EMG is expected to be around 8.2 million tonnes (164 kbopd).

Capital expenditure for 2013 is expected to be 191 bn tenge[1] (US$1,288m)[2]. The increase in capital expenditure is related to investment in the modernization program and exploration program.

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.

For further details please contact:

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]

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.