Shares Buy Back closed period

PRESS RELEASE

JSC KazMunaiGas Exploration Production

Close period share and GDR buy back procedure announcement

Astana, 23 October 2012. JSC KazMunaiGas Exploration Production ("the Company" or "KMG EP") announces the share and global depositary receipt buy back procedure during the close period which precedes the Company's 2012 3rd quarter financial results announcement*. The close period is expected to begin on October 23, 2012 and end on November 21, 2012.

During the close period the Buy Back will be managed by the two independent brokers appointed to execute the Buy Back Programme within pre-set parameters which will be established by the Company prior to the start of the close period. The brokers will make trading decisions independently of, and uninfluenced by, the Company but otherwise in accordance with the Buy Back Programme approved by the Board of Directors on the 15th of September, 2011.

The Company hereby confirms that it is not aware of any unpublished price sensitive information relevant to the Company at the time of making of this announcement.

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\* The close period is a time interval preceding the disclosure of important information (such as financial reports) during which the Company and its management are not allowed to deal in the securities.

For further details please contact us at:

«KMG EP». Public Relations (+7 7172 97 7887)

Bakdaulet Tolegen

E-mail: [email protected]

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

Asel Kaliyeva

E-mail: [email protected]

Pelham PR (+44207 337 15 17)

Elena Dobson

E-mail: [email protected]