Update on Reserves Assessment as at Dec 12

PRESS RELEASE

Update on Reserves Assessment as at 31 December 2012

Astana, 21 October 2013. Further to the press-release issued on Ocober 18, 2013 the Board of Directors of JSC КаzМunaiGas Exploration Production ("КМG EP" or the "Company") issues the following update as a clarification.

· Miller and Lents, Ltd. («MLL») clarified that they did not rely solely on the last three years of production in their estimates and confirmed that they assumed a long-term production decline rate of 10% for the period of 2021-2032 which is in line with the Company's expectations. This is an increase from 7% used by Gaffney, Cline & Associates (GCA) for the audit as at 31 December 2011.

· The major deviation between GCA and MLL assessments of 2P reserves relates to the period after 2021, when the subsoil use contracts at the Company's core assets expires, due to different entry production levels as well as differing assumptions about production decline rates.

· KMG EP used MLL production profile as a basis for the impairment valuation in 2012 and 1H2013.

Notes

KMG EP is among the top three Kazakh oil and gas producers. 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 its GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BBB-" corporate credit rating in December 2011.

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 7908)

Yelena Pak

e-mail: [email protected]

Bell Pottinger Pelham (+44(0)207 861 3147)

Elena Dobson

Email: [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.