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Kazakhstan Kagazy PLC / Miscellaneous

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30 January 2014

KAGAZY NAMES POUL BECH AS NEW CHIEF FINANCIAL OFFICER

Former Visor Holding Chief Financial Officer succeeds outgoing CFO, Aida M. Yelgeldiyeva, who has become advisor to the CEO

Almaty, Kazakhstan - Kazakhstan Kagazy Group (the 'Group') today announced that Poul Bech has been appointed as Chief Financial Officer, succeeding the outgoing CFO, Aida Yelgeldiyeva, who will remain in the Group as advisor to the CEO. Poul becomes CFO effective immediately.

'Poul brings strong skills and experience to the role as we aim towards strengthening and expanding the business,' said Tomas Mateos, the Group's Chief Executive Officer. 'He has significant financial and operational management expertise which will be essential in the execution of the Group's growth plans.'

Poul spent his early career at Coopers and Lybrand as an auditor and then progressed to senior financial and operation roles at Carlsberg. His first role in Kazakhstan was as Finance Director for Maersk. Poul then worked as CFO of United Cement. His most recent position was as CFO of Visor Holding, a Kazakh private equity group.

'I am excited to step into this role and look forward to working closely with investors and shareholders,' Poul Bech said. 'Aida has developed a strong finance team, and I plan to continue to execute on the company's strong discipline around costs and focus on shareholder value.'

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The content of this document includes forward-looking statements. These relate to Kazakhstan Kagazy's future prospects, developments and strategies, including statements regarding target returns. Forward-looking statements are identified by their use of terms and phrases such as 'believe', 'could', 'would', 'envisage', 'estimate', 'intend' 'seek', 'may', 'plan', 'will' or the negative of those, variations or comparable expressions, including references to assumptions. These statements are based on Kazakhstan Kagazy's current beliefs, assumptions and expectations of its future performance, and are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, these beliefs, assumptions and expectations can change as a result of many possible events or factors that may cause Kazakhstan Kagazy's business, financial condition, liquidity, results of operations and actual returns to vary materially and target returns to be revised from those expressed or implied in the forward-looking statements. None of the data in this statement has been audited and where any reference is made in this statement to the past performance of investments by persons associated with Kazakhstan Kagazy or other investments, you should bear in mind that such information is not necessarily indicative of the future performance of the relevant investments or of Kazakhstan Kagazy's future performance.

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