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Notification of major interest in shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached:ii		 Kazakhstan Kagazy Plc
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights  
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached  
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments  
An event changing the breakdown of voting rights X
Other (please specify):  
3. Full name of person(s) subject to the notification obligation:iii T. Rowe Price Associates, Inc.
4. Full name of shareholder(s)
 (if different from 3.):iv		 JP Morgan Chase
5. Date of the transaction and date on
which the threshold is crossed or
reached:v		 16 April 2015
6. Date on which issuer notified: 20 April 2015
7. Threshold(s) that is/are crossed or reached:vi, vii 5%
8. Notified details:
A: Voting rights attached to sharesviii, ix
Class/type of
shares

if possible using
the ISIN CODE		 Situation previous
to the triggering
transaction		 Resulting situation after the triggering transaction
Number
of
Shares		 Number
of
Voting
Rights		 Number
of shares		 Number of voting
rights		 % of  voting rightsx
Direct Directxi Indirect xii Direct Indirect
US48667M1045 3,273,950 3,273,950 3,273,950   3,273,950   7.81%
 
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument		 Expiration
date xiii		 Exercise/
Conversion Period xiv		 Number of voting rights that may be acquired if the instrument is exercised/converted. % of voting
rights
         
C: Financial Instruments with similar economic effect to Qualifying Financial Instrumentsxv, xvi
Resulting situation after the triggering transaction
Type of financial
instrument		 Exercise price Expiration date xvii Exercise/
Conversion periodxviii		 Number of voting rights instrument refers to % of voting rightsxix, xx
          Nominal Delta
Total (A+B+C)
Number of voting rights Percentage of voting rights
3,273,950 7.81%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:xxi
T. Rowe Price Associates, Inc. (TRPA) serves as investment adviser, with dispositive and voting authority, to various institutional clients that own GDRs of Kazakhstan Kagazy Plc, including the T. Rowe Price Emerging Europe Fund, which owns 3,273,950 shares. Such shares are registered in the following name(s):
JP Morgan Chase – 3,273,950
Proxy Voting:
10. Name of the proxy holder:  
11. Number of voting rights proxy holder will cease to hold:  
12. Date on which proxy holder will cease to hold voting rights:  
13. Additional information: Issuer’s outstanding shares decreased to 41,927,056, as a result of the GDR buybacks.
14. Contact name: Gary Greb, Assistant Vice President T. Rowe Price Associates, Inc.
15. Contact telephone number: 001 410 345 2527