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KAZAKHSTAN KAGAZY PLC
(the "Company")
Notice of GDR Ratio Change

Kazakhstan Kagazy PLC (KAG LI) announces a change in the ratio of the Company's Global Depositary Receipts (“GDR”) program, which is expected to take effect on 21 August 2015.

Old Ratio - 1 GDR equal 1 ordinary share

New Ratio - 1 GDR equals 10 ordinary shares

For every 10 GDRs held by a Depositary Receipt holder, they will receive 1 new GDR in return.

The issued number of Ordinary Shares and their nominal value will be unchanged.

GDR Holders should note that they need not take any action in relation to this ratio change. Only whole GDRs will be distributed. BNYM will attempt to sell any fractional GDRs and distribute the cash proceeds to GDR holders.

Enquiries:

Kazakhstan Kagazy PLC
Hugh McGregor
General Counsel and Company Secretary
+ 7 (727) 244 87 87

Daniel Stewart & Company PLC
David Coffman / Liz Kirchner (Financial Adviser) / Martin Lampshire (Broker)
Tel +44 (0) 20 7776 6550

About Kazakhstan Kagazy PLC
London Stock Exchange listed Kazakhstan Kagazy PLC is the largest paper, packaging and recycling group in Kazakhstan and Central Asia.