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KAZAKHSTAN KAGAZY PLC
(“KK PLC” or the “Company”)

Update on claims against former shareholders and appointment of adviser

Further to the announcement of 4 December 2014, KK PLC announces that its application to amend its $150m fraud claim against its former directors and shareholders to add additional claims of a further $45m was yesterday refused by the English Commercial Court. Permission given at the end of November 2014 to add Mrs Sholpan Arip as a defendant has now been set aside.

The Honourable Mr Justice Leggatt held that, although there was a good case that members of the Kazakhstan Kagazy Group had been defrauded by certain land transactions entered into by the defendants, KK PLC could not trace the proceeds of those transactions (claimed by KK PLC to represent funds misappropriated from its July 2007 IPO) directly into the hands of the defendants.

However, the Judge also observed that Kazakhstan Kagazy Group entities besides KK PLC could have a reasonable prospect of success in bringing a personal claim of $45m against the defendants, and the Company is now considering further action.

The Company also intends to apply to the Court of Appeal for permission to appeal the Judge’s finding that it cannot bring a claim for the misappropriation of IPO monies that is alleged to have occurred when the former shareholders were directors of the Company.

Separately, the Company is pleased to announce the appointment of Daniel Stewart & Company PLC as the Company’s Financial Adviser and Broker with immediate effect.

Contacts
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.