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KAZAKHSTAN KAGAZY PLC
(the "Company")
Update regarding London High Court proceedings

Further to the Company’s previous announcements regarding the claims made by members of the KK Group (the 'Claimants') against the Company's former shareholders and directors, Maksat Arip and Baglan Zhunus (the ‘Defendants’), the Company announces that the London High Court (Commercial Division), has refused the Defendants’ applications to (1) to set aside the worldwide freezing order granted over the Defendants’ assets; and (2) for summary judgment as to the ‘PEAK fraud’ and ‘Astana fraud’ claims.

Denying the Defendants’ applications, the judge held that the Claimants have a good arguable case that they were defrauded by the Defendants. The claims, which amount in total to over $280,000,000, have been listed for trial in April 2017. The Claimants allege that the Defendants misappropriated funds from the Claimants, their lenders, and from the proceeds of the Company’s IPO on the London Stock Exchange. The Defendants deny the claims.

A worldwide freezing order remains in place over Mr Arip’s assets up to GBP72,000,000. Mr Zhunus has provided undertakings to the court in relation to the same value of assets.

The Defendants have been ordered to make payment toward the Claimants' costs of the failed applications. Separately, the court ordered the Claimants to make further security for costs payments in relation to the Defendants' anticipated costs of preparing for trial.

The Company’s board is considering further actions and will make further announcements in due course.

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.