LONDON, UNITED KINGDOM--(Marketwired - Dec 19, 2014) -

　　Dear Shareholders / GDR holders,

　　Further to my Open Letter to Shareholders of 27 November, 2014, drawing attention to a range of corporate governance matters and reporting discrepancies by the Board of Kazakhstan Kagazy ('the Company'), I am further very disappointed to report that I have been advised that neither I nor my representative is entitled to attend or speak at Kazakhstan Kagazy's Annual General Meeting ('AGM'), being held at 10.00 on 19 December, 2014.

　　My interest in Kazakhstan Kagazy is held through Global Depositary Receipts ('GDRs'). Kazakhstan Kagazy's Depository bank, BNY Mellon, advised me that attendance for GDR holders is at the Company's discretion. The Company's General Counsel has told me that as a GDR holder I do not have the right to attend the company's AGM, or to appoint a proxy to do so.Only registered shareholders in the Company have this right. Accordingly, I/my proxy will not be admitted to the AGM.

　　This restriction inhibits GDR holders from engaging with the management of their company and from raising concerns to the Board by the usual means for a London Stock Exchange listed company. The entire free float, representing 2/3rds of the shares of Kazakhstan Kagazy, is held via GDRs, which means that no independent holder has the right to attend and hold the Board to account at the AGM.

　　Despite writing to the Chairman, Sir Tony Baldry, with my concerns in the Open Letter, he has not had the courtesy of responding.

　　I have been able to instruct BNY Mellon to vote my underlying shares against all resolutions, but having been denied the opportunity to attend or to send a representative to the AGM, I would ask the Company to publish the voting results of the meeting in full, as this appears to be the only means for GDR holders to be made aware of what occurred in the AGM.

　　Sincerely,

　　Jos Van Lent

　　Shareholder in Kazakhstan Kagazy

　　CONTACT:

　　[email protected]