Stabilisation Notice

KazakhGold Group Ltd
23 December 2005





ING Bank N.V., London Branch

23 December 2005

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR TO A RESIDENT, NATIONAL OR CITIZEN
OF THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

                                                                23 December 2005

                              Stabilisation Notice

ING Bank N.V., London Branch (contact: Sadiq Razak; telephone: [phone]
8283) announces, in connection with the global offering of Global Depositary
Receipts (the 'Global Offer' and the 'GDRs') of KazakhGold Group Limited
('KazakhGold' or the 'Company') that the stabilisation period has now ended and
that no stabilisation was undertaken by the Stabilising Manager named below in
relation to the offer of the following securities.
Issuer                            KazakhGold Group Limited
No. of securities sold            13,100,000 GDRs, including 1,400,000 GDRs sold
                                  following exercise of the over-allotment 
                                  arrangements
Security Identifier               ISIN US48667H1059
                                  Sedol B0R9139
Stabilising Manager               ING Bank N.V., London Branch
Stabilisation period              Commencement: 25 November 2005
                                  End: 23 December 2005
Offer Price                       $15 per GDR

As announced on 29 November 2005, the Stabilisation Manager gave notice of its
intention to exercise the over-allotment arrangements in respect of 1,400,000
GDRs (representing 1,400,000 existing ordinary shares of KazakhGold Group
Limited) on 28 November 2005.

The contents of this announcement, which have been prepared by and are the sole
responsibility of KazakhGold have been approved solely for the purposes of
Section 21 (2) (b) of the Financial Services and Markets Act 2000 by ING Bank
N.V., London Branch of 60 London Wall, London EC2M 5TQ.  ING Bank N.V., London
Branch, or its nominated affiliates, is acting exclusively for KazakhGold and no
one else in connection with the proposed listing and offering of ordinary shares
of KazakhGold in the form of global depositary receipts ('GDRs' and the 'Global
Offer', respectively) and will not be responsible to anyone other than
KazakhGold for providing the protections afforded to clients of ING Bank N.V.,
London Branch, nor for providing advice in relation to the Global Offer, the
contents of this announcement or any matters referred to herein.

This announcement does not constitute or form part of any offer of securities or
constitute an invitation or solicitation of any offer to purchase or subscribe
for any securities of KazakhGold and any acquisition of or application for GDRs
in the Global Offer should be made solely on the basis of the information
contained in the prospectus issued in connection with the Global Offer and any
supplement or amendment thereto.  The prospectus contains certain detailed
information about KazakhGold and its management, as well as financial statements
and other financial data.

This announcement is not for release, publication or distribution in or into the
United States, Australia, Canada or Japan or to a resident, national or citizen
of the United States, Australia, Canada or Japan.

This announcement does not constitute an offer of securities for sale in any
jurisdiction, including the United States. The securities referred to herein
have not been and will not be registered under the US Securities Act of 1933
(the 'Securities Act'), and may not be offered or sold in the United States
unless they are registered under the Securities Act or pursuant to an available
exemption therefrom. No public offering of securities of KazakhGold is being
made in the United States.

The distribution of the documents or other information contained herein and the
Global Offer may be restricted by law in certain jurisdictions. No action has
been taken by KazakhGold or ING Bank N.V., London Branch that would permit an
offer of any of the GDRs or possession or distribution of any of the documents
or other information contained herein or any other Global Offer or publicity
material relating to the GDRs in any jurisdiction where action for that purpose
is required, other than to certain investors in the United Kingdom. Persons into
whose possession any of the documents or other information contained herein
comes are required by KazakhGold to inform themselves about and to observe any
such restrictions.

This document is not a prospectus but an advertisement. Investors should not
subscribe for any transferable securities referred to in this announcement
except on the basis of information in the prospectus.  Copies of the prospectus
are available from ING Bank N.V., London Branch at 60 London Wall, London EC2M
5TQ, England.

In connection with the Global Offer, ING Bank N.V., London Branch as stabilising
manager (the 'Stabilising Manager') may effect transactions with a view to
supporting the market price of the GDRs at a level higher than that which might
otherwise prevail. Such transactions may commence on or after the publication of
the Offer Price and will end no later than 30 days thereafter.  However, there
is no obligation on the Stabilising Manager to do this. Such transactions may be
effected on the London Stock Exchange, the over the counter market or otherwise.

There is no assurance that such transactions will be undertaken and, if
commenced, they may be discontinued at any time. Save as required by law, the
Stabilising Manager does not intend to disclose the extent of any
over-allotments and/or stabilisation transactions under the Global Offer.

23 December 2005

END


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