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Thursday 19 July, 2007

ING Bank N.V. London

Stabilisation Notice - KAG

ING Bank N.V. London Branch
19 July 2007


                              STABILISATION NOTICE


                                                                    19 July 2007


Kazakhstan Kagazy plc - Offering of 48,000,000 shares in the form of Global
Depositary Receipts ('GDRs') (with each GDR representing one ordinary share (the
'Shares')), subject to an over-allotment option in respect of up to an
additional 7,000,000 GDRs.

This stabilisation notice is given pursuant to Core Trading Rule 3060 of the
London Stock Exchange and Article 9(1) of Commission Regulation (EC) No. 2273/
2003 implementing the Market Abuse Directive (2003/6/EC).

ING Bank N.V., London Branch hereby gives notice that it may stabilise the
offering of the GDRs representing Shares of Kazakhstan Kagazy plc, as follows:

1.   Security to be stabilised: GDRs representing Shares of Kazakhstan Kagazy 
     plc.  No other associated securities are to be stabilised;

2.   Security Identifier:   Regulation S GDRs - ISIN US48667M2035, SEDOL B1XK649
                            Rule 144A GDRs - ISIN US48667M1045, SEDOL B1XK627

3.   Stabilising Manager: ING Bank N.V., London Branch (a member firm);
     (Contact - Sadiq Razak, +44 20 7767 8283)

4.   Stabilisation period commences: 19 July 2007 (being the date of 
     commencement of trading of the GDRs on the London Stock Exchange) at
     approximately 9.00 am London time;

5.   Stabilisation period ends: Expected to end no later than the
     close of business (London time) on 17 August 2007;

6.   Offer price: US$5.00 per GDR; and

7.   Over-allotment Option: Equivalent of up to 14.6% of the offer size, 
     amounting of up to 7,000,000 GDRs representing 7,000,000 Shares in
     aggregate. The Over-allotment Option is exercisable at the option of the
     Stabilising Manager for 30 days, commencing on 19 July and ending on 
     17 August 2007. The Over-allotment Option is solely to cover 
     over-allotments (if any) of GDRs and to cover short positions relating 
     to stabilisation activities.

In connection with the offering of the GDRs, the Stabilising Manager may (but is
not required to) over-allot the GDRs with a view to supporting the market price
of the GDRs at a level higher than that which might otherwise prevail.  However,
there is no assurance that the Stabilising Manager will take any stabilisation
action and any stabilisation action, if begun, may be ended at any time.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the GDRs to which it relates are only
addressed to and directed at persons outside the United Kingdom and persons in
the United Kingdom who have professional experience in matters related to
investments or who are high net worth persons within article 12(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and
must not be acted on or relied on by other persons in or outside the United
Kingdom.

In addition, if and to the extent that this announcement is communicated in, or
the offer of the GDRs to which it relates is made in, any EEA Member State that
has implemented Directive 2003/71/EC (together with any applicable implementing
measures in any Member State, the 'Prospectus Directive') before the publication
of a prospectus in relation to the securities which has been approved by the
competent authority in that Member State in accordance with the Prospectus
Directive (or which has been approved by a competent authority in another Member
State and notified to the competent authority in that Member State in accordance
with the Prospectus Directive), this announcement and the offer are only
addressed to and directed at persons in that Member State who are qualified
investors within the meaning of the Prospectus Directive (or who are other
persons to whom the offer may lawfully be addressed) and must not be acted on or
relied on by other persons in that Member State.

The GDRs have not been, and will not be, registered under the United States
Securities Act of 1933 (as amended) (the 'Securities Act') or any state
securities laws in the United States.  The GDRs may be offered or sold (i) in
the United States, to persons who are both 'qualified institutional buyers' ('
QIBs') as defined in Rule 144A under the Securities Act ('Rule 144A') in
reliance on the exemption from the registration requirements of the Securities
Act provided by Rule 144A or another available exemption from registration or
(ii) outside the United States, to non-US persons in offshore transactions in
reliance on Regulation S under the Securities Act.  There will be no public
offer of securities in the United States.

END


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