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Friday 24 August, 2007

ING Bank N.V. London

End of Stabilisation Notice

ING Bank N.V. London Branch
23 August 2007



ING Bank N.V., London Branch

23 August 2007



                              Stabilisation Notice

ING Bank N.V., London Branch (contact: Sadiq Razak; telephone: +44 (0) 20 7767
8283) announces, in connection with the global offering of Global Depositary
Receipts (the 'Global Offer' and the 'GDRs') of Kazakhstan Kagazy plc ('Kagazy'
or the 'Company') that the stabilisation period has now ended. Stabilisation was
undertaken by the Stabilising Manager named below in relation to the offer of
the following securities.

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

Issuer                            Kazakhstan Kagazy plc

No. of securities sold            54,700,000 GDRs, including 6,700,000 GDRs 
                                  sold following exercise of the over-allotment 
                                  arrangements

Security Identifier               ISIN US48667M2035 (RegS)/ US48667M1045 (144A)
                                  Sedol B1XK649 (RegS)/ B1XK627 (144A)

Stabilising Manager               ING Bank N.V., London Branch

Stabilisation period              Commencement: 19 July 2007
                                  End: 17 August 2007

Offer Price                       $5.00 per GDR



Stabilisation was undertaken on the following day:

Date:                                              Quantity: Price:

17 August 2007                                       300,000 US$5.00


The contents of this announcement, which have been prepared by and are the sole
responsibility of the Company 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 the Company and
no one else in connection with the proposed listing and offering of ordinary
shares of the Company in the form of global depositary receipts ('GDRs' and the
'Global Offer', respectively) and will not be responsible to anyone other than
the Company 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 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 Company 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.

23 August 2007

END


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