/CORRECTED/ KazMunaiGas Exploration Production (Kazakhstan): Standard & Poor's increases company corporate governance score to CGS 6 on international scale

/KASE, November 20, 08, resent on request of the issuer/ - KazMunaiGas Exploration Production (Astana), shares of which are traded in Kazakhstan Stock Exchange (KASE) of the first category of the official list, disseminated the press release. Quotation start International rating agency Standard & Poor's (S&P) increased the Corporate Governance Score of JSC KazMunaiGas Exploration Production (KMG EP) from CGS 5+ to CGS 6 on the international scale. This rating reflects the Company's state of Corporate Governance and takes into account such factors as the ownership structure and external influences; shareholders' rights and relationships with investors and other interested parties; financial transparency, information disclosure and audit; composition and effectiveness of the Board of Directors (BoD). The awarded rating is an acknowledgement of the Management's efforts to improve the Company's business activities and management processes. Analysts from S&P point out the following: shareholders of the Company have a wide range of guaranteed rights and the relationship with the parent company is transparent and well documented; the AGM and EGM procedures are effective; the BoD consists of highly qualified professionals with 3 out 8 members being Independent Directors with vast international experience; KMG EP uses a well- known international auditor that was selected in an open tender; the auditors' committee is highly qualified and independent; the investor relations programme is wide-spread and on-going; financial reporting is conducted regularly and timely; the dividend policy is well-defined and all shareholders are receiving due dividends on time; clear policy of remuneration of BoD members and top management of the Company is effective. Commenting on this significant award by S&P, the CEO of KMG EP, Askar Balzhanov said: "Our company is determined to uphold the best practices of Corporate Governance and to maintain investors' confidence. We continue to improve all aspects of these processes and demonstrate strict adherence to the best international practices in this regard". In 2008 S&P has introduced a new GAMMA rating, created for those who invest in the companies in the emerging markets, with the primary focus on non- financial risks. GAMMA rating is a new S&P product that takes into account shareholders' influence, shareholders' rights, transparency, audit, risk management, effectiveness of the BoD, strategic processes and motivational systems. KMG EP is considering moving to the new GAMMA rating in 2009. *GAMMA - abbreviation from English words: governance, accountability, management metrics & analysis. Contact information: EP KMG, Public Relations (+7 7172 97 7600) Michael Dorofeev e-mail: pr@kmgep.kz EP KMG, Institutional Investor Relations (+7 7172 97 7971) Assel Kalieva e-mail: ir@kmgep.kz Pelham PR (+44 203 178 44 18) Elena Dobson e-mail: Elena.dobson@pelhampr.com Quotation end [2008-11-20]