From November 24, 2008, KazMunaiGas Exploration Production (Kazakhstan) commences share and depository receipts buy back to the amount of $350.0 m.

/KASE, November 20, 08/ - KazMunaiGas Exploration Production (Astana), shares of which are traded in Kazakhstan Stock Exchange (KASE) first category official list, disseminated the press release on the following. Quotation start KazMunaiGas Exploration Production (the Company or KMG EP) in accordance with the decision made by the Board of Directors on 8 October 2008 further announces that the Company will commence its Share Buy Back Program on 24 November 2008. The program will be executed subject to the applicable requirements of the stock exchanges and will end before 31 October 2009. The decision by the Board to buy back a portion of KMG EP common shares and GDRs demonstrates the confidence that management has in the fundamental value of the Company. Furthermore, the Board believes that this step is an effective use of existing cash resources for the benefit of all shareholders. Under the Buy Back Program the Company has the option to purchase its common shares (KASE: RDGZ) listed on the Kazakhstan Stock Exchange ("KASE") and GDRs (LSE: KMG) listed on the London Stock Exchange (LSE) up to an aggregate value of $350 m. The Company has appointed two brokers to execute the Buy Back Program, one for each exchange. The Company will be making daily announcements summarizing the results of each day's trading prior to the opening of LSE for trading on the following business day. Contact information: EP KMG, Public Relations (+7 7172 97 7600) Michael Dorofeyv e-mail: pr@kmgep.kz EP KMG, Institutional Investors 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]