CORPORATE GOVERNANCE INFORMATION

This section of the Annual Report has been prepared in compliance with the requirements of the FSA’s (Financial Services Authority) Disclosure and Transparency Rules (DTR 7.2) (Corporate Governance Statements).

As an overseas company with GDRs admitted to the Official List of the United Kingdom Listing Authority, the Company is not required to comply with the UK Code on Corporate Governance (the UK Code).

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OPERATING AND FINANCIAL REVIEW

KazMunaiGas Exploration Production Joint Stock Company (“the Company” or “KMG EP”) is engaged in the exploration,development, production, processing, export of hydrocarbons and the acquisition of oil and gas assets.

The Company’s core operations are oil and gas properties located in the Pre-Caspian, Mangistau, Southern Torgai basins.

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RISK FACTORS

The Company is subject to several risks, including environmental, market, operational, financial, investment and corporate governance risks.

The company exercises risk management within its Risk Management Policy. The Company’s Risk Management Policy aims at increasing shareholder value and improving corporate governance through risk identification and assessment and analysis of its significance, as well as development of measures to minimize and control risks.

In all production branches a centralized risk management system is implemented which covers all business processes and functional areas of operation of the Company and allows it effectively to manage the risks, minimizing their impact on the operation of the Company.

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Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of Joint Stock Company KazMunaiGas Exploration Production and its subsidiaries (“the Company”), which comprise the consolidated statement of financial position as at 31 December 2011 and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
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INFORMATION FOR SHAREHOLDERS

The AGM will be held at 10:30 am on 29 May 2012 at: Rixos President Astana Hotel, 7 Kunaev Str., Astana, Republic of Kazakhstan.

For information about proxy voting, dividends and to report changes in personal details, shareholders should contact the Company’s registrar/ depositary:

Holders of ordinary and preferred shares:
JSC Fondovyi Tsentr
79 “А”, Zheltoksan Street,
Almaty, 050091, Republic of Kazakhstan
Tel.: +7 (727) 250-89-61, 250-89-60
Fax: +7 (727) 250-16-96
Holders of GDRs: The Bank of New York Mellon Shareholder Services, PO Box 358516, Pittsburgh PA 15252-8516, United States of America
Tel.: +1 888 269 23 77
(toll free within the USA)
Tel.: +1 201 680 68 25 (outside USA)
E-mail: shrrelations@bnymellon.com
www.adrbnymellon.com
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