The organizational structure of Kazakhstan Kagazy Group is as follows:

The Holding Company of Kazakhstan Kagazy Group (Group) is Kazakhstan Kagazy PLC (PLC). PLC is a public company incorporated and domiciled under the laws of the Isle of Man, United Kingdom.

The Governing body of the PLC is a Board of Directors (PLC Board). The PLC Board consists of a Chairman and four Directors.

The Chairman and Directors of the PLC Board are elected/reelected and dismissed by the Annual General Meeting of Shareholders (AGM). Extraordinary General Meetings are held as required.

PLC shares are listed on the Main Board of London Stock Exchange (LSE)in the form of global depositary receipts (GDRs). GDRs are issued in accordance with Reg. S and 144A rules and traded on LSE and other international stock exchanges.

The PLC prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). PLC Financial statements consolidate those of all companies in the Group.

Kazakhstan Kagazy JSC (JSC) is a joint stock company incorporated and domiciled under Kazakh law.

JSC is the flagship company of the Group. JSC owns and has full discretion over the assets and liabilities of the Group. JSC represents the interests of the Group in the local and international market and engages in relationships with partners, creditors, investors of the Group and shareholders of the PLC.

The Supervisory Board of JSC (JSC Board)consists of five directors, two of whom are independent. The Chairman and Directors are elected and dismissed by the decision of the Shareholders Meeting of JSC.

The CEO, CFO and General Directors of business segments are appointed and dismissed by the decision of the JSC Board.

JSC prepares consolidated financial statements in accordance with IFRS.

Kagazy Recycling LLP (KR) is a limited liability partnership incorporated and operating in Kazakhstan and is a 100% subsidiary of Kazakhstan Kagazy JSC. KR operates and develops the paper segment of the Group. KR is managed by a General Director.

Prime Estate Activities Kazakhstan LLP (PEAK) is a limited liability partnership incorporated and operating in Kazakhstan and is a 100% subsidiary of Kazakhstan Kagazy JSC. PEAK operates and develops the logistics segment of the Group. PEAK is managed by a General Director.