Almaty, Kazakhstan – July 24, 2009 – Kazakhstan Kagazy plc (the “Group” or “Kagazy”), Central Asia’s largest producer of paper, corrugated board and packaging, and a leading operator of commercial warehousing and industrial infrastructure facilities in Central Asia, today announced the appointment of Alexander Valitov as Chief Executive Officer with effect from July 23, 2009, following a decision made at a meeting of the Board of Directors. Mr Valitov will also continue to serve as General Director of Kagazy’s paper division, Kagazy Recycling LLP. Alexander Valitov replaces Yuriy Bogday, who has served as Chief Executive Officer since April 2008. Mr Bogday will head new projects outside the Group. Mr Valitov was also nominated to the Board of Directors of the Company and will serve on the Audit, Nomination and Remuneration Committees of Kagazy.