Ladies and gentlemen!

Hereby, Kazakhstan Kagazy  JSC (hereinafter - the Issuer), located at: 154A Naurizbai Batir str., Almaty, The Republic of Kazakhstan, is glad to notify the bondholders (НИН KZ2C0Y05D117) on  holding of  a general meeting of the bondholders of the Issue (hereinafter - the Meeting) in accordance with the resolution of the Board of Directors of the Issuer (minutes, dd. 17 January  2011). 

The meeting will open at 10.00 a.m. Almaty time on 4 February 2011 in the conference room of the Association of Financial Experts of Kazakhstan (67 Aiteke Bi str., Almaty). 

Registration of participants of the meeting will be held at the venue on 4 February  2011, starting from 09.30 a.m. Almaty time. 

Should there be the absence of a quorum, the repeat meeting  is held at the same venue on 7 February  2011, at 10.00 am Almaty time. Registration of the repeat meeting  participants will be held at its venue on 7 Feb 2011, starting from  09.30 a.m. Almaty time. 

List of bondholders with the right to participate in the meeting, is made as at 17 January  2011, 00.00 a.m. Almaty time. 

Agenda of the meeting. 

1. Defining the terms of restructuring the Issuer's obligations on the bonds (НИН KZ2C0Y05D117). 

2. Approval of amendments to the prospectus of the Issue (НИН KZ2C0Y05D117). 

3. Conclusion of the agreement on restructuring its liabilities on bonds of the Issue (НИН KZ2C0Y05D117). 

4. Information for the attention of holders of bonds of the Issue. 

When registering, participants of the meeting must provide documents certifying their right to participate in the meeting and to vote on Agenda issues. 

Materials of a public nature on the agenda of the meeting will be posted on the website of the Issuer (www.kazakhstankagazy.com).

Telephone No: (727) 244 87 87