The following Committees are set up by the Board of Directors of Kazakhstan Kagazy JSC. Each committee consists of a Chairman and Members.

Management Committee

The functions and responsibilities of the Management Committee of the Company include:

A preliminary review of draft budgets and financial projects of companies within Kazakhstan Kagazy Group, to be subsequently submitted for approval by the Board of Directors, as well as control over the budget implementation on a monthly basis;

Analysis of current financing and operating activities of Kazakhstan Kagazy Group, including consideration and decisions on matters requiring approval of the Board of Directors or related to a change in conditions or management structure of a subsidiary or an affiliated company, as well as budget control.

Members of the Management Committee are:

• Mr. Tomas Mateos Werner, Chairman of the Board, Chairman of the Committee
• Mrs. Taissiya Kogutuk, CEO, Deputy Chairperson of the Committee
• Ms. Aida Yelgeldiyeva, CFO
• Mr. Yermek Mubarakov, Head of Logistics Segment

Restructuring Committee

The competence of the committee shall include the following matters with respect to secured and unsecured debt:

• Ongoing restructuring issues;
• Deciding on any material and significant claims and disputes arising in the process of restructuring;
• Approving long and short term restructuring strategy;
• Approving final restructuring terms and condition for each individual creditor prior to their sign off;

Members of Restructuring Committee are:

• Ms. Aida Yelgeldiyeva, CFO, Chairperson of the Committee
• Mr. Thomas Mateos Werner, Chairman of the Board
• Mrs. Taissiya Kogutuk, CEO

Strategic Committee

The strategic Committee is responsible for the consideration and development of short, medium and long term strategy of the Group.

Members of Strategic Committee are:

• Mr. Tomas Mateos Werner, Chairman of the Board, Chairman of the Committee
• Mrs. Taissiya Kogutuk, CEO, Deputy Chairperson of the Committee
• Ms. Aida Yelgeldiyeva, CFO
• Mr. Mark Lang, Development Director, Logistics Business
• Mr. Jos van Lent, Advisor to the Chairman