OREANDA-NEWS. On April 01, 2009 KazMunaiGas Exploration Production (Astana), shares of which are listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:

The Board of Directors ("BoD") of JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") approved the date and the agenda for the Annual General Meeting ("AGM"). The AGM will take place on 28 May 2009 in Astana.

The agenda for the AGM includes the approval of the Company's 2008 Annual Report and consolidated financial statements, approved by the BoD on 31 March 2009. The agenda also includes the approval of the amount and the procedure for the dividend payment. The AGM will review communications with shareholders; activities of the BoD and the Management Board of the Company in 2008; the remuneration of the BoD and the Management Board for 2008 as well as the appointment of the Company's auditors.

The Board of Directors recommended a dividend rate per ordinary share and preferred share for the fiscal year 2008. Should the AGM approve the recommended rate, it will amount to 656 tenge per share (approximately US0,73 per GDR ). The Board's recommendation is based on the KMG EP's stated policy of paying out 15% of net income, but also includes a further 5% of net income as a Special Dividend to reflect the exceptionally strong financial performance in 2008 and a significant amount of cash accumulated by the Company. Given the more challenging market conditions in 2009, the targeted dividend rate for the year 2009 remains 15%.

Assuming the dividend rate of 656 tenge per share, the total amount of the dividend for 2008 will be approximately 48 bn tenge (about US 321 million1). It is expected that the dividends for the fiscal year 2008 will be paid to the shareholders on record as at June 8, 2009, and that dividend payments will start on July 13, 2009.

The BoD also reviewed the buy back programme and approved its continued implementation.