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<SEC-DOCUMENT>0001038838-10-000211.txt : 20100611
<SEC-HEADER>0001038838-10-000211.hdr.sgml : 20100611
<ACCEPTANCE-DATETIME>20100611060354
ACCESSION NUMBER:		0001038838-10-000211
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100607
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100611
DATE AS OF CHANGE:		20100611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BMB MUNAI INC
		CENTRAL INDEX KEY:			0000924805
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				300233726
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33034
		FILM NUMBER:		10891531

	BUSINESS ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101
		BUSINESS PHONE:		801-355-2227

	MAIL ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERUNION FINANCIAL CORP
		DATE OF NAME CHANGE:	19960719
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>form8k060710.htm
<DESCRIPTION>FORM 8-K DATED JUNE 7, 2010
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  Kazakhstan</font></font></div>
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</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
1.01 Entry into a Material Definitive Agreement.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On June 7, 2010, BMB Munai, Inc. (the
&#8220;Company&#8221;) entered into a Supplemental Indenture No. 1, dated as of June 1,
2010, between BMB Munai, Inc. and The Bank of New York Mellon, as trustee (the
&#8220;Supplemental Indenture.&#8221;)&#160;&#160;The Supplemental Indenture amends and
supplements the indenture dated September 19, 2007, between BMB Munai, Inc. and
The Bank of New York Mellon, as trustee (the &#8220;Original
Indenture&#8221;).&#160;&#160;The Original Indenture was entered into in connection
with the U.S. $60,000,000 aggregate principal amount of 5.0% Convertible Senior
Notes due 2012 (the &#8220;Notes&#8221;) issued by the Company in 2007.&#160;&#160;The
Original Indenture as amended by the Supplemental Indenture is referred to
herein as the &#8220;Indenture.&#8221;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Original Indenture provided for
three put dates that allowed the holders of the Notes to redeem the Notes prior
to their 2012 maturity date.&#160;&#160;The first two put dates passed
unexercised.&#160;&#160;The third put date is July 13, 2010.&#160;&#160;In
connection with ongoing negotiations to restructure the Notes, the Company
entered into the Supplemental Indenture which grants the Noteholders a fourth
put date that commences on June 13, 2010 and expires on September 13,
2010.&#160;&#160;In exchange for the granting of the fourth put date in the
Supplemental Indenture, the Noteholders separately agreed they will not exercise
their put option for the third put date and they will not exercise their put
option for the fourth put date prior to September 1, 2010; provided, however,
the Noteholders may exercise such put options at any time upon the occurrence of
any of the following: (i) any default has occurred under the Indenture,
excluding certain defaults that occurred prior to June 7, 2010, (ii) failure by
the Company or any of its material subsidiaries to timely pay any Indebtedness
(as defined in the Indenture) or any guarantee of any Indebtedness that exceeds
U.S. $1,000,000, or any Indebtedness becomes due and payable prior to its stated
maturity other than at the option of the Company or any of its material
subsidiaries, or (iii) the Noteholders holding a majority in outstanding
principal amount of the Notes provide notice to the Company that negotiations
with respect to the restructuring have terminated.&#160;&#160;Therefore, it is
possible the Noteholders could exercise a put option with respect to the Notes
prior to September 1, 2010 if any of the foregoing events occur.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Prior to entering into the Supplemental
Indenture, the Company was in default under certain covenants contained in
Article 9 of the Indenture requiring the Company to maintain a minimum net debt
to equity ratio and to comply with certain notice, delivery and other
provisions.&#160;&#160;The Noteholders separately agreed to waive these defaults
until the earlier of: (i) September 1, 2010 or (ii) the fourth put date (as
contained in the Supplemental Indenture), with the understanding that such
waiver shall not constitute a waiver of any default under the Indenture that
remains ongoing as of September 1, 2010 or occurs after June 8,
2010.&#160;&#160;The Company currently believes it will not be able to remedy
the net debt to equity ratio covenant by September 1, 2010 and, therefore,
anticipates it will be in default under the Indenture at that time unless a
future waiver is obtained from the Noteholders.&#160;&#160;There is no assurance
the Noteholders will provide any future waiver or any further extension of their
redemption put rights under the Indenture.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
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Indenture in this Current Report is only a summary of that agreement and is
qualified in its entirety by reference to the terms of the Supplemental
Indenture, a copy of which is attached as an exhibit to this Current
Report.</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
8.01 Other Events</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On June 11, 2010, the Company issued a
press release announcing that it had entered into the Supplemental
Indenture.&#160;&#160;A copy of the press release is attached as an exhibit to
this Report.</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
9.01 Financial Statements and Exhibits.</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibits</font></font></div>
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2010</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
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      MUNAI, INC.</font></div>
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            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td colspan="2" valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;
      </font></td>
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            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;
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      June 11, 2010</font></div>
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              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:</font></div>
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              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gamal
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          </tr><tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;
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      Executive Officer</font></div>
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<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>2
<FILENAME>ex10328k060710.htm
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit
10.32</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Execution
Version</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUPPLEMENTAL
INDENTURE NO 1</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THIS
SUPPLEMENTAL INDENTURE NO. 1 (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Supplemental Indenture</font>&#8221;) dated
as of June 1, 2010 is entered into between BMB MUNAI INC., a corporation duly
organized and existing under the laws of the State of Nevada (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Issuer</font>&#8221;) and THE BANK OF NEW
YORK MELLON, a banking corporation organized under the laws of the State of New
York, as trustee (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Trustee</font>&#8221;).</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS,
the Issuer and the Trustee entered into an indenture dated as of September 19,
2007, (as may be amended, supplemented or replaced from time to time, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Indenture</font>&#8221;), providing for the
issuance by the Issuer of U.S. $60,000,000 aggregate principal amount of 5.0%
Convertible Senior Notes due 2012 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notes</font>&#8221;);</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS,
pursuant to Section 7.1(a)(vii) of the Indenture, the Issuer is permitted to
make any change that would provide additional rights or benefits to the Holders
provided that such modification does not adversely affect the interests of the
Holders in any material respect, without the consent of the
Holders;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS,
the Issuer wishes to amend the Indenture for the benefit of each of the holders
of Notes by adding an additional option for the holders of the Notes to require
the Issuer to redeem the Notes on the Fourth Put Date (as defined below) and
providing for related acceleration and exercise mechanics without in any way
limiting or affecting the existing redemption or other rights relating to the
Notes;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS,
the Issuer and Counsel have confirmed by Opinion of Counsel that this amendment
does not adversely affect the interests of the Holders in any material
respect;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS
the Issuer and 100 % of the holders have been in discussions regarding a
possible restructuring;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS
100% of the holders are aware that the Company is or may be currently in default
under certain covenants (specifically Sections 9.7, 9.8, 9.10-12, 9.21 and 9.24)
and have waived the Company's compliance with those covenants until the earlier
to occur of (i) September 1, 2010 and (ii) the Fourth Put Date (as defined
below); and</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS,
this Supplemental Indenture No. 1 is supplemental to the Indenture.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 25.5pt"></font>NOW, THEREFORE, it is mutually
covenanted and agreed as follows:</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE
I</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">AMENDMENTS</font></div>
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    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
1.1&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Supplemental
Indenture</font>.&#160;&#160;Upon execution of this Supplemental Indenture No.
1, the Indenture shall henceforth be read and construed as one document with
this Supplemental Indenture No. 1.</font></div>
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    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
1.2<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;&#160;Definitions</font>.&#160;&#160;For
all purposes of this Supplemental Indenture No. 1:</font></div>
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capitalized terms used but not defined herein shall be have the meanings
ascribed to them in the Indenture; and</font></div>
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    <div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As
used in Section 10.2, the term &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Put Settlement Date</font>&#8221; shall
mean, (i) in relation to the options described in Sections 10.2(a) and 10.2(b)
hereof, the date that is 10 New York Business Days following the date on which
the Holder validly deposits a Put Option Notice with the Paying and Conversion
Agent; (ii) in relation to the option described in Section 10.2(c)(i) hereof,
the Third Put Date as defined in Section 10.2(c)(i) hereof, and (iii) in
relation to the option described in Section 10.2(c)(ii) hereof, the Fourth Put
Date as defined in Section 10.2(c)(ii) hereof.</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE
II</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">REDEMPTION
AT THE OPTION OF NOTEHOLDERS</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
2.1&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Amendment of
Redemption at the Option of Noteholders</font>.&#160;&#160;Section 10.2 of the
Indenture is hereby amended and restated to read in its entirety as
follows:</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      Issuer shall, at the option of the Holder of any Note, redeem such
      Note:</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in
the event that the Initial Shelf Registration Statement has not been filed on or
prior to the Filing Deadline Date, on any day following the Filing Deadline Date
until, but excluding, the Shelf Registration Statement Filing Date (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">First Put Exercise Period</font>&#8221;) at
a price equal to 110% of its principal amount together with interest accrued but
unpaid to such date; or</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in
the event the Shelf Registration Statement Effective Date has not occurred, on
any day following the one (1) year anniversary of the Original Issue Date (the
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Anniversary</font>&#8221;) until,
but excluding, the earlier of the day that is 45 days after the Anniversary or
the Shelf Registration Statement Effective Date (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Second Put Exercise Period</font>&#8221;)
at a price equal to 110% of its principal amount together with interest accrued
but unpaid to such date; or</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;on
either (i) July 13, 2010 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Third Put Date</font>&#8221;) or (ii) such
date that is two (2) New York Business Days after the date of a Put Option
Notice given by a Noteholder after June 13, 2010 but on or before September 13,
2010 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fourth Put
Date</font>&#8221;), in either case at a price equal to 104% of its principal amount
together with interest accrued but unpaid to such date<font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order
to exercise the option contained in clause (a) or (b) above, the Holder of a
Note must, during the First Put Exercise Period or the Second Put Exercise
Period, as applicable, deposit with the Paying and Conversion Agent such Note
Certificate and a duly completed Put Option Notice.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order
to exercise the option contained in clause (c)(i) above, the Holder of a Note
must, not less than 30 nor more than 60 days before the relevant Put Settlement
Date, deposit with the Paying and Conversion Agent a duly completed Put Option
Notice and, in the case of a Put Option Notice relating to Notes evidenced by a
Note Certificate, such Note Certificate</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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      </div>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order
to exercise the option contained in clause (c)(ii) above, the Holder of a Note
must, after June 13, 2010 and on or before September 13, 2010, deposit with the
Paying and Conversion Agent a duly completed Put Option Notice and, in the case
of a Put Option Notice relating to Notes evidenced by a Note Certificate, such
Note Certificate.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Paying and Conversion Agent with which a Note is so deposited shall deliver a
duly completed receipt for such Note (a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Put Option Receipt</font>&#8221;) to the
depositing Noteholder.&#160;&#160;No Note, once deposited with a duly completed
Put Option Notice in accordance with this Section 10.2, may be withdrawn; <font style="FONT-STYLE: italic; DISPLAY: inline">provided, however,</font> that if,
prior to the relevant Put Settlement Date, any such Note becomes immediately due
and payable or, upon due presentation of any such Note on the relevant Put
Settlement Date, payment of the redemption money is improperly withheld or
refused, the Paying and Conversion Agent shall mail notification thereof to the
depositing Noteholder at such address as may have been given by such Noteholder
in the relevant Put Option Notice and shall hold such Note at its Specified
Office for collection by the depositing Noteholder against surrender of the
relevant Put Option Receipt.&#160;&#160;For so long as any Outstanding Note is
held by the Paying and Conversion Agent in accordance with this Section 10.2,
the depositor of such Note and not such Paying and Conversion Agent shall be
deemed to be the Holder of such Note for all purposes.&#160;&#160;Should a
Holder of any Note redeem such Note in accordance with this Section 10.2, the
Issuer shall give notice to Noteholders in accordance with Section 12.2
hereof.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Issuer shall give notice to the Noteholders as soon as practicable following
such event of the Shelf Registration Statement Filing Date and the Shelf
Registration Statement Effective Date, in accordance with Section 12.2 hereof
and, in the absence of such notice, the Shelf Registration Statement Filing Date
and the Shelf Registration Statement Effective Date shall be deemed not to have
occurred for the purposes of this Section 10.2.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
2.2&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Notice</font>.
The Issuer shall provide notice to the Trustee and each Noteholder in accordance
with the Indenture within three (3) Business Days of the receipt of any Put
Option Notice.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
2.3&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Amendments with
Respect to the Indenture</font>.&#160;&#160;Except as amended hereby, the
Indenture shall remain in full force and effect and is hereby ratified, adopted
and confirmed in all respects.&#160;&#160;All references to &#8220;this Indenture&#8221;,
&#8220;hereunder&#8221;, &#8220;hereof&#8221;, &#8220;herein&#8221;, or words of like import, and all references to
the Indenture in any other agreement or documents shall hereafter be deemed to
refer to the Indenture as amended hereby.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE
III</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PROVISIONS
OF GENERAL APPLICATION</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
3.1&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Severability</font>.&#160;&#160;In
case any provision in or obligation under this Supplemental Indenture No. 1
shall be invalid, illegal, or unenforceable in any jurisdiction, the validity,
legality, and enforceability of the remaining provisions or obligations, or of
such provision or obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
3.2&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">The
Trustee</font>. The recitals and statements in this Supplemental Indenture shall
be taken as the statements of the Issuer and the Trustee assumes no
responsibility for their accuracy or correctness. The Trustee shall not be
responsible or accountable in any manner whatsoever for or with respect to the
validity or sufficiency of the Supplemental Indenture.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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    </div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
3.3&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Effect of
headings</font>.&#160;&#160;The Clause headings herein are for convenience only
and shall not affect the construction hereof.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
3.4&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Governing
Law</font>.&#160;&#160;The Internal law of the State of New York will govern and
be used to construe this Supplemental Indenture, the Indenture (as supplemented
and amended hereby) and the Notes (as supplemented and amended
hereby).</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
3.5&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Consent to
Jurisdiction and Service</font>.&#160;&#160;The Issuer agrees that any suit,
action or proceeding against the Issuer brought by any Holder or the Trustee
arising out of or based upon this Supplemental Indenture, the Indenture or the
Notes may be instituted in any state or Federal court in the Borough of
Manhattan, New York, and any appellate court from any thereof, and each of them
irrevocably submits to the non&#8722;exclusive jurisdiction of such courts in any
suit, action or proceeding. The Issuer irrevocably waives, to the fullest extent
permitted by law, any objection to any suit, action, or proceeding that may be
brought in connection with this Supplemental Indenture, the Indenture or the
Notes, including such actions, suits or proceedings relating to securities laws
of the United States of America or any state thereof, in such courts whether on
the grounds of venue, residence or domicile or on the ground that any such suit,
action or proceeding has been brought in an inconvenient forum. The Issuer
agrees that final judgment in any such suit, action or proceeding brought in
such court shall be conclusive and binding upon the Issuer and may be enforced
in any court to the jurisdiction of which the Issuer is subject by a suit upon
such judgment; <font style="FONT-STYLE: italic; DISPLAY: inline">provided
</font>that service of process is effected upon the Issuer in the manner
provided by the Indenture.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION
3.6&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Counterparts</font>.&#160;&#160;This
Supplemental Indenture No. 1 may be executed in any number of counterparts, and
by the different parties hereto in separate counterparts, and each of which when
so executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument.&#160;&#160;This
Supplemental Indenture No. 1 shall become effective upon the execution of a
counterpart hereof by each of the parties hereto.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No.
1 to be duly executed by their respective officers duly authorized, all as of
the day and year first written above.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">BMB
MUNAI, INC.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in its
capacity as Issuer</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Askar
Tashtitov</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Name: Askar Tashtitov</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Title: President</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THE BANK
OF NEW YORK MELLON,</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in its
capacity as Trustee</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Marco
Thuo</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Name: Marco Thuo</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex9918k060710.htm
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    <title>ex9918k060710.htm</title>
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    </div><br>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit
99.1</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -7.55pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BMB
MUNAI, INC. ENTERS AGREEMENT TO</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -7.55pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMEND
NOTE REDEMPTION TERMS</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">SALT LAKE CITY, UT &#8211; June 11, 2010
- -</font> BMB Munai, Inc. (NYSE Amex:&#160;&#160;KAZ) today announced that in
connection with its efforts to restructure its U.S. $60,000,000 aggregate
principal amount of 5.0% Convertible Senior Notes due 2012 issued in 2007 (the
&#8220;Notes&#8221;), it has entered into Supplemental Indenture No. 1 with The Bank of New
York Mellon as trustee for the holders of the Notes.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the terms of the original
Indenture, the Noteholders had the right to redeem the Notes on July 13, 2010 by
delivering notice on or prior to June 13, 2010.&#160;&#160;The parties entered
into the Supplemental Indenture that will allow additional time to negotiate a
restructuring of the Notes.&#160;&#160;The Supplemental Indenture grants the
Noteholders an additional right to require redemption of the Notes upon two days
notice any time after June 13, 2010 but on or before September 13,
2010.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In exchange for the additional
redemption right, the Noteholders separately agreed they will not exercise any
redemption right prior to September 1, 2010, except in certain
circumstances.&#160;&#160;The Noteholders also separately agreed to waive
existing defaults under the Indenture until the earlier of September 1, 2010 or
the date they may exercise the new redemption right.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>For a more detailed description of the
terms and conditions of the Supplemental Indenture and related information,
please refer to the Current Report on Form 8-K of the Company filed with the
United States Securities and Exchange Commission on June 11, 2010.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>NYSE Amex has neither approved nor
disapproved of the contents of this press release.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Contacts:</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the
US: Adam R. Cook, Corporate Secretary</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(801)
355-2227, E-mail: USoffice@bmbmunai.com</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
Kazakhstan: Daniyar Uteulin, Vice President for Investor Relations</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">+7 (3272)
375-125, E-mail: <font style="DISPLAY: inline; TEXT-DECORATION: underline">KZoffice@bmbmunai.com</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This
release contains &#8220;forward-looking&#8221; statements regarding BMB Munai&#8217;s negotiations
with its Noteholders regarding a restructuring of the Notes, as discussed
above.&#160;&#160;&#160;Such forward-looking statements are not guarantees of
future results or performance and involve risks and uncertainties that could
cause actual events or results to differ materially from the events or results
described in the forward-looking statements.&#160;&#160;Such forward-looking
statements are made only as of the date of this release and BMB Munai assumes no
obligation to update forward-looking statements to reflect subsequent events or
circumstances.&#160;&#160;Readers should not place undue reliance on these
forward-looking statements.</font></div><br>
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