<SEC-DOCUMENT>0001038838-11-000276.txt : 20110831
<SEC-HEADER>0001038838-11-000276.hdr.sgml : 20110831
<ACCEPTANCE-DATETIME>20110831170218
ACCESSION NUMBER:		0001038838-11-000276
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110831
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110831
DATE AS OF CHANGE:		20110831

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33034
		FILM NUMBER:		111069001

	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>form8k083111.htm
<DESCRIPTION>FORM 8-K DATED AUGUST 31, 2011
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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; FONT-WEIGHT: bold">CURRENT REPORT</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">Date of Report (Date of earliest event reported):&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">August 31, 2011</font></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: 18pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">BMB MUNAI, INC.</font></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>

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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 August 31, 2011, BMB Munai, Inc., a Nevada corporation (the &#8220;Company&#8221;), entered into the First Amendment and Waiver to the Participation Interest Purchase Agreement (the &#8220;Amendment&#8221;) by and among Palaeontol B.V., a company organized under the Laws of the Netherlands (&#8220;Purchaser&#8221;), the Company, and MIE Holdings Corporation, an exempted company with limited liability organized under the Laws of the Cayman Islands (&#8220;Parent&#8221;).&#160;&#160;The Amendment amends the previously disclosed Participation Interest Purchase Agreement, dated February 14, 2011, by and among Purchaser, the Company and Parent (the &#8220;Agreement&#8221; and, together with the Amendment, the &#8220;Purchase Agreement&#8221;) to, among other things: (i)&#160;eliminate the post-closing transition services arrangement concept, which the parties have determined is no longer necessary; (ii) change the previously contemplated escrow agent to be Citibank, N.A., Hong Kong Branch, and the form of escrow agreement to be used in connection with the transaction; (iii) provide for the delivery into escrow, in advance of the closing of the transactions contemplated by the Agreement and in conjunction with the Company&#8217;s submission with the appropriate Kazakhstan governmental authorities of the documents necessary to effect the sale of Emir-Oil LLC (&#8220;Emir&#8221;) to Purchaser, of all of the funds to be delivered to the Company by Purchaser at the closing; (iv) waive two of Purchaser&#8217;s conditions to closing that would have required the Company to (x) obtain insurance for the transportation and storage of cargo prior to completing the transaction, and (y) provide documentary evidence of Emir&#8217;s ownership of gas utilization facilities, electricity lines, gas pipelines and oil pipelines prior to completing the transaction; and (v) update to their final forms the opinions to be delivered by the Company&#8217;s counsel at closing. The Company has also agreed in the Amendment to provide the documentary evidence of Emir&#8217;s ownership of the assets described above within three months of the closing date of the transaction.&#160;&#160;In addition, the Company has exercised its right under the Agreement to extend until November 14, 2011, the date upon which the parties may terminate the Purchase Agreement for convenience.</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">The foregoing summary description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed herewith as Exhibit 2.1. The terms of the Agreement were described in the Company&#8217;s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 18, 2011, and the Agreement was filed therewith as Exhibit 2.1.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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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<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">Askar Tashtitov</font></div>
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<DOCUMENT>
<TYPE>EX-2.1
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<DESCRIPTION>FIRST AMENDMENT AND WAIVER TO THE PARTICIPATION INTEREST PURCHASE AGREEMENT
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<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; FONT-WEIGHT: bold">EXECUTION VERSION</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; FONT-WEIGHT: bold">PARTICIPATION INTEREST PURCHASE AGREEMENT</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; FONT-WEIGHT: bold">DATED FEBRUARY 14, 2011</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This First Amendment and Waiver (this &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment and Waiver</font>&#8221;) to the <font style="DISPLAY: inline; FONT-WEIGHT: bold">PARTICIPATION INTEREST PURCHASE AGREEMENT</font> dated February 14, 2011 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;) is made and entered into on August <font style="DISPLAY: inline; TEXT-DECORATION: underline">31</font>, 2011 by and among Palaeontol B.V., a company organized under the Laws of the Netherlands (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Purchaser</font>&#8221;), BMB Munai, Inc., a Nevada corporation (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seller</font>&#8221;), and MIE Holdings Corporation, an exempted company with limited liability organized under the Laws of the Cayman Islands (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Listco</font>&#8221;). Capitalized terms that are not defined herein shall have the meanings set forth in the Agreement.</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; FONT-WEIGHT: bold">RECITALS</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">WHEREAS</font>, Purchaser, Seller and Listco are parties to the Agreement pursuant to which Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, all of the Interests and the Seller Loans upon the terms and subject to the conditions set forth therein;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 1.1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1.1</font> of the Agreement (Certain Definitions) is hereby amended as follows:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The defined term &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Transition Services Agreement</font>&#8221; is hereby deleted in its entirety.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The defined term &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Transaction Documents</font>&#8221; is hereby deleted in its entirety and replaced with the following:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following defined term is hereby added thereto, immediately following the defined term &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Amount</font>&#8221;:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Funds</font>&#8221; has the meaning ascribed thereto in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2.3</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 2.2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2.2(b)</font> of the Agreement (Payment of Initial Interests Purchase Price and Seller Loans Purchase Price) and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2.2(c)</font> of the Agreement (Payment of Escrow Amount) are hereby deleted in their entirely and replaced with the following:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;(b)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Payment of Initial Interests Purchase Price and Seller Loans Purchase Price</font>.&#160;&#160;On the Closing Date, the Escrow Agent shall disburse to Seller, in accordance with <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3.3</font>, the Escrow Funds, less an aggregate of $36,000,000 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Amount</font>&#8221;), by wire transfer of immediately available funds to an account or accounts specified by Seller in writing to Purchaser and the Escrow Agent at least three (3) Business Days prior to the Closing.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 2.3</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2.3</font> of the Agreement (Escrow) is hereby deleted in its entirely and replaced with the following:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Section 2.3&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Escrow</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;Within three (3) Business Days following written notice from Seller that the Act of Transfer, the Charter and all other required documents necessary for the transfer of the ownership of the Interests to Purchaser are ready for submission to the applicable Ministry of Justice, which written notice may only be delivered following the satisfaction or waiver of all of the conditions set forth in Article 9, other than those conditions set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(c)</font> (Receipt of Closing Deliverables) (with respect to Section 3.1(a) only), <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(i)(B)</font> (Amended Governing Documents), <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(k)</font> (Registration of Assignment of Seller Loans) and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.3(c)(ii)</font> (Receipt of Closing Deliverables), Purchaser shall deliver an aggregate amount (such amount, subject to any withholding by Purchaser pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;2.5</font>, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Funds</font>&#8221;) equal to the Initial Purchase Price minus the Estimated Adjustment Amount to an escrow account (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Account</font>&#8221;) to be established by Seller and Purchaser with Citibank, N.A., Hong Kong Branch (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Agent</font>&#8221;) in Hong Kong (the date on which the Escrow Funds are delivered to the Escrow Account, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Submission Date</font>&#8221;).&#160;&#160;The Escrow Agent shall hold and disburse the Escrow Funds pursuant to the terms of an escrow agreement substantially in the form attached as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>(the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Agreement</font>&#8221;).&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 3.2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3.2</font> of the Agreement (Delivery and Actions by Purchaser at Closing) is hereby deleted in its entirety and replaced with the following:</font></div>

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<div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Section 3.2&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Delivery and Actions by Purchaser at Closing</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>At or prior to the Closing, Purchaser shall deliver, or shall cause to be delivered, to Seller an executed signature page of Purchaser of each Transaction Document to which Purchaser is a party.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Section 3.3&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Delivery and Actions by Escrow Agent at Closing</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.&#160;&#160;</font>At the Closing, upon receipt of joint written instructions from Purchaser and Seller, the Escrow Agent shall disburse to Seller the Escrow Funds, less the Escrow Amount, which the Escrow Agent shall retain in accordance with the Escrow Agreement.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 8.11</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 8.11</font> of the Agreement (Transition Services Agreement) is hereby deleted in its entirety and replaced with the following:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Section 8.11&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Documentary Evidence of Ownership</font>.&#160;&#160;Seller shall deliver to Purchaser, within three (3) months after the Closing Date, documentary evidence, in form and substance satisfactory to Purchaser, of the Company&#8217;s ownership of (i) gas utilization facilities on the Dolinnoe and Aksaz oilfields, (ii) electricity lines on the Kariman, Dolinnoe, Emir and Aksaz fields, (iii) gas pipelines from the Dolinnoe gas facility to the Aksaz gas facility and from the Aksaz gas facility to the Aktaukaryer 5 gas pipeline; and (iv) the Company&#8217;s three oil pipeline lines (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, the two lines from Kariman to the Dolinnoe oilfields and the line from the Dolinnoe to the Aksaz oilfields).&#160;&#160;All fees, charges and expenses incurred in connection with obtaining such documentary evidence within such period, whether by Seller or Purchaser, shall be borne by the Seller.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 9.2(i)</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(i)</font> of the Agreement (Amended Governing Documents) is hereby deleted in its entirety and replaced with the following:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#8220;(i)&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amended Governing Documents</font>.&#160;&#160;(A) Purchaser and Seller shall have executed and notarized the Act of Transfer and all other necessary transfer documents required under Kazakhstan Law, and Purchaser shall have approved (which approval shall not be unreasonably withheld, delayed or conditioned), executed and notarized the Charter, and (B) Seller shall have caused the Act of Transfer, Charter and all other required documents necessary for the transfer of the ownership of the Interests to Purchaser to have been submitted to and, in the case of the Charter, registered with the applicable office of the Ministry of Justice.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 9.3(c)</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.3(c)</font> of the Agreement (Receipt of Closing Deliverables) is hereby deleted in its entirety and replaced with the following:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;(c)&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Receipt of Closing Deliverables</font>.&#160;&#160;(i) Seller shall have received the agreements described in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3.2</font> and (ii) Seller shall have received the amount described in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3.3</font> from the Escrow Agent.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 10.1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.1</font> of the Agreement (Termination) is hereby amended as follows:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The introductory clause to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.1</font> of the Agreement (Termination) is hereby amended by deleting the word &#8220;Closing&#8221; immediately prior to the colon therein and inserting, in lieu thereof, the following:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Submission Date, with respect to the termination rights set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;10.1(c)(ii)</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">(iii)</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">(iv)</font> (without prejudice to the termination right of Purchaser set forth in Section 10.1(j)), and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.1(d)</font>, or the Closing, with respect to the other termination rights set forth in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.1</font>&#8221;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.1(c)</font> of the Agreement (Termination) is hereby amended by replacing the references therein to &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(s)</font>&#8221; with references to &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(r)</font>&#8221;.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.1</font> of the Agreement (Termination) is hereby further amended by deleting the word &#8220;or&#8221; at the end of subsection (j), by deleting the period at the end of subsection (k) and inserting, in lieu thereof, &#8220;; or&#8221;, and by adding the following new subsection (l) thereto:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;(l)&#160;by Purchaser if the conditions set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(c)</font> (Receipt of Closing Deliverables) (with respect to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3.1(a)</font> only), <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(i)(B)</font> (Amended Governing Documents) and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(k)</font> (Registration of Assignment of Seller Loans) shall not have been fulfilled within four weeks following the Submission Date; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, Purchaser shall have the right to extend such four week period to a date that is on or prior to the Extended End Date, upon prior written notice to Seller;&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Section 10.2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.2</font> of the Agreement (Effect of Termination) is hereby amended by adding the following new subsection (e) thereto:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;(e)&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Effect of Certain Termination</font>.&#160;&#160;In the event this Agreement is terminated pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.1(l)</font>, then (A) upon receipt of written instructions from Purchaser, the Escrow Agent shall promptly disburse all funds in the Escrow Account to Purchaser or its designees and (B) Purchaser and Seller shall reasonably cooperate in order to withdraw the submission of the documents specified in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(i)(B)</font> from the applicable Ministry of Justice, cancel the registration of the assignment of the Seller Loans contemplated by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(k)</font> and otherwise ensure that the ownership of the Interests and the Seller Loans are reflected as owned by Seller, it being understood that such cooperation shall not require Purchaser or its Affiliates to (1) incur any material expenditure unless Seller offers in writing to reimburse Purchaser or its Affiliates for the incurrence of any such material expenditure and Purchaser or its Affiliates (in their sole discretion) accept such offer (such acceptance not to be unreasonably withheld) or (2) commence litigation, and it being understood further that <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;12.11</font> (Further Assurances) of this Agreement shall survive any termination of this Agreement, subject to the provisions of subclauses (B)(1) and (2) of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.2(e)</font>, for purposes of the obligations of the parties contained in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.2(e)</font>.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Exhibit A</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> to the Agreement (Form of Escrow Agreement) is hereby deleted in its entirety and replaced by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A-1</font>, attached hereto and incorporated by reference herein.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Exhibit C</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit C</font> to the Agreement (Form of U.S. Legal Opinion) is hereby deleted in its entirety and replaced by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit C-1</font>, attached hereto and incorporated by reference herein.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of Exhibit D</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit D</font> to the Agreement (Form of Kazakhstan Legal Opinion) is hereby deleted in its entirety and replaced by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit D-1</font>, attached hereto and incorporated by reference herein.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Waivers</font>.&#160;&#160;Pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;&#160;9.2</font> of the Agreement, which permits the waiver, in whole or in part, of any Seller closing condition set forth therein, each of Purchaser, Seller and Listco hereby:</font></div>

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<div style="TEXT-INDENT: 72pt">(a)&#160;waives the conditions set forth in <font style="TEXT-DECORATION: underline">Section 9.2(g)(v)</font>, which requires that the Company obtain insurance for the transportation and storage of cargo, as required pursuant to <font style="TEXT-DECORATION: underline">Article 14.2.1</font> of the Existing Exploration Contract, but only with respect to insurance for the storage of cargo, and <font style="TEXT-DECORATION: underline">Section 9.2(p)</font>, which requires the provision of documentary evidence satisfactory to Purchaser of the Company&#8217;s ownership of the assets described in <font style="TEXT-DECORATION: underline">Section&#160;11.2(a)(vii)</font>, it being understood that the waiver of the condition set forth in Section 9.2(p) shall not affect in any way Purchaser&#8217;s right to indemnification pursuant to Section 11.2(a)(vii); and</div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">agrees to be bound by the terms and provisions of the Agreement in accordance with its terms as if the closing conditions set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.2(g)(v)</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;9.2(p)</font> were satisfied in their entirety under the Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire Agreement</font>.&#160;&#160;Except as specifically modified hereby, all terms and conditions of the Agreement shall remain in full force and effect, unmodified in any way.&#160;&#160;This Amendment and Waiver shall be deemed to form an integral part of the Agreement.&#160;&#160;In the event of any inconsistency or conflict between the provisions of the Agreement and this Amendment and Waiver, the provisions of this Amendment and Waiver shall prevail and govern.&#160;&#160;All references to the &#8220;Agreement&#8221; in the Agreement shall hereinafter refer to the Agreement as amended by this Amendment and Waiver.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, Purchaser, Seller and Listco have caused this Amendment and Waiver to be executed and delivered by their respective officers thereunto duly authorized, as of the date first written above.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><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: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MIE HOLDINGS CORPORATION</font></div>

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<div>
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