Company Overview

1
Company Overview
2
Forward Looking Statements

• Certain statements contained herein constitute
  forward-looking statements within the meaning of
  the Private Securities Litigation Reform Act of
  1995. Such forward-looking statements involve
  known and unknown risks, uncertainties and other
  factors, which may cause the actual results,
  performance or achievements of the Company to be
  materially different from those expressed or
  implied. Forward-looking statements involve
  risks and uncertainties, including but not
  limited to, such risks as are described in the
  Company's SEC filings and reports.

3
Highlights

• Company Milestones
• Reserves
• Operations Plan
• Infrastructure
• Management
• Financial Info

4
Company Milestones

• Financial
• Reverse acquisition of an OTCBB shell company
  (11/03)
• 4 rounds of Private Placements (1/04 through
  12/05)
• Additional Listing on German XETRA (05/04)
• SB-2 registration of private placement shares
  declared effective (06/06)
• Listing on AMEX under trading symbol KAZ (09/06)
• 2006 Operational
• Completion of 3D seismic on the Extended
  Territory (03/06)
• Spudding of Dolinnoe 6 (08/06)
• Spudding of Kariman-2 (08/06)
• Spudding of Emir-6 (10/06)

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Oil and Gas Reserves
Type of Reserves Oil (000 barrels) Gas (MMscf) Total (000 BOE)
P1 13,748 0 13,748
2P 91,622 97,982 107,952
3P 160,804 173,349 189,696
IAW Chapman Petroleum Engineering Report dated
April 1, 2006, not including Extended
TerritoryReserves are estimated remaining
quantities of oil and gas anticipated to be
recoverable from known accumulations, from a date
forward.
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Reserve Growth Potential
Newly Identified and Confirmed Formations Resources (mln BOE)
Triassic formations on extended territory 153
Jurassic formations on the ADE block and extended territory 25.8
Gas reserves for ADE and extended territory 20.4
Total 199.2
IAW Chapman Petroleum Engineering
Report Resources are defined as those quantities
of oil and gas estimated on a given date to be
potentially recoverable from undiscovered
accumulations. They are technically viable and
economic to recover
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Operational Strategy for FY 07(Ending March
31)

• Workover Operations
• Fracturing and Coil Tubing Acid Treatment
• Testing
• Dolinnoe-3
• Dolinnoe-2
• Aksaz-4

• Drilling
• In accordance with the operations plan we will
  complete drilling and testing of the following 3
  exploratory wells
• Dolinnoe-6
• Emir 6
• Kariman 2

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Drilling Schedule
9
Infrastructure
10
Oil Quality
11
Net Back Calculation Under the Export Quota

• 60 - 14.15 - 0.92 - 1 43.83

Company is not subject to export rent tax
during exploration stage Export Quota provides
higher revenues for similar volumes of production
compared to selling oil on domestic market
12
Management Team

• Mr. Boris Cherdabayev Chief Executive Officer.
  Mr. Cherdabayev is a prominent figure in
  Kazakhstan's energy sector with over 30 years
  experience in the international petroleum
  industry. Our CEO held a number of positions in
  oil and gas sector, to include VP for the
  National Oil and Gas company, and Director of the
  TengizChevroil LLP
• Mr. Askar Tashtitov President. Mr. Tashtitov
  graduated from Yale University with a Bachelor of
  Arts degree in Economics and History. His working
  experience includes working for USAID-funded PA
  Government Services Inc. as a oil and gas project
  specialist and for BMB Munai as a financial
  analyst
• Mr. Gamal Kulumbetov Chief Operating Officer.
  Mr. Kulumbetov held a number of positions, in
  various oil and gas companies, to include
  TengizChevroil, Halliburton and Big Sky Energy
• Mr. Sanat Kasymov Chief Financial Officer.
  Mr. Kasymov held a number of positions in a
  various Kazakhstani financial institutions, to
  include Deloitte Touche and Demir bank

13
Company Ownership Structure
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Our Stock
52 Week H/L 4.50 - 10.65
Shares O/S Approx. 43.7 MM
Market Cap 196.7 - 465.4 MM
Fiscal Y/E March 31
Analyst Coverage Last Report Available at
Alfa Bank http//www.alfabank.com/research/
Aton Capital http//research.aton.ru/
15
Fulfillment of the Work Program (monetary terms)
To the end of 2005 2006 2007 Total
License Work Program Commitment 21,500,000 (Not Including Contract Extension and Expansion of the Territory) 6,000,000 (Including Contract Extension and Expansion of the Territory) 4,500,000 (Including Contract Extension and Expansion of the Territory) 32,000,000
Actually Fulfilled 38,400,000 (as of December 31, 2005) 22,350,000 (as of September 30, 2006) 60,750,000
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Extension of the Exploration Stage till July 2009

• Application for this second extension is
  underway and should be completed prior to the end
  of the current fiscal year.

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Basic Project Economics

• Lifting Cost per BOE 3.73
• Domestic price per barrel 27.40 (average)
• Export Price per barrel tied to Brent
• We are not paying Export Rent Tax (33)
• Average CAPEX per well - 7.5 mln
• Average CAPEX for workover - 507K

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Financials Q2FY07
Assets as of September 30th 2006 Assets as of September 30th 2006
Current assets 53 095 177
Long term assets 84 620 066
Total assets 137 715 243
Liabilities as of September 30th 2006 Liabilities as of September 30th 2006
Current liabilities 7 058 618
Long term liabilities 8 383 382
Shareholders' equity 122 273 243
Total liabilities and shareholders' equity 137 715 243
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Financials Q2FY07
For three months ended 09/30/06 For three months ended 09/30/05
Revenues 4 016 972 1 385 336
Oil and gas operating 575 698 186 434
General and administrative 1 955 246 4 880 514
Total expenses 3 024 240 5 415 228
Income/(Loss) From Operations 992 732 (4 029 892)
Other income (expense) Other income (expense) Other income (expense)
Total other income (expense) 199 133 144 435
Income/(loss) before income taxes 1 191 865 (3 885 457)
Net income/(loss) 1 016 352 (3 885 457)
Income/(loss) per common share 0,023262 (0,12)
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Financials Q2FY07
For six months ended 09/30/06 For six months ended 09/30/05
Cash flows from operating activities Cash flows from operating activities Cash flows from operating activities
Net loss (2 124 409) (4 745 062)
Net cash provided by / (used in) operating activities 27 199 443 (4 891 741)
Cash flows from investing activities Cash flows from investing activities Cash flows from investing activities
Net cash used in investing activities (16 640 253) (9 418 727)
Cash flows from financing activities Cash flows from financing activities Cash flows from financing activities
Net cash provided by financing activities 5 758 502 6 085 619
Net change in cash and cash eq-s 16 237 692 (8 224 849)
Cash at the beginning of the period 18 046 123 9 989 632
Cash at the end of period 34 283 815 1 764 783
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Earnings per Share

• Q2FY07 saw BMB Munai, Inc. produce first ever
  positive EPS

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Financial Update
23
Financial Update
EBIDTA not accounting for one-time compensation
expense
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Basic Project Economics
Item FY 2004 FY 2005 I Quarter FY 2006 II Quarter FY 2006
Sales, '000 USD 974 5 957 2 346 4 017
Total Expenses, '000 USD 4 761 11 860 6 098 3 024
Net Income, '000 USD (3 826) (5 344) (3 141) 1 016
Averaged Realized Oil Price 15,2 26,1 52,6 53.4
Expenses (USD/bbl) 68,9 48,9 46,8 40,2
GA Cost (USD/bbl) 59,1 40,1 30,4 26,0
OPEX (USD/bbl) 5,8 3,4 9,3 7,65
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Basic Project EconomicsNet Back Breakdown
26
Basic Project Economics
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Liquidity

• Company is listed on AMEX under a ticker symbol
  KAZ, and on Deutsche Börses XETRA SE code
  DL-,001 DMW US09656A1051
• Total issued and outstanding shares 43,740,657
  
• Float 22,754,932 (aprx. 52)

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Comparative Valuation
Source ATON
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Our Competitive Strengths

• Emerging Market Company headed by Kazakh
  Management and conforming to US GAAP and SEC
  Reporting Standards
• A trend of decreasing GA, lifting and
  transportation costs
• Management is devoted to increasing shareholder
  value through operational efficiencies
• A company with a depth of experience in
  operations, finance, government relations and
  managing risk of the emerging market

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Our Goals Are

• To maximize value to our shareholders
• To increase the reserves through continuation of
  exploration on the ADE Block and Extended
  Territory, resulting in reclassification of
  resources of the Extended Territory into various
  categories of reserves
• To prepare for transition to commercial
  production stage by July 2009
• To seek value adding acquisitions