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Company Overview

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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.

Forward Looking Statements

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

Highlights

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Company MilestonesFinancial• 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*

*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.

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

Emir

Aksaz

Dolinnoe

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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 ReportResources 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

Jurassic formations

Yessen

Borly

Kariman

Triassic formations

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Operational Strategy for FY ’07(Ending March 31)

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

Workover Operations:• Fracturing and Coil

Tubing Acid Treatment• Testing• Dolinnoe-3• Dolinnoe-2• Aksaz-4

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Drilling Schedule

1-Oct-06 31-Mar-07

1-Nov-06 1-Dec-06 1-Jan-07 1-Feb-07 1-Mar-07

1-Oct-06 - 30-Dec-06Drilling Kariman 2

1-Jan-07 - 31-Mar-07Completion and Testing Kariman 2

1-Jan-07 - 31-Mar-07Completion and Testing Dolinnoe 6

1-Oct-06 - 30-Dec-06Drilling Dolinnoe 6

2-Oct-06 - 20-Jan-07Drilling Emir 6

22-Jan-07 - 31-Mar-07Completion and Testing Emir 6

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Infrastructure

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Oil Quality

Net Back Calculation Under the Export Quota

$60 - $14.15 - $0.92 - $1 = $43.83

Oil P

rice

(Bre

nt)

Tra

ns

po

rtatio

n

to M

an

gy

sh

lak

s

tation

Ro

yalty

(2%)

Ne

tba

ck

Dis

cou

nt

* 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

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Management TeamMr. 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

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Company Ownership Structure

66%34%

Insiders (Founders,Management, Board ofDirectors)

Institutional and IndividualInvestors

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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/

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Fulfillment of the Work Program (monetary terms)

To the end of 2005

2006 2007 Total

LicenseWorkProgramCommitment

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

ActuallyFulfilled

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 – Q2FY07Assets 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

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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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)

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)

Financials – Q2FY07

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Financials – Q2FY07For six months ended

09/30/06For six months ended

09/30/05

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:

Net cash used in investing activities (16 640 253) (9 418 727)

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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-14,00

-12,00

-10,00

-8,00

-6,00

-4,00

-2,00

0,00

2,00

4,00

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07

Ce

nts

pe

r s

ha

reEarnings per Share

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

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Financial Update

-5,000,000-4,000,000-3,000,000-2,000,000-1,000,000

0

1,000,0002,000,0003,000,0004,000,0005,000,000

1QFY06 2QFY06 3QFY06 4QFY06 1QFY07 2QFY07

Sales Net Income EBIDTA

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Financial Update

-5,000,000

-4,000,000

-3,000,000

-2,000,000

-1,000,000

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

1QFY06 2QFY06 3QFY06 4QFY06 1QFY07 2QFY07

Sales Net Income EBIDTA*

*EBIDTA not accounting for one-time compensation expense

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Basic Project Economics

ItemFY 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

G&A 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

$3,73

$3,92

$25,98

$10,67

$0,55$0,00

$5,00

$10,00

$15,00

$20,00

$25,00

$30,00

$35,00

$40,00

$45,00

$50,00

Net back

G&A expenses

Transportation costs

Lifting costs

Amortisation

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Basic Project EconomicsEconomics per bbl Produced

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

FY 2004 FY 2005 I Quarter FY2006

II Quarter FY2006

Period

$/B

BL

Averagedrealized oilpriceExpenses

G&A cost

OPEX

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Liquidity

• Company is listed on AMEX under a ticker symbol

KAZ, and on Deutsche Börse’s 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 G&A, 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