On August 31, 2009 Mr. Stephen Smoot tendered his resignation as a member of the board of directors of BMB Munai Inc. and from all committee positions held by him. Mr. Smoot was a member of the company's audit committee and its corporate governance and nominating committee. Mr. Smoot had previously informed the board of directors of his intent not to stand for re-election at the upcoming annual meeting of the company's stockholders. Mr. Smoot's decision to resign is not the result of any disagreement with the company, but rather to allow him to pursue other opportunities. On September 3, 2009 the board of directors of the company appointed Dr. Daymon M. Smith to fill the vacant directorship created by Mr. Smoot's resignation. The board of directors also appointed Dr. Smith to the fill the vacancies created on the audit committee and the corporate governance and nominating committee created by Mr. Smoot's resignation. Dr. Smith is currently engaged in independent research and writing projects. From August 2007 to June 2009 Dr. Smith was a Visiting Assistant Professor at the University of Alabama-Birmingham, where he was a lecturer and researcher.

On July 2, 2009, BMB Munai Inc. concluded that it's audited financial statements for the periods ended March 31, 2009, 2008 and 2007, and the unaudited financial statements for the periods ended June 30, 2008, September 30, 2008, December 31, 2008, June 30, 2007, September 30, 2007 and December 31, 2007 are required to be restated due to accounting errors in those periods relating to the company's accounting for deferred income taxes. The restatements result from the company erroneously recording a tax expense based on income from Kazakhstan operations that, pursuant to the company's license and contract with the Republic of Kazakhstan and Kazakhstan tax law, the company was not liable to recognize, due to the fact that the company is operating in the exploration phase. For the year ended March 31, 2007, net income has been restated to $1,339,490 from $1,039,491 reported earlier. Basic and diluted net income per common share has been restated to $0.03 from $0.02 reported earlier. There is no change in net cash used in operating activities. For the first quarter ended June 30, 2007, net income has been restated to $5,409,688 from $3,882,257 reported earlier. Basic and diluted net income per common share has been restated to $0.12 from $0.09 reported earlier. There is no change in net cash used in operating activities. For the second quarter ended September 30, 2007, net income has been restated to $7,480,413 from $4,937,073 reported earlier. Basic and diluted net income per common share has been restated to $0.17 from $0.11 reported earlier. For the six months ended September 30, 2007, net income has been restated to $12,890,101 from $8,819,330 reported earlier. Basic and diluted net income per common share has been restated to $0.29 from $0.20 reported earlier. There is no change in net cash used in operating activities. For the third quarter ended December 31, 2007, net income has been restated to $9,856,062 from $6,505,001 reported earlier. Basic and diluted net income per common share has been restated to $0.22 from $0.14 reported earlier. For the nine months ended December 31, 2007, net income has been restated to $22,746,163 from $15,324,331 reported earlier. Diluted net income per common share has been restated to $0.51 from $0.34 reported earlier. There is no change in net cash used in operating activities. For the year ended March 31, 2008, net income has been restated to $31,310,564 from $31,610,563 reported earlier. Basic net income per common share has been restated to $0.70 from $0.71 reported earlier. There is no change in net cash used in operating activities.

BMB Munai Inc., Annual General Meeting, Aug 04, 2009, at 04:00 GMT Time. Location: InterContinental Ankara in Kazakhstan, Zheltoksan 181, Almaty 050013, Kazakhstan. Agenda: To elect two Class II directors to its board of directors; to ratify the selection of Hansen, Barnett & Maxwell, P.C. as its independent registered public accounting firm for its 2010 fiscal year; and to transact any other business as may properly come before the meeting or at any adjournment thereof.