BMB Munai Lists Shares on German XETRA

BMB Munai, Inc. (OTCBB:BMBM.OB) announced that on May 5th, 2004, the Company's common shares were approved for listed trading on XETRA, the Deutsche Borse electronic trading system, under SE code DL-,001 DMW US09656A1051. The Company's listing was sponsored by ATON Capital Group, an investment bank with its principal offices in Moscow, Russia.

BMB Munai's President and CEO Dr. Alexandre Agaian said, "We believe this is an important step in our continuing investor relations program. We expect this listing will increase market exposure of the Company in an important European market where investors have shown strong interest in the rapid growth of natural resource businesses operating in the Caspian region."

BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan with administrative offices in New York, New York, and Almaty, Kazakhstan. The Company is conducting oil and gas exploration, development and production in the Emir, Dolinnoe and Aksaz oil and gas fields.

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