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Freedom Holding Corp. Director's Dealing 2008

Jul 3, 2008

30574_dirs_2008-07-03_34a57fd1-a6cf-4a0f-bb35-759be8270477.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BMB MUNAI INC (KAZ)
CIK: 0000924805
Period of Report: 2008-03-31

Reporting Person: JSC Compass Asset Management (10% Owner)
Reporting Person: Compass Asset Management Ltd. (10% Owner)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2008-03-31 Common Stock ($0.001 par value) P 12100 $5.11 Acquired 5356311 Indirect
2008-04-21 Common Stock ($0.001 par value) S 16103 $5.40 Disposed 5340208 Indirect
2008-04-21 Common Stock ($0.001 par value) S 2760 $5.40 Disposed 5337448 Indirect
2008-04-22 Common Stock ($0.001 par value) S 6890 $5.36 Disposed 5330558 Indirect
2008-04-23 Common Stock ($0.001 par value) S 4050 $5.36 Disposed 5326508 Indirect
2008-04-23 Common Stock ($0.001 par value) S 10950 $5.36 Disposed 5315558 Indirect
2008-04-25 Common Stock ($0.001 par value) S 10000 $5.39 Disposed 5305558 Indirect
2008-05-08 Common Stock ($0.001 par value) P 7000 $5.39 Acquired 5312558 Indirect
2008-05-08 Common Stock ($0.001 par value) P 20700 $5.39 Acquired 5333258 Indirect
2008-05-08 Common Stock ($0.001 par value) S 27700 $5.39 Disposed 5305558 Indirect
2008-05-14 Common Stock ($0.001 par value) S 7200 $6.79 Disposed 5298358 Indirect
2008-05-14 Common Stock ($0.001 par value) S 144300 $6.79 Disposed 5154058 Indirect
2008-05-14 Common Stock ($0.001 par value) S 48500 $6.79 Disposed 5105558 Indirect
2008-05-15 Common Stock ($0.001 par value) S 14309 $6.79 Disposed 5091249 Indirect
2008-05-16 Common Stock ($0.001 par value) S 20907 $6.99 Disposed 5070342 Indirect
2008-05-16 Common Stock ($0.001 par value) S 53000 $6.99 Disposed 5017342 Indirect
2008-05-19 Common Stock ($0.001 par value) S 15205 $6.99 Disposed 5002137 Indirect
2008-05-19 Common Stock ($0.001 par value) S 28000 $6.99 Disposed 4974137 Indirect
2008-05-20 Common Stock ($0.001 par value) S 29353 $6.94 Disposed 4944784 Indirect
2008-05-21 Common Stock ($0.001 par value) S 66000 $6.98 Disposed 4878784 Indirect
2008-05-21 Common Stock ($0.001 par value) S 195290 $6.98 Disposed 4683494 Indirect
2008-05-22 Common Stock ($0.001 par value) S 10400 $5.70 Disposed 4673094 Indirect
2008-05-22 Common Stock ($0.001 par value) S 62400 $5.70 Disposed 4610694 Indirect
2008-05-22 Common Stock ($0.001 par value) S 187200 $5.70 Disposed 4423494 Indirect

Footnotes

F1: Purchase of 12,1000 shares of Common Stock by TAU Capital (Public Investments) Limted ("TAU").

F2: Sale of 16,103 shares of Common Stock by Kazakh Compass fund ltd. ("Kazakh Compass").

F3: Sale of 2,760 shares of Common Stock by Compass Kazakhstan Ltd. ("Compass Kazakhstan").

F4: Sale of 6,890 shares of Common Stock by Compass Kazakhstan.

F5: Sale of 4,050 shares of Common Stock by Compass Kazakhstan.

F6: Sale of 10,950 shares of Common Stock by Kazakh Compass.

F7: Sale of 10,000 shares of Common Stock by Kazakh Compass.

F8: Purchase of 7,000 shares of Common Stock by Kazakh Compass.

F9: Purchase of 20,700 shares of Common Stock by TAU.

F10: Sale of 27,700 shares of Common Stock by Compass Kazakhstan.

F11: Sale of 7,200 shares of Common Stock by Compass Kazakhstan.

F12: Sale of 144,300 shares of Common Stock by TAU.

F13: Sale of 48,500 shares of Common Stock by Kazakh Compass.

F14: Sale of 14,309 shares of Common Stock by Compass Kazakhstan.

F15: Sale of 20,907 shares of Common Stock by Kazakh Compass.

F16: Sale of 53,000 shares of Common Stock by TAU.

F17: Sale of 15,205 shares of Common Stock by Kazakh Compass.

F18: Sale of 28,000 shares of Common Stock by TAU.

F19: Sale of 29,353 shares of Common Stock by TAU.

F20: Sale of 66,000 shares of Common Stock by Kazakh Compass.

F21: Sale of 195,290 shares of Common Stock by TAU.

F22: Sale of 10,400 shares of Common Stock by Compass Kazakhstan.

F23: Sale of 62,400 shares of Common Stock by Kazakh Compass.

F24: Sale of 187,200 shares of Common Stock by TAU.

F25: The reporting person's sales of BMB Munai, Inc.'s ("BMB's") common stock were matchable under Section 16(b) of the Securities
and Exchange Act of 1934 with the reporting person's purchases of BMB's common stock. Therefore, on the date of this filing
the reporting person paid $1,650,292.57, representing the full amount of the profit realized in connection with the
short-swing transactions, less transaction costs.