Freedom Holding Corp. — Director's Dealing 2010

Jan 6, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BMB MUNAI INC (KAZ)
CIK: 0000924805
Period of Report: 2010-01-01

Reporting Person: Tashtitov Askar (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-01	Common	A	230000	—	Acquired	480000	Direct

Footnotes

F1: The shares are a restricted stock grant to the Reporting Person for services rendered to the Company. The shares are subject
to a one-year vesting period, except in the event of a change in control of the Company, which would cause the shares to
vest one day prior to the change of control event. While the Reporting Person is entitled to vote the shares during the
restricted period between the date of grant and vesting, he is not entitled to sell, transfer, assign, pledge or otherwise
dispose of or encumber the shares until they vest. The shares will be issued and deemed outstanding, but will be held in
escrow by the Company until they vest. Should the Reporting Person's employment with the Company terminate prior to
vesting, the shares will be forfeited back to the Company.

F2: Restricted stock grant for services.