JPMorgan - KASE

Hurricane Kumkol Munai OJSC
Hurricane Kumkol Munai OJSC, one of the guarantors of the notes, is an open joint stock
company organized under the laws of the Republic of Kazakhstan with its registered office at 13
Kazybek bi street, Kyzlorda, Republic of Kazakhstan and its principal administrative office at 204
Karasai Batyr Street, Almaty, Republic of Kazakhstan. HKM was organized in Kazakhstan on
March 21, 1991 under the Law of KazakhSSR On Enterprises in KazakhSSR dated February 13,
1991, as amended, in the form of Industrial Enterprise Yuzhkazneftegaz. On May 13, 1994, HKM
was re-registered as State Joint Company Yuzhneftegas. HKM was re-registered under its current
name on June 10, 1997. Its registration number as shown in the uniform State register of legal
entities maintained by the Ministry of Justice of Kazakhstan is 2685-1900-AO(IU). See “Business —
Corporate Development”. Article 1.5 of HKM’s charter permits it to engage in any activity in
which a Kazakhstan corporation may engage not otherwise prohibited by Kazakhstan law. So
long as the notes are listed on the Luxembourg Stock Exchange and the rules of the Luxembourg
Stock Exchange shall so require, copies of the statutory documents of HKM will be available for
inspection at the office of the paying agent in Luxembourg. The outstanding securities of HKM
consist of 4,573,024 shares (authorized, issued and paid in capital of 91,460,480 Tenge divided
into 4,093,192 voting common shares of 20 Tenge nominal value each and 479,832 voting
preferred shares of 20 Tenge nominal value each). See the organizational chart on page 9 of this
offering memorandum for a description of HKM in relation to other members of the Hurricane
group.
HKM’s principal activities consist of the exploration for, and production of, crude oil in the
Republic of Kazakhstan and with Hurricane’s 50% interests in the Turgai and Kazgermunai joint
ventures comprise the upstream operations of the Hurricane group. See “Business — Upstream
Operations”. Hurricane’s upstream operations generated unconsolidated revenues (before
intercompany eliminations) of $446.6 million and $322.7 million for 2001 and 2000, respectively.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations”, Notes 4 and 6 to the audited consolidated financial statements and Notes
2 and 3 to the unaudited consolidated financial statements included herein for a segment
breakdown of downstream versus upstream operating results and amounts relating to the joint
ventures which have been included in Hurricane’s upstream results on the basis of proportionate
consolidation. Factors affecting these results are discussed under “Management’s Discussion and
Analysis of Financial Condition and Results of Operations — Overview — Factors affecting our
results”. HKM’s primary assets consist of exploration and production license interests in eleven
fields. See “Business — Upstream Operations — Principal Properties” for a description of these
fields, how they have been developed and the terms of the related licenses and hydrocarbon
contracts. See “Business — Upstream Operations — Oil and Gas Reserves” for a description of the
reserves relating to these fields. HKM does not own any real estate. HKM is not dependent on
any patents, licenses, industrial, commercial or financial contracts or manufacturing processes
other than the licenses and hydrocarbon contracts relating to its fields. See “Business —
Upstream Operations — Material Licenses” and “ — Material Agreements”. For a discussion of
HKM’s interest in the Kazgermunai joint venture which operates the Akshabulak, Nurali and
Aksai fields, see “Management’s Discussion and Analysis of Financial Condition and Results of
Operations”, “Business — Corporate Development — Kazgermunai LLP”, “Business — Upstream
Operations”, Note 3 to the unaudited consolidated financial statements included herein and
Note 6 to the audited consolidated financial statements included herein. Reserve information
with respect to each of these fields is set forth in “Business — Upstream Operations — Oil and
Gas Reserves”.
The board of directors of HOP consists of Messrs. Marlo Thomas and Mike Azancot. See
“Management”.
Hurricane Oil Products OJSC
Hurricane Oil Products OJSC, one of the guarantors of the notes, is an open joint stock company
organized under the laws of the Republic of Kazakhstan with its registered office at 5 th Km. of
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