JPMorgan - KASE

Lengesskoe Shosse, Shymkent, Yuzhna-Kazakhstanskaya Oblast, Republic of Kazakhstan and its
principal administrative office at 204 Karasai Batyr Street, Almaty, Republic of Kazakhstan.
Shymkent Oil Refinery was first commissioned in 1985. On December 31, 1993, it was registered
as Shymkentnefteorgsyntez Open Joint Stock Company by Resolution No. 251 of the South
Kazakhstani Territorial State Property Committee dated December 30, 1993. On September 11,
2002, it was re-registered under its current name and its registration number as shown in the
uniform State register of legal entities maintained by the Ministry of Justice of Kazakhstan is 79-
1958-AO(IU). See “Business — Corporate Development” and “— Downstream Operations —
History of HOP”. Article 1.5 of HOP’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 HOP will be available for
inspection at the office of the paying agent in Luxembourg. The outstanding securities of HOP
consist of 62,322,701 shares (authorized charter capital of 100,000,000 Tenge and issued and
paid-in share capital of 62,322,701 Tenge, divided into 61,928,201 voting common shares of 1
Tenge nominal value each and 394,500 voting preferred shares of 1 Tenge nominal value each).
See the organizational chart on page 9 of this offering memorandum for a description of HOP in
relation to other members of the Hurricane group.
HOP’s principal activities consist of the downstream operations of the Hurricane group: the
refining and export of crude oil and the marketing of crude oil and refined products in the
Republic of Kazakhstan. See “Business — Downstream Operations”. HOP had unconsolidated
revenues (before intercompany eliminations) of $349.7 million and $402.1 million for 2001 and
2000, respectively. See “Management’s Discussion and Analysis of Financial Condition and Results
of Operations — Results of Operations”, Note 4 to the audited consolidated financial statements
and Note 2 to the unaudited consolidated financial statements included herein for a segment
breakdown of downstream versus upstream operating results. Factors affecting these results are
discussed under “Management’s Discussion and Analysis of Financial Condition and Results of
Operations — Overview — Factors affecting our results”. HOP’s primary assets consist of the
Shymkent oil refinery. See “Business — Downstream Operations — Refining” for a description of
the Shymkent oil refinery. HOP is not dependent on any single patent, license, industrial,
commercial or financial contract or manufacturing process.
The board of directors of HOP consists of Messrs. Marlo Thomas and Christian Cleret. See
“Management”.
General
For a discussion of legal or arbitration proceedings affecting Hurricane, HKM and HOP, see
“Business — Legal Proceedings”, Note 13 to the unaudited consolidated financial statements
included herein and Note 16 to the audited consolidated financial statements included herein.
For a discussion of significant investments made by Hurricane, HKM and HOP over the last three
fiscal years, see “Business — Corporate Development — The HOP Acquisition”, Note 6 to the
unaudited consolidated financial statements included herein and Note 3 to the audited
consolidated financial statements included herein.
For a discussion of capital expenditures and commitments of Hurricane, HKM and HOP, see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Liquidity and Capital Resources — Capital Expenditures” and “— Commitments”, “Business —
Upstream Operations — Material Licenses”, “— Downstream Operations — The HOP Privatization
Agreement” and Note 16 to the audited consolidated financial statements included herein.
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