JPMorgan - KASE

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9 months ended September 30, 2001 Upstream Downstream Corporate Services Consolidated Revenue Crudeoil ........................... 191,318 2,024 — 193,342 Refinedproducts .................... 7,916 256,858 — 264,774 Processing fees ...................... — 8,623 — 8,623 Interestandotherincome ............ 6,893 662 539 8,094 206,127 268,167 539 474,833 Expenses Production .......................... 29,681 — — 29,681 Royalties and taxes .................. 30,748 — — 30,748 Transportation ...................... 34,218 — — 34,218 Refining ............................ — 14,606 — 14,606 Crude oil and refined product purchases ......................... — 60,862 — 60,862 Selling ............................. 4,333 10,724 — 15,057 General and administrative ........... 17,501 14,792 3,062 35,355 Interestandfinancingcosts ........... 6,137 814 5,175 12,126 Depletion and depreciation ........... 17,167 7,171 280 24,618 Foreign exchange loss (gain) .......... 438 319 (322) 435 140,223 109,288 8,195 257,706 Income before unusual items .......... 65,904 158,879 (7,656) 217,127 Unusual item Defense costs related to potential takeover bid ...................... — — 6,000 6,000 Income before income taxes ........... 65,904 158,879 (13,656) 211,127 Income taxes Current provision ...................... 55,001 11,202 1,174 67,377 Futureincometax ..................... (33,969) 30,270 — (3,699) 21,032 41,472 1,174 63,678 Minority interest ...................... — 1,153 — 1,153 Net income ............................ 44,872 116,254 (14,830) 146,296 Intersegment revenue ................. 143,291 13,026 — — Included in the upstream crude oil revenue, for the nine months ended September 30, 2001, is sales to one external customer in the amount of $80 million. F-7
3 months ended September 30, 2001 Upstream Downstream Corporate Services Consolidated Revenue Crudeoil ........................... 64,359 (15) — 64,344 Refinedproducts .................... 5,899 84,078 — 89,977 Processing fees ...................... — 3,273 — 3,273 Interestandotherincome ............ 2,349 77 723 3,149 72,607 87,413 723 160,743 Expenses Production .......................... 10,404 — — 10,404 Royalties and taxes .................. 14,461 — — 14,461 Transportation ...................... 12,324 — — 12,324 Refining ............................ — 4,709 — 4,709 Crude oil and refined product purchases ......................... — 18,662 — 18,662 Selling ............................. 1,225 3,303 — 4,528 General and administrative ........... 5,172 6,405 1,218 12,795 Interestandfinancingcosts ........... 1,939 464 3,370 5,773 Depletion and depreciation ........... 6,397 2,424 220 9,041 Foreign exchange loss (gain) .......... (110) (124) 17 (217) 51,812 35,843 4,825 92,480 Income before unusual items .......... 20,795 51,570 (4,102) 68,263 Unusual item Defense costs related to potential takeover bid ........................ — — — — Income before income taxes ........... 20,795 51,570 (4,102) 68,263 Income taxes Current provision ...................... 16,188 6,618 186 22,992 Futureincometax ..................... (8,699) 6,573 — (2,126) 7,489 13,191 186 20,866 Minority interest ...................... — 907 — 907 Net income ............................ 13,306 37,472 (4,288) 46,490 Intersegment revenue ................. 44,273 8,927 — — Included in the upstream crude oil revenue, for the three months ended September 30, 2001, is sales to one external customer in the amount of $26.7 million. As at September 30, 2002 Upstream Downstream Corporate Services Consolidated Totalassets .......................................... 494,809 132,353 110,222 737,384 Liabilities ............................................ 225,675 39,443 214,601 479,719 Capitaladditions ..................................... 94,885 212 6,462 101,559 As at December 31, 2001 Upstream Downstream Corporate Services Consolidated Totalassets .......................................... 344,176 191,955 36,339 572,470 Liabilities ............................................ 162,543 50,288 201,809 414,640 Capitaladditions ..................................... 91,957 10,046 729 102,732 F-8
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Offering Circular Hurricane Finance
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Moscow RUSSIA SAMARA Ufa OMSK RUSSI
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Š Š you have made certain acknowl
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Unless otherwise indicated, all ref
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Notice to New Hampshire Residents N
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Offering Memorandum Summary This su
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have a network of sales, storage an
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Š our QAM pipeline construction pr
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a senior intercompany loan to HKM.
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Organizational Structure The follow
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Nine Months Ended Year Ended Decemb
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Year Ended December 31, 2001 Nine M
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construction of the plant, anticipa
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Inadequate infrastructure could adv
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fully prohibit us from doing so. In
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Kazakhstan’s foreign investment,
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subsoil user and the Kazakhstani go
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In general, estimates of economical
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thereon and any other amounts owed
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Selected Historical Consolidated Fi
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Management’s Discussion and Analy
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(11,642 tonnes per day) in Septembe
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Adoption of Certain Accounting Stan
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The following table sets out the so
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The total royalty and tax expense f
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perform a quarterly ceiling test. T
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The increase in FCA differentials p
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In addition, we incurred production
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plan. The CCAA plan was implemented
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Royalties Royalties increased from
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Cash is managed centrally through t
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Š completion of the gas utilizatio
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Competitive Strengths We believe th
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Š refurbishing and recommissioning
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The daily business of Kazgermunai i
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Kumkol North. We have a 50% interes
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are currently five producing wells.
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Estimated Reserves and Present Wort
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The following table sets forth a re
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The following tables show our avera
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amended in April 1999, required Kaz
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price we paid for the shares of HKM
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expenditures or investments. The ag
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Several investments with high profi
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In addition, we have opened new rou
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On January 8, 2003, the President o
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As a result of these discussions, H
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Management Directors and Senior Man
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and managerial positions. In 1992,
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approved by our shareholders in Nov
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Related Party Transactions Set fort
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Indebtedness of Directors and Senio
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Prepayments HKM may voluntarily pre
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guarantees any Indebtedness of an O
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will also (i) make such withholding
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The Change of Control Offer will re
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shown on the most recent balance sh
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(a) no Default or Event of Default
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Disqualified Stock and will not per
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transaction are at least equal to t
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Page 123 and 124: Restricted Subsidiary sell, assign,
Page 125 and 126: (2) reduce the rate of interest on
Page 127 and 128: Issuer may, at its option and at an
Page 129 and 130: (g) waive a redemption payment with
Page 131 and 132: issue date of the Notes within the
Page 133 and 134: Exchange of Global Notes for Defini
Page 135 and 136: Luxembourg or their respective dire
Page 137 and 138: the Company or to a Guarantor, (e)
Page 139 and 140: “Consolidated Net Income” means
Page 141 and 142: excluded, and (iii) the Fixed Charg
Page 143 and 144: shall be deemed to make an “Inves
Page 145 and 146: or is liquidated into, the Company
Page 147 and 148: Value, as appropriate, of such prop
Page 149 and 150: “Wholly Owned Restricted Subsidia
Page 151 and 152: Sale, Redemption or Retirement of t
Page 153 and 154: Tax on Income and Capital Gains A h
Page 155 and 156: Plan of Distribution Subject to the
Page 157 and 158: Pre-Issue Trades Settlement It is e
Page 159 and 160: Regulation S Notes By purchasing no
Page 161 and 162: The issuer’s principal activities
Page 163 and 164: Lengesskoe Shosse, Shymkent, Yuzhna
Page 165 and 166: 4 The issue of the notes was author
Page 167 and 168: Hurricane Hydrocarbons Ltd. Interim
Page 169 and 170: Hurricane Hydrocarbons Ltd. Interim
Page 171: 3 months ended September 30, 2002 U
Page 175 and 176: 9 months ended September 30, 2001 T
Page 177 and 178: Repayment Long term debt principal
Page 179 and 180: 14 Net Income Per Share The income
Page 181 and 182: accordingly no compensation cost ha
Page 183 and 184: Management’s Report All informati
Page 185 and 186: Comments by auditor for U.S. reader
Page 187 and 188: Hurricane Hydrocarbons Ltd. Consoli
Page 189 and 190: Hurricane Hydrocarbons Ltd. Notes t
Page 191 and 192: accordance with current legislation
Page 193 and 194: In addition the Corporation has now
Page 195 and 196: Upstream Downstream Eliminations Co
Page 197 and 198: The crude oil sales elimination of
Page 199 and 200: The Canadian Notes contained certai
Page 201 and 202: Interest expense Interest expense f
Page 203 and 204: 14 Income Taxes The Corporation and
Page 205 and 206: investments or other items that may
Page 207 and 208: 19 Related Party Transactions Durin
Page 209 and 210: Consolidated Balance Sheets The app
Page 211 and 212: Legal Proceedings The Corporation h
Page 213 and 214: Non-FCA sales ................ Oil
Page 215 and 216: APPENDIX B: The Republic of Kazakhs
Page 217 and 218: Under the Constitution, the Preside
Page 219 and 220: International Organizations and Int
Page 221 and 222: The Kazakhstan Economy Overview Kaz
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Principal Sectors of the Economy Hi
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Oil and Gas For Oil and Gas see Ann
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Public Finance Introduction Fiscal
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The exchange rate regime adopted in
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The following table sets forth data
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(This page has been left blank inte
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Exports General In 2001, the export
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‰ preparing and implementing new
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THE ISSUER Hurricane Finance B.V. S
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JPMorgan - KASE

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