JPMorgan - KASE

3 Joint Ventures
The Corporation has the following interests in two joint ventures:
a) 50% equity shareholding with equivalent voting power in CJSC Turgai Petroleum (“Turgai”),
formerly Kumkol Lukoil CJSC, which operates the northern part of the Kumkol field in
Kazakhstan.
b) 50% equity shareholding with equivalent voting power in LLP Kazgermunai
(“Kazgermunai”), which operates three oil fields in Kazakhstan: Akshabulak, Nurali and
Aksai.
The following amounts are included in the Corporation’s financial statements as a result of the
proportionate consolidation of its joint ventures:
9 months ended September 30, 2002
Turgai Kazgermunai Total
Cash............................................................. 3,863 17,465 21,328
Currentassets,excludingcash ...................................... 11,620 14,942 26,562
Capitalassets,net ................................................. 24,583 57,021 81,604
Current liabilities .................................................. 13,069 5,167 18,236
Long term debt ................................................... — 62,684 62,684
Revenue ......................................................... 52,795 33,022 85,817
Expenses ......................................................... 31,303 26,473 57,776
Netincome....................................................... 21,492 6,549 28,041
Cash flow from operating activities .................................. 9,766 11,616 21,382
Cash flow from financing activities .................................. — 1,617 1,617
Cash flow used in investing activities ................................ (7,402) (7,284) (14,686)
3 months ended September 30, 2002
Turgai Kazgermunai Total
Revenue .......................................................... 22,209 17,767 39,976
Expenses ......................................................... 13,160 12,687 25,847
Netincome ....................................................... 9,049 5,080 14,129
Cash flow from operating activities .................................. 5,383 12,713 18,096
Cash flow from financing activities ................................... — 243 243
Cash flow used in investing activities ................................. (3,132) (4,395) (7,527)
The crude oil sales for the nine months ended September 30, 2002 includes $15.5 million and
$21.6 million of crude oil sales made by Turgai Petroleum to HOP & HKM respectively and $5.8
million of crude oil sales made by Kazgermunai to HOP.
The crude oil sales for the three months ended September 30, 2002 includes $14.5 million of
crude oil sales made by Turgai to HKM.
F-9