JPMorgan - KASE

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Year ended December 31, 2001 Upstream Downstream Eliminations Consolidated Revenue CrudeOil......................... 421,858 2,034 (170,911) 252,981 Refinedproducts .................. 15,656 328,603 (15,301) 328,958 Processing fees .................... — 18,649 (7,641) 11,008 Interestandotherincome .......... 9,126 420 (540) 9,006 446,640 349,706 (194,393) 601,953 Expenses Production ....................... 46,478 — (3,438) 43,040 Royalties ......................... 35,904 — (400) 35,504 Transportation .................... 51,992 — (1,755) 50,237 Refining.......................... — 20,562 — 20,562 Crude oil and refined product purchases ...................... 14,044 248,628 (183,884) 78,788 Selling ........................... 13,099 13,656 (7,478) 19,277 General and administrative ......... 31,703 17,906 — 49,609 Interestandfinancingcosts ......... 7,815 1,029 — 8,844 Depletion and depreciation ......... 25,127 9,764 (1,011) 33,880 Foreign exchange loss .............. 342 1,478 — 1,820 226,504 313,023 (197,966) 341,561 Segment income ...................... 220,136 36,683 3,573 260,392 Unallocated amounts Interestandfinancingcosts ......... (10,686) Defense costs related to potential takeover ....................... (5,546) Corporate expenses, net ............ (4,499) Income before income taxes ........ 239,661 Income tax expense ................ (68,394) Minority interest .................. (1,927) Netincome ....................... 169,340 December 31, 2001 Upstream Downstream Consolidated Assets Assets ............................ 344,176 191,955 536,131 Unallocatedcorporateassets ........ — — 36,339 Consolidated total assets ............ 572,470 Liabilities Liabilities ......................... 162,543 50,288 212,831 Unallocated corporate liabilities ..... — — 201,809 Consolidated total liabilities ......... 414,640 F-29
Upstream Downstream Eliminations Consolidated Year ended December 31, 2000 Revenue CrudeOil......................... 316,882 185,425 (201,091) 301,216 Refinedproducts .................. — 203,728 — 203,728 Processing fees .................... — 12,414 (530) 11,884 Interestandotherincome .......... 5,810 563 — 6,373 322,692 402,130 (201,621) 523,201 Expenses Production ....................... 35,832 — (530) 35,302 Royalties ......................... 33,709 — — 33,709 Transportation .................... 25,152 — — 25,152 Refining.......................... — 12,583 — 12,583 Crude oil and refined product purchases ...................... 4,242 233,604 (189,746) 48,100 Selling ........................... — 7,728 — 7,728 General and administrative ......... 30,365 14,200 — 44,565 Interestandfinancingcosts ......... 193 580 — 773 Depletion and depreciation ......... 7,707 6,973 — 14,680 Foreign exchange (gain) loss ........ (3,152) 884 2 (2,266) 134,048 276,552 (190,274) 220,326 Segment income (loss) ................. 188,644 125,578 (11,347) 302,875 Unallocated amounts Interestandfinancingcosts ......... (17,935) Waiver fees and debt restructuring costs ........................... (20,373) Income before income taxes ........ 264,567 Income tax expense ................ (99,657) Minority interest .................. (9,980) Netincome ....................... 154,930 Upstream Downstream Consolidated December 31, 2000 Assets Assets............................ 258,345 152,491 410,836 Unallocatedcorporateassets........ — — 3,690 Consolidated total assets ........... 414,526 Liabilities Liabilities ......................... 142,214 39,435 181,649 Unallocated corporate liabilities ..... — — 24,006 Consolidated total liabilities ........ 205,655 F-30
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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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in HKM or HOP respectively, from th
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Restricted Subsidiary sell, assign,
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(2) reduce the rate of interest on
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Issuer may, at its option and at an
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(g) waive a redemption payment with
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issue date of the Notes within the
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Exchange of Global Notes for Defini
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Luxembourg or their respective dire
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the Company or to a Guarantor, (e)
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“Consolidated Net Income” means
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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 and 172: 3 months ended September 30, 2002 U
Page 173 and 174: 3 months ended September 30, 2001 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: In addition the Corporation has now
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
Page 223 and 224: Principal Sectors of the Economy Hi
Page 225 and 226: Oil and Gas For Oil and Gas see Ann
Page 227 and 228: Public Finance Introduction Fiscal
Page 229 and 230: The exchange rate regime adopted in
Page 231 and 232: The following table sets forth data
Page 233 and 234: (This page has been left blank inte
Page 235 and 236: Exports General In 2001, the export
Page 237 and 238: ‰ preparing and implementing new
Page 239: THE ISSUER Hurricane Finance B.V. S
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JPMorgan - KASE

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