JPMorgan - KASE

Summary Consolidated Financial Data
The summary consolidated financial data presented below for the three years ended December
31, 2001 have been derived from our audited consolidated financial statements and the related
notes that are included in this offering memorandum. Our annual consolidated financial
statements for the periods presented below have been audited by Deloitte & Touche. Our
summary consolidated financial data presented below for each of the nine-month periods ended
September 30, 2001 and 2002 are derived from our unaudited consolidated financial statements
for such periods included elsewhere in this offering memorandum and which, in the opinion of
management, include all adjustments (consisting solely of normal recurring adjustments)
necessary to present fairly the financial results for such periods. Interim results are not necessarily
indicative of the results which may be expected for any other interim period or for the full year.
You should read the summary consolidated financial data in conjunction with the information
contained in “Risk Factors”, “Capitalization”, “Selected Historical Financial Data”,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations”,
“Business and Properties”, our consolidated financial statements, including the related notes, and
the other financial data appearing elsewhere in this offering memorandum.
Nine Months
Ended September
Year Ended December 31,
30,
1999 2000 2001 2001 2002
(unaudited)
(in $ thousands, except ratios)
Consolidated Statement of Income Data:
Canadian GAAP:
Revenue:
Crudeoil .................................. 153,047 301,216 252,981 193,342 319,606
Refinedproducts ........................... — 203,728 328,958 264,774 240,476
Processing fees ............................. — 11,884 11,008 8,623 2,112
Interestandotherincome ................... 2,196 6,373 10,109 8,094 6,497
Total revenue .............................. 155,243 523,201 603,056 474,833 568,691
Expenses:
Production ................................ 34,443 35,302 43,040 29,681 41,669
Royalties .................................. 16,652 33,709 35,504 30,748 43,709
Transportation ............................. 17,016 25,152 50,237 34,218 100,131
Refining................................... 2,197 12,583 20,562 14,606 17,607
Crude oil and refined product purchases ....... — 48,100 78,788 60,862 50,414
Selling .................................... — 7,728 19,277 15,057 18,724
General and administrative .................. 35,039 44,565 55,204 35,355 42,270
Interestandfinancingcosts .................. 23,874 18,708 19,530 12,126 26,078
Depletion and depreciation .................. 4,991 14,680 34,254 24,618 29,064
Foreign exchange loss (gain) ................. 7,647 (2,266) 1,453 435 1,771
Total expenses ............................. 141,859 238,261 357,849 257,706 371,437
Income before unusual items ................. 13,384 284,940 245,207 217,127 197,254
Unusual items:
Defense costs related to potential takeover .... — — 5,546 6,000 —
Gain recognized on sale of assets ............. (12,800) — — — —
Arbitration settlement ...................... — — — — 7,134
Waiver fees and debt restructuring costs ....... — 20,373 — — —
Income before income taxes ................. 26,184 264,567 239,661 211,127 190,120
Income taxes:
Current provision ........................... 17,671 100,708 79,679 67,377 64,706
Futureincometax .......................... — (1,051) (11,285) (3,699) 6,312
Total income taxes .......................... 17,671 99,657 68,394 63,678 71,018
Net income before minority interest .......... 8,513 164,910 171,267 147,449 119,102
Minority interest ........................... — 9,980 1,927 1,153 1,672
Netincome ................................ 8,513 154,930 169,340 146,296 117,430
U.S. GAAP:
Netincome ............................... 6,502 165,971 162,643 146,296 117,401
10