JPMorgan - KASE

Summary Operating Data
The following tables set forth information with respect to our estimated proved crude oil and
natural gas reserves and the Shymkent refinery’s refining capacity as of January 1, 2002, and
production, sales, refining and other operating data for the year ended December 31, 2001 and
the nine months ended September 30, 2002.
The following tables, which are derived from the reports (the “McDaniel Reports”) of McDaniel &
Associates Consultants Ltd. (“McDaniel”) on certain interests, set forth our estimated proved and
proved plus probable oil and natural gas reserves in Kazakhstan and the present worth value of
estimated future net pre-tax cash flows of those reserves effective as of January 1, 2002 on an
escalating price assumption basis. The McDaniel Report prepared on an escalating price basis was
dated March 7, 2002.
McDaniel also calculated our estimated future net pre-tax cash flows and present value of
estimated future net pre-tax cash flows discounted at 10% based on escalating price
assumptions. These calculations of pre-tax cash flows are net of value added tax, but give no
effect to income taxes, excess profit taxes or other applicable taxes attributable to estimated
future net cash flows from the sale of oil and natural gas. Pre-tax disclosure is inconsistent with
U.S. GAAP as prescribed by Statement of Financial Accounting Standards No. 69.
In addition, except as otherwise indicated, all evaluations relating to our crude oil and natural
gas reserves are based upon escalating price assumptions, which assume, among other things,
price forecasts, political and economic stability in Kazakhstan and the continuance of current
laws and regulations. See “Business and Properties — Oil and Gas Exploration and Development
Operations — Estimates of Proved and Proved Plus Probable Reserves and Present Worth Values”
and “Risk Factors — Risk Factors Relating to Our Industry — Volatility of oil and gas prices could
adversely affect our results of operations”.
For additional information relating to our reserves, production and refining capacity, see “Risk
Factors — Risk Factors Relating to our Business”, “Business and Properties — Oil and Gas
Exploration and Development Operations — Estimates of Proved and Proved Plus Probable
Reserves and Present Worth Values”, “Business and Properties — Oil and Gas Exploration and
Development Operations — Principal Oil and Gas Properties”, “Business and Properties —
Downstream Operations — Refining” and the notes to our consolidated financial statements
appearing elsewhere in this offering memorandum.
As of
January 1, 2002
Provedreservesofoil(MMbbls) .................................................... 348.1
Provedreservesofnaturalgas(Bcf)................................................. 32.8
Proved developed reserves of oil (MMbbls) .......................................... 243.2
Proved developed reserves of natural gas (Bcf) ....................................... 0
Present value discounted at 10% of estimated future net pre-tax cash flows (in thousands) $1,882,586
Pro forma net debt as a percentage of present value discounted at 10% of estimated
future net pre-tax cash flows (1)(2) ................................................. 10.1%
Pro forma total debt as a percentage of present value discounted at 10% of estimated
future net pre-tax cash flows (2)(3) ................................................. 22.0%
Rated crude oil throughput capacity of the Shymkent refinery (BOPD) .................. 140,000
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