JPMorgan - KASE

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privatization revenues, weakened the tenge. The NBK supported the Tenge by intervening in the foreign exchange markets. Such intervention, together with the servicing of Kazakhstan’s external debt, resulted in a decline of foreign exchange reserves. See “ – Balance of Payments and Foreign Trade – Official International Reserves.” In April 1999, the NBK and the Government publicly announced that they would cease to intervene in the foreign exchange markets to support the Tenge, allowing the exchange rate to float freely. Such decision was supported by international financial organizations such as the IMF. As a result, the Tenge devalued from a pre-announcement rate of 88 Tenge per U.S. Dollar to a rate of about 130 Tenge per U.S. Dollar by May 1999. Since then, the Tenge has continued to decline in nominal terms against the U.S. Dollar. During 2000 the Tenge depreciated in nominal terms against the U.S. Dollar by 5.2 per cent. and during 2001 it depreciated by 3.81 per cent. The following table sets out the average and period-end Tenge/U.S. Dollar exchange rates reported by the NBK: Average Period-end 31 December 1997 .................................................. 75.44 75.55 31 December 1998 .................................................. 78.30 83.80 31 December 1999 .................................................. 119.53 138.20 31 December 2000 .................................................. 142.13 144.50 31 December 2001 .................................................. 146.74 150.20 30 June 2002 ....................................................... 152.55 153.1 Source: NBK Foreign Exchange Regulations Kazakhstan has accepted the conditions of paragraphs 2, 3 and 4 of Article VIII of the IMF Charter and, as a result, has agreed not to introduce or increase any exchange rate restrictions, introduce or modify any practice of multiple exchange rates, enter into any bilateral agreements violating Article VIII or impose any import restrictions. In accordance with Article VIII, a new law on currency regulation was adopted in 1996. According to this law, all current account operations, including transfers of dividends, interest and other investment income, may be made without restriction. Only outflowing capital account operations need to be licensed by or registered with the NBK. Capital inflows are registered and monitored for statistical purposes only, but are not restricted. New licensing rules adopted at the beginning of 2002 liberalized the treatment of the outflow of capital. The NBK intends to further liberalize licensing rules in the next few years. One of the purposes of liberalization is to avoid the pressure caused by the influx of dollars into Kazakhstan due to high market prices for Kazakhstan’s export goods by directing export revenues abroad. Public Debt As a percentage of GDP, total public debt decreased in 2000 from 26.7 per cent. of GDP at 31 December 1999 to 21.6 per cent. of GDP as at 31 December 2000. In nominal terms, Kazakhstan’s total public debt has grown from 139.6 billion tenge at 31 December 1994 to 560.2 billion tenge at 31 December 2000. The growth in public debt has come primarily from external borrowing and has been used to finance budget deficits. B-16
The following table sets forth data regarding Kazakhstan’s nominal public debt (not including private sector debt or State-guaranteed debt) at the dates indicated: 30 June 2002 31 December 2001 2000 1999 1998 1997 Internal Public Debt (Tenge millions) .......... 101,992 3,976.8 87,418.0 136,339.4 83,910.2 67,442.7 AsapercentageofGDP..... — 2.6 3.4 6.8 4.8 4.0 External Public Debt (1) (Tenge millions) .......... 500,603 489,982.4 472,799.0 400,568.0 203,674.6 177,330.8 AsapercentageofGDP. .... — 14.9 18.2 19.9 11.6 10.6 Total Public Debt (Tenge millions) .......... 602,595 573,959.2 560,217.0 536,907.4 287,584.8 244,773.5 AsapercentageofGDP..... — 17.5 21.6 26.7 16.5 14.6 Source: NSA Note: (1) External Public Debt comprises only debt of the Government and the NBK. The Government is required annually to adopt a ten-year borrowing program. The current ten year program, covering the years 1999 to 2008, provides for external and domestic capital market borrowing to finance the State budget deficit. The current ten-year program also contains estimates of Kazakhstan’s increasing debt burdens and related debt servicing costs and provides recommendations as to the most effective utilization of borrowed funds. B-17
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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
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shall be deemed to make an “Inves
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or is liquidated into, the Company
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Value, as appropriate, of such prop
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“Wholly Owned Restricted Subsidia
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Sale, Redemption or Retirement of t
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Tax on Income and Capital Gains A h
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Plan of Distribution Subject to the
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Pre-Issue Trades Settlement It is e
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Regulation S Notes By purchasing no
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The issuer’s principal activities
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Lengesskoe Shosse, Shymkent, Yuzhna
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4 The issue of the notes was author
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Hurricane Hydrocarbons Ltd. Interim
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Hurricane Hydrocarbons Ltd. Interim
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3 months ended September 30, 2002 U
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3 months ended September 30, 2001 U
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9 months ended September 30, 2001 T
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Repayment Long term debt principal
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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
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: The exchange rate regime adopted in
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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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