OGCDL Over-Allotment Option Exercised
Additional 53,294,000 shares sold

Islamabad, December 11, 2006

The Privatisation Commission of the Islamic Republic of Pakistan today announced that Citigroup, Goldman Sachs International and BMA Capital had exercised the over-allotment option over 53,294,000 ordinary OGDCL shares in the form of GDSs. This completes the final element of the institutional offering.

Including the over-allotment option and the retail offering, gross proceeds of the Offer are expected to amount to PKR 49,353 million (US $ 811mn).

BMA Capital, Citigroup and Goldman Sachs International are Joint Lead Managers with Citigroup and Goldman Sachs International acting as Joint Global Co-ordinators and Bookrunners for the international offering and BMA Capital as Lead Manager and Bookrunner for the domestic offering and joint lead manager of the international offering.

The retail offer of 21,505,000 Shares to investors in Pakistan at a price of PKR 110 per Share will commence in December and is expected to be completed within a few weeks thereafter; the retail offer price represents an effective discount of almost 3% to the Institutional Offer price after adjusting for the Company’s announced first quarter dividend payment of PKR 1.75 per Share that is not available to participants in the retail offering.

Commenting on the successful exercising of the over-allotment option, Zahid Hamid, Minister for Privatisation and Investment, said:

“The exercising of the over-allotment option in full completes this landmark institutional offering of OGDCL shares. The additional shares sold have raised a further US$100m that will, in accordance with the law, be used to pay down the national debt and for poverty alleviation. Once the retail offer has been completed, the total proceeds of the transaction will amount to US $ 811m, making this the biggest transaction by any Pakistani company in the last decade. This Offering has been very encouraging and is a strong signal of confidence by foreign investors in today’s Pakistan.”

Press Release link: http://www.privatisation.gov.pk/Handout/HO-AR-06/Dec-06/Handout%20Dec-%202006.htm