THIRD SUBSCRIPTION OF NBP SHARES BEGINS FROM OCTOBER 13-15

Islamabad, October 12, 2003

The third subscription for Public Offer for NBP shares will start from Monday October 13, 2003 for three days, which will remain open on Tuesday October 14,2003 and will conclude on October 15, 2003 at the designated branches of National Bank of Pakistan, Habib Bank Limited, United Bank Limited, Muslim Commercial Bank, Allied Bank Limited, Bank Al Habib Limited, First Women Bank Limited, PICIC Commercial Bank, Habib Bank A.G. Zurich, Prime Commercial Bank and Union Bank.

Interested individuals/ parties have been invited to submit completed application form, along with attested copy of national identity card and a cheque for the required amount, at the designated banks during banking hours on the subscription dates. The offer price has been fixed at Rs. 46/= per share. Preference of allocation shall be given to the applicants for 500 shares.

Application forms and offer for sale documents are available through branches of the above banks, from Elixir Securities and Taseer Hadi Khalid & Co (co- Lead Mangers), from the Karachi, Lahore and Islamabad Stock Exchanges and through the Privatisation Commission's web site: www.privatisation.gov.pk

The government is offering 3.2 % (13.13 million) additional shares of National Bank of Pakistan (NBP) to the public through the third offer for sale of the Bank's shares.