PC OFFERS KAPCO SHARES TO 35,210 WAPDA EMPLOYEES SUBSCRIPTION TO OPEN FROM June 27 TO 29, 2006

Islamabad, June 21, 2005

The Privatisation Commission, Government of Pakistan has offered up to 17,605,000 shares of Kot Adu Power Company Limited (KAPCO) to regular WAPDA employees. These shares will be offered in lots of 500 each per employee up to a maximum of 35,210 Employees. In case, more than 35,210 applications are received, computerized balloting will be conducted to select 35,210 successful applicants.

The offer price is Rs.30/-per share and the application must be accompanied by a cheque or pay order for the amount of Rs.15, 000/-Application forms are available at WAPDA Head Office, the CBA office and all branches of Allied Bank Limited, Habib Bank Limited, Muslim Commercial Bank and United Bank Limited, and the website www.privatsation.gov.pk . Photocopies of the application form are also acceptable. Completed application forms will be accepted at branches of the above named banks during banking hours on June 27,28 and 29,2005.

Fictitious and multiple applications (more than one application by a single applicant) are prohibited and such applications' money shall be liable to confiscation.