20 April 2007



HALMORE POWER GENERATION COMPANY AWARDS MANDATE TO HSBC, CZECH EXPORT BANK AND ASKARI BANK TO FINANCE 225MW POWER PROJECT IN PAKISTAN

The Halmore Power Generation Company, Pakistan ("HPGCL") has mandated the Project and Export Finance division of HSBC Bank plc ("HSBC"), Czech Export Bank, and Askari Commercial Bank Limited ("Askari Bank") to arrange a comprehensive debt financing package for the proposed 225MW combined cycle power plant to be set up near the town of Bhikki, Sheikhupura District, Province of Punjab in Pakistan.

Muhammad Tahir Sadiq, CEO HSBC Pakistan said upon execution of the mandate "HSBC remains strongly committed to supporting Pakistan's power generation investment needs through the bank's worldwide strength in Project & Export Finance and looks forward to working closely with HPGCL in achieving financial close" Shaharyar Ahmad, President and Chief Executive, Askari Bank thanked the sponsors of HPGCL for the mandate award and reaffirmed his bank's strong support for the transaction, particularly in view of the increasing energy needs of the country.

The Halmore Power Generation Company is owned by a London based Pakistani Dr. Mian M. Sharif, a businessman and real estate developer.

Enerpro (Private) Limited, a specialized Consulting Company for Energy Projects has been engaged for developing the project on behalf of the owner as Owner's Consultants and Engineers since its inception in December 2004.

HPGCL has recently signed an Engineering, Procurement and Construction ("EPC") contract for the project with Skodaexport, Co. Ltd. of the Czech Republic.

On the occasion of the mandate award, Dr. Mian M. Sharif, said "we are pleased to have HSBC, Czech Export Bank and Askari Bank working closely with us on this important project and look forward to achieving financial close at the earliest possible date" The major portion of the USD 150 million project debt is expected to be supported by the Export Guarantee and Insurance Corporation ("EGAP"), the official Export Credit Agency ("ECA") of the Czech Republic.

The remaining debt requirement will be provided by a syndicated term loan facility denominated in local currency.

A significant level of support from key ECAs and major offshore lenders will be important in meeting Pakistan's significant investment needs in the power sector.

This project will be the first under the 2002 power policy to be financed with ECA supported foreign debt and the successful conclusion of the financing will define the level of future interest in the sector from the international project finance community.