Over-Allotment Exercise

11 Jul 2007 14:46

Merrill Lynch International PLC11 July 2007 11 July 2007 NOT FOR RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES ORANY JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE UNLAWFUL UNITED BANK LIMITED EXERCISE OF OVER-ALLOTMENT OPTION 11 July 2007 - Merrill Lynch International, as Lead Manager, has today exercisedthe over-allotment option contemplated in the Offering Circular dated 25 June2007 and relating to the offering by the Government of the Islamic Republic ofPakistan, acting through the Privatization Commission and on behalf of the StateBank of Pakistan, of ordinary shares of United Bank Limited in the form ofGlobal Depositary Receipts each representing 4 ordinary shares, which settled on29 June 2007. Pursuant to the exercise of this option, an additional 6,598,165GDRs to be issued at an issue price of US$12.8543, representing 26,392,660ordinary shares, will be settled on 13 July 2007. Not for distribution in the United States or in any jurisdiction where anyoffer, sale or solicitation in respect of the contemplated securities is notpermitted. This announcement is for information purposes only and does not constitute aninvitation or offer to underwrite, subscribe for or otherwise acquire or disposeof any securities of the United Bank Limited in any jurisdiction. This announcement is not an offer of securities for sale into the United States.The securities referred to above have not been, and will not be, registeredunder the United States Securities Act of 1933, as amended, and may not beoffered or sold in the United States absent registration or an exemption fromregistration. This document is only being distributed to and is only directed at (i) personswho are outside the United Kingdom or (ii) investment professionals fallingwithin Article 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 (the "Order") or (iii) high net worth entities, and otherpersons to whom it may lawfully be communicated, falling within Article 49(2)(a)to (d) of the Order (all such persons together being referred to as "relevantpersons"). Any securities will only be available to, and any invitation, offeror agreement to subscribe, purchase or otherwise acquire any securities will beengaged in only with, relevant persons. Any person who is not a relevant personshould not act or rely on this document or any of its contents. Any offer of securities to the public that may be deemed to be made pursuant tothis communication in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State,the "Prospectus Directive") is only addressed to qualified investors in thatMember State within the meaning of the Prospectus Directive. This information is provided by RNS The company news service from the London Stock Exchange