Pakistan Petroleum : Rescheduling of 72nd Annual General Meeting of Pakistan Petroleum Limited

REVISED NOTICE

RESCHEDULING OF 72ND ANNUAL GENERAL MEETING

This is in supersession of our notice dated 4th October 2023, whereby it was informed that the Company's 72nd Annual General Meeting (AGM) was scheduled to be held on Wednesday, 25th October 2023. Due to some insurmountable administrative challenges, the Company is constrained to reschedule the AGM on Monday, 30th October, 2023, at 10:30 amvia Zoom Cloud Meetings, for transacting the following businesses:

ORDINARY BUSINESS

1. To receive, consider and adopt the audited unconsolidated and consolidated financial statements for the year ended 30th June 2023, together with the auditor's report thereon.
2. To approve and declare a final cash dividend of Rs. 1.50 per share (15%) on Ordinary Shares and Rs. 1.50 per share (15%) on Convertible Preference Shares for the financial year ended 30th June 2023, as recommended by the Board of Directors at its meeting held on 20th September 2023.
3. To appoint auditors of the Company and fix their remuneration at Rs 10.783 million for the financial year 2023-24 and to approve increase in the audit fee for the financial year 2022- 23 by Rs 2.0 million due to change in scope of work.

SPECIAL BUSINESS

Approval for Online Transmission of Annual Audited Financial Statements

The Securities and Exchange Commission of Pakistan vide its S.R.O. 389(I)/2023 dated 21st March 2023, while considering technological advancements and obsolescence of old technologies, has allowed listed companies to circulate their annual balance sheet and profit and loss account, auditor's report and directors report, etc. ("annual audited financial statements") to its members through QR enabled code and weblink instead of CD / DVD / USB. Accordingly, consent of the members is sought for transmission of the annual audited financial statements of the Company via QR enabled code and weblink and to pass the following resolutions:

"RESOLVED that the Company may transmit the annual audited financial statements to the members via QR enabled code and weblink, in place of CD / DVD / USB, as allowed by the Securities and Exchange Commission of Pakistan vide its S.R.O. 389(I)/2023 dated 21st March 2023.

RESOLVED FURTHER that the Managing Director / Chief Executive Officer and the Company Secretary be and hereby are jointly and singularly authorised to do all such acts and take all such steps as may be necessary or desirable to give effect to the foregoing resolution."

By the Order of the Board

Ali Jaffar

Company Secretary

8th October 2023

Karachi

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3. Guidelines for CDC Account Holders

CDC account holders should comply with the following guidelines of the Securities and Exchange Commission of Pakistan:

1. For Attendance at AGM:

1. Individuals should be account or sub-account holder(s) and their registration details should be uploaded according to the CDC Regulations. They must establish their identity by providing a copy of their CNIC or passport.
2. Corporate entities must provide a certified copy of a resolution of their respective boards of directors, or a power of attorney for attending the Meeting, which should bear the attorney's specimen signature.

1. For Appointing Proxies at AGM:

1. Individuals should be account or sub-account holder(s) whose registration details should be uploaded according to CDC Regulations and their forms of proxy must be lodged at the registered office of the Company not later than 48 hours before the time for holding the Meeting.
2. The form of proxy must be attested by two persons whose names, addresses and CNIC numbers should be given underneath their signatures.
3. Attested copies of CNIC or passport of the member and proxy must be submitted with the form of proxy.

4. Tax Implications on Dividends

Tax Rates

Withholding tax on dividend is as follows:

Pursuant to applicable law, 15% withholding tax for filers of income tax returns and 30% withholding tax for non-filers is applicable.

A 'filer' is defined by applicable law as a taxpayer whose name appears in the Active Taxpayers List (ATL) periodically issued by the FBR and a 'non-filer' is a person other than a filer.

The ATL may be viewed on the FBR's website: www.fbr.gov.pk The Company will ascertain the tax status of members as at the first day of book closure and will deduct withholding tax accordingly.

Corporate members who hold CDC accounts should provide their National Tax Number (NTN). Members who hold share certificates should provide a copy of their NTN certificates together with the Company's name and the respective folio numbers to Messrs. FAMCO Associates (Private) Limited (Share Registrar) at 8-F, Adjacent to Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi.

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