Board approval of Offer Letter from National Bank of Pakistan (NBP) for Restructuring / Rescheduling of the Company Financing Facilities

The General Manager

Pakistan Stock Exchange Limited, Stock Exchange Building,

Stock Exchange Road, Karachi.

21 May 2026

Dear Sir

This is with reference to the Company's earlier disclosure dated 02 February 2026 made pursuant to Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the Pakistan Stock Exchange ("PSX") Rule Book regarding receipt of an offer letter from the National Bank of Pakistan ("NBP") in relation to the proposed restructuring / rescheduling of the Company's financing facilities.

In continuation thereof, we wish to inform you that the negotiations with NBP in relation to the restructuring / rescheduling of the Company's financing facilities have been finalized, which have been duly considered and approved by the Board of Directors of Hascol Petroleum Limited (the "Company") in its emergent meeting held on 15 May 2026.

The Company is in the process of completing the necessary documentation and implementation formalities in respect of the approved restructuring/ rescheduling arrangement. The Board further noted that, upon completion and implementafion of the proposed settlement arrangement with NBP, approximately 92% of the Company's total funded banking debt facilities would stand restructured, subject to complefion of the remaining documentafion and implementation formalities, with only a limited number of financing facilities remaining under negotiation or resolution.

This represents a major milestone achieved by the Company in its ongoing financial restructuring efforts. The Board and management remain committed to maintaining sound governance and financial discipline with a view to strengthening the Company's financial posihon.

This disclosure is being made for information of the members and the general public in compliance with the applicable legal and regulatory requirements.

You may please inform the TRE Certificate Holders of the Exchange accordingly. Yours sincerely,

For and on behalf of

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> KARACHI 4

Hascol Petroleum Limited

Ummad Ahmed Tanwri Company Secretary

Copy to:

Securities & Exchange Commission of Pakistan Islamabad