arantee/Stdby Letter Cre(09/08/19-07:56:47 ——BOLLOWING RECEIPT OF THE BENEFICIAR 5401-092668 2 SRYS FIRST DEMAND FOR PAYMENT FOR AN AMOUNT NOT EXCEEDING IN AGGREGATE, THE AGGREGATE TOTAL AMOUNT. THE DEMAND MUST BE IN THE FORM OF AN AUTHENTICATED SWIFT RECEIVED AT THE BANK’S SWIFT ADDRESS, QUOTING OUR LETTER OF CREDIT NUM D STATING THAT ‘'THE BORROWER HAS FAILED TO HONOUR TTS OBLIGATION IN THE REIMBURSNENT OF THE CONTRACT OF TERM LOAN SIGNED ON 24TH OF JULY 2019 THE CLAIM RESPECT OF LOAN AGREEM IN WHICH THIS STANDBY IS IDENTIFIED BY ITS LETTER OF Cl ER, AND INCORPORATING Your CERTIFICATION (NITH RELEVANT BLANKS COMPLETED) THAT THIS DRAWING UNDER STANDBY LETTER OF CREDIT No. QD IN THE AMOUNT. USD QUEM | GHEREINAPTER REFERRED THE DRAWING AMOUNT! ') IS MADEN RESPECT OF AMOUNTS DUE AND PAYABLE TO THE Sree baggies 8 RESPECT OF ION EXTENDED 70 2, THIS STANDBY SETS FORTH THE TERMS AND CONDITIONS OF THE BANK’ S UNDERTAKING AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED OR AMPLIFIED BY REFERENCE TO ANY OTHER DOCUMENT, INSTRUMENT, CONTRACT OR AGREEMENT REFERRED TO HEREIN OR TO WHICH THIS STANDBY RELATES AND ANY SUCH REFERENCE TO ANY OTHER DOCUMENT, INSTRUMENT, CONTRACT OR AGREEMENT SHALL NOT BE DEEMED TO BE INCORPORATED HEREIN BY REFERENCE. 3. THIS STANDBY SHALL EXPIRE ON 31ST OF JULY 2020 (HERI REFERRED AS '/THE EXPIRY DATE’’). THIS STANDBY WILL AUTOMATICALLY EXTEND WITHOUT ANENDMENT FOR SUCCESSIVE PERIODS OF ‘ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRY DATE, UNLESS TH! BANK NOTIFIES THE BENEFICIARY IN WRITING, NOT LESS THAN 90 DAYS PRIOR TO ANY SUCH-EXPIRY DAT2 THAT WE HAVE ELECTED NOT TO EXTEND SUCH EXPIRATION DATE OF SUCH ADDITIONAL PERIOD. UPON RECEIPT BY HE BENEFICIARY MAY DRAd HEREUNDER FOR AN UNUSED BALANCE OF THIS STANDBY BY (AFTER ARY’S TATEMENT QUOTING THE BENEFICIARY’ S OF CREDIT NUMBER ‘AND STATING THAT THE FUNDS WILL BE RETAINED AND USED BY The BENEFICIARY TO MEET ANY BORROWERS OBLIGATION(S) HEREUNDER AND FURTHER, THAT IN THE EVENT THE OBLIGATION(S) ARE SATISFIED, THE BENEFICIARY WILL REFUND TO THE BANK THE AMOUNT PAID BY THE BANK TO THE BENEFICIARY HEREUNDER 4, THIS STANDBY IS SUBJECT TO ISP98 INTERNATIONAL CHAMBER OF CONMERCZ, PUBLICATION NO. 590 AND FOR ANY MATTERS NOT ADDRESSED BY ISP98'SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH ENGLISH LAWS AND ALL PARTIES HERETO THAT ANY DISPUTZS ARISING OUT OF AND IN RELATION TO THIS STANDBY SHALL BE SUBJECT 70 EXCLUSIVE JURISDICTION OF ENGLISH COURTS IN LONDON, ENGLAND 5. ISSUER'S CHARGES AND FEES FOR ISSUING, AMENDING, OR HONORING THIS STANDBY ARE FOR APPLICANT’S ACCOUNT AND SHALL NOT BE DEDUCTED FROM ANY PAYMENT ISSUER MAKES UNDER THIS STANDBY. 6. ANY DEMAND MADE UNDER AND IN COMPLIANCE WITH THE TERMS AND. CONDITIONS OF THIS STANDBY WILL BE DULY HONORED IF RECEIVED AT THE BANK’S ABOVE-MENTIONED SWIFT ADDRESS ON OR PRIOR TO THE EXPIRY DATE OF THIS STANDBY. 7, THIS GUARANTEE IS FOR THE SOLE BENEFIT OF THE BENEFICIARY AND § THUS NOT NEGOTIABLE OR TRANSFERABLE BANK WILL PAY ON DEMAND UNDER THE STANDBY WITHOUT REGARD NY CLAIM OR DISPUTE OF ANY NATURE WHICH ANY PARTY MAY ALLEGEZEMEBTAAMegPrn-6401-092669 WITHOUT VERIFYING: THE VALIDITY OR AUTHENTICITY OF THE DEMAND RECEIVED IN (2 TERMS AND CONDITIONS OF THE STANDBY, OR 08/08/19-07 faa BORROWER’S ALLEGED NON-COMPLIANCE WITH THE TERM LOAN AGREEMENT OF ETB IGNED ON THE 24TH OF JULY 2019'" THE CORRECTNESS OF THE AMOUNT(S) DEMANDED. ANY FURTHER CORRESPONDAN Mi 8.3 REGARDING THIS MESSAGE MUST RATIVELY BEAR OUR FULL REFERENCE: QED BEST REGARDS SARANTIES INTERNATIONALES / D.PREU une - Message Trailer - (CHK: 18565F002FF6) PRI Signature: MAC-zquivalentZemen ZEMEN BANK S.C a BANK Inter-Departmental Memo Date: 12 August 2019 To: Michael Tsegaye A/ Director — CIB From: Biniyam Abraham A004 Director: International Banking Department Subject: Foreign Guarantee for f flet Malt Ethiopia S.! This refers to Credit Lyonnais Limited Liability Company’s guarantee Ref. 19CL.1247 for USD 4,234,914.00 issued in our favor to be used as collateral for the Term Loan (ETB 105,000,000.00) which will be granted to Soufflet Malt Ethiopia S.C. We confirm the attached SWIFT is original and authenticated and the contents are also acceptable and strictly advise you to lodge your claims, if any, to our department 15 (Fifteen) days before the expiry date of the guarantee.