ADVANCE PAYMENT GUARANTEE

To:
Ibrahim Fibres Limited Issuance Date: 00 April 2023
1-Ahmad Block New Garden Town Expiry Date: November 30, 2024
Lahore Guarantee No. 2517000000/04/2023
Guaranteed Amount: PKR 36,000,000.00

WHEREAS M/s IBRAHIM FIBRES LIMITED ("Company") issued Letter of Intent (LOI) dated March 16, 2023 to Reon
Energy Limited ENERGY LIMITED ("Reon Energy Limited") for the supply of 2,411.08 KWP Solar Power Plant
(including supply of solar panels, inverters, mounting GI structure, DC cables, cable trays etc., basic & detail engineering,
installation, commissioning, with No Product Liability , Warranty, Quality & Guarantee on the terms and conditions set
forth in this LOI and further to be agreed in a contract intended to be executed between the Company and Reon Energy
Limited shortly.

AND WHEREAS in anticipation of the contract being concluded:

1. The parties have agreed that the Company shall provide an advance payment of PKR 36,000,000.00 (In Words:
Rupees Thirty Six Million Only) (the "Advance Payment") to Reon Energy Limited;
2. Reon Energy Limited has agreed to provide an advance payment guarantee in the Company's favor in order to
secure the Advance Payment.

AND WHEREAS we, namely, EFU Insurance company (the "Guarantor") unconditionally, irrevocably guarantee to pay
the Company on behalf of Reon Energy Limited, upon the Company's first demand the amount stipulated by the Company
not exceeding PKR 36,000,000.00 (In Words: Rupees Thirty Six Million Only).

NOW THEREFORE we, the Guarantor, hereby irrevocably and unconditionally and without having any prior recourse to
Reon Energy Limited undertake and guarantee as follows:

1. We hereby irrevocably and unconditionally guarantee and undertake to immediately pay within 7 working days
the Company without any prior recourse or prior reference to Reon Energy Limited, the sum of PKR
36,000,000.00 (In Words: Rupees Thirty-Six Million Only) upon the Company's Request of Payment ("ROP"),
without any prior objections whatsoever.
 P A G E - 02

Issuance Date: 00 April 2023

Expiry Date: November 30, 2024
Guarantee No. 2517000000/04/2023
Guaranteed Amount: PKR 36,000,000.00

2. Immediately upon receipt of the ROP we shall pay the amount stipulated without any demur, delay or prior
reference to Reon Energy Limited. Further, we will not deduct any charges from the amount of claim to be paid
on account of our commission, miscellaneous charges, fee etc.

3. The Scope of this guarantee does not cover any item in the Phase of import, therefore, it will only be valid once
items are supplied in the custody of the Contractor

4. This guarantee will expire on November 30, 2024 and any ROP there under must be received on or before this
date. The ROP under this guarantee must be lodged by you with us on or before expiry failing of which this
guarantee become null and void.

5. The beneficiary of the guarantee is required to immediately give notice of any claim with evidence to the
guarantor in case of non-performance on part of the contractor on or before the expiry date of the guarantee".

EFU GENERAL INSURANCE LIMITED

(Corporate Division), 2nd Floor, EFU House,
M. A. Jinnah Road, Karachi.
Phone # :32313471-90
Fax # :92-21-32311668
E-mail address: corporate@efuinsurance.com

Disclaimer: "The guarantee/bond issued shall not be construed as bank guarantee issued by commercial banks and the
guarantee/bond shall be claimable in accordance with the terms and conditions provided hereunder".

This guarantee shall remain in force from 20th March 2023 to 30th November 2024 for which is earlier.

IN WITNESS WHEREOF, the Guarantor has set out hands to this deed of guarantee on this dated 00 April 2023.