January 17, 2003

PLEDGE AGREEMENTThis Agreement is executed at Lahore on this 30th day of June, 2014 by and between:

1.BANKISLAMI PAKISTAN LIMITED, having its registered office at 11th Floor, Executive Tower, Dolmen City, Marine Drive Block # 4 Clifton Karachi, through its branch Office 174-Ferozpur Road Lahore (hereinafter called "the Bank" which expression shall mean and include wherever the context so admits its successors-in-interest and assign);

AND

M/s JDW Sugar Mills Limited, through authorized person(s) having registered office at 17-Abid Majeed Road, Lahore Cantt (hereinafter referred to as "theCustomer" which expression shall mean and include wherever the context so admits his successors- in-interest and legal representatives) of the second part and also (hereinafter referred to as "the Pledgor" which expression shall include their respective successors-in-interest and legal representatives) of the third part.

WHEREAS:

a)At the request of the Customer, the Bank has extended finance or other banking facilities to the Customers under agreements executed or to be executed (such facilities shall hereinafter be referred to as "the Financial Facilities", up to the aggregate limit of Rs. 300,000,000/- (Rupees Three Hundred Million only).b)The Pledger has agreed to pledge the stocks of sugar ( with 10% margin amounting to Rs.334,000,000/- (Rupees Three Hundred Thirty Four Million Only)described in the Schedule hereto (hereinafter referred to as ("the Pledged Goods"), to secure payment of the aforesaid amounts to the Bank in accordance with the terms of the Agreements.

NOW, THEREFORE, this Agreement witnesses as under:

1.That the Bank, at the request of the Customers, has extended and/or agreed to extend Financial Facilities upto the aggregate limits of Rs. 300,000,000/- (Rupees Three Hundred Million only) as set out against the name of the Customer.

2. The Pledger has deposited the white refined sugar with the Bank by way of pledge lying in the custody of customer at premises situated at ________________________________________________________________________, 3.The Pledger shall, at all times, be bound to ensure that the quantity of the white refined sugar is at least 10% more than the amount owned by the Customer to the Bank at any time.

4. The white refined sugar will be valued on the basis of Valuation report of approved valuator of bank before facility is released. If the total Quantity of the white refined sugar falls below the 10% margin required herein the Pledger shall be bound (without being called upon by the Bank to do so) to pledge additional white refined sugar with the Bank immediately so that the margin stipulated herein is maintained. If the Pledger fail to maintain the said margin, then the Bank shall have the right to sell the Goods without notice to the Pledger.

5. The Bank shall have the absolute right to sell the stock without notice to the Pledger if the above referred amount, is not paid by the Customer within the time stipulated in the Agreements.

6. Notwithstanding anything to the contrary contained herein, the Bank (without assigning any reason therefore) shall have the right to demand immediate redemption of the Goods by payment of the entire amount owned by the Customers either of them at the time of the demand, and in such event, the Bank shall have the right to sell the entire stock of goods or any part thereof, without further notice, if the Pledger fail to redeem the as aforesaid, on demand.

7. The Pledger agree and declare that the Bank is fully authorized (but not bounded) to sell or otherwise dispose off the Stock of Goods or any part thereof, through any recognized Trade, or by private contact in such manner and upon such terms and subject to such conditions as the Bank may deem fit, without any reference or notice to the Pledgor. The proceeds of such sale or disposal shall first be applied towards payment of all costs, charges and expenses of and incidental to such sale or disposal, and secondly towards payments of the above referred amounts.

8. The Pledger agree that the security hereby created is a continuing security for any monies from time to time due or owing from the Customers to the Bank in respect of or arising from the Financial Facilities and shall extend to and cover any renewals, modifications or extensions of the Financial Facilities as well as any further and new financial facilities granted to the Customer by the Bank or agreed to be granted by the Bank and shall terminate only if the Bank discharges the Pledger from their obligations hereunder in writing.

9. Any further document or writing required to give validity to, or to carry into effect this Agreement, or to complete the transfer of vesting of the Stock/Goods in the Bank or in any third party selected by the Bank or to ensure to the Bank the full benefit and advantage of tile security created by the pledge of and any other or further stamp duty requisite for that purpose will be signed and paid by the Pledger on demand.

10. The Pledger also expressly declares and record that either one of the persons comprising the Pledger shall be entitled to receive back the Goods from the Bank upon redemption of the same and a receipt issued by anyone of such persons shall constitute effective discharge for the Bank.

11.The Pledger undertake and agree to indemnify, defend and hold the Bank harmless of and from any claims, expenses, costs, causes of action, liabilities, losses or damages of any nature whatsoever arising out or in connection with holding and enforcing the security hereby created.

IN WITNESS whereof the parties hereto have signed this Agreement on the day and year first above mentioned.

_______________________

___________________________

For and on behalf of:

For and on behalf ofM/s JDW Sugar Mills Limited

BANKISLAMI PAKISTAN LIMITED WITNESSES:

1.______________________

Signature:

Name:

C.N.I.C.No.

Address:

2.________________________

Signature:

Name:

C.N.I.C.No.

Address:

SCHEDULE OF THE _PLEDGED GOODS''*Description

Quantity in No.s

Value in Rs.

White refined sugar

_______________

TOTAL

As per Stock report submitted by muccadum in terms of pledge

_________________________________________________M/s JDW Sugar Mills Limited ( The Pledger)