Charging Policy for Cross Currency Payments Using "AFAQ" Service

Amendment SAMA may amend, replace or supplement the contents of this Charging Policy as it deems fit; in consultation with Participants. Such amendment will be duly notified to Participants. 2.6 Compliance Each Participant will comply with this Charging Policy. 3. Service & Transaction Fees 3.1 Participant Membership Fee SAMA will charge an annual charge of SAR 50,000.00 to cover the expenses incurred in regards to operating & maintaining the Service. 3.2 Discounted Participant Membership Fee Participants joining AFAQ within the first 6 months after completion of the Pilot Phase will receive a 50% reduction on the Participant Membership Fee. During the discount period of 6 months, the amount of the Participant Membership Fee will be calculated as 1/12th of the annual fee for each month or part thereof from the date of joining. From the start of the seventh month after completion of the Pilot Phase, Participant Membership Fee will revert to the full annual charge of SAR 50,000.00 3.3 Transaction Fees A fee of SAR 12.00 will be charged for each payment message sent by the Participant. 3.4 Discounted Transaction Fees No transaction fees will be charged during the Pilot Phase. For a period of 6 months from the completion of the Pilot Phase, a discount on the transaction fees will apply resulting in a fee of SAR 10.00 to be charged for each payment message sent by the Participant. From the start of the seventh month after completion of the Pilot Phase, transaction fees will revert to SAR 12.00 for each payment message sent by the Participant. 4. Exceptional and Penalty Fees Penalty fees and charges intended to encourage best practices and to ensure the smooth operation of the Service will be charged to Participants who fail to meet the required standards. These Exceptional and Penalty fees aren't expected to yield any significant income to SAMA, as Participants can avoid such charges by adopting the best practices, which this type of fee is intended to promote. 4.1 Cut-off time extension When a Participant wishes to have the cut-off time on any day extended, a formal request must be submitted to SAMA by whatever communication facility is agreed with SAMA at the time. Such requests should be sent to SAMA as early as possible. If the request is approved by SAMA, a penalty fee will be charged to the Participant requesting or causing the cut-off time extension. The amount of the fee payable will be SAR 25,000.00 for each period of 30 minutes by which the cut-off time is to be extended.