Charging Policy for Cross Currency Payments Using "AFAQ" Service

Late Return of Payments The Operating Rules specify latest times governing the return of payments by a Receiving Participant. If the payment is returned after the specified time, a penalty fee of SAR 100.00 will be charged for the late return of payment. SAMA may levy an additional charge based on the amount of the payment returned. Any Participant that receives a Return Payment later than that set out in the operating Rules shall forward the details to SAMA. 5. Payment of Invoices Invoices will be issued by SAMA to Participants in respect of AFAQ as follows: • Transaction Fees will be invoiced to Participants on a monthly basis. • Participant Membership Fees will be issued to Participants yearly in advance. During the 6 month discount period set out in Section 3.2 above, invoices for Participant Membership Fees will be issued at the time of joining. • Exceptional & Penalty Fees will be charged to Participants on a case-by-case basis. All fees are payable within 10 business days of receipt of the relevant invoice by the Participant. If the designated fee is not paid within 10 business days, A penalty fee of SAR 1,000.00 will be charged for late payment. 6. FX Margin Given the fact that the FX Rate is guaranteed by the respective central banks during the daily operations of AFAQ & taking into consideration that Participants wouldn't incur FX rate risk, cost of funding foreign currencies or other costs associated with the conventional correspdent banking model, No FX margin may be applied. 7. Fees charged to Customers Whilst a Participant opting for charging fees to remitters is urged to set discounted & competitive fees with the aim of encouraging the use of the Service & in alignment with the Banking Tariff communicated by SAMA, the tariff which may be charged to a Customer by a Participant for sending a cross currency payment using AFAQ Service must not exceed the allowable maximum fee for cross border transfers as illustrated in the Banking Tariff ; as amended from time to time. 8. Other Exceptional and Penalty fees SAMA may charge additional appropriate penalty fees where there is, • A breach of the Operating Rules, • Non-compliance with any of the timings set by SAMA in the Daily Business Cycle, • Contravention of any of the conditions stated in this Charging Policy, or, • Any other circumstances that SAMA deems to be not in the best interest of the smooth functioning of the Service. Appendix 1 Service Fees Fee Type Fee Scale Pilot Phase Discount Period of 6 Months After The Discount Period And Subsequent Years * Participant Membership fees OSAR SAR 25,000.00 (1/12th for each month or part thereof) = 12,500.00 SAR SAR 50,000.00 Transaction Fees Fee Type Fee Scale Pilot Phase Discount Period of 6 Months After The Discount Period And Subsequent Years *Transaction fees OSAR SAR 10.00 per payment message SAR 12.00 per payment message Appendix 2 Exceptional & Penalty Fees Penalty Type Fees Scale Participant who returned the payment ,late 100.00 SAR per payment message Participant requests to have the cut-off time on any day extended 25,000.00 SAR for each 30 minutes extension A breach of the Operating Rules. Penalty amount will be determined by SAMA Non-compliance with any of the timings set in the Business Day Timetable. Contravention of any of the conditions set out in the Charging Policy. Any other circumstances that SAMA deems to be not in the best interests of the smooth functioning of the Service.