PRELIMINARY INFORMATION AND GENERAL TERMS AND CONDITIONS APPLICABLE TO PAYMENT TRANSACTIONS

ONE.- About RIA

Ria Payment Institution E.P., S.A.U. (hereinafter, "RIA"), with registration number (CIF) A- 80696792 and head office located at Calle Cantabria 2, 28108, Alcobendas, Madrid (Spain) is authorised by the Ministry of Economy and Treasury of Spain as a Payment Institution since 28 July 2011 and is authorised to provide payment services in the Netherlands through its payment services agents in the Netherlands. RIA holds license number 6842 with Bank of Spain (RIA's license details can be accessed at www.bde.es ). RIA may be contacted by post at its head office address indicated herein, by phone (+34 91 7613760) or by email at TitularServicioCliente@riafinancial.com.

The purpose of these General Terms and Conditions is to establish the rights and essential obligations between RIA and its customers in the provision of payment services regulated in the Dutch Civil Code (Burgerlijk Wetboek, "DCC"), the Dutch Financial Supervision Act (Wet op het financieel toezicht, "DFSA") and Money Laundering and Terrorist Financing (Prevention) Act (Wet ter voorkoming van witwassen en financiering van terrorisme, "AML Regulations") to allow the execution of payment transactions by signing, where appropriate, the respective individual contracts establishing the specific conditions applicable to the specific payment service in question (hereinafter, the "Individual Payment Orders").

TWO.- Definitions

The following terms used throughout these Terms and Conditions shall have the meaning and scope indicated below:

"Beneficiary" means a Customer intended to receive funds from a Sender;

"Business Day" means any day on which, for the purposes necessary for the execution of a Payment Transaction, the Sender's or Beneficiary's payment service provider involved in the execution of the Payment Transaction is open for business;

"Customer" means (i) in the context of a "consumer",  a natural person who, in payment service contracts, acts for purposes unrelated to his economic, commercial or professional activity; and (ii) in the context of a "Non-consumer", a natural or legal person who, in payment service contracts, acts in the development of his economic, commercial or professional activity;

"Money Remittance"” means a payment service that allows funds to be received from a Sender without creating a payment account in the name of the Sender or the Beneficiary, for the sole purpose of transferring an equivalent amount to a Beneficiary or to another payment service provider that acts on behalf of the Beneficiary, or funds to be received on behalf of the Beneficiary and making them available to the Beneficiary;

"Payment Transaction" means an action, initiated by the Sender or by the Beneficiary, as the case may be, consisting of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the Sender and the Beneficiary; and

"Sender" means a Customer who gives a Payment Transaction instruction for the payment of funds to a Beneficiary.

THREE.- Scope of application

These General Terms and Conditions apply to the following payment services that are provided in the territory of the Netherlands:

·         Money Remittance.

FOUR.- Actions of the Customers

When contracting any product or service associated with Payment Transactions, the Customer shall be considered a "consumer" or "non-consumer" as provided by applicable regulations, including without limitation the DFSA.

FIVE.- Information obligations prior to the issuance of a Payment Transaction

The information that the Sender must provide to RIA, as determined by RIA from time to time, includes without limitation the following:

5.1 Costumer due diligence

Sender

Natural persons: Full name, surnames, valid and in force identification number (residence card, ID card, passport or valid and in force identification document of the country of origin that includes photograph and signature), nationality, profession, date of birth, valid postal address, telephone and purpose for which the Payment Transaction is made.

Legal persons: Deed of incorporation, Articles of Association, Certification of the Companies Registry, Corporation Tax Code. When beginning the relationship, information will be requested on the shareholding and control structure of the company.

In the event that the Sender acts through an agent or representative, a copy of the original identification document of the Sender must be submitted, an original identification document of the representative and a document proving the current power of attorney of the representative.

Beneficiary

Full name, surnames and payment account number (for bank deposits available through RIA).

Enhanced due diligence measures for the identification and better knowledge of the Customers will be performed in case of (i) Payment Transactions are agreed upon non-face-to-face or (ii) a client residing in a third-country jurisdiction. Furthermore, an enhanced due diligence will be performed in a Payment Transaction of which the amount, either individually or accumulated in each calendar quarter, exceeds EUR 2,000 or for any other amount and period determined by RIA from time to time.

5.2 Record-retention

In accordance with Section 33 of the AML Regulations, RIA will store the information on and copies of the identification documents of the Customers for a period of five years after the end of the business relationship with its Customers or after the date of an occasional transaction in optical, magnetic or electronic format to guarantee its integrity, the correct reading of the data, the impossibility of its manipulation and its adequate conservation and localisation.

The amount payable by the Customer for a Payment Transaction shall be credited into a bank account held by RIA if so directed by RIA.

5.3 Verification of data relating to Sender

The Sender undertakes to verify the accuracy and integrity of the data relating to the Payment Transactions it orders RIA to perform the execution of any of the payment services described in Section Three of these Terms and Conditions, especially as regards the identification details of the Beneficiary and the economic terms of the Individual Payment Order, an order that will have a unique number for future tracking or a unique identifier. Such Individual Payment Order together with these Terms and Conditions form, for the purposes of the DCC, the individual contract that will govern that Payment Transaction.

When a Payment Transaction is executed in accordance with the instructions received from the Sender and recorded in the Individual Payment Order, it will be considered to have been correctly executed in relation to the specified Beneficiary. Therefore, should any of the data provided by the Sender be incorrect, RIA will not be liable for the non-execution or defective execution of the Payment Transaction. However, RIA shall make reasonable efforts to recover the funds involved in the Payment Transaction, provided that the Beneficiary’s payment service provider shall cooperate in those efforts.

In the event that you have at any time selected digital delivery of your receipt, you can select to change this option to receive your receipt in paper form at the time of submitting an Individual Payment Order.

SIX.- Expenses and applicable fees

6.1 Expenses applicable

For RIA's provision of payment services, including Money Remittance, the Customer, whether acting as Sender or as a Beneficiary, must pay RIA the expenses and commissions applicable to the Payment Transaction in question in accordance with the settlement that is carried out in the Individual Payment Order.

The Beneficiary of a Payment Transaction will be paid the full amount of the Payment Transaction as recorded in the Individual Payment Order delivered to the Sender, after deduction of, if applicable, any expenses and taxes that may have been applicable to the Payment Transaction in the destination country and as recorded in the Individual Payment Order.

The expenses and commissions accrued in favour of the payment service provider of the other party involved in the Payment Transaction will be borne by the latter, so that the Beneficiary must only bear those expenses that were required, as the case may be, by the payment service provider in destination.

For Payment Transactions in which the Customer is the Beneficiary, RIA may deduct its expenses from the amount transferred before paying it, except for those Payment Transactions initiated through RIA, in which case the full amount of the Payment Transaction will be paid, without any deduction.

In the event that three (3) months have elapsed since the receipt of funds for Payment Transactions without the payment order having been executed and the funds being returned to the Sender, RIA may charge a monthly fee to said funds for the purpose of managing the balance.

Information regarding the Terms and Conditions for RIA's provision of payment services, including Money Remittance, is provided free of charge to the Customer. However, RIA may pass on to the Customer the expenses caused by the revocation of Payment Transactions and those that arise from the recovery of funds for Payment Transactions with an incorrect beneficiary identifier.

6.2 Currency conversion

The exchange rates applicable, as the case may be, to the currency conversion implicit in the Individual Payment Order will be made available to Customers along with the commissions applicable to the Payment Transaction from time to time and will be accepted by the Customer with the signature of each Individual Payment Order.

SEVEN.- Consent, irrevocability and cancellation of Payment Transactions.

7.1 Consent

The consent of the Sender to the execution of a Payment Transaction is provided by signing the corresponding Individual Payment Order.

The Customer shall notify RIA without undue delay on becoming aware of the loss or unauthorised use of the document evidencing the Individual Payment Order. RIA is not liable for the loss or misuse by the Customer of the document evidencing the Individual Payment Order as provided by RIA.

7.2 Irrevocability

The Sender may not revoke a Payment Transaction order after it has been received by RIA and it has been sent to the paying service provider.

When the Payment Transaction has been initiated by or through the Beneficiary, the Sender may not revoke the Payment Transaction once the Payment Transaction or consent to the Payment Transaction has been transmitted to the Beneficiary.

7.3 Cancellation of Payment Transactions

The Sender may withdraw consent at any time prior to the dates of irrevocability indicated above. RIA may charge expenses for the revocation of the Sender's consent as agreed with the Sender for any Individual Payment Order.

Payment Transactions may not be executed if (i) the Sender was unable or refused to provide the required information and/or documentation, (ii) this was necessary under the internal control procedures of RIA or (iii) this is in compliance with applicable laws and regulations. In the event that RIA rejects the execution of a Payment Transaction, it will notify the Sender of said refusal and, if possible, the reasons for it, as well as the procedure to rectify possible errors that led to such refusal, unless any applicable law or regulation prohibits such notification.

When a Sender wishes to cancel a Payment Transaction in person, he/she must appear at the establishment where he/she ordered it with the respective Individual Payment Order receipt. Only after verifying that the Payment Transaction has not been paid at the destination country to a Beneficiary, RIA shall proceed with the cancellation.

If a Payment Transaction is cancelled, RIA will reimburse the funds to the Sender through the agent, through its own RIA store/s or through a deposit into the Sender's bank account.

EIGHT.- Execution of payment transactions

8.1. Receiving Payment Transactions

The time of receipt of a Payment Transaction is the date at which the Individual Payment Order is received by RIA. If the time of receipt is not a Business Day for RIA, the Payment Transaction will be deemed to have been received the following Business Day.

Payment Transactions will be executed when the Sender has placed sufficient funds at the disposal of RIA.

RIA reserves the right to refuse the execution of a Payment Transaction if, prior to the execution of a Payment Transaction, the Sender does not provide RIA with all funds, including when the Sender initiates the Payment Transaction by means of a payment card. In the event that RIA rejects the execution of a Payment Transaction, it will notify the Sender of said refusal and, if possible, the reasons for it, as well as the procedure to rectify possible errors that led to such refusal, unless any applicable law or regulation prohibits such notification.

Payment Transactions rejected will not be considered as received for the purposes of Section 8.2, below.

8.2. Term of execution and value date

a) Scope of application. It is expressly agreed that the provisions regarding the execution period and value date will only be applied to Payment Transactions (i) made in euro or (ii) involving only one currency conversion between the euro and the currency of an EU Member State outside the euro area provided that (i) the required currency conversion is carried out in the EU Member State outside the euro area concerned and (ii) in the case of cross-border payment transactions, the cross-border transfer takes place in euro.

b) Payment Transactions in which the Customer is the Sender. In relation to Payment Transactions in which the Customer acts as Sender, RIA will ensure that the amount of the Payment Transaction is paid into the account of the Beneficiary's payment service provider, at the latest, at the end of the Business Day following the time of receipt of the Payment Transaction order. If the time of receipt is not a Business Day, the Payment Transaction will deemed to have been received during the following Business Day. These terms will be extended by one Business Day in the case of Payment Transactions processed on paper.

c) Payment Transactions in which the Customer is the Beneficiary. In case of Payment Transactions in which the Customer is the Beneficiary, RIA will make available the funds of the Payment Transaction no later than the Business Day on which the funds of the Sender's payment service provider have been received.

Payment Transactions involving payment service providers located outside the European Union or being executed in a currency other than a currency of a Member State of the European Economic Area are not subject to the above provisions regarding execution date and value date unless otherwise provided herein. In these cases, the execution deadlines will depend on the Beneficiary's payment service provider, with RIA undertaking to perform the transaction (only as the Sender's payment service provider) within a maximum period of three Business Days from the Business Day following the receipt of the Payment Transaction order.

8.3. Safeguarding

In the event that funds received from Senders or received through another payment service provider to be paid to the Beneficiary are in RIA's possession at the end of the Business Day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or shall be invested in secure, liquid low risk assets as established by applicable laws and regulations.

8.4 Staged Sending Service

RIA may make the Staged Sending Service available to those Senders who wish to use that service. By means of this service, Senders can use the RIA application (available for iOS and Android) to execute Payment Transactions in which the transaction is configured and subsequently, once the Payment Transaction is configured, is paid via cash or credit card on the same business day to an RIA agent who has available the Staged Sending Service.

In order to use the Staged Sending Service, Senders must, after downloading the RIA application, proceed to be registered in the application by providing the personal information required by RIA at any given moment. Said information may contain, among others, the Sender's name and surnames, email address, the Sender's nationality, date of birth, profession, recommendation code or telephone number. Furthermore, to initiate the configuration of any Staged Sending Service Payment Transaction through the RIA application, it will be necessary to furnish all the required details of the transaction as well as of those Beneficiaries to whom it is wished to send a money remittance, including but not limited to the country to which the funds will be sent, the Beneficiary's details (name, surnames, nationality and/or identification document etc.), the amount to be sent (in Euros), the amount to be received by the Beneficiary (in the designated local currency), the manner of receipt by the Beneficiary (which shall include those entities which can execute the payment to the designated Beneficiary in the country where the Beneficiary receives the funds) or the method of payment of the Payment Transaction by the Sender. The Sender may cancel the Payment Transaction during its configuration. On the basis of the information provided during the configuration of a Payment Transaction, RIA will indicate to the Sender the cost of the Payment Transaction prior to the Sender proceeding to the validation of the Payment Transaction.

During the registration process in the RIA application and the configuration of any Payment Transaction, RIA may require the Sender to verify the mobile device from which he/she is operating, by sending a SMS to the mobile phone furnished in order to be entered in the corresponding boxes provided by RIA within the application. In either event, prior to executing any Payment Transaction, the Sender must accept the privacy policy and the Terms and Conditions. RIA will save by default those Beneficiaries included by the Sender. Once the Payment Transaction has been configured and validated by RIA and the Sender, the latter will receive a barcode identifying the newly configured Payment Transaction. Subsequently, the Sender will be able to access the list of RIA agents in the application where he/she will be able to disburse the funds of the payment transaction. In either event, RIA will indicate to the Beneficiary the amount to be paid in the local currency and the amount to be received by the Beneficiary at destination, with a breakdown in the former instance of the costs of the Payment Transaction that RIA will charge the Sender. To execute the Payment Transaction, the Sender must visit an authorised RIA location of its agent network which provides the Staged Sending Service, show the barcode of the Payment Transaction and his/her valid and in force identification document in accordance with the applicable regulations at any given moment. Once the RIA agent validates all this information, the agent will confirm to the Sender that he/she may proceed to pay the Payment Transaction. Once paid, the Sender will receive a receipt for the Payment Transaction from the agent or will receive the receipt via the RIA application. In those cases where the agent so requests, the Sender must proceed to sign the Payment Transaction receipt. In those cases where RIA provides an electronic receipt, the Sender will not be required to sign a receipt and will only receive a cash receipt from RIA's agent and the Sender must access the RIA application if he/she wishes to access the Payment Transaction receipt. All Staged Sending Service Payment Transactions, once validated and consent granted via the RIA Application, must be paid on the same business day before 11.59 p.m. In the event that the Payment Transaction is not paid by the Beneficiary the transaction will be automatically cancelled. RIA recommends Senders to check the agent's opening hours prior to visiting an agent.

NINE.- Payment Transactions involving currency conversion and currency exchange services

RIA will make available to its Senders the currency exchange rates applicable to Payment Transactions. In any event, the exchange rates shall be communicated to Senders prior to the Sender´s acceptance to issue a Payment Transaction order and will be included in the Individual Payment Order that lincludes the settlement thereof.

Payment of the amount to the Beneficiary of the Payment Transaction ordered by the Sender will be made in the currency and through the payment method available through RIA (for example in cash or by crediting Beneficiary's bank account) as agreed between RIA and the Sender. If the Beneficiary agrees with its payment service provider to convert the payout amount into a different currency or change the payment method, such transaction shall be separate and apart from the Payment Transaction sent by RIA, and solely between the Beneficiary and its payment service provider.

At any event, RIA reserves the right to reject any Payment Transactions that, in accordance with its internal regulatory controls, requires additional verifications and prevents the immediate execution thereof.

TEN.- Payment Transactions not authorised or executed improperly

When the Customer is aware that an unauthorised or improperly executed Payment Transaction has taken place, it must communicate this fact without undue delay on becoming aware of any such transaction giving rise to a claim to RIA (RIA's Customer Service Contact details are set out below in Section 12.1) in order to proceed with the correction within a maximum period of thirteen (13) months from the debit or payment date, as the case may be, of the amount of the Payment Transaction. The Customer may be required to provide information pertaining to the Payment Transaction and/or any other information determined by RIA for identification purposes.

The term of thirteen 13 months does not apply in those cases in which RIA has not provided or made available to the Customer the information corresponding to the Payment Transaction.

When RIA acts as payment service provider of the Sender, RIA will refund the amount of the unauthorised Payment Transaction to the Sender immediately, and in any event no later than by the end of the following Business Day, after noting or being notified of the transaction, except where RIA has reasonable grounds for suspecting fraud and communicates those grounds to the relevant national authority in writing.

ELEVEN.- Data Protection

RIA´s Privacy Policy (available by clicking on the “Privacy Policy” link on www.riamoneytransfer.com) sets out the terms on which RIA processes and protects any personal data collected from Customers, or that Customers otherwise provide or have provided to RIA. Customers acknowledge that they have read and understood the Privacy Policy.

TWELVE.- Complaints and applicable legislation

These General Terms and Conditions and Individual Payment Orders are governed by the applicable Dutch laws and regulations.

The language applicable to the contractual relationship between RIA and the Customer is Dutch and/or English.

12.1 Internal procedure

RIA CUSTOMER SERVICE:

Kinkerstraat 376, Amdterdam, NH 1053 GJ
Tf +31 20 820 1756
E-mail eurocs@riafinancial.com

Customers must submit their complaints, in writing (i) in person at any of the offices of RIA PAYMENT INSTITUTION, E.P., S.A.U; (ii) by post to the attention of the Customer Service Representative of RIA PAYMENT INSTITUTION, E.P., S.A.U., Calle Cantabria 2 - 2º, A - 1, 28108, Alcobendas, Madrid (Spain); or (iii) by e-mail to TitularServicioCliente@riafinancial.com.

The Customer Service Department will reply to the complaints submitted by Customers within a maximum period of fifteen (15) Business Days of receipt of the complaint, unless for exceptional circumstances (to be notified by RIA to the Customer within such period) the deadline of the final reply needs to be extended to no more than one (1) month from the receipt of the complaint.

12.2 Complaint handling institution for consumers

In the event that the complaint filed with the Customer Service Representative of RIA was rejected or the above mentioned period to reply has elapsed without the aforementioned Customer Service Department having answered, the Customer (i) (being a consumer) may submit its claim to the Kifid (through the Claims Department) by post to Kifid, Postbus 93257, 2509 AG, Den Haag, the Netherlands; or by e-mail to consumenten@kifid.nl; or (ii) (being or not a consumer) may submit its claim to Banco de España (to the attention of Departamento de Mercado y Reclamaciones) by post to C/ Alcalá 48, 28014, Madrid (Spain).

MAXIMUM FEES

The current fees of Ria Payment Institution E.P., S.A.U. (hereinafter, RIA) are not subject to any type of review by the Bank of Spain, are the MAXIMUM and apply to all Customers, both consumers and non-consumers, with RIA reserving the right to apply lower fees to its Customers for any of the items outlined.

1.- ADDITIONAL SERVICES

Cancellation, modification or return of money remittances (Note 1)

Fees: The expenses that arise for RIA will be passed on to the respective Customer.

Money Remittances with insufficient or incorrect data (Note 2)

Fees: The expenses that arise for RIA will be passed on to the respective Customer

Balance management (Note 3)

Fees: € 3.00/month

Note 1. Cancellation, modification or return of Money Remittances.

RIA will take the necessary steps to execute a Payment Transaction order issued by the Sender in order to cancel, modify or attempt to withdraw a Payment Transaction order.

If the actions carried out involve expenses charged by third parties, these will be passed on to the respective Customer even if said actions were unsuccessful for reasons not attributable to RIA.

Note 2. Payment Transactions with insufficient or incorrect data.

The omission of any of the data necessary for executing a Payment Transaction or execution of a Payment Transaction on the basis of incorrect data communicated by the Customer will not entail charging an additional fee to the respective Customer thereof, although the costs incurred by RIA for any steps taken to notify the impossibility for RIA to execute the Payment Transaction will be passed on to the respective Customer, even if the said steps are unsuccessful for reasons not attributable to RIA, as well as the expenses that arise for RIA for the recovery of the funds if it is not finally possible to pay the Payment Transaction or if RIA decides not to locate the non-existent, incomplete or incorrect data and return the funds to the respective Customer or its payment service provider.

Note 3. Balance management.

In the event that funds received from Customers are in RIA's possession at the end of the Business Day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or shall be invested in secure, liquid low risk assets as established by applicable laws and regulations. For carrying out these procedures, and after a period of three (3) months from the receipt of funds without the Payment Transaction being executed or returning the funds to the respective Customer, RIA may charge a monthly commission against such funds.