Pricing of the SEPA Credit Transfer (SCT) Service

From a pricing point of view, there are three participation modes in the SEPA
Credit Transfer Service on the STEP2 platform:

• Direct Participant: financial institution based in the EEA or in Switzerland

having its own address for sending and receiving files on the STEP2
platform;
• Secondary Direct Participant: financial institution based in the EEA or in
Switzerland being part of a banking group1 of which one entity, labelled
Primary Direct Participant, participates as a Direct Participant in the SCT
Service;
• Indirect Participant: financial institution based in the EEA or in Switzerland
registered on the SCT routing tables for receiving payments through a
designated Direct Participant.

The above participation modes are independent of the technical channels used
for sending and receiving files to and from the STEP2 platform.

The pricing for the SEPA Credit Transfer Service on the STEP2 platform has
three components:

• transaction fee;
• annual fixed fee;
• one-off connection or registration fee.

1
A banking group is defined as a group where all entities are either included in the consolidated
accounts of the same entity or are affiliated to the same central body or entity.
1. Transaction fee

The transaction fee is based on a volume-driven pricing approach:

• The transaction fee is tiered in accordance to four volume tiers;

• The volume tiers are based on the average daily volume sent by a Direct
Participant during a three-month period;
• For establishing the applicable tiering, the volumes sent by the Primary
Direct Participant and its Secondary Participants are aggregated.

Average daily volume EUR

1 to 25,000 0.011
Fees per
transaction 25,001 to 75,000 0.010
(payable by sender)
75,001 to 125,000 0.008

Additional volume =<0.006

The transaction pricing is incremental: The price of EUR 0.011 applies to the first
25,000 payments sent per day on average; any additional payments up to a total
of 75,000 transactions sent will be priced at EUR 0.010 per transaction etc.

Example: Bank A sends a daily average of 80,000 SCT payments during the period of July to
September 2008. The bank is billed 0.011 x 25,000 + 0.010 x 50,000 + 0.008 x 5,000 = EUR 815
per day in transaction fees for the said period. Bank B sends a daily average of 124,000 SCT
payments during the same period and is billed 0.011 x 25,000 + 0.010 x 50,000 + 0.008 x 49,000
= EUR 1,167 per day in transaction fees for the said period.

The transaction fee for receiving payments is set to zero.

Transaction fees are charged to Primary Direct Participants and Secondary

Direct Participants on a quarterly basis for their share in the aggregated average
daily volume sent over the preceding quarter.

The pricing for volumes significantly above 125,000 per day is subject to
additional reductions.

As part of the ramp-up period, charges for volumes sent during the first quarter of
2008 will be waived.

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2. Annual fixed fee

The annual fixed fee is billed at the start of the calendar year to each Direct
Participant (Primary and Secondary).

The annual fixed fees for Indirect Participants are billed to the (Primary) Direct
Participant or Secondary Direct Participant through which they are registered. If a
bank has registered a large number of Indirect Participants, a reduction of the
annual fixed fee to be paid for each Indirect Participant can be envisaged.

For banks joining the service in the course of a year, the annual fixed fee is billed
at the time of their connection on a pro rata temporis basis for the remaining
months of the year.

Participation mode EUR

Direct Participant 36,000
Annual fixed fees
Secondary Direct Participant 9,000

Indirect Participant 250

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3. Connection fee

Connection fees are charged as one-off fees at the time when a bank connects
as a Direct Participant (Primary or Secondary) or is registered as an Indirect
Participant to the service.

Type of fee Participation mode EUR

Direct Participant 12,000
Connection fees
Secondary Direct Participant 1,000

Registration fee Indirect Participant 350

3.1. Special SCT launch offer

The following special conditions apply for banks committing prior to 31st October
2007 to participate directly in the system prior to 1st July 2008:

Type of fee Participation mode EUR

Connection fee Direct Participant 2,500

100
Registration fee Indirect Participant
(max. 2,500)

3.2. SCT upgrade for current users of the Credeuro (XCT) and Italian
Credit Transfer (ICT) Services

Direct Participants of the current STEP2 Credeuro (XCT) and Italian Credit
Transfer (ICT) Services will be upgraded to SCT Direct Participants for a nominal
charge. Please contact the STEP2 team for more information.

All amounts stated in this pricing information are exclusive of VAT, valid for the
year 2008, and are subject to revision for the following years.

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