Public Offer Agreement

governing the opening and top-up of the Accounting Account for the issuance and servicing of electronic money through the

System, as well as the execution of electronic money settlements for services rendered within the System.

computer or other electronic device based on the "Monet" computer system. Such value is represented as pre-acquired

virtual/network funds (prepaid electronic value), hereinafter referred to as "Monet units", entitling the User to make payments

for services in the System, execute redemptions, conversions (including via converters), and transfers in accordance with this

Public Agreement and the System Rules.

microprocessor (chip) or within the centralized database of the "Monet" Internet Payment System (IPS), which supports

subsequent replenishment (balance increase).

of Armenia, a legal entity, or an individual entrepreneur that has entered into this Public Agreement with the System Operator to

acquire electronic money and execute settlements for services using electronic money under the terms and rules established

by the Operator.

"Monet" IPS, Users, Service Providers, Distributors, and/or Agents (hereinafter collectively the "Participants"), as well as the

rules, hardware-software complex, and technological processes that ensure the issuance and servicing of electronic money.

Identification Number [TIN]: 00219684), responsible for the operations of "Monet" IPS and serving as the operator of the mutual

settlement system in "Monet" units.

Operator to accept electronic money issued by the Operator from Users as a means of payment for sold goods, performed

works, rendered services, and/or civil or administrative transactions under the System Rules.

executes the redemption or top-up of electronic money in accordance with the System Rules.

the Republic of Armenia, or a branch of a foreign bank established in Armenia.

Participants during the servicing and use of electronic money.

Service Provider within the centralized database of the System Operator, maintained and managed by the Operator, on which

"Monet" units are credited and accounted for.

User's name.

cards [vPOS], the unified ArCa processing system, partner banks/payment systems, or payment terminals) or through

conversion of electronic money of third-party systems, to acquire electronic value in "Monet" units against equivalent funds and

credit the Accounting Account.

transactions, whereby the User is enabled to pay for services of Service Providers, execute transfers to other persons, and,

where provided by the Agreement, top up the Accounting Account and convert third-party electronic money.

designated recipient by transfer to a bank account and/or payment card (including instant payouts via the ArCa Pay system), or

whereby electronic money is converted into other electronic money.

(strictly containing at least one uppercase Latin letter, one lowercase Latin letter, one digit, and one special character), utilized

by the System as the primary authentication credential.

electronic signature, utilized to authenticate payments, remittances, and other financial operations, as well as to modify

passwords and personal profile data.

Armenian mobile operator phone number (+374) entered by the User to verify phone number ownership.

specified by the User to verify its validity and ownership.

Provider.

the User's order to a Recipient designated by the User under the System Rules. Transfer types include:

— 1.21.1. Monet P2P Transfers: between Users by Monet ID, mobile phone number, or QR code;

— 1.21.2. ArCa Pay Transfers: between Armenian banks participating in the unified processing system of "Armenian Card"

CJSC by phone number;

— 1.21.3. Transfers to Armenian Bank Cards and Bank Accounts;

— 1.21.4. International Top-Ups and Transfers (including via partner remittance systems).

Mandatory transfer parameters comprise the unique transaction identification code, the Idempotency Key, the transfer amount

in units, and the identity details of the User and Recipient.

institution branches, ATMs, self-service kiosks, etc.).

for information published thereon, which carries official legal force.

and in the Mobile Wallet.

User's payment order debiting the Accounting Account.

electronic settlement document.

destination.

which the Operator provides remote services to Users.

phone numbers.

offered by the Operator.

finalized.

Account, to execute electronic money payments, redemptions, conversions (including via converters), and electronic money

transfers in connections between the User and Service Providers, while the User undertakes to accept properly rendered

services pursuant to the "Procedure on the Application of Limits on Electronic Money Transactions".

Wallet.

Accounting Account or linked payment cards. The transaction amount, including commission fees, shall not exceed the

available balance. For an identified User, the general system transaction limit is AMD 2,000,000 (two million Armenian Drams),

and the single-transaction limit for ArCa Pay transfers ranges from AMD 1,000 to AMD 400,000.

payment systems (ArCa, Visa, MasterCard) to the Account.

name, last name, and Public Services Number (PSN/SSN, where available) against the verified identity data of the User.

Binding third-party cards is strictly prohibited and automatically rejected.

engine, which is immediately canceled by the System without incurring any fees or charges.

DocumentVerified

.

Passport verification remains intact, and full payment capabilities resume upon linking a new valid card.

block individual service categories or all services simultaneously: Money Transfers, Bank Card Operations, Credit Services,

Utility Payments, Telecom Services, and Top-Up.

unblocking request activates an administrative security verification period of up to 24 (twenty-four) hours. During this

timeframe, services remain in the pending state ( UnblockPending ) while safety verifications are conducted.

Operator's office.

Idempotency Key

. If a duplicate request enters the System due to network drops or multiple clicks, the System does not

perform a secondary debit, but returns the cached result of the original transaction.

Agreement is deemed entered into in electronic form from the moment the Monet ID is generated.

address, completes verification via SMS OTP and Email OTP, enters identity document details (RA Passport or ID Card) for realtime online verification against the State Population Register of Armenia (EKENG / Migration and Citizenship Service of the MIA

RA), uploads document photographs (KYC), and creates a compliant Password and 6-digit PIN code.

Rules, warrants that service utilization is in their legitimate interest, does not infringe third-party rights, and will cause no

detriment to any party.

on its official website at least 1 (one) day prior to the effective date. In such case, the User may terminate the Agreement

unilaterally. Continued use of the System constitutes unconditional acceptance of the amendments.

banking) to open/manage deposit and savings accounts, apply for and manage loans, grant data processing consent, and

provide ACRA credit bureau inquiry consent.

third-party access, alteration, or disclosure.

to the User's designated bank account or card within a reasonable timeframe (via ArCa Pay — instantly; for transfers

requiring interbank clearing — within up to 3 banking days).

Recovery Procedure.

payments in compliance with Armenian legislation.

history within the System.

restore system operability within a maximum of 24 (twenty-four) hours, or otherwise compensate documented actual

damages upon verified User demand.

Wallet automatically suspends financial transactions and displays an offline status banner. For security reasons, no financial

orders are accepted or executed in offline mode until full network connectivity and server synchronization are re-established.

withdrawals.

recipient consent.

resulted directly from Operator error.

to Users.

procedure.

discretion to fulfill contractual obligations.

or business suspension — pending determination of legal successors;

customer, including refusing future contract execution.

credentials, Passwords, or PIN codes to third parties, whether due to negligence, imprudence, or fault.

payment collection by natural persons) and never transfer account access to third parties.

writing and pre-approved by the Operator.

strictly from the verified email linked to the Monet ID accompanied by a certified copy of the identity document. In-person

complaints require presentation of the original identity document.

acceptance of the respective bank's customer agreements;

Passwords, PIN codes, and biometric authentication settings.

of the Republic of Armenia.

receipt, cash order, terminal receipt) verifying the deposit, and provided the depositor's identity corresponds to the Account

holder.

reasonable control resulting in temporary unavailability of services, provided the Operator promptly alerts Users via accessible

channels.

partner financial institution requirements.

devices (smartphones, personal computers).

codes, or account numbers. Transfer encompasses both intentional sharing and the selection of weak or predictable

credentials.

the part of the User.

Institution. The Operator is not a party to such transactions and assumes no liability thereunder.

if such failure resulted from force majeure events occurring after contract execution that could not be reasonably foreseen or

prevented (earthquakes, floods, acts of war, martial law, state of emergency, blockades, acts of the CBA or state authorities,

global network shutdowns). If force majeure conditions persist for more than 2 (two) consecutive months, either Party may

terminate the Agreement upon written notice to the other Party.

established notice procedures, and is obligated to do so immediately, but no later than 5 (five) calendar days from the date

when the User became aware or should have become aware of such occurrence.

conduct a thorough internal investigation, and notify the User of the investigation findings.

restore the balance, except where more than 2 (two) months have elapsed since the incident, or where the User failed to notify

the Operator within the mandatory 5-day period.

Republic of Armenia.

Procedure of 'MePay' LLC" published on the Website.

to the Office of the Financial System Mediator of Armenia.

applicable laws of the Republic of Armenia.

wet-ink signatures.

strictly 0 (zero) AMD. If a positive balance exists, account deletion is blocked ( BalanceNot0 ). The residual balance must be

redeemed, spent, or transferred prior to deletion.

SMS messages.

User hereby provides irrevocable consent to such transfer, provided all User rights and protections are preserved.

1). The User gives unconditional consent to such transfer to the Qualified Assignee under identical terms.

PRIVACY AND DATA PROTECTION POLICY (PRIVACY POLICY)

A. General Provisions: The System Operator guarantees confidentiality and protection of User personal data. By accepting this

Policy, the User provides consent to the collection, processing, storage, and transfer of personal data as set forth herein.

B. Collection and Processing of Personal Data: To register and service Users, the Operator processes: first name, last name,

registration/residence address, phone number, email address, date of birth, passport/ID card details, Public Services Number

(PSN/SSN), and document copies. The Operator is authorized to submit online inquiries to the State Population Register of the

RA (via EKENG / Migration and Citizenship Service of the MIA RA) to verify the authenticity of identity data.

C. Cryptographic Protection and Security Standards: "MePay" LLC protects personal and financial data using industry-leading

technical standards:

RSA-4096 algorithms.

hashing based on PBKDF2 / Argon2 standards.

D. Policy Amendments: The Operator may update this Policy with mandatory prior notice to Users at least 15 (fifteen) calendar

days before changes take effect.

"MONET ID" ACCOUNT STATUSES AND DESCRIPTIONS

Account Status

Legal and Technical Definition

Registered

A newly opened account. Retained for a maximum of 90 (ninety) days. If the User does not bind a

verified bank card in their name during this period, the account is converted to Deleted status.

Registered

Active

Active

Locked

Locked

Suspended

Suspended

Stop Services Modes:

ActiveBlocked

UnblockPending

Unblocked

Suspended by User

A fully functional, identified account through which at least 1 (one) transaction was completed within

the preceding 365 calendar days.

An account automatically locked by security systems following repeated erroneous entries of

credentials or PIN codes. Restored upon proper identity verification.

An account temporarily suspended automatically upon detection of suspicious transactions under

AML/CFT laws and internal risk management procedures.

ActiveBlocked: Services self-blocked by the User via the Mobile Wallet.

UnblockPending: Status during the security Cooldown Period (up to 24 hours) following a remote

unblock request (services remain unavailable).

Unblocked: Full restoration of functionality after verification by the Operator.

An account temporarily frozen upon the voluntary written or electronic request of the User.

Suspended by User

Banned

Banned

Terminated / Deleted

Terminated / Deleted

An account indefinitely blocked by the Compliance Monitoring Body upon detection of fraud, money

laundering, or regulatory breaches.

An account closed upon User request (with zero balance) or following 1 year of inactivity, with data

archived pursuant to statutory retention requirements.

USER IDENTIFICATION PROCEDURES AND SECURITY MEASURES

— freshly registered profile undergoing initial onboarding;

DocumentVerified

— User whose passport/ID details have been validated via the State Population Register (EKENG /

Migration and Citizenship Service of the MIA RA) with photo copies uploaded;

— User who has linked and verified their own bank card (ArCa/vPOS). Enables full access to all payment,

settlement, and transfer services;

and Deleted

— inactive and archived profiles.

Step 1: Verification of Armenian mobile number (+374) via SMS OTP and email address via Email OTP;

Step 2: Selection of document type (RA Passport or ID Card) and entry of series and document number;

Step 3: Automated online validation query via EKENG / MIA RA database verifying valid document status

("PRIMARY_VALID"), absence of death records, age of at least 16 years, and sanctions/AML blacklist clearance;

Step 4: Photographing and uploading original document images (both sides of ID Card or passport spread);

Step 5: Binding and verification of personal bank card (ArCa / Visa / MasterCard) with automated name and PSN matching

and instant pre-authorization reversal.

presenting an original valid identity document.

Conducted upon submission of state registry extracts, charter, TIN certificate, bank details, and identity documents of the

director or authorized attorney.

convenience. Biometrics operate as a local convenience feature, while knowledge and secrecy of the PIN code remain

mandatory.

access to protect the account from brute-force attacks.

lowercase letter, one digit, and one special character (!@#$%^&*).

SYSTEM OPERATOR "MONET"

OFFER ACCEPTANCE & LEGAL VALIDITY

"MEPAY" LLC

Republic of Armenia, Yerevan 0033, Marshal Baghramyan Ave.,

53, Apt. 66

This Public Agreement carries full legal force and is

permanently accessible online at www.mepay.am.

Registration Number: 264.110.1122587

TIN (Tax ID): 00219684

The Agreement is deemed duly executed in electronic form

upon the generation of the User's personal Monet ID.

Official Website: www.mepay.am

24/7 Customer Support: +374 60 700 701

Email: support@mepay.am

Director of "MePay" LLC

[Seal / Electronic Signature]