Instruction COSOB No. 24-05 of May 29, 2024 Defining Conditions and Procedures for Registration of Valuation Experts for Companies Seeking Admission to the Main or Growth Market

Commission d’Organisation et de Surveillance des Opérations de Bourse

Instruction COSOB n° 24-05 du 29 mai 2024 définissant les conditions et les modalités d’inscription des experts évaluateurs des sociétés dont les titres de capital font l’objet d’une demande d’admission aux négociations sur le compartiment principal ou de croissance

Article 1 In application of the provisions of Articles 43 and 47 of COSOB Regulation No. 23-04 of 10 Rabie Ethani 1445 corresponding to October 25, 2023, relating to the General Regulations of the Securities Exchange, this Instruction aims to define the conditions and procedures for the registration, with the Commission, of valuation experts for companies whose capital securities are subject to a request for admission to trading on the Main or Growth market compartments.

Art. 2. – To be registered with the Commission as a valuation expert, the applicant must meet the following conditions:

• Have the status of a legal entity;
• Have a head of the valuation activity who possesses: o Higher education diplomas in one of the fields of economic sciences, management sciences, or financial sciences; o Expertise in the valuation of companies, providing advice to businesses on capital structure, financial advice, management, and financial engineering;
• Have carried out company valuation operations during the last five (5) years.

Art. 3. – The application for registration of the valuation expert is submitted to the Commission by the applicant or their representative. The application for registration must be accompanied by a file containing the following information elements:

1. Standard application form for the registration of the valuation expert;
2. Copy of the statutes;
3. Extract from the commercial register;
4. Identification of the administrators, executives, or primary heads of the applicant;
5. Organizational chart showing the different functional and operational structures, including the structure in charge of the corporate valuation activity;
6. List of valuation or advisory operations in which the applicant has participated, supported by any supporting documents;
7. Description of the applicant's activities and, where applicable, a presentation of the group to which the applicant belongs, as well as the distribution of its capital;
8. Diplomas and CVs of the head of the valuation activity and key collaborators, specifying their professional experience;
9. Description of the technical means put in place for the valuation of companies;
10. Overview of the methodology put in place for the valuation of companies;
11. Overview of the system for detecting and managing conflicts of interest;

Art. 4. – The application for registration is examined by the Commission within a period of one (1) month from the date of receipt of the complete file. The Commission assesses the information elements provided by the applicant and their potential contribution to the market before proceeding with their registration on the list of valuation experts.

Art. 5. – This Instruction enters into force on the date of its signature and repeals the provisions of Position COSOB No. 01-2013 regarding the valuation of companies whose capital securities are subject to stock exchange admission.

Made in Algiers, on June 3, 2024

Youcef BOUZENADA

Annex: Standard Application Form for the Registration of the Valuation Expert

1. General Information Applicant Name: Legal Name or Corporate Name: Registered Office: Tel: Fax: Email:

2. The Administrators Name and Surname or Corporate Name | Activity | Address

3. The Executives Name and Surname | Activity | Address

4. Persons in Charge of the Corporate Valuation Activity Name and Surname | Function | Qualification

5. Material Resources Resources | Brief Description Premises | IT Resources |

6. Internal Control System [Provide a summary of the internal control procedures and systems put in place to detect and manage conflict of interest situations (indicate the reference to the procedures manual, if applicable)]

7. Indicate the regulatory authorities to which the applicant is subject, and the professional organizations of which the applicant is a member Name of Authority/Association | Nature of Authority

8. Describe each of the relevant operations carried out by the applicant in the context of corporate valuation Company Name | Nature of Operation | Date

9. Any information element that the applicant considers useful to bring to the attention of the Commission [Cite the name(s) of the document(s) submitted additionally]

10. The signature of the company executive or their proxy Name and Surname: Date: Signature: