Manual de Operaciones

Approved by the Board of Directors in session JD-09/2025 dated 19/08/2025 | Version: 01 | Page: 1 of 56

CONTENTS

INTRODUCTION

OBJECTIVE

CHAPTER I

SERVICES AND PARTICIPANTS

A. CEDEVAL Operations
B. Participants
C. Requirements to Act as Participants
D. Signature Registration
E. Assignment of Access Keys

CHAPTER II

ELECTRONIC REGISTRATION OF ISSUANCE DEPOSIT

A. Issuance Registration
B. Requirements for Registering New Listings on the Stock Exchange
C. Registrations of State and Central Bank Issuances
D. Registration of Non-Listed Issuances
E. Tranche Registration
F. Requirements to Register Tranches
G. Initial Deposit of Securities or Creation of Availability H. Counter Deposit of Issuances
I. Modification, Rectification, and Replacement in the Issuance Deposit Registry

CHAPTER III

ELECTRONIC REGISTRATION OF SECURITIES ACCOUNTS

A. Types of Accounts That Can Be Opened
B. Type of Account Administration
C. Account Holders
D. Beneficiaries
E. Requirements to Open Accounts
F. Assignment of Codes per Securities Account
G. Inactive Accounts
H. Registration of Pledges, Other Liens, Seizures, Precautionary Measures, and Other Restrictions Issuance of Account Statements Issuance of Book Entry Securities Certificates

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K. Proof of Legitimation
L. Replacement of Proofs and Book Entry Securities Certificates
M. Issuance of Balances
N. Modification, Rectification, and Replacement in the Securities Account Registry

CHAPTER IV

DEPOSIT, WITHDRAWAL, AND TRANSFER OF SECURITIES

A. Deposit of Securities
B. Withdrawal of Securities
C. Transfer of Securities

CHAPTER V

EXERCISE OF PROPERTY OR ECONOMIC RIGHTS AND SOCIAL RIGHTS

A. Exercise of Property or Economic Rights
B. Exercise of Social or Corporate Rights
C. Securities Swap Service

CHAPTER VI

COMPENSATION AND STOCK EXCHANGE SETTLEMENT

A. Compensation Process
B. Settlement Process
C. Defaults

CHAPTER VII

OPERATIONS WITH FOREIGN DEPOSIT CENTERS AND SECURITIES CUSTODIANS AND GLOBAL CUSTODIANS

A. Operations Performed with Regional Depository Centers B. Operations Performed with Other Custodians Outside the Region

CHAPTER VIII

DEMATERIALIZATION OF SHARES

A. Transformation of Shares into Book Entries
B. From the Deposit of Shares and Their Registration
C. Share Holding Accounts
D. Electronic Shareholder Registry
E. Trading of Dematerialized Shares Listed on a Stock Exchange F. Transfers of Dematerialized Shares Not Listed on an Exchange G. Liens and Encumbrances H. Exercise of Shareholder Rights

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I. Materialization or Incorporation of Book Entries

CHAPTER IX

REPO OPERATIONS

A. Generalities
B. Transfer of Securities
C. Repo Operations with Debt Securities
D. Repo Operations with Shares
E. Substitution of Securities
F. Margins
G. Settlement of Repos at Maturity.
H. Default in Repo Operations
I. Exercise of Property and Social Rights
J. Commissions
K. Contingencies
L. Unforeseen Events

CHAPTER X

OTHER SERVICES

A. Administration and Custody of Documents
B. Electronic Registration of Negotiable Deposit Certificates
C. Online Consultation

CHAPTER XI

GENERAL PROVISIONS

# Manual de Operaciones

Approved by the Board of Directors in session
JD-09/2025 dated 19/08/2025
Version: 01
Page: 4 of 56

## INTRODUCTION

This Operations Manual compiles the description of the operational processes carried out at CENTRAL DE DEPÓSITO DE VALORES, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, CEDEVAL S.A. de C.V., also referred to in this document as CEDEVAL, the definition of operational terms, and the requirements for carrying out these processes. It also serves as a consultation tool to guide and orient our Participants in deposit, custody, and securities and document administration operations.

It contains the requirements that Participants must meet, the manner in which they must request the services provided by CEDEVAL, and a brief description of these services, such as: the electronic registration of issuances, the electronic registration of securities accounts and documents, the custody and transfer of securities, or the compensation and settlement of operations carried out with said securities, among others.

As a reference framework, this Operations Manual will apply in harmony and subordination with what is established in the Law on Electronic Book Entries of Securities, the General Internal Regulations of CEDEVAL, and other laws and technical norms related thereto.

The approval of this Operations Manual corresponds to the Board of Directors of CEDEVAL, to be subsequently authorized by the Standards Committee of the Central Reserve Bank of El Salvador.

## OBJECTIVE

The objective of this Operations Manual is to establish the requirements and manner in which the different operations or services provided by CEDEVAL are carried out, in accordance with its General Internal Regulations.

For the purposes of this Manual, Article 6 "definition of terms" established in the General Internal Regulations of CEDEVAL shall apply.

## CHAPTER I
SERVICES AND PARTICIPANTS

### A. CEDEVAL Operations

The operations performed by CEDEVAL are aimed at offering its Participants a set of essential services related to the deposit, custody, and administration of securities and documents, and the compensation and settlement of securities. These services are offered to participants in the securities market, either directly or indirectly, including: stockbrokerage firms, banks, pension fund administrators, investment fund managers, securitization companies, stock exchanges, and generally to issuers and investors existing in the securities market.

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The services provided by CEDEVAL are as follows:

### 1. Electronic Registration of Issuance Deposit

This service consists of receiving in deposit and administration the issuances of securities represented by means of electronic book entries or securities certificates, documenting all acts that create, modify, or extinguish those issuances and the acts that encumber or affect the book-entry securities.

### 2. Electronic Registration of Securities Accounts

Consists of providing participants with the faculty to open the following types of accounts: own accounts, third-party accounts, investment accounts, guarantee accounts, holding accounts, document deposit accounts, and other types of accounts created for different types of operations carried out with the deposited securities; and the subaccounts necessary for the administration of securities and documents.

### 3. Deposit and Custody of Securities

Consisting of performing deposit, custody, and administration operations of all kinds of securities for primary or secondary markets, whether physical or dematerialized, including the initial deposit of securities from new issuances, deposit of securities resulting from corporate actions, their administration, and transfers of ownership through electronic book entry transfers.

### 4. Vault Custody

Consists of performing vault custody operations of public and private offering securities certificates, as well as documents related to their operations, solely for safekeeping.

### 5. Transfer of Securities

Consists of the transfer of securities between accounts, as a result of an express instruction from the participant. Such transfers may include, among others, the constitution of guarantees, change of Direct Participant, or transfer to a foreign depository; as well as those contemplated in Art. 12 of the Law on Electronic Book Entries of Securities;

### 6. Management of Shareholder Registers of Companies

Consists of administering the electronic registry of dematerialized shares, of any company wishing to represent its shares by means of electronic book entries.

Among the services provided are: electronic administration of the shareholder register book, administration of corporate events, registration of liens and seizures, and others related.

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7. Administration of property and social rights

The exercise of property rights service consists of collecting, on behalf of participants, amortizations, dividends, interest, discounts, deductions, or other yields credited by issuers.

The service of exercising social rights of deposited securities consists of representing security holders before the general shareholders' meeting, bondholders' meeting; and holders of participation trust certificates or holders of other deposited securities, before the respective meeting.

This service also includes the exercise of follow-on or economic rights of interest to the holder, in accordance with the Commercial Code or other applicable law.

8. Guarantee Administration

Consists of granting guarantees on deposited securities, by their holder, to secure financing, repos, or generally to grant a third party a right over the deposited securities where CEDEVAL can act as administrator of these guarantees.

For the transfer from the holder's account to the guarantee account at CEDEVAL, the participant must present the documentation evidencing the granting of the guarantee, as appropriate.

In the case of repos, it is not necessary to present any proof since the guarantee is constituted with the backing of the operation carried out through the Stock Exchange.

Guarantees are deposited in a specific account at CEDEVAL, identified for this purpose, in which the book-entry securities remain immobilized.

9. Stock Exchange Compensation and Settlement

This service consists of performing electronic transfers of securities and funds between accounts, originating from operations carried out through a Stock Exchange, under the delivery versus payment scheme, with the purpose of facilitating and ensuring compliance with obligations assumed by participants.

10. Settlement of International Operations

Consists of settling purchase/sale operations of international securities quoted in foreign markets, under the delivery versus payment and free of payment methods.

11. Securities Swap

Consists of facilitating direct Participants the exchange or substitution of provisional securities for definitive ones or new ones, when the current issuance is affected regarding its characteristics; due to the registration of a new owner resulting from a stock exchange operation, due to agreements

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in ordinary and extraordinary shareholders' meetings or other agreement of the issuance or the issuer.

12. Online Information Consultation

This service consists of providing participants with the service of consulting data from securities accounts, both positions and movements; scheduling interest and capital payments, and other relevant information, via online communication with CEDEVAL's electronic custody and securities administration system.

13. Document Custody

This service consists of safeguarding documents related to issuances listed on the exchange and other documents authorized for custody.

14. Processing of Corporate Actions

This service consists of facilitating and processing information on events, decisions, or actions taken by an issuing company, which has a material impact on the same or on the book-entry securities.

B. Participants

CEDEVAL classifies its clients into: Direct Participants, Indirect Participants, and Issuers.

1. Direct Participants

These are Participants who, acting on their own behalf and/or on behalf of third parties, sign the General Services Contract with CEDEVAL and have direct access to the services provided.

Direct participants are subdivided into two categories: Primary Direct Participants and Secondary Direct Participants.

a. Primary Direct Participants

This is a Participant who, in addition to having direct access to CEDEVAL and consulting accounts on behalf of third parties, can perform operations on a Stock Exchange, make transfers between accounts, and use all the services provided by CEDEVAL.

This category of Participants is only held by Stockbrokerage Firms, who administer securities by mandate of law.

b. Secondary Direct Participants

Unlike the Primary Direct Participant, these cannot perform operations on a Stock Exchange, and must act through a Stockbrokerage Firm.

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Participants in this category are: banks, insurance companies, national and foreign deposit centers, pension fund administrators, investment fund managers, securitization companies, foreign corporate investors, and first-line foreign banks.

## 2. Indirect Participants

Natural or legal person who has indirect access, that is, through a Direct Participant, to the various services established by CEDEVAL, entering into a mandate contract with a Direct Participant, entrusting them to execute operations before the Depository in their name and representation.

These participants are the titleholders of the book-entry securities in nominative accounts at CEDEVAL.

Indirect Participants are not connected to CEDEVAL's Electronic Systems, but receive information about their accounts through the Direct Participant with whom they have signed the mandate contract.

## 3. Issuers

These participants are entities issuing the securities deposited at CEDEVAL, which have the category of Secondary Direct Participants, insofar as applies to their participation as issuers.

They may be connected to CEDEVAL's systems and receive general online information regarding the securities issued by them.

Issuers, as such, can open three types of accounts:

a) Own accounts, only to manage the availability of their issuances when placement is over-the-counter
b) Third-party accounts, through a Stockbrokerage Firm for the placement of their issuances.
c) Holding accounts, in the case that they have issued shares in dematerialized form or when they are issuers of negotiable deposit certificates.

## C. Access to CEDEVAL Services

The level of access to CEDEVAL services according to the type of participant is:

| Services/access by participant type | Primary Direct | Secondary Direct | Issuer | Indirect |
|-------------------------------------------|------------------|--------------------|--------|-----------|
| Electronic Registration of Issuance Deposit | | | x | |

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| Services/access by participant type | Primary Direct | Secondary Direct | Issuer | Indirect |
|-------------------------------------------|------------------|--------------------|--------|-----------|
| Electronic Registration of Securities Accounts | x (own and third-party accounts) | x (only own accounts) | x (only own accounts of primary and holding) | |
| Deposit and Custody of Securities | x | x | | x |
| Vault Custody | x | x | | x |
| Transfer of Securities | x | x | | x |
| Management of Shareholder Registers of Companies | | | x | |
| Administration of property and social rights | x | x | | x |
| Guarantee Administration | x | x | | x |
| Stock Exchange Compensation and Settlement | x | | | |
| Settlement of International Operations | x | | | |
| Securities Swap | x | x | | x |
| Online Information Consultation | x | x | x | x |
| Document Custody | x | x | | x |
| Processing of Corporate Actions | | | x | |

## D. Requirements to Act As Participants

### 1. Direct Participants (Primary and Secondary) and Issuers

Institutions or societies wishing to adhere as Direct Participants must request it to CEDEVAL, by the means available to it, and present the due diligence documentation determined in the Manual for Prevention and Management of LDA/FT/FPADM Risk for each type of participant, in accordance with current Salvadoran legislation on prevention, detection, and control of money laundering and asset trafficking, terrorism financing, and proliferation of weapons of mass destruction; and other documentation required by CEDEVAL, which will be communicated promptly by circular; as well as being authorized by the Board of Directors or the President of CEDEVAL and signing a services contract, adhering to the provisions contained in the General Internal Regulations, this Operations Manual and Instructions, and other provisions issued by CEDEVAL.

### 2. Foreign Deposit Centers, Foreign Corporate Investors, and First-Line Foreign Banks and Financial Institutions

a) Foreign Deposit Centers must sign an agreement on securities deposit services with CEDEVAL and present the documentation required by CEDEVAL as a direct participant;

b) Foreign corporate investors must sign a General Contract of

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Services for the deposit, custody, and administration of securities and additionally present the documentation required by CEDEVAL as a direct participant; and

c) First-Line Foreign Banks and Financial Institutions. It will be verified that the entity is registered as such, in the Register of First-Line Foreign Banks and Financial Institutions, must sign a General Services Contract for the deposit, custody, and administration of securities and additionally present the documentation required by CEDEVAL as a direct participant.

## 3. Indirect Participants

Sign a mandate contract with a Stockbrokerage Firm, so that it can open a third-party securities account at CEDEVAL, whose holder is the Indirect Participant, and comply with the requirements established in the money laundering prevention manuals established by CEDEVAL.

### E. Signature Registration

The signature registration is a document provided by CEDEVAL, in which Direct Participants inform CEDEVAL of the persons or officials authorized to issue instructions, related to the deposited securities. It must be signed by the Legal Representative or General Manager of the participating institution and must detail the signature category that each authorized person from their institution will have.

Signature categories are of three classes:

1) Class "A" Signature: this category is assigned to the legal representative, proxy, or authorized personnel to sign deposit account contracts, perform deposit, withdrawal, and transfer operations, settle operations carried out at the Stock Exchange, send or request information to CEDEVAL, or carry out payment instructions for property rights, and collect or deliver documentation or securities certificates;

2) Class "B" Signature: this category is assigned to authorized personnel to perform deposit, withdrawal, and transfer operations or settle operations carried out at the Stock Exchange, send or request information to CEDEVAL, or carry out payment instructions for property rights, and collect or deliver documentation or securities certificates; and

3) Class "C" Signature: this category is assigned to collect and deliver documentation and information relative to: checks, lists, certificates, circulars, etc. Participants may authorize their personnel to deposit or withdraw securities, provided that they are physical securities. In this case, the type of operation authorized to be performed must be indicated in the observations field.

In the case of issuers of negotiable deposit certificates, the signature registration must also record the signatures authorized to sign the macro-title.

These signatures will be valid through the means established by the depository.

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CEDEVAL will provide the applicable form, which will contain the participant's name and the determination of signature types. The form must be authorized by the legal representative or proxy with sufficient powers.

### F. Assignment of users and access keys

Since Direct Participants can access CEDEVAL's electronic systems and can consult information, generate reports, or execute certain processes, confidential access keys will be assigned to them, in accordance with articles 29 and 30 of the General Internal Regulations and the applicable regulations to that effect.

Direct Participants can request from CEDEVAL, by the means available to it, the users they consider necessary for the normal functioning of their operations, access keys can be modified by users at any time or within the period indicated by the system, according to CEDEVAL's security and access policies to computer systems.

Users are of three categories:

1. Operational: is solely for typing information related to the deposit accounts of each Direct Participant. The information to type can be deposit, withdrawal, or transfer requests, or to complete information to settle operations carried out at the Stock Exchange, or international operations.

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2. Supervisor: to validate the entered information and transfer it to the main files of movements, so that it can be processed by CEDEVAL and execute the requested operations or settle the operations carried out in the Stock Exchange, or international operations.

3. Consultation: for access to the systems and to consult information from the CEDEVAL systems in the different modules, as requested by the Participant.

Access keys are delivered confidentially to the user designated by the Direct Participant, who is responsible for the use of their key.

In accordance with articles 29 and 30 of the General Internal Regulations, users to whom confidential access keys have been assigned must take the necessary measures to prevent their improper use; they are responsible for all operations carried out with those keys and must comply with all economic obligations that this entails.

## CHAPTER II
**ELECTRONIC REGISTRATION OF ISSUANCE DEPOSITS**

The Electronic Registration of Issuance Deposits, hereinafter referred to as the Issuance Register, records all issuances of securities delivered to CEDEVAL for deposit and administration.

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# Manual of Operations

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In this Issuance Register, the acts that create, modify, or extinguish an issuance of securities represented by book entries are documented electronically, as well as the acts that encumber or affect the book entries that make up each issuance.

The Issuance Register is managed by a Registrar, who is an official appointed by the Board of Directors of CEDEVAL to exercise this position. In the event of the Registrar's absence or inability to serve, a substitute Registrar will take their place, who is also appointed by the Board of Directors.

A. Issuance Register

In this Register, all issuances and their respective authorizations are documented, as well as all tranches with their different characteristics. The documents to support the entry of information may be: the notarial copy of the issuance deed issued in favor of CEDEVAL, the master certificates, laws and executive decrees, and the placement notices of the different tranches and their specific characteristics, as well as the registry entries issued by the Superintendence of the Financial System and the certifications of registration from the Stock Exchange; and any other document required by the Depository.

The registration of an issuance has the effect of enabling the depository to create the corresponding electronic book entries for securities.

CEDEVAL will assign international identification codes to each tranche of local issuances, in accordance with the international standards of the Association of National Numbering Agencies (ANNA), the entity that governs the coding of securities at the international level with the purpose that they be identifiable in global markets.

B. Requirements for the registration of new issuances registered in the Stock Exchange

The documentation indicated below will be required as the minimum to effect the registration of new issuances in the Issuance Deposit Register at CEDEVAL, in addition to other documents related to the nature of the security to be deposited:

1. Securities represented by public deed:

a) Notarial copy of the Public Deed of Issuance of the securities, granted in favor of CEDEVAL; b) Copy of the registry entry of the issuance, made in the Public Stock Registry of the Superintendence of the Financial System; and c) Notification of registration in a stock exchange.

2. Securities represented by master certificate:

a) The original master certificate, duly endorsed for administration in favor of CEDEVAL; b) Copy of the registry entry of the issuance, made in the Public Stock Registry of the Superintendence of the Financial System, when applicable; c) Registry of authorized signatures to sign, renew, redeem, and endorse the master certificate; and d) Notification of registration in a stock exchange.

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3. Physical securities:

These are securities represented on paper and which are necessary to enforce the literal and autonomous right recorded in them.

For the registration of these securities at CEDEVAL, the following is required:

a) Original Security Certificate, duly endorsed. b) Copy of the registry entry of the issuance, made in the Public Stock Registry of the Superintendence of the Financial System; and c) Notification of registration in a stock exchange.

4. Foreign securities:

In the case of foreign securities, only the characteristics of the issuance are registered for control purposes; therefore, it does not imply the total deposit of the issuance.

For the registration of these issuances, the following is required:

a) Copy of the registry entry of the issuance, made in the Public Stock Registry of the Superintendence of the Financial System or the respective decree; b) Copy of the issuance prospectus or document detailing the characteristics of the issuance. c) Notification of registration in a stock exchange; and d) Any other document that CEDEVAL considers necessary.

C. Registration of State and Central Bank of Reserve issuances

In the case of securities issued by the State, the following will be required:

1. Copy of the legislative decree authorizing the issuance, of the respective agreements of the Ministry of Finance, when applicable, and of other documents referring to the tranche of the securities; and
2. Certification of Registration in the Stock Exchange.

In the case of issuances from the Central Bank of Reserve:

a) certification of the respective resolution of its Board of Directors, detailing the characteristics of the issuance or tranche, and b) Certification of Registration in the Stock Exchange.

D. Registration of issuances not registered in the Stock Exchange

The characteristics of issuances not registered in the Stock Exchange will be detailed in the Electronic Registration of Issuance Deposits for the purpose of controlling them.

The deposit of a dematerialized security issuance is carried out at the request of the issuer interested in contracting these services, who, in these cases, must sign a service contract with CEDEVAL.

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When a Direct Participant requests to deposit securities not registered in the Stock Exchange, the characteristics of the issuance will be registered for control purposes, which does not imply the deposit and custody of the complete issuance in CEDEVAL.

## 1. Requirements for registration of local issuances not registered in the Stock Exchange

a) Copy of the Public Deed of Issuance, decrees, agreements, or any document that attests to the existence of the issuance and specifies its characteristics; Master certificate or physical security certificate, as applicable; and b) Any other document that CEDEVAL considers necessary, according to the nature of the issuance.

## 2. Requirements for registration of foreign issuances not registered in the stock exchange

In the case of foreign securities not registered in the Stock Exchange, only the characteristics of the issuance will be registered for control purposes; therefore, it will not imply the deposit of the complete issuance. For the registration of these issuances, the following is required:

a) That the Direct Participant notify CEDEVAL of the characteristics of the issuance, whose information comes from international information systems or from the stock exchange or body in which it is registered. b) Any other document that CEDEVAL considers necessary.

Issuances not registered in the stock exchange can subsequently be registered, both in the Superintendence of the Financial System and in the Stock Exchange, following the procedures already established by these institutions.

After the registration of these issuances, only the authorizations of both institutions are included in the Issuance Deposit Register and the information is completed in the respective files.

## E. Registration of tranches

The Tranche Register is part of the Issuance Register and details the specific characteristics of each tranche: serial number, term in days, issuance date and maturity date, amount to be placed, the interest rate value and over-rate, the calculation base, schedule for payment of interest and capital, as well as international identification codes, where applicable, according to the type of security; and other particular characteristics of the tranche.

## F. Requirements to register tranches

The requirement to register a tranche of dematerialized securities is the communication letter from the issuer, informing about the characteristics of the tranche and the notification of placement in a stock exchange.

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In the case of physical securities, the presentation of the securities is necessary, no later than one business day before their negotiation.

## G. Initial deposit of securities or creation of availability

For operational purposes, the initial deposit for negotiation in the primary market is understood as the registration and creation of the availability of the securities in an account opened by the issuer exclusively for such purpose, in the Register of Securities Accounts.

The deposit or creation of availability must be carried out at least before its negotiation; for this, the Direct Participant must comply with the following:

a) Present the requirements for the registration of the issuance and its respective tranche as described in letters "B" and "F" of this chapter; and b) Present the issuance deposit form signed by the authorized persons.

## H. Deposit of issuances over the counter

The registration of issuances and tranches placed over the counter is carried out by complying with the requirements established in letters "B", "F" and "G" of this chapter.

## I. Modification, rectification, and replacement in the electronic registration of issuance deposits

The characteristics described in an entry of the Electronic Registration of Issuance Deposits can be modified, rectified, or replaced, if necessary.

The modifications, rectifications, or replacements are the responsibility of the Registrar; and to be executed, it is necessary that the Registrar has the document justifying the change to be made, to execute the respective act according to the procedure established by CEDEVAL.

## CHAPTER III  
ELECTRONIC REGISTRATION OF SECURITIES ACCOUNT

The Electronic Registration of Securities Accounts is formed by all the deposit accounts opened by each Direct Participant.

Its update is the responsibility of the Registrar, and the information it contains is restricted access, in order to maintain the confidentiality of its holders, under the terms determined by articles 33 and 63 of the Law on Electronic Book Entries of Securities.

Primary Direct Participants may open accounts to deposit their own securities or those consigned by third parties. Secondary Direct Participants may only open accounts to deposit their own securities or securities in guarantee, in their own name.

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In this Register, the account number or code assigned to each client, the date of account opening, the type of account, the name of the holder or holders, the number of identity document, and also the data of their beneficiaries such as name, relationship, and the percentage of the securities that would correspond to them in the event of the holder's death will be specified.

## A. Types of accounts that can be opened

Direct Participants can open accounts with CEDEVAL for the deposit of securities for the purposes they are authorized. All accounts are nominative.

The types of accounts that can be opened are:

- 01 Own Account  
- 02 Investment Account  
- 03 Third-Party Account  
- 04 Guarantee Account  
- 05 Holding Account  
- 06 Document Account

### 1. Own Account

Deposit account for securities assigned by the Depository to a Direct Participant for the registration and accounting of the securities of their patrimony, which are segregated from the securities of the Direct Participant's clients. Charges and credits made with their own securities are recorded in it.

### 2. Investment Account

Deposit account for securities that make up a portfolio of securities and which is exclusive for those Direct Participants legally authorized to administer investment portfolios, such as in the case of investment fund managers, pension funds, or other analogous operations.

### 3. Third-Party Account

Deposit account for securities opened at the Depository by a Direct Participant in the name of one of its clients, who will thereby have the status of Indirect Participant, for the registration and accounting of the securities deposited in the name of the latter, who is the holder of the account, which are kept segregated from the securities of the Direct Participant and other Indirect Participants.

The Indirect Participant can open one or more accounts at CEDEVAL through different Primary Direct Participants, by virtue of a mandate contract signed with each Primary Direct Participant.

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### 4. Guarantee Account

Deposit account for securities, in which securities affected by a pledge in favor of the party for whom the guarantee account is constituted are registered and accounted for, by virtue of Art. 41 of the Law on Book Entries. The negotiation of the securities recorded in these accounts will be restricted.

Regarding this type of account, CEDEVAL has the following effects:

a) Impose the limitations and conditions that legal and contractual provisions determine;

b) Restrict or block the securities in the Electronic Registration of Securities Accounts; and

c) Increase the position of the guarantee account with deposits made by the Participant who constituted the pledge.

Transfer is only allowed for change of participant, deposit to increase the guarantee, execution, and definitive withdrawal (in the case of physical securities).

### 5. Holding Account

It is a deposit account for shares represented by electronic book entries and whose purpose is to certify the shareholders of a company. The sum of these accounts is equivalent to the Register of Nominal Shares provided by the Commercial Code, of the respective company.

They can also be used to certify electronic book entries of securities that represent individual securities issued by entities to which the keeping of a register of their holders corresponds.

### 6. Document Account

It consists of an account with the purpose of keeping a record of document storage and within the framework of a previously signed contract, in order to provide vault custody services.

## B. Type of administration of accounts

CEDEVAL will administer the accounts contained in the Register of Securities Accounts, under the following modalities:

### 1. Deposit and administration account

This is an account assigned for the administration of securities, of which CEDEVAL is obliged to keep, duly conserve, and exercise the patrimonial and social rights derived from them.

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# Manual of Operations

Approved by the Board of Directors in session
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Securities represented by book entry or physical securities can be deposited, whether public or private offering.

## 2. Vault custody account

It is an account assigned for the deposit of physical securities or documents regarding which CEDEVAL is only obliged to their custody and due conservation.

In this type of account, transfers for change of participant, deposit to increase the account balance, and definitive withdrawal of physical securities are allowed.

### C. Account Holders

Securities accounts are nominative; the person who appears as the holder of the account in the Electronic Registration of Securities Accounts is the legitimate holder of the securities recorded under that account.

The name of the holder that appears in the Electronic Registration of Securities Accounts must be recorded in accordance with that corresponding to the personal identity document or legal personality.

In accordance with article 15 of the Law on Book Entries, accounts can be opened in co-ownership, in the name of two or more persons, who may act jointly or separately. In this case, a common representative must be named.

### D. Beneficiaries

When opening a deposit account whose holder is a natural person, they may name beneficiaries with their respective percentage of participation, which must sum to one hundred percent in total.

It is the responsibility of the Primary Direct Participant to notify CEDEVAL of any changes in beneficiaries, if any.

If the account holder dies, CEDEVAL transfers to an account in favor of each of the beneficiaries the amount of securities that corresponds to them according to the designated percentage. For this, it will be necessary for the Primary Direct Participant to present to CEDEVAL the death certificate of the holder, the Mandate contract with the name of the beneficiary, and the request for transfer of the securities.

If there are no beneficiaries, the heir(s) can dispose of the securities, additionally presenting the definitive declaration issued in their favor by a Notary or Judge.

In both cases, at the request of the Primary Direct Participant, CEDEVAL will open the deposit account(s) in the name of the declared beneficiary(ies) or heir(s), to which it will transfer the securities subject to succession.

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# Manual of Operations

Approved by the Board of Directors in session
JD-09/2025 dated 19/08/2025
Version: 01
Page: 19 of 56

### E. Requirements to Open Accounts

For a Participant to open a securities account at CEDEVAL, they must comply with the following requirements:

1. Be a Direct Participant of CEDEVAL, or carry out the process through a Direct Participant;
2. Enter the required information in the system for account opening, according to the procedure established by CEDEVAL; and
3. Comply with the submission of information determined for due diligence in accordance with the procedures established by CEDEVAL, in matters of AML/CFT/TF prevention; attaching the documentation required according to the type of person, who will be the holder of the account.
4. Cedeval will verify the compliance of the information and documentation submitted to open the account, and notify the participant about the activation.

### F. Assignment of Codes by Securities Account

CEDEVAL will assign numerical codes to each opened account according to its type, which will be composed of eleven numerical characters, as follows:

The first four characters identify the Participant number;

The next five characters are a serial number that represents in a correlated manner the number of accounts opened; and

The last two characters identify the type of account opened, which can be classified as follows:

| Code | Account Type |
|------|--------------|
| 01   | Own Account  |
| 02   | Investment Account |
| 03   | Third-Party Account |
| 04   | Guarantee Account |
| 05   | Holding Account |
| 06   | Document Account |

The creation of another type of account must be done according to what is established in Art. 39 of the General Internal Regulations of CEDEVAL

### G. Inactive Securities Accounts

Accounts opened at CEDEVAL that have no balance and have not had any movement will become inactive automatically after six months have passed from their last

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# Manual of Operations

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movement.

These inactive accounts can be activated and used again by the same Holder, at the request of the Direct Participant, by sending the documents required to update the Holder's file and comply with the respective Due Diligence update procedure according to letter c) of letter E. of this chapter, when applicable.

## H. Registration of Pledges, other Encumbrances, Seizures, Precautionary Measures, and other Restrictions

Securities on deposit or custody by CEDEVAL may be subject to the constitution of pledges or other contractual encumbrances, seizures, precautionary measures, and other acts that subject the negotiation of the securities to restrictions, in accordance with the Law on Electronic Book Entries, as well as in other cases established by legislation, such as the Civil and Mercantile Procedural Code, the Penal Code, the Special Law on Extinction of Domain and Administration of Assets of Illicit Origin or Destination, and the Law against Money Laundering and Assets, among others applicable.

In this Manual, all cases included in this section will be generally referred to as "restrictions on negotiability" of securities.

### 1. Documentary support for restrictions

All acts related to the establishment, modification, or lifting of restrictions on the negotiability of securities must be legally justified and instrumentally supported by the pertinent documents, so that CEDEVAL can register the respective restriction.

### 2. Immobilization of restricted securities

All restrictions on negotiability that affect the securities will be inscribed in the Register of Securities Accounts, automatically implying the immobilization of the securities and a limitation on their possible transfer, in such a way that no type of operation with them will be allowed, until they have been released.

### 3. Responsible party

The inscription, update, and lifting of all kinds of restrictions will be the responsibility of the Registrar.

### 4. Order of inscription

If two or more requests for pledge encumbrances or of another nature, seizures, precautionary measures, or other kinds of restrictions are presented on the same security, CEDEVAL will proceed to register them in the order in which they were received and will be released as the documents, administrative orders, or judicial letters ordering their lifting are received.

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