Circular 02-26 — Regulatory Indexation Notification of the Maximum Issuance Amount for Small and Medium Enterprises (SMEs) in Fixed Income Public Offering Securities with Voluntary Risk Rating and the Maximum Investment Amount for Small Investors

SC-07-03-05 Edition 3 Page 1 of 5

CIRCULAR
No. 02/26
To: Securities Market Participants and the general public.
Subject: Notification of Regulatory Indexation of the Maximum Issuance Amount for Small and Medium Enterprises (SMEs) in Fixed Income Public Offering Securities with Voluntary Risk Rating and the Maximum Investment Amount for Small Investors.

Seen:
a. The Constitution of the Dominican Republic, given and proclaimed on twenty-seven (27) October two thousand twenty-four (2024). b. Law No. 249-17, of nineteen (19) December two thousand seventeen (2017), on the Securities Market of the Dominican Republic (hereinafter, "Law No. 249-17"), which repeals and replaces Law No. 19-00, of eight (8) May two thousand (2000).
c. General Law of Commercial Companies and Individual Limited Liability Enterprises No. 479-08, of eleven (11) December two thousand eight (2008), and its modifications.
d. Law No. 107-13, of six (6) August two thousand thirteen (2013), on the Rights of Persons in their Relations with Administration and Administrative Procedure. e. First Resolution of the National Securities Market Council No. R-CNMV-2019-24-MV, of fifteen (15) October two thousand nineteen (2019), which approves the Public Offering Regulations, modified by Fourth Resolution No. R-CNMV-2022-16-MV, of thirteen (13) September two thousand twenty-two (2022) (hereinafter, the "Public Offering Regulations"). f. Circular No. 01-25, of twenty (20) February two thousand twenty-five (2025), on the Notification of Regulatory Indexation of the Maximum Issuance Amount for Small and Medium Enterprises (SMEs) in Fixed Income Public Offering Securities with Voluntary Risk Rating and the Maximum Investment Amount for Small Investors.

SC-07-03-05 Edition 3 Page 2 of 5

Considering:

1. That, pursuant to Article 7 of Law No. 249-17, the Securities Market Superintendency, in its capacity as the regulatory body of the Securities Market of the Dominican Republic, has the objective of "promoting an orderly, efficient, and transparent securities market, protecting investors, ensuring compliance with the law, and mitigating systemic risk, through the regulation and supervision of natural and legal persons operating in the securities market."
2. That, in its capacity as the highest executive authority, Article 17, items 1 and 2 of Law No. 249-17, empowers the Superintendent of the Securities Market to "1) Execute securities market policy in accordance with the guidelines established by the Council, and 2) Comply with and enforce the provisions of this law and its regulations, ensuring the correct application of its principles, policies, and objectives."
3. That, likewise, item 14 of the aforementioned article attributes to the Superintendent of the Securities Market the power to "issue the resolutions, circulars, and instructions required for the development of this law and its regulations."
4. That, in exercise of its regulatory power, the National Securities Market Council sanctioned the modification of the Public Offering Regulations through Fourth Resolution No. R-CNMV-2022-16-MV, of thirteen (13) September two thousand twenty-two (2022).
5. That Article 32, paragraph III, of the Public Offering Regulations provides as follows: "[...] The risk rating shall be voluntary on the part of the issuer for fixed income securities issued by SMEs for a total amount of approved public offerings up to Sixty Million Dominican Pesos (DOP 60,000,000.00), which may be indexed annually by the Superintendent according to the accumulated inflation published by the Central Bank of the Dominican Republic corresponding to 31 December immediately preceding, or its equivalent in foreign currency as determined annually by the Superintendent based on the purchase exchange rate published by the Central Bank of the Dominican Republic corresponding to 31 December immediately preceding. In the event that the issuer classified as an SME exceeds the amount indicated in this paragraph, it must obtain a risk rating as an issuing company."
6. That, likewise, Article 4 of the aforementioned resolution states as follows: "[...] A small investor is considered for Share issuances to be any natural person who requests the subscription of a public offering Share issuance, for an amount that does not exceed Five Million Dominican Pesos (DOP 5,000,000.00), which may be indexed annually by the Superintendent according to the accumulated inflation published by the Central Bank of the Dominican Republic corresponding to 31 December immediately preceding, for values denominated in Dominican pesos; or its equivalent in foreign currency. In the case of foreign currencies, the equivalence shall be fixed annually by the Superintendent based on the purchase exchange rate published by the Central Bank of the Dominican Republic corresponding to 31 December immediately preceding."

SC-07-03-05 Edition 3 Page 3 of 5
7. That, likewise for public offerings of fixed income securities, pursuant to Article 48, paragraph I, of the Public Offering Regulations "[...] A small investor is considered to be any natural person who requests to subscribe to securities of an offering subject to public offering for an amount that does not exceed Five Million Dominican Pesos (DOP 5,000,000.00), which may be indexed annually by the Superintendent according to the accumulated inflation published by the Central Bank of the Dominican Republic corresponding to 31 December immediately preceding, for values denominated in Dominican pesos; or its equivalent in foreign currency. In the case of foreign currencies, the equivalence shall be indexed annually by the Superintendent based on the purchase exchange rate published by the Central Bank of the Dominican Republic corresponding to 31 December immediately preceding."
8. That it is the competence of the Superintendent to index, annually, the maximum amount in Dominican pesos, based on the accumulated inflation published by the Central Bank of the Dominican Republic (BCRD) corresponding to 31 December immediately preceding; as well as to fix the equivalence of the maximum amount for values denominated in United States dollars, based on the purchase exchange rate published by the BCRD corresponding to 31 December immediately preceding, in accordance with the variation provided in Circular No. 01/25.
9. That, according to the Consumer Price Index (CPI) data published by the Central Bank of the Dominican Republic (BCRD), the accumulated inflation for the period December 2024 to December 2025 was four point ninety-five percent (4.95%); consequently, it corresponds to adjust the maximum limit to be subscribed by small investors and the maximum amount to be issued by SMEs in public offerings of fixed income securities with voluntary risk rating.
10. That the purchase exchange rate published by the Central Bank of the Dominican Republic (BCRD), applicable to 31 December two thousand twenty-five (2025), was sixty-two pesos with eighty-nine cents per United States dollar (DOP 62.8978 per USD).

Therefore:
The Superintendent of the Securities Market, in the use of the powers granted by Article 17, item 14, of Law No. 249-17 of the Securities Market of the Dominican Republic, promulgated on nineteen (19) December two thousand seventeen (2017), which repeals and replaces Law No. 19-00 of eight (8) May two thousand (2000), orders the following:

I. To inform Securities Market Participants and the general public that the equivalence of the maximum amount to be issued by SMEs in fixed income public offering securities denominated in Dominican pesos, with voluntary risk rating, will be seventy-two million six hundred eighty thousand four hundred fifty-four Dominican pesos with sixty-two cents (DOP 72,680,454.62), indexed according to the accumulated inflation published by the Central Bank of the Dominican Republic (BCRD) for the period December 2024 to December 2025.

II. To inform Securities Market Participants and the general public that the equivalence of the maximum amount to be issued by SMEs in fixed income public offering securities denominated in United States dollars, with voluntary risk rating, will be one million one hundred fifty-five thousand five hundred thirty-two United States dollars with fifty-four cents (USD 1,155,532.54), calculated at the purchase exchange rate of the dollar published by the BCRD corresponding to the close of 31 December 2025.

III. To inform Securities Market Participants and the general public that the equivalence of the maximum investment amount in a public offering issuance requested by a small investor, for values denominated in Dominican pesos, is increased to six million fifty-six thousand seven hundred thirty-one Dominican pesos with sixty-seven cents (DOP 6,056,731.67), indexed according to the accumulated inflation published by the BCRD for the period December 2024 to December 2025.

IV. To inform Securities Market Participants and the general public that the equivalence of the maximum investment amount in a public offering issuance requested by a small investor, for values denominated in United States dollars, will be ninety-six thousand two hundred ninety-four United States dollars with eighty-one cents

SC-07-03-05 Edition 3 Page 5 of 5
(USD 96,294.81), calculated at the purchase exchange rate of the dollar published by the BCRD corresponding to the close of 31 December 2025.

V. To inform Securities Market Participants and the general public that the provisions of this Circular enter into force from the next business day following its publication.

VI. To instruct the Regulation and Innovation Directorate of the Securities Market Superintendency to publish this Circular on the institutional website.

In Santo Domingo, National District, capital of the Dominican Republic, on the twenty (20) days of the month of February two thousand twenty-six (2026).

Ernesto Bournigal Read
Superintendent
EBR/mdt/omna/cp/ru
Regulation and Innovation Directorate