COSOB Instruction No. 26-05 of July 15, 2026 defining the conditions and procedures for the registration of valuation experts for companies whose equity securities are subject to an application for admission to trading on the main or growth compartment

The People's Democratic Republic of Algeria
Stock Exchange Operations Organization and Supervision Committee Commission for the Organization and Supervision of Stock Exchange Operations – COSOB - COSOB Instruction No. 26-05 of July 15, 2026 defining the conditions and procedures for the registration of valuation experts for companies whose equity securities are subject to an application for admission to trading on the main or growth compartment

Article 1 – In application of the provisions of Articles 43 and 47 of COSOB Regulation No. 23-04 of Rabie Ethani 10, 1445, corresponding to October 25, 2023, relating to the general regulation of the stock exchange, the purpose of this instruction is to define the conditions and procedures for the registration, with the Commission, of valuation experts for companies whose equity securities are subject to an application for admission to trading on the main or growth compartment.

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 valuation activity with:
  o Higher education diplomas in one of the fields of economic sciences, management sciences, financial sciences, o Expertise in company valuation, providing advice to companies on capital structure, financial advice, management, and 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 comprising the following information elements:

1. Standard application form for registration of the valuation expert;
2. Copy of the articles of association;
3. Extract from the commercial register;
4. Identification of the administrators, directors, or primary officers of the applicant;
5. Organizational chart including the different functional and operational structures, including the structure in charge of company valuation activity.
6. List of valuation or consulting operations in which the applicant has participated, supported by any justifying document.
7. Description of the applicant's activities and a presentation, if applicable, of the group to which the applicant belongs, as well as the distribution of its capital;
8. Diplomas and CVs of the head of valuation activity and key collaborators, specifying their professional experiences;
9. Description of the technical means implemented for company valuation;
10. Overview of the methodology implemented for company valuation;
11. Overview of the conflict of interest detection and management system.
    The Commission may request any other document it deems necessary for the examination of the file.

Art. 4. – The registration application 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. The list of registered valuation experts is published on the Commission's website. The validity period of the registration is three (3) years.

Art. 5. – This instruction cancels and replaces COSOB Instruction No. 24-05 of May 29, 2024, defining the conditions and procedures for the registration of valuation experts for companies whose equity securities are subject to an application for admission to trading on the main or growth compartment.

Art. 6. – This instruction enters into force on the date of its signature.
Done in Algiers, July 15, 2026
Youcef BOUZENADA

3
Appendix
Standard application form for registration of the valuation expert

1. General information
   Applicant's Name:
   Company name or corporate name:
   Registered office:
   Tel: Fax:
   Email:

2. Administrators
   Name and Surname or company name
   Activity Address

3. Directors
   Name and Surname Activity Address

4. Persons in charge of company valuation activity
   Name and surname Function Qualification

4
[Provide a summary of the internal control procedures and mechanisms implemented to detect and manage conflict of interest situations (indicate the reference to the procedures manual, if applicable)]

5. Material resources
   Resources Brief description
   Premises
   IT resources

6. Internal control system

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

5
8. Describe each relevant operation carried out by the applicant in the context of company 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 additional document(s) submitted]

10. Signature of the company director or their representative
    Name and Surname:
    Date:
    Signature: