First Resolution of the Securities Market Superintendence dated July 30, 2026, R-SIMV-2026-31-FI: Modification of the First Resolution of August 27, 2021, R-SIMV-2021-24-FI, Authorizing the Closed Investment Fund Desarrollo Excel I

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FIRST RESOLUTION OF THE SECURITIES MARKET SUPERINTENDENCE DATED THIRTY (30) OF JULY OF THE YEAR TWO THOUSAND TWENTY-SIX (2026) R-SIMV-2026-31-FI Subject: Modification of the First Resolution of the Securities Market Superintendence dated twenty-seven (27) of August of the year two thousand twenty-one (2021), R-SIMV-2021-24-FI; by which the Closed Investment Fund Desarrollo Excel I was authorized, administered by Excel Sociedad Administradora de Fondos de Inversión, S.A.

Viewed: The Constitution of the Dominican Republic, proclaimed on date twenty-seven (27) of the month of October of the year two thousand twenty-four (2024).

Viewed: Law No. 107-13, dated six (6) of August of the year two thousand thirteen (2013), regarding the Rights of Persons in their Relations with the Administration and Administrative Procedure.

Viewed: Law No. 249-17, dated nineteen (19) of December of the year two thousand seventeen (2017), of the Securities Market of the Dominican Republic, which repeals and replaces Law No. 19-00, of eight (8) of May of the year two thousand (2000) (the “Law No. 249-17”).

Viewed: The First Resolution of the National Securities Market Council, dated five (5) of November of the year two thousand nineteen (2019), RCNMV-2019-28-MV, which approves the Regulations for Administrating Companies and Investment Funds, modified by the Second Resolution of the National Securities Market Council, dated sixteen (16) of July of the year two thousand twenty-one (2021), R-CNMV-2021-16-MV (the “Regulations for Administrating Companies and Investment Funds”).

Viewed: Circular C-SIMV-2020-01-MV dated eighteen (18) of February of the year two thousand twenty (2020), which approves the Instruction containing the guidelines for the various documents established in the Regulations for Administrating Companies and Investment Funds.

Viewed: The First Resolution of the Securities Market Superintendence dated twenty-seven (27) of August of the year two thousand twenty-one (2021), RSIMV-2021-24-FI; by which the “Closed Investment Fund Desarrollo Excel I” (the “Fund”) was authorized, registered in the Securities Market Registry (the “Registry”) under No. SIVFIC-

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057, administered by Excel Sociedad Administradora de Fondos de Inversión, S.A., registered under No. SVAF-001 (the “Approval Resolution”).

Viewed: Communication No. 01-2026-007494, received on date twenty (20) of July of the year two thousand twenty-six (2026), sent by Excel Sociedad Administradora de Fondos de Inversión, S.A., to the Securities Market Superintendence (the “Superintendence”) by which it requests the modification of the Approval Resolution.

Seen: Report No. OP-517-26, dated twenty-two (22) of July of the year two thousand twenty-six (2026), presented by the Issuers, Assets, and Rating Agencies Department, by which said area requests the modification of the Approval Resolution.

Considering: That the main part of Article 17 of Law No. 249-17 provides that “the Superintendent is the highest executive authority of the Superintendence, having charge of its direction, control, and representation.”

Considering: That in this same order, Article 48 of Law No. 249-17 establishes that “the Superintendence will be the only body authorized to authorize the public offering of securities throughout the territory of the Dominican Republic, prior to the presentation of the requirements established in this law and its regulations.”

Considering: That taking into account what is provided in numeral 2 of Article 83 of the Regulations for Administrating Companies and Investment Funds, “modifications to the bylaws, the Summary Information Prospectus, and, in general, to all documents submitted to the Superintendence for the authorization and registration of the investment fund in the Registry, which arise subsequent to the Superintendence’s approval, the following procedure will be followed: 2) In the case of closed investment funds: any modification will be submitted to the Superintendence for the purpose of obtaining its non-objection (…)”.

Considering: That by the First Resolution of the Securities Market Superintendence dated twenty-seven (27) of August of the year two thousand twenty-one (2021), R-SIMV-2021-24-FI; the “Closed Investment Fund Desarrollo Excel I” was authorized, registered in the Registry under No. SIVFIC-

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057, administered by Excel Sociedad Administradora de Fondos de Inversión, S.A., registered under No. SVAF-001.

Considering: That by Communication No. 01-2026-007494, received on date twenty (20) of July of the year two thousand twenty-six (2026), sent by Excel Sociedad Administradora de Fondos de Inversión, S.A., it requested this Superintendence to modify the Approval Resolution of the Fund.

Considering: That by virtue of the Minutes of the Extraordinary General Meeting of Contributors dated twenty-nine (29) of the month of April of the year two thousand twenty-six (2026), the fund’s contributors approved the modification of the Bylaws and the Summary Information Prospectus, in order to know, among others, the increase in the Fund’s capital and other modifications proposed in the bylaws.

Considering: That this Superintendence, taking into account the best practices recommended by the technical area, considers it necessary to fully replace the security characteristics contained in the second provision of the Approval Resolution, in order to modify certain characteristics and eliminate ex officio certain literals, information that is contained in the Fund’s Bylaws and which does not affect the legal validity of the approval resolution or the Fund’s complementary documents.

Considering: That this Superintendence, through the Issuers, Assets, and Rating Agencies Department, has verified that the request submitted by Excel Sociedad Administradora de Fondos de Inversión, S.A., complies with and is in accordance with the requirements established in Article 83 of the Regulations for Administrating Companies and Investment Funds and in Law No. 249-17.

Considering: That the current legal framework cited above, as well as the recommendations of the institution’s technical area, and by virtue of the legal powers, the Superintendent of the Securities Market Superintendence as the highest executive authority, with the power to hear and decide on the aforementioned request, decides to pronounce on the matter through this administrative act.

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Therefore, the Superintendent of the Securities Market, in the exercise of the powers granted to him in numeral 4) of Article 17 of Law No. 249-17, as well as the considerations and technical opinions supporting the file, resolves:

First: Fully replace the security characteristics contained in the second provision of the First Resolution of the Securities Market Superintendence, dated twenty-seven (27) of August of the year two thousand twenty-one (2021), R-SIMV-2021-24-FI, so that henceforth it shall read as transcribed below:
a. Total amount of the single issuance program: Up to fifteen billion Dominican pesos with zero cents (DOP 15,000,000,000.00). b. Number of participation quotas: Up to fifteen million (15,000,000).
c. Nominal value: One thousand Dominican pesos with zero cents (DOP 1,000.00).
d. Maturity date: Fifteen (15) years from the date of issuance of the fund’s participation quotas. e. Fund Objective: The investment policy objective is to generate returns and preserve and increase capital in the medium and long term by investing at least 60% of the investment portfolio in debt securities and equity securities not registered in the Securities Market Registry of companies, infrastructures, projects, consortia, trusts, or non-profit entities domiciled in the Dominican Republic and operating in any sector of the economy other than the financial sector. In addition, the Fund may invest up to 40% of its investment portfolio in securities of public offerings registered in the Securities Market Registry, deposits in national financial intermediation entities, fixed or variable income securities issued abroad in accordance with the conditions established in the regulation for this type of investment, real estate located within the national territory, documents representing the right of usufruct over real estate, and others in accordance with the conditions established in the Fund’s Bylaws. f. Investors to whom the Fund is directed: Professional investors.

Second: Inform that the remaining general characteristics of the securities contained in the second provision of the First Resolution, R-SIMV-2021-24-FI, are suppressed in this resolution, leaving those characteristics established and detailed in the Fund’s Bylaws and Summary Information Prospectus.

Third: Order Excel Sociedad Administradora de Fondos de Inversión, S.A., to report the Fund’s changes as a relevant event, in accordance with what is provided in paragraph II of Article 83 of the Regulations for Administrating Companies and Investment Funds, and to proceed to publish them on its website with sufficient prominence.

Fourth: Instruct the Securities Market Registry Department to issue a certified copy of this Resolution and to notify it to Excel Sociedad Administradora de Fondos de Inversión, S.A., to the Stock and Securities Markets of the Dominican Republic, S.A., to Cevaldom, S.A., and to the Risk Classifier and Investment Limits Commission.

Fifth: Instruct the Legal Department to publish this Resolution on the Securities Market Superintendence’s website, in its corresponding section.

In the city of Santo Domingo de Guzmán, National District, capital of the Dominican Republic, on the thirty (30) days of the month of July of the year two thousand twenty-six (2026).

Digitally signed by:
Ernesto Bournigal Read
Superintendent