TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF ADMINISTRATING SOCIETIES OF PRIVATE ALTERNATIVE INVESTMENT FUNDS Approval: 17/12/2025 Validity: 02/01/2026

THE COMMITTEE OF STANDARDS OF THE CENTRAL BANK OF RESERVE OF EL SALVADOR,

CONSIDERING:

I. That articles 2 and 6 of the Law of Private Alternative Investment Funds establish that, with the aim of managing and administering a Private Alternative Investment Fund, Administrating Societies of Private Alternative Investment Funds shall be constituted as anonymous companies or limited liability companies with fixed capital, domiciled in El Salvador.

II. That article 5, first paragraph, of the Law of Private Alternative Investment Funds establishes that Administrating Societies of Private Alternative Investment Funds shall not be considered part of the financial system; however, they shall be subject to the regulation and supervision of the Central Bank and the Superintendence.

III. That article 5, second paragraph, of the Law of Private Alternative Investment Funds establishes that it corresponds to the Central Bank, through its Committee of Standards, within its scope of competence, to issue the necessary technical standards that allow the operation of PAIFs and Administrating Societies, regulating at least the following aspects: transfer, liquidation, and dissolution of Administrating Societies and PAIFs, as applicable; minimum technical requirements for the submission of audit reports and/or attestations, and development of operational policies established in the aforementioned law.

IV. That article 7, first paragraph, of the Law of Private Alternative Investment Funds establishes that, to constitute an Administrating Society of Private Alternative Investment Funds, authorization must be requested from the Superintendence.

V. That article 8, first paragraph, of the Law of Private Alternative Investment Funds establishes that Administrating Societies of Private Alternative Investment Funds must be administered by a Board of Directors or Board of Managers, integrated by at least three principal directors or managers and an equal number of alternates, as applicable. They may also be administered by a single principal administrator, with their respective alternate.

VI. That article 10 of the Law of Private Alternative Investment Funds establishes that any person may be a holder of shares or participations in an Administrating Society of Private Alternative Investment Funds, as well as the circumstances under which they cannot be partners or shareholders.

THEREFORE,

IN VIRTUE OF THE REGULATORY POWERS conferred upon it by article 99 of the Law of Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF ADMINISTRATING SOCIETIES OF PRIVATE ALTERNATIVE INVESTMENT FUNDS

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Standards aim to regulate the requirements and process for the authorization of the constitution of Administrating Societies of Private Alternative Investment Funds and their operation, in accordance with the Law of Private Alternative Investment Funds, as well as applicable provisions for the operations they carry out.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are persons interested in constituting an Administrating Society of Private Alternative Investment Funds in accordance with the Law of Private Alternative Investment Funds, Administrating Societies of Alternative Investment Funds authorized by the Financial System Superintendence, their representatives, directors, related persons, or employees.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Central Bank: Central Bank of Reserve of El Salvador; b) Identity Document: Refers to the Unique Identity Document, Minor's Card, Passport, or Resident Card, as applicable; c) Alternative Funds, or by its English acronym PAIF: Private Alternative Investment Fund; d) Future Shareholder: Any natural or legal person interested in acquiring shares of an Administrating Society of Private Alternative Investment Funds; e) Sophisticated Investor: In accordance with article 4 of the Investment Banks Law, these are natural or legal persons, national or foreign, who must meet the criteria established in the aforementioned article; f) Board of Directors: A collegiate body or equivalent body responsible for the administration of the entity, with functions of supervision, direction, and control; g) Law: Law of Private Alternative Investment Funds; h) NIT: Tax Identification Number; i) Subordinated PAIF: In accordance with article 3 of the Law, it is one formed through the contributions or assets of investors who are delivered to an Administrating Society of Private Alternative Investment Funds with the purpose that it administers them exclusively for the benefit of these same investors; j) Internal Regulations: Document containing all specific characteristics and rules governing the operation of a specific Private Alternative Investment Fund; k) Administrating Society: Administrating Society of Private Alternative Investment Funds; and l) Superintendence: Financial System Superintendence.

CHAPTER II
ON THE ORGANIZATION, NATURE, AND CONSTITUTION OF ADMINISTRATING SOCIETIES

Organization and nature
Art. 4.- Administrating Societies shall be constituted as anonymous companies or limited liability companies, with fixed capital, domiciled in El Salvador.

Purpose
Art. 5.- Administrating Societies have the purpose of administering subordinated PAIFs, in accordance with the provisions established in the Law.
No entity may, without having obtained the respective authorization, develop activities legally reserved for Administrating Societies in accordance with the provisions of the Law.

Social Capital
Art. 6.- The minimum amount of social capital for the constitution of an Administrating Society must be in accordance with what is established in article 11 of the Law.

Reduction of capital
Art. 7.- Administrating Societies may agree to reduce their social capital with prior authorization from the Superintendence. In no case shall it be authorized that such capital be reduced below the amount established in accordance with article 11 of the Law.

Administrating Societies, in the case of capital reduction and the application of losses, must observe what is established in the second and third paragraphs of article 11 of the Law.

On managers, directors, or single administrator of the administering societies Art. 8.- The managers, directors, or single administrator of an administering society must be of recognized honorability and must demonstrate knowledge in financial and administrative matters, enabling them to perform their positions in accordance with the nature of the entities' operations. Furthermore, they must not be in financial or economic situations that affect or influence the duties or obligations corresponding to them based on their activities, presenting a sworn declaration in accordance with Annex No. 1 of these Standards.

Partners or Shareholders
Art. 9.- Those who fall within the prohibitions referred to in article 10 of the Law may not be shareholders or partners of an Administrating Society. For these purposes, they must present a sworn declaration in the "Application for authorization of constitution" in accordance with article 10 and Annexes Nos. 2 or 3, as applicable, of these Standards.

Application for authorization of constitution and operation Art. 10.- Persons intending to constitute an Administrating Society must request authorization from the Superintendence for its constitution and operation. The application must contain the following information:
a) Draft social deed or social agreement incorporating the statutes. This draft must contain the requirements specified in articles 22 and 194 of the Commercial Code and those mentioned in the Notary Law, as well as the provisions established in article 6 of the Law; b) List and general information of future directors, managers, or administrators, with the following information:
i. Sworn declaration of not being within the causes specified in article 8 of the Law; and
ii. Resume, indicating their experience in financial and administrative matters.
c) List of future shareholders, specifying their general information and shareholding, for those who will hold a participation equal to or greater than 10% of the capital or voting rights of the Administrating Society. If a natural person, they must present the following information:
i. Full name;
ii. Nationality and domicile;
iii. Copy of the Identity Document, which must be certified in the case of foreigners;
iv. Copy of the NIT, which must be in accordance with the provisions of the current Tax Administration;
v. Annual financial statements of the last three years with their corresponding audit opinions and notes, where applicable. If the person is subject to the obligation to keep formal accounting for a recent period, they must present at least the Financial Statements of the last fiscal year;
vi. Certificate evidencing the availability of funds to acquire the shareholding;
vii. Income Tax Return corresponding to the last fiscal year;
viii. Information evidencing the source of funds for the acquisition of the shares;
ix. In the case that the source of funds are contracted loans, attach the following:

1. Copy of the loan or loan agreement; and
2. Projected Cash Flow for ten years of income, expenses, and accumulated balances.
   If a legal person, they must present the following information:
   i. Trade name or corporate name;
   ii. Nationality and domicile;
   iii. Copy of the NIT, which must be in accordance with the provisions of the Tax Administration;
   iv. Annual financial statements of the last three years with their corresponding audit opinions and notes, where applicable. If the society is of recent constitution, it must present at least the Financial Statements of the last fiscal year;
   v. Certified copy of the deed of constitution and statutes, or creation law, as applicable, in both cases with their reforms and legal representation;
   vi. Power of attorney granted to be represented as a shareholder;
   vii. Certification of the minutes, where the acquisition of shares is authorized, when applicable;
   viii. Information evidencing the source of funds for the acquisition of the shares;
   ix. Certificate evidencing the availability of funds to acquire the shareholding;
   x. Certification mentioning the names of the main shareholders or partners of the requesting legal person, with their corresponding shareholding; and
   xi. Updated credentials of the Board of Directors or its equivalent of the requesting legal person.
   d) List of shareholders or partners holding a participation of less than 10% of the social capital or voting rights of the Administrating Society.
   If a natural person, they must present the following:
   i. Full name;
   ii. Nationality and domicile; and
   iii. Copy of the Identity Document, which must be certified in the case of foreigners.
   If a legal person, they must present the following information:
   i. Trade name or corporate name;
   ii. Nationality and domicile;
   iii. Copy of the NIT, which must be in accordance with the provisions of the Tax Administration, when applicable;
   iv. Certified copy of the deed of constitution and statutes, or creation law, as applicable, in both cases with their reforms and legal representation.
   e) Business plan including the following:
   i. Organization and administration scheme of the Administrating Society;
   ii. Financial projections for two years indicating expected profitability, detailing the premises used;
   iii. Description of the plans the applicant intends to develop in the short, medium, and long term, indicating viability and feasibility, both economic and financial. Developing at least the commercial, financial, and investment plans;
   iv. Business model for the first three years, referring to the central aspects of the activities intended to be carried out, potential demand for the services offered, market analysis, main risks and disadvantages, indicating whether services of other entities will be contracted;
   v. Social capital;
   vi. Internal policies that the Administrating Society will implement regarding remuneration, investment strategies, types of underlying funds, leverage, and financing mechanisms, risk profile, and other characteristics of the Fund or Funds intended to be managed; and
   vii. Financial Statements and their projections for two years, detailing the premises used.
   f) Policies and procedures for the realization of own investments by the Administrating Society, when such activity is included in the business model, such procedure must indicate the obligation to keep a record for each of the investments made; and g) Names of the persons proposed to form the Board of Directors, Board of Managers, or Single Administrator, as well as the general manager or executive director. The application and documentation may be submitted through the means made available by the Superintendence, which may be electronic. In any case, the time limit referred to in the first paragraph of article 11 of these Standards shall begin to run from the next business day after the application has been submitted.

Authorization procedure to constitute an administering society Art. 11.- Upon receipt of the application for authorization to constitute and operate as an Administrating Society, in accordance with the provisions of article 10 of these Standards, the Superintendence shall proceed to verify compliance with the requirements defined in the Law and these Standards, having a period of no more than thirty days for its review. If the application is not accompanied by the complete and duly formatted information detailed in article 10 of these Standards, the Superintendence, due to the lack of necessary requirements, may require the applicants to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of the interested persons, when there are reasons justifying such extension. The Superintendence, in the same notice, shall indicate to the applicants that if they do not complete the information within the aforementioned period, it will proceed without further procedure to archive the application, reserving their right to submit a new application. If, after the analysis of the documentation presented in accordance with article 10 of these Standards, the Superintendence has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be accredited; the Superintendence shall notify the applicants to remedy the deficiencies communicated or submit additional documentation or information requested. The applicants shall have a maximum period of ten business days counted from the day following the notification, to resolve the observations or submit the information requested by the Superintendence. The Superintendence may, through a reasoned resolution, extend by up to another ten business days the period specified in the previous paragraph, when the nature of the observations or deficiencies notified so requires.

Extension period
Art. 12.- Applicants may submit a request for extension of the period specified in the second and fifth paragraphs of article 11 of these Standards to the Superintendence, before the expiration of said period, expressing the grounds for the request and proposing, if applicable, the relevant evidence.
The extension period may not exceed ten business days and shall begin from the next business day after the expiration date of the original period.

Suspension of the period
Art. 13.- The thirty-day period specified in the first paragraph of article 11 of these Standards shall be suspended for the days that elapse between the notification of the request to complete information or documentation referred to in the second and fifth paragraphs of the aforementioned article, until the interested parties remedy the observations required by the Superintendence.

On the resolution of the application
Art. 14.- Once all requirements established in the Law and these Standards have been met, and the interested parties have submitted all requested information, the Superintendence must issue a resolution authorizing or denying the application for the constitution and operation of an Administrating Society.
The Superintendence shall proceed to notify the resolution, which authorizes or denies the application for authorization to constitute and operate as an Administrating Society, within a maximum period of three business days from the date the resolution is issued.

Granting of the constitution deed
Art. 15.- Upon receiving the communication of authorization of constitution and operation, the interested parties must proceed to grant the constitutive deed within a period of thirty days counted from the date of notification of the Superintendence's resolution. If for any circumstance, the persons intending to constitute an Administrating Society decide at this stage not to continue with the process, they must notify the Superintendence, who in this case will publish it on its website.

Modifications
Art. 16.- If during the period referred to in article 15 of these Standards, any change occurs in the information or documentation presented to the Superintendence in accordance with article 10 of these Standards, the Administrating Society must submit the updated information or documentation to the Superintendence within five days of the change occurring. Once the Superintendence has verified the modifications to the information or documentation presented or published, it will issue a new resolution authorizing or denying the application for the constitution of an Administrating Society, within a period of no more than thirty days. From the notification of this resolution, the thirty-day period referred to in article 15 of these Standards shall begin to run.

Review of the certified copy
Art. 17.- Prior to the submission of the certified copy of the constitution deed to the Commercial Registry, applicants must send it to the Superintendence within a period of fifteen business days from its granting, so that it verifies that it has been drafted in accordance with the project presented under letter a) of article 10 of these Standards, which has been previously authorized, with the Superintendence having a period of ten business days for such verification. If there are differences between the public constitution deed and the project of the same authorized by the Superintendence, it must communicate this to the applicant within the period specified in the previous paragraph, so that the authorizing notary proceeds to make the respective adjustments, and the certified copy of the public deed must be presented again before the Superintendence, within a period of twenty business days from the date of communication of the inconsistencies or differences for verification. If it is determined that there are no inconsistencies between the public constitution deed and the reviewed deed project, or in the case that the inconsistencies communicated in accordance with the previous article have been overcome, the Superintendence will communicate such situation for the purpose that it may be presented to the Commercial Registry for the corresponding registration, based on the Resolution referenced in article 14 of these Standards.

Procedure if the Commercial Registry makes observations on the certified copy of the public constitution deed, or denies its registration Art. 18.- When the Commercial Registry notifies the authorizing notary or any other interested party, the denial or the making of observations on the certified copy of the public constitution deed of an Administrating Society, that person or party must, in turn, notify such circumstance to the Superintendence in writing and no later than the next business day after receiving the respective notification. In such writing, the interested party or the authorizing notary must relate at least, the presentation number of the respective instrument in the Commercial Registry and state whether they will file any type of appeal aimed at achieving the registration of the certified copy or, in its case, the manner in which they intend to remedy the respective observations, as well as the result of such actions, which must be notified to the Superintendence in the manner provided in the previous paragraph. If for the registration of the instrument in question, it is necessary to modify the conditions under which the Superintendence ordered its favorable qualification, it may, upon written request of the future shareholders or their proxies, proceed to issue a new certificate in the terms established in article 17 of these Standards.

Once the certified copy is registered and the statutes are deposited in the Commercial Registry, the Administrating Society will submit a copy of said instruments to the Superintendence.

TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF ALTERNATIVE PRIVATE INVESTMENT FUNDS

Approval: 17/12/2025
Validity: 02/01/2026

CHAPTER III

ACTS AND OPERATIONS OF THE ADMINISTRATING COMPANY

Acts and operations
Art. 19. The Administrating Company shall carry out all acts, contracts, and operations necessary for the administration and functioning of the subordinate PAIFs, and in particular shall have the powers set forth in Article 13 of the Law.

In the operations carried out by the Administrating Company, it must keep segregated the cash and securities accounts for each subordinate PAIF it administers, as well as its own accounts.

Commissions and expenses
Art. 20. Every commission and expense must be expressed in the Internal Regulations of the respective subordinate PAIF, as well as in the information prospectus. The administration commission and other necessary expenses shall be borne by each subordinate PAIF, and other commissions may be established charged to the sophisticated investor, provided that such commissions are clearly disclosed in the information prospectus and the Internal Regulations of the subordinate PAIF.

Commissions shall be expressed as percentages or amounts, and in the case of expenses, they shall be clearly detailed.

Responsibilities of directors, managers, and administrators Art. 21. The directors, managers, and administrators of the Administrating Companies, at all times, must ensure that the subordinate PAIFs they administer are managed under criteria of honesty, prudence, and efficiency, as prudent merchants in their own business, and that they are executed in compliance at all times with the regulatory provisions to which they are subject, their policies, regulations, and applicable internal procedures. They shall also be responsible for ensuring that the information provided to the Superintendence for its records, and that which is provided to sophisticated investors or the general public, is truthful and reflects with transparency the true financial situation of the Administrating Company.

Contracting of services
Art. 22. The Administrating Company, in accordance with what is established in Article 15 of the Law, may enter into service contracts with other companies that allow it to exercise its functions, such as in administrative, IT, and other areas. However, the Administrating Company is not permitted to contract services for the administration of the investment portfolio of the subordinate PAIF.

The Administrating Company must keep a record or control of the contracted services, detailing the name or corporate name of the company, the service provided, term, and price. Likewise, it must inform the Superintendence of each contracting made within three business days following the subscription.

The Administrating Company must ensure that the entities it hires have the qualifications and capacity to perform their functions, taking into account the nature of the services to be provided, since the Administrating Company is responsible to third parties for the quality of the contracted services as if it had performed them itself. The Administrating Company must assume the costs of indemnification of the subordinate PAIF, immediately upon the occurrence of the event, when the contracted company commits fraud, error, or breach of contract that implies harm to the administered subordinate PAIF.

Art. 23. The Administrating Company shall conduct, prior to contracting, an evaluation of possible conflicts of interest with the entity to be contracted, and if such conflicts exist, it must mitigate them and, where appropriate, disclose them in accordance with its policy. Likewise, it must define the mechanisms it will use to evaluate the performance of the contracted services, as well as the monitoring it will carry out on them.

In the case of substitution of companies providing services, the Administrating Company shall notify such change to the Superintendence, within a maximum period of 3 business days.

The Administrating Company may hire a company to provide the participant registration service, as established in Article 28 of the Law, for which it must verify that the company has the necessary technological and financial requirements to provide said service.

Records
Art. 24. It is the responsibility of the Administrating Company with respect to each of the subordinate PAIFs it administers, to keep and maintain records or controls regarding participants, contributions, and redemptions of quotas and investments, in which the acquisition, maturity, or sale thereof must be detailed.

Art. 25. With respect to the Administrating Company, in addition to the records established by the Commercial Code, it shall keep the following:

a) A record of investment operations on its own account, if any;

b) A record of complaints and claims made by participants before the Administrating Company, its commercial agents, indicating the date, reason for the complaint, name of the person who filed it, and the status of the complaints and claims filed. In this record, a copy of the received complaints, the response given, and the average time in which they were resolved shall be incorporated, justifying those cases that had delays with respect to the deadlines set forth in the established procedure;

c) A record of indemnifications paid to the participant; and

d) A record of differences or conflicts of interest arising between participants in their capacity as such, or between them and the Administrating Company.

Art. 26. The control of the records must be kept through information systems, for which they must have mechanisms of security, integrity, and consistency.

CHAPTER IV

CONTROL MEASURES AND RISK MANAGEMENT

Insider information and principle of confidentiality Art. 27. Decisions related to the investments and operations of the subordinate PAIF, as well as the information relating to these decisions, are considered insider information. The Administrating Company, as well as all other persons who have access to such information, must keep absolute confidentiality of it.

Accounting Records
Art. 28. It is the responsibility of the Administrating Companies to record the operations of the subordinate PAIF, from the preparation of vouchers, documents, accounting records, and transaction files, to the formulation of Financial Statements and their notes, as well as other reports for their corresponding analysis and interpretation.

The Administrating Companies must keep separate accounting for each subordinate PAIF they administer, which is independent of their own accounting.

Timing of Accounting Record
Art. 29. It is the responsibility of the Administrating Companies to account daily for the transactions carried out by the subordinate PAIFs, which shall be registered in chronological order and in the accounts whose title corresponds to their nature.

Responsibilities
Art. 30. The directors, managers, and employees responsible for the preparation, review, and authorization of the information shall be personally liable for the errors, omissions, and irregularities it contains.

Appointment of Auditor
Art. 31. The Administrating Companies, through the General Meeting or its equivalent governing body, must appoint for the Administrating Company and for each of the subordinate PAIFs it administers, external auditors from internationally recognized audit firms, domiciled or not in the country, considering for this purpose their experience or specialty with the business model and information obligations.

Communication of the appointment of external auditor to the Superintendence Art. 32. The Administrating Companies must communicate to the Superintendence, no later than ten business days after the date of appointment, the name of the external auditor selected for the Administrating Company and for each of the subordinate PAIFs it administers, attaching the certification of the minutes point where the General Meeting or its equivalent body approved it.

Separation or resignation of the external auditor Art. 33. The Administrating Companies must inform about the separation or resignation of the external auditor, whether of the Administrating Company or of the subordinate PAIFs it administers, explaining to the Superintendence the reasons for resignation from their position, the intention to do so, or the extinction of their contract with the entity that hired them, notification which must be made no later than three business days after the event occurred. In the case of the extinction of the contract with the external auditor, indicate the name of the substitute and the date from which the latter will begin their functions. In these cases, the notifications must be made no later than three business days after their appointment.

External Audit
Art. 34. The external auditors appointed for the Administrating Companies or the subordinate PAIFs must carry out the audits considering as minimum the following aspects:

a) Verification during the accounting period that the accounting accounts and the economic and operational facts are correctly registered in their accounting records;

b) Carry out the planning, execution, and quality control of the audit;

c) Issue a report containing the opinion on the financial statements and their notes, with a detail of the results of the audit; and

d) Issue an independent opinion on whether the financial statements have been prepared, in all material aspects, in accordance with the legal, regulatory, and financial framework applicable to each audited entity, which provides reasonable assurance to the users of these that they do not contain material errors or omissions.

Attestations
Art. 35. At the request of the Administrating Company and after a resolution of its General Meeting or its equivalent governing body has been issued, external auditors may be designated to carry out their activities in accordance with the criteria established in International Standards on Auditing and Assurance 3000, Revised ISAE 3000, issued by the International Auditing and Assurance Standards Board (IAASB), and to inform on their conclusions in the context of a certification, internationally known as "Attestations".

Submission of Financial Information and Audit Report Art. 36. The Administrating Companies must submit to the Superintendence the financial information of each of the subordinate PAIFs they administer, on June 30 and December 31 of each year, which must be accompanied by the report of the external audit firm or attestations, in accordance with what is established in Article 41 of the Law, which must be submitted within a maximum period of ninety calendar days after the end of each period.

Once the information has been presented in due form by the Administrating Companies, the Superintendence must issue a certificate of custody, in accordance with what is established in the third paragraph of Article 41 of the Law.

Publication of Financial Statements of the Administrating Companies Art. 37. The Administrating Companies must make available to investors through electronic means, and at their request, the financial statements corresponding to June 30 and December 31 of each year, in accordance with the Internal Regulations and other internal documentation of the subordinate PAIFs.

Internal Control
Art. 38. The Administrating Company, in the preparation of function manuals, procedures, internal control systems, and human resources, shall take into consideration, among other aspects, the following:

a) Ensure compliance with internal policies and procedures;

b) Verify that the work performed by its employees falls within the norms applicable to them;

c) Verify that the recommendations or observations raised by the Superintendence or by Audit are timely complied with by the Administrating Company;

d) Train employees who work for the Administrating Company;

e) Communicate to the Superintendence any fact detected in the exercise of its functions that could be harmful to the participant; and

f) Comply with the internal control procedures approved by its Board of Directors, regarding the administration of the subordinate PAIFs, especially with regard to risk management, investments, cash, marketing, conversion of contributions, and redemption;

Internal Control System
Art. 39. The Administrating Company must develop an internal control system that allows verifying compliance with the policies, limits, processes, and procedures established for the risk management of the entity. For this purpose, it must establish the necessary administrative, financial, accounting, and technological controls.

Particularly, it must establish a system to safeguard the assets of each subordinate PAIF administered.

Integrated risk management
Art. 40. The Administrating Companies must establish an integrated risk management system, which shall be understood as a strategic process carried out by the entire entity, through which they identify, measure, control, monitor, and communicate the different types of risks to which they are exposed. Such management must be in accordance with its nature, size, risk profile, volume, and complexity of its activities, businesses, own and third-party resources, so as to promote the implementation of measures in accordance with best practices for the transparent, efficient, and orderly functioning of the market.

Stages of the integrated risk management process Art. 41. The Administrating Companies must have a continuous and documented process for the integrated management of their risks, which must contain at least the following stages:

a) Identification: This is the stage in which existing risks in each operation, product, process, and business line developed by the entity and those that occur in new business lines are recognized and understood. In this stage, risk factors are identified, which are variables and whose movements can generate changes in the equity of the entity or in that of the subordinate PAIFs it administers;

b) Measurement: This is the stage in which risks must be quantified in order to determine compliance or adequacy of policies, the established limits, and to measure the possible economic impact on the financial results of the entity. The methodologies and tools to measure risks must be in accordance with their organizational structure, volume, and nature of their operations, and the levels of risks assumed;

c) Control and mitigation: This is the stage that seeks to ensure that the policies, limits, and procedures established for the treatment and mitigation of risks are appropriately executed;

d) Monitoring and communication: This is the stage that provides systematic and permanent follow-up to risk exposures, their evolution, trend, and the results of actions adopted. The systems used must ensure a periodic and objective review of risk positions, and the generation of sufficient information to support decision-making processes, and allow communicating the results of risk management in a timely manner.

Internal organizational structure
Art. 42. The Administrating Companies must establish an organizational or functional structure, in accordance with their business model and properly segregated, which delimits their functions and responsibilities, as well as the hierarchical levels, levels of dependence, and interrelation that correspond to each of the operational support, business, and control areas that participate in the process of managing the risks to which they are exposed.

Policies for risk management
Art. 43. The Administrating Companies must develop policies to define the framework for the management of the different types of risks to which they are exposed, as well as those of the subordinate PAIFs they administer, which allow them to reduce their vulnerability and losses from such risks and promote at the level of the entire organization a culture of prevention and risk control, ensuring compliance with internal and external norms related thereto.

Risk management policies must consider, among other aspects, the functions and responsibilities in risk management, criteria, information systems, as well as mechanisms for identification, measurement, control, and mitigation of the risks presented by the entity.

The entity's policies and procedures must be consistent with its structure, nature, size, complexity of its activities, operations, business lines, type of clients it serves, and with the duties applicable to its activity. These policies and procedures must also be in accordance with the operations authorized according to its object and applicable legal regime.

Risk management manual
Art. 44. The Administrating Companies must have a risk management manual based on the policies that groups for the management of each risk: the associated processes, the functions and responsibilities of the involved areas, the methodology to measure the risk detailing variables, criteria, tools used, and the periodicity with which information must be reported on the exposure to each of the types of risks to the Board of Directors or Senior Management, as well as to other interested parties responsible for decision-making in risk management.

For the development of the risk management manual, the Administrating Companies must consider the implementation of prudential measures and best practices referred to risk management. The Superintendence will know these documents and may request explanations and expansions, and may recommend modifications when it deems appropriate, in attention to best practices. Likewise, in the aforementioned manual, they must include the management of risks associated with the subordinate PAIFs they administer.

Procedures on the prevention and control of money laundering and due diligence Art. 45. The Administrating Company must adopt policies, mechanisms, and control measures to comply with the obligations established in the laws, instructions, and current regulations related to the prevention, detection, and control of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.

The Administrating Company must have policies and procedures to perform due diligence for the identification and knowledge of its sophisticated investors, as well as the origin of the funds and their economic activity, in accordance with what is established in the laws, instructions, and current regulations related to the prevention, detection, and control of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.

CHAPTER V

OTHER PROVISIONS AND VALIDITY

Submission of information
Art. 46. The copies presented before the Superintendence, in compliance with what is established in these Standards, must be legible and certified by a Salvadoran Notary. In cases where the copies correspond to the Unique Identity Document (DUI) and the Tax Identification Number (NIT), notarization is not required.

Likewise, the signatures that match any type of documentation issued in El Salvador must be legalized by a Salvadoran Notary.

Notwithstanding the foregoing, if the documentation presented comes from abroad, both the copies and the signatures contained therein must be authenticated or certified by a foreign notary or official, as appropriate, and follow the apostille procedure in the case of countries signatories to the "Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents"; otherwise, they must be legalized by the Head of the Diplomatic Mission, Consul, Vice-Consul, or Officer in Charge of Consular Affairs of El Salvador, or in their absence, by officials of the Ministry of Foreign Relations from which such documents originate.

Sanctions
Art. 47. Non-compliance with the provisions contained in these Standards shall be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

Unforeseen aspects
Art. 48. Aspects not provided for in the regulatory matter in these Standards shall be resolved by the Central Bank through its Standards Committee.

Validity
Art. 49. These Standards shall enter into force as of January 2, 2026.

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Annex No. 1

MODEL OF SWORN DECLARATION FOR DIRECTORS, MANAGERS, OR SOLE ADMINISTRATOR

To the Financial System Superintendence

Present.

I, __________________________, of _______ years of age, profession or occupation ____________________, nationality _____________, domicile at ______________, with Identity Document No. ______________, and Tax Identification Number (which shall be in accordance with what is established by the Tax Administration) No. ____________, in view of having been proposed to be part of the board of directors, senior management, or sole administrator of the administrating company ___________, declare under oath that:

1. I have accreditations, knowledge, and experience in financial and administrative matters.
2. I am not in a financial or economic situation that affects or influences the duties or obligations that correspond to me based on my activities.

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Annex No. 2

MODELO OF SWORN DECLARATION FOR PARTNERS OR SHAREHOLDERS OF THE ADMINISTRATING COMPANY In the city of San Salvador, at _______ hours on the day ________ of _______ of two thousand ____. Before me, _______ notary of the domicile of ______, appears the gentleman _________________________ of ________________ years, (profession or trade) _______, from the domicile _____________ whom I know (or do not know), holder of (or I identify by) Identity Document number (or passport number), with Tax Identification Number (which shall be in accordance with what is established by the Tax Administration) ______________ who acts in his own name (or on behalf of, in this case indicate if it is a legal representative or attorney and relate the representation according to the case, at this moment or at the end) and TELLS ME: That in his capacity as future Partner or Shareholder of the Administrating Company ________________________, UNDER OATH HE MAKES THE FOLLOWING DECLARATIONS:
A) He is not in a state of bankruptcy or suspension of payments. B) He has not been convicted by a final judgment, in the country or abroad, for having committed or intentionally participated in any crime. C) His participation in activities related to drug trafficking and related crimes, as well as money laundering and other assets, has not been judicially proven, in the country or abroad. Nor is he a debtor of the financial system classified in any of the highest credit risk categories, according to the respective technical norms, in the country or abroad. D) He has not been an administrator, manager, or official of an institution or entity of the financial system, whose responsibility is established administratively, such that said institution or entity upon the entry into force of the Law on Privatization of Commercial Banking and the Associations of Savings and Loan Box Companies incurred in capital deficiencies of twenty percent or more of the legal minimum. E) He has not received contributions from the State or the Deposit Guarantee Institute for its reorganization, nor has it been intervened by the competent body; or has been restructured and, consequently, its authorization to operate has been revoked. F) He has not incurred in any of the legal circumstances that prevent him from holding the status of shareholder or partner or has been sanctioned, administratively or judicially, for his participation in infringements of laws and regulations of a financial nature, in particular the collection of funds from the public without authorization, the granting or receipt of related loans that exceed the permitted limit and in crimes of a financial nature, whether the non-compliance or sanction has occurred in the country or abroad. G) He does not possess a financial and patrimonial situation that is not proportional to the value of the shares they intend to acquire. H) He has not been a director or administrator of an Administrating Company whose authorization to operate has been revoked by the Superintendence, or in such case he was not responsible for said situation. I) He is not in a situation of insolvency with the Treasury and the municipality. The undersigned notary certifies: that I explained to the appearing party about what is established in the Penal Code, regarding the crime of ideological falsity, regulated in article two hundred and eighty-four. Thus expressed the appearing party to whom I explained the legal effects of this present notarial deed, which consists of _____ sheet(s) front and back; and read to him by me what was written, in a single act without interruption and in its entirety, he ratifies its content and we sign. I CERTIFY. The Sworn Declaration must comply with what is established in the Notary Law.

Annex No. 3
TECHNICAL NORMS FOR THE AUTHORIZATION OF CONSTITUTION AND ALTERNATIVE PRIVATE INVESTMENT FUNDS Approval: 17/12/2025 Validity: 02/01/2026

MODEL OF SWORN DECLARATION FOR CORPORATE PERSONS PARTNERS OR SHAREHOLDERS WHO POSSESS TWENTY-FIVE PERCENT OR MORE OF THE SHARES OR CONTRIBUTIONS OF THE ADMINISTRATING COMPANY, OR WHO HAVE THAT PERCENTAGE OF PARTICIPATION IN IT

In the city of San Salvador, at _______ hours on the day ________ of _______ of two thousand ____. Before me, _______ notary of the domicile of ___, appears the gentleman _________ of ________________ years, (profession or trade) _______, from the domicile _____________ whom I know (or do not know), holder of (or I identify by) Unique Identity Document number (or passport number), with Tax Identification Number _______ who acts in his own name (or on behalf of, in this case indicate if it is a legal representative or attorney and relate the representation according to the case, at this moment or at the end) in my capacity as shareholder (or of holder of 25% or more of participation in the Company) _____ who is a shareholder (relevant or controlling of the Administrating Company) and TELLS ME: That in his capacity as future shareholder of the company ________________________, UNDER OATH HE MAKES THE FOLLOWING DECLARATIONS: A) He is not in a state of bankruptcy or suspension of payments. B) He has not been convicted by a final judgment, in the country or abroad, for having committed or intentionally participated in any crime. C) His participation in activities related to drug trafficking and related crimes has not been judicially proven, as well as money laundering and other assets, in the country or abroad. Nor is he a debtor of the financial system classified in any of the highest credit risk categories, according to the respective technical norms, in the country or abroad. D) He has not been an administrator, manager, or official of an institution or entity of the financial system, whose responsibility is established administratively, such that said institution or entity upon the entry into force of the Law on Privatization of Commercial Banking and the Associations of Companies of Savings and Loan Boxes incurred in capital deficiencies of twenty percent or more of the legal minimum. E) He has not received contributions from the State or the Institute of Guarantee of Deposits for its reorganization, nor has it been intervened by the competent body; or has been restructured and, consequently, its authorization to operate has been revoked. F) He has not incurred in any of the legal circumstances that prevent him from holding the status of shareholder or partner or has been sanctioned, administratively or judicially, for his participation in infringements of laws and regulations of a financial nature, in particular the collection of funds from the public without authorization, the granting or receipt of related loans that exceed the limit permitted and in crimes of a financial nature, whether the non-compliance or the sanction has occurred in the country or abroad. G) He does not possess a financial and patrimonial situation that is not proportional to the value of the shares they intend to acquire. H) He has not been a director or administrator of an Administrating Company whose authorization to operate has been revoked by
the Superintendence, or in such case he was not responsible for said situation. I) He is not in a situation of insolvency with the Treasury and the municipality. The undersigned notary certifies: that I explained to the appearing party about what is established in the Penal Code, regarding the crime of ideological falsity, regulated in article two hundred and eighty-four. Thus expressed the appearing party to whom I explained the legal effects of this present notarial deed, which consists of _____ sheet(s) front and back; and read to him by me what was written, in a single act without interruption and in its entirety, he ratifies its content and we sign. I CERTIFY.