Technical Standards for the Registration of Appraisers and Their Professional Obligations

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-04/2021
NRP-27
TECHNICAL STANDARDS FOR THE REGISTRATION OF APPRAISERS AND THEIR PROFESSIONAL OBLIGATIONS

Approval: 29/03/2021
Validity: 19/04/2021

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

CONSIDERING:
I. That Article 3 of the Law on Supervision and Regulation of the Financial System establishes that the Financial System Superintendence is responsible for supervising the individual and consolidated activity of the members of the financial system, and other persons, operations, and entities mandated by the laws.
II. That Article 78 of the Law on Supervision and Regulation of the Financial System establishes that the Financial System Superintendence will organize and keep updated the registries entrusted to it by the laws, among which are those relating to Experts in cases specified by law.
III. That Article 81 of the Law on Supervision and Regulation of the Financial System establishes the requirements that natural and legal persons must meet to be inscribed and maintained in the Registry of Experts of the Financial System Superintendence.
IV. That Article 236 of the Banking Law and Article 45 of the Cooperative Banks and Savings and Credit Societies Law establish that the valuation of movable and immovable assets of banks and cooperative banks, as well as when it is necessary by legal provisions to value such assets received as collateral, will require that such valuations be carried out by Experts inscribed in the Superintendence.
V. That Article 37 of the Insurance Companies Law establishes that the valuation of immovable assets of insurance companies or when it is necessary by legal provisions to value assets received as collateral, will require that such valuations be carried out by Experts inscribed in the Superintendence.
VI. That Articles 27 and 28 of the Regulations for Insurance Companies establish the procedure for valuing immovable assets of insurance companies and the requirements that Experts must meet to carry out such valuations.
VII. That Article 46 of the Asset Securitization Law establishes that securitization funds may be constituted in existing or to-be-constituted immovable assets and that these must meet at minimum that the immovable asset be valued by Experts inscribed in the Financial System Superintendence or in another registry recognized by the Superintendence, using for the valuations they practice, methods of recognized technical value approved by it.

Approval: 29/03/2021
Validity: 19/04/2021
VIII. That Article 72 letter b) of the Asset Securitization Law establishes that the presentation of the issuance for its entry in the Registry will be accompanied, in addition to the documentation generally required for issuances, by the description of the technical valuation procedure of the assets to be securitized and of the Securitization Fund, among others.
IX. That Article 96 of the Investment Funds Law establishes that in the case where the assets to be valued are immovable, they must be valued by Experts inscribed in the Superintendence or in other entities whose registries it recognizes.

THEREFORE, by virtue of the normative powers conferred upon it by Article 99 of the Law on Supervision and Regulation of the Financial System, AGREES to issue the following:

TECHNICAL STANDARDS FOR THE REGISTRATION OF APPRAISERS AND THEIR PROFESSIONAL OBLIGATIONS

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Standards aim to regulate and establish the procedure for inscription and registration of natural or legal persons interested in being qualified and inscribed in the Registry of Appraisal Experts of the Financial System Superintendence, as well as the professional obligations they must fulfill in the execution of their services in the activity of valuing movable and immovable assets.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are natural or legal persons inscribed in the Registry who, according to their specialization, provide their services to the Financial System, as well as persons interested in inscribing themselves as Appraisal Experts in the same. These Standards are also applicable to entities that hire the services of Appraisal Experts, to which the provisions established in Article 27 and in Chapter VI of these Standards apply.

Approval: 29/03/2021
Validity: 19/04/2021
Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Biological assets: Refers to living animals or plants that are part of an entity's activity, either to be destined for sale as agricultural products or to be converted into other different biological assets; (1) b) Real estate assets: Immovable assets, land, buildings, and constructions of all kinds adherent to the soil. Part of the immovable assets are; plants rooted in the soil, pending fruits, mine deposits, doors, windows, slabs, etc., of buildings, and in general, all natural objects or of use or ornamentation that are fixed and stable to the real estate, so that they form a single body with them; c) Central Bank: Central Reserve Bank of El Salvador; d) Asset: Movable or immovable asset subject to valuation; e) Entity or Entities: Entities supervised by the Financial System Superintendence; that the laws require that their movable and immovable assets be valued by Experts inscribed in the Superintendence's Registry; f) Fund: Real Estate Investment Funds, Real Estate Development Funds, and Real Estate Securitization Funds; g) Infrastructure: Part of the infrastructure necessary to support the superstructure of the building below the upper part of the pavement base slab, or the foundation slab; h) Urban immovable: Those that are cataloged by city halls within urban zones of different municipalities and districts, such as houses, buildings, and premises of all types; (3) i) Rural immovable: Those immovables located outside urban zones, situated on rustic lands and indispensable for the development of agricultural, livestock, or forestry activities, as well as for residential use, among others; (1) (3) j) NIT: Tax Identification Number; k) IVS: International Valuation Standards; (1) l) Infrastructure Works: All vehicular or pedestrian access with the corresponding set of installations that allow the operation of public services such as: drinking water supply, sanitary sewerage or solid waste disposal, rainwater drainage, electricity, and telephone lines; m) Expert or Financial System Appraisal Expert: Natural or legal person inscribed in the Registry of the Financial System Superintendence, whose purpose is to exercise the activity of valuing movable and/or immovable assets in the Financial System, in accordance with the specialties authorized by the Superintendence; (3) n) Agricultural Product: The product already harvested, coming from the biological assets of the entity; (1) o) Registry: Registry of Appraisal Experts of the Financial System Superintendence;

Approval: 29/03/2021
Validity: 19/04/2021 p) Reviewer: Person designated by the financial entity that has met the qualification and suitability requirements defined by it to perform the verification and review of the appraisal report provided by the Expert, in compliance with the provisions established in these Standards and that, in case deficiencies are identified in it, will follow up until such deficiencies are remedied; (1) q) Superintendence: Financial System Superintendence; r) Urban Lands: Lands located within the urban growth of a population, which has all or some basic services for its functioning; s) Rural Lands: Lands located outside urban or urbanized zones, known as non-urbanized land. It can be agricultural, livestock, forestry, historical, archaeological, cultural land, or reserved for public service buildings, among others; (1) (3) t) Value: Any negotiable amount in an organized market, expressed in monetary terms; u) Market Value: The amount for which an Asset can be exchanged between interested and well-informed parties, who carry out a transaction under conditions of mutual independence; and (1) v) Replacement Value: The amount estimated as necessary to replace an Asset, if it were totally or partially destroyed by natural causes; this value is obtained from the Cost Approach. (1)

CHAPTER II
REGISTRATION OF APPRAISERS

Of the registration and authorization
Art. 4.- The Superintendence will keep a Registry of Experts, authorized according to their specialization, to carry out the valuation of movable and immovable assets that entities expect to receive as collateral or susceptible of forming a patrimony, as well as the movable and immovable assets of the entity itself. In accordance with the experience and university or technical training of the Expert, they may request to be inscribed in one or more of the categories. The inscription enables them to provide valuation services to entities that the laws require that their movable and immovable assets be carried out by Experts inscribed in the Superintendence's Registry. (3)

Validity
Art. 5.- In accordance with what is established in Article 236 of the Banking Law and Article 45 of the Cooperative Banks and Savings and Credit Societies Law, the authorization of the inscription will be valid for a period of two years, which will be

Approval: 29/03/2021
Validity: 19/04/2021 renewable.

Of the categories of Appraisal Experts
Art. 6.- Natural or legal persons interested in being inscribed in the Registry must declare in the inscription application the category or categories in which they wish to provide their services, among which are the following:
a) Urban and Rural Immovables for General Use:
i. Lands (urban and rural);
ii. Subdivisions and Parcelings; (1)
iii. Urbanizations;
iv. Buildings for any destination (lodging, education, health, commerce, government, residential, etc.);
v. Infrastructure; and
vi. Others analogous.
b) Agricultural and Industrial Use Assets:
i. Lands (of agricultural and industrial vocation and use); (3)
ii. Subdivisions and Parcelings; (1)
iii. Urbanizations; (1)
iv. Buildings;
v. Infrastructure;
vi. Biological assets;
vii. Agricultural or agro-industrial products; and
viii. Others analogous.
c) Movable Assets in General:
i. Motor vehicles;
ii. Aeronautical assets;
iii. Machinery for any destination;
iv. Equipment for any destination;
v. Works of art; and (3)
vi. Other Movable Assets. (3)

Inscription Applications
Art. 7.- Inscription applications in the Registry will be received twice a year, during the months of February and August, in accordance with publications made by the Superintendence in two newspapers of national circulation and on the Superintendence's website or social networks. For the inscription applications to be processed, they must meet the requirements established in these Standards. The person whose inscription applications are denied either for not reaching the minimum score or for not complying with any of the requirements established in these Standards may present a new inscription application in the following periods of receipt of applications.

CHAPTER III
REGISTRATION PROCEDURE

For natural or legal person
Art. 8.- Natural and legal persons wishing to inscribe themselves in the Registry and remain in it must meet the following minimum requirements:
a) Independence, economic solvency, and not having been convicted of an intentional crime; likewise, they must not be a debtor, co-debtor, or guarantor in the members of the financial system of credits to which fifty percent (50%) or more of regularization reserves have been constituted and not be in a state of bankruptcy, suspension of payments, or creditors' agreement; b) Have specialized university or technical training for the type of Asset to be valued, with at least three years of experience and prove knowledge for the valuation of the type of assets for which they wish to be authorized; c) Not be a director, administrator, manager, official, or employee of any member of the financial system. Once inscribed, Experts may provide their services to any of the members of the financial system, except for those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second of affinity, have the quality of director, administrator, manager, official, or employee; d) Comply with the regulations applicable to them in the exercise of their professional duties; e) Natural persons wishing to inscribe themselves in the Registry must obtain the minimum qualification in the knowledge test established in Article 14 of these Standards; and f) In the case of legal persons, the previous requirements will be applicable to their Legal Representative, to the members of the board of directors or equivalent body, and to the general manager, or the person acting in their place.

Information required from natural person
Art. 9.- The natural person interested in inscribing themselves in the Registry must present to the Superintendence the following:
a) Letter of request manifesting their interest in being qualified and inscribed in the Registry, indicating the categories in which they wish to inscribe themselves, in accordance with what is established in Annex No. 1 of these Standards; b) Curriculum Vitae; (3) c) Copy of university or technical degree, with the respective authentication from the Ministry of Education, or its equivalent for cases where the degree obtained is abroad; (3)

d) Certification of criminal records from the General Directorate of Penitentiary Centers; (3) e) Copies of Identity Document, Tax Identification Number (NIT), which will be required in cases defined by the Tax Administration; and Taxpayer Registration Card for the Tax on the Transfer of Movable Assets and for the Provision of Services, if applicable; (2) (3) f) Sworn declaration corresponding to the type of procedure to be carried out, in accordance with the Annexes of these Standards; g) Copy of documentation that proves the training received in matters of appraisals, if any; and h) Documentation related to appraisals carried out in the last three years.

Information required from legal person
Art. 10.- In the case of legal persons, the requirements of the previous article will be applicable to their Legal Representative, and those listed in letters b), c), d), e), and f) to the members of the board of directors or equivalent body and to the general manager, or the person acting in their place. Additionally, they must present the following documents:
a) Deed of incorporation or incorporation form for the case of simplified joint-stock companies and their modifications, duly inscribed in the Commerce Registry. It must be specified within its purpose that the society can carry out valuations of movable or immovable assets; (3) b) Credential of the appointment of the Legal Representative, duly inscribed in the Commerce Registry; and c) Copy of NIT and Taxpayer Registration Card for the Tax on the Transfer of Movable Assets and for the Provision of Services, of the society. (3)

Of Foreign Experts
Art. 11.- Foreign natural or legal persons wishing to inscribe themselves as Experts must comply with the documentation established in these Standards and present the information with the apostille procedure, in the case of countries signatories of September 1996, published in the Official Diary No. 194, Volume No. 333, of October 16 of that same year, or with the procedure established in Article 334 of the Civil and Commercial Procedural Code.

Verification of information
Art. 12.- The Superintendence will verify that the documentation presented is complete and in due form and, in the absence of necessary requirements, may require applicants to present the missing documents within a period of ten (10) business days counted from the day following the notification, a period that may be extended at the request of the interested parties when there are reasons justifying it. (2)

Approval: 29/03/2021
Validity: 19/04/2021
The Superintendence in the same warning will indicate to the applicants that if the information is not completed within the aforementioned period, it will proceed without further procedure to archive the application, leaving them with the right to present a new application. (2) If after the analysis of the documentation presented the Superintendence has observations or when the documentation or information presented is not sufficient to support the facts or information intended to be accredited, the Superintendence will warn the applicant to remedy the deficiencies communicated to them or present additional documentation or information required of them. (2) The natural or legal person will have a period of ten (10) business days from the day following the notification to remedy the deficiencies. The Superintendence may, through a reasoned resolution, extend by up to another ten (10) business days, the period indicated in the previous paragraph, when the nature of the observations or warned deficiencies so requires.

Communication of the resolution
Art. 13.- The Superintendence will resolve on the inscription applications in the Registry in accordance with the results of the evaluation of the same and will communicate them to the interested parties within three (3) business days following the agreement of the Superintendence.

Evaluation Factors
Art. 14.- The evaluation of the applications of persons interested in inscribing themselves in the Registry of the Superintendence will be based on the following evaluation factors and scores:
The minimum qualification required for inscriptions in the Registry will be seventy (70) points, per category.

Weighting of Factors
Art. 15.- The factors enumerated in the previous article will be weighted based on the criteria described below:
a) Knowledge Test (60 points for inscription): The natural person or the

Evaluation Factors Weighting

Knowledge test 60%
Academic training 20%
Work experience 10%
Training in appraisals 10%
TOTAL 100%

Approval: 29/03/2021
Validity: 19/04/2021

Approval: 29/03/2021
Validity: 19/04/2021
Legal Representative, in the case of a legal entity, must take a written knowledge test, which will be different for each category in which they seek to be registered, with a minimum grade to obtain being six (6) points out of a score of ten (10). In the event that the minimum grade is not obtained, the other factors will not be evaluated. The test will assess the following technical aspects:
i. Valuation approaches for assets;
ii. Depreciation, concepts, foundations, parameters, and valuation criteria;
iii. Minimum content of valuation reports, established in these Standards;
iv. Knowledge of applicable regulations that provide technical criteria to the Appraiser and interested natural or legal person seeking to be registered in the registry, from the Urban Planning and Construction Law, Environmental Law, laws or regulations related to the Development and Territorial Ordering of the municipalities and districts of El Salvador, as well as the regulatory framework for appraisal services provided to institutions of the financial system; and
(3)
v. International Valuation Standards, issued by the International Valuation Standards Council. (3)
b) Academic Training (20 points for registration): Twenty (20) points will be assigned to the applicant who demonstrates university-level training relevant to the type of Asset to be valued according to the requested category. Ten (10) points will be assigned to the applicant who has relevant technical training in the type of Asset to be valued according to the requested category. (3) c) Work Experience (10 points for registration): One (1) point will be granted to the applicant for each valuation report presented, signed by them; up to a maximum of ten (10) points, which must be related to the category in which they wish to be registered. In the case of a legal entity, it is the Legal Representative who must meet this requirement. Valuations carried out in the three years prior to the date of the registration application are used to weight the work experience factors. Lack thereof affects the weighting but is not limiting for authorization in the Registry. In the event that a natural person has participated in the preparation of one or more valuation reports for an entity, state institution, municipal, autonomous, semi-autonomous entity, or private company duly accredited as such; which has been signed by them in their capacity as responsible for the valuation, they may request a letter signed by the entity for which they performed the valuation, which will serve as proof of their work experience. (1) The content of the Valuation Reports presented by the applicant will be evaluated by the Superintendence in accordance with the minimum content of valuation reports established in article 33 of these Standards. This provision will be applicable to the process of registration applications, to

Alameda Juan Pablo II, between 15th and 17th Avenue North, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-04/2021
NRP-27
TECHNICAL STANDARDS FOR THE REGISTRATION OF APPRAISERS AND THEIR PROFESSIONAL OBLIGATIONS

Approval: 29/03/2021
Validity: 19/04/2021 applications to belong to an additional category and to the extension of registration.
In the event that a natural person has participated in the preparation of a valuation report for an entity and this has not been signed by them, they may request a letter signed by the entity for which they performed the valuation, which will serve as proof of their work experience and may present it. Applicants must deliver digitally, through the electronic means indicated by the Superintendence, the valuation reports in editable files. If they are PDF documents, they must be properly scanned and signed by the signatory thereof, in the case of a natural person and by the legal representative in the case of a legal entity. (1) d) Training in Valuations (10 points for registration): For each training received and verified by the applicant, with a maximum duration of up to 20 hours, two (2) points will be assigned; and those greater than 20 hours will be assigned four (4) points, up to a maximum of ten (10) points. The training must be continuous in order to update with valuation techniques. Extension Art. 16.- Appraisers who are interested in remaining in the Registry of the Superintendence must submit an extension application and comply with the requirements established in article 81 of the Law on Supervision and Regulation of the Financial System and with the procedure established in these Standards. Applicants must present the extension application to the Superintendence within a period of two months before the respective registration expires. For the extension application process, the following documentation must be presented:
(3) a) Certificate of criminal records from the General Directorate of Penal Centers; (3) b) Documents accrediting forty hours of training on valuation topics carried out within a period not exceeding three years from the expiration date of the respective registration. In the case of a legal entity, this requirement must be accredited by the Legal Representative. Applicants must also attach the program of the topics addressed in the trainings; if these are received online, they must also present general information regarding the institution and the platform on which they took said training; c) Documentation proving the valuations carried out during the validity of the respective registration. The content of the valuation reports must consider what is established in these Standards. The aforementioned documentation may be presented by the means determined by the Superintendence, attaching at the same time a copy of the reports and the deed when the Valued Asset is real estate, up to a maximum of ten valuation reports; (1) d) Sworn declaration in accordance with the respective Annex of these Standards; e) Copy of Identity Document, Tax ID Number (NIT), and VAT registration, if applicable, in the case of extension or changes in personal data; and f) In the case of legal entities, the documents previously listed are required for the Legal Representative; and those listed in letters a), d) and e), for the members of the board of directors or equivalent body and the general manager, or whoever acts in their place. Additionally, they must present the photocopy of the modification of the Social Pact and/or Credential of appointment of the Legal Representative, duly registered in the Commercial Registry; in case of modifications. If the registration period expires without the Appraiser having submitted their extension application, the registration is cancelled from the Registry. In the event that the Superintendence determines non-compliance with any of the stated requirements, it will warn the applicant once for the respective corrections, in accordance with the deadlines established in article 12 of these Standards. Failure to correct requirements during the indicated period will render the extension application void. The applicant may submit a new registration application in the next period for receiving applications, and the referenced application will be processed as if it were a first-time registration in the Registry. The Superintendence, in accordance with what is established in article 49 of the Law on Supervision and Regulation of the Financial System, after reviewing and analyzing the presented documentation, will establish whether the requested extension proceeds or not. If upon submitting the extension application, the Appraiser does not prove having completed the training hours established in letter b) of this article, they may opt as an alternative to said requirement, to undergo the performance of a Knowledge Test by authorized category,
in accordance with what is described in letter a) of article 15 of these Standards. (1) For the case referred to in the sixth paragraph of this article, the Appraiser must request from the Superintendence, in their extension application, the scheduling for the performance of the test. (1) (3) Registration in a new category Art. 17.- The Appraiser who has already been registered in the Superintendence's Registry in one or more categories and decides to add a new one, must present to the Superintendence an application for authorization of registration of a new category at the time of extension, within the deadlines established by the Superintendence for such effects.

Approval: 29/03/2021
Validity: 19/04/2021
Art. 18.- The application for change or addition to a new category must contain the documents described in letters a), f), g) and h) and those personal documents established in article 9 of these Standards, which have been subject to update or modification subsequent to the Registration. Additionally, the procedure for Registration in the new category will be carried out in accordance with what is established in articles 12, 14 and 15 of these Standards. Art. 19.- The Superintendence will resolve on the applications for addition of categories in the Registry in accordance with the results of the evaluation of the same and communicate them to the interested parties within three business days following the agreement of the Superintendence. Change of legal representative Art. 20.- In the case of a legal entity, the removal, substitution, or death of the Legal Representative must be notified to the Superintendence immediately, proceeding to the update of the information, within a period not exceeding fifteen business days, for which the following documentation must be presented:
a) Copy of the Legal Representation credential duly inscribed in the Commercial Registry; and b) In the event that the new Legal Representative has authorization from the Superintendence as a Natural Person Appraiser, they must present complementary documentation in accordance with what is established in article 10 of these Standards and the update of documents in case there were any, without undergoing a new knowledge test in those cases where the application is consistent with the category or categories they currently hold registration as a natural person; otherwise, or if they request additional categories, they must undergo the corresponding knowledge tests. If the new Legal Representative is not authorized as a Natural Person Appraiser, they must attach the documentation referred to in letters b), c) and d) of article 9 and undergo the evaluation process described in Chapter III of these Standards. Art. 21.- The person who ceases to be the Legal Representative of a company and wishes to continue practicing as a Natural Person Appraiser, will present to the Superintendence an application to activate their registration, complementing the information established for natural persons in accordance with article 9 of these Standards. The appraiser who represents a legal entity and wishes to move to another company, must present the information, in case there is any modification in the documentation required for legal entities according to what is established in article 10 of these Standards. Likewise, they must comply with the evaluation factors 2,

Approval: 29/03/2021
Validity: 19/04/2021
3 and 4 established in article 14 and letters b) c) and d) of article 15 of these Standards. (1) Denial and cancellation Art. 22.- When the Superintendence becomes aware that the actions taken by the Appraiser are in contravention of what is established in the Law on Supervision and Regulation of the Financial System, and in what is provided in these Standards, it may suspend or cancel the registration in the Registry, prior to administrative sanctioning procedure.

CHAPTER IV
PROFESSIONAL OBLIGATIONS OF THE APPRAISER

Professional obligations
Art. 23.- The Appraiser must carry out their work independently. In the exercise of their functions, they must not receive from interested parties any personal benefit, gifts, or favors, with the exception of fees that have been previously agreed upon between the parties. The fees must not be committed or conditioned to the resulting value of the Asset subject to valuation. The Appraiser must inform the Superintendence of any evidence of coercion to which they are subjected by interested parties to alter their valuation report. (3) Art. 24.- Appraisers must issue criteria responding to valuation principles, international best practices mentioned in these Standards, and striving for the technical integrity of the report, measurements, and detailed description of assets based on the minimum requirements that valuation reports must contain as established in article 33 of these Standards. Art. 25.- Appraisers registered in the Superintendence's Registry must fulfill the following responsibilities:
a) Prepare valuation reports based on the guidelines established in article 33 of these Standards; (1) b) Deliver to the Superintendence the valuation reports according to the deadlines established in applicable regulations and when they are requested by the means indicated to them; (1) c) The Appraiser, or the Legal Representative in the case of a legal entity, must execute the valuation work in their capacity as responsible for the valuation, avoiding at all times the improper use of the registration number granted by the Superintendence, in accordance with what is established in article 49, letter b) of the Law on Supervision and Regulation of the Financial System, as well as conflicts of interest; d) The Legal Representative in the case of a legal entity, will be responsible for the content of the valuation, signing it personally and detailing who participated in its realization, avoiding at all times conflicts of interest; and

Approval: 29/03/2021
Validity: 19/04/2021 e) Keep a record of the valuation work they have carried out, with the archive of all documentation related to each valuation.
Valuation Reports (1)
Art. 26.- The Appraiser may prepare the valuation report physically or electronically and must deliver one to the financial entity and another to the holder of the Valued Asset, when this incurs payment for the valuation, for which they may make use of physical or electronic means, as appropriate. (1) (2) Art. 27.- Entities requiring valuation services must verify that the Appraisers, and the Legal Representative in the case of legal entities, to be hired are not in the following situations: (3) a) Having an employment relationship with the owner of the Asset, with whom represents them, or with the credit applicant; b) Being the credit applicant; c) Being a participant or investor in the Fund; d) Having a kinship relationship within the fourth degree of consanguinity and second of affinity, with the holder of the Asset to be valued or with the credit applicant; e) Not being a director, administrator, manager, official, or employee of any member of the financial system. Once registered, Appraisers may provide their services to any of the members of the financial system, with the exception of those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second of affinity have the quality of director, administrator, manager, official, or employee; and f) In the case of legal entities, companies must not have among their commercial activities the purchase or sale of real estate assets, or act as intermediation agents for the marketing of these assets. For the foregoing, Appraisers and the Legal Representative in the case of a legal entity, prior to contracting with the entity, must present a sworn declaration, indicating that they are not in any of these situations, avoiding at all times conflicts of interest. (3) Letter a) will apply even when it concerns own assets of the financial entity and their valuation is required for administrative purposes. Approaches for determining the value of the asset Art. 28.- The Appraiser must know, handle, and apply, for calculation purposes, the following valuation approaches and methods:
a) Market Approach: This approach seeks to determine via supply, demand, or effective or in-process transactions duly legalized and/or formalized, the market value of the Asset, making a comparison with similar assets to contrast among offers, demands, or effective transactions, and for this the existence of data and a representative market of comparable assets is indispensable. (1) The referenced approach establishes that it will be identified when at least three assets presenting characteristics and conditions equal or similar to that of the valued asset in the location zone of the Asset or in a similar zone are identified, and the variables and/or homologation factors that will be used, if any, will be clearly specified, both for land and for constructions and machinery and equipment, and discard those that deviate as abnormal prices or special circumstances, and, from homogeneous values, determine an average that will serve as a basis for assigning the value. In the event of insufficient information, or comparable assets, the market value of the Asset will be determined through the Cost Approach. b) Cost Approach: This approach starts from cost indices to obtain the reproduction or replacement cost of an Asset. In the case of real estate, the calculation of the land value, independent of construction, will be evaluated by the comparative or market approach or the technique and criterion the Appraiser deems convenient, duly justified. In the case of real estate such as buildings, installations, or other works carried out on the land, the construction index or indices must be considered through this approach, carrying out calculations of improvements to real estate starting from the application of depreciation methods. (1)
i. Gross Replacement Cost Method: for new assets, which is determined considering the costs and expenses necessary for an Asset with the same characteristics as the Asset subject to valuation; among these costs are the following: (1)
1. For buildings, direct and indirect costs of execution of the work and municipal and state taxes related to its construction; (1)
2. For movable assets, availability in the market, particularities of the Asset, invoices, quotes, and import policies must be considered; and
3. Establish whether financial and marketing expenses have been considered or not, according to the purpose and use of the valuation report; additionally, in buildings, easily dismountable installations must not be included. (1)
ii. Depreciated Replacement Cost Method: for used assets or those that have exceeded their natural commercialization period, it will be determined by deducting from the Gross Replacement Cost the physical, economic, and functional depreciation, calculated thus:
1. Applying to the Gross Replacement Cost, excluding the market value of the land, the Ross-Heidecke depreciation technique or another similar one or with better parameters and criteria duly proven and

Approval: 29/03/2021
Validity: 19/04/2021 preferably accepted by the current International Valuation Standards;
2. For movable assets, the depreciation method will be at the discretion of the appraiser in accordance with the physical conditions presented by the Asset, which must be duly justified in the valuation report; and
3. For special buildings, the methods of physical, economic, and/or functional depreciation used must be justified.
Art. 29.- In addition to the principles, techniques, approaches, and methods for the valuation of Assets established in these Standards, the standards and criteria defined in the International Valuation Standards, dictated by the International Valuation Standards Council (IVSC), may be used. (1) Verification of legal documents and fiscal treatment Art. 30.- It is the obligation of the Appraiser to verify the legal and technical documents that have been provided by the contracting entity and that accredit the ownership of the Asset being valued; as well as the precautions and encumbrances affecting them. In the valuation of an Asset, payments of taxes or duties that should run at the expense of a potential buyer must not be included; consequently, in the valuation report, it must be stated with sufficient clarity that the value of the real estate does not include expenses of that nature. Environmental effects of the valuation Art. 31.- The valuation must consider the possible risks and negative effects of environmental factors caused by human action, as well as those caused by nature. To this end, it must take into account, if any, the results of any report carried out up to three years prior to the date of the valuation and provided by the applicant thereof. (3)

CHAPTER V
CONTENT OF THE VALUATION REPORT

Principles of Valuation and Conduct

Art. 32.- The Appraiser must prepare the content of the valuation report, taking into account at least the following principles:
a) Highest and Best Use: The value of a property susceptible to being dedicated to different uses will be that resulting from dedicating it, within legal and physical possibilities, to the most economically advisable use, or if it is susceptible to being built with structures, the value resulting from constructing it, within legal and physical possibilities, with that which allows obtaining its highest value; b) Efficiency: Estimates must adequately reflect the market value at the date of the valuation; (1) (3) c) Independence: Valuation reports must be prepared by professionals who lack any interest in the outcome of said reports; (1) d) Integrity: Valuations must contain all information that allows a third party to conclude the total value of the valuations, without the need to resort to external sources. Additionally, it must be possible to verify all calculations that support the final and intermediate results; e) Objectivity: The value of the Asset must be the result of objective, neutral technical criteria and data whose sources are reliable and verifiable; (1) f) Professionalism: The determination of the market value of the Asset must be based on the conclusions resulting from the analysis and study that a prudent and diligent expert would perform, aimed at the search, obtaining, and evaluation of all available relevant information, such that the determined market value reflects the amounts that would reasonably be granted for its acquisition or received for its sale; (1) g) Prudence: In the face of several scenarios or choices of equally probable or equally applicable methods, according to the Appraiser's criterion, the one that results in a lower valuation is suggested, as well as documenting or supporting the information presented in the valuation report to guarantee that it comes from trustworthy sources; (1) h) Responsibility: The responsibility for the valuation report submitted by the Appraiser must be clearly stated; i) Substitution: The value of an Asset is equivalent to that of other substitutable assets of similar characteristics; (1) (3) j) Temporality: The value of an Asset varies over time; and (1) k) Transparency: Appraisers must disclose all limitations and possible sources of error as well as the assumptions that have been considered for the valuations, if applicable.

Minimum Content of the Valuation Report

Art. 33.- The valuation report of an asset must include, at a minimum, the following information and documents:
a) General information:
i. Name and Identification of the owner or owners of the Asset and the credit applicant, where applicable;
ii. Date of the valuation;
iii. Identification of the company and the Appraiser who performed the valuation, through the name and registration number;
iv. Detail whether it is an initial valuation or an update of the valuation;
v. Purpose and use of the valuation report;
vi. Key inputs used to perform the valuation and limitations;
vii. Value of the Asset based on its conditions on the date of the valuation;
viii. The valuation will be established by the Market Value determined from the Comparative or Market Approach, provided there is sufficient information and a representative market of comparable goods;
ix. The Replacement Value must also be presented from the Cost Approach;
x. Book value, where applicable;
xi. Appendices of the valuation report:
1. Provided by the applicant for the valuation: architectural and construction plans, topographic surveys, testimony of property deeds, book value, extracted certification of the property with a date of no more than sixty days from the date of preparation of the valuation, cadastral location, maintenance history (machinery and buildings, expansions and remodeling), and environmental studies or others considered necessary for the performance of the valuation, and in case of not obtaining any of the aforementioned documents, due to circumstances beyond the applicant's control and that they must be issued by a competent authority, the reason must be duly justified and a document accrediting such situation must be presented. (1)
2. In the case of valuation updates, the cadastral location and the extracted certification will not be required if there are no changes in the information and in the property; and (3)
3. Provided by the Appraiser: Sketch or existing layout scheme, location scheme, and photographs of the asset from different perspectives or angles. (3)
xii. Full name, handwritten signature, and physical seal when the valuation report is issued in physical form; simple or certified electronic signature, in cases where the report is prepared electronically, and the registration number of the Appraiser responsible for the valuation. Prior to the aforementioned information, the Appraiser declares under oath that they know and comply with the regulations contained in the Technical Standards for the Registration of Appraisers and Their Professional Obligations; consequently, they are not in any of the situations established in article 27 of the aforementioned Standard that prevent issuing the valuation report. (2)
The electronic signature referred to in this subsection, when the valuation report is issued electronically, must be supported by a technology that provides the interested party with the necessary information about the signer that allows identification with the Appraiser who is part of the Registry, by any available technological means, or that allows linking the signature exclusively to its holder, as well as having the necessary information to verify that the electronic document has not been modified since the moment it was signed. Likewise, in the event that a certified electronic signature is used, it must be provided by a Certification Service Provider accredited by the Electronic Signature Unit of the Ministry of Economy; and (2) (3) Conclusion of Value: Indicate that the determined market value effectively reflects the amount for which an Asset can be exchanged between interested and duly informed parties, who carry out a transaction under conditions of mutual independence, as well as conclude the methodology used in the valuation report according to their technical criterion and experience, as well as the approaches and methodologies recognized by the NIV. (1) (3) b) Specific information for Urban and Rural Real Estate of General Use
i. Description of the environment, indicating:
1. Address and exact location of the property, in the case of urban properties, establish the distance to the nearest commercial centers and others considered relevant, and in the case of rural properties, distances from this to urban centers, among others; (1) (3)
2. Conditions and feasibility of access routes;
3. Description of the condition of basic public and private services such as the following: drinking water, electricity, sanitary sewerage, storm sewerage, fixed telephony, health establishments, and other relevant aspects; and
4. Description of the neighborhood or colony specifying: type and degree of construction, security service, estimated time of commercialization, parking facilities, general characteristics of the neighborhood, factors influencing the commercialization of properties in the neighborhood, and proximity to educational centers, commercial centers, and health establishments.
ii. Description of the land, indicating:
1. If it is rural or urban; estimated areas: total, useful, restricted, and protected if applicable; flat, semi-flat, undulating, and hilly areas; (3)
2. Land vocation and current use;
3. Description of existing vegetation, detail of agricultural production or any yield obtained from the property, where applicable. (1)
4. Quality and classification of the soil, as applicable; and (1)
5. Easements, fences, springs, and other relevant aspects.
iii. Description of the physical infrastructure of the property, indicating:
1. Total, common, and useful areas, where applicable;
2. Type of occupancy of the property, i.e., whether it is a residence or commercial or other;
3. Perimeter walls, parking lots, structures, distinguishing bodies and existing areas as well as the materials that make up the main and secondary structure if possible, detailing floors, walls, ceilings, doors, windows, suspended ceilings, bathrooms, detailing areas and surface covering, and the conditions of the same;
4. Conditions for discharge and treatment of black water, wastewater, stormwater, or industrial waste;
5. Current use and any other detail presented by the existing infrastructure; and
6. Other existing installations detailing the use at the time of the valuation.
iv. Description of the ecological environment, pollution, and possible natural or physical risks and other environmental conditions; (3)
v. Funded Risks: The report must disclose those aspects by which the value of the Asset has been decreased due to duly funded risks;
vi. Table of values that make up the valuation report;
vii. For the valuation of buildings, those assets that individually must be detailed:
1. Constitute an integral part of the property and are necessary for its operation, which are valued as part of the property; and
2. Those that do not constitute part of the property and are subject to separate valuation.
viii. Legal status of the property, detailing registrations, active and passive easements, and other encumbrances and any other relevant aspect; and
ix. In the case of vacant properties or with an occupancy percentage less than seventy-five percent (75%), the Appraiser must render their opinion on whether there are characteristics or conditions in the property that affect the occupancy level.
c) Specific Information for Agricultural and Industrial Use Assets: (1)
i. Determining particularities of the land and constructions, as established in the previous subsection; (3)
ii. Technical and usage specifications;
iii. Current physical conditions;
iv. Depreciation;
v. Types of maintenance, where applicable (1);
vi. Documentary evidence demonstrating the research conducted on prices in the local or international market, where applicable; (1)
vii. Supply and demand data on products where applicable, and in the contrary case, duly justify the reason for not having such information; and (1)
viii. Legal Status of the Asset, indicating:
1. Registration in the corresponding registry, if applicable;
2. Improvements;
3. Encumbrances;
4. Existing commitments on the Asset, if applicable; and (1)
5. Other relevant aspects.
d) Specific Information for Movable Assets in General:
i. Description of the type of Asset:
1. Description of the Asset detailing its location;
2. Technical and usage specifications;
3. Current physical conditions;
4. Depreciation;
5. Types of maintenance;
6. Recent quotes not older than sixty days;
7. Repealed (1)
8. Security conditions, detailing if they are under protection; (1)
9. Documentary evidence demonstrating the research conducted on prices in the local or international market; (1)
10. Supply and demand data on products; and
11. Other aspects considered relevant.
ii. For machinery and equipment, indicating:
1. Technical specifications;
2. Years of manufacture and model;
3. Current Physical Conditions; mechanical test opinion where applicable;
4. Recent quotes not older than sixty days;
5. Documentary evidence demonstrating the research conducted on prices in the local and international market;
6. Supply and demand data on products;
7. Availability of mechanical spare parts in the market; and
8. Other aspects considered relevant.

CHAPTER VI
REQUIREMENTS FOR ENTITIES THAT HIRE APPRAISERS TO PERFORM VALUATIONS ABROAD

Valuations in other countries

Art. 34.- The valuation of real estate properties for the purpose of constituting guarantees located abroad may be performed by natural or legal persons with knowledge and accreditation in valuation matters in the country where the Asset is located. (3)

Accreditation for valuations performed abroad.

Art. 35.- The person referred to in the previous article must accredit their university or technical training in Asset Valuation as well as include information that evidences knowledge of the legal provisions of the securities and real estate market of the country where the Asset is located. The valuation must be expressed in United States dollars, as well as the calculation of the exchange rate used for the conversion. (1) The valuation report must also comply with the requirements and minimum content established according to article 33 of these Standards and the requirements of the country where the Asset is located. (1)

Art. 36.- The foreign professional who performs the valuation must be registered in a counterpart to the Superintendency or institution that certifies the personal and technical integrity of the same.

Art. 37.- The Assets referred to in article 34 of these Standards must not be located in jurisdictions that are considered by the Financial Action Task Force (FATF) as jurisdictions presenting strategic deficiencies in the prevention of money laundering and terrorist financing, known as high-risk or non-cooperative jurisdictions. (1)

CHAPTER VII
OTHER PROVISIONS AND VALIDITY

Submission of report to entities (3)

Art. 38.- Entities must receive the valuation report prepared by any Appraiser who is qualified in the category to which the Valued Asset belongs, provided that said report complies with the minimum content of these Standards. (1) The foregoing does not limit the valuation report from containing the additional elements necessary to complement its technical analysis and support the criteria used when choosing the approaches and methodologies implemented in its preparation. (1)

Freedom of Contracting

Art. 39.- Financial service users will designate the Appraiser for the valuation of the Asset subject to this requirement with full freedom. Financial entities must facilitate the compliance with this article and in no way establish direct or indirect limitations or delays of any nature to this faculty of the user, excepting only those cases in which the Appraiser is in one or more of the situations indicated in article 27 of these Standards. Likewise, the selected Appraiser must be duly registered in the Registry of the Superintendency, in the category corresponding to the asset subject to valuation, and comply with the requirements established in these Standards. (1)

Reviewer

Art. 40.- Entities must have a Reviewer who verifies compliance with the minimum content of the valuation report established in article 33 of these Standards, without being able to modify at any time the reported market value and the obtained values. In the event of observations, the reviewer must duly document them, so that the Appraiser responsible for its preparation can remedy the deficiencies or justify what was observed, according to what is established in these Standards. (1) In the event of a difference of criteria, the Reviewer may issue their duly justified and documented observations and opinions, but it will be the Appraiser who must, if applicable, change any previously defined aspect in the valuation report, leaving it duly justified and documented. (1)

Characteristics of the Seal (2)

Art. 41.- In the event that the Appraiser prepares valuation reports in physical form, they must use a seal that must be circular in shape, with a diameter of three centimeters, which will carry on the upper part the full name and surname of the professional preceded by the term "Appraiser"; if it is a legal entity, it will carry the words "Appraisers" and on the lower part the legend "Republic of El Salvador". In both cases, the registration number must appear in the center. (2)

Art. 41-A.- The provisions established in these Standards, to the extent applicable, may be recorded in accordance with what is established in the Electronic Signature Law, provided that the technical and legal requirements established therein are met. (1)

Information Update

Art. 42.- To keep the information in the Registry up to date, Appraisers must communicate to the Superintendency any change in the information within a maximum period of ten business days following the event that motivated the change. (3)

Publication of the Registry

Art. 43.- The Superintendency will publish on its Website the name, trade name or denomination, registration number, category, electronic address of the Appraisers registered in the Registry, and the expiration date of the registration. The modifications that occur in the Registry will be communicated by the Superintendency to the entities and to the Appraisers.

Pending Procedures

Art. 44.- The procedures, proceedings, and resources promoted that were pending on the date of validity of these Standards will continue to be processed in accordance with the Standards with which they were initiated.

Sanctions

Art. 45.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

Repeal

Art. 46.- Appraisers
-42), approved by the Board of Directors of the Superintendency, in session No. CD-43/2009, of the sixteenth of October of two thousand nine, whose Organic Law was repealed in accordance with Legislative Decree No. 592 which contains the Law on Supervision and Regulation of the Financial System, published in the Official Journal No. 23, Volume No. 390, of date February 2, 2011.

Transitory for Registered Appraisers

Art. 47.- Appraisers who are registered in the Appraisers Registry of the Superintendency at the time of validity of these Standards may perform valuations as they have been developing; and it will be until the extension of the registration that they must specify in the application, the categories in which they request to be registered.

Art. 47-A.- Appraiser Appraisers, or Legal Representative in the case of a legal entity, who are currently registered and do not have university or technical training that is related to the type of Asset to be valued, to maintain their registration in the Registry, must take the Diploma that the Superintendency proposes, having to approve it prior to the expiration of the validity of the authorization of the registration. (3)

Art. 47-B.- In the cases where the Appraiser Appraisers have not approved the Diploma indicated by the Superintendency within the period established in article 47-A of these Standards, they may request an extension before the expiration of said period, having to express the reasons on which it is based. (3)

For the case of Appraiser Appraisers, to whom the Superintendency communicates that they must approve the Diploma according to article 47-A of these standards, and that the validity of their registration expires within a period of one year counted from the aforementioned communication, they may submit their application for extension of registration according to article 16 of these standards, to be processed, having to approve the Diploma within a period of one year within the validity of their registration in the Registry. (3) Likewise, Appraiser Appraisers may propose for approval by the Superintendency, the Diploma to be taken to comply with article 47-A of these Standards. (3)

Unforeseen Aspects
Art. 48.- Aspects not provided for in the regulation of these Standards shall be resolved by the Central Bank through its Standards Committee.

Validity
Art. 49.- These Standards shall enter into force as of April 19, 2021.

MODIFICATIONS:
(1) Modifications approved by the Central Bank of El Salvador through its Standards Committee, in Session No. CN-14/2021, dated October 4, 2021, with effect from October 21, 2021.
(2) Modifications to Articles 9, 10, 12, 26, 33, and 41 approved by the Standards Committee of the Central Bank of El Salvador, in Session No. CN-07/2022 dated August 31, 2022, with effect from September 19, 2022. (3) Modifications to Articles 3, 4, 6, 9, 10, 15, 16, 23, 27, 31, 32, 33, 34, 38, 42 and Annex No. 1 and incorporation of Articles 47-A and 47-B, approved by the Standards Committee of the Central Bank of El Salvador, in Session No. CN-05/2024 of June 28, 2024, with effect from July 16, 2024.

Approval: 29/03/2021
Validity: 19/04/2021
Annex No. 1
APPLICATION FOR REGISTRATION

Date:
Superintendence of the Financial System
Present.
By this means I request registration in the Register of Appraisers kept by the Appraisers as follows:
a) Name, social name or denomination, _ b) Address and office location, ______________ Phone:_______ Email:_________ Website:
______________________________________ c) Resume (3) d) Identity Document: DUI _____________________ Passport________________________ e) Tax Identification Number (NIT):________________________________________________ f) Taxpayer Registration Number (NRC):___________________________________________ g) Certificate of criminal record. In the case of legal entities, add:
h) Deed of incorporation or incorporation form in the case of simplified joint-stock companies and their modifications, duly registered in the Commercial Registry. It must be specified within its purpose that the company can perform appraisals of movable or immovable property; (3) i) Credential of the appointment of the Legal Representative, duly registered in the Commercial Registry; and j) Copies of the Tax Identification Number and Taxpayer Registration Number for the Tax on the Transfer of Movable Property and the Provision of Services, of the company. In the case of companies, the respective documents of the members of the Board of Directors or equivalent body and of the general manager, or whoever acts in their place, must also be added. Name: Position:

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Annex No. 1
Signature:
Category to which you wish to belong (you can select more than one):
1) Urban and rural real estate for general use
2) Agricultural and industrial assets
3) Movable Property in General
Submit and mark the annexes to the application:
Copy of personal documents
Training received
Copy of University/Technical Degree with the respective authentication from the Ministry of Education Sworn statement

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Annex No. 2
Model of Sworn Statement for Registration Natural Person In the city of , at the hours of the day of of the year two thousand .
BEFORE ME, , Notary, of the domicile of , department of , appears Mr./Ms.: , of years of age, (Profession or trade), of the domicile of , department of , a person whom I today know and identify by means of their Unique Identity Document number , and with Tax Identification Number , and to be presented to the Superintendence of the Financial System together with their application for registration in the Register of Appraisers of that Institution corresponding to the process of (month) of two thousand (year) , by this means, UNDER OATH DECLARES: I) That they meet the requirements established in Article eighty-one of the Law of Supervision and Regulation of the Financial System, to be and remain registered in the Register of Appraisers of the Superintendence, for which they state the following: a) That they have specialized university or technical training for the type of asset to be appraised, according to their application; b) That they comply with the regulations applicable to them in the exercise of their professional duties; c) That they are not a debtor, co-debtor or guarantor in the members of the financial system of credits to which fifty percent or more of cleaning reserves have been constituted, according to the respective regulations and that they are not in a state of bankruptcy, suspension of payments or creditors' meeting; d) That they have not been convicted of any intentional crime; and e) That they are not a director, administrator, manager, official or employee of any member of the financial system; likewise, they commit that in the event of obtaining registration in the Register and while it is valid, they will provide their services to any of the members of the financial system, except for those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second of affinity have the quality of director, administrator, manager, official or employee; II) That the information provided and the documentation presented by their person is true and authorizes the Superintendence of the Financial System to verify and request additional information to the provided; III) That in the event of finding falsehood or alteration in the documents or information provided, they are informed that the Superintendence will cancel their registration process in the Register, without prejudice to the actions that according to law correspond; and IV) That they submit to the criteria of qualification and evaluation established by the Law of Supervision and Regulation of the Financial System and the Technical Standards for the Registration of Appraisers and their Professional Obligations. The notary signing hereby records: that he explained to the declarant about what is established in
Article two hundred and eighty-four of the Penal Code, regarding the crime of ideological falsity. Thus expressed the (the)
declarant whom I explained the legal effects of the present Notarial Act 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, ratifies its content and

Approval: 29/03/2021
Validity: 19/04/2021 and we sign. I WITNESS.-
The Sworn Statement must comply with what is established in the Notary Law

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Validity: 19/04/2021
Annex No. 3
The Sworn Statement must comply with what is established in the Notary Law Model of Sworn Statement for Registration Legal Person

In the city of , at the hours of the day of of the year two thousand .
BEFORE ME, , Notary, of the domicile of , department of , appears Mr./Ms.: , of years of age, (Profession or trade), of the domicile of , department of , a person whom I today know and identify by means of their Unique Identity Document number , and with Tax Identification Number , acting in their capacity as Legal Representative of the Company ____________, as proven by Deed of Public Deed of Incorporation of the Company ____; credential duly registered in the corresponding registry (relate registry) number ______ of date, book _____, and to be presented to the Superintendence of the Financial System together with the application for registration of the Company in the Register of Appraisers of that Institution corresponding to the process of (month) of two thousand (year) , by this means, UNDER OATH DECLARES: I) That they meet the requirements established in Article eighty-one of the Law of Supervision and Regulation of the Financial System, to be and remain registered in the Register of Appraisers of the Superintendence, for which they state the following: a) That they have specialized university or technical training for the type of asset to be appraised, according to their application; b) That they comply with the regulations applicable to them in the exercise of their professional duties; c) That they are not a debtor, co-debtor or guarantor in the members of the financial system of credits to which fifty percent or more of cleaning reserves have been constituted, according to the respective regulations and that they are not in a state of bankruptcy, suspension of payments or creditors' meeting; d) That they have not been convicted of any intentional crime; and e) That they are not a director, administrator, manager, official or employee of any member of the financial system; likewise, they commit that in the event of obtaining the registration of their represented entity and while it is valid in the Register of Appraisers of the Superintendence, they will provide their services to any of the members of the financial system, except for those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second of affinity have the quality of director, administrator, manager, official or employee, the above requirements being applicable to the members of the Board of Directors or equivalent body and to the general manager, or whoever acts in their place; II) That the information provided and the documentation presented by their person is true and authorizes the Superintendence of the Financial System to verify and request additional information to the provided; III) That in the event of finding falsehood or alteration in the documents or information provided, they are informed that the

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Annex No. 3
Superintendence will cancel their registration process in the Register, without prejudice to the actions that according to law correspond; and IV) That they submit to the criteria of qualification and evaluation established by the Law of Supervision and Regulation of the Financial System and the Technical Standards for the Registration of Appraisers and their Professional Obligations. The notary signing hereby records: that he explained to the declarant about what is established in Article two hundred and eighty-four of the Penal Code, regarding the crime of ideological falsity. Thus expressed the (the) declarant whom I explained the legal effects of the present Notarial Act 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, ratifies its content and we sign. I WITNESS.- The Sworn Statement must comply with what is established in the Notary Law

Approval: 29/03/2021
Validity: 19/04/2021
Annex No.4
Model of Sworn Statement for natural person
(additional category to their registration in the Register of Appraisers)

In the city of , at the hours of the day of of the year two thousand .
BEFORE ME, , Notary, of the domicile of , department of , appears Mr./Ms.: , of years of age, (Profession or trade), of the domicile of , department of , a person whom I today know and identify by means of their Unique Identity Document number , and with Tax Identification Number , and to be presented to the Superintendence of the Financial System together with their application for authorization of the category(ies) (name of the category(ies), according to article 6 of the Standard) in addition to their registration in the Register of Appraisers of that Institution corresponding to the process of (month:
February or August) of two thousand (year) , by this means, UNDER OATH DECLARES:
I) That they meet the requirements established in Article eighty-one of the Law of Supervision and Regulation of the Financial System, to be and remain registered in the Register of Appraisers of the Superintendence, for which they state the following: a) That they have specialized university or technical training for the type of asset to be appraised, according to their application; b) That they comply with the regulations applicable to them in the exercise of their professional duties; c) That they are not a debtor, co-debtor or guarantor in the members of the financial system of credits to which they have been constituted fifty percent or more of cleaning reserves, according to the respective regulations and that they are not in a state of bankruptcy, suspension of payments or creditors' meeting; d) That they have not been convicted of any intentional crime; and e) That they are not a director, administrator, manager, official or employee of any member of the financial system; likewise, they commit that in the event of obtaining authorization of category(ies) in addition to their registration in the Register and while it is valid, they will provide their services to any of the members of the financial system, except for those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second of affinity have the quality of director, administrator, manager, official or employee; II) That the information provided and the documentation presented by their person is true and authorizes the Superintendence of the Financial System to verify and request additional information to the provided; III) That in the event of finding falsehood or alteration in the documents or information provided, they are informed that the Superintendence will cancel their registration process in the Register, without prejudice to the actions that according to law correspond; and IV) That they submit to the criteria of qualification and evaluation established by the Law of Supervision and Regulation of the Financial System and the Technical Standards for the Registration of Appraisers and their Professional Obligations. The notary signing hereby records: that he explained to the

Approval: 29/03/2021
Validity: 19/04/2021
Annex No.4
the declarant about what is established in Article two hundred and eighty-four of the Penal Code, regarding the crime of ideological falsity. Thus expressed the (the) declarant whom I explained the legal effects of the present Notarial Act 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, ratifies its content and we sign. I WITNESS. The Sworn Statement must comply with what is established in the Notary Law

Approval: 29/03/2021
Validity: 19/04/2021
Annex No. 5
Model of Sworn Statement for Legal Person
(additional category to their registration in the Register of Appraisers)

In the city of , at the hours of the day of of the year two thousand .
BEFORE ME, , Notary, of the domicile of , department of , appears Mr./Ms.: , of years of age, (Profession or trade), of the domicile of , department of , a person whom I today know and identify by means of their Unique Identity Document number , and with Tax Identification Number , acting in their capacity as Legal Representative of the Company ____________, as proven by Deed of Public Deed of Incorporation of the Company ____; credential duly registered in the corresponding registry (relate registry) number ______ of date, book _____, and to be presented to the Superintendence of the Financial System together with their application for authorization of the category(ies) (name of the category(ies), according to article 6 of the Standard) in addition to the registration of the Company in the Register of Appraisers of that Institution corresponding to the process of (month: February or August) of two thousand (year) , by this means, UNDER OATH DECLARES: I) That they meet the requirements established in Article eighty-one of the Law of Supervision and Regulation of the Financial System, to be and remain registered in the Register of Appraisers of the Superintendence, for which they state the following: a) That they have specialized university or technical training for the type of asset to be appraised, according to their application; b) That they comply with the regulations applicable to them in the exercise of their professional duties; c) That they are not a debtor, co-debtor or guarantor in the members of the financial system of credits to which they have been constituted fifty percent or more of cleaning reserves, according to the respective regulations and that they are not in a state of bankruptcy, suspension of payments or creditors' meeting; d) That they have not been convicted of any intentional crime; and e) That they are not a director, administrator, manager, official or employee of any member of the financial system; likewise, they commit that in the event of obtaining the registration of their represented entity and while it is valid in the Register of Appraisers of the Superintendence, they will provide their services to any of the members of the financial system, except for those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second of affinity have the quality of director, administrator, manager, official or employee, the above requirements being applicable to the members of the Board of Directors or equivalent body and to the general manager, or whoever acts in their place; II) That the information provided and the documentation presented by their person is true and authorizes the Superintendence of the Financial System to verify and request additional information to the provided; III) That in the event of finding falsehood or alteration in the

Approval: 29/03/2021
Validity: 19/04/2021
Annex No. 5
documents or information provided, they are informed that the Superintendence will cancel their registration process in the Register, without prejudice to the actions that according to law correspond; and IV) That they submit to the criteria of qualification and evaluation established by the Law of Supervision and Regulation of the Financial System and the Technical Standards for the Registration of Appraisers and their Professional Obligations. The notary signing hereby records: that he explained to the declarant about what is established in Article two hundred and eighty-four of the Penal Code, regarding the crime of ideological falsity. Thus expressed the (the) declarant whom I explained the legal effects of the present Notarial Act 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, ratifies its content and we sign. I WITNESS.- The Sworn Statement must comply with what is established in the Notary Law

Approval: 29/03/2021
Validity: 19/04/2021
Annex No. 6
Format for Elaboration of
Sworn Statement for Natural Person (Extension)

In the city of , at the hours of the day of the year two thousand .

BEFORE ME, , Notary, with domicile at , department of , appears the gentleman/lady: , years of age, (profession or trade), with domicile at , department of , a person whom I know and identify today by means of their Unique Identity Document number , and with Tax Identification Number , and to be presented to the Superintendence of the Financial System along with their application for extension of the validity of their registration in the Register of Appraisers of that Institution, hereby DECLARES UNDER OATH: I) That they meet the requirements established in Article 81 of the Law on Supervision and Regulation of the Financial System, to be and remain registered in the Register of Appraisers of the Superintendence, for which they state the following: a) That they have specialized university or technical training for the type of asset to be appraised, according to their application; b) That they comply with the regulations applicable to them in the exercise of their professional duties; c) That they are not a debtor, co-debtor, or guarantor in the financial system entities for credits to which fifty percent (50%) or more of sanitation reserves have been constituted, according to the respective regulations, and that they are not in a state of bankruptcy, suspension of payments, or creditors' agreement; d) That they have not been convicted of any intentional crime; and e) That they are not a director, administrator, manager, official, or employee of any member of the financial system; likewise, they commit that while their registration in the corresponding Register is valid, they will provide their services to any of the members of the financial system, except those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second degree of affinity, hold the position of director, administrator, manager, official, or employee; II) That the information provided and the documentation presented by their person is truthful and authorizes the Superintendence of the Financial System to verify and request additional information provided; III) That in the event of finding falsehood or alteration in the documents or information provided, they are aware that the Superintendence will cancel their registration process in the Register, without prejudice to the actions corresponding according to law; and IV) That they submit to the qualification and evaluation criteria established by the Law on Supervision and Regulation of the Financial System and the Technical Standards for the Registration of Appraisers and Their Professional Obligations. The undersigned Notary makes it known: that they explained to the declarant what is established in Article 284 of the Penal Code, regarding the crime of ideological falsity. Thus, the declarant expressed themselves, to whom I explained the legal effects of this Notarial Act which consists of ___ sheet(s) front and back; and having read what was written to them by me,

Approval: 29/03/2021
Validity: 19/04/2021
Annex No. 6
in a single act without interruption and in its entirety, ratifies its content and we sign. I HEREBY CERTIFY.- The Sworn Declaration must comply with what is established in the Notary Law

Approval: 29/03/2021
Validity: 19/04/2021
Annex No. 7
Sworn Declaration Format for Legal Entity
(Legal Representative - Extension)

In the city of , at the hours of the day of the year two thousand .

BEFORE ME, , Notary, with domicile at , department of , appears the gentleman/lady: , years of age, (Profession or trade), with domicile at , department of , a person whom I know and identify today by means of their Unique Identity Document number , and with Tax Identification Number , acting in their capacity as Legal Representative of the Company ____________, as proven by the Testimony of Public Deed of Constitution of the Company ___________; credential duly registered in the corresponding registry (relate registry) number ______ dated _______, book _____, and to be presented to the Superintendence of the Financial System along with the application for extension of the validity of the Company's registration in the Register of Appraisers of that institution, hereby DECLARES UNDER OATH: I) That they meet the requirements established in Article 81 of the Law on Supervision and Regulation of the Financial System, to be and remain registered in the Register of Appraisers of the Superintendence, for which they state the following: a) That they have specialized university or technical training for the type of asset to be appraised, according to their application; b) That they comply with the regulations applicable to them in the exercise of their professional duties; c) That they are not a debtor, co-debtor, or guarantor in the financial system entities for credits to which fifty percent (50%) or more of sanitation reserves have been constituted, according to the respective regulations, and that they are not in a state of bankruptcy, suspension of payments, or creditors' agreement; d) That they have not been convicted of any intentional crime; and e) That they are not a director, administrator, manager, official, or employee of any member of the financial system; likewise, they commit that while the Company's registration in the Register of Appraisers of the Superintendence is valid, they will provide their services to any of the members of the financial system, except those in which their spouse or cohabitant, or relatives within the fourth degree of consanguinity or second degree of affinity, hold the position of director, administrator, manager, official, or employee, the aforementioned requirements being applicable to the members of the Board of Directors or equivalent body and to the General Manager, or whoever acts in their stead; II) That the information provided and the documentation presented by their person is truthful and authorizes the Superintendence of the Financial System to verify and request additional information provided; III) That in the event of finding falsehood or alteration in the documents or information provided, they are aware that the Superintendence will cancel their registration process in the Register, without prejudice to the actions corresponding according to law; and IV) That they submit to the qualification and evaluation criteria established by the Law on Supervision and Regulation of the Financial System and the
Technical Standards for the Registration of Appraisers and Their Professional Obligations. The undersigned Notary makes it known: that they explained to the declarant what is established in Article 284 of the Penal Code, regarding the crime of ideological falsity. Thus, the declarant expressed themselves, to whom I explained the legal effects of this Notarial Act which consists of ___ sheet(s) front and back; and having read what was written to them by me

Approval: 29/03/2021
Validity: 19/04/2021
Annex No. 7
registration in the Register, without prejudice to the actions corresponding according to law; and IV) That they submit to the qualification and evaluation criteria established by the Law on Supervision and Regulation of the Financial System and the Technical Standards for the Registration of Appraisers and Their Professional Obligations. The undersigned Notary makes it known: that they explained to the declarant what is established in Article 284 of the Penal Code, regarding the crime of ideological falsity. Thus, the declarant expressed themselves, to whom I explained the legal effects of this Notarial Act which consists of ___ sheet(s) front and back; and having read what was written to them by me in a single act without interruption and in its entirety, ratifies its content and we sign. I HEREBY CERTIFY.- The Sworn Declaration must comply with what is established in the Notary Law

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