INSTRUCTIONS FOR REQUESTING AUTHORIZATION FOR PUBLIC OFFERING OF STOCK NOTES (SUNAVAL-I-03)

Administrative Ruling No. 147 of September 29, 2020, issued by the National Superintendence of Securities, was published in Official Gazette No. 42.105 of April 13, 2021 (the “Ruling”). The Ruling contains the Instructions for requesting Authorization of Public Offering of Stock Notes (Sunaval-I-03) (the “Instructions”)

The Instructions are directed at legal persons that intend to make public offerings of stock notes in the national territory, pursuant to articles 7, 18, and 89 of the Rules on Public Offering, Placement, and Publication of Securities Issues.

The general characteristics and terms of the stock notes are as follows:

• The stock note is a short-term funding instrument with a maximum maturity of 360 days.
• It will be issued to the order of an investor and will not be endorsable. In addition, it shall have “Non-Transferable” and “Without Protest” clauses.
• The authorization of public offering of stock notes will not exceed 360 calendar days from the day following the date of issue of the first series.
• The issues of stock notes may be made in one or several simultaneous or successive series.
• The securities corresponding to the same series must be placed under the same terms and conditions. The issue of the first series must be made within three (3) months following the date of authorization of the public offering and registration with the Registry of National Securities.
• The series forming the issue of a stock note will have a fixed maturity of not less than fifteen (15) days and not more than three hundred and sixty (360) days.
• The issuer making a public offering of a stock note must indicate the period of placement for each series. Said period will be of thirty (30) consecutive days, as from the date of commencement of the placement. The placement period may be adapted to market conditions, upon request from the issuer.

Those interested in the issues of stock notes must submit a written request for authorization to make a public offering of stock notes; they must also submit, together with the written request for authorization, all legal documentation relating to the issue and public offering of stock notes.

The Instructions became effective upon publication of the same in the Official Gazette.

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