Rate Studies

This tariff study is based on the financial plan prepared by Depósito Central de Valores S.A., Depósito de Valores, hereinafter DCV or the Company, in order to comply with the information needs required by the Financial Market Commission, hereinafter CMF, through the issuance of General Standard No. 224 of August 25, 2008.

The objective of this study is to provide information to sustain and support the remuneration structure of the services inherent to the activity of custody and transfer of values.

To carry out this study, knowledge of the financial, operational and technological reality of the Company has been essential to establish a remuneration logic that ensures its financial and economic viability.

The structure of the study considers the development of components whose determination requires a high degree of theoretical and technical application, which is why this study includes the work of external advisors, experts in different fields such as the determination of the capital cost rate, the demand projection, the cost projection and, in addition, the independent opinion of experts about the integrity of the general logic of the rate study. Each of these studies are presented as annexes to this study and an extract from this is incorporated in the respective chapter.

Likewise, in the issuance of this study, the expert review of the element of the study called Equivalent Unit is incorporated. This component corresponds to the basic unit of measurement of the Company's operations through which the use of resources associated with each service is quantified. This Equivalent Unit is used in the present study as a mechanism for distribution, projection and, finally, determination of income for each service and was reviewed in terms of its basal structure and applicability, due to the change in the DCV production system that occurred in the year 2022.

It should be noted that this tariff study considers the services currently in operation, without making projections of products in development, as well as considering a stable market structure, taking into consideration the current number of relevant market players, and without significant changes in its operating structure.

In the following sections, each of the components of the DCV rate study is developed independently, to finally integrate them into the general model and thus be able to analyze the company's current rate structure.