Best practices New dematerialized issuances

 Depositors, issuers of securities and placement agents,

In order to provide information to optimize the issuance processes of dematerialized securities, through the Depósito Central de Valores (DCV), we hereby remind you of some practices to be considered when preparing a new dematerialized issuance, regardless of the instruments in question, provided they are allowed to be deposited at DCV.

When registering a dematerialized issuance at DCV, the following should be considered:

1. The securities - once deposited - are fungible and, except for exceptional cases contemplated in General Standard No. 77 of the CMF, they cannot be materialized and withdrawn from DCV.
2. Operations carried out in the market and that are registered at DCV with deposited securities are carried out in multiples according to the Minimum Tradable Position (minimum registered unit in the book entry at DCV, and therefore said unit allows trading such instrument in multiples of that denomination) defined by each issuer when registering the issuance.
3. The issuance of a smaller number of securities does not interfere with the possibility of making lotteries or early redemptions of the issuance, since DCV has the power to request the issuer to divide it.

Therefore, and following best international practices, we recommend making dematerialized issuances considering a cut with a larger denomination, thus, limiting the number of certificates to be issued. The advantages generated in this way and for all parties involved are relevant. By way of illustration, we cite some of them:

1. Greater speed is achieved in the deposit process of the different issuances, allowing their submittal; depending on the volume, even at times not enabled today.
2. Greater speed is achieved in the generation of information for DCV because of the lower volume of securities (operations).
3. Greater speed is achieved in the payment validation process, as a result of the fewer number of certificates reported in the NDV file, for the Issuer or Paying Bank.
4. It avoids submitting a large volume of inventory reductions into your portfolio management system.

If you have any doubts, please contact:
Customer service desk, MAC

This email address is being protected from spambots. You need JavaScript enabled to view it. +56 223 939 001

Without further ado, sincerely,

DEPÓSITO CENTRAL DE VALORES S.A.,
DEPÓSITO DE VALORES