Adjunct Superintendent Resolution No. 051-2025-SMV/11

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Adjunct Superintendent Resolution SMV No. 051-2025-SMV/11 Lima, August 20, 2025 Subject: Sanction RED BICOLOR DE COMMUNICATIONS S.A.A. - RBC TV S.A.A. with a total fine of 112.5 UIT for having incurred nine (9) serious infractions, typified in paragraphs 2.10 and 2.22 of paragraph 2 of Annex I of the Sanctions Regulation. Administered: RED BICOLOR DE COMUNICACIONES S.A.A. - RBC TV S.A.A. Subject: Administrative sanctioning procedure of double administrative instance Main Type: Paragraphs 2.10 and 2.22 of paragraph 2 of Annex I of the Sanctions Regulation SERIOUS INFRACTIONS File No.: 2025007808 The Adjunct Superintendent of Market Conduct Supervision SEEN:
The administrative file No. 2025007808, containing the administrative sanctioning procedure initiated by the General Superintendence of Conduct Compliance of the Securities Market Superintendence – SMV (hereinafter, the IGCC), against RED BICOLOR DE COMUNICACIONES S.A.A. - RBC TV S.A.A. (hereinafter, the Issuer); as well as Report No. 797-2025-SMV/11.2 of June 19, 2025 (hereinafter, the Report), issued by the IGCC; CONSIDERING:
I. Function and competence of the SASCM

1. That the administrative file No. 2025007808
   contains the documentation and information regarding an administrative sanctioning procedure (hereinafter, PAS), which has been brought to the knowledge of the SASCM in observance of the exercise of the supervision function and the sanctioning power of the SMV established through the Unified Concorded Text of its Organic Law, Decree

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Law No. 26126, and in the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO of the LMV) 1 ; as well as by what is provided in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation) and in articles 42 and 43 of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF and its amendments (hereinafter, ROF of the SMV), in the sense that it is a specific function of the SASCM, to impose sanctions in first administrative instance for the commission of infractions whose compliance control corresponds to the aforementioned Adjunct Superintendence. Likewise, the SASCM has the powers to issue corrective measures aimed at reversing the situation altered by the commission of infractions;
2. That, with respect to the charges subject of the present
PAS, two (2) administrative instances correspond, in accordance with article 15 of the Sanctions Regulation, and as established in paragraph 26 of article 12 of the ROF-SMV, which establish that the Superintendent of the Securities Market resolves appeals against resolutions issued in first instance by the Adjunct Superintendent of the SASCM, with the exception of single-instance procedures;
II. Facts, charges and defenses
2.1 Facts
3. That, it was evaluated whether the Issuer complied with presenting
financial information and complying with the requirements formulated by the SMV;
2.2 Charges
4. That, as a result of said evaluation, through
Letter No. 1177-2025-SMV/11.2 of March 10, 2025 (hereinafter, the Letter of Charges), charges were formulated against the Issuer for:
(i) Not presenting audited annual individual financial statements for the 2023 fiscal year and its respective Audit Report, an obligation that had to be fulfilled no later than April 01, 2024. Nevertheless, to date, said obligation has not been fulfilled; (ii) Not presenting the annual report for the 2023 fiscal year, an obligation that had to be fulfilled no later than April 01, 2024. Nevertheless, to date, said obligation has not been fulfilled; (iii) Not presenting audited annual consolidated financial statements for the fiscal year 2023, an obligation that had to be fulfilled no later than April 30, 2024. Nevertheless, to date, said obligation has not been fulfilled; (iv) Not presenting individual interim financial statements as of June 30, 2024 and its respective Management Report, an obligation that had to be fulfilled no later than July 31, 2024. Nevertheless, to date, said obligation has not been fulfilled;

1 Through Supreme Decree No. 020-2023-EF, published on February 10, 2023 in the Official Gazette El Peruano, the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861 was approved.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml (v) Not presenting consolidated interim financial statements as of June 30, 2024 and its respective Management Report, an obligation that had to be fulfilled no later than August 15, 2024. Nevertheless, to date, said obligation has not been fulfilled; (vi) Not presenting individual interim financial statements as of September 30, 2024 and its respective Management Report, an obligation that had to be fulfilled no later than October 31, 2024. Nevertheless, to date, said obligation has not been fulfilled, (vii) Not presenting consolidated interim financial statements as of September 30, 2024 and its respective Management Report, an obligation that had to be fulfilled no later than November 15, 2024. Nevertheless, to date, said obligation has not been fulfilled, (viii) Not implementing the corrective measure dictated in article 8 of the Adjunct Superintendent Resolution SMV No. 017-2023-SMV/11 of February 22, 2023, confirmed through Superintendent Resolution No. 045-2024-SMV/11 of April 16 of 2024, so the deadline for compliance with the corrective measure disposed expired on June 05, 2024. Nevertheless, to date, it has not complied with implementing the measure disposed; and, (ix) Not implementing the corrective measure dictated in article 7 of the Adjunct Superintendent Resolution SMV No. 063-2024-SMV/11 of October 14, 2024, so the deadline for compliance with the corrective measure disposed expired on December 03, 2024. Nevertheless, to date, it has not complied with implementing the measure disposed.
2.3 Defenses
5. That, despite having been validly notified at its
physical address on March 12, 2025, the Issuer did not present the defenses for the infractions described in the aforementioned Letter of Charges;
6. That, the Unified Ordered Text of the Law of
General Administrative Procedure, approved by Supreme Decree No. 004-2019- JUS (hereinafter, the TUO of the LPAG) contains common rules for the actions of the administrative function of the State and regulates all administrative procedures developed in the entities, including special procedures. Likewise, paragraph 3) of article 248 of the TUO of the LPAG, points out the criteria regarding the graduation of the sanction: (a) The illicit benefit resulting from the commission of the infraction, (b) The probability of detection of the infraction, (c) The severity of the damage to the public interest and/or protected legal good, (d) The economic harm caused, (e) Recidivism, for the commission of the same infraction within a period of one (1) year from when the resolution sanctioning the first infraction became final, (f) The circumstances of the commission of the infraction; and, (g) The existence or not of intent in the conduct of the infringer;
7. That, the charges formulated and the criteria regarding
the graduation of the sanction have been the subject of evaluation in the Report, which has been brought to the knowledge of the SASCM;
8. That, in observance of what is provided by paragraph
5 of article 255 of the TUO of the LPAG, through Letter No. 3545-2025-SMV/11 of June 26 of 2025, the Report was sent to the Issuer, so that it could send its allegations within a period of five (5) business days of notification, which to date have not been presented, having been notified to the Issuer through the MVNet System on June 27 of 2025 and through physical notification on July 01, 2025;
III. Issues to determine
9. That, in the present PAS it corresponds to determine the following:
(i) Whether the Issuer incurred or not in the infractions indicated in the Letter of Charges and Report.
(ii) Whether it corresponds or not to impose a sanction on the Issuer.
IV. Analysis
4.1 Applicable Normativity
10. That, article 31 of the TUO of the LMV states: "What
is established in the previous article does not relieve the issuer of the timely delivery to the SMV (…) of the information (…) necessarily, which is indicated below:
a) Its financial statements and indicators, with the minimum information that in a general way the SMV indicates, with a periodicity no greater than quarterly; and, b) Its annual report, with the minimum information that in a general way the SMV establishes. (…)";
11. That, with respect to the deadline for approval and
presentation of: i) the individual interim financial statements of the second and third quarters of 2024 and its respective management report, ii) the audited annual individual financial statements for the 2023 fiscal year and its respective audit report, as well as, iii) the annual report for the 2023 fiscal year, articles 11, 13, 14, 15, 19 and 20 of the Standards on Preparation, Presentation and Dissemination of Financial Statements, Annual Report and Management Report, approved through Resolution SMV No. 013-2023-SMV/01 and in force from December 11, 2023 (New Standards on Preparation, Presentation and Dissemination of FS); it is established that issuing companies with securities registered in the Public Registry of the Securities Market - RPMV are obligated to present to the SMV audited annual individual or separate financial statements, annual reports, individual interim financial statements and management reports, on the day they have been approved by the corresponding body, and in no case later than the day on which this has occurred, being the deadline for their approval and respective presentation: i) July 31 and October 31 of each year in the case of individual interim financial statements and management reports of the second and third quarters, respectively; and, ii) March 31 of each year for audited annual individual financial statements and the annual report;
12. That, with respect to the deadline for approval and
presentation of: i) the consolidated interim financial statements of the second and third quarters of 2024; and, ii) the audited annual consolidated financial statements for the 2023 fiscal year; articles 16 and 17 of the New Standards on Preparation, Presentation and Dissemination of FS stipulate that the deadline for approval and

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml presentation respective is: i) August 15 and November 15 of each year in the case of consolidated interim financial statements; and, ii) April 30 of each year for audited annual consolidated financial statements, respectively;
13. That, on the other hand, with respect to the obligation
to implement the corrective measures dictated by the SMV, the Issuer would have failed to comply with what is established in the second paragraph of article 13 of the TUO of the LMV which states "(…) Legal entities registered in the Registry and issuers of registered securities are obligated to present the information that this law and other provisions of general character establish, being responsible for the veracity of said information.";
14. That, in the same way, what is established by
article 19 of the Sanctions Regulation would not have been observed, which states that "Corrective measures are those mandates oriented to restore, reverse, repair, or restitute
that situation altered by the non-compliance with the regulations under the supervision of the SMV. These measures can be dictated prior to the start of an administrative sanctioning procedure or at the time of the determination of administrative responsibility. (…)";
15. That, the omission in the presentation of audited annual individual financial statements, audited annual consolidated financial statements and annual report corresponding, are typified in paragraph 2.10 of paragraph 2 of Annex I of the Sanctions Regulation, which states that it constitutes
a serious infraction: "Not communicating important events or not presenting individual or consolidated audited financial information, individual or consolidated interim financial statements, management report or special audit report and annual reports." (Underline added);
16. That, on the other hand, regarding the
implementation or compliance with the corrective measures dictated by the SMV, these infractions are typified in paragraph 2.22 of paragraph 2 of Annex I of the Sanctions Regulation, which establishes that it constitutes a serious infraction: "Not remediate or not do so in a timely manner the observations detected by the SMV, by the representative or internal control responsible or by the body that acts in its place, or by the external audit firms, or not implementing the corrective measures that the SMV has ordered within the framework of its competencies". (Underline added);
17. That, in accordance with article 34 of the Sanctions
Regulation, said infractions are sanctionable, among others, with a fine not less than twenty-five (25) UIT and up to fifty (50) UIT 2 ;
4.2 Case Evaluation

2 Article 34.- SANCTIONS FOR SERIOUS INFRACTIONS For the commission of serious infractions, one of the following sanctions is imposed on the infringer:
a) Fine not less than twenty-five (25) UIT and up to fifty (50) UIT; b) Suspension of the negotiation of securities for up to one (1) year or of the placement of the public offer; c) Suspension of the operating authorization or of the representatives of the agent societies, for up to twenty (20) days; and, d) Suspension of the persons referred to in paragraph i) of article 343 of the LMV and the corresponding regulations, for up to thirty (30) days.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml
18. That, in the administrative file No.
2025007808, which contains the documentation of the present PAS, it is appreciated that through Memorandum No. 3008-2023-SMV/11.1 of July 24, 2023 (File No. 2023031667), Memorandum No. 2220-2024-SMV/11.1 of June 20, 2024 (File No. 2024023743), Memorandum No. 4091-2024-SMV/11.1 of October 11 of 2024 (File No. 2024041418) and Memorandum No. 5376-2024- SMV/11.1 (File No. 2024051981) of December 30, 2024, the General Superintendence of Conduct Supervision (hereinafter, IGSC) —organ of the SMV that has within its functions and powers, the supervision of compliance with the regulations applicable to companies with securities registered in the RPMV, the evaluation of indications of possible infractions, and to remit, for its consideration, the reports of indications of infringement respectively, to the IGCC—, sent to the IGCC, the result of its evaluation, and specifically what refers to the present case;
19. That, it must be kept in mind that the procedures
and legal forms with which the IGSC conducts its auditing and/or supervision activity, the same which could conclude with a report of indications of infringement, determine that its pronouncement or opinion on a specific topic —which could even contain a decision, such as, for example, the adoption of corrective measures— , is not binding for the IGCC, as established in the second paragraph of article 9 of the Sanctions Regulation 34 ;
20. That, in this way it is had that in the evaluation of
the facts related to the present PAS have intervened and participated previously to the issuance of this Resolution, two (2) other organs of the SMV, functionally independent from each other and from this Office; first the IGSC which at its opportunity reported the indications of infraction and then the IGCC which, as a result of its evaluation, formulated the Charge Letter and elaborated the respective Report; and at this point of the PAS corresponds to the Office of the SASCM to issue a pronouncement containing its decision with respect to the mentioned charges, being precise to indicate that by the nature of the

3 In article 245 of the TUO of the LPAG it is indicated as forms or modes in which the auditing activity could conclude the following: 1) Certificate of conformity of the activity developed by the administered; 2) Recommendation of improvements or corrections of the activity developed by the administered; 3) The warning of the existence of non-compliances not susceptible of meriting the determination of administrative responsibilities; 4) The recommendation of the start of a procedure with the aim of determining the administrative responsibilities that correspond; 5) The adoption of corrective measures and 6) Other forms as established by special laws. 4 Article 9.- PRELIMINARY INQUIRIES AS A CONSEQUENCE OF SUPERVISION ACTIONS (…) When said organs conclude that there are sufficient indications of possible administrative infractions they send the corresponding reports to the General Superintendences of Compliance, which determine if it corresponds to start or not an administrative sanctioning procedure. If so, the General Superintendences of Compliance may carry out additional inspections or investigations of the reported indications. In the case of possible infractions in the scope of the Regulation of the Participatory Financial Financing Activity and its Administrating Societies, the preliminary inquiries are carried out by the General Superintendence of Investigation and Innovation, a dependency that if there are sufficient indications of possible administrative infractions will determine if it corresponds to start or not an administrative sanctioning procedure. (…).

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml same, as previously indicated, it will be a decision of first instance administrative;
21. That, as has been indicated in the present
Resolution, the Issuer has not presented the corresponding defenses to the charges formulated, despite having been validly notified as established in article 24 of the Regulation of the MVNet System and SMV Virtual, in force at the time of issuance of the Letter of Charges 5 ;
22. That, it is verified that the Issuer also has not
presented its allegations to the Report, which was notified through Letter No. 3545- 2025-SMV/11 through the MVNet System on June 27, 2025 and through physical notification on July 01, 2025;
23. That, consequently, the behaviors constitutive of infractions are proven to the extent of:
a) Not presenting audited annual individual financial statements for the 2023 fiscal year and its respective Audit Report, an obligation that had to be fulfilled no later than April 01, 2024. Nevertheless, to date, said obligation has not been fulfilled. b) Not presenting the annual report for the 2023 fiscal year, an obligation that had to be fulfilled no later than April 01, 2024. Nevertheless, to date, said obligation has not been fulfilled. c) Not presenting audited annual consolidated financial statements for the fiscal year 2023, an obligation that had to be fulfilled no later than April 30, 2024. Nevertheless, to date, said obligation has not been fulfilled. d) Not presenting individual interim financial statements as of June 30, 2024 and its respective Management Report, an obligation that had to be fulfilled no later than July 31, 2024. Nevertheless, to date, said obligation has not been fulfilled. e) Not presenting consolidated interim financial statements as of June 30, 2024 and its respective Management Report, an obligation that had to be fulfilled no later than August 15, 2024. Nevertheless, to date, said obligation has not been fulfilled. f) Not presenting individual interim financial statements as of September 30, 2024 and its respective Management Report, an obligation that had to be fulfilled no later than October 31, 2024. Nevertheless, to date, said obligation has not been fulfilled.

5 Regulation of the MVNet and SMV Virtual System, approved by Superintendent Resolution No. 092-2020-SMV/02:
“Article 24th.- Moment and efficacy of Notifications: Notifications from the SMV to Obligated Entities produce legal effects when they are deposited in the Digital Domicile of the Obligated Entity. For the purpose of computing the applicable deadline, it must be considered that this begins on the next business day following the deposit in the Digital Domicile. The means to prove receipt of the information by the Obligated Entities will be given by the respective records contained in the MVNet logbook, which will be available to the Obligated Entities when they request them.”

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml g) Failure to submit consolidated interim financial statements as of September 30, 2024 and its corresponding Management Report, an obligation that should have been fulfilled no later than November 15, 2024. Nevertheless, to date, said obligation has not been fulfilled. h) Failure to implement the corrective measure dictated in article 8 of the Deputy Superintendent Resolution SMV No. 017-2023-SMV/11 of February 22, 2023, confirmed by Superintendent Resolution No. 045-2024-SMV/11 of April 16 of 2024, so the deadline for compliance with the corrective measure disposed expired on June 05, 2024. Nevertheless, to date, it has not complied with implementing the disposed measure. i) Failure to implement the corrective measure dictated in article 7 of the Deputy Superintendent Resolution SMV No. 063-2024-SMV/11 of October 14, 2024, so the deadline for compliance with the corrective measure disposed expired on December 03, 2024. Nevertheless, to date, it has not complied with implementing the disposed measure.
24. That, therefore, it has been proven that the conduct
of the Issuer regarding the non-presentation of the referenced financial information and of the non-implementation of the corrective measures is reprehensible to the extent that it did not act with the diligence required, thereby affecting the transparency of the securities market;
25. That, consequently, the
non-compliances have been proven, so it corresponds to determine the sanction in attention to what is disposed by the principle of reasonableness;
V. Determination of the Sanction
26. That, the non-compliances in the presentation of
individual audited annual financial statements, consolidated audited annual financial statements and annual report correspondingly are typified in paragraph 2.10 of numeral 2 of Annex I of the Sanctions Regulation which establishes that it constitutes a serious offense: “2.10 Not communicate important facts or not present individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report or special audit report and annual reports.” (Underline added);
27. That, on the other hand, in what concerns the
implementation or compliance with the corrective measures dictated by the SMV, these infractions are typified in paragraph 2.22 of numeral 2 of Annex I of the Sanctions Regulation, which establishes that it constitutes a serious offense: “Not remedy or not do so in a timely manner the observations detected by the SMV, by the representative or internal control officer or by the body that acts in its place, or by external audit firms, or not implement the corrective measures that the SMV has ordered within the framework of its competencies”. (Underline added);
28. That, regarding the applicable sanctions, article
34 of the Sanctions Regulation states that the commission of serious infractions are sanctionable, among others, with a fine not less than twenty-five (25) UIT and up to fifty (50) UIT;

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml
29. That, for the purpose of determining the sanction to be imposed
on the Issuer, the sanction criteria established in article 344 of the TUO of the LMV, numeral 3) of article 248 of the TUO of the LPAG and what is provided by article 25 of the Sanctions Regulation (hereinafter, Sanction Criteria); must be taken into account; SANCTION CRITERIA
30. That, with respect to the gravity of the damage to the
public interest and/or protected legal good, the presentation of periodic information by issuers of securities registered in the RPMV and the implementation of corrective measures constitute fundamental obligations to achieve the transparency of the securities market, since with this it is sought to guarantee that all market participants make their investment decisions adequately informed. In this sense, the omission of presentation of financial information affects the transparency of the market, which is considered a protected legal good; and therefore, it causes serious damage to the public interest;
31. That, with relation to the economic harm caused
and its repercussion on the market, we must point out that in the present PAS it has not been evidenced that there has been a quantifiable harm, understood as an economic damage occasioned to one or several investors;
32. That with respect to the antecedents of the offender,
letter a) of article 25 of the Sanctions Regulation establishes that they are antecedents of the offender the sanctions imposed on him/her that became final within four (4) years prior to the moment of the commission of the infraction to be sanctioned. It also states that the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered antecedents. In application of said criterion, it has been verified that the Issuer has five (5) sanction antecedents as detailed in the Report;
33. That, with relation to recidivism for the commission
of the same infraction letter b) of article 25 of the Sanctions Regulation establishes that the final sanction imposed by the SMV within the period of one (1) year prior to the commission of the infraction to be sanctioned is taken into account. Regarding this, it has been verified that there is no recidivism on the part of the Issuer, according to what was evaluated in the Report;
34. That, regarding the circumstances of the commission
of the infraction, we must point out that the non-compliances by RBC have been duly accredited through the review of the information systems presented by the issuers and by the review of the information that is published on the Institutional Page of the SMV on the Single Digital Platform of the Peruvian State for Citizen Orientation (hereinafter, Institutional Page of the SMV) 6 . From the review of the information published by the Lima Stock Exchange 7 it has been observed that on the dates of the commission of facts under analysis, during at least the last five fiscal years (2020-2025) no operation has been carried out in bursa trading with the securities of RBC: RBCAC1 and RBCBC1.

6 www.gob.pe/smv
7 www.bvl.com.pe

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Additionally, it must be considered that by Resolution No. 523-2021/CCOINDECOPI of February 08, 2021, INDECOPI resolved to declare the situation of bankruptcy of RBC, this act was CONFIRMED by Resolution No. 668- 2021/SCO-INDECOPI of September 14, 2021 and the acceptance of RBC into the concursal procedure was published in the Official Bulletin of INDECOPI on October 25, 2021. Likewise, in the Creditors' Meeting of RBC of July 18, 2022, referred to the approval of the administration regime and the restructuring plan, by interested persons with the Issuer, various requests and appeals were formulated during 2002 and 2023, observing that through:
i. Resolution No. 363-2023/SCO-INDECOPI of August 04, 2023, resolves
to confirm Resolution No. 4518-2022/CCO-INDECOPI of November 28, 2022 that declared the request of Mr. Ricardo Belmont Cassinelli improcedent for the declaration of nullity ex officio and of the referenced call and the impugnation of the agreements.
ii. Resolution No. 699-2023/SCO-INDECOPI of December 12, 2023,
resolves to confirm Resolution No. 1945-2023/CCO-INDECOPI of April 19 of 2023, through which the Concursal Procedures Commission of the Central Office of INDECOPI declared IMPROCEDENT the request for removal of Mr. Ricardo Martín Belmont Vallarino from the position of administrator of RBC. Finally, it is appreciated as the last act registered in the Concursal Procedure of RBC, that by Creditors' Meeting of May 06, 2024 the Modification of the already approved Restructuring Plan has been agreed upon, as observed in the following image (Image No. 1):
Image No. 1: Detail of the actions contained in the Concursal Procedure of RBC at INDECOPI Source: Concursal Information Page - INDECOPI
35. That, regarding the illicit benefit resulting from the
commission of the infractions, it must be pointed out that in the present PAS, there is no sufficient elements to indicate that the Issuer obtained an illegal benefit as a consequence of the commission of the infractions under evaluation;
36. That, regarding the existence or not of
intent in the conduct of the offender, it must be pointed out that there are no

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml sufficient elements to indicate that the Issuer acted with intent in the commission of the infractions, so the present criterion is not configured. However, it is necessary to indicate, despite the fact that there are no indications of the Issuer's acting with respect to its intent, it is affirmed that the Issuer's conduct was negligent since it did not act with the diligence expected given previously known obligations in its capacity as an issuer with securities registered in the RPMV;
37. That, with relation to the probability of detection of
the infraction, it must be pointed out that the failure to present periodic or eventual information; is verified through internal control systems, so it is considered that for this type of non-compliance, the probability of detection is high, since it results as a consequence of the supervision activities of the SMV;
38. That, finally, for the purpose of determining the
proposal of sanction, it must be taken into account that in the present PAS it is not observed that there are exemptions of administrative responsibility 8 for infractions; APPLICATION OF A SANCTION CORRESPONDING TO A CLASSIFICATION LOWER THAN PRESCRIBED
39. That, on the other hand, in what respects to the
non-compliances on the presentation of financial information and the implementation of corrective measures, the Issuer has incurred nine (9) infractions of a serious nature, whose fine would correspond to be applied between the range of twenty-five (25) up to fifty (50), however, it is considered that in application of the principle of reasonableness, in the present PAS, it would be applicable what is provided by the last paragraph of article 25 of the Sanctions Regulation, which states that: “When, from the evaluation of the aforementioned criteria, it is evident that there is no proportionality between the sanction to be imposed and the imputed facts, by exception and through a reasoned resolution, a sanction corresponding to a classification lower than the prescribed may be imposed.”;
40. That, such reduction would proceed in the present PAS
for the following considerations: i) to date there has been no claim or complaint from any shareholder and/or investor against the Issuer, so it can be affirmed that to date it has not been evidenced that the non-compliances have produced a quantifiable harm, understood as an economic damage occasioned to one or several investors; ii) although the Issuer has sanction antecedents, it is not

8
“Article 27.- EXEMPTIONS FROM LIABILITY FOR INFRACTIONS The following constitute conditions exempting liability for infractions:
a) Force majeure, fortuitous event or another exceptional situation that, in the opinion of the SMV, could be equated to force majeure or fortuitous event duly proven. b) Acting in compliance with a legal duty or the legitimate exercise of a right of defense. c) Mental incapacity duly proven by the competent authority, provided that this affects the aptitude to understand the infraction. d) Mandatory order from a competent authority, issued in the exercise of its functions. e) Error induced by the Administration or by confusing or illegal administrative provision. f) Voluntary remediation by the potential sanctioned person of the act or omission imputed as constituting an administrative infraction, prior to the notification of the charges referred to in paragraph 3) of article 253 of the LPAG and always that no communication demanding compliance with the obligation had been sent.”

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml recidivist, it has not been evidenced that by the evaluated non-compliances a benefit was obtained from its illegal conduct, nor has it been proven that it acted with intent;
41. That, additionally, it must be considered that on the
dates of the commission of facts under analysis, during the period comprised between March 12 and December 03, 2024, no operation has been carried out in bursa trading with the securities RBCAC1 and RBCBC1 of the Issuer; and, on the other hand, the Issuer is subject to an Ordinary Concursal Procedure since October 25, 2021, from which its Patrimonial Restructuring Plan has been approved since July of 2022;
42. That, consequently, in attention to the evaluation
effected in the preceding paragraphs, it is considered that by exception, apply to the Issuer a sanction corresponding to a classification lower than the prescribed, that is, impose a sanction corresponding to minor infractions;
43. That, in conformity with the analysis of the Sanction Criteria and of the evaluation effected by this Deputy Superintendence, it corresponds to impose on the Issuer for the nine (9) infractions (Charges No. 1 to 9) a fine of twelve and a half (12.5) UIT 9 for each non-compliance; that is, a total fine of one hundred twelve and a half (112.5) UIT equivalent to S/ 579,375.00 (Five Hundred Seventy-Nine Thousand Three Hundred Seventy-Five and 00/100 Soles), for the nine (9) charges;
44. That, the public interest, in general, must not continue
to be affected by the lack of information transparency, and the principle of opportunity and the principle of primacy of reality must be considered in addition. In this line, it is necessary to reiterate that the transparency of the securities market is a supraindividual legal good or of diffuse interest, since it safeguards the interests of investors and of potential investors; that is, it is of a sectoral character, as is the case of the securities market, where investors and potential investors, individually or collectively, may be affected when the norms of presentation of the information that must be revealed to the market in favor of investors are transgressed, so that these take investment decisions duly informed about the issuer and its securities that are negotiated in centralized negotiation mechanisms;
45. That, it is necessary to reiterate and highlight that according to what is
provided in article 1 both of the LOSMV, as well as of the LMV, it is the purpose and duty of the SMV, to ensure the adequate protection of investors and the dissemination of all the information necessary for such purpose, as well as for the transparency of the market of values;
46. That, finally in merit of what is exposed in the present
Resolution, it corresponds to exhort the Issuer and its government bodies, to execute, and if the case, demonstrate or evidence everything that is necessary, in order that good corporate governance practices, especially those related to regulatory compliance and with the transparency of the information that is disseminated; are fully implemented, with rigor, and function in such a way, that they prevent that the

9 Value of the UIT (2024): S/ 5,150.00 (Supreme Decree No. 309-2023-EF).

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Issuer incurs in regulatory non-compliances and its reputation is prejudiced, the trust in it, and the generation of value for its investors, especially for the minority ones, and regarding its different groups of interest, and; Being in accordance with what is disposed in numerals 13 and 36 of
article 43 of the Regulation of Organization and Functions of the SMV, approved by
Supreme Decree No. 216-2011-EF;
RESOLVES:
Article 1st.- Declare that RED BICOLOR DE
COMUNICACIONES S.A.A. - RBC TV S.A.A. has incurred seven (7) infractions of serious nature, typified in paragraph 2.10 of numeral 2 of Annex I of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 for not having presented (i) the individual audited annual financial statements and its respective audit report of the 2023 fiscal year, (ii) the annual report of the 2023 fiscal year, (iii) the consolidated audited annual financial statements of the 2023 fiscal year, (iv) the individual interim financial statements as of June 30, 2024 and its respective management report, (v) the consolidated interim financial statements as of June 30, 2024, (vi) the individual interim financial statements as of September 30, 2024 and its respective management report: and, (vii) the consolidated interim financial statements as of September 30, 2024.
Article 2nd.- Declare that RED BICOLOR DE
COMUNICACIONES S.A.A. - RBC TV S.A.A. has incurred two (2) infractions of serious nature, typified in paragraph 2.22 of numeral 2 of Annex I of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 for not complying with implementing the corrective measures disposed by: (i) the Deputy Superintendent Resolution SMV No. 017-2023-SMV/11 of February 22, 2023, confirmed by Superintendent Resolution No. 045-2024-SMV/11 of April 16 of 2024, and (ii) the Deputy Superintendent Resolution SMV No. 063-2024- SMV/11.
Article 3rd.- Sanction RED BICOLOR DE
COMUNICACIONES S.A.A. - RBC TV S.A.A. with a total fine of 112.5 UIT equivalent to S/ 579,375.00 (Five Hundred Seventy-Nine Thousand Three Hundred Seventy-Five and 00/100 Soles), for what is provided in articles 1° and 2° of the present Resolution.
Article 4th.- The present Resolution does not exhaust the administrative
path, this being able to be challenged before this Deputy Superintendence of Market Conduct Supervision by filing the reconsideration or appeal resource, administrative resources recognized in article 218 of the Unified Text of the General Administrative Procedure Law – Law No. 27444, approved by Supreme Decree No. 004-2019-JUS, within the term of fifteen (15) business days counted from the day following its notification, since it is a procedure of double administrative instance. In case the present Resolution is not challenged, the regime of reduction of the corresponding sanction may be accepted.
Article 5th.- In case the present Resolution is not
object of challenge, it must be published in the “Institutional Page of the SMV on the Single Digital Platform of the Peruvian State for Citizen Orientation (www.gob.pe/smv)”, in observance of what is provided by numeral 1 of article 7 of the “Policy on diffusion of normative projects, laws of general character, early agenda and other administrative acts of the SMV”, approved by SMV Resolution No. 014-2014-SMV/01, and by what is provided in the last paragraph of article 14 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01.
Article 6th.- Transcribe the present Resolution to RED
BICOLOR DE COMUNICACIONES S.A.A. - RBC TV S.A.A Register, communicate and publish.
Carlos Rivero Zevallos
Deputy Superintendent
Deputy Superintendence of Market Conduct Supervision