Conasev Resolution No. 040-2011

Lima, May 25, 2011

HAVING SEEN:

File No. 201039383, as well as Report No. 287-2011-EF/94.06.01 dated May 12, 2011 submitted by the Secondary Markets Directorate, with the favorable opinion of the General Management;

CONSIDERING:

That, by Secondary Markets Directorial Resolution No. 078-2009-EF/94.06.1 dated November 25, 2009, the organizational authorization was granted to IACCSAC Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, requested by José Eduardo Castillo Carazas, José Antonio Echevarría Olazábal and María Luisa Aguirre Salazar, as organizers;

That, by writing presented on November 10, 2010, the organizers informed CONASEV of their decision to change the name of IACCSAC Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada to Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, for which purpose the organizers presented copies of the notices in the Official Gazette El Peruano and in another newspaper of national circulation, in which they make this decision public;

That, by writing presented on December 13, 2010, complemented on March 7 and April 1, 2011, the organizers requested CONASEV to grant operational authorization to Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, in accordance with the provisions of Article 168 of the Securities Market Law, approved by Legislative Decree No. 861;

That, after evaluating the documentation presented by the organizers, it has been determined that Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada has met the requirements established in the Regulation of Intermediation Agents, approved by CONASEV Resolution No. 045-2006-EF/94.10, and in the Single Text of Administrative Procedures of CONASEV, approved by Supreme Decree No. 056-2002-EF, to obtain the operational authorization as a securities intermediary company;

That, Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, must establish a guarantee in favor of CONASEV, before the start of its operations, in accordance with what is established by Article 206 of the Securities Market Law, as well as in accordance with what is established by Article 186 of the same legal body, which is applicable to securities intermediary companies, in view of the provisions of Article 208 of the aforementioned norm; and,

Being in accordance with the provisions of subsection d) of Article 11 of the Concorded Single Text of the Organic Law of CONASEV, approved by Law Decree No. 26126; as well as agreed by the Board of Directors of this National Commission held in session on May 23, 2011;

IT IS RESOLVED:

Article 1.- Authorize the operation of Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, as a securities intermediary company, which may also use the abbreviated name Krese SIV.

Article 2.- Order the registration of Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, in the corresponding section of the Public Registry of the Securities Market.

Article 3.- Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, must establish a guarantee in favor of CONASEV before the start of its operations.

Article 4.- This resolution shall enter into force the day after its publication in the Official Gazette El Peruano.

Article 5.- Order the dissemination of this resolution in the Official Gazette El Peruano and on the CONASEV Portal.

Article 6.- Transcribe this resolution to Krese Sociedad Intermediaria de Valores – Sociedad Anónima Cerrada, to José Eduardo Castillo Carazas and José Antonio Echevarría Olazábal.

Register, communicate and publish.

[pic] Michel Canta Terreros President