General Supervision of Entities Intendancy Resolution No. 044-2025-SMV/10.2

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendency
"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 on 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 General Supervision of Entities Intendancy Resolution No. 044-2025-SMV/10.2 Lima, February 21, 2025 The General Intendant of Supervision of Entities HAVING SEEN:
The file No. 2024053134 presented by Anka Investment Fund Administrator Company S.A. and Report No. 264-2025- SMV/10.2 of February 21, 2025 from the General Supervision of Entities Intendancy of the Securities Market Superintendency; CONSIDERING:
That, by Superintendent Resolution No. 094-
2021-SMV/02 of October 5, 2021, the operation of Anka Investment Fund Administrator Company S.A. (hereinafter, ANKA SAFI), as an investment fund administrator company, was authorized; That, Article 27 of the Regulation on Investment Funds and their Administrator Companies, approved by SMV Resolution No. 029-2014- SMV/01 and its amendments (hereinafter, REGULATION), sets out the documents that administrator companies must present to obtain approval for share capital reduction agreements and the consequent modification of the Bylaws. It also provides that the effectiveness of such agreements is subject to approval by the General Supervision of Entities Intendancy; That, with documents submitted by February 12, 2025, ANKA SAFI requested approval for the reduction of social capital and the consequent modification of the fourth article of its bylaws; That, the General Shareholders' Meeting held on December 27, 2024 agreed, among other things: (i) to exclude, as a shareholder of the company, Mr. Álvaro Echeverría Ibarrondo (hereinafter, MR. ECHEVERRÍA), (ii) to reduce the social capital of the company by the amount of S/ 360,226.00 (three hundred sixty thousand two hundred twenty-six and 00/100 soles), by delivering to MR. ECHEVERRÍA the nominal value of his shares; reducing it from S/ 9,195,661.00 (nine million one hundred ninety-five thousand six hundred sixty-one and 00/100 soles) to S/ 8,835,435.00 (eight million eight hundred thirty-five thousand four hundred thirty-five and 00/100 soles); and, (iii) to modify the fourth article of the bylaws; That, according to the unaudited financial information for the fourth quarter of 2024 (Statement of Financial Position) and the "Notes to the Financial Statements" (hereinafter, NOTES), presented by ANKA SAFI 1, the social capital of the company as of December 31, 2024 would amount to S/ 3,945,663 (three million nine hundred forty-five thousand six hundred sixty-three and 00/100 soles) and its equity would be S/ 8,556,129 (eight million five hundred fifty-six thousand one hundred twenty-nine and 00/100 soles); That, Note 11 of the NOTES evidences that ANKA SAFI has incorporated as part of equity an account called "Additional Capital" for an amount of S/ 5,249,998 (five million two hundred forty-nine thousand nine hundred ninety-eight and 00/100 soles), which corresponds to the pending payment amount regarding the shares that were subscribed in the capital increase agreed upon in the General Shareholders' Meeting of January 19, 2024 2. This situation would not comply with the applicable accounting regulations 3, according to which this concept should not form part of the capital and, consequently, of net equity; That, according to the unaudited financial information for the fourth quarter of 2024, presented by ANKA SAFI, its net equity as of December 31, 2024 can be recalculated, which would amount only to S/ 3,306,131 4 (three million three hundred six thousand one hundred thirty-one and 00/100 soles); That,
on the other hand, by Letter No. 4919-2024- SMV/10.2 of October 30, 2024 5, the SMV communicated to ANKA SAFI that it would be obtaining income from the performance of activities that are not permitted and not authorized, as provided in Article 22 of the REGULATION. Therefore, it was required to present an action plan for the cessation of said activities 6; That, ANKA SAFI presented a Plan for Cessation of Activities (hereinafter, CESSATION PLAN), however, to date, it has not proven that it has complied with remedying the observations issued by Letter No. 4919-2024-SMV/10.2. Nevertheless, the CESSATION PLAN means the suspension of new operations of this nature, which will affect its operating results and, in addition, may lead to contingencies with third-party counterparties of the operations, due to the following:

• Regarding portfolio management activity, a schedule will be established for the closure of each account of clients who currently have investments managed by ANKA SAFI, informing them of the date on which their investments will be paid, if applicable, and the funds under management will be returned to the clients.
• Regarding loan agreements, the current receivable accounts related to these agreements will be reviewed and a recovery or liquidation plan for these assets will be established. In case total short-term recovery is not viable, the transfer of these loans to a company within the ANKA SAFI group that would be constituted for this specific purpose, which could dedicate itself to this type of activity, would be evaluated.

That, as can be seen, the CESSATION PLAN implies the need for liquidity of ANKA SAFI to fulfill the commitments assumed with its clients; That, in the present procedure, ANKA SAFI was required to present an impact analysis of the reduction in its equity (hereinafter, IMPACT ANALYSIS), considering the context of the CESSATION PLAN. Regarding the IMPACT ANALYSIS, the following is noted:

• To counteract the reduction in income, ANKA SAFI states that during 2024 and early 2025, Management has closed or is about to close agreements to implement various public and private funds, which would allow mitigating the reduction in income derived from activities not related to fund management.
  With respect to this, it should be noted that the administrator has presented a chart with the outline of ten (10) investment funds, three (3) of which are currently under evaluation by the SMV. However, these funds are not registered in the Public Registry of the Securities Market and have not started operations, so they do not generate any income to date.
• On the other hand, ANKA SAFI states that it would have a safety margin of S/ 6,511,028. However, what is stated in this resolution regarding the financial information presented by the administrator must be considered.

That, in conclusion, the IMPACT ANALYSIS presented by ANKA SAFI does not examine or quantify the possible impacts on its financial situation, does not provide reliability and does not dispel the uncertainty generated in the context of the CESSATION PLAN related to Letter No. 4919-2024-SMV/10.2; That, for the reasons stated, considering that the cessation of activities represents, for ANKA SAFI, the loss of its main source of operational income, there is uncertainty about the possible impact on its financial situation. In this regard, ANKA SAFI has not proven that it has remedied the observations issued by Letter No. 4919-2024-SMV/10.2 related to activities not permitted by its operating authorization and unauthorized, which, due to their magnitude, does not allow verifying that a capital reduction will be harmless to its patrimonial solvency. As a consequence, a capital reduction that could further decrease its liquidity levels and net equity cannot be authorized; That, finally, in the present case, we must clarify that it is not the object of this administrative procedure to rule on corporate agreements other than the capital reduction and the modification of the bylaws derived from this agreement; Being in accordance with Article 38, numeral 5, item ii, of the Organization and Functions Regulation of the Securities Market Superintendency, approved by Supreme Decree No. 216-2011-EF, which authorizes the General Supervision of Entities Intendancy to authorize the modification of bylaws of entities under its supervision; RESOLVES:
Article 1º.- Deny the request for authorization of social capital reduction of Anka Investment Fund Administrator Company S.A. and the consequent modification of the bylaws on the terms agreed upon in the General Shareholders' Meeting held on December 27, 2024.
Article 2°.- Order the dissemination of this resolution on the Securities Market Portal of the Securities Market Superintendency (https://www.gob.pe/smv).
Article 3°.- Transmit this resolution to Anka Investment Fund Administrator Company S.A.
Register, communicate and publish.
Armando Manco Manco
General Intendant
General Supervision of Entities Intendancy

1 File No. 2025006734.
2 File No. 2024011580.
3 Manual for the Preparation of Financial Information, approved by CONASEV Resolution No. 103-99-EF/94.10 and its modifying norms.
"1.701. Capital
(...)
Capital must be presented in the financial statements net of the subscribed portion pending payment and of shares repurchased by the company itself directly or indirectly, through other members of the consolidated group, recorded at nominal value. (...)". "1.703 Additional Capital Includes placement premiums and discounts; share subscription certificates and share purchase options; and other similar concepts (...)". 4 It is the result of subtracting the pending social capital payment (S/ 5,249,998) from the declared net equity (S/ 8,556,129). 5 File No. 2024027011. 6 According to Letter No. 3261-2024-SMV/10.2 (File No. 2024027011), in 2023, income generated by activities other than fund management represented 98.92% of the total income received by the administrator.