Resolution No. 0040-2002: Approves the Regulation of General Warehouses

Lima, January 16, 2002
Superintendent of Banking and Insurance Resolution No. 040-2002

The Superintendent of Banking and Insurance

CONSIDERING:

That, the Third Final and Complementary Provision of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendent of Banking and Insurance, Law No. 26702 and its amendments, hereinafter General Law, establishes that General Warehouses are governed by their own laws insofar as not repealed by said General Law and are under the authority and control of the Superintendent of Banking and Insurance;

That, Section Six of Book Two of the Securities Law, Law No. 27287, establishes a new regulation applicable to the Deposit Certificate and the Warrant that General Warehouses may issue;

That, through SBS Resolution No. 019-2001, the forms to be used for the issuance of Deposit Certificates, Warrants, their respective annexes, and the first endorsement of the Warrant have been approved;

That, consequently, it is necessary to update and consolidate the regulations issued by this Superintendency regarding General Warehouses;

Having heard the opinion of the Adjunct Superintendencies of Banking and Legal Advice; and,

In exercise of the powers conferred by paragraphs 9 and 13 of Article 349 of the General Law and in accordance with what is established in SBS Resolution No. 1028-2001 of December 27, 2001;

RESOLVES:

Article First.- Approve the Regulation of General Warehouses, which forms an integral part of this Resolution.

Article Second.- This Resolution shall enter into force from the day following its publication in the Official Gazette El Peruano, from which date the following Circulars No. AGD-082-90, No. AGD-083-90, No. AGD-086-90 and No. AGD-087-90 of July 11, 1990; No. AGD-110-93 and No. AGD-111-93 of March 30, 1993; No. B-1936-93, F-279-93, M-278-93, CM-131-93, CR-019-93 and AGD-112-93 of March 30, 1993; No. AGD-124-97 of September 29, 1997, as well as Circular Letters No. AGD-002-93 of May 14, 1993 and No. AGD-005-94 of October 17, 1994, shall be repealed.

Register, communicate and publish,

SOCORRO HEYSEN ZEGARRA
Superintendent of Banking and Insurance (e)

REGULATION OF GENERAL WAREHOUSES

CHAPTER I
GENERAL ASPECTS

Scope
Article 1st.- This Regulation is applicable to General Warehouses, hereinafter GW, as well as, where pertinent, to holders of Deposit Certificates and Warrants.

Modality and Corporate Purpose
Article 2nd.- GWs are constituted as joint-stock companies and their main corporate purpose is the development of the activity of storing goods, being authorized to carry out the operations and services indicated in Article 8 of this Regulation.

Definitions
Article 3rd.- For the purposes of this Regulation, the following definitions shall be considered:

a) Own Warehouse: An Own Warehouse is defined as the premises that are exclusively in the possession and use of the GW, whether as owner, lessee, borrower for use, or by virtue of any other title, in which the operations and services inherent to its business can be carried out and provided, as established by the competent corporate body of the GW for each Own Warehouse. In the event that the possession and use of the Own Warehouse is under a title other than that of owner, the GW may receive in deposit, in that warehouse, goods from the owner thereof, provided that such goods are subject to all security and control measures of the GW that correspond to an Own Warehouse; otherwise, a specific provision for contingency of shortage and loss of goods, as provided in Article 18, shall be established on them. 1

b) Main Warehouse: It is the Own Warehouse owned by the GW, defined as such by the corresponding corporate body of the GW, in which all operations and services inherent to the business of the GW can be carried out and which has the necessary infrastructure for the storage of goods.

c) Field Warehouse: It is the premises regarding which the depositor has the right of possession and use, whether as owner, lessee, borrower for use, or by any other title, and which is ceded for use, totally or partially, to a GW for the purpose of storing goods owned by the depositor, goods whose transfer outside the original warehouses or premises is not advisable. The condition of Field Warehouse must be indicated in the "deposit modality" field of the respective titles.

d) Multiple Field Warehouse: It is the field warehouse constituted by a GW in premises used by various depositors, intended for the financial storage of their products. In these warehouses, goods must be located in separate lots for each depositor, indicating in the "deposit modality" field of the respective titles the reference "Multiple Field Warehouse". They are subject to the general rules of Field Warehouses. 1

e) Shared Multiple Field Warehouse: It is the field warehouse constituted by more than one GW in premises used by various depositors, intended for the financial storage of their products. The condition of shared multiple field warehouse must be indicated in the "deposit modality" field of the respective titles. They are subject to the general rules of Field Warehouses. 1

f) Administrative Offices: These are the premises in which the administrative activities of the GW are carried out. The main administrative office is called the administrative headquarters, and constitutes the legal domicile of the GW, where the corporate bodies that organize, administer, and direct the activities and 1 Literal modified by SBS Resolution No. 926-2007 of July 13, 2007.

businesses inherent to its corporate purpose function, and where the general accounting of the entity is centralized and all activities developed in the Main Warehouse are controlled.

Whenever they are duly identified and differentiated, administrative offices may operate in the same building in which an Own Warehouse functions.

CHAPTER II
AUTHORIZATIONS

Organization and Operation 2
Article 4th.

Opening, Conversion, and Transfer of Offices and Warehouses
Article 5th.- The opening, conversion, and transfer of offices and warehouses of GWs are governed by the following rules:

(1) Administrative Offices.-
For the opening, conversion, or transfer of Administrative Offices, it is sufficient to present to the Superintendency a duly substantiated communication with a notice of no less than fifteen (15) days. 3

(2) Own Warehouse.-
To authorize the opening, conversion, or transfer of an Own Warehouse, a prior request must be submitted to the Superintendency attaching a copy of the relevant part of the corresponding Board of Directors agreement, a copy of the deed of ownership of the Own Warehouse or the contract granting its use for a period of no less than 2 years, as well as the location plans and descriptive memory of the premises. The corresponding municipal operating license must be presented within 60 calendar days from the granting of the authorization.

Likewise, the request must indicate the operations and services that the Own Warehouse subject to the request will carry out, its geographic and economic area of influence, as well as a projection of its effects on the financial statements of the GW.

(3) Field Warehouse.-
In the case of opening any of the Field Warehouse modalities, prior authorization is not required. However, to consider the corresponding Field Warehouse constituted, the GW must establish in the administrative headquarters a registry that, from the date of issuance of the first warrant and/or deposit certificate, must contain the following minimum information:

• Contract of cession of use with the characteristics established in Article 12 of this Regulation, including, where applicable, the corresponding sublease authorization.
• Descriptive Memory and location plan of the premises where the Field Warehouse is located.
• Copy of the issued titles and/or summary of the relevant information thereof referred to in Article 224 of the Securities Law, Law No. 27287.
• Existing security measures in the Field Warehouse.

The aforementioned information must be permanently updated and available to the Superintendency at the Administrative Headquarters of the GW. Additionally thereto, each GW must comply with sending to the Superintendency the information on field warehouses indicated in paragraph d) of Article 21 of this Regulation.

2 Article modified by SBS Resolution No. 12871-2009 of 10/09/2009. Subsequently repealed by SBS Resolution No. 2133-2026 published on 27.08.2026, effective from 28.08.2026 3 Paragraph modified by SBS Resolution No. 926-2007 of July 13, 2007.

Closure of Administrative Offices, Own Warehouses, and Cancellation of Field Warehouses 4
Article 6th.- In the request for closure of own warehouses, GWs must attach a copy of the relevant part of the corresponding Board of Directors agreement, and must also specify the treatment that will be given to the goods deposited in the premises intended to be closed. For the closure of administrative offices, it will be sufficient to present a communication to this Superintendency with a notice of no less than fifteen (15) days.

Within the first fifteen (15) calendar days of the month of January of each year, GWs must send to this Superintendency a list of their administrative offices, own warehouses, and field warehouses in their various modalities.

Likewise, GWs must maintain in their registry of constituted Field Warehouses, indicated in paragraph 3 of Article 5, the updated list of cancelled field warehouses, which will be available to this Superintendency at the Administrative Headquarters of the GW.

Corporate Reorganization or Voluntary Dissolution
Article 7th.- The GW's request to carry out any of the types of corporate reorganization permitted by law, as well as to obtain authorization for voluntary dissolution, must be accompanied by the corresponding copy of the minutes of the Shareholders' General Meeting in which the adopted agreement is recorded, observing the other requirements and formalities established by the General Companies Law, as well as any other information or requirement that the Superintendency deems convenient.

CHAPTER III
OPERATIONS

Operations and Services
Article 8th.- GWs may carry out the operations and/or provide the services indicated below:

a) Receive goods for storage. b) Issue Deposit Certificates and Warrants in accordance with the provisions of the Securities Law, Law No. 27287, and the provisions issued by the Superintendency. c) Establish and operate as a Customs Warehouse, prior to compliance with the legal requirements required by special regulations on the matter. 5 d) Inspection of agricultural or industrial pledges. e) Inventory of Goods. f) Weighing service. g) Transport or distribution of goods on behalf of their clients. h) Cargo handling. i) Other services linked to the storage activity.

The GW may provide the services indicated in paragraphs d), e), f), g), h), and i) to third parties other than its depositors, provided that the provision of such services does not affect the normal development of the activities referred to in paragraphs a), b), and c), nor assume obligations or incur liabilities that affect its liquidity and solvency.

Prohibitions and Responsibilities
Article 9th.- The operations and services of GWs are subject to the prohibitions indicated in paragraph 2 of Article 229 of the Securities Law.

4 Article modified by SBS Resolution No. 926-2007 of July 13, 2007.
5 Paragraph modified by SBS Resolution No. 926-2007 of July 13, 2007

GWs must adopt the appropriate measures for the adequate provision of their services and to assume the responsibility for the conservation of the goods received for storage indicated in paragraph 1 of Article 229 of the Securities Law, taking into consideration, in both cases, the characteristics of the stored goods.

GWs must implement those security measures, signage, adequate location and physical separation, registration and control of goods movement, identification of goods backed by the issued Deposit Certificates and Warrants, and other measures compatible with their responsibilities.

Likewise, they must take into consideration the maximum deposit periods established in paragraph i) of Article 224 of the Securities Law.

In the case of a Shared Multiple Field Warehouse, the participating GWs must have clear knowledge of the areas assigned to each GW, as well as coordinate the control and security procedures of the same.

Contracting of Insurance for Deposited Goods 6
Article 10th.- GWs must contract with insurance companies authorized to operate in the country, regarding the goods received in deposit under the terms established in Article 229.1 of the Securities Law, at least one fire insurance policy. Additionally, taking into account the storage modality, as well as the nature of the deposited goods, they must evaluate the need and carry out the respective contracting when appropriate, of policies against theft and/or assault, dishonesty, or others that reasonably cover the risks they assume regarding the goods received in deposit. In any case, the GW may effect insurance through individualized contracts in which the coverage of the risk value is clearly stipulated.

When the goods deposited by the GW's clients have insurance policies contracted by themselves, for the risks described in the previous paragraph, these may be endorsed to the GW in substitution for the obligation described in said paragraph. If the GW considers that the amount of the contracted insurance does not cover the risk value of the deposited goods, the GW will contract the corresponding policy on behalf of the depositor.

The risk value of the deposited good is that determined by the insurance company and represents the maximum loss that the value of the good could suffer upon the occurrence of a claim event covered by the contracted policy. This maximum loss of the value of the deposited good is calculated by the insurance company, taking into consideration the nature of said good, security conditions, among other variables.

GWs will include in the contracts they enter into with their depositors, the manner in which the costs of contracting and administering the aforementioned insurances will be covered.

Custody and Transport
Article 11th.- The custody and transport of stored goods are subject to the following general conditions:

a) GWs must keep the deposited goods within the premises of the corresponding warehouse, not being able to transfer them to another warehouse without the prior and written consent of the depositor and, where applicable, the warrant holder, and without contracting an insurance that covers the risks derived from transport. In the event of transport of the deposited goods, the title backing them will maintain full validity.

b) Exceptionally, GWs may transfer the deposited goods to another warehouse, without the prior consent of the depositor and, where applicable, the endorsee of the warrant, if there is any imminent risk that may affect the deposited goods under any modality or, in the case of field warehouses, if their control is impossible. In these cases, if the GW does not have contracted an insurance that covers the risks derived from transport, it will be responsible for the damages or loss of the goods subject to transport. Likewise, the title backing said goods will maintain full validity.

The decision to transfer goods must be substantiated with a report prepared by the Risk Unit and countersigned by the General Manager, within two business days of the transfer being effected. 7

c) In the event the warrant is endorsed with the clause "For Shipment" or another equivalent established in paragraph 3 of Article 231 of the Securities Law, the GW must contract an insurance that covers the risks derived from the transport of the goods, from their exit from the warehouse until the moment the respective shipping document is issued, unless the depositor, the agent, or the shipper contract an insurance that, in the opinion of the GW, adequately covers the same transport risks and the respective policy is endorsed in favor of the GW.

Likewise, taking into account the responsibility that the norm referred to in the previous paragraph assigns to the GW until the moment the respective shipping document is issued, the GW may adopt on behalf of the depositor, other security measures it deems convenient, as well as accept the choice of the agent or shipper, when such choice is not made by the GW itself, as a prior requirement for the processing of the endorsement with the clause "For Shipment" or another equivalent.

Cession for Use of the Field Warehouse
Article 12th.- The cession for use of the premises or area that constitutes the Field Warehouse, referred to in paragraph 1 of Article 225 of the Securities Law, may be made under any contractual modality, and must include, at least, the following agreements:

a) The GW assumes direct control of the ceded premises, and the pertinent stipulations must be expressly recorded in the respective contract; b) The goods received in deposit remain under the custody and responsibility of the GW, who constitutes themselves as the depositary thereof; c) The obligation of the depositor to maintain the Field Warehouse in conditions adequate to the nature of the deposited goods, as well as to provide it with the security and identification measures required by the GW; d) The obligation of the depositor not to transfer and/or withdraw the goods delivered in deposit, as well as not to subject said goods to transformation or benefit processes, without the prior and written authorization of the GW. In the case of goods subject to the issuance of titles with the Input-Product clause, the terms and conditions under which the corresponding substitution can be carried out must be indicated precisely; e) The power of the GW to transfer to its warehouses the deposited goods, when in its judgment it is not possible to adequately control them or there are circumstances implying imminent risks for said goods. The decision to transfer must be substantiated with a report prepared by the Risk Unit and countersigned by the General Manager, within two business days of the transfer being effected 8 ; f) The right of GW personnel, as well as Superintendency officials, in both cases duly authorized, to enter the Field Warehouses at any time and without prior notice;

7 Paragraph modified by SBS Resolution No. 926-2007 of July 13, 2007 8 Paragraph modified by SBS Resolution No. 926-2007 of July 13, 2007

Partial Release of Goods
Article 13th.- To authorize and allow partial withdrawals of goods in the case of warrants whose last holder is a company of the financial system, GWs must previously receive a written authorization duly signed by the warrant-holding company, which must contain at least the following information:

a) Characteristics of the goods to be partially released; b) Book value of the goods to be partially released; c) Any other information necessary to fill in the fields related to the withdrawal of goods recorded in the corresponding titles and their annexes, as applicable.

Total Release of Goods
Article 14th.- The general forms and requirements for the total release of goods are those established in paragraph 3 of Article 229 and Articles 236 and 237 of the Securities Law.

Financial System Companies Holding Warrants
Article 15th.- In the case of warrants totally cancelled whose last holder is a company of the financial system, GWs may accept in substitution of the corresponding warrant, a written authorization from the endorsee of the warrant, which will have the same legal validity referred to in paragraph 3 of Article 17 of the Securities Law.

For the release of the goods to proceed, the GW must verify that the aforementioned authorization contains at least the following information:

a) Characteristics of the goods to be totally released; b) Book value of the goods to be totally released;

Such authorization must be signed by the authorized officials of the respective financial system company, in which the express declaration of release and extinction of the guarantee constituted by the warrant referred to in said authorization must be included, under the terms indicated in the second paragraph of Article 172 of the General Law.

Likewise, in cases where the GW receives the warrant for the total release of goods, whose last holder has been a company of the financial system, it must verify that said title indicates the express consent of release referred to in the second paragraph of Article 172 of the General Law.

CHAPTER IV
PROVISIONS AND LIMITS

Provision for Doubtful Collections
Article 16th.- GWs must make a monthly provision for doubtful collections of their client portfolio based on the age of each invoice or document receivable, considered from its respective due date, as well as on the backing of the goods subject to storage taking into account their state of conservation, possibility of realization, and order of precedence in cases of execution.

Determination of the Provision for Doubtful Collections 9
Article 17th.- The total of unpaid invoices and documents receivable corresponding to the same client, whose accumulated amount owed for conservation expenses, other services owed to the GW, and insurance premiums, incorporated in the corresponding titles, is less than 80% of the total book value 9 Article modified by SBS Resolution No. 926-2007 of July 13, 2007

of their goods in deposit represented in Deposit Certificates and/or Warrants, updated with authorized withdrawals, when applicable, do not require provision for doubtful collection of the customer portfolio.

Excesses of said accumulated amount owed over the percentage indicated above will be subject to the provisions established in the following table, whose days of delay will be calculated individually starting with the oldest unpaid invoice and/or document from the total of unpaid invoices and documents:

Table of provisions for doubtful collection

Categories	Calendar days of delay	Provision required for the excess
NORMAL	Up to 90 days	None
DEFICIENT	From 91 days up to 180 days	50%
DOUBTFUL	From 181 days up to 360 days	75%
LOSS	More than 360 days	100%

Regardless of the days of delay, excesses over the percentage indicated above of invoices and documents pending payment of titles whose term has expired, will be provisioned according to the percentage established for the LOSS category. In the case of goods deposited in Customs Warehouses and in a situation of legal abandonment, invoices and documents pending payment will be provisioned on 100% of their total values, regardless of the days of delay and the percentage that the unpaid amount represents with respect to the total patrimonial value of the deposited goods indicated in the corresponding title, updated with authorized withdrawals.

For the purposes of calculating the provisions established in this article, when applicable, the value of the corresponding titles will be adjusted according to the evolution of the auction process to which they are subjected.

In the case of those invoices and documents for collection for other services or merchandise whose collection is not incorporated in the corresponding titles, the total unpaid amount will be provisioned according to the following table, whose days of delay will be calculated individually for each invoice and document for collection:

Categories	Calendar days of delay	Percentage to provision on the total value of the respective invoice and/or document for collection
NORMAL	Up to 75 days	None
DEFICIENT	From 76 to 150 days	50%
DOUBTFUL	From 151 to 240 days	75%
LOSS	More than 241 days	100%

Specific provision for contingency of shortage and loss of goods

Article 18° - The AGDs are obliged to maintain monthly a specific provision for contingency of shortage and loss of goods received in deposit in field warehouses, equivalent to 0.025% of the balance of said goods.

The aforementioned provision percentage may be increased or decreased by the Superintendency, for each AGD by official letter, based on its corresponding contingency statistics, existing insurance coverages in the market, and other considerations that in the judgment of the Superintendency affect the risk of occurrence of said contingencies in said storage modality.

Proven any shortage of goods in financial storage, in own or field warehouse, that does not obey to an authorized exit of goods by the corresponding financer/holder of the warrant, the AGD must make an additional specific provision equivalent to the value of the missing goods, without prejudice to initiating the legal actions that may apply. Such provision must be made within the 10 calendar days following the sending of the communication of the shortage of goods indicated in Article 24° of this Regulation.

For the formation of the additional specific provision established in the previous paragraph, the AGDs may use up to 90% of the specific provision indicated in the first paragraph of this article, an amount that must be replenished monthly at least by the equivalent to 1/3 of the same, within the three months following said utilization, so that at the end of said period the levels of specific provision required in said first paragraph are reached.

Effective Equity 10

Article 19° - For the determination of Effective Equity, the AGDs must observe the following procedure:

a) Paid-in capital, legal reserve, and, if applicable, discretionary reserves are summed. b) Profits are added or losses from previous and current exercises are subtracted. In any case, for accumulated and period profits to be considered in effective equity, there must be an agreement on their definitive application, which may be adopted by the Board of Directors of the AGD based on the delegation of powers granted by the General Shareholders' Meeting. c) The deficit of the provision for doubtful collection, the deficit of the provision for contingency of shortage and loss of goods, and the balance of the Asset Valuation Reserve Account are deducted.”

Prudential Limits

Article 20° - The AGDs are subject to the following prudential limits referred to the operations they carry out and the services they provide:

a) The AGDs must always have an effective equity no less than two percent (2%) of the total of goods received in financial deposit (global limit).

If the amount of Effective Equity is less than two percent (2%) of the total value of merchandise received in financial deposit, the General Manager, under responsibility, will communicate this situation to the Board of Directors, which will call a General Shareholders' Meeting, in order to adopt the pertinent corrective measures. Each of these events must be reported to the Superintendency within two (2) calendar days following the date on which they occur.

As long as the aforementioned deficiency subsists, the AGD will be prevented from receiving new deposits in the financial deposit modality, as well as from distributing dividends or carrying out any other form of profit distribution. 11

10 Article modified by SBS Resolution No. 926-2007 of July 13, 2007 11 Literal modified by SBS Resolution No. 926-2007 of July 13, 2007

b) The total value of goods received in financial deposit in Field Warehouses, from the same natural or legal person, may not exceed, in each case, three (3) times the amount of its Effective Equity (individual limit). This limit may be expanded by the Superintendency, for which the AGD must previously present the corresponding request attaching supporting documentation (name or corporate name of the depositor, object of financial storage, and internal controls established), technically justifying the proceeding of the requested excess.

The Superintendency may authorize expansions with limits and deadlines compatible with special or conjunctural circumstances affecting certain goods in financial storage, provided that the internal controls established for these goods are adequate. 10

The total value of goods received in financial deposit will be calculated on the balances registered at the close of each month. For these purposes, goods valued in foreign currency will be considered at the accounting exchange rate established by the Superintendency, according to the corresponding date.

CHAPTER V
ACCOUNTING AND STATISTICAL INFORMATION
Presentation and publication of financial statements and complementary information

Article 21° - The AGDs are obliged to present to this Superintendency the following information:

a) General Balance Sheet and Statement of Income and Loss with their respective complementary information corresponding to March 31, June 30, September 30, and December 31 of each year, as well as their Statements of Cash Flow and Changes in Equity, on June 30 and December 31 of each year. These financial statements must be presented within thirty (30) calendar days following the aforementioned dates, as applicable.

The General Balance Sheet and Statement of Income and Loss corresponding to December 31 of each year, will be published by each AGD in the official newspaper, within seven (7) business days of being approved by the General Shareholders' Meeting, consistent with the third paragraph of Article 226° of the General Companies Law and the second paragraph of Article 7° of the External Audit Regulation approved by SBS Resolution No. 1042-99, sending a copy of said publication within ten (10) business days of its effect. In the case of AGDs located in provinces, the publication will be carried out in the medium designated for judicial notices of the locality.

For the presentation and/or publication of the General Balance Sheet and the Statement of Income and Loss, the format indicated in Annex 2 of this Regulation will be used. 12

b) Within fifteen (15) calendar days following the close of each month, the AGDs must send to the Superintendency the information referred to in Article 19° and literal a) of Article 20° of this Regulation, in the form established in Annex 1 of the same, adapting the accounts of said annex to their corresponding Chart of Accounts.

c) The AGDs must send monthly to the Superintendency, within the first fifteen (15) calendar days of the following month, information on the General Balance Sheet and Statement of Income and Loss whose format is attached in Annex 2 of this Regulation. 13

12 Literal modified by SBS Resolution No. 198-2003 of 21/02/03 and subsequently by SBS Resolution No. 926-2007 of July 13, 2007 13 Literal modified by SBS Resolution No. 926-2007 of July 13, 2007

d) The AGDs must send monthly and within the first fifteen (15) calendar days of the following month, the list of goods received in financial deposit according to Annex 3 of this Regulation. Likewise, they must present within the same deadline the list of field warehouses of the AGD, according to Annex 3ª. 12

e) The AGDs must send quarterly to this Superintendency, within fifteen (15) calendar days following the close of each quarter, statistical information on shortages and loss of goods in field warehouses according to Annex 4 of this Regulation.

The financial statements must be signed by the General Manager, the General Accountant, and, at least, by two (2) Directors of the AGD designated for this purpose by the Board of Directors. The complementary information to the financial statements must be countersigned by the General Manager and the General Accountant.

The information referred to in items a), b), and c) of this article must be sent obligatorily both by printed means and in Excel file; while the information of items d) and e) will be sent by Excel file and optionally by printed means. The generated Excel files will be sent by email to the addresses that the Superintendency indicates by official letter. Subsequently, according to the instructions issued by the Superintendency, said information may be sent through the “External Capture and Validation Submodule” – SUCAVE.

14

CHAPTER VI
RESPONSIBILITY AND VERIFICATION OF STORED GOODS Verification of financial storage

Article 22° - Holders of Deposit Certificates and/or Warrants have the right to inspect the goods referred to by such titles, as provided by Article 230° of the Securities Law.

In the case of companies in the financial system, this inspection, in addition to being a right, is an obligation, requiring the periodic follow-up of deposited goods subject to warrants received as collateral.

In all cases, the AGD must provide the necessary facilities for the exercise of the aforementioned inspection right.

Responsibility for the withdrawal of goods

Article 23°. - The total or partial withdrawal of merchandise received in deposit will proceed only with the express authorization of the responsible AGD and the holders of the corresponding titles according to the norms established in the Securities Law, as well as in this Regulation.

Information on shortage of goods

Article 24°. - The AGD must inform the Superintendency and the holders of the corresponding titles of the shortage of goods referred to in the third paragraph of Article 18° of this Regulation, within 10 calendar days of knowing the fact.

Consequences of shortage of goods

Article 25°. - If as a consequence of the additional specific provision for shortage of goods indicated in the third paragraph of Article 18° of this Regulation, the equity of the AGD were reduced to a level below that required by law, the General Manager must immediately communicate the fact to the Board of Directors so that it calls a General Shareholders' Meeting in order to adopt the pertinent corrective measures.

14 Paragraph modified by SBS Resolution No. 926-2007 of July 13, 2007

As long as the aforementioned deficit subsists, the AGD will be prevented from receiving new deposits in the financial storage modality, as well as from distributing dividends or carrying out any other form of profit distribution.

FINAL AND TRANSITORY PROVISIONS

First. - Substitute the first paragraph of the model of Annex to the Input-Product Warrant approved by SBS Resolution No. 019-2001, with the following text:

“As a result of the authorized substitution of inputs for products referred to in Warrant No. ......, said value represents the following goods over which the rights of the same extend:”

Second. - Any statutory modification of the AGDs must have the prior approval of the Superintendency of Banks and Insurance, except those exclusively referred to increases in share capital through cash contributions, capitalization of profits, and re-expression of capital as a consequence of integral accounting adjustments for inflation, in which case they only must be put in knowledge of this Superintendency.

Third. - The AGDs may apply in an integral and joint manner the provisions indicated in Articles 16°, 17°, and 18° of this Regulation starting from the 2001 exercise, in which case, only for said exercise, the specific provision for the contingency of shortage and loss of goods received in deposit in field warehouses indicated in Article 18° of this Regulation will be no less than 0.015% of the balance of said goods.

ANNEX 1 15
COMPUTATION OF THE LIMIT OF RESPONSIBILITIES FOR GOODS RECEIVED IN FINANCIAL DEPOSIT (In Thousands of New Soles)

At ...... of...... of......

A. EQUITY
Paid-in Capital ......
Capital in process (1) ......
Additional Capital (1) ......
Discretionary Reserves ......
Legal Reserve ......
Undistributed Profits ......
Profits of the Exercise ......
TOTAL ------

B. DEDUCTIONS
Deficit of the Provision for Doubtful
Collection and shortage of goods (......)
Reserve for Asset Valuation
(2) (......)
Losses from Previous Exercises (......)
Net Loss of the Exercise (......)
Deficit of Provisions (3) (......)
TOTAL ------

C. EFFECTIVE EQUITY (A-B): ======

D. MONTHLY COMPUTABLE BALANCE OF
STORED GOODS
Financial Deposit – Own Warehouses ......
Financial Deposit – Field Warehouses ......
Financial Deposit – Customs Deposit ......
Authorized
TOTAL ------

E. GLOBAL LIMIT :(RELATION : C x 100 / D) = ...... % ------ ------ General Manager Accountant

(1) Only the amount communicated and documented previously to the Superintendency is considered.
(2) The difference that may exist between the amount of non-monetary assets and the estimated realization value of said assets is deductible, when the latter is lower.
(3) Refers to the estimated provision deficit by the Superintendency on the last asset evaluation date. The deficit determined by External Auditors or by the entity itself must be considered, in case it results greater than that estimated by the Superintendency.

15 Annex modified by SBS Resolution No. 926-2007 of July 13, 2007

ANNEX 2 16
COMPANY ......
AT ..... OF ...... OF .....
(In thousands of new soles)

GENERAL BALANCE SHEET

ASSET
Cash and Banks ______
Negotiable Securities ______
Clients (Net) ______
Accounts Receivable Shareholders and Personnel ______ Various Accounts Receivable (Net) ______ Adjudicated Merchandise ______ Inventory ______ Other Current Assets ______ TOTAL CURRENT ASSET ______ Investments in Securities ______ Real Estate, Machinery and Equipment ______ (-) Accumulated Depreciation ______ Intangible Investments (Net) ______ Deferred Charges ______ Other Non-Current Assets ______ TOTAL NON-CURRENT ASSET ______ TOTAL ASSET ______

LIABILITY
Overdrafts ______
Taxes to pay ______
Salaries and participations to pay ______
Suppliers ______
Dividends to pay ______
Various Accounts Payable ______
Workers' Social Benefits ______
Various Provisions ______
Deferred Gains ______
Current Portion Long-term Debt ______
TOTAL CURRENT LIABILITY ______
Long-term Debt ______
Various Accounts Payable ______
Workers' Social Benefits ______
Various Provisions ______
TOTAL NON-CURRENT LIABILITY ______
TOTAL LIABILITY ______

EQUITY
Social Capital ______
Additional Capital ______
Reserves ______
Accumulated Results ______
Results of the Exercise ______
TOTAL EQUITY ______
TOTAL LIABILITY AND EQUITY ______

ORDER ACCOUNTS DEBTOR
Financial Storage
Own ______
Field ______
Customs ______
Simple Storage
Own ______
Field ______
Customs ______
Bank Bond ______
Others ______
TOTAL ______

STATEMENT OF INCOME AND LOSS

INCOME ______
For storage service ______
Various Income ______

EXPENSES ______
Purchases ______
Personnel Expenses ______
Services Received from Third Parties ______
Taxes and Contributions ______
Various Management Charges ______
Exceptional Charges ______
Provisions of the Exercise ______

OPERATING PROFIT ______

PLUS:
Financial Income ______
Extraordinary Income ______
Gains from Previous Exercises ______

LESS:
Financial Charges ______
Extraordinary Expenses ______
Losses from Previous Exercises ______

PROFIT BEFORE PARTICIPATIONS
AND INCOME TAX ______
Participations ______
Income Tax ______
RESULT OF THE EXERCISE ______

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General Manager General Accountant

ANNEX 3 17
INVENTORY OF GOODS IN FINANCIAL DEPOSIT

GENERAL WAREHOUSE OF DEPOSIT: ......
MONTHLY REPORT AT: ......

N°	Depositor	Location	Goods	Warrant	Financier	Observations
SBS Code (1)	Name/Corporate Name	Address	Storage Modality (2)	Code (3)	Type (4)	MN Balance	ME Equiv.	Total	Issue No.	Maturity (5)	Status (6)	Financed Code	Balance (7)
		Jr./Av./Street and No.	District	Province	Dept.

(1) Corresponds to the SBS Code of the SBS Risk Central.
(2) Corresponds to the storage modality: Own Warehouse (AP), Field Warehouse (AC), Multiple Field Warehouse (ACM), Shared Multiple Field Warehouse (ACMC) and Authorized Customs Deposit (DA). In case of merchandise deposited by the owner of the Own Warehouse, indicate “APP”. (3) According to Table A attached (4) It must be indicated if the goods are fungible (F) or durable (D) (5) The state in which each warrant is found must be indicated, considering as applicable, (P) Extended, (V) Valid without extension or renewal, and (R) Renewed (6) Use the codes established in literal J of Chapter I “General Provisions” of the Accounting Manual for companies in the financial system or “PJ” for legal person or “PN” for natural person (7) The number that originally corresponded to the renewed warrant must be recorded and, if applicable, any other information considered important

Exchange rate: US$ ...... per new sol

17 Annex modified by SBS Resolution No. 926-2007 of July 13, 2007

ANNEX 3A 18
LIST OF FIELD WAREHOUSES

GENERAL WAREHOUSE OF DEPOSIT: ......
MONTHLY REPORT AT: ......

N°	Location	Status	Storage Modality
Jr./Av./Street and No.	District	Province	Department (1)	(2)

(1) Empty (V), With merchandise (C). Field warehouses cancelled in the month of report are not considered in this annex.
(2) Field Warehouse (AC), Multiple Field Warehouse (ACM), Shared Multiple Field Warehouse (ACMC)

18 Annex incorporated by SBS Resolution No. 926-2007 of July 13, 2007

ANNEX 4
STATISTICS ON SHORTAGES AND LOSS OF GOODS IN FIELD WAREHOUSES
GENERAL WAREHOUSE OF DEPOSIT: ......
QUARTERLY REPORT TO: ......

N°	Depositor	Location	Goods subject to contingency	Goods in Field Warehouses	Description of contingency	Origin of contingency	Observations
	SBS Code	Name / Legal Name	Address	Dept/Prov/Dist	Code (2)	Goods Type (3)	Amount	Total Amount (4)
(1)	(1)	(5)	(6)	(7)

(1) Corresponds to the SBS code of the SBS Risk Central.
(2) In accordance with Table A attached.
(3) It must be indicated whether the goods are fungible (F) or durable (D).
(4) Only record the total value of the goods in field warehouses.
(5) Detail the type of contingency that occurred, indicating its consequences. This information supports the quantification of the contingency amount.
(6) The causes of the contingency must be identified, detailing whether they correspond to management deficiencies, security issues, special risks, acts of God, etc.
(7) Any relevant aspects not considered in the previous columns will be noted.

TABLE - A
Merchandise Codification
01 COTTON
02 HOUSEHOLD APPLIANCES AND ACCESSORIES
03 TOOLS AND OTHER HARDWARE ITEMS
04 PERSONAL USE ITEMS
05 ALCOHOLIC BEVERAGES
06 MACHINERY AND DIVERSE EQUIPMENT, SPARE PARTS AND ACCESSORIES 07 CONSTRUCTION MATERIALS 08 PAPERS AND CARDBOARD 09 SHEETS, AXLES, STEEL TUBES AND OTHER ITEMS 10 FOOD PRODUCTS EXCEPT CANNED GOODS 11 CANNED FOOD PRODUCTS 12 FISH MEAL 13 PLASTIC PRODUCTS AND INPUTS 14 CHEMICAL PRODUCTS AND INPUTS 15 CLOTHING, FABRICS AND YARNS 16 WOODS, PLYWOOD AND VENEER 17 ASSEMBLED OR PACKAGED VEHICLES, SPARE PARTS 18 GLASS AND CRYSTAL 19 LIVESTOCK 20 COFFEE 21 CONCENTRATED AND REFINED MINERALS 22 MISCELLANEOUS