Resolution SBS 8181-2012: Regulation on Transparency of Information and Contracting with Users of the Financial System

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 1 Lima, October 25, 2012 Superintendence Resolution No. 8181 - 2012 The Superintendent of Banks, Insurance and Private Pension Fund Administrators:

CONSIDERING:

That, by Law No. 28587, the Supplementary Law to the Consumer Protection Law in Matters of Financial Services was approved, modified by Law No. 29888, which establishes provisions aimed at providing greater protection to users of financial services;

That, by Law No. 29571, the Consumer Protection and Defense Code was approved, modified by Law No. 29888, which establishes norms in matters of consumer protection and develops a specific chapter referring to financial products and services;

That, by SBS Resolution No. 1765-2005 and its modifying norms, the Superintendent of Banks, Insurance and AFP approved the Regulation on Transparency of Information and Provisions Applicable to Contracting with Users of the Financial System, and established the necessary norms for compliance with Law No. 28587 and Law No. 29571;

That, it is necessary to modify the regulatory framework in order to regulate the aspects developed in the aforementioned Law No. 29888; and, to establish additional criteria that allow simplifying and making transparent the information offered to users before, during contracting and throughout the contractual relationship, considering for this purpose best practices on the matter, as well as those aspects identified as a result of supervisory work;

That, in order to collect users' opinions regarding the draft regulation, the pre-publication of the draft resolution was ordered on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS;

Being in accordance with the opinion of the Adjunct Superintendencies of Legal Advice, Banking and Microfinance, Economic Studies and Risks, as well as the Management of Products and Services for Users, and;

In exercise of the powers conferred by numbers 7 and 9 of article 349 of the General Law;

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RESOLVES:

Article First.- Approve the Regulation on Transparency of Information and Contracting with Users of the Financial System:

REGULATION ON TRANSPARENCY OF INFORMATION AND CONTRACTING WITH USERS OF THE FINANCIAL SYSTEM

TITLE I
GENERAL PROVISIONS

Article 1°.- Scope
The provisions of this regulation are applicable to the companies included in letters A and B of article 16 of the General Law, to the National Bank, to the Agropecuario Bank and to the Guarantee Fund for Loans to Small Industry (FOGAPI), hereinafter companies.

Article 2°.- Definitions
For the purposes of the provisions of this regulation, the following definitions and references shall be considered applicable:

a. Client: user with whom the company maintains a commercial relationship arising from the celebration of a contract.

b. Code: Consumer Protection and Defense Code, Law No. 29571 and its modifying norms.

c. Contract: document containing all rights and obligations corresponding to the client and the company, including the annexes that establish specific stipulations proper to the financial operation that is the subject of the pact.

d. Days: calendar days.

e. Informational brochure: document that is available to users in the company's offices, sent to their homes or via email, as well as posters published inside the offices. Their purpose is to inform users of the characteristics of the products or services offered by the company.

f. Formula: method that allows determining clearly, in detail and understandably, the principal and the interest that companies charge or pay for their active or passive products, respectively, as well as the amounts charged in case of default, commissions and/or expenses derived from the operation, as applicable.

g. Contractual form: model of contract.

h. INDECOPI: National Institute for the Defense of Competition and of the Protection of Intellectual Property.

i. General Law: General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its modifying norms.

j. Supplementary Law: Supplementary Law to the Consumer Protection Law in Matters of Financial Services, Law No. 28587 and its modifying norms.

k. Active operations: credit operations that imply the disbursement of money or the granting of a credit line under any contractual modality.

l. Active operation under the installment system: credit operation under the modality of money disbursement that is repaid according to the payment schedule granted by the company.

m. Active operation under the revolving system: credit operation in which the balance is allowed to fluctuate based on the debtor's decisions. It includes the modality of advances in checking accounts, charges on credit cards, overdrafts in checking accounts, revolving loans and other revolving credits. Likewise, products that allow partial reuses are considered, that is, those that have a revolving component and a non-revolving component.

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n. Passive operations: fund capture operations from users under any contractual modality.

o. Program: application or software that allows the user who maintains or wishes to maintain active operations under the installment system to calculate, under the assumption of compliance, the applicable interest, commissions and expenses.

p. Regulation: Regulation on Transparency of Information and Contracting with Users of the Financial System.

q. Superintendence: Superintendence of Banks, Insurance and Private Pension Fund Administrators.

r. Fixed interest rate: any rate that has been the subject of a pact in the contract whose variation does not depend on a variable factor.

s. Interest rate that depends on a variable factor: that rate whose fluctuation or periodic adjustment depends on a predetermined indicator (factor) that varies over time according to a pre-established periodicity. Examples of variable factors are: the variation of the price index, the average market interest rates both active and passive, the reference rates applied by the Central Reserve Bank of Peru for credit operations for monetary regulation purposes, the London Interbank Offered Rate- LIBOR, among others.

t. User or consumer: person who acquires, uses or enjoys the products or services offered by the company, or who potentially could use them, and who is defined as such, in accordance with the provisions of the Code.

TITLE II
TRANSPARENCY OF INFORMATION PROVIDED TO THE USER OF THE FINANCIAL SYSTEM REGARDING ACTIVE, PASSIVE OPERATIONS AND SERVICES

CHAPTER I
PRINCIPLES

Article 3°.- Principle of information transparency
Companies must be fully transparent in the dissemination, application and modification of contractual conditions, compensatory interest rates, default interest rates or penalties applicable in case of default, commissions and expenses associated with the active and passive operations they carry out, as well as to the services they provide, as applicable.

Information transparency is a mechanism that seeks to improve users' access to information. In this sense, companies must be diligent in the explanations they provide regarding the products and services offered, in order for users to understand their characteristics, benefits, risks and applicable conditions and to be able to, in a responsible manner, make informed consumption decisions.

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CHAPTER II
CRITERIA FOR THE DETERMINATION AND APPLICATION OF INTEREST RATES, COMMISSIONS, EXPENSES AND YIELD

SUB CHAPTER I
CRITERIA FOR THE DETERMINATION OF INTEREST RATES, COSTS AND YIELD

Article 4°.- Determination of rates
Companies, in accordance with the provisions of article 9 of the General Law, may freely determine the compensatory and default interest rates for their active and passive operations, considering for this purpose what is indicated in article 5 of the Supplementary Law.

Compensatory and default interest rates must be expressed in effective annual form, it being considered for this purpose that it is a year of three hundred sixty (360) days. For their determination and application, companies must take into account the regulation on the matter issued by the Central Reserve Bank of Peru in accordance with its Organic Law.

Article 5°.- Interest rates that depend on a variable factor
Companies must clearly indicate the manner in which the rate will be determined at each moment, including its periodicity of change, as a consequence of a modification in the indicator (factor) if applicable. This rate must not be susceptible to unilateral adjustment by the company itself or by virtue of agreements or practices with other entities.

If the interest rate that depends on a variable factor in fixed-term loans and fixed-term deposits considers a spread associated with said indicator, the same treatment contemplated for the fixed interest rate will apply for the modification of said spread. By virtue of the foregoing, any modification will occur only if the requirements established in article 25 of the Regulation are met.

Article 6°.- Effective Annual Cost Rate (TCEA)
The Effective Annual Cost Rate (TCEA) is that which allows equating the present value of all installments with the amount that was actually received as a loan. For this calculation, installments involving the principal, interest, commissions and expenses, which according to the pact will be transferred to the client, including insurance in the case of consumer and/or housing mortgage loans, will be included. Payments for services provided by third parties that are directly paid by the client, nor taxes that are applicable, will not be included in this calculation.

TCEA calculations, for the case of active operations under the installment system, will proceed under the assumption of compliance with all agreed conditions, using the formula indicated in Annex No. 1 of the Regulation.

TCEA calculations for the case of active operations under the revolving system, due to their characteristics, correspond to a standardized pattern of cost comparison and will proceed under the assumption of compliance with all agreed conditions, according to what is indicated in Annex No. 1-A of the Regulation.

Article 7°.- Effective Annual Yield Rate (TREA)
The Effective Annual Yield Rate (TREA) of savings accounts and deposits is that which allows equating the amount that has been deposited with the present value of the amount that is actually received at the maturity of the term, considering all charges for commissions and expenses, including insurance, when applicable, and under the assumption of compliance with all agreed conditions. Payments for services provided by third parties that are directly paid by the client nor taxes that are applicable are not included in this calculation.

The TREA, in the case of fixed-term deposits, corresponds to the yield of the deposit made; and, in the case of deposits other than those previously indicated, to a standardized pattern of comparison of product yield. For the calculation of the TREA, a reference amount will be used assuming that there are no additional transactions to the opening of the account, using for this purpose the formula indicated in Annex No. 2 of the Regulation.

Article 8°.- Minimum balance for equilibrium to obtain yield
The minimum balance for equilibrium to obtain yield in a savings account is the balance that must be maintained in said account, without any transaction being made, to generate sufficient interest in a thirty (30) day month to cover the commissions and expenses associated with the maintenance of said account, in such a way that at the end of the month the deposited capital is not lost nor yield is gained.

In the event that, due to the existence of different ranges for the application of interest and for the charging of commissions and expenses, it is not possible to determine a balance in which these concepts compensate each other as indicated in the previous paragraph, but rather that there is a balance from which a monthly loss passes to a monthly gain, the amount in which the smallest positive yield is recorded will be considered as the minimum balance to obtain yield.

SUB CHAPTER II
CRITERIA APPLICABLE TO COMMISSIONS AND EXPENSES

Article 9°.- Definition of commissions and expenses
Commissions and expenses will be freely determined in accordance with the provisions of article 9 of the General Law:

a. Commissions are remuneration for operations or additional and/or complementary services to the operations contracted by users, which have been previously agreed upon and effectively provided by the company.

b. Expenses are costs for operations or additional and/or complementary services to the operations contracted, duly accredited, which the company incurs with third parties on behalf of the user that can be transferred to the client, if so expressly established in the respective contracts.

Article 10°.- Determination of commissions and expenses
Companies may not establish commissions and expenses regarding operations and/or services essential or inherent to the active or passive operations that have been contracted by the client. On this matter, the following criteria must be observed:

a. Regarding active operations, both in the case of new operations, as well as for refinancing or restructuring of credits, an operation and/or service essential or inherent to:

i. The evaluation of the user, celebration of the contract, disbursement, administration of the credit and the management related to its collection.

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ii. The management associated with the evaluation, constitution and administration of guarantees in those products conditioned to their constitution, such as housing mortgage, vehicle, pledge, among others. The management associated with the study of titles will be considered as part of the evaluation of the guarantees.

iii. In any case, the management associated with the lifting of guarantees.

iv. In the case of credit cards, the initial issuance or renewal upon expiration of the physical medium necessary for the use of the credit line.

b. Regarding passive operations, an operation and/or service essential or inherent to:

i. The safeguarding of the deposit.

ii. The charges associated with the activation of the savings account.

iii. The initial issuance or renewal upon expiration of the physical medium granted to make withdrawals of money from the account, when it is an indispensable requirement for such effect.

iv. The maintenance of the physical or electronic medium granted to make transactions, when it is an indispensable requirement for such effect.

c. In any case, the charging of expenses for the concept of insurance, notarial services, appraisal and registry fees is appropriate, as applicable to the contracted service, considering for this purpose what is established in the Regulation.

Without prejudice to the foregoing, if given the characteristics of the product or service offered, it is derived that a certain provision must be considered as essential or inherent, because otherwise the provision and/or use of the mentioned product or service is de-natured or made unviable, no charges for commissions or expenses associated with said provision may be made.

In Annex No. 3 of the Regulation, examples of charges that do not meet the criteria to be considered as commissions or expenses are detailed. This list is only illustrative, which is why it may be modified or expanded by the Superintendence, as a consequence of its supervisory activities, upon observing other charges that do not fit the described criteria.

Article 11°.- Support for commissions and expenses 1
Commissions or expenses must imply the provision of a previously agreed service whose value is based on a real and demonstrable cost. Companies must have the necessary support to prove the effective existence of the service and justify the transfer of said concept to the client, through a commission or expense. In the case of expenses, the amount recorded as such concept must be duly documented. The presentation of said support will be carried out through the mechanism established by the Superintendence.

CHAPTER III
PERMANENT DISSEMINATION OF INTEREST RATES, COMMISSIONS, EXPENSES, PRODUCTS AND SERVICES

Article 12°.- Dissemination of interest rates, commissions, expenses, products and services
Companies must inform users of the compensatory interest rate, the default interest rate or penalty in case of default; as well as the commissions and expenses associated with the different products and services they offer, as applicable. This information must be disseminated in a clear, explicit and understandable manner.

1 Article modified by SBS Resolution No. 1801-2014, of 03/18/2014.

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Commissions must be presented considering the categories and/or denominations that the Superintendence defines through a general norm. Likewise, they must allow understanding of the cost involved and the service that justifies said charge.

Regarding operations in which it corresponds to the user to assume taxes directly related to the financial operation, the respective obligation, the type of tax to which it is subject, the percentage and, if applicable, the applicable amount must be indicated promptly and expressly.

Article 13°.- Mechanisms for disseminating information on interest rates, commissions, expenses and products or services
To make possible the dissemination of information regarding compensatory interest rates, default interest rates or penalties in case of default; commissions and expenses and characteristics of the products or services offered, as applicable, companies must consider the following:

a. List or tariff.- in those cases where the dissemination of information is carried out through the list or tariff, the following will be published:

i. The compensatory interest rate presented only in effective annual form

ii. The default interest rate presented only in effective annual form or the penalty applicable in case of default.

iii. The commissions, considering -if applicable- the categories and/or denominations that the Superintendence approves for this purpose through a general norm.

iv. The expenses.

v. The taxes.

This information must be revealed for each product or service offered, additionally the timing of its charge and other conditions that affect its application and determination will be revealed.

The company must inform in its offices, through a prominent notice, regarding the existence and availability of the list or tariff. Additionally, when computerized means and/or any other means are used for the dissemination of the tariffs, they must clearly indicate the way to use them. The tariffs, whether displayed in windows, stands, similar supports, or in computerized means, must be drafted in Spanish, with legible characters not less than three (3) millimeters.

b. Qualitative informational brochures.- when the objective of the brochure is to disseminate only the characteristics of an active or passive product, without incorporating quantitative information regarding interest rates and/or amounts of the credit or deposit, or the monthly installment that would be applicable, as applicable, said brochures must indicate that information on costs will be available in the tariff, customer service offices and on the company's website.

c. Quantitative informational brochures.- when informational brochures are used to promote an active or passive product, incorporating quantitative information regarding interest rates and/or amounts of the credit or deposit, or the monthly installment that would be applicable, as applicable, said brochures must contain updated information on the characteristics of the product, as well as on the applicable tariffs, considering the following:

i. For active operations celebrated under the installment system, an explanatory example must be presented that considers the characteristics of the offered product and disaggregates the

components that contribute to the determination of the TCEA, using the formula indicated in Annex No. 1 of the Regulation, as well as charges borne by the client in the event of non-compliance with their obligations.

ii. For active operations carried out under the revolving system, the TCEA must be presented, through an explanatory example in accordance with what is indicated in Annex No. 1-A of the Regulation, as well as charges borne by the client in the event of non-compliance with their obligations.

iii. In the case of passive operations, the TREA must be presented, through an example in accordance with what is established in Annex No. 2 of the Regulation, as well as the penalties that will be applied for non-compliance with the obligations undertaken, if applicable.

d. ATMs.- Payment media issuing companies, which are also holders or operators of ATMs, must ensure that, once an ATM operation is requested by a client, information is provided on the screen and prior to the operation being carried out, of the exact value of the applicable charge. This information must be presented considering the following text for this purpose:

“By this operation you will pay a charge of: ______ soles/______ dollars”.

In the event that the holder or operator of the ATM is different from the payment media issuing company and it is not possible to comply with what is required in the previous paragraph, the user must be provided, on the screen and prior to the operation being carried out, the exact value for its use, specifying that the payment media issuing company could make additional charges. This information must be presented considering the following text for this purpose:

“The use of this ATM has a charge of ______ soles / ______ dollars.
The operation may be subject to additional charges at your financial institution”.

Once this information has been provided, the ATM will offer the user the possibility of approving or rejecting the requested operation.

If the aforementioned informative glosses are not included on the ATM screen, charges for its use cannot be transferred to the user.

e. Website: To comply with the obligation of constant dissemination referred to its products and services, companies must present on their websites the rate sheets, contractual forms, and that detailed information in Annex No. 4 of the Regulation. In case of modification, the update date must be incorporated into the documents exhibited by the company.

The dissemination of the aforementioned information must be carried out in an easily accessible space as part of the information about each product and service offered, and must be identical to the information the company disseminates in its public service offices. Likewise, companies must maintain a permanent link with the “User Portal” section of the Superintendency’s website, as well as with other sections indicated by this control body.

f. Information provided by persons in charge of the offer of products and services: the own or subcontracted staff of the companies is obliged to inform the TCEA or TREA that would be applicable to the client, as appropriate, as well as explain the composition of the aforementioned rates. In the case of credits under the revolving system, an explanatory example must be provided in accordance with what is indicated in Annex No. 1-A of the Regulation. Only at the client's request may information regarding the effective cost rate applicable in other periodicities be provided – additionally.

Additionally, and without prejudice to the information that must be provided through the channels indicated in the preceding letters, the staff must be capable of providing and explaining this information to users.

Article 14th.- Dissemination of relevant aspects referred to the benefits, risks and conditions of the product

Information on relevant aspects related mainly to the benefits, risks and conditions must be included in the contractual forms and on the website, and in the latter case, must consider –at minimum– the information detailed in Annex No. 4 of the Regulation, as applicable. This information must be additionally presented in other media considered by the company.

Article 15th.- Passive products designated as cost-free or other designation implying gratuity

Companies cannot designate their passive products as “free”, “cost-free” or using terms that imply gratuity, if under any circumstance charges for maintenance, activity or others of the same nature can be transferred to the user. The aforementioned charges include the deposit or withdrawal of money in the country and through all channels of the company that can be used to carry out operations.

CHAPTER IV
INFORMATION THAT MUST BE PROVIDED TO THE USER FOR THE PURPOSES OF CONTRACTING AND PROVIDING ACTIVE, PASSIVE OPERATIONS AND SERVICES

Article 16th.- Information provided to users prior to the celebration of contracts

Companies must provide users with all pertinent information that they request prior to the celebration of any contract. The provision of the aforementioned information involves the delivery of the contractual form when it is required. “Information prior to the celebration of the contract” is understood as that which is provided to the user before and during the period it takes for them and the company to celebrate it.

When the information refers to an offer that has a specific validity, this circumstance will be indicated, as well as the applicable conditions in accordance with the following article.

Article 17th.- Contractual conditions

Promotional conditions that incentivize the contracting of operations and/or services must be maintained by the company during the offered period or, if applicable, for the number of units offered, among others. Likewise, these promotional conditions must be informed in such a way that the user has adequate information for the purpose of adopting a decision, considering for this purpose the applicable restrictions, duration periods of said conditions or the possibility of varying or suppressing them once the contracting has occurred.

If before contracting the conditions regarding the period and/or units to be offered and/or any other circumstance to conclude or discontinue the promotion have not been informed, companies must communicate

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previously to users their conclusion or discontinuation, maintaining the promotional condition for a period of at least six (06) months after the communication is made, unless due to the inherent nature of the promotion it must, unequivocally, continue to be offered for a longer period. Such communication must be made at least through the same means used to inform the promotion.

In the event that contracting with users is carried out without considering applicable restrictions to the promotional conditions agreed upon, duration periods of said conditions or the possibility of varying or suppressing them, companies cannot modify the contractual clauses containing the aforementioned promotional conditions due to the binding effect of advertising.

Article 18th.- Information on active operations

Regarding active operations, a summary sheet showing the compensatory interest rate, the delinquent interest rate or penalty applicable in case of non-compliance as appropriate, commissions and expenses that will be borne by the client, and summarizing some of the obligations undertaken by the client and/or by the company that are relevant to both parties, will be provided to the user as part of the contract. However, its delivery to the client does not exempt the company from incorporating in the body of the contract the clauses that regulate the rights and obligations of the contracting parties.

The parties will sign the contract, including the summary sheet, in duplicate, with one copy remaining in the possession of the company as proof of its delivery to the client, except in those cases where contracting is carried out by means other than written, in which case the procedure will be in accordance with what is stated in Article 41 of the Regulation.

The summary sheet must contain the following information:

a. The amount of the principal object of the credit or the total amount of the credit line, as appropriate, and the currency in which it is agreed. When it is not possible to know the amount of the line or credit at the time of signing the contract, it must be indicated in the Summary Sheet that the amount effectively approved will be communicated at the time of delivering the credit card or disbursing the credit. Likewise, it must be indicated that, even so, such financing might not be granted as a result of the credit evaluation.

b. The TCEA applicable to active operations under the revolving system, including an explanatory example considering what is indicated in Annex No. 1-A of the Regulation, when applicable.

c. The effective annual compensatory interest rate, indicating whether it is fixed or variable. In the case of a variable rate, the criterion for its determination and the timing for the recalculation of installments must be indicated. Regarding operations with credit cards or credit lines in which differentiated interest rates by type of currency, by type of acquired product or by any other criterion are offered to the client, the client must be provided with information on the current rates.

d. The effective annual delinquent interest rate or penalty applicable in case of non-compliance.

e. The amount and detail of commissions and expenses transferred to the client, if any. Commissions must be presented in accordance with the categories and/or designations that the Superintendency determines through a general norm. Regarding insurance, the amount of the premium, the name of the insurance company issuing the policy and the policy number must be informed, if applicable.

f. In the case of credit card contracts, the order of payment allocation applicable, in accordance with what was agreed by the parties, taking into consideration what is provided in the Credit Card Regulation.

g. The right to make advance payments of installments or balances, in total or partial, with the corresponding reduction of interest to the day of payment, also deducting commissions and

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expenses derived from the contractual clauses agreed upon between the parties, without being subject to commissions, expenses or penalties of any type or charges of a nature or effect similar.

h. The scope and specific obligations of guarantees and other collateral, if any.

i. Regarding operations in which a guarantee is granted in favor of the company, it must be explicitly indicated whether the backing of the guarantee is limited to the contracted operation or extends to other obligations the client maintains with the company.

j. The client's right to request a copy of the appraisal performed on the asset granted as collateral, if any, when it is carried out.

k. All benefits agreed upon for the punctual payment of the credit or in advance.

l. The main characteristics of the credit card, if applicable, and the minimum measures the consumer must adopt to preserve their security.

m. The payment schedule according to the agreed conditions, which must contain the following:

m.1. Number of installments or payments to be made, their periodicity and payment date, disaggregating the concepts that make up the installment, such as the amortization of the principal amount, the amount of interest, commissions or expenses if any, indicating the total amount to be paid for each of these concepts.

m.2. The total amount to be paid, which must be equal to the sum of the principal amount, the amount of interest, the amount of commissions and expenses transferred to the client.

m.3. The TCEA applicable to the operation under the installment system.

In cases where, due to the nature of the credit operation, certainty regarding payment dates cannot be obtained, the company must deliver a schedule containing the additional information referred to in this article. Such schedule must indicate that it is a preliminary document that will be replaced by the final document, within a period not exceeding thirty (30) days from the delivery of the preliminary version.

In the cases described in the previous paragraph, the user may opt for the personal delivery of the schedule or for its sending by physical or electronic means, with a record of such choice and the delivery of the definitive schedule according to the terms requested by the user. The company must keep in its files both the preliminary and definitive schedules.

When a variable interest rate has been agreed upon, the schedule must be prepared taking as reference the value that such rate has in the market at the moment the contract is signed. Additionally, companies must deliver to users a reference table showing the variation of the installment in the face of an increase in the variable interest rate of 1, 2 and 3%, specifying that this information is for illustrative purposes only, as the rate could increase by different percentage values and even greater than those indicated.

n. Other information that is relevant to the parties, as considered by the company or the Superintendency.

Regarding active operations under the revolving system, the company must communicate the aspects of the summary sheet that are applicable. The provisions referred to the payment schedule will not be applicable to such operations, except for the periodicity and payment date.

The Superintendency, through a general norm, may establish the manner in which the information contained in the summary sheet must be presented.

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Article 19th.- Information on passive operations

Regarding passive operations, an information booklet showing the detail of the applicable interest rate, commissions and expenses that will be borne by the client, and summarizing some of the obligations undertaken by the client and/or by the company that are relevant to the parties, will be provided to the user as part of the contract. However, its delivery to the client does not exempt the company from incorporating in the body of the contract the clauses that regulate the rights and obligations of the contracting parties.

The parties will sign the contract, including the information booklet, in duplicate, with one copy remaining in the possession of the company as proof of its delivery to the client, except in those cases where contracting is carried out by means other than written, in which case the procedure will be in accordance with what is stated in Article 41 of the Regulation.

The information booklet must contain the following detail:

a. The effective annual compensatory interest rate that will be applied for the deposit, indicating whether it is fixed or variable. In the case of a variable rate, the criterion for its determination must be indicated. When, due to the way the interest rate is referenced, it could be zero, this possibility must be explicitly indicated.

b. The effective annual yield, and the minimum balance to obtain yield for savings accounts.

c. The total amount of interest to be paid and the timing at which the client can dispose of them, for time deposits, when applicable.

d. The cutoff dates for the crediting of interest.

e. The amount and detail of any commission and/or expense transferred to the client, if any, including charges associated with that active or passive product that the user maintains with the company and from which a charge or debit of a specific amount must necessarily be made for the purpose of depositing it into the product that is the subject of contracting. Commissions must be presented in accordance with the categories and/or designations that the Superintendency determines through a general norm.

f. The penalties that will be applied for non-compliance with the obligations undertaken, if agreed upon.

g. If applicable, indicate that it is a deposit backed by the Deposit Insurance Fund.

h. The circumstances in which the client can dispose of the balance, as well as the manner or manners in which deposits, withdrawals, and generally, operations that can be carried out in each account offered by the company can be made.

i. The conditions for the use and conservation of the payment medium if offered together with the deposit.

j. The maturity date of the deposit, and if upon maturity the deposit is automatically renewed, if applicable.

k. Other information that is relevant to the parties as considered by the company or the Superintendency.

The obligation to provide the information booklet will be considered fulfilled if the information contained therein is included in deposit certificates, or in any other document by which the deposit is represented, and in which the signature of the client and the person in charge of the company appears.

The Superintendency, through a general norm, may establish the manner in which the information contained in the information booklet must be presented.

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Article 20th.- Responsibility of companies in the contracting of associated insurance

a. Companies must make available to users the informative brochures provided by the insurance company, in accordance with what is stated in the Framework Regulation for the Marketing of Insurance Products approved by Resolution SBS No. 2996-2010, and the norms that modify or replace it.

b. The company that offers, to users, insurance considered as a condition to contract active or passive products, must additionally observe the following:

i. They must inform users that they have the right to choose between: a) contracting the insurance offered by the company; or, b) an insurance contracted directly by the user or through the designation of an insurance broker, provided it meets –to the satisfaction of the company– the previously informed conditions. The dissemination of the aforementioned information must be carried out through its website in an easily accessible space as part of the information on the products that consider insurance as a condition for contracting.

i.1) In the event the user proves having contracted an insurance on their own that meets the requirements established by the company, they will not be obliged to take the offered insurance, and may substitute it with the one they had contracted.

In the case described in the preceding paragraph, the insurance must be endorsed in favor of the company up to the amount of the outstanding balance. By virtue of the endorsement, the company may agree with the user that the payment of the insurance premium be added to the payment of the periodic installments previously agreed upon for the credit or be debited from a passive product. The endorsement and form of payment, by agreement of the parties, may be processed by the user before the insurance system company that issues the policy and delivered to the companies, or by the companies.

i.2) If the user contracts the insurance marketed by the company, it must deliver to the insured the individual insurance policies or, if applicable, the insurance certificates referred to in the Regulation on Insurance Policies and Technical Notes approved by the Superintendency, issued by the insurance system companies, within a period not exceeding ten (10) days counted from the receipt of the respective documents.

Companies that make available to users insurance products that contemplate the same coverages, offered by a minimum of three (3) insurance system companies, may be exempted from the obligation to accept the endorsement of the policies presented by users and therefore from making available to them the information that governs in such circumstances.

ii. In the event of a claim, and if applicable, companies must bring to the knowledge of the beneficiaries, heirs or insured regarding the existence of the contracted insurance, through a written communication addressed to their home. In the event that data regarding the home address is not available, this information may be disseminated through their websites and public service offices.

iii. Upon receiving the insurance indemnity, companies must carry out the settlement as of that date, detailing the allocation of the indemnity to the debtor balance, for the purpose of delivering it to the insured or their heirs, within a maximum period of thirty (30) days of receiving the indemnity.

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c. Companies will provide information regarding the insurance granted by the operator of a credit card offered by the companies in favor of the client and/or user, considering what is provided in the present article, insofar as applicable.

Article 21st.- Responsibility of companies in the contracting of notarial services

Companies must publish in their offices, along with the list or tariff, the list of notaries with whom they operate, as well as their contact data and cost of the service, in order to facilitate the choice made by clients.

Companies must seek the incorporation of notaries who exercise the aforementioned function in the districts where the offices are located where products requiring notarial service can be requested or in adjacent districts.

Article 22nd.- Advance payment and advance of installments 2

22.1 Users have the right to make payments above the required installment in the period, considering for such effect the following:

a. Conditions or limitations for the exercise of the right must not be established. b. Commissions, expenses, penalties of any type cannot be applied for the exercise of the right or charges of a nature or effect similar.
c. It must be informed, at the time of carrying out the operation, of the amount applicable for the concept of taxes.
d. Users may make payments in any of the customer service offices of the company where payment and disbursement operations can be carried out, as well as in other additional channels made available by the company and that are informed to users.

22.2 Payments made above the required installment in the period, in the case of credits under the installment system, may be categorized as:

a. Advance payment.- payment that results in the application of the amount to the capital of the credit, with the consequent reduction of interest, commissions and expenses derived from contractual clauses to the day of payment. b. Advance of installments.- payment that results in the application of the paid amount to the immediately subsequent installments to the one required in the period, without a reduction of interest, commissions and expenses derived from contractual clauses.

22.3 Payments greater than two installments (which includes that required in the period) are considered advance payments. In these cases, companies must request from clients, at the time of making the payment, to indicate whether the amount of the remaining installments should be reduced but maintaining the original term, or the number of installments with the consequent reduction of the credit term.

Likewise, companies must keep a record that allows accrediting the choice made; and in those cases where such choice is not available, through the mechanisms established for such effect in the contracts, and within fifteen (15) days of the payment being made, companies must proceed to reduce the number of installments.

In the case of advance payment, companies must deliver, at the request of clients, the modified payment schedules, considering the payment made, within a period not greater than seven (7) days from the date of such request. Companies must inform the client about the possibility of requesting the aforementioned schedules, leaving a record of this action, as appropriate to the payment channel used.

2 Article modified from December 31, 2014, by SBS Resolution No. 1801-2014 of 03/18/2014.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 15 Without prejudice to the above, in these cases, clients may expressly manifest their will to advance the payment of installments, with companies proceeding to apply the excess amount paid on the period's installment to the immediately following installments, as established in the following numeral 22.4. On each occasion when clients express their will to make an advance of installments, without a reduction of interest, commissions and expenses derived from contractual clauses, companies must request and keep a record of such decision.

22.4 Payments less than or equal to the equivalent of two installments (which include that required in the period), are considered advance of installments. In these cases, companies will proceed to apply the excess amount paid on the period's installment to the immediately following unpaid installments.

Without prejudice to this, in these cases, clients may request, before or at the time the payment is made, that the payment must be applied as an advance, resulting in the application of what is indicated in the preceding numeral 22.3.

22.5 Total advance payments in revolving system obligations are applied considering a reduction of interest, commissions and expenses derived from contractual clauses to the date on which the payment is made, if applicable. 3

22.6 Partial advance payments in revolving system obligations, which are those made above the minimum payment, must consider the following:

a) Partial advance payments in credit card obligations are made considering the rule of order of imputation of payments referred to in the Regulation of Credit and Debit Cards. b) Partial advance payments must be applied considering a reduction of interest, commissions and expenses derived from contractual clauses, if applicable. c) Partial advance payments that cover future installments must be applied to the reduction of the number of installments, except in cases where the client expressly indicates that the amount of the installments must be reduced at the time of making the payment; in which case the company must keep a record that allows accrediting the aforementioned choice. 4

Article 22nd-A.- 5

Companies, at the time of contracting, must inform clients about: i) the differences between advance payment and advance payment and ii) the rights that clients have to require their application and the manner in which this proceeds, in order for them to be aware of their rights and the consequences associated with their payment decisions. Likewise, they must inform clients with whom they maintain a contractual relationship, about the provisions contemplated in article 22nd of the Regulation, through their website, customer service offices along with their tariffs and another means established by the companies and that is easily accessible to clients.

A record of compliance with this obligation must be kept available to the Superintendency.

3 Numeral modified by SBS Resolution No. 652-2016 of 02/05/2016 4 Numeral incorporated by SBS Resolution No. 652-2016 of 02/05/2016 5 Article incorporated from December 31, 2014, by SBS Resolution No. 1801-2014 of 03/18/2014.

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CHAPTER V
MODIFICATION OF INTEREST RATES, COMMISSIONS, EXPENSES AND OTHER CONTRACTUAL STIPULATIONS, EXTENSIONS OR RENEWALS AND CONTRACTUAL RESOLUTIONS

Article 23rd.- Prior requirement to proceed with the unilateral modification of interest rates, commissions, expenses and other contractual stipulations

Unilateral modifications referred to: i) interest rates for contracts other than fixed-term credits or fixed-term deposits, ii) commissions, iii) expenses; and, iv) other contractual stipulations other than the increase of the credit line, will only proceed insofar as they have been previously agreed by the parties and communicated within the deadlines and through the means indicated in the following articles.

In such prior communications, it must be indicated expressly:

a. That it is a modification in the agreed conditions, highlighting those concepts that will be the subject of change and expressly indicating what they consist of, in order to allow users to take knowledge of them. b. That the client may conclude the contractual relationship in accordance with the terms of the contract.

The above in this article is not applicable when it comes to contractual modifications that imply more favorable conditions for the client, which will be applied immediately, and the sending of a prior communication is not required. Without prejudice to what is indicated, the company must inform of the new conditions through the mechanisms agreed for such effect with clients.

Article 24th.- Modification of interest rates

Companies must inform their clients of the modification of interest rates in contracts other than fixed-term credits or fixed-term deposits, in advance when it comes to increases in the case of active operations and reductions in the case of passive operations. The respective communication must be made with an advance of no less than forty-five (45) days indicating the date or moment, from which, the modification will enter into force.

Article 25th.- Rules applicable to the modification of fixed-term credits or fixed-term deposits

In fixed-term credit or fixed-term deposit contracts, the modification of the agreed interest rate may only proceed in the following cases:

a. For the case of fixed-term credit contracts: the novation of the obligation considering for such effect what is provided in the Civil Code. b. For the case of fixed-term deposits: the renewal of the deposit. Companies must previously communicate any variation of the agreed conditions, if they imply a detriment to the client, through the mechanisms indicated in literal b. of article 29th of the Regulation.
c. Additionally, the contract may be modified when there is effective negotiation, on each occasion in which it is intended to make such modifications. Likewise, it will be understood that there is effective negotiation when it can be evidenced that the clause that contemplates the possibility of modifying the interest rate does not constitute a massive condition that is part of the adhesion contract and conditions its subscription; that is, when it can be evidenced that the user has influenced the content of the clause. 6

6 Literal modified by SBS Resolution No. 1801-2014, of 03/18/2014.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 17 Without prejudice to the above, modifications of interest rates may proceed when the Superintendency, prior favorable report of the Central Reserve Bank of Peru, authorizes the financial system in general for extraordinary and unforeseeable circumstances that put the system itself at risk, in accordance with what is stated in article 6th of the Complementary Law.

Communications informing regarding the modification of interest rates must indicate expressly that it is a modification in the agreed conditions, highlighting those concepts that will be the subject of change and expressly indicating what they consist of, in order to allow users to take knowledge of them.

The above in this article is not applicable when it comes to contractual modifications that imply more favorable conditions for the client, which will be applied immediately, and the sending of a prior communication is not required. Without prejudice to what is indicated, the company must inform the client of the new conditions, through the mechanisms agreed for such effect with clients.

Article 26th.- Modification of commissions, expenses and other aspects included in contracts

Companies must inform their clients of the modification of commissions and expenses in advance of their application if such modifications represent an increase with respect to what was agreed. The communication must be made with an advance of no less than forty-five (45) days, indicating the date or moment, from which, the modification will enter into force.

The aforementioned obligation is also applicable in the case of modifications of contractual conditions other than interest rates, commissions, expenses and increases in the credit line. Without prejudice to the above, when companies grant clients conditions, options or rights that constitute additional facilities to those existing and that do not imply the loss or substitution of previously established conditions, they will not be considered as contractual modifications for the purposes of this Regulation. In this case, companies will inform of these facilities, according to the means agreed for such effect with clients, in order for them to be able to make use of them.

Article 27th.- Modifications to the payment schedule

When contractual modifications vary what was informed in the payment schedule, it must be recalculated and sent to the client, along with the prior notice of the modifications, with an advance of no less than forty-five (45) days. In case of modifications in the schedule, information regarding the TCEA corresponding to the remaining balance of the credit operation must also be incorporated. This concept will be identified in the new schedule as "Remaining TCEA".

If it is a modification for the benefit of the client, it must be informed through the mechanisms established for such effect in the contracts, according to literal b. of article 29th of the Regulation.

Article 28th.- Modification of the TREA and/or minimum balance to obtain yield

When contractual modifications vary the TREA and/or the minimum balance to obtain yield, contained in the information sheet, the aforementioned rate and/or minimum balance must be recalculated and sent to the client, along with the prior notice of the modifications, with an advance of no less than forty-five (45) days.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 18 If it is a modification for the benefit of the client, it must be informed through the mechanisms established for such effect in the contracts, according to literal b. of article 29th of the Regulation.

Article 29th.- Means of communication to be used

The company must agree with the client the most suitable means of communication to comply with the prior communication provision, considering for such effect, the following:

a. The company must communicate through direct means of communication, such as written communications to the client's home, emails, statements and telephone communications to the client, the contractual modifications referred to:

i. Interest rates, penalties, commissions and expenses when such modifications generate a detriment to users. The above is also applicable regarding modifications to the payment schedule, the TREA and/or the minimum balance to obtain yield, in the case of active or passive operations, respectively.
ii. The resolution of the contract for a cause other than non-compliance.
iii. The limitation or exemption of liability on the part of the companies.
iv. Incorporation of services that are not directly related to the contracted product or service.

b. For communications regarding contractual modifications of aspects other than those previously indicated, means of communication must be used that allow the client to take adequate and timely knowledge of the modifications to be made, according to what is agreed for such effect with them.

c. A record must be left regarding the communications made to clients.

In case companies do not agree with users the means to be used to communicate regarding the contractual modifications indicated in this article, they must inform them through written communications to the client's home.

Article 30th.- Rules applicable to the increase of the credit line

Increases in the credit line cannot be made through unilateral modifications by companies. In this sense, it does not correspond to make a prior notice as indicated in article 26th of the Regulation, but the express consent of the client must be required on each occasion in which this is made, through the mechanisms agreed for such effect by the parties, leaving an express record of the date from which the increase of the credit line will proceed. The silence of the client cannot be considered as a sign of acceptance.

Article 31st.- Rules applicable to the incorporation of services that are not directly related to the contracted product or service

Contractual modifications associated with the incorporation of services that are not directly related to the contracted product or service and that, therefore, do not constitute a condition for contracting, will always proceed provided that a prior communication is made with an advance of no less than forty-five (45) days, through the means of communication indicated in literal a. of article 29th of the Regulation, granting the client the faculty to accept the proposed modification, without the client's refusal implying a resolution of the main contract.

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Article 32nd.- Contractual resolution at the user's request as a consequence of modifications to contractual conditions: payment conditions

Contracts must establish the conditions applicable in case the client decides to resolve them due to unilateral modifications that are detrimental to them and that do not originate from the imposition of regulatory obligations.

Companies must consign in the contractual clauses, the right that assists the client to resolve the contract. Likewise, they must consign the manner in which the payment of the obligation will proceed prior to the resolution of the contract, considering the nature of the obligation assumed and what is provided in literal b) of article 47th and literal e) of numeral 56.1 of article 56th of the Code. For such effect, companies must grant a reasonable period for the client to find another financing mechanism if they consider it necessary, which must be no less than forty-five (45) days. The granting of a longer period to make the total payment of the obligation prior to the resolution of the contract will not prevent the company - if it considers it applicable - from making the corresponding charge for the fee resulting from the contractual modification once the notice period indicated in the Regulation has been fulfilled.

Article 33rd.- Unilateral contractual resolution

Companies may unilaterally resolve the contracts celebrated, communicating this to their clients, in accordance with the resolution clauses agreed for such effect.

CHAPTER VI
DIFFUSION AND SUPERVISION OF FORMULAS AND PROGRAMS FOR THE SETTLEMENT OF INTERESTS AND PAYMENTS

Article 34th.- Diffusion of formulas and programs for the settlement of interests and payments

Companies must diffuse through their website, the formulas and programs referred to in this chapter, in an easily accessible place, along with the information about the operations and products they offer to users, in accordance with the provisions of the Regulation. The diffusion of the formulas must be accompanied by explanatory examples, so that users can have a complete knowledge of the procedures followed by the company and, if applicable, be able to replicate them for concrete operations that have been agreed with it. The Superintendency will establish from the "User Portal" section of its website, links that allow direct access to said formulas and programs.

The active and passive operations with respect to which the formulas must be diffused for the purposes of this chapter are the following: current account deposits, savings deposits, time deposits, CTS deposits, mortgage credits, MIVIVIENDA credits, vehicle credits, credit cards and other consumer credits. The diffusion of programs will be mandatory only for active operations under the installment system, in the event of compliance with the agreed conditions.

Companies will organize the information of the formulas and programs published on their website, according to the categories of the aforementioned operations. Likewise, companies will organize the information by product, understanding as product the modality of operation that possesses characteristics that distinguish it from other modalities, such as the form of payment, the currency or any other attribute that implies a variant in the formula, and which generally has a commercial denomination identifiable by clients.

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In the offices where active and passive operations mentioned above can be requested, companies must make available to users the programs for the calculation of interest and payments of the company. In the latter, in the case of active operations agreed under the installment system, the Effective Annual Cost (TCEA) must be included.

In all cases, information regarding the formulas and programs must be published, both for those operations that the company currently offers to users and those that, although no longer offered, still have valid contracts.

Article 35°.- Guidelines for the presentation of formulas and programs

Each active or passive product indicated in the previous article must have a formula. Active products under the installment system must also have a program. The results of the programs must be the same as those obtained using the respective formulas of said products. The simulated schedules must comply with the requirements established in Article 18° of the Regulation.

The formulas and programs that companies use must consider the following guidelines:

a. The formulas will allow users to know, step by step, the process of calculating interest, commissions, and expenses.

b. The concepts included in the formulas will be defined below the formula. Likewise, they must match the terms used in reports or account statements.

c. The programs will allow users to simulate the calculations performed by the company for the settlement of interest, commissions, and expenses.

d. Through notes, details that facilitate the understanding of the formulas and programs can be specified, if applicable.

Article 36°.- Methodological guidelines for the presentation of formulas for passive and active products

a. Regarding passive products, companies must consider the following criteria for the preparation of formulas:

i. The formulas will allow calculating the amount of interest to be paid to the client. The interest amount must be presented as the product of applying the interest rate of the period to the amount subject to the interest rate, detailing the procedure to calculate each of these concepts.

ii. The calculation of the interest rate applicable to the interest settlement period must start from the passive rate announced by the company in the contract, in periodic information, or any other valid means to communicate its modification, if applicable. Likewise, the process of interest capitalization must be detailed.

iii. The presentation of the formulas must explain in detail all concepts that could modify the amount subject to interest, in what cases and under what form they could affect said amount; if applicable, the calculation procedure to determine said concepts will be included.

iv. The formulas for calculating the amount of commissions and expenses charged to clients, if applicable, will be presented following the same guidelines established for the calculation of the interest amount.

v. For fixed-term deposits, the formula must additionally describe the effective annual interest rate and the commissions or expenses applied when clients withdraw the deposit before the agreed term expires.

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b. Regarding active products, companies must consider the following criteria for the preparation of formulas:

i. Companies must present the formulas for calculating the amount of interest payable to the client. The interest amount must be presented as the product of applying the interest rate of the period to the amount subject to the interest rate, detailing the procedure to calculate each of these concepts.

ii. The calculation of the interest rate applicable to the interest settlement period must start from the active rate announced by the company in the contract, in account statements, periodic information, or any other valid means to communicate its modification, if applicable. Likewise, the process of amortizing the debt principal must be detailed.

iii. The presentation of the formulas must explain in detail all concepts that could modify the amount subject to interest, in what cases and under what form they could affect said amount; if applicable, the calculation procedure to determine said concepts will be included. Likewise, the presentation of the formulas must contemplate the procedure followed by the company to perform the corresponding calculations in case a grace period is granted to users.

iv. The formulas for calculating the amount of commissions and expenses charged to clients, if applicable, will be presented following the same guidelines established for the calculation of the interest amount.

v. The formulas will be developed under the assumption of compliance and non-compliance in payments.

vi. In the case of active products that offer options for minimum payment, total payment, or intermediate payments between the minimum and total amount, the formulas must detail how the payment made is applied to the amortization of the debt, interest, commissions, and expenses.

Article 37°.- Applicable formulas in case of non-compliance with payments in active products

For active products, companies must detail the calculation procedure for the amount of interest or penalty applicable in case of non-compliance, according to the guidelines established in the previous article.

The formula for calculating the amount of interest or penalty in case of non-compliance must detail how these charges vary based on the days of non-compliance, if applicable.

Article 38°.- Explanatory numerical examples

Companies must present, by way of example, a numerical exercise illustrating the application of the formulas for each product, according to the following guidelines:

a. As a general guideline, the presentation sequence of each formula will follow these steps: (1) calculation of the amount subject to the interest rate, (2) calculation of the interest rate, (3) calculation of the interest amount, (4) calculation of the amount of commissions and expenses, (5) total amount.

b. The numerical exercises will accompany the development of the formulas so that, for each step presented in the formulas, the corresponding example is shown.

c. To prepare the numerical exercise, companies must consider a "typical" operation that reflects the most usual conditions of each product.

Article 39°.- Responsible for formulas and programs

Companies must designate the official responsible for the formulas and programs, who must keep them updated and keep the User Service Officer informed. Companies must inform the Superintendency each time there is a change in the designation of the responsible official, within five (5) days of the occurrence.

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TITLE III
APPLICABLE PROVISIONS FOR CONTRACTING WITH USERS OF THE FINANCIAL SYSTEM
CHAPTER I
GENERAL ASPECTS

Article 40°.- Formalities for drafting contractual conditions

Companies must draft the contractual conditions corresponding to the products and services they offer to users in simple and clear language that allows adequate understanding by them of their obligations and rights.

The contract must faithfully reflect all stipulations necessary for the correct regulation of the relationship between the client and the company, avoid the use of jargon, and, when this is not possible, adequately explain its meaning.

Article 41°.- Non-presential or presential contracting through mechanisms other than written

Companies may conclude contracts through non-presential channels or presential channels through mechanisms other than written.

The use of such channels must be appropriate to the complexity of the products they offer in the market, provided the following conditions are met:

a. Contracting will be carried out by telephone or through electronic means.

b. The company must have adequate mechanisms to guarantee the security of contracting at all stages and to record the acceptance by the client and their spouse, if applicable, of the contractual stipulations. In these cases, the signature of contractual forms is not required.

c. Companies will deliver to users within a period not exceeding fifteen (15) days after the conclusion of the contract, said document, including the information booklet or summary sheet and schedule; as well as any other information corresponding, according to the current regulatory framework, in the form agreed by the parties. The aforementioned delivery can be made at the client's home or by electronic means, provided they allow reading, printing, conservation, and reproduction without changes.

Companies must keep the record of what was contracted on durable media, as well as the record of delivery of the contract and other documents as provided in the Regulation.

Article 42°.- Multi-product contracts

Companies may make multi-product contracts available to users, understood as those that contain a general condition specifying the common terms applicable to more than one active and/or passive product.

Through such contracts, the client will be given the possibility to contract one or more specific products at that moment or subsequently, to which the general condition will apply. In this case, companies must deliver to users the relevant part of the referred multi-product contract regarding the contracted product, as well as the summary sheet and/or information booklet associated with it.

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The parties will sign these documents in duplicate or contract the products through the mechanisms described in the preceding article.

CHAPTER II
GENERAL CONTRACTING CLAUSES

Article 43°
7.- General Contracting Clauses subject to prior administrative approval

Companies must submit to prior administrative approval of the Superintendency, the general contracting clauses of the contract models that regulate the operations and services indicated below:

Active Operations:
Mortgage credit.
Consumer credit.

Passive Operations:
Savings deposit.
Time deposits (includes deposit certificates and bank certificates).
Deposit for compensation of service time.
Checking account deposit.

Services:
Safe deposit box contract.
Custody contract.
Electronic money.

To the extent that the Superintendency identifies products and/or services that generate an impact on users, it may expand the previous list through a multiple letter.

The approval of general contracting clauses that contain references to the charging of commissions and expenses does not exempt companies from the evaluation to which there may be grounds under the framework of the supervisory and control powers of the Superintendency, regarding the justification that such concepts must bear.

The prior administrative approval of general contracting clauses by the Superintendency only comprises the clauses that regulate the rights and obligations of the parties. The Superintendency approves or denies requests for approval of general contracting clauses, taking into consideration the current regulatory framework under its competence and does not issue a statement on the application of specific norms and provisions issued by other bodies authorized for such purpose.

General contracting clauses that do not have prior administrative approval cannot be used. The maximum term for prior administrative approval is sixty (60) business days, counted from the day following the receipt of the request.

7 Article modified by SBS Resolution N°4461-2016 published on 08/20/2016.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 24

The approval of general contracting clauses and the determination of abusive clauses derived from said procedure does not prevent users from resorting to competent administrative and judicial instances to safeguard their rights, in order to have a statement issued on concrete cases. Without prejudice to the foregoing, the Superintendency identifies abusive practices and adopts the corresponding measures within its competence.

Article 44°
8.- Procedures for approval of general contracting clauses and identification of abusive clauses

Companies must present their request for approval of general contracting clauses, both for the case of new contract models and for the modification of previously approved clauses of products and services in accordance with the previous article, observing the requirements and procedure established regulatorily.

In the case of modifications, the company must indicate the clauses that are the subject of modification, including those that are affected to maintain concordance in the contract.

In case normative modifications are presented that have an impact on the previously approved general contracting clauses, within thirty (30) days counted from the entry into force of said modifications, companies must present the clauses that are modified as a result of the adaptation of their contract models to said regulation. The Superintendency, through a multiple letter, may determine exception scenarios in which the submission of modified clauses is required in a manner different from the previously indicated.

The above indicated in the preceding paragraph does not exempt the company from its obligation to:

a) Inform clients and the general public about the provisions approved by mandatory norms that impact the content of previously approved general contracting clauses. For this effect, companies must inform about the applicable provisions through their website, public service offices, and other mechanism they determine. The use of the referred information mechanisms must be incorporated into contracts and contractual forms.

b) Apply mandatory legal norms from the date they enter into force.

The Superintendency makes available to companies, through its website, the previously approved general contracting clauses, which include those authorized to other companies, by resolution and to guilds, by letter. In the case where the request for approval of general contracting clauses presented contains said clauses, their verification and approval proceed following an expedited procedure. If the requests contain clauses that have not been previously approved by the Superintendency, they continue the regular prior approval process.

Article 45°
9.- Dissemination of general contracting clauses and requirements applicable in front of mandatory norms

Companies must disseminate, through their website, the contractual forms that have general contracting clauses previously approved by the Superintendency.

8 Article modified by SBS Resolution N°4461-2016 published on 08/20/2016.
9 Article modified by SBS Resolution N°4461-2016 published on 08/20/2016.

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Additionally to what is indicated in the preceding paragraph, when the general contracting clauses previously approved by the Superintendency are modified by mandatory norms, companies must:

a) Disseminate on their website -along with the contractual forms-, the provisions approved by mandatory norms that impact the content of previously approved general contracting clauses, in accordance with letter a) of the previous article.

b) Indicate, in the referred general contracting clauses, a text stating that they are in the process of review and approval by the Superintendency.

For its part, the Superintendency disseminates, through its website, the approved general contracting clauses.

CHAPTER III
ABUSIVE CLAUSES

Article 46°.- Criteria for the determination of abusive clauses in matters of interest rates, commissions, and expenses

Abusive clauses are all those un-negotiated stipulations that, contrary to the requirements of good faith, cause, to the detriment of users, an imbalance of the rights and obligations of the parties derived from the contract. It is considered that a clause has not been negotiated when it has been drafted previously and the user has not been able to influence its content.

Abusive clauses, which cannot be incorporated into the contractual forms used by companies, include, among others, the following:

a. Those that empower the company to vary the compensatory interest rate, the penalty interest rate or penalty applicable in case of non-compliance, commissions, and expenses without prior notice, when this implies a higher cost or a detriment to the user.

b. Those that empower the company to vary the compensatory interest rate, the penalty interest rate or penalty in case of non-compliance, commissions, and expenses by establishing information mechanisms that do not comply with what is established in the Regulation.

c. Those that empower the company to charge or vary compensatory interest rates, penalty interest rates or penalties in case of non-compliance, commissions, and/or expenses that do not comply with the criteria established in the current legal framework to be subject to charging or variation.

d. Those that empower the company to charge future expenses and/or commissions without establishing the obligation to previously inform the concepts and the opportunity in which they become due.

e. Those that allow the company to unilaterally modify the conditions and terms of a contract of continuous duration to the detriment of clients, unless they obey to reasons expressed in it, according to what is provided by current regulation and that the right of the client to dissociate from it without any penalty is granted.

f. Those that go against public order norms.

g. Those identified by the Superintendency, with prior opinion of INDECOPI, in accordance with the norms on the matter, which will be incorporated into the present list through a norm of general character.

h. Those that exclude or limit the liability of the company, its dependents or sales representatives for fraud or fault, or those that transfer the liability to the consumer for the facts or omissions of the company.

i. Those that empower the company to suspend or resolve unilaterally a contract without previously communicating it to the client, except for the exceptions given by distinct legal provision or the application of prudential norms issued by the Superintendency.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 26

j. Those that establish in favor of the company the unilateral faculty of extension or renewal of the contract, except contrary agreement in which this possibility is expressly established.

k. Those that exclude or limit the rights recognized to users to make advance or prepayments in total or partial form, to oppose exceptions of non-compliance or to impose obstacles or unnecessary conditions determined by the Superintendency according to the concrete case, for the exercise of the rights recognized to the user in the contracts.

l. Those that establish regarding clients limitations to the faculty of opposing procedural exceptions, limitations to the presentation of evidence, inversion of the burden of proof, among other rights concerning due process.

m. Those that establish the client's waiver to file complaints for infringement of the norms of the Code, as well as those issued by the Superintendency.

The fact that certain elements of a clause or an isolated clause has been negotiated will not exclude the application of this article to the rest of the contract if the global appreciation leads to the conclusion that it is, nevertheless, a contract of adhesion.

CHAPTER IV
PERIODIC INFORMATION THAT COMPANIES MUST PROVIDE TO USERS

Article 47°.- Periodic information to clients

In the case of passive products, at the request of clients, companies will send the statement of all movements produced in their deposits during the month. This information must be sent within a maximum period of thirty (30) days after the close of the month in which the information is requested and may be sent monthly if the client so requests.

In the case of active products under the installment system, users will be given the possibility to choose the sending or not of information related to payments made and those that are pending according to the payment schedule. This information must be sent within a maximum period of thirty (30) days after the close of the month in which the information is requested and may be sent monthly if the client so requests.

In both the case of active and passive products, companies must grant clients the possibility to choose the receipt of the mentioned information through one or both of the following mechanisms:

a. Physical means (sending to the address indicated by the client).

b. Electronic means (by presenting said information through the website, email, among others).

The choice made by the client must be recorded on a support that allows accrediting said choice.

TITLE IV
USER SERVICE SYSTEM AND USER SERVICE OFFICER

CHAPTER I
USER SERVICE SYSTEM

Article 48°.- User service system

Companies must have an adequate user service system that allows providing a service consistent with the general policies established by the company, which must observe the

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 27 legal provisions in force regarding consumer protection, information transparency, those related to contracting with users, handling of inquiries and complaints and, in general, any other provision that generates obligations for companies regarding users on the aforementioned matters. The precedents of mandatory observance issued by INDECOPI form part of the aforementioned provisions.

Article 49.- Minimum elements of the user attention system
The user attention system implemented by companies must comprise the following minimum elements:
a. General policies and procedures regarding user attention and service, which must be consistent with the current regulatory framework on the matter. b. User attention system manual, which must contain the company's general policies, as well as the objective, the description of the system's functioning, the mechanisms and procedures that will be used to meet the objectives, the responsibilities of the involved areas and the user attention officer, as well as the communication and coordination channels between them, the staff training policy on the user attention system, among others.
c. Code of good practices for user attention, which must comprise the policies designed by the company so that workers and officials responsible for attending to users provide adequate information and attention in accordance with current regulations.

Article 50.- Trained personnel
The personnel responsible for answering user inquiries must be properly trained not only in the matters corresponding to the operations provided by the company, but also in the regulations regarding consumer protection and information transparency included in the current legal framework. For the purpose of providing adequate information to the user, the aforementioned personnel must identify themselves to the user as responsible for fulfilling this function. The training provided to the aforementioned personnel on topics such as customer service, user protection, transparency regulation, among others, must be updated at least annually and must be properly documented in the personnel's information files or personnel records, through physical or electronic files, which must be available to the Superintendency at all times.

Article 51.- Responsibility of the Board of Directors and Management
The Board of Directors is responsible for establishing the general policies and procedures that allow the company to have an adequate user attention system. Likewise, it will be responsible for the functioning of said system, for compliance with the policies, procedures and provisions contained in the Regulation. The company must appoint a user attention officer in charge of ensuring compliance with the user attention system, whose functions are detailed in the following Article 54. Management will be responsible for coordinating with the user attention officer the implementation of measures necessary for the functioning of the user attention system to adjust to the general policies established by the Board of Directors, according to the terms indicated in the Regulation, as well as the assignment of human, technical and logistical resources that allow compliance with the functions mentioned in the Regulation.

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 28
CHAPTER II
USER ATTENTION OFFICER RESPONSIBILITIES

Article 52.- User attention officer
The user attention officer is the official in charge of ensuring the implementation and compliance with the general policies and procedures established by the company, as well as compliance with the norms supporting the user attention system.

Article 53.- Requirements for the user attention officer
The user attention officer must meet the following minimum requirements:
a. Have relevant knowledge and experience in consumer protection, information transparency, and user attention topics. b. Have adequate knowledge of regulations on consumer protection, information transparency, and user attention.
c. Have sufficient knowledge and experience regarding the products and services provided by the company.
d. Have experience in monitoring and controlling operations and/or regulatory compliance. e. Others established by the Superintendency.
Companies must communicate to the Superintendency the name of the user attention officer, as well as compliance with the requirements indicated in the previous paragraph, within five (05) days from the date of their appointment.

Article 54.- Responsibilities of the user attention officer
The functions of the user attention officer are:
a. Ensure the implementation and compliance with current regulations in consumer protection, information transparency, user attention, and other provisions established by the Superintendency. b. Ensure that companies have properly implemented customer complaint areas and adequate mechanisms for resolving their complaints.
c. Coordinate with other areas of the company the implementation of policies and procedures for the functioning of the user attention system and its proper compliance.
d. Propose measures that allow the company to improve the functioning of the user attention system and its minimum elements. e. Verify that the means of disseminating interest rates, commissions, and expenses, as well as the operations and services used by the company, comply with current regulations. f. Verify that the personnel in charge of providing advice to users regarding the operations and services provided by the company, as well as regarding the matters contained in the contracts, comply with the training requirements established in the current regulatory framework. g. Verify that the content of the contractual forms used by the company complies with the provisions indicated in the Regulation. h. Ensure that companies send periodic communications to their clients within the agreed deadlines, as well as that prior communications regarding contractual modifications are sent as provided in the Regulation.
i. Verify that the company disseminates the formulas and programs for the settlement of interest and payments in accordance with what is provided in the Regulation.
j. Coordinate with the Superintendency, INDECOPI, and any other public or private entity involved in consumer protection topics.

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 29 k. Report to the Superintendency an annual report regarding the functioning of the user attention system.
l. Those others that are necessary for the fulfillment of their functions.
The user attention officer, for the proper fulfillment of their responsibilities and the presentation of the annual report referred to in letter k. of the preceding paragraph, must prepare an annual work program that will be submitted to the Board of Directors for prior consideration and approved by it before December 31 of each year. Said program must contain the methodology used for verifications and reviews of the degree of compliance of the user attention system, the activities to be carried out, including the schedule for their execution. A copy of said annual program must be available to the Superintendency.

Article 55.- Presentation of the annual report of the user attention officer to the Superintendency
The annual report referred to the functioning of the user attention system must be presented to the Superintendency no later than within forty-five (45) days following the closing of the fiscal year, by physical and electronic means.
The report must be brought to the knowledge of the Company's Board of Directors before being presented to the Superintendency.

FINAL AND COMPLEMENTARY PROVISIONS
First.- Information
For the purpose of promoting greater information transparency regarding the interest rates, commissions, and expenses applied by companies, they must send to the Superintendency any type of information regarding said concepts requested by multiple official notice, which must originate from their current rate sheets. The information received by the Superintendency will be made available to users on its institutional website, in the section referred to as information transparency, as well as through other means considered pertinent.

Second.- Creation of website
Companies requesting authorization to operate must have a website enabled no later than the date on which they begin their operations, considering what is provided in the Regulation for the constitution, reorganization, and establishment of companies and representatives of the financial and insurance systems approved by SBS Resolution No. 10440-2008 and its modifying norms.

Third.- Application of the provisions contained in Chapter IV of Title II to clients of companies not included in the scope of the Regulation The norms included in Chapter IV of Title II of the Regulation, regarding the information that must be provided to the user for the purpose of contracting and providing active, passive operations, and services, will also be applicable to those natural and legal persons who are not included in the scope of the definition of user and/or client contained in Title I of the Regulation, provided that such information is requested from the companies by said persons. In this case, the supervision of what is indicated in this provision is the exclusive competence of the Superintendency.

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 30 Fourth.- Sanctions The Superintendency and INDECOPI, within the scope of their respective competencies, will sanction companies that commit administrative infractions derived from non-compliance with the current legal and regulatory framework, regarding information transparency, consumer protection, and unfair competition.

Fifth.- Registration of the effective date of payments At payment locations made available to users, the execution of payments made by clients must be properly registered on the date effected, applying the same treatment that the company considers for registering its operations, and providing the necessary information to users regarding the charges applicable to their operation. All payment channels must allow the cancellation of applicable taxes and concepts that may correspond to the operation performed.

Sixth.- Simplified regime
The Superintendency may regulate, on a general basis, the exemption from one or more of the criteria indicated in the Regulation if the design of the operations, products, or services justifies it and/or if alternative means are available to meet the objectives of this Regulation.

Second Article.- The annexes referred to in the Regulation on Information Transparency and Contracting with Users of the Financial System approved by the first article of this resolution, are published on the Institutional Portal –www.sbs.gob.pe– in accordance with what is provided in Supreme Decree No. 001-2009-JUS.

Third Article.- Within a period not exceeding thirty (30) calendar days from the publication of this norm, companies must send to the Superintendency an adaptation plan to the provisions contained in the Regulation on Transparency and Contracting with Users of the Financial System.
Said plan must include the actions foreseen for total adaptation and the schedule for these, as well as the officials responsible for the compliance of said plan and the submission of bi-monthly reports to the Superintendency.

Fourth Article.- Modify Article 10 of SBS Resolution No. 2108-2011 regarding basic accounts:
"Article 10.- Basic accounts are under the simplified regime established in the Regulation on Information Transparency and Contracting with Users of the Financial System, hereinafter Transparency Regulation, and their norms are applicable to them, with the particularities indicated below:
a) Contracts signed in writing: companies may design simplified contracts and information leaflets that include in a highlighted and prominent manner at least what is indicated in letters a) to h) of Article 19 of the Transparency Regulation and the main characteristics associated with the operations, limits, restrictions, and conditions applicable to the basic account. The information corresponding to the information leaflet can be added directly in the contract, in a single document.

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 31 b) Contracts signed by means other than those provided in the preceding numeral: companies must apply what is provided in Article 41 of the Transparency Regulation, considering the minimum information and conditions established in the preceding letter.

Fifth Article 10.- Companies will have until August 30, 2013, to adapt to the following provisions of the Transparency Regulation:

• Article 13 regarding mechanisms for disseminating information on interest rates, commissions, expenses, and products or services.
• Article 14 regarding dissemination of relevant aspects regarding the benefits, risks, and conditions of the product.
• Article 18, regarding information on active operations.
• Article 19, regarding information on passive operations.
• Article 47, regarding periodic information to clients.
  Companies must send the general contracting clauses, referred to in the Regulation on Information Transparency and Contracting with Users of the Financial System, for prior approval of the Superintendency according to the following schedule:

CONTRACTS MAX PRESENTATION DATE
ACTIVE OPERATIONS:
Loan or monetary loan (consumption) 02.09.2013 to 16.09.2013 Vehicle credit 02.09.2013 to 16.09.2013 Mortgage credit 02.12.2013 to 16.12.2013 Multiproduct active 02.12.2013 to 16.12.2013 Credit via credit cards 02.06.2014 to 16.06.2014 SERVICES:
Safe deposit box contract 02.12.2013 to 16.12.2013 Custody contract 02.06.2014 to 16.06.2014 PASSIVE OPERATIONS:
Savings deposit 03.02.2014 to 17.02.2014
Checking account deposit 03.02.2014 to 17.02.2014 Time deposits (includes deposit certificates and bank certificates) 02.04.2014 to 16.04.2014 Deposit for Service Time Compensation 02.04.2014 to 16.04.2014 Multiproduct passive 02.06.2014 to 16.06.2014

The deadline to have the new contracts available to users, which include the general contracting clauses previously approved by this Superintendency, is sixty (60) days counted from the date the corresponding Approval Resolution is notified.

Sixth Article.- This Resolution will enter into force on January 1, 2013. Upon the entry into force of this Resolution, the Regulation on Information Transparency and Provisions Applicable to Contracting with Users of the Financial System, approved by SBS Resolution No. 1765-2005 and its modifying norms, is repealed, with the exception of what is provided in Article 32 of the aforementioned norm.

Register, communicate, and publish.

DANIEL SCHYDLOWSKY ROSENBERG
Superintendent of Banks, Insurance, and Private Pension Fund Administrators

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 32
ANNEX No. 1
CALCULATION OF THE EFFECTIVE ANNUAL COST RATE (TCEA) FOR ACTIVE OPERATIONS UNDER THE INSTALLMENT SYSTEM To homogenize the calculation of the effective annual cost rate, the following formula must be applied:

ia = (1 + it)^k - 1

Where:
ia : Effective annual cost rate. it : Effective cost rate corresponding to the installment payment period (monthly, quarterly, semi-annually, etc.) k : Number of installments in a year.
The effective cost rate corresponding to the installment payment period (it), is that which allows equalizing the present value of all installments with the amount effectively granted as a loan to the client. Installments comprise all concepts indicated in the Regulation.

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 34
ANNEX No. 1-A 11
CALCULATION OF THE EFFECTIVE ANNUAL COST RATE (TCEA) FOR ACTIVE OPERATIONS UNDER THE REVOLVING SYSTEM For the purpose of providing comparative information in active operations under the revolving system, the calculation of the TCEA applicable to the revolving component must consider the following parameters:

• Consumption of S/. 1000, if the currency of the credit line is in New Soles, or US$ 300, if the currency of the credit line is in US Dollars, assuming that the account does not present previous debt. No other consumption or movement of the credit line should be considered.
• Maximum Effective Annual Rate (TEA) applicable to the credit line or, in the case of credit cards, to goods and services purchases, that is in effect at the time of performing the TCEA calculation. Regarding credit cards, and for the purposes of this calculation, rates applicable for cash withdrawal or for purchasing debt from other entities will not be considered.
• Term of 12 months. The consumption must be considered as having occurred 30 days before the corresponding billing closing.
• Monthly installments with the values of the minimum payments resulting from adding the capital balance applied by a revolving factor of 24, interest, commissions, and expenses. Minimum thresholds of S/. 30, if the currency of the credit line is in New Soles, or US$ 10, if the currency of the credit line is in US Dollars, must be considered for the capital amortization component of the minimum payment in each currency. In installment No. 12, the total debt must be cancelled.
• Commissions and expenses applicable under the assumption of compliance with the payment of monthly installments. In credit cards, the annual membership commission must be considered in installment No. 12.

Regarding the calculation of the TCEA for the non-revolving component (installments), the following parameters must be considered:

• Credit amount or consumption for the sum of S/. 1000, if the currency of the credit line is in New Soles, or US$ 300, if the currency of the credit line is in US Dollars, assuming that the account does not present previous debt. No other consumption or movement of the credit line should be considered.
• Maximum Effective Annual Rate (TEA) applicable to the credit line or, in the case of credit cards, to goods and services purchases that is in effect at the time of performing the TCEA calculation. Regarding credit cards, and for the purposes of this calculation, rates applicable for cash withdrawal or for purchasing debt from other entities will not be considered, unless it is a specific example of said type of financing.
• Term of 12 months. The consumption must be considered as having occurred 30 days before the corresponding billing closing.
• Constant monthly installments.
• Commissions and expenses applicable under the assumption of compliance with the payment of monthly installments. In credit cards, the annual membership commission must be considered in installment No. 12.

11 Annex modified by SBS Resolution No. 2668-2013 of 01/05/2013.

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 35
ANNEX No. 2
CALCULATION OF THE EFFECTIVE ANNUAL YIELD
To calculate the Effective Annual Yield Rate (TREA), the initial deposit amount must be considered as the sum of one thousand New Soles (S/. 1000.00), one thousand US Dollars (US$ 1000.00), or one thousand Euros (€ 1000.00) according to the calculation and term indicated in the Regulation, assuming that during said term there are no additional transactions to the opening of the account. Regarding deposits in other currencies, the Superintendency will communicate via multiple official notice the amounts to be used. Likewise, when the passive product requires a minimum opening amount higher than the initial deposit amounts mentioned above, said minimum opening amounts must be used for the purpose of the example.

In addition to the example, for savings accounts, the minimum equilibrium balance to obtain yield must be indicated.

To homogenize the calculation of the effective annual yield rate, the deposit balance schedule must be generated considering the following procedure:

1. The initial deposit amount will be taken as the initial amount for the first period (MI1).
2. The interest corresponding to the first period (I1), as well as the total commissions and expenses applicable in that period (C1), will be calculated.
3. The final amount for the first period (MF1) will be calculated using the following formula:
   MF1 = MI1 + I1 - C1
4. The final amount for the first period will be considered as the initial amount for the second period (MI2).
5. Steps 2, 3, and 4 will be repeated, taking into account the corresponding period, as many times as there are interest payment periods or commission and expense charging periods for the deposit, until reaching the final amount in the last period (MFT), where "T" represents the last period.
6. The TREA will be equal to:
   TREA = (MFT / MI1)^(1/P) - 1
   Where "P" is equal to the number of periods in a year.

In the event that the deposit is for an indefinite term, a term of 12 months will be considered for the calculation (T = 12, P = 12)

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 36

ANNEX No. 3
EXAMPLE OF CHARGES THAT DO NOT COMPLY WITH THE REGULATIONS FOR HAVING THE QUALITY OF COMMISSIONS OR EXPENSES.

The charges indicated below by way of example do not comply with the criteria established in the Supplementary Law and in the Regulations to have the quality of commissions or expenses. Therefore, they cannot be incorporated into the contractual forms used by companies in the financial system nor charged to their users:

1. Charges for maintenance or administration of inactive accounts. An account is considered inactive when, according to what was agreed, no operations can be carried out with charges against the deposits made in it. 12

2. Charges for the issuance, preparation of credit card statements or of the periodic information required by customers in accordance with Article 47 of the Regulations or similar charges. 13

2-A. Charges for making available or sending credit card statements through electronic means. 14

2-B. Charges for making available or sending the periodic information required by customers in accordance with Article 47 of the Regulations, when the customer has chosen to send the information through electronic means. 15

3. Charges charged to the person in whose favor the check is drawn for its return when it has been improperly drawn or lacks fund provision, provided that they are checks corresponding to accounts in the same company of the financial system.

4. Charges for credit disbursement.

5. Charges for cash withdrawal in the case of credit cards.

6. Charges for credit evaluation.

7. Charges for inquiries made to risk centers, as part of the client's credit evaluation.

8. Charges for processing complaints and for complaints declared unfounded or baseless (dismissed).

9. Charges other than late interest or penalty, for payment of obligations outside their due date. 16

10. Charges for the issuance and delivery of the first certificate of no debt for the cancellation of the credit, for credit products that operate through the installment system or total payment and contract resolution in the case of revolving credits.

11. Charges and management associated with the evaluation, constitution, and administration of guarantees in those products conditioned on their constitution, such as mortgage, vehicle, pledge, among others.

12. Management to proceed with the release of guarantees, such as the preparation and delivery of the clause or document necessary for this purpose, including those conditioned on the payment of the obligation.

13. Charges for remitting deposits to the deposit insurance fund within the framework of what is provided by current regulations.

12 Numeral modified by SBS Resolution No. 1801-2014 of 03/18/2014.
13 Numeral modified by SBS Resolution No. 1801-2014 of 03/18/2014.
14 Numeral incorporated by SBS Resolution No. 1801-2014 of 03/18/2014.
15 Numeral incorporated by SBS Resolution No. 1801-2014 of 03/18/2014.
16 Numeral modified by SBS Resolution No. 1801-2014 of 03/18/2014.

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 37

14. Charges for the issuance and delivery of the certificate of the debtor's credit situation, when the company has made an erroneous report to the risk center.

15. Charges for early cancellation or prepayments of credits in total or partial.

16. Charges in passive accounts when their opening is established as a requirement to carry out charges related to the payment of any active operation.

17. Charges for excess use on the credit card line.

18. Charges applied for the administration of credits under the revolving system.

19. Charges associated with the receipt or management of bills and coins, such as counting, centralization, verification, transport, vault custody, among others, within the framework of a financial operation. 17

This list is only illustrative; the Superintendence may, through its supervision activities, point out other charges that do not comply with the criteria described in the Regulations.

ANNEX 4
INFORMATION REFERRED TO BENEFITS, RISKS AND CONDITIONS OF THE FINANCIAL PRODUCT OR SERVICE

a) Passive products:
Considering for such effect the characteristics of the offered passive product, information related to the following shall be published – as appropriate –:

• The coverage of deposits by the Deposit Insurance Fund, considering for such effect what is provided by the current regulatory framework and the manner in which coverage proceeds in accordance with the General Law.
• The conditions for the use and conservation of the payment instrument, such as debit cards, checkbooks or others, if offered together with the deposit.
• The measures that the user must adopt to preserve the security of the payment instrument, if applicable.
• The limits that, if any, are established for the operations carried out through that payment instrument.
• The procedure applicable in the event of the death of the account holder.
• The procedure for the presentation and attention of contract resolution requests, indicating all channels made available to them for this purpose. Such procedure cannot be more cumbersome than that established for contracting, and additional requirements or demands that hinder the exercise of this right cannot be established.
• The procedure applicable to affiliate to the automatic debit system, if the company offers this alternative to its clients, as well as the procedure to invalidate an automatic debit authorization.
• Information regarding the instances to which users may resort to present complaints and/or reports for the operations and services they carry out, such as the company itself, INDECOPI and the Superintendence, among others.
• Others at the company's discretion.

b) Active products:
Considering for such effect the characteristics of the offered active product, information related to the following shall be presented – as appropriate –:

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 38

• The main characteristics of the payment instrument – if applicable – and the forms of its use.
• The limits that, if any, are established for the operations carried out through that payment instrument.
• The measures that the user must adopt to preserve the security of the payment instrument, if applicable.
• The existing mechanisms for the user to notify the company of any unauthorized payment operation or executed incorrectly.
• The liability of the entity in the event of unauthorized payment operations or executed incorrectly.
• Information related to offered insurance (Banking-insurance).
• The procedure applicable in the event of the death of the credit holder.
• The procedure for the presentation and attention of contract resolution requests, indicating all channels made available to them for this purpose. Such procedure cannot be more cumbersome than that established for contracting the credit or credit card, and additional requirements or demands that hinder the exercise of this right cannot be established.
• The procedure for the exercise of the rights of guarantors or sureties of users.
• The procedure applicable to affiliate to the automatic debit system, if the company offers this alternative to its clients, as well as the procedure to invalidate an automatic debit authorization.
• The detail of the consequences in case of non-compliance with the payment of obligations, as well as the effects of refinancing or debt restructuring.
• The right that the client has to request the issuance of the clause or document necessary to proceed with the release of guarantees, including those conditioned on the payment of the obligation. Regarding this, it must be specified that no charges are charged for its issuance in accordance with numeral 12 of Annex No. 3 of the Transparency Regulation.
• The procedure applicable to recover the amount paid for excess payments, in accordance with what is stated in the Code.
• Information regarding the instances to which users may resort to present complaints and/or reports for the operations and services they carry out, such as the company itself, INDECOPI and the Superintendence, among others.
• Others at the company's discretion.

c) Services:

1. Checks:

• The conditions that will apply for the purposes of the issuance of manager's checks and traveler's checks.
• Collection of checks against companies in the country:
  a. Applicable procedure and maximum time that will elapse from when the user endorses the check in favor of the company until its effective collection and, if applicable, the realization of the credit. b. The charges associated with the service, if applicable.
• Information regarding the instances to which users may resort to present complaints and/or reports for the operations and services they carry out, such as the company itself, INDECOPI and the Superintendence, among others.
• Others at the company's discretion.

2. Rental of safety deposit boxes and custody service

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511) 6309239 39

• The company's and the user's responsibilities must be adequately informed, indicating the difference between both services.
• Others at the company's discretion.