Resolution SBS No. 1041-2016: Approves the Investment Regulations for Insurance Companies

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, February 26, 2016 Resolution S.B.S.
No. 1041-2016

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, in accordance with what is established in articles 345 and 347 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms, hereinafter the General Law, it corresponds to the Superintendence of Banking, Insurance and Private Pension Fund Administrators to protect and defend the interests of the public in the scope of the financial and insurance systems, safeguarding the economic and financial solidity of the natural and legal persons that make up said systems;

That, the General Law establishes in its articles 311 to 317, the regime of investments that back the technical reserves, the minimum solvency equity and the guarantee fund of insurance and/or reinsurance companies;

That, said article 311 was modified by Legislative Decree No. 1028, in order to eliminate the investment categories and their limits, empowering the Superintendence to regulate the new investment items and limits to which the assets intended to back technical obligations are subject;

That, in accordance with what is provided in article 311, the Superintendence is empowered to regulate the limits provided for in articles 312 and 314, referred to limits of diversification by issuer and by financial conglomerate or economic group, applicable to the assets that back the technical reserves, the minimum solvency equity and the guarantee fund;

That, through SBS Resolutions No. 039-2002 and No. 7034-2012, the Regulation of Eligible Investments of Insurance Companies and the Regulation of Classification and Valuation of Investments of Insurance Companies were approved, respectively; through which measures were issued that specify the characteristics of the assets that back technical obligations, as well as the establishment of homogeneous criteria for classification and valuation that allow to reflect in the financial statements the nature of their investments;

That, it is necessary to update the regulations that regulate the investments of insurance companies, and to issue minimum conditions that investments backing the technical obligations of insurance companies must meet;

That, it is necessary to modify the Internal Audit Regulation, approved by SBS Resolution No. 11699-2008 and its modifying norms,

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 2/66 in order to incorporate as a scheduled activity the evaluation of investment management and its valuation, within the framework of the new investment regulations of insurance companies;

That, likewise, it is necessary to modify the Credit Risk Management Regulation, approved by SBS Resolution No. 3780-2011 and its modifying norms;

That, it is also necessary to modify the Regulation of Issuer Diversification of Investments of Insurance Companies, approved by SBS Resolution No. 829-2005 and its modifying norms; as well as the Standards for the Accounting Identification of Operations of Life Lines and General Lines of Insurance Companies, approved by SBS Resolution No. 1141-1999 and its modifying norms, in order to align their definitions and provisions with current regulations;

That, it is necessary to modify the Provisions for the Estimation of Premiums for Insurance of Invalidity, Survival and Funeral Expenses under Collective Policy, approved by SBS Resolution No. 6271-2013;

That, in order to collect the opinions of the general public regarding the proposal to modify the regulations, the pre-publication of the draft resolution on the matter was ordered on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS;

Having the approval of the Adjunct Superintendencies of Insurance, Risks, Economic Studies and Legal Advice; and,

In exercise of the powers conferred by items 7, 9 and 13 of article 349 of the General Law;

RESOLVES:

Article First.- Approve the Investment Regulations for Insurance Companies, which forms part of this resolution, according to the following text:

REGULATION OF INVESTMENTS OF INSURANCE COMPANIES

CHAPTER I
GENERAL PROVISIONS

Scope of application

Article 1.- This Regulation is applicable to the companies indicated in letter D of article 16 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms, hereinafter companies.

Definitions

Article 2.- For the application of this Regulation, the following definitions are considered:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 3/66 a) Economic activity.- Grouping of activity according to the “Global Industry Classification Standard – GICS”. The degree of grouping to be applied corresponds to the “Industry” level, within the structure of the aforementioned standard, identified with six (06) digit codes. b) AFP: Private Pension Fund Administrators. c) Eligibility criteria.- those indicated in article 24. d) Economic group.- Determined in accordance with what is provided in the Special Standards on Linkage and Economic Group, approved by SBS Resolution No. 5780-2015 and its modifying norms. e) Conglomerate: Defined according to the Special Standards on Linkage and Economic Group approved by SBS Resolution No. 5780-2015 and its modifying norms. f) Holding: Defined according to the Special Standards on Linkage and Economic Group approved by SBS Resolution No. 5780-2015 and its modifying norms. g) Financial institution.- That financial intermediary or company that is authorized to do business and that is regulated and supervised by reason of its financial activity by the Superintendence, the SMV or an equivalent body, in accordance with the law of the country in whose territory it is located. This term includes any company in the financial system, insurance and reinsurance company, stock exchange agent company, mutual fund administrator or public or private investment funds, including the private pension fund administrator, among other companies, as long as they are authorized to collect, invest or administer financial resources. h) Investments abroad.- Those investments made in instruments issued by foreign Central Governments, foreign Central Banks, or financial or non-financial entities constituted abroad. In the case of mutual or investment funds, or trusts, or exclusive purpose estates, when a percentage greater than fifty percent (50%) of the value of their assets is invested in the aforementioned foreign instruments or in assets located in foreign territory. In the case of FIRBIs, FIBRAs or other real estate or infrastructure investment instruments, when a percentage greater than fifty percent (50%) of their underlying assets is located outside Peruvian territory. In the case of investments in holdings, when a percentage greater than fifty percent (50%) of their assets is composed of investments in companies or legal entities constituted abroad, considered as subsidiaries. If the above conditions are not met, an investment will be considered as local. 1 i) General Law.- General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms. j) Investment process.- That which is defined in the Regulation on Ethical Conduct and Professional Capacity. k) Insurance lines: General insurance lines and/or life insurance lines. In the case of accident and illness insurance, what is provided in SBS Resolution No. 937-2001
will apply. l) Regulation of Corporate Governance and Integrated Risk Management.- Regulation of Corporate Governance and Integrated Risk Management, approved by SBS Resolution No. 272-2017 and its modifying norms. 2 m) Regulation on Ethical Conduct and Professional Capacity.- Regulation of Requirements on Ethical Conduct and Professional Capacity of Persons who Participate in the Investment Process of Banking Companies, Insurance Companies and Portfolios Administered by AFPs, approved by SBS Resolution No. 114-2005 and its modifying norms.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 4/66 n) Regulation for the Evaluation and Classification of the Debtor.- Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by SBS Resolution No. 11356-2008 and its modifying norms. o) Regulation of Classification and Valuation of Investments.- Regulation of Classification and Valuation of Investments of Insurance Companies, approved by SBS Resolution No. 7034-2012 and its modifying norms. p) Eligibility criteria and requirements for the backing of technical obligations: Those indicated in article 24 (criteria for the eligibility of investments), and those indicated in articles 25 (minimum eligibility requirements by type of asset) and 28 (minimum eligibility requirements of assets subject to the notification process). 3 q) SMV.- Superintendence of the Securities Market. r) Superintendence.- Superintendence of Banking, Insurance and Private Pension Fund Administrators. s) Single real estate.- Defined according to article 7 of the Regulation of Measurement of Concentration Risk in Insurance Companies approved by SBS Resolution No. 5072-2013 and its modifying norms. t) Real estate for own use.- Those real estate used by the company for the supply of its services, for administrative purposes or for any activity inherent to the company. 4 u) Real estate for commercial purposes.- Those real estate destined for the obtaining of rents, capital gains or both, outside the residential scope. 5 v) Derivatives Regulation.- Regulation for the Negotiation and Accounting of Financial Derivative Products in Insurance Companies, approved by SBS Resolution No. 514-2009 and its modifying norms. 5 w) Structured Instruments.- Correspond to those combined instruments in which debt instruments (deposits, notes, bonds or similar) are associated with derivative instruments. Likewise, their yield and principal payment are determined based on the variations observed in the prices of financial assets or financial derivative products. 5 x) FIRBIs.- Real Estate Income Investment Funds, called as such by the SMV, which comply with the regulations of said entity. 6 y) FIBRAs.- Securitization Trusts for Investment in Real Estate Income, called as such by the SMV, which comply with the regulations of said entity. 6 z) Regulation of Issuer Diversification of Investments.- Regulation of Issuer Diversification of Investments of Insurance Companies, approved by SBS Resolution No. 829-2005 and its modifying norms. 7 aa) Regulation of Equity Requirements of Insurance and Reinsurance Companies.- Regulation of Equity Requirements of Insurance and Reinsurance Companies, approved by SBS Resolution No. 1124-2006 and its modifying norms. 7 ab) Regulation of Model Risk Management.- Regulation of Model Risk Management, approved by SBS Resolution No. 53-2023 and its modifying norms. 7 3 Literal modified by SBS Resolution No. 556-2025, published on 18-02-2025. 4 Literal incorporated
by SBS Resolution No. 887-2018, published on 10-03-2018, effective from 01-01-2019. 5 Literal incorporated by SBS Resolution No. 2972-2018, published on 06-08-2018. 6 Literal incorporated by SBS Resolution No. 1311-2019, published on 27-03-2019. 7 Literal incorporated by SBS Resolution No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 5/66 ac) Regulation of Life Insurance with Savings and/or Investment Components.- Regulation of Life Insurance with Savings and/or Investment Components, approved by SBS Resolution No. 2388-2021 and its modifying norms. 7 ad) Investments.- Includes the total of investments held by the company. 7 ae) Eligible Investments: Investments that comply with the provisions contained in this Regulation and can be destined to cover Technical Obligations. 7 af) Applied Eligible Investments: Eligible investments that comply with the limits for investments established in the Regulations associated with the investments of insurance companies and that are used to back Technical Obligations. 7 ag) Unapplied Eligible Investments: Eligible investments that exceed the limits for investments, established in the Regulations associated with the investments of insurance companies and that cannot be used to back Technical Obligations. 7 ah) Non-Eligible Investments: Investments that do not meet the eligibility requirements established in this Regulation and that cannot be destined to cover Technical Obligations. The requirements established in the Regulation of Issuer Diversification of Investments (SBS Resolution No. 829-2005) apply to them. 7 ai) Eligible International Markets: Securities and/or financial markets that belong to a State that possesses, for its long-term debt securities, an investment grade risk classification, granted by at least one risk rating company indicated in letter a) of article 40 of this Regulation. 7 aj) Real estate investments: Those real estate that are held to obtain rents, capital gains or both, instead of being destined for the company's own use. 7 ak) Cost model: Valuation model of real estate investments, as established in the Regulation of Classification and Valuation of Investments. 7 al) Fair value model: Valuation model of real estate investments, as established in the Regulation of Classification and Valuation of Investments. 7 am) SEC.- U.S. Securities and Exchange Commission. 7 an) ESMA.- European Securities and Markets Authority. 7 ao) Asset and Liability Management Regulation.- Asset and liability management regulation for insurance companies, approved by SBS Resolution No. 1660-2025 and its modifying norms. 8 Principles of investment management

Article 3.- The company must apply the following principles in the management of its investments, considering the characteristics of the obligations they back:

a) Principle of security: based on the protection and preservation of the economic value of the asset over time. b) Principle of liquidity: ease of the asset to be converted into cash at the required time and without significantly affecting its value. c) Principle of diversification: based on the search for assets that contribute to the diversification of the portfolio's risk factors, reduction of concentrations, and reduction of the potential impact in adverse events. d) Principle of matching: correspondence between the characteristics of the asset and the obligations it backs. These characteristics include the term or horizon, the degree of liquidity or exigibility, the currency, the volatility in its valuation, the predictability and the temporal distribution of cash flows, among others. e) Principle of profitability: based on the generation of returns that allows covering, at least, the commitments offered to the insured.

8 Literal incorporated by SBS Resolution No. 1660-2025, published on 09-05-2025, effective from 01-01-2026.

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Article 4.- The company must establish the following policies for the management of its investment process:

a) Investment policy. The company must establish a differentiated investment policy for each investment portfolio or group of assets that backs a group of obligations, in accordance with the Asset and Liability Management Regulation and the minimum content stipulated in letter a) of article 44. 9 b) Investment process risk management policy. This policy must include the asset and liability management policy, in accordance with the Asset and Liability Management Regulation. 10 c) Policy on disclosure and resolution of conflicts of interest of personnel participating in the decision-making process of the investment; as well as conflicts of interest of the company regarding investments in linked persons or legal entities or in persons or legal entities of its economic group or conglomerate.

With respect to the investment policy referred to in letter a), if the company has different policies for investments that are eligible to back technical obligations and those that are not eligible, said policies must be clearly specified.

The policies, procedures and methodologies for the management of the investment process must be documented in manuals, which must be kept updated and reviewed at least annually. Likewise, the company must maintain a record detailing the changes made in said manuals, indicating the date and the person responsible for the approval of the modifications, as well as the documents that support them.

CHAPTER II 11
CHAPTER III
INVESTMENT PROCESS MANAGEMENT

Responsibility of the board of directors

Article 7.- Without prejudice to the responsibilities established in the Integrated Risk Management Regulation, it is the responsibility of the company's board of directors:

a) Establish and approve the policies and procedures for the management of the investment process, described in article 4. b) Establish an organizational structure for the management of the investment process, as well as the allocation of the necessary resources for this process, in accordance with the guidelines, general principles and requirements established in this Regulation. c) Approve risk appetite levels and risk tolerance, as well as internal exposure limits by type of risk.

9 Literal modified by SBS Resolution No. 556-2025, published on 18-02-2025. Subsequently modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
10 Literal modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
11 Chapter II “Asset and Liability Management” repealed by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 7/66 d) Grant similar hierarchical levels and establish independence between the investments unit and the risks unit. Likewise, establish independence between the investment committee and the risk committee. e) Resolve divergences between the investment and risk committees, on decision-making and on the application of the policies and procedures of the investment process. f) Establish the functions, responsibilities, participation in decision-making and levels of autonomy of the units and hierarchical levels that participate in the investment process, considering an adequate segregation of functions. The documentation of this process must include the respective flowcharts. g) Establish guidelines and procedures for appointments, dismissals, succession and minimum requirements in terms of experience, professional capacity and moral solvency, of the positions involved in the investment process; as well as for their permanent training and updating. The professionals involved in the investment process are those who participate in the activities described in the Regulation on Ethical Conduct and Professional Capacity. h) Ensure the implementation of an internal information system, reliable, complete and timely, that serves as support for the investment process. i) Ensure that periodic and independent reviews are carried out on the suitability of the models used to measure investment risks, including the reasonableness of the assumptions, parameters and scenarios used. These reviews can be carried out internally or externally. The unit or entity that carries them out must have independence, professional capacity and relevant experience.

Responsibility of management

Article 8.- Without prejudice to the responsibilities established in the Integrated Risk Management Regulation, it is the responsibility of the general management to implement the provisions approved by the board of directors.

The persons responsible for the units that participate in the investment process, within their scope of action, must manage the risks related to the implementation of the functions and the achievement of the objectives of their units.

Minimum requirements of the investment committee

Article 9.- The company must have an investment committee that meets the following requirements:

a) It must be composed of at least three members, including the general manager and the person responsible for the investments unit. b) The members of the committee and/or their substitutes or alternates must have demonstrated experience in financial matters and in the specific functions they perform. c) It must meet at least monthly. These meetings can be held virtually, according to the policies and procedures approved by the company. d) The members of the investment committee must abstain from speaking and voting in case they present conflicts of interest, generated for example by the simultaneous performance of functions linked to financial or investment decision-making in entities that: (i) are issuers of instruments in which company resources have been invested, (ii) are intermediaries of the instruments or operations or (iii) are structurers of instruments or operations offered to the company. e) The person responsible for the risk unit must attend the sessions of the investment committee, having their participation voice but no vote.

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f) A member (with voting rights) of the investment committee cannot have a vote in the risk committee, except for the General Manager. The company may designate participants with voice but without vote in this committee.

g) Have a regulation approved by the Board of Directors that specifies, among other aspects established in the Regulation on Integral Risk Management, its composition, the requirements to be a member, the considerations and procedures for calling meetings, the minimum quorum levels for its meetings, the functions and obligations of its members, the criteria for reaching agreements, as well as the formalities that the minutes containing the adopted agreements must comply with.

Functions of the investment committee
Article 10°.- The investment committee must, at a minimum, fulfill the following functions:

a) Propose, jointly with the risk committee, for the approval of the Board of Directors, the policies indicated in Article 4°, and their respective manuals.

b) Approve and supervise actions to achieve the objectives set for investment portfolios, within the framework of the company's investment process policies.

c) Approve jointly with the risk committee:

c.1) The authorizations, powers, autonomy levels and internal limits, for the purpose of carrying out transactions with investments, and for access to information regarding the composition of investment portfolios.

c.2) The optimization models and profitability reference indicators proposed by the investment unit.

c.3) The Annual Investment Plan proposed by the investment unit; as well as the periodic evaluation reports on the implementation of said plan.

d) Approve the maximum deviations regarding the target composition by categories of instruments and/or types of assets or operations (asset allocation) of each investment portfolio, provided that these deviations are within the margins allowed by the investment policy.

e) Approve the investment lines of the company for each counterparty, within the framework established by the investment process risk management policy and the investment policy.

f) Approve guidelines and actions for the negotiation of investments.

g) Approve the operation in new trading venues, markets, currencies, types of assets or operations, issuers, investment advisors, delegated portfolio administrators, custodians, counterparties and intermediaries, among others, based on the guidelines approved by the risk committee and by the investment process policies.

h) Supervise that the investment unit implements the recommendations made by the risk committee, as well as the actions entrusted to it by the investment committee or the Board of Directors.

i) Report at least monthly to the Board of Directors and the risk committee, on the situation and composition of the investments, as well as the facts or events that are relevant and have impacted the investment process and its result.

j) Consider the results of the implementation of the company's asset and liability management strategies, for the proposal and approval of guidelines or actions on the management of investment portfolios. As part of this, consider the degree of consistency between the effective profitability of the investment portfolios, and the profitability used in the pricing of products and in the estimation of reserves, according to the obligations they back.

12 Literal incorporated by Resolution SBS No. 556-2025, published on 18-02-2025.

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Minimum requirements of the risk committee
Article 11°.- The company's risk committee must comply with the following requirements, with respect to investment risk management, without prejudice to what is provided in the Regulation on Integral Risk Management:

a) It must be composed of at least one director who is not a member of the investment committee, the General Manager and the head of the risk unit.

b) The members of the committee and/or their substitutes or alternates must have demonstrated experience in financial matters and in the specific functions they perform.

c) It must meet at least monthly. These meetings may be held virtually, according to the policies and procedures approved by the company.

d) The members of the risk committee must abstain from speaking and voting in case they present conflicts of interest generated, for example, by the simultaneous performance of functions linked to financial or investment decision-making in entities that: (i) are issuers of instruments in which the company's resources have been invested, (ii) are intermediaries of the instruments or operations or (iii) are structurers of instruments or operations offered to the company.

e) 13

f) A member (with voting rights) of the risk committee cannot have a vote in the investment committee, except for the General Manager. The company may designate participants with voice but without vote in this committee.

g) Have a regulation approved by the Board of Directors that specifies, among other aspects, its composition, the requirements to be a member, the considerations and procedures for calling meetings, the minimum quorum levels for its meetings, the functions and obligations of its members, the criteria for reaching agreements, as well as the formalities that the minutes containing the adopted agreements must comply with.

Functions of the risk committee
Article 12°.- The risk committee, with respect to investment risk management, must at minimum:

a) Evaluate, report and make proposals to the Board of Directors on the company's risk tolerance levels.

b) Propose internal exposure limits to risk, by type of risk.

c) Propose to the Board of Directors early warning levels to avoid exceeding internal and regulatory limits.

d) Ensure compliance with internal and regulatory limits, and immediately inform the Board of Directors of cases of non-compliance.

e) Evaluate the corrective measures and treatments to be followed recommended by the risk unit, and propose the respective actions to the investment committee and, in case of divergences of opinion with the latter, to the Board of Directors.

f) Elaborate procedures to authorize temporary excesses to the internal limits established for the different types of investment risks.

g) Approve the guidelines for selecting new trading venues, markets, currencies, types of assets or operations, issuers, investment advisors, delegated portfolio administrators, custodians, counterparties and intermediaries, among others that by their very nature entail a risk.

h) Monitor the consistency between the characteristics and results of investment portfolios, with respect to the group of obligations backing them.

13 Literal repealed by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

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i) Report at least monthly to the Board of Directors and the investment committee on the status of investment risks.

j) Analyze and monitor the results of the implementation of the company's asset and liability management strategies, to establish recommendations regarding risks related to asset and liability management.

Minimum requirements of the investment unit
Article 13°.- The company must have a specialized unit that serves as support to the investment committee in the implementation, execution and compliance with the investment process policies; including the guidelines, actions and procedures established by the investment committee for the management of investments. This unit must comply with the following minimum requirements:

a) Maintain functional independence and avoid conflicts of interest with respect to the risk units, the registration and control of operations, internal audit or other similar units that participate in the investment process.

b) Have the infrastructure, computer systems and resources that allow it to perform its functions diligently.

c) Carry out the quotation and negotiation of operations only through means approved by the company, which leave the support that allows for subsequent review or verification, such as telephone recordings, communications in magnetic media or physical documents. The company must conserve said support for a minimum of two (02) years. The management of the aforementioned support must be established in the company's procedure manuals.

d) Have a physical enclosure with access only to duly authorized personnel.

e) Maintain the documentation that supports the analysis and recommendations related to the investment decision-making process.

f) Have detailed procedure and function manuals, indicating the functional positions (posts or jobs) responsible for each activity of the process. If applicable, they must include autonomy levels for the approval of investment operations.

g) Have programs for reviewing the compliance of investment objectives, procedures and controls in the negotiation of operations, as well as for exposure limits to risk.

h) Have procedures and controls that prevent investment in amounts that exceed regulatory and internal investment limits, or in instruments that do not comply with the company's investment policies.

Functions of the investment unit
Article 14°.- The investment unit must fulfill at minimum the following functions:

a) Implement, execute and comply with the policies for the management of the investment process, within the scope of its functions.

b) Carry out the allocation of investments by investment portfolios, complying with the policies for the management of the investment process.

c) Support the changes made with respect to previously made investment allocations.

d) Propose, for the review of the investment committee, the content of the investment policy for each investment portfolio, considering the minimum content indicated in literal a) of Article 44° and the company's risk management policy.

14 Literal modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
15 Literal modified by Resolution SBS No. 556-2025, published on 18-02-2025.

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e) For investment portfolios that back obligations generated by insurance where the investment risk is assumed by the insured, propose, for approval by the investment committee, an internal portfolio optimization model, in accordance with the characteristics of the obligations it backs. Carry out, at least semi-annually, the comparison of the portfolio optimization results versus the actual performance obtained, and document the reasons for the differences found.

f) Propose, for approval by the investment committee, the profitability reference indices for each of the instrument categories of the investment portfolios that warrant it. The establishment of these indices is mandatory for those investment portfolios that back obligations generated by insurance where the investment risk is assumed by the insured.

g) Carry out the valuation of investment opportunities.

h) Elaborate the proposal for the company's procedure manuals for the management of investments, as well as carry out their periodic review and update, for the corresponding evaluation by the investment committee.

i) Carry out the allocation of investments among different types of assets or operations, for the correct application of limits.

j) Propose to the investment committee new trading venues, markets, currencies, issuers, types of assets or operations, investment advisors, delegated portfolio administrators, custodians, counterparties and intermediaries, among others.

k) Implement and report compliance with the corrective measures recommended by the risk committee.

l) Implement and report compliance with the actions indicated by the Board of Directors to mitigate exposure to investment risks.

m) Promptly inform the investment committee about the situation and composition of the investments, as well as the facts or events that are relevant and have impacted the investment process and its result.

n) Prepare and present, for approval by the investment committee, risk committee and the Board of Directors, the company's Annual Investment Plan. In the case of the periodic evaluation reports on the implementation of said plan, the investment unit must prepare and present them to the investment committee and the risk committee for their approval, complying with the considerations and minimum requirements indicated in this Regulation. 16

Minimum requirements of the risk unit
Article 15°.- The risk unit must comply with the following minimum requirements, in matters of investment risk management, in proportion to the nature and complexity of the company's direct or indirect investments:

a) Maintain functional independence and avoid conflicts of interest with respect to the investment units, registration and control of operations, internal audit or other similar units.

b) Have the infrastructure, computer systems and resources that allow it to fulfill its functions.

c) Have a reliable, complete and timely information system regarding the investment risks of the company's investment portfolio, which helps in the effective decision-making of the risk committee, Board of Directors or other areas.

d) Have models and systems for measuring risks that incorporate information on all types of investment risks, independently and in an integrated manner, considering the interaction of such risks. These models can be designed internally or externally.

16 Literal modified by Resolution SBS No. 556-2025, published on 18-02-2025.

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The unit or entity that performs them must have independence, professional capacity and relevant experience.

e) Have procedures to identify, manage and control the risk of the models used in risk management, referred to errors in the specification, implementation, application and update of data, assumptions, parameters and methodologies of the model, among other aspects, which can negatively impact the measurement of the different types of investment risk. These procedures can be performed internally or externally to the company. The unit or entity that performs them must have independence, professional capacity and relevant experience.

f) Have procedure and function manuals, indicating the functional positions (posts or jobs) responsible for each activity of the investment risk management process.

g) Have security systems, including those related to the security of information associated with risk management, in accordance with the provisions of Circular G-140-2009 and its modifying norms.

h) Have programs for reviewing compliance with objectives, policies and procedures, controls in the negotiation of operations, as well as for exposure limits to risk.

Functions of the risk unit
Article 16°.- The risk unit must, at minimum:

a) Identify, measure, analyze, monitor, control, report and disclose investment risks, in accordance with the tolerance and risk appetite levels determined by the Board of Directors.

b) Propose to the risk committee and implement the following tools, in accordance with the nature and complexity of the company's investments:

b.1) Models, indicators, parameters and scenarios, to identify, measure, monitor, limit, control, report and disclose investment risks.

b.2) Stress scenarios, which allow the identification and control of investment risks.

b.3) Establish a system of indicators to monitor compliance with the investment policy.

b.4) Periodic comparisons of risk exposure estimates against results actually observed for the same measurement period.

b.5) The exposure limits by type of investment risk and the policy for the management of said risks.

c) Ensure that the information that serves as the basis for risk measurement is accurate, complete and timely, therefore, any modification to said information must be documented and have an explanation of its nature and cause that originated it.

d) Propose guidelines to operate in new trading venues, markets, currencies, types of assets or operations, issuers, investment advisors, delegated portfolio administrators, custodians, counterparties and intermediaries, among others.

e) Identify the causes of deviations from established limits or of those events that could generate greater exposure to investment risks, and promptly report their results to the risk committee.

f) Periodically review the adaptation of strategies, policies and procedures to identify and appropriately manage investment risks, within the framework of any significant change in the internal and/or external environment.

g) Propose the valuation and monitoring procedures and guidelines for different assets or operations; carry out analysis of the macroeconomic context, financial markets, economic activities, among others, and the impact from the perspective of financial risks,

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on the value of the company's investment portfolio. The results of said analysis must be reported periodically to the risk committee.

h) Validate the results of internal systems or tools implemented for the valuation of investments.

i) Report at least monthly to the risk committee on the exposure to investment risks, presenting for this purpose the results of the application of its models, indicators and other relevant analyses; as well as proposing the actions and corrective measures to be taken as required according to the policies and procedures established by the company. 17

j) Promptly inform the investment unit and the other areas involved in investment risk decision-making, the results of the evaluation of exposure to these risks, monitoring of limits, indicators, risk measures, among others, that are useful for investment decision-making.

Management of market risks of investments
Article 17°.- The risk unit, complementarily to the functions described in Article 16°, with respect to market risks must:

a) Carry out a prior analysis on the impact on market risk of the investment portfolio, each time the company decides to invest in new types of assets, new currencies, new issuers, in new types of derivative instruments (in the latter case, always that the company has the respective authorization), and when it decides to significantly increase, decrease or replace (at least 1% of technical obligations) the position in a specific investment.

b) Evaluate and follow up on all positions subject to market risk using value-at-risk models or other relative measurement systems (in comparison to a reference index chosen or created internally by the company) and absolute, which measure the potential loss of said positions, considering risk factors associated with a level of probability and a specific time period. Additionally, regardless of the sophistication of the models applied, the risk unit must consider the model risks associated with their use, in accordance with what is provided in Article 3° of the Model Risk Management Regulation. 18

c) Carry out, with a minimum quarterly periodicity, for positions subject to market risk, retrospective tests that compare the losses estimated by market risk measurement models, with the results actually observed, for a specific time period. In case the results of these retrospective tests are not satisfactory, within a previously established statistical confidence level, it must take necessary actions to improve the precision of the models.

d) Carry out, with a minimum quarterly periodicity, for positions subject to market risk, stress tests and scenario analyses, whose results must be considered for the follow-up of investment and risk policies, annual investment plans and internal limits, including, if applicable, proposals for portfolio rebalancing and/or corrective measures to the investment and risk committees. 19 .

Management of credit risk of investments
Article 18°.- To administer the credit risk of investments, the company is subject to the provisions established in the Credit Risk Management Regulation, approved by the

17 Literal modified by Resolution SBS No. 556-2025, published on 18-02-2025.
18 Literal modified by Resolution SBS No. 556-2025, published on 18-02-2025.
19 Literal modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 14/66 Resolution SBS No. 3780-2011 and its modifying norms. The functions that the cited regulation assigns to the credit risk unit and the credit risk committee, which apply to the company's investments, must be assumed by the risk unit and the risk committee, respectively.

Complementary to the functions described in Article 16 of this Regulation, the risk unit must fulfill the following functions:
a) Propose and implement a method for classifying exposures subject to credit risk, according to levels defined internally. b) Identify and monitor, at least monthly, the credit quality of those positions with the highest exposure to credit risk, according to the classification method indicated above; and recommend to the risk committee, with the same periodicity, the treatment to be followed for these positions.

Liquidity Risk Management of Investments
Article 19°.- The risk unit, complementary to the functions described in Article 16°, regarding liquidity risk must:
a) Analyze the short and medium-term liquidity needs of each group of obligations, in order to define strategies and techniques for liquidity risk management. b) Measure and monitor, at least monthly, the liquidity risk according to the strategies and techniques established by the company. c) Perform an evaluation and classification of investments, by degree of liquidity and capacity for realization. d) Identify internal and/or external sources of liquidity risk; such as, those associated with valuation risk, the inability to sell the position in a certain asset due to poor market conditions, difficulties and high costs to provide liquidity, and the counterparty's payment capacity. e) Develop early warning indicators to identify the emergence of greater risk or vulnerability in the liquidity risk of positions. Such indicators identify any negative trend in order to generate an evaluation and response by the risk committee in order to mitigate exposure to emerging risk.

Real Estate Risk Management 20
Article 19A°.- The company is subject to the provisions established in the "Regulation for the Management of Real Estate Risk in Insurance Companies", approved by Resolution SBS No. 2840-2012, for the management of real estate risk.

Complementary to the functions described in Article 16 of this Regulation, the Risk Unit must fulfill the following functions:
a) Monitor the management and valuation of its real estate according to the guidelines and requirements established in the Regulation for the Classification and Valuation of Investments, approved by Resolution SBS No. 7034-2012 and its modifying norms. b) Have early warning indicators to identify risks that affect investments in real estate or other real estate investments.

20 Article incorporated by Resolution SBS No. 2972-2018, published on 06-08-2018.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 15/66 c) Report, at least quarterly, on the findings regarding the monitoring of the real estate sector, the company's investments in real estate or other real estate investments, and their associated risks. d) In the case of investments in real estate that generate exposures through lease contracts, usufruct contracts, or surface rights contracts:
21 d.1) Propose to the Risk Committee the guidelines for selecting counterparties in such contracts, based on prudential requirements, such as credit risk, financial strength, debtor classification, or others that the company considers. d.2) Ensure that the files referred to in Article 21 of this Regulation, regarding investments in real estate, include the updated documentation supporting the negotiation process of the contracts and the final selection of the counterparty. d.3) Propose and implement internal exposure limits to such counterparties. d.4) Ensure compliance with the policies established in paragraph c) of Article 4° of this Regulation for the aforementioned counterparties, as well as identify other possible conflicts of interest of the company regarding said counterparties, proposing the update and implementation of said policies.

Operational Risk Management of the Investment Process
Article 20°.- To administer the operational risk associated with the investment process, the company is subject to the provisions established in the Regulation for Operational Risk Management, approved by Resolution SBS No. 2116-2009. Likewise, it must be subject to what is established in Circular No. G-140-2009 regarding information security management.

Requirements for the registration and operation control units.
Article 21°.- The Board of Directors must approve the implementation of a registration and operation control system, which depends functionally, directly or indirectly, on the General Management.

The units that make up this system must have functional and hierarchical independence with respect to the investment units and investment risk units. These units must implement internal controls that ensure security in operations and allow verification of a clear delimitation of functions in their execution, providing for different levels of authorization, based on the taking of risk positions.

Likewise, they must implement procedures to control that investments comply with the limits indicated in the investment policy, and have the authorized powers and signatures. In turn, they must implement procedures for the registration, settlement, physical storage, and custody of investment operations, and the maintenance and control of files.

CHAPTER IV
BACKING OF TECHNICAL OBLIGATIONS
SUBCHAPTER I
COVERAGE PROCESS AND ELIGIBILITY CRITERIA

Determination of Technical Obligations
Article 22°.- Technical obligations include the total of technical reserves, the provision for guarantees securing credit obligations, liabilities from cash or account deposit counter-guarantees received, deferred premiums, unsafe practice, solvency equity, the guarantee fund, the effective equity requirement to cover credit risk, and the additional effective equity requirement for economic cycle. For the determination of technical obligations, the company must determine net technical reserves after reinsurance and ceded co-insurance, as well as accepted reinsurance contracts and received co-insurance. The additional reserve for asset insufficiency referred to in the Regulation for Asset and Liability Management for insurance companies does not form part of technical obligations.
22

Process for backing technical obligations
Article 23°.- The process for backing technical obligations is subject to the following general provisions:
a) Technical obligations must be permanently backed by eligible investments. b) Investments backing technical obligations must comply with investment management principles, eligibility criteria, and minimum eligibility requirements by asset type, according to the corresponding eligibility process. 23 c) The process of evaluating the eligibility of investments is the responsibility of the company and must be carried out in accordance with its policies, manuals, and procedures established for this effect, guaranteeing compliance with the preceding letter a). 24 d) Eligible investments are assigned in the following order:
d.1) Technical reserves (without considering the additional reserve for asset insufficiency).
25 d.2) Provisions for guarantees securing credit obligations. 26 d.3) Liabilities from cash or account deposit counter-guarantees received. 27 d.4) Deferred premiums and unsafe practice. d.5) Solvency equity. d.6) Guarantee fund. d.7) Effective equity destined to cover credit risk. d.8) Additional effective equity for economic cycle. e) In the case of a mixed company:
e.1) It must determine its technical obligations in accordance with what is provided by the Standards for the accounting identification of life and non-life insurance operations of insurance companies, approved by Resolution SBS No. 1141-99 and its modifying norms; and it must apply separately the investment limits established in this Regulation. Likewise, for reporting purposes, the company must divide its technical obligations generated by each insurance line, as well as the eligible investments backing said technical obligations. e.2) 28

Criteria for investment eligibility
22 Paragraph modified by Resolution SBS No. 332-2023, published on 02-02-2023, effective from 01-01-2025.
Subsequently modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
23 Letter modified by Resolution SBS No. 556-2025, published on 18-02-2025.
24 Letter modified by Resolution SBS No. 556-2025, published on 18-02-2025.
25 Subparagraph modified by Resolution SBS No. 2388-2021, published on 17-08-2021. Subsequently, modified by Resolution SBS No. 3299-2022, published on 02-11-2022, effective from 01-01-2023. Subsequently modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026. 26 Letter incorporated by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026. 27 Subparagraph incorporated by Resolution SBS No. 4380-2024, published on 28-12-2024, effective from 01-01-2025. 28 Letter repealed by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 17/66
Article 24°.- The company is responsible for determining the eligibility of investments for backing its technical obligations. Investments are considered eligible as long as they reasonably comply, at an individual and portfolio level, with the management principles of Article 3°, the minimum eligibility requirements of Articles 25° and 28°, and the following: 29

Assets, including those that are underlying of operations, must not be encumbered, subject to any precautionary measure, nor affected by contracts or other acts that prevent or limit their free availability in an absolute manner. For this effect, at least the following indicated below is evaluated:
a) That they are not encumbered or affected by a precautionary measure. b) That custody contracts, under any modality and scope (local or foreign), of eligible investments, do not contain clauses or measures that allow using the assets backing technical obligations as collateral to back other obligations that the company might have with the custody entity, generated by financial services provided by this, other than custody. 30 c) That there are no other measures that absolutely limit the free transfer of the assets backing technical obligations. Partial limitations are evaluated and authorized by the Superintendence, in order to verify that they do not prevent compliance with the other eligibility criteria. For this effect, the company must submit the respective authorization request, with the documentation supporting compliance with the eligibility criteria indicated in this article.

SUBCHAPTER II
ELIGIBILITY REQUIREMENTS BY ASSET TYPE

Minimum eligibility requirements by asset type
Article 25°.- Investments that meet the eligibility criteria, as well as the minimum requirements by asset type or operation indicated below, are considered eligible for backing technical obligations.

For the purpose of meeting the investment-grade risk classification requirement, indicated for certain assets, what is indicated in Chapter VII of this Regulation must be considered.

a) Cash in available funds and cash equivalents.- 31 a.1) Cash in available funds refers to funds available in the company's treasury, in national or foreign currency, including the following:
a.1.1) Cash Balance, corresponds to what is registered as "Main Office Cash" according to the Chart of Accounts, excluding the concept of "Petty Cash". a.1.2) Current accounts, net of negative balances. Current accounts that are given as guarantee, nor those that have any restriction limiting their free availability, are not considered. a.1.3) Savings deposits (accounts), savings deposits (accounts) that are given as guarantee, nor those that have any restriction limiting their free availability, are not considered. a.1.4) Current accounts subject to restriction arising from cash counter-guarantees received for surety bonds, GOO guarantees, and GOC guarantees that cannot be invested and that back the technical obligations corresponding to said bonds or guarantees. a.1.5) Savings deposits (accounts) subject to restriction arising from cash counter-guarantees received for surety bonds, GOO guarantees, and GOC guarantees that cannot be invested and that back the technical obligations corresponding to said bonds or guarantees. a.2) Cash equivalents are highly liquid financial instruments, in national or foreign currency, that are easily convertible into determined amounts of cash, including the following:
a.2.1) Time deposits (accounts), with a maturity period not greater than 3 months considered from their issuance or acquisition date. Time deposits (accounts) that are given as guarantee, nor those that have any restriction limiting their free availability, are not considered. a.2.2) Accounts receivable from investment sales, as long as the agreed settlement period for these has not expired and is less than or equal to five (5) business days. Accounts payable corresponding to committed amounts pending disbursement for an investment that has already been registered must be deducted.

The current accounts, savings deposits (accounts), and time deposits indicated in subparagraphs a.1.2), a.1.3), a.1.4), a.1.5), and a.2.1), must be constituted in financial institutions of the country or abroad that are authorized to capture third-party deposits and that possess an investment-grade risk classification in accordance with the risk classification requirements disposed of in Article 41 of Chapter VII.

b) Deposits.- Comprises time deposits (accounts) in financial institutions, of the country or abroad, authorized to capture third-party deposits, in national or foreign currency, with a maturity period greater than 3 months considered from their issuance or acquisition date. Time deposits (accounts) that are given as guarantee, nor those that have any restriction limiting their free availability, are not considered. The financial institutions where deposits are maintained must possess an investment-grade risk classification in accordance with the risk classification requirements disposed of in Article 41 of Chapter VII. 32

c) Debt-representing instruments.- Comprises short and long-term debt-representing instruments, as long as they comply with the following:
c.1) The issuers are: central governments, central banks, financial institutions of the country or abroad, national or foreign legal entities with local or foreign issuances, and international organizations. c.2) In the case of instruments issued under the public offering modality: they must be registered in the Public Registry of the Securities Market of the SMV, in the case of locally issued instruments. In the case of foreign issuances, they must be registered in the public securities registry of the country where the offering is made. This requirement does not apply to instruments issued by the Central Government or the Central Reserve Bank of Peru. 32 Letter modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 19/66 c.3) In the case of instruments issued under the private offering modality: the instruments and managers must comply with the regulatory provisions of the country where they are issued. c.4) Risk classification requirements according to Chapter VII. c.5) In the case of negotiable deposit certificates, bank certificates, and other similar negotiable instruments, they only need to comply with the investment-grade risk classification requirement established in the preceding letter b). 33 c.6) In the case of securitized instruments or debt instruments issued by trusts or special purpose vehicles: they must comply, as applicable, with the aforementioned subparagraphs c.2) to c.4). Likewise, the underlying assets of the equity in trusts or special purpose vehicles must be composed of infrastructure projects with, guarantee, or participation of the Peruvian State, or of States or Multilateral Organizations whose long-term debt titles have an international investment-grade risk classification. As part of treasury management (short term), the equity in trusts or special purpose vehicles may have the assets indicated in letters a), b), and c) of this article. Likewise, equity in trusts or special purpose vehicles must have financial statements audited by independent auditing firms with recognized experience. In the case of foreign issuances, independent auditing firms must have international experience, and carry out operations in more than ten (10) countries that possess risk classifications of at least “A” for their respective long-term debt titles. 34 c.7) For the instruments indicated in the preceding subparagraph c.6), it is additionally required that trustees or special purpose vehicles have policies and procedures to avoid conflicts of interest. Likewise, for the backing of technical obligations, investment in instruments backed by equity in trusts or special purpose vehicles from which both credit-content titles and participation titles are issued is not admitted, unless both types of securities are issued simultaneously, or this possibility is express and detailed in the respective issuance program. Likewise, investment in instruments backed by trusts or special purpose vehicles that do not comply with the provisions governing the securities market, and the financial and insurance system, as applicable, is not admitted.

d) Shares, values representing rights on shares in deposit (American Depositary Receipts, Global Depositary Receipts, and similar), and other similar instruments.- As long as they comply with the following requirements:
d.1) Be registered in the public securities registry of the country where the offering is made. d.2) Be negotiated in centralized negotiation mechanisms. d.3) That the issuer has audited annual financial information of at least one exercise. d.4) In the case of preferred shares, possess an investment-grade risk classification, in accordance with the risk classification requirements disposed of in Chapter VII. d.5) For local shares, they must belong to the Reference Values Table of the Lima Stock Exchange or to any of the following indices: S&P/BVL Peru Index 33 Subparagraph modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026. 34 Subparagraph modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 20/66 General, S&P/BVL Peru General ESG Index (ESG, for its acronym in English: Environmental, Social and Governance) or another local index that takes ESG factors into consideration.
35 d.6) In the case of local shares that are listed for the first time in a centralized trading mechanism, the value of the share placement must not be less than ten million United States dollars (US$ 10,000,000) or its equivalent in new soles. d.7) For instruments issued locally, in accordance with the Regulation of the Institutional Investors Market of the Securities Market Superintendence, the offering prospectus must establish the obligation to admit the trading of the securities to the general public after one (1) year from the completion of the placement. d.8) The local instruments indicated in paragraphs d.6) and d.7) must comply with the requirements established in paragraph d.5) after three (3) years from their placement. d.9) For foreign shares, these must have at least one quotation within the last thirty (30) calendar days and a monthly trading volume greater than one million United States dollars (US$ 1,000,000). Additionally, they must be quoted on a Stock Exchange corresponding to an eligible international market; or the shares must have a market capitalization greater than two hundred million United States dollars (US$ 200,000,000). The requirements stated in this paragraph do not apply to ADRs and similar instruments of Peruvian issuers that are issued abroad. For these latter instruments, the requirements indicated for local shares must be considered. 36 e) Certificates of participation in mutual funds and participation units of exchange-traded funds or Exchange Traded Funds (ETF).- Provided they comply with the following requirements or, in the case of ETFs, those requirements that are applicable:
37 e.1) Regarding the management company: 38 i) Be a financial institution duly authorized to manage mutual funds, and place its participation units among investors, as well as be supervised by the SMV, or by regulatory and/or supervisory authorities of eligible international markets. ii) For foreign management companies, demonstrate that they have at least five (5) years of experience in the management of mutual funds; and that the value of the assets they manage (at the level of all their funds or other investment vehicles) is not less than five hundred million United States dollars (US$ 500,000,000) or its equivalent. iii) Show a direct relationship in terms of equity and management with the parent company or the group to which it belongs. iv) If the management company has external advisory services for the type of investment of the fund, the functions and responsibilities of the designated advisory entity must be clearly defined and materialized through a contract, in accordance with market standards. v) The management company must prepare documentation related to the status of the fund's investments (detail of investments made), which must be available to the company with a frequency of at least monthly. 39 35 Paragraph modified by SBS Resolution No. 556-2025, published on 18-02-2025. 36 Paragraph modified by SBS Resolution No. 556-2025, published on 18-02-2025. 37 Letter modified by SBS Resolution No. 556-2025, published on 18-02-2025. 38 Paragraph modified by SBS Resolution No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 21/66 e.2) Regarding the fund and its certificates of participation and participation units:
40 i) Be registered in the Public Registry of the Securities Market of the SMV or in the registry of the respective regulatory authorities of the securities and/or financial markets. ii) In the case of foreign funds, the total value of the fund's equity must not be less than fifty million United States dollars (US$ 50,000,000), or its equivalent in national currency. In the case of parallel fund structures or master-feeder fund structures, if applicable, the total equity value must be accredited by the sum of the parallel funds or the master fund (subject to the condition that the latter is not itself a feeder fund), respectively. Furthermore, such structures must comply with the regulations applicable to them according to their regulatory authorities. Parallel funds must additionally comply with the following: 1) be managed by the same management company or by management companies that are directly related to the same parent house; 2) invest and divest at the same time proportionally to their respective committed or invested capital, as applicable, except for regulatory and/or tax requirements of the countries in which they were constituted; 3) the participants of each fund must be subject to the same terms and conditions, that is, the funds must have the same policies, objectives and investment strategies, sharing the same classes of assets and types of instruments, among others; except for those corresponding solely to regulatory and/or tax requirements of the countries in which they were constituted; 4) have a policy of periodic and eventual information exchange; 5) maintain a policy of conflict of interest management and good corporate governance between each fund; and 6) assume the expenses and costs related to the management of investments (direct and indirect) proportionally to the committed or invested capital of each fund, as applicable. iii) The fund's participation units must not be subject to restrictions regarding their subscription or partial redemption. Furthermore, the unit value must be determined and published daily. The daily valuation of the fund's assets must be aligned with local and/or international valuation principles and standards, as applicable. iv) The foreign fund may only incur debt for short-term liquidity requirements, that is, only temporarily. The maximum debt limit is one-third of the fund's value. This restriction must be explicitly stated within the fund's investment policy, if not defined in the regulation applicable to it. The fund's debt policy must be available to the company and to this Superintendence, recorded in the fund's official documents. In the same way, information on the fund's effective debt levels must be available and updated periodically. v) When dealing with index funds or ETFs that seek to replicate a reference index (benchmark), the benchmarks must have a methodology that is transparent and must be prepared, distributed and calculated by entities independent of the management company, or
that maintain conflict of interest management policies, if they are part of the same economic group and/or have 39 Paragraph incorporated by SBS Resolution No. 1311-2019, published on 27-03-2019. 40 Paragraph modified by SBS Resolution No. 1311-2019, published on 27-03-2019. Subsequently modified by SBS Resolution No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 22/66 linkage to this. These indices must have dissemination and disclosure with daily frequency and mass character. vi) The fund must have internal limits for diversification by investment, issuers and counterparties. In the case of local funds, a maximum investment limit in the same asset, issuer or counterparty must be included, which does not exceed thirty percent (30%) of the fund's assets. In the case of foreign funds, these limits must comply with the regulation applicable to their jurisdiction. ETFs that have the strategy of replicating a reference index of sovereign debt of the Peruvian State or of states that have eligible international markets are exempt from compliance with this limit. e.3) Regarding the underlying assets: 41 i) The fund's investments are made predominantly (not less than 80% of the total assets of the fund as established in the Fund Investment Policy or similar document) in eligible debt securities (including short-term obligations), eligible equity securities or in a combination of these instruments (mixed funds), according to the eligibility requirements indicated in letters c) and d) of Article 25 of this Regulation. ETFs or funds that have the strategy of replicating an index composed of debt and/or equity securities are also admitted, where the underlying assets are predominantly (not less than 80% of the total) eligible according to the requirements of the aforementioned letters. All these funds may also hold assets in cash or deposits, subject to the restrictions established in their respective regulations. ii) Funds may invest minimally (not more than 20% of the total assets of the fund) in other assets not indicated in paragraph e.3.i), provided they comply with the eligibility requirements indicated in Article 25 or in Article 28 of this Regulation, as applicable. iii) Funds may invest up to ten percent (10%) of their total assets in ineligible investments that are traded in centralized trading mechanisms in Peru or in eligible international markets, or in the special trading mechanisms indicated in paragraph i.3.i) of letter i) of this Article. iv) The sum of the investments in the assets indicated in paragraphs e.3.ii) and e.3.iii) must not exceed twenty percent (20%) of the total assets of the fund. v) Exceptionally, funds that invest predominantly (80% or more) in eligible debt securities (including short-term obligations) may invest up to twenty percent (20%) of their assets in ineligible investments (indicated in paragraph e.3.iii)), if: 1) their certificates or participation units have an investment grade credit risk classification, according to the risk classification requirements established in Chapter VII; or, 2) in case they do not have a credit risk classification, the average classification of the fund's assets corresponds to the investment grade. For the latter, it is required that: a) the method used to calculate said average credit
risk classification is transparent; b) this method is defined according to internationally accepted practices and, if applicable, in accordance with what this Superintendence establishes through a general norm; c) periodic information, at least annual, is available to update and verify its calculation; and, d) the average classification, which must be updated at least annually and be available to the Superintendence, is performed and 41 Paragraph incorporated by SBS Resolution No. 1311-2019, published on 27-03-2019. Subsequently modified by SBS Resolution No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 23/66 documented by an entity independent of the company or, otherwise, by its risk unit. vi) Funds may make investments in derivatives for the purpose of risk hedging. Funds cannot make investments in derivatives for speculative purposes. Index funds or ETFs, which have the strategy of replicating an index, may make investments in derivatives to mitigate basis risk. vii) In case they contract derivatives and these contracts are made outside centralized trading mechanisms, the counterparties must be supervised by the respective regulators of the markets where such instruments are traded. The aforementioned operations must be formalized using master agreements that follow international best practices on the matter. f) Certificates of participation in investment funds.- Provided they comply with the following requirements:
f.1) Regarding the management company: 42 i) Be a financial institution duly authorized to manage investment funds and place its participation units among investors, in addition to being supervised by the SMV or the regulatory and/or supervisory authorities of an eligible international market. ii) For local companies, the management of the management team must demonstrate (in a documented manner) that they have at least five (5) years of experience in the administration of the specific investment fund strategy. iii) For foreign companies, demonstrate that they have at least five (5) years of experience (as an entity) in the administration of the specific investment fund strategy; and that the total value of the assets they manage (at the level of all their funds) is not less than five hundred million United States dollars (US$ 500,000,000) or its equivalent in another currency. Assets managed are considered as the sum of the investment amounts already made, and of the committed capitals that are pending to be disbursed. iv) Show a direct relationship in terms of equity and management with the parent company or the group to which it belongs. v) If the management company has advisory services for the type of investment of the fund, the functions and responsibilities of the designated advisory entity must be clearly defined, and materialized through a contract, in accordance with market standards. vi) Management companies must have periodic information available to the company regarding the status of the fund's investments and the valuation of the corresponding fund unit values, considering the usage and customs of the corresponding markets. The company must formally request the management company to provide access to the Superintendence to this information, with the same frequency and form with which the latter does so to the participants. This information must allow the company to identify its indirect exposures, for compliance with what is stated in Article 32 of this Regulation. 43 vii) Management companies in charge of managing local investment funds that invest in underlying assets indicated in paragraph f.3.ii, must comply with the commitment to invest in cash of at least two percent (2%) of the committed capital of the fund, which must be disbursed according to each capital call to the participants, and which allows verifying the permanent existence of an alignment of interests with the participants. This commitment can be made in accordance with the considerations indicated in paragraph c.1.i) of Article 28 of this Regulation. 44 f.2) Regarding the investment fund and its participation units:
45 i) Be registered in the Public Registry of the Securities Market of the SMV or in the registry of the respective regulatory and/or supervisory authority of the management company. ii) That the fund has an investment policy that includes internal limits for diversification by investment, issuers and counterparties, as well as a risk management policy that includes risk measurement methodologies adequate to the objective and type of investments it makes. In the case of local funds that invest in real estate or infrastructure, this policy must include a maximum investment limit in the same asset that does not exceed forty percent (40%) of the total assets of the fund. In the case of other types of local funds, a maximum investment limit in the same asset, issuer or counterparty must be included, which does not exceed thirty percent (30%) of the total assets of the fund. In the case of foreign funds, these limits must comply with the regulation applicable to their jurisdiction. This investment policy can be formalized as part of the comprehensive risk management policies or other general scope policies of the management company. iii) The fund's participation units must not be subject to absolute restrictions on their transfer to a third party, except those that are temporary and are provided for in the regulation applicable to the fund. Relative restrictions on their transfer to a third party must be in line with market practice and usage. iv) That the fund has a defined valuation policy and methodology, based on the fair value approach, indicating the accounting standards, guides and international best practices employed. The support for this methodology must be available to the Superintendence. Furthermore, the valuation must be carried out with a frequency in line with market practice and usage. v) That the fund's valuation methodology has a favorable opinion from an entity of recognized experience and independent of the fund manager and, if it has one, of its pricing committee. When this methodology is not part of the fund's regulations, it must have the approval of the fund's supervisory committee or similar body. vi) That the fund has policies that avoid potential conflicts of interest as well as the corresponding resolution mechanisms. vii) That the fund has financial statements, audited annually by an independent audit firm with recognized experience. In the case of foreign funds, the audit firm must carry out operations in more than ten (10) countries that have a minimum risk classification of "A" for their long-term debt representative instruments. 44 Paragraph incorporated by SBS Resolution No. 556-2025, published on 18-02-2025. 45 Paragraph modified by SBS Resolution No. 1311-2019, published on 27-03-2019. Subsequently modified by SBS Resolution No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 25/66 viii) That the report of the fund's financial information (unaudited), as well as the detail of its investments, is available to the participants and the Superintendence with at least quarterly frequency. ix) That a supervisory committee or similar body is constituted to safeguard the interests of the participants. This committee or body must be constituted by disposition and/or have the approval of the participants, and must be independent of the management company and its affiliates. Furthermore, it must be in charge of pronouncing, among other aspects, on the fund's operations, on the compliance with investment and valuation policies, as well as on the evaluation (and disapproval, if deemed necessary) of operations that generate conflicts of interest. Furthermore, in the case of local funds, it must convene a general assembly for the transfer of the fund or its liquidation to be submitted to a vote, when it considers it necessary to protect the interests of the fund or when requested by holders of twenty-five percent (25%) of the total subscribed voting units not linked to the management company or manager. Regarding the supervisory committee or similar body, it must not receive remuneration for the exercise of its functions and the fund should only cover the expenses related to the holding of the assemblies. x) The fund may only incur debt for short-term liquidity requirements, that is, only temporarily. The maximum debt limit is one-third of the fund's value. This restriction must be explicitly stated within the investment policy recorded in the fund's official documents. xi) The total value of the equity of a foreign fund must not be less than fifty million United States dollars (US$ 50,000,000), or its equivalent in national currency. In the case of parallel fund structures or master-feeder fund structures, if applicable, the total equity value must be accredited by the sum of the parallel funds or the master fund (subject to the condition that the latter is not itself a feeder fund), respectively. Furthermore, such structures must comply with the regulations applicable to them according to their regulatory authorities. Additionally, parallel funds must comply with the requirements established in paragraph e.2.ii) of this Article, which apply to this type of fund. xii) The company may only receive distributions in cash or eligible investment instruments from the fund, both during the life of the fund and at the time of its liquidation. In the fund's liquidation process, its assets may be contributed to the equity of another fund, trust or similar vehicle, until they are sold and cash or eligible investment instruments can be received for said sale. This is always provided that the destination fund, trust or similar vehicle is managed by the same management company or manager as the original fund. xiii) The rights and obligations of the participants contained in the
constitutive documents of the fund must remain in force until the entire distribution of the investments (assets) corresponding to all participants is made. xiv) The fund's expenses and commissions must be transparent, verifiable and in line with those observed in the specific industry. These must be detailed and form part of the financial information that the company periodically receives from the management company or manager. xv) Regardless of compliance with the requirements indicated in paragraph f.1) and those listed above in this paragraph f.2), certificates of participation of FIRBIs that are quoted in centralized trading mechanisms are considered as eligible investment funds under the scope of this Article, whose assets

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 26/66 underlying assets are located primarily (80% or more) in Peruvian territory. f.3) Regarding underlying assets: 46 i) To the extent applicable, depending on the underlying assets in which they invest, funds must comply with what is established in item e.3). ii) As a complement, local investment funds may also invest in the following underlying assets:
ii.1) Completed real estate that generates rights over cash flows or rents and that comply, to the extent applicable, with the requirements established in item g) of Article 25. ii.2) Securities used to finance infrastructure projects, which in turn have the guarantee, collateral, or participation of the Peruvian State, or of States or Multilateral Organizations whose long-term debt titles possess an international investment-grade risk classification; The underlying assets of the preceding item ii) must be located primarily (80% or more) in Peruvian territory. f.4) Regarding the company's participation in the fund's equity: 47 That the company's participation in the fund's equity does not exceed forty percent (40%). For the application of this limit, the value of the fund's equity must be considered, taking into account what is established in item f.2.xi) for master-feeder fund structures and parallel funds. g) Real Estate.- Comprises direct investment in land and completed real estate, which must meet the following requirements:
g.1) Be located in Peruvian territory. g.2) The ownership right in favor of the company must be registered in the Real Property Registry or the Land Registry, as applicable. The company must be the individual owner of the real estate. Co-ownership must be evaluated and authorized by this Superintendence, in order to verify that it does not prevent compliance with the minimum eligibility criteria; for which effect the company must submit: i) the contractual conditions assumed by the company, arising from the co-ownership of the asset; ii) a legal report describing the difficulty and limitations of the company to dispose of the asset, and to transfer its ownership to a third party; and iii) a report from its risk unit, which includes an analysis of the risks derived from the co-ownership of the asset, with respect to the difficulties of the company to dispose of the asset. Temporarily exempt from the registration condition indicated in the previous paragraph is a real estate recently acquired by the company, which meets the following requirements: i) the seller of the real estate in favor of the company is registered as its owner, in the respective registry; and ii) the property registration process has been initiated, and there is a registry block in favor of the company. This temporary exception is granted for a maximum period of sixty (60) business days, counted from the date on which the aforementioned registry block is obtained. The company must send a communication to the Superintendence, within five (05) business days of having made the corresponding eligibility assignment, in which it indicates the characteristics of the real estate investment it is considering to back technical obligations, under the protection of this temporary exception; and in which it declares compliance with the requirements indicated in this item. The company, likewise, must keep at the disposal of this Superintendence the documents that certify compliance with these requirements. g.3) Be free of liens and encumbrances, in accordance with what is provided in Article 24°. The assignment of the real estate in favor of a third party is permitted, under a lease, usufruct, or surface right contract, provided that it does not have a purchase option in favor of the counterparty. Easements of passage and occupation or municipal technical charges, if registered on a real estate, do not affect its eligibility to back technical obligations. 48 g.4) In the case of completed real estate, these must be insured against all risks of fire and allied lines, including catastrophic risks, for an amount not less than its commercial value fixed in its last appraisal or valuation, excluding the value of its land. This coverage must be reinsured through proportional automatic and/or facultative reinsurance contracts, considering the maximum retention limit per risk and the other provisions indicated in the Regulation for the Contracting and Management of Reinsurance and Co-insurance,
approved by Resolution SBS No. 4706-2017 and its modifying norms. 49 g.5) In the case of real estate for own use and investments in real estate valued accountingly under the cost model, after their initial registration, there must be at least one (1) appraisal carried out by an appraiser registered in the Registry of Appraisers (REPEV) managed by the Superintendence, so that they can continue to be considered for backing technical obligations, with an update periodicity of at least annual. In the case of investments in real estate valued accountingly under the fair value model, after their initial registration, there must be at least one (1) valuation carried out by an appraiser or valuation entity, so that they can continue to be considered for backing technical obligations, and according to the terms, requirements, and update periodicity established in the Regulation for the Classification and Valuation of Investments. 50 g.6) Be registered as urban real estate. Exempt from the condition indicated in this item is a real estate that meets the following requirements: i) be located in an urban zone or in an urban expansion zone, according to the regulations of the Ministry of Housing, Construction and Sanitation of Peru; and that is accredited as such within the Urban Development Plan duly approved by the respective Provincial Municipality, or accredited by the Zoning and Roads Certificate issued by the Metropolitan Municipality of Lima or by the respective Provincial Municipality; ii) have a certificate of compatibility of use or the respective municipal permit, to develop the economic activity considered by the company to make this investment; iii) in case it is located in an urban expansion zone, 48 Item modified by Resolution SBS No. 2972-2018, published on 06-08-2018. 49 Item modified by Resolution SBS No. 556-2025, published on 18-02-2025. 50 Item modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 27/66 it must have at least two (2) appraisals, at the start and in each update period, that meet the requirements indicated in item g.5) of this Article; iv) have a formal document supporting having initiated the process of updating the registration of the real estate as urban; v) present to this Superintendence a letter signed by the general manager, within five (5) business days of having made the corresponding eligibility assignment, in which it declares compliance with these requirements, and where the company commits to obtaining the registration of the real estate as urban in the shortest possible time. 51 h) Real Estate Credits.- Credits where the debtor's classification is normal, according to the Regulation for the Evaluation and Classification of the Debtor, and include:
h.1) Negotiable Mortgage Credit Titles (TCHN) complete and updated. h.2) Real estate credits for the acquisition of future goods initially instrumented in promissory notes and subsequently in a TCHN, provided they have the backing of the assets described in items a) and b) of this Article, or guarantee letters. h.3) Mortgage credits that the company grants to its workers, in accordance with the guidelines of Resolution SBS No. 521-2003 and its modifying norms. h.4) Accounts receivable originated from reverse mortgage operations, when the real estate object of the operation meets the following requirements: 52 i) Be located in Peruvian territory. ii) Be registered in the Real Property Registry or the Land Registry in the name of the holder or holders of the reverse mortgage. Cases of co-ownership with third parties are not accepted. iii) Be free of liens or encumbrances, except those constituted in favor of the company for the purposes of the reverse mortgage. iv) Be insured against all risks of fire and allied lines, including the risk of earthquake, for an insured sum not less than its commercial appraisal value excluding the value of the land. In case it is provided by the company itself, the conditions indicated in item g.4) of Article 25° of this Regulation must be met. The computation of the value to be considered for backing technical obligations corresponds to the sum of the accumulated value of these accounts receivable, including accrued interests, net of provisions for credit risk and for devaluation of the real estate that guarantees the reverse mortgage operation. i) Repo operations (sale with commitment to repurchase, simultaneous sale and purchase of securities), and securities lending (temporary transfer of securities), provided they comply with the supporting documentation required in Article 27°. Additionally, they must meet the following requirements:
i.1) Requirements for repo operations:
i) When the company participates as a repo provider or acquirer of securities, the accounts receivable originated from repo operations are considered eligible for backing technical obligations and not the assets received.
When the company participates as a repo taker or seller of securities, the cash received or the 51 Paragraph modified by Resolution SBS No. 3872-2021, published on 22-12-2021.
52 Item incorporated by Resolution SBS No. 4838-2019, published on 21-10-2019, effective from 01-11-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 28/66 assets in which they invest are considered eligible for backing technical obligations, to the extent that they meet the eligibility requirements of this Regulation or pass through an authorization process indicated in Article 26 of the same Regulation. 53 ii) When the company participates as a repo provider or acquirer of securities, the assets received must meet the eligibility criteria and requirements. These must not be subject to liens, seizure, pledge, or limitation of any kind. When the company participates as a repo taker or seller of securities, the assets that are delivered as collateral are not eligible for backing Technical Obligations. 54 iii) For the case of local operations carried out outside centralized trading mechanisms, these must be carried out under the protection of framework contracts, regulated in Articles 2° and 7° of the Repo Operations Law, Law No. 30052 and its modifying norms. iv) In the case of repo operations carried out abroad outside centralized trading mechanisms, they must be formalized using standard contracting agreements that enjoy general acceptance in international markets, and that are recognized by the Superintendence, in accordance with the provisions established in Circular No. G-155-2011 and its modifying norms. In all cases, a Collateral Management Service Agreement (CMSA) is also required. v) The company must have the capacity to request the return of its resources, on any date during the validity of the operation. vi) At their inception and termination, operations must be carried out under the "delivery versus payment" modality. vii) In case operations are carried out outside a centralized trading mechanism, the company must monitor daily the market value of the securities object of these operations. viii) The investment instruments to be returned must be equivalent, that is, correspond to the same issuer, species, class, series, identifier code, currency, interest type, nominal value, maturity date, and amount, compared to the instruments originally received or delivered in each operation, if the company participates as a repo provider or acquirer of securities or as a repo taker or seller of securities, respectively. 55 i.2) Requirements for securities lending or temporary transfer of securities: the company's investments, which meet the eligibility criteria and requirements indicated by this Regulation, can be considered for backing technical obligations, when transferred in securities lending operations, only if these meet the following requirements:
i) The company must participate exclusively in the capacity of lender of securities. ii) The operations must be carried out under the "delivery versus payment" or "delivery versus delivery" modality. iii) The company must have the capacity to terminate these operations in advance (early settlement). 53 Item modified by Resolution SBS No. 556-2025, published on 18-02-2025. 54 Item modified by Resolution SBS No. 556-2025, published on 18-02-2025. 55 Item modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 29/66 iv) The market value of the assets received by the company must be greater than that of the investment instruments lent or transferred by it. Likewise, the main guarantee of the lender must meet the requirements of investments eligible for backing technical obligations, as provided by this Regulation. The lender's guarantees must not be considered for backing technical obligations. v) The transferred value and the guarantee must be valued daily, so that the borrower covers daily the margin of guarantee of the lender established. vi) For the case of local operations carried out outside centralized trading mechanisms, these must be carried out under the protection of framework contracts, regulated under the protection of Articles 2° and 7° of the Repo Operations Law, Law No. 30052 and its modifying norms. vii) The contracts of securities lending operations carried out abroad, and outside centralized trading mechanisms, must be celebrated considering best practices in this matter and framework agreements of widespread use and recognition in international markets, and that are recognized by the Superintendence, in accordance with the provisions established in Circular No. G155-2011 and its modifying norms. viii) The investment instruments to be returned must be equivalent, that is, correspond to the same issuer, species, class, series, identifier code, currency, interest type, nominal value, maturity date, and amount as the instruments originally delivered in loan. i.3) Requirements for trading mechanisms, counterparties, or intermediaries involved in repo and securities lending operations:
i) Use centralized trading mechanisms regulated and subject to supervision, according to the securities market and/or financial market that corresponds, or use special trading mechanisms regulated or incorporated by the Superintendence, the SMV, the Central Reserve Bank of Peru, or by the Ministry of Economy and Finance, within the scope of Law No. 30052 and its modifying norms. ii) It is required that intermediary agents be entities authorized by the respective regulatory and/or supervisory authority to operate, and that they also have procedures to value daily the investment instruments object of the securities lending operation, and to release them when appropriate. iii) Counterparties and intermediaries must not be disqualified by the Superintendence, the SMV, the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI), the Ministry of Economy and Finance, nor by any regulatory or supervisory authority of the securities and/or financial markets of other States. j) Premiums receivable from pension insurance.- Correspond to the sum of the value of the premiums credited from pension insurance, which are in the process of transfer by the AFPs, and of the estimated premiums receivable from pension insurance under collective policy (SISCO), in accordance with the provisions for the estimation of premiums approved by Resolution SBS No. 6271-2013 and its modifying norms. k) Unearned and undrawn premiums receivable.- Corresponds to the lesser amount resulting from comparing: i) the total of unearned premiums receivable from insureds, deducted the installment interest of premiums and the general sales tax (if applicable), and ii) the respective technical reserves of premiums (risks in force, deferred premiums and/or mathematics, as applicable), net of co-insurance and reinsurance. In both cases, the estimation of unissued premiums of risk already assumed and provisional coverages must be considered, as indicated in the Regulation of the Risk in Force Reserve. Its calculation is carried out separately for: i) vehicle insurance and its allied lines, ii) credit and surety insurance, iii) other general branch insurance, iv) accident and health insurance (including SOAT), v) individual or group life insurance of short term (with validity less than or equal to one year), and vi) life insurance for workers and former workers of the second regime (with validity less than or equal to one year) 56 57 l) Unearned premiums receivable from ceding insurance companies.- Corresponds to the lesser amount resulting from comparing: i) the total of unearned reinsurance premiums accepted receivable, determined according to the payment terms established in reinsurance contracts, deducted the general sales tax (if applicable); and ii) the respective technical reserves of premiums (risks in force, deferred premiums and/or mathematics, as applicable), net of retrocessions. Its calculation is carried out jointly for all general
branch insurance, accident and health insurance, and individual or group life insurance of short term (with validity less than or equal to one year). m) Loans with guarantee of life insurance policies.- Loans that are granted up to the limit of the surrender value of life insurance are considered, with an interest rate not less than the technical rate considered in the calculation of the respective mathematical reserve. n) Participation certificates issued by trust estates or special purpose companies: Those that have as underlying assets those contemplated in item c.6), and meet the other requirements indicated in said item and in item c.7). Additionally, participation certificates of FIBRAs that trade in centralized trading mechanisms and whose underlying assets in which they invest are located primarily (80% or more) in Peruvian territory are considered as eligible investments under the scope of this item. 58 o) Fixed-coupon dual-currency instruments: correspond to debt instruments whose principal and interests are denominated in the same currency, and their payments are settled in a different currency. To be considered as eligible, they must meet the following requirements: 59
i. The instrument must meet the risk classification requirements indicated in Chapter VII of this Regulation.
ii. The issuer of the instrument must belong to eligible international markets, unless it is a supranational entity or international organization.
iii. The maturity term of the instrument must be in accordance with the Investment Policy of the group of obligations to be backed.
iv. The price and general characteristics of the instrument must have public information. In case the instrument does not have an observable price, the company must have a valuation methodology as established in Article 11° of the Regulation for the Classification and Valuation of Investments, and this must be validated by an independent third party.
56 Item modified by Resolution SBS No. 6394-2016, published on 09-12-2016, effective from 01-01-2018.
57 Item modified by Resolution SBS No. 3299-2022, published on 02-11-2022, effective from 01-01-2023.
58 Item modified by Resolution SBS No. 4803-2018, published on 08-12-2018. Subsequently modified by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.
59 Item incorporated by Resolution SBS No. 556-2025, published on 18-02-2025.

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v. The currencies in which coupons or principal are settled must be in national currency, US Dollar, or Euro.
vi. The currency of the instrument is that in which the principal and cash flows are contractually denominated. The currency in which payments are settled must not be considered. Global Depositary Notes (GDN) are also eligible, which have as underlying assets debt instruments issued by the Central Government of the Republic of Peru or the Central Reserve Bank of Peru.

SUBCHAPTER III
OTHER ELIGIBLE INVESTMENTS FOR THE BACKING OF TECHNICAL OBLIGATIONS

Other eligible investments
Article 26°.- Investments other than those indicated in Article 25° may be considered eligible by the company, provided they are subject to one of the following processes, with the documentation requirement detailed in Article 27°:
a) Notification Process.- Applicable to the assets indicated in Article 28°. For this purpose, the company must present to the Superintendency a Declaration of Compliance, regarding the eligibility requirements of the investment under analysis, within five (5) business days of having made the corresponding eligibility assignment. The supporting documentation described in Article 27° must be available to this Superintendency. b) Authorization Process.- Applicable to new instruments or assets other than those indicated in Articles 25° and 28°. This procedure is applicable at an individual level for a specific instrument, asset, or financial operation, as well as for a group or type of instrument, asset, or financial operation. The authorization request must be presented together with the documentation indicated in Article 27°. The Superintendency approves or denies the authorization within a maximum period of sixty (60) business days. In the case of investments that have received authorization at the group or type of instrument level, the company must make a periodic notification to the Superintendency of the specific investments it makes under the auspices of said authorization, following the instructions indicated for such cases.

60
Supporting Documentation 61

Article 27°.- The documentation required for the notification and authorization processes is the following:
a) Legal report regarding the review of the contractual clauses and conditions assumed by the company, as a result of the investment. Additionally, this report must include a favorable opinion on the compliance with the conditions established in Article 24° and an evaluation of the reasonable compliance with the requirements established in Articles 25° and 28°, if applicable. As part of this analysis, it must be specified which part of the instrument's documentation (such as the Participation Regulations, the Limited Partnership Agreement, the Information Prospectus, the Investment Policy, among others) supports the compliance of each aspect evaluated. Likewise, if compliance with any of the requirements of Articles 25° and 28° is not accredited, the reasons must be detailed and if this is aligned with international best practices, in which case it must be specified in which part of the instrument's documentation the respective support is found.

60 Literal modified by Resolution SBS No. 2972-2018, published on 06-08-2018. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.
61 Article replaced by Resolution SBS No. 2972-2018, published on 06-08-2018. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.

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b) Report from the investment unit referring to the analysis of the investment decision, including an explanation regarding the suitability of said investment, and its alignment with the company's investment policy. Likewise, the investment portfolios in which the instrument under evaluation would be assigned must be identified, specifying how its characteristics fit with those generated by the technical obligations to be backed. In the case of authorization process for investment funds, it must also include: i) evaluation of the performance of the managing society, corresponding to the management of funds with the same or similar strategies as that of the fund under evaluation, in terms of returns (gross and net internal rate of return) and multiples on invested capital, considering the main industry reference indicators of returns applicable to this type of funds; ii) analysis of the professional capacity and experience of the fund management team, in matters of fund management of the evaluated strategy, both individually and collectively; and, iii) analysis of the fund's counterparty diversification policies or criteria, existence of maximum investment limits in the same counterparty. c) Report from the risk unit, referring to the analysis and support of the compliance with the eligibility criteria and requirements, the impact on regulatory and internal limits, the valuation methodology to be applied, the evaluation of risks inherent to the investment, and the actions taken to administer said risks. Likewise, said report must contain the results of the application of a risk estimation metric (measures potential loss) that is in accordance with the nature of the asset, and that has been selected by the risk unit. In the case of illiquid investments (do not have a sufficient series of prices), alternative methodologies or techniques that combine fundamental analysis, modeling techniques, and qualitative judgments can be used. In the case of the authorization process, the risk unit report must additionally support, if applicable to it, each of the following points:
c.1) The assets, including those that are underlying of operations, must have adequate credit quality. For this effect, compliance with the following conditions must be accredited, taking into consideration the type of asset:
i) For assets that by market practice or regulatory requirement require being classified, they must comply with the risk classification requirements established in Chapter VII. ii) For financial assets that by market practice do not require being classified, the counterparty in the corresponding asset must have adequate credit quality. For this effect, the following indicators are taken into consideration, among others:

The risk classification in other instruments issued by the counterparty, complying with the requirements established in Chapter VII.
The favorable opinion of the company's credit risk unit or the risk unit, if applicable, on the credit situation of the counterparty, based on the review of its audited financial statements and considering what is established in the Credit Risk Management Regulation, approved by Resolution SBS No. 3780-2011 and its modifying norms.
The credit rating that the counterparty possesses in the risk centers of the country where it is constituted or maintains operations; which must be in the normal category, according to the Regulation for the Evaluation and Classification of the Debtor, or its equivalent.
c.2) The assets, including those that are underlying of operations, must be easy to realize at the required time, without affecting their value in a relevant manner. This condition must be evaluated taking into consideration the structure of the company's liabilities, and the specific technical obligation that the asset backs.

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c.3) The assets, including those that are underlying of operations, must have reliable sources of price information and/or valuation methodologies, which allow knowing the fair value of the asset. c.4) Analysis of the degree of sufficiency and timeliness of the information that will be available to the company, with respect to the assets and/or their underlying assets. c.5) Evaluation of compliance with industry best practices or international standards applicable to the specific strategy in which the investment will be made. As part of said evaluation, it must be specified in which part of the instrument's documentation the respective support is found. d) Copy of the minutes of the investment committee duly signed, in which the favorable opinion on the investment is recorded, specifically. e) Copy of the minutes of the risk committee duly signed, in which the approval of the investment is recorded. f) In case the authorization of the investment has not been delegated to any of the aforementioned committees: copy of the minutes of the board of directors or the competent body duly signed, where the investment is specifically authorized. g) Copy of the documentation or information that supports the aforementioned reports, including the investment instrument documents (the Participation Regulations, the Limited Partnership Agreement, the Information Prospectus, the Investment Policy, the Risk Policy, and others that have been reviewed as part of the evaluation performed).

Assets subject to notification process
Article 28°.- The following assets are subject to the notification process, provided they meet the following minimum eligibility requirements, in addition to the criteria indicated in Article 24°, insofar as they are applicable:

62 a) Participation certificates of mutual or investment funds that comply with the requirements regarding the managing society and the participation certificates detailed in literal e) or f) of Article 25°. Regarding this, the underlying assets must be included and comply with the requirements established in literal c) of this article. In the case of investment funds, the company's participation in the fund's equity must not exceed forty percent (40%). Likewise, eligible, subject to the notification process, are those fund of funds that comply with the requirements established in Article 25° or in this article, as applicable. Additionally, eligible subject to the notification process are the participation certificates of FIRBIs that meet the requirements indicated in clause f.2.xv) of Article 25° but whose underlying assets in which they invest are not predominantly (less than 80%) located in Peruvian territory.

63 b) Participation certificates of investment funds that are not registered in the Public Registry of the Securities Market of the SMV or in the registry of the respective regulatory authorities of the securities and/or financial markets, provided that said funds comply with all other requirements detailed in literal f) of Article 25°.

62 Paragraph modified by Resolution SBS No. 556-2025, published on 18-02-2025.
63 Literal modified by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.

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c) 64Participation certificates of mutual or investment funds, registered or not in the Public Registry of the Securities Market of the SMV or in the registry of the respective regulatory authorities of the securities and/or financial markets that invest in underlying assets or investment instruments whose strategies can be classified and recognized as such in the local market or in the main international markets, such as: i) Local real estate funds (real estate funds), that do not comply with clause f.3.ii.1) of Article 25°; ii), Foreign real estate funds; iii) operating leasing operations (operating leasing fund) and/or factoring; iv) commercial receivables; v) loans granted by companies of the financial system; and vi) debt funds, equity funds, or mixed funds that invest up to twenty percent (20%) in ineligible investments. Likewise, those that invest in the following assets: vii) instruments representing rights on equity participation not registered in stock exchanges (private equity fund), including mezzanine financing and investments in unlisted shares of companies dedicated to real estate development; viii) instruments destined for the investment or financing of local or foreign infrastructure activities or projects (infrastructure fund), that do not comply with any of the requirements established in clause f.3.ii.2) of Article 25°; ix) forestry investments; x) structured funds with protected capital; xi) private debt, excluding investments in debt of companies in bankruptcy processes (Chapter 11 Bankruptcy and similar), distressed companies (distressed debt), and high yield debt; xii) Real Estate Investment Trusts (REITs) and/or Real Estate Operating Companies (REOCs) that are traded in centralized trading mechanisms. It should be indicated that all these funds can also invest in other eligible investments and up to twenty percent (20%) in ineligible investments provided that the nature of said investments is aligned with the investment strategies of the fund, recognized as such in the local market or in the main international markets. The participation certificates of funds that invest in underlying assets different from those cited in the previous paragraph can be presented by the company through the authorization process indicated in Article 26° of this Regulation. The funds indicated in clause c) must comply with all other requirements detailed in literal e) or f) of Article 25°, insofar as applicable to them and supported by international best practices related to the specific strategy, and at the same time comply with the following:
c.1) Regarding the managing society of the fund:
i) For local investment funds that invest in loans granted by companies of the financial system, that maintain a cash investment commitment of at least one percent (1%) of the committed capital of the fund, which allows verifying the permanent existence of an alignment of interests with the participants. Likewise, for local investment funds that invest in real estate, infrastructure, private equity, forestry investments, private debt, or other underlying assets approved in the authorization process, it is required that they maintain a cash investment commitment of at least two percent (2%) of the committed capital of the fund that must be disbursed according to each capital call to the participants. In the case of foreign investment funds, the investment commitment must be in accordance with the best practices applicable to the specific strategy. This commitment can be made through entities that are part of the same economic group of the managing society or manager, as well as directly by the shareholders of these or by key personnel of the fund. In any case, where this cash investment commitment is not made directly by the managing society and/or manager, it must make the disbursement of said commitment jointly, when any party that has replaced it fails to maintain said commitment. In no case, the investment commitment in the fund can be made through a reduction of commissions or through financing modalities that affect the permanent alignment of interests mentioned above. 65

64 Literal modified by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.
65 Clause modified by Resolution SBS No. 418-2022, published on 11-02-2022.

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ii) In the case of investment funds, that provide the company with access to the following information: 1) the degree of feasibility of the operations, considering the detail of potential investments and the stage of negotiation in which they are; 2) exit mechanisms for investments under best execution standards, in accordance with the pursued investment strategy; 3) the powers and/or causes that allow investors to negotiate the suspension and/or return of the payment of administration commissions; and, 4) provisions on the early termination of the investment period of the funds. c.2) Regarding the participation certificates of the fund:
i) Local funds must have an investment-grade risk classification, as indicated in Chapter VII of this Regulation. Exceptionally, for local debt funds, clause 2) of clause e.3.v) of Article 25° applies. ii) What is established in clause f.2.x) of Article 25 does not apply. Nevertheless, the fund must have an explicit indebtedness policy, recorded in the official documents of the fund, which indicates horizons and maximum limits of indebtedness, in accordance with the investment strategy of the fund. Likewise, these must be in accordance with the policies that the company defines internally to invest in these instruments. c.3) Regarding the specific type of fund:
i) Requirements applicable to private equity, private debt, real estate, forestry funds, and infrastructure funds:
i.1) When they are not local, at least eighty percent (80%) of the underlying assets must be located or correspond to countries that possess for their long-term debt titles an investment-grade risk classification, granted by at least one risk rating company indicated in literal a) of Article 40°. i.2) The extensions of the term of each fund must be subject to the approval of the Limited Partnership Advisory Committee (LPAC) or of the Limited Partners (LPs). Each term extension can be made for a maximum period of one year. This term could be extended again only by the approval of the LPAC or of the LPs. i.3) The managing society cannot start and administer a new fund with investment objectives similar to the managed fund, until more than 70% of the committed capital has been invested. For the period in which there is an overlap of funds with similar investment objectives, the managing society must have a clear and transparent policy for the allocation of investments. i.4) The fund cannot perform short sales. i.5) Have a policy regarding the key personnel of the fund (key person event policy), in which it is defined who the key people are for the management of the fund and what are the circumstances and measures to be adopted in case any of said persons ceases to be part of the administration. i.6) The investment and divestment periods must be clearly defined and must not overlap. During the divestment period, no new investments are made, except those that have been approved in the investment period (follow on investments). i.7) Have a clause on expenses in which it is clearly established which counterparty assumes each type of expense (managing society and participants). i.8) Have a clause that establishes that distributions for the collection of success fees or carried interest must be made based on the realization value of the investments. This success fee or carried interest must be calculated on net profits, with expenses, commissions, and applicable taxes deducted. For this, American waterfall and European waterfall schemes can be applied. i.9) Contemplate restrictions and/or limitations on investment in publicly traded instruments. i.10)For American waterfall commission schemes, there must be a mechanism for the return of success fees or carried interest, proposed in the official documents (clawback clause). i.11) Included within private equity funds are those funds that invest in shares of companies not listed in a centralized trading mechanism that are dedicated to real estate development. ii) Requirement applicable to funds of commercial receivables, loans granted by companies of the financial system, and private debt: These funds must include a maximum investment limit in the same asset, issuer, or counterparty, which does not exceed thirty percent (30%) of the fund's assets. Additionally, the fund must have procedures for monitoring, classifying, and recovering the receivables or loans in which it invests; in addition to being subject
to compliance with the regulatory requirements of the markets to which they belong. iii) Requirement applicable to forestry funds: the fund must have policies regarding the care and sustainable development of the forestry sector, as well as the prevention of social conflicts. Likewise, the fund must comply with forestry norms and seek to obtain environmental certifications in accordance with international best practices of the industry. iv) Requirement applicable to funds with protected capital: the fund must comply with the requirements established in clause j) of this article. d) Securitization instruments or debt instruments issued by trusts or special purpose companies, that comply with the requirements established in clauses c.2), c.3), c.4), c.6) and c.7) of Article 25°, but the underlying assets of these instruments do not correspond to those listed in clause c.6) of the same article. The underlying assets must be composed of i) commercial receivables; ii) loans granted by companies of the financial system, iii) future receivables, iv) rights on cash flows or rents from economic activities or ongoing operations, v) infrastructure projects with backing, guarantee, or participation of Regional or Local Governments. In the case of trusts whose underlying assets correspond to loans (commercial receivables and loans from the financial system), these must have internal diversification limits by counterparty, therefore the loans to

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 37/66

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 38/66 a single counterparty must not exceed thirty percent (30%) of the assets of the trust estate.
The company's participation in the acquisition of any of the instruments described in the present subsection must not exceed forty percent (40%) of the respective issuance.
66 e) 67Direct investment in real estate projects.- Corresponds to the investment made by the company, through disbursements or payments, for the development of construction projects for buildings (edification). The disbursements or payments considered correspond to those made by the company during any of the stages or phases of the construction project, including its completion, until having the finished building (edified). Such disbursements or payments are considered eligible to back technical obligations provided that the construction projects correspond to properties for commercial purposes, are located in Peruvian territory, and are developed or have been developed on land or properties owned by the company, or on land or properties where the company holds real rights. Regarding this, depending on the case, the following additional requirements must be met:
e.1) Construction projects that are developed or have been developed on land or property owned by the company:
i) The ownership right of the land or property on which the project is developed or has been developed must be registered in the Real Estate Property Registry or in the Cadastre; and the company must have the status of individual owner of said land or property. Likewise, the land or property on which construction is carried out or has been carried out must meet the requirements set forth in subsections g.3), g.5) and g.6) of article 25 of this Regulation. ii) The project must have a surety bond or guarantee while construction lasts, in order to guarantee the completion of the building. This insurance can be contracted by the developer or the constructor of the project. Likewise, it must have an all-risk fire insurance and allied lines, including earthquake risk, according to the conditions established in subsection g.4) of article 25 of this Regulation. iii) Letter of commitment signed by the general manager, whereby the company undertakes to register the construction of the building (edification) in its name, once construction is finished. After said registration, the eligibility of the finished building is subject to the requirements of subsection g) of article 25 of this Regulation, from which point the application of the requirements of this subsection is rendered ineffective. e.2) Construction projects that are developed or have been developed on land or property where the company holds real rights:
i) There must be a legal act that confers to the company said real right over the land or property on which construction is carried out or has been carried out. The legal act giving rise to the real right must be duly registered in the name of the company, in the Real Estate Property Registry or in the Cadastre. ii) The land or property on which construction is carried out or has been carried out must meet the requirements set forth in subsections g.3), g.5) and g.6) of article 25 of this Regulation. 66 Subsection modified by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025. 67 Subsection modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 39/66 iii) The project must have a surety bond or guarantee while construction lasts, in order to guarantee the completion of the building. This insurance can be contracted by the developer or the constructor of the project. Likewise, it must have an all-risk fire insurance and allied lines, including earthquake risk, according to the conditions established in subsection g.4) of article 25 of this Regulation. iv) Once construction is finished, the eligibility of the finished building (edification) is subject to the requirements of subsection g) of article 25 of this Regulation, insofar as applicable, from which point the application of the requirements of this subsection is rendered ineffective. f) Properties leased under a lease, usufruct, or surface right contract, with purchase option in favor of the counterparty.- Correspond to those properties of the company that are leased under a lease, usufruct, or surface right contract, in favor of third parties, with a purchase option at the end of the contract, and that meet the requirements of subsection g) of article 25 of this Regulation, except for subsection g.3). 68 g) Future properties.- Correspond to those disbursements that the company has made in the purchase of a future property (in plans or under construction), which is built on land, situated in Peruvian territory, that is not owned by the company, nor land on which it holds real rights. To be considered eligible, they must meet the following requirements:
g.1) The properties will be destined for commercial purposes. g.2) The disbursements made by the company are backed by guarantee letters, with the characteristics of joint and several, irrevocable, unconditional, automatic realization, and without benefit of excussion, granted by local or foreign financial institutions that do not belong to the company's economic group. In the case of guarantee letters granted by local institutions, these must have a financial strength risk classification of "B" or lower risk. In the case of guarantee letters granted by foreign institutions, these must have an investment grade risk classification for their short and/or long-term debt. g.3) The required guarantee letters must guarantee the completion of the properties, their independence, and their subsequent registration in Public Registries in favor of the company. The backed value must be at all times greater than or equal to the amount of the disbursements made by the company, considered for backing technical obligations. g.4) After the proper independence of the finished building and its registration in Public Registries, the eligibility of said building is subject to the requirements of subsection g) of article 25 of this Regulation, from which point the application of the requirements of this subsection is rendered ineffective. 69 h) 70Participation certificates issued by trust estates or special purpose companies: must meet the requirements set forth in subsections c.6) and c.7) of article 25 of this Regulation, insofar as applicable, and their underlying assets must be composed of those listed in subsection d) of this article. 68 Subsection modified by Resolution SBS No. 2972-2018, published on 06-08-2018. 69 Subsection incorporated by Resolution SBS No. 556-2025, published on 18-02-2025. 70 Subsection modified by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 40/66 In the event that the underlying assets are composed of rights over cash flows or rents from economic activities or ongoing operations, the following must be met:
i. These underlying assets must correspond to all those configured consistently in the
development of the ongoing operations of the trust or special purpose company, with a view to generating cash flows or rents. Therefore, said underlying assets include even those initial and intermediate assets that exist in the different stages of the development of the economic activity or ongoing operation, and that are necessary for the configuration of the final underlying asset (rights over cash flows or rents).
ii. The existence and nature of the initial and intermediate underlying assets must
be stated in the trust or special purpose company constitution document and/or the respective regulations, understanding that they correspond to tangible predecessor assets in terms of investment (prior to the final underlying asset), which must strictly comply with the objectives of the trust or special purpose company, and cannot be transferred or used for other purposes. Cash contributions are also considered as part of the tangible predecessor assets.
iii. Participation certificates issued by trust estates or special purpose companies are not considered eligible investments for backing technical obligations if their underlying assets only correspond to "business ideas", "investment thesis" or "project strategies", linked to "empty" investment structures or vehicles, without the incorporation of tangible assets in terms of investment.
iv. The trust or special purpose company must have a conflict of interest management policy, such that guidelines and procedures are established that ensure transparency and independence in investment decisions.
Additionally, participation certificates of FIBRs that do not meet any of the requirements set forth in subsection n) of article 25 are considered eligible investments under the scope of this subsection.
In the case of trusts whose underlying assets correspond to loans (commercial receivables and loans from the financial system), these must have internal diversification limits by counterparty; therefore, loans to a single counterparty must not exceed thirty percent (30%) of the assets of the trust estate. The company's participation in the acquisition of any of the instruments described in the present subsection must not exceed forty percent (40%) of the respective issuance. 71 i) 72 j) Structured instruments with protected capital that meet the following: 73 j.1) The authorization referred to in article 10 of the Derivatives Regulation must be obtained. 71 Subsection modified by Resolution SBS No. 1311-2019, published on 27-03-2019. 72 Subsection repealed by Resolution SBS No. 556-2025, published on 18-02-2025. 73 Subsection incorporated by Resolution SBS No. 2972-2018, published on 06-08-2018.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 41/66 j.2) The protected capital must back at least one hundred percent (100%) of the payment of the principal at the maturity of the structured instrument; likewise, it must meet the eligibility requirements set forth in subsections b) or c), except for subsections c.6) and c.7), of article 25 of this Regulation. j.3) The maturity term of the structured instrument must be consistent with the Investment Policy of the group of obligations it must back, and in no case may it be greater than 7 years. Additionally, it must be consistent with the maturity terms of the instruments that constitute the protected capital and the yield component. j.4) In the event the company effects the early redemption of the structured instrument and is contractually obligated to be the direct counterparty of the financial derivative instrument, it must disengage from said derivative in order not to violate the scope of the specific authorization to invest in structured instruments. k) Direct investment in REITs or REOCs that trade in centralized trading mechanisms, where the real estate assets are located in Peruvian territory or in states that have for their long-term debt titles an investment grade risk classification, granted by at least one risk rating agency indicated in subsection a) of article 40. 74 l) 75Co-investments: Correspond to investments in equity or debt instruments of companies not listed on the stock exchange, including those associated with the infrastructure and real estate sectors, carried out jointly, both in the acquisition and in the sale of investments, with foreign investment fund administrator or manager companies of private equity, private debt, real estate and infrastructure, that meet what is established in subsection c) of this article 28. These investments can be made when, previously, the company maintains participation in such investment funds that meet the eligibility requirements set forth in subsection c) of article 28, and additionally the co-investments must meet the following minimum requirements:
i) The possibility of making co-investment must be provided for in the official documents of the investment fund or complementary agreements (side letters). ii) The administrator or manager company of the fund, prior to the co-investment, must make available to the participant, among others, the policies and procedures that govern co-investment practices and processes, cost attribution between the parties, as well as policies related to the management of conflicts of interest. iii) Once the co-investment is made, the administrator or manager company must provide specific documentation of the co-investments, including valuation reports, with the same methodology and periodicity established with the fund. Likewise, the issuers of the titles acquired in co-investment operations must have audited financial statements annually by an independent audit firm with recognized experience. The valuation of the co-investments must be audited at least annually by an independent audit firm with recognized experience. iv) The company must contractually establish the obligation of the administrator or manager company of the investment vehicle to send to the company information on the valuation, including the methodology applied. v) The expense and commission structure must be transparent and consistent with those observed in the specific industry. These must be detailed, updated and form part of the 74 Subsection incorporated by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025. 75 Subsection incorporated by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 42/66 financial information that the company periodically receives from the administrator or manager company. vi) The documents signed by the manager company and the participants where the terms and specific conditions of the co-investments to be made are established must observe international best practices and market standards. SUBCHAPTER IV OTHER PROVISIONS ON INVESTMENT ELIGIBILITY Exception for investments that cease to meet eligibility requirements
Article 29.- If the following investments maintained by the company cease to meet the eligibility requirements set forth below, these investments may continue to be considered for backing their technical obligations, under the considerations set forth in this article and in article 30:
a) Debt-representing instruments, if they cease to meet the investment grade risk classification requirement. b) Instruments contemplated in subsection c.6) of article 25 of this Regulation, if the long-term debt titles of the State or Multilateral Organization, that participates or provides guarantee or backing for the infrastructure project, cease to have an international investment grade risk classification. c) Foreign shares, if the long-term debt titles of the State, to which the Stock Exchange where they trade belongs, cease to have an international investment grade risk classification. d) Participation certificates of mutual funds or investment funds, if the long-term debt titles of the State, to which the regulatory and/or supervisory authority of the securities and/or financial market that authorizes and supervises the fund administrator belongs, cease to have an investment grade risk classification. e) Local shares, if they cease to meet the requirement set forth in subsection d.5) of article 25 of this Regulation. f) The instruments indicated in the preceding subsections are also subject to compliance with what is established in subsection c) of article 23 of this Regulation, taking into consideration the exceptional circumstances permitted in this article. 76 For said backing, the company must consider a maximum limit of five percent (5%) of its technical obligations, for the sum of all those investments that meet the exception indicated in this article. Likewise, for the purposes of backing technical obligations, the company must consider as the value of these investments the lower between its book value and its fair value, both taking into account what is regulated by the Regulation on Classification and Valuation of Investments. A new investment or purchase of an asset that has ceased to meet (or does not meet) any eligibility requirement cannot be considered for backing technical obligations, while said non-compliance has not been overcome. 76 Subsection incorporated by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 43/66 In the case of the instruments indicated in subsections a), b) c) and d), the exception contemplated in the present article may be applied for a period not greater than three (3) years; and in the case of local shares referred to in subsection e), the aforementioned exception may be applied for a period not greater than nine (9) months. These terms are counted from the date on which the requirement indicated ceases to be met. An investment that does not meet the eligibility requirements established in this Regulation, even if it can cover the company's technical obligations thanks to this exception, will be considered as ineligible for the purposes of the Regulation on diversification by issuer of the investments of insurance companies, approved by Resolution SBS No. 829- 2005 and its modifying norms. Investments that cease to meet eligibility requirements due to risk classification
Article 30.- In the event that the eligibility requirement that has ceased to be met corresponds to a
risk classification, the exception contemplated in article 29 will only be permitted for those cases where the new risk classification is in the category immediately below the minimum required, according to the categories set forth in Annex No. 1 of this Regulation.
CHAPTER V
VALUATION
Valuation of investments
Article 31.- For backing technical obligations, investments are valued in accordance with
the Regulation on Classification and Valuation of Investments, except for the exceptions considered in this Regulation.
CHAPTER VI
INVESTMENT LIMITS APPLICABLE TO INVESTMENTS BACKING TECHNICAL OBLIGATIONS Consideration of indirect exposures for the application of limits 77
Article 32.- In certain cases, investments that back technical obligations are themselves exposed to the risks and benefits of rights or underlying assets to said investments. In these cases, in the measurement of the limits set forth in articles 33, 34, 37 and 38 of the
Regulation, companies must consider indirect exposures to such rights or underlying assets as if they were direct investments.
What is stated in the preceding paragraph is applicable to investments that meet the following criteria:
77 Article modified by Resolution SBS No. 2972-2018, published on 06-08-2018.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 44/66 Indirect exposures obtained through investment in:
% of technical obligations backed
Materiality of the investment a) Participation certificates of mutual funds or investment funds; or instruments issued by trust estates, special purpose companies or similar investment vehicles.

1% of technical
obligations
Greater than or equal to 5% of the total asset of the fund or estate. b) Instruments representing titled assets
1% of technical
obligations
Greater than or equal to 5% of the total asset of the trust estate or the notional.
78 c) Real estate investments:
79c.1) Investments in properties on which the company enters into lease, usufruct or surface right contracts. c.2) Indirect real estate investments (participation certificates of investment funds, instruments representing titled assets, instruments issued by trust estates or other investment vehicles), whose underlying assets are, or are backed by, cash flows from rents of properties that are leased or granted in usufruct (or similar). c.1) > 0.1% of technical obligations c.2) > 0.25% of technical obligations c.1) The total of the exposures must be taken into account, considering the method defined in
Annex No. 3 "Method for estimating indirect exposure in lease, usufruct or surface right contracts on
real estate investments" of this
Regulation. c.2) Exposures whose counterparties have a participation equal to or greater than 0.50% of the leasable area of the total set of properties underlying the investment vehicle must be taken into account. The total indirect exposure to each counterparty corresponds to the book value of the investment vehicle multiplied by the respective participation of the counterparty on said leasable area. d) Others indicated by the Superintendence.
1% of technical
obligations
Fixed by general norm.
It should be noted that companies must carry out the task of identifying the indirect exposures that arise from the assets underlying the investments described in the previous table, as many times as necessary, so that the ultimate risk factor associated with the aforementioned limits is identified, provided that the materiality criteria defined above are exceeded. 78 Subsection modified by Resolution SBS No. 3872-2021, published on 22-12-2021. 79 Subsection modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 45/66 In the case of indirect exposures arising from lease, usufruct, or surface rights contracts on real estate investments (item c.1 in the table above), the estimation of such exposures must be carried out following the method described in Annex No. 3 “Method for estimating indirect exposure in lease, usufruct, or surface rights contracts on real estate investments” of this Regulation. In the case of exposures underlying indirect real estate investments (item c.2 in the table above), the estimation of such exposures must be based on the participation of each counterparty on the leasable area of the total set of real estate underlying the investment vehicle. It should be noted that in both cases, indirect exposures with counterparties are considered, provided that the investments in the real estate involved or the instruments issued by the real estate investment vehicles referred to in item c) of the preceding table exceed the indicated percentage of the company's technical liabilities (0.1% or 0.25%, respectively). The result obtained from the sum of all indirect exposures with a counterparty (issuer or economic group) arising from the aforementioned contracts, as well as from contracts underlying other real estate investments, must be considered for the application of limits.

80
Individual investment limit per issuer or counterparty
Article 33°.- The sum of eligible investments issued or backed by the same entity, applied to backing technical liabilities, must not exceed seven percent (7%) of the technical liabilities. The term “entity” includes financial institutions, companies, states or central banks of foreign countries, international organizations, multilateral credit institutions, regional, local or municipal governments, government agencies, other legal persons of public or private law, mutual funds, investment funds, trusts, segregated portfolios and other similar vehicles.

In the event that the entity corresponds to a local financial institution, with a financial strength risk classification of “A” or lower risk, the limit cited in the previous paragraph is raised to ten percent (10%). Regarding this limit, institutions with an “A-” (A minus) or equivalent classification are not included. 81

Balances in current accounts are not considered in the calculation of the limit indicated in this article.
The sum of eligible investments in current accounts in the same financial institution, applied to backing its technical liabilities, must not exceed five percent (5%) of said liabilities. 82

The sum of eligible investments made by the company in all participation certificates of mutual funds or investment funds managed by the same management company, applied to backing technical liabilities, must not exceed twenty percent (20%) of said liabilities.

For real estate, the maximum limit per single property must not exceed five percent (5%) of the technical liabilities.

80 Paragraph modified by Resolution SBS No. 3872-2021, published on 22-12-2021. Subsequently modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
81 Paragraph modified by Resolution SBS No. 556-2025, published on 18-02-2025.
82 Paragraph modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 46/66 Accounts receivable arising from sale transactions with commitment to repurchase, simultaneous sale and purchase of securities, and other similar operations, are considered for limit purposes per issuer as an exposure to their counterparty.

For backing technical liabilities, companies must establish in their policies a limit per counterparty (debtor) on accounts receivable arising from reverse mortgage operations, as a percentage of said liabilities, which must be defined taking into account prudential considerations, as well as the principle of diversification. This limit must complement other risk management limits defined by the company for the approval and disbursement of credit. 83

Aggregated investment limit per economic group
Article 34°.- The sum of eligible investments issued or backed by entities belonging to the same economic group or conglomerate, applied to backing technical liabilities, must not exceed fifteen percent (15%) of these liabilities. This limit is reduced to seven percent (7%) when the issuers or counterparties belong to the same economic group or conglomerate as the company.

In the application of the limits indicated in this article, management companies of mutual funds or investment funds must not be considered.

Asset Class
Article 35°.- The investments listed below are grouped into the following classes:
a) Cash in available funds, cash equivalents and deposits 84 a.1) Cash in available funds a.2) Cash equivalents a.3) Deposits a.4) Other cash and deposit instruments b) Debt-representative instruments b.1) Bonds b.2) Mortgage certificates b.3) Bills b.4) Promissory notes b.5) Commercial paper b.6) Preferred shares with cumulative dividend rights b.7) Negotiable deposit certificates, bank certificates and other similar negotiable instruments b.8) Securitization instruments or debt instruments issued by trusts or special purpose companies. b.9) Participation certificates in mutual funds and investment funds that invest predominantly in debt securities. A fund is considered to invest predominantly in debt when its investment policy provides for investing a percentage no less than 80% of its assets in debt-representative instruments. Those funds that do not meet the above condition are considered within the category of capital-representative instruments. b.10) Exchange-Traded Funds that invest predominantly in debt securities. 85

83 Paragraph incorporated by Resolution SBS No. 4838-2019, published on 21-10-2019, effective from 01-11-2019.
84 Item modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
85 Item modified by Resolution SBS No. 1311-2019, published on 27-03-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 47/66 b.11) Other debt-representative instruments. 86 c) Capital-representative instruments:
c.1) Shares (ordinary or common, investment, treasury) c.2) Preferred shares without cumulative dividend rights c.3) Preferred subscription certificates c.4) Share-representative securities in deposit (ADRs, GDRs) c.5) Participation certificates in investment funds c.6) Participation certificate in mutual funds c.7) Exchange-Traded Funds c.8) Participations in segregated portfolios or in special purpose companies c.9) Other capital-representative instruments

Instruments corresponding to forms of real estate investment are excluded from this class, as indicated in the following subsection. d) Real estate investments and other forms of real estate investment: 87 d.1) Real estate d.2) Participation certificates in mutual funds or real estate investment funds. d.3) Participations in trusts or special purpose companies with real estate investments. d.4) Shares of companies dedicated to real estate investment. d.5) Direct investment in real estate projects. d.6) Future real estate. d.7) Leased real estate with purchase option in favor of the lessee. d.8) Real estate loans. d.9) Other investment vehicles whose underlying assets correspond to real estate investments. e) Repo operations and securities lending and other similar operations:
e.1) Repo operations (sale with commitment to repurchase, simultaneous sale and purchase of securities) e.2) Securities lending (temporary transfer of securities) e.3) Other similar operations. f) Structured instruments with protected capital. 88

Limits by asset class
Article 36°.- For backing technical liabilities, the company must consider the following limits and sublimits by asset class, considering the grouping included in Article 35° of this Regulation, and the definitions and requirements established in the preceding Articles 25° and 28°.

In the case of assets transferred in securities lending operations, which meet the requirements to be considered for backing technical liabilities, these must be considered in the limits and sublimits corresponding to the class of each asset.

Additionally, at an aggregated level, the value of these assets must be considered in the limit indicated for the class of repo and securities lending operations and other similar operations.

86 Item incorporated by Resolution SBS No. 1311-2019, published on 27-03-2019.
87 Heading modified by Resolution SBS No. 556-2025, published on 18-02-2025.
88 Item incorporated by Resolution SBS No. 2972-2018, published on 06-08-2018.

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ASSET CLASS GENERAL LINES LIFE LINES BASE OF CALCULATION a) Cash in available funds, cash equivalents and deposits 89 100% 100% Technical Liabilities a.1.1) Cash balance 90 1% 1% Technical Liabilities b) Debt-representative instruments 100% 100% Technical Liabilities b.1) Participation certificates in mutual funds and investment funds that invest predominantly in debt securities. 60% 60% Technical Liabilities b.2) Securitization instruments or debt instruments issued by trusts or special purpose companies. 40% 40% Technical Liabilities b.2.i) Securitization instruments or debt instruments issued by trusts or special purpose companies, whose underlying assets do not correspond to infrastructure projects with backing, guarantee or participation of the Peruvian State, or of States or Multilateral Organizations; nor to underlying assets 100% eligible according to the requirements of Article 25°. 20% 20% Technical Liabilities c) Capital-representative instruments 40% 20% Technical Liabilities d) Investment in real estate and other forms of real estate investment 30% 35% Technical Liabilities d.1) Accounts receivable arising from reverse mortgage operations. 91 1% 1% Technical Liabilities e) Repo operations and securities lending and other similar operations. 5% 5% Technical Liabilities

89 Item modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
90 Sub-item modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
91 Sub-item incorporated by Resolution SBS No. 4838-2019, published on 21-10-2019, effective from 01-11-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 49/66 f) Premiums receivable from pension insurance.
Up to 100% of retained technical reserves of pension insurance. g) 92 93 Unearned and unaccrued premiums receivable Up to 100% of the respective technical reserves for premiums (risks in force, deferred premiums and/or mathematical, as applicable), net of coinsurance and reinsurance; separately for: i) vehicle insurance and its allied lines, ii) credit and surety insurance, iii) other general insurance lines, iv) accident and health insurance, v) short-term individual or group life insurance and vi) life insurance for workers and former workers under the second regime. h) Unearned premiums receivable from ceding insurance companies. Up to 100% of the respective accepted reinsurance technical reserves (risks in force, deferred premiums and/or mathematical, as applicable), net of retrocessions; jointly for all general insurance, accident and health insurance, and short-term individual or group life insurance. i) Loans secured by life insurance policies. Up to 100% of the surrender value of life insurance policies.

Other eligible investments, subject to notification or authorization processes 92 Item modified by Resolution SBS No. 6394-2016, published on 09-12-2016, effective from 01-01-2018.
93 Item modified by Resolution SBS No. 3299-2022, published on 02-11-2022, effective from 01-01-2023.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 50/66 j) 94 The total sum of investments in other eligible investments for backing technical liabilities, regulated in Subchapter III of Chapter IV.
Complementarily, these assets are subject to the limits by asset classes, indicated in items b), c) or d) of this article, as applicable.
35% 35% Technical Liabilities j.1) The total sum of investments in other eligible investments for backing technical liabilities, subject to authorization process.
5% 5% Technical Liabilities j.2) The total sum of investments in private equity funds, including mezzanine financing; and private debt, indicated in item c) of Article 28°. Coinvestments are included.
5% 5% Technical Liabilities j.2.i) The total sum of investments in private equity funds, including mezzanine financing, indicated in item c) of Article 28°.
3% 1% Technical Liabilities

Limits on investment abroad and economic activity
Article 37°.- The sum of investments abroad, applied to backing technical liabilities, must not exceed fifty percent (50%) of said liabilities.

Eligible investments applied to backing technical liabilities, issued or backed by entities dedicated to the same economic activity, must not exceed 40% of these liabilities. 95

In the case of entities in the financial sector, the limit indicated in the previous paragraph is raised to 50% of the company's technical liabilities. The calculation of this limit must not consider investments corresponding to the asset class “Cash in available funds, cash equivalents and Deposits”, established in item a) of Article 35°. 96

Application of limits per issuer vis-à-vis the Peruvian State
Article 38°.- The investment limits per issuer, economic group and economic activity, described in Articles 33°, 34° and 37° do not apply to investments in instruments issued by the Central Government of the Republic of Peru and the Central Reserve Bank of Peru. The sum of these eligible investments, applied to backing technical liabilities, must not exceed fifty percent (50%) of said liabilities. In the case of other entities that are part of the Peruvian State, the calculation of the limit in Article 34° is carried out in accordance with the entity grouping criteria, organisms, departments and entities that are directly or indirectly considered or form part of the Peruvian State, defined in Circular No. S-613-2005 and its modifying norms.

94 Item modified by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.
95 Paragraph modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
96 Modified by Resolution SBS No. 4380-2024, published on 28-12-2024, effective from 01-01-2025. Subsequently modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

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Calculation of limits for participation certificates in funds or other investment vehicles 97
Article 39°. For the calculation of the company's participation limits in the same fund or investment vehicle, its position shall be calculated as the maximum value between the capital the company has committed to subscribe and the market value of the investment made. Similarly, as a base for calculating these limits, as well as those related to the diversification of the fund or vehicle, the maximum value between the value of the fund or vehicle's equity and the total value committed to be subscribed by participants must be considered. The diversification limits of the fund or vehicle may be exceeded during its divestment or liquidation period.

CHAPTER VII
RISK CLASSIFICATION REQUIREMENTS
Minimum risk classification requirement and risk rating agencies 98
Article 40°.- For backing technical liabilities, instruments classified in categories below investment grade cannot be considered.

Risk classifications are subject to the following:
a) In the case of instruments issued abroad via public or private offering, risk classifications are granted by any of the rating agencies registered with the U.S. Securities and Exchange Commission (SEC), registered or certified with the European Securities and Markets Authority (ESMA) and/or registered with any of the regulators of the securities or capital markets of the G10 countries. As a reference, Annex No. 1 of this Regulation attaches the equivalences between the risk categories of the most recognized rating agencies in the foreign market; for this reason, for the risk categories of new rating agencies, investment grade will be considered those categories that meet this definition according to industry practices and customs, with the company being responsible for assigning the equivalent category. Investment grade is considered those long-term instruments classified in BBB- (triple B minus) or lower risk and short-term instruments classified in A-3 or lower risk. b) In the case of instruments issued locally via public offering, risk classifications are granted by risk rating agencies authorized by the SMV. As a reference, Annex No. 2 of this Regulation is attached. The company must assign the equivalent category for local issuances, following the criteria indicated in item a) above. Investment grade is considered those long-term instruments classified in BBB- (triple B minus) or lower risk and short-term instruments classified in CP-3 or lower risk. c) In the case of instruments issued locally via private offering, risk classifications may be granted by any of the risk rating agencies indicated in items a) or b); and investment grade is considered as indicated in the corresponding item.

The minimum risk classification requirement does not apply to instruments issued by the Central Government of the Republic of Peru and the Central Reserve Bank of Peru.

In the case of instruments considered local investments, according to the definition in item h) of Article 2°, which have been issued abroad, via public or private offering, it is considered that

97 Item substituted by Resolution SBS No. 1311-2019, published on 27-03-2019.
98 Article modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 52/66 meet the minimum classification requirement, provided they simultaneously meet the following conditions:
i) The minimum risk classification granted to said instruments, by rating agencies indicated in paragraph a) of this article, is BB- (double B minus) or lower risk for long-term instruments, according to the equivalence referred to in paragraph a) of this article. ii) The local risk classification of the instrument, if it has one, is at least investment grade, BBB- (triple B minus) or lower risk, according to the equivalence referred to in paragraph b) of this article. If the instrument in question does not have a local risk classification, and the issuer has other long-term instruments issued locally without specific guarantee, these must be at least investment grade. Alternatively, in case the instrument does not have any of the aforementioned local classifications and it is an instrument issued by a holding company, the risk classifications of the long-term instruments issued by its subsidiaries will be taken into consideration; in such case, it must be met that at least the subsidiaries that together represent 80% of the assets of the holding company possess instruments with an investment grade risk classification. In case the condition indicated in paragraph ii) does not apply, it will be considered a requirement that the issuer of the instruments issued abroad or the subsidiaries of the holding company referred to in said paragraph, be classified as a Normal debtor, according to the Regulation for the Evaluation and Classification of the Debtor. In the case of instruments such as preferred shares, mutual funds, and investment funds, it is considered that they meet the minimum investment grade classification requirement provided they meet the condition of having a category equivalent to the BBB- (triple B minus) or lower risk category according to the credit risk criterion, in accordance with the reference equivalence of Annexes No. 1 and 2 of this Regulation, as applicable.

Classification of the issuer and/or guarantor
Article 41°.- Investments in the assets indicated in paragraphs a) and b) of Article 25° corresponding to current accounts, savings (accounts) deposits, and time deposits, require that the companies of the financial system of the country or abroad, possess a risk classification not lower than investment grade for their instruments representing long and/or short-term debt.
In the case of local financial institutions referred to in Article 16° of the General Law, which do not have long or short-term debt issuances, the risk classification granted in accordance with the provisions of the Regulation for the classification of companies of the financial system and insurance companies, approved by Resolution SBS No. 18400-2010 and its modifying norms, is taken into consideration; considering as a requirement a financial strength classification of “B” or lower risk; regarding this, companies with a “B-“ (B minus) classification are not included. In the case of foreign financial system companies, the classification of their instruments representing debt must be granted by any risk rating agency indicated in paragraph a) of Article 40°. 99 For the purposes of Article 40°, in the case of instruments issued or guaranteed by other States and Central Banks of foreign countries, the risk classification of the long-term sovereign debt of the issuer's country is considered, and if there is a guarantor with a lower risk classification, the risk classification of the guarantor's long-term sovereign debt prevails. In the case of instruments issued or guaranteed by international organizations, the classification corresponds to the instrument. In both cases, the classification is carried out by at least one risk rating agency indicated in paragraph a) of Article 40°. 100 In all cases where two (2) distinct risk classifications are available, the most conservative one is taken. In cases where the issuer and/or guarantor has more than two (2) distinct risk classifications, the second one that reflects the highest risk (the second most conservative) is taken.

Instruments that require classification, minimum number and update of classifications 101
Article 42°.- Assets that, due to regulatory requirements, require risk classification, must comply with the provisions of Article 40° of this Regulation. For this effect, the number of required classifications and the determination of the final classification of said instruments are subject to the following:
a) Instruments issued abroad, via public or private offering, must be classified by at least one (1) rating agency indicated in paragraph a) of Article 40°. b) Instruments issued locally, via public offering, must meet the classification requirements established by the SMV. c) Instruments issued locally, via private offering, must be classified by at least one (1) rating agency indicated in paragraph b) of Article 40°. In all cases where the investment instrument has two (2) distinct risk classifications, the most conservative one is taken. In cases where the instrument has more than two (2) distinct risk classifications, the second one that reflects the highest risk (the second most conservative) is taken. In the case of instruments issued via private offering, the company must ensure that the issuing companies of the local investment instruments in which it invests, send it the update of the risk classification reports, or that these delegate such delivery to local risk rating companies, at least one (1) time per year. These reports must be prepared based on audited financial and accounting information as of December 31 of each year and sent to the company, no later than May 31 of each year. If after 30 days the non-compliance with the aforementioned obligation persists, this situation causes the investment instrument to be subject to the considerations established in Article 29°.

100 Paragraph modified by Resolution SBS No. 556-2025, published on 18-02-2025. Subsequently modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
101 Epigraph modified by Resolution SBS No. 556-2025, published on 18-02-2025.

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CHAPTER VIII
SUBMISSION OF INFORMATION

Submission of information
Article 43º.- Companies must present to this Superintendency the information indicated below, together with the corresponding financial statements:

No. of Annex	Name	Frequency
Annex No. ES-3	Technical Obligations	Monthly
Annex No. ES-3A	Backing of Technical Obligations	Monthly
Annex No. ES-3B	Investment Portfolios and homogeneous groups of regulatory obligations that back 102	Quarterly
Annex No. ES-3C 103	Backing of homogeneous groups of regulatory obligations	Quarterly
Annex No. ES-4	Investments and Total Assets 104	Monthly
Annex No. ES-4A	Investments in Deposits	Monthly
Annex No. ES-4B	Investments in Instruments Representing Debt	Monthly
Annex No. ES-4C	Investments in Instruments Representing Capital	Monthly
Annex No. ES-4D	Accounts Receivable from Operations with Commitment to Repurchase, Simultaneous Sale and Purchase of Securities, and Other Similar Operations	Monthly
Annex No. ES-4E.1	General Characteristics of Own-Use Real Estate and Investments in Real Estate	Monthly
Annex No. ES-4E.2	Additional Characteristics of Investments in Real Estate that Generate Periodic Flows	Semi-annual
Annex No. ES-4F	Other Investments	Monthly
Annex No. ES-4G	Premiums Receivable from Insured Parties Not Yet Due and Not Yet Earned	Quarterly
Annex No. ES-4H	Loans with Guarantees of Life Insurance Policies	Semi-annual
Annex No. ES-4I	Securities Lending or Temporary Transfer of Securities	Monthly
Annex No. ES-4J	Exposures Underlying Investment Vehicles	Monthly
Annex No. ES-4K	Sources of Fair Value Price and Risk Classifications	Monthly
Annex No. ES-4L 105	Accounts Receivable from HI Operations	Monthly

In the preparation of the annexes, the following must be taken into account:

The annexes must record all assets of the same class owned by the company, whether eligible or ineligible investments.
The valuations of investments and other data recorded must correspond to those valid on the last calendar day of the period being reported, unless otherwise indicated in the annex notes.
Unless otherwise indicated, monetary values and prices reported must be recorded in the original currency of each investment.

102 Annex title modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
103 Annex incorporated by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
104 Annex title modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.
105 Annex incorporated by Resolution SBS No. 4838-2019, published on 21-10-2019, effective from 01-11-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 55/66 Minimum Content of the Investment Policy and Investment Plan 106
Article 44º.-
a) The Investment Policy indicated in paragraph a) of Article 4° of this Regulation must consider the following minimum content:
a.1) Investment objectives: indicating, among others, levels of profitability and risk, according to the characteristics of the group of obligations that backs. a.2) Investment restrictions: credit quality, market capitalization of outstanding shares available for trading or “float”, currency, predictability of flows, and investment horizon, among others, according to the characteristics of the group of obligations that backs. a.3) Diversification criteria: by category of instruments, by types of assets or operations, by issuer, by geographic area, by economic activity, by investment horizon, among others. a.4) Target composition of instrument categories and/or types of assets or operations, including their corresponding maximum and minimum limits. a.5) Rebalancing criteria for each investment portfolio and for each category of instrument and/or types of assets or operations. The Investment Policy must include or be complemented by at least the following policies:
i) Policy on environmental, social, and corporate governance factors (ESG, by its initials in English: Environmental, Social and Governance). In case the company uses selection criteria for instruments based on environmental, social, and corporate governance factors, these must be included in the policy. ii) Co-investment policy, if applicable. iii) The policy for the selection and contracting of intermediaries, custodians, depositaries, delegated administrators, investment advisors, and other entities with which the company operates. iv) Policy for the negotiation, evaluation, and monitoring of commissions and/or expenses of fund managers and other external administrators for each category of instrument and/or sub-class of asset. b) The Company's Annual Investment Plan, indicated in paragraph n) of Article 14° of this Regulation, must consider the following minimum content:
b.1) An analysis of the current context and perspectives (considering, at least, a one-year horizon), with respect to the variables that have served as the basis for the definition of the company's investment strategies. For this purpose, the company must review that its analysis includes, at least, the following variables:
i) The markets in which the categories of instruments and/or types of assets approved are traded, considering money, securities (fixed and variable income), and real estate markets at the local and international level (by country or region), according to the company's investments. ii) Macroeconomic, sectoral, and political variables, considering the current context and perspectives of the level of gross domestic product (GDP), exchange rates, inflation, and interest rates of the local and international market (by country or region). Likewise, the impact of these perspectives, as well as other idiosyncratic variables of the economic sectors related to the company's investments, must be considered. Finally, the impact of political risk and other variables that may affect the company's investment decisions must be considered. iii) Other aspects that affect investment decisions. For example, variables by business line, associated with the strategy for placing new products. b.2) The projected composition of the company's investment portfolio during the exercise corresponding to the Plan, within the framework established in its policies for the management of the investment process, as well as the company's investment objectives, indicated in paragraph a.1) of this article. This projection must be made both at an aggregate level and at least at: i) the level of portfolio groups approved internally for the management and/or coverage of homogeneous groups of obligations, defined in accordance with the provisions of the Asset and Liability Management Regulation; or, ii) the level of each investment portfolio. Likewise, this projection must reach and distinguish both the investments eligible for the backing of technical obligations, and those ineligible. Such projections must describe at least: i) asset classes, ii) currencies, iii) risk classification levels, iv) duration bands, and v) expected profitability levels. 107 b.3) Projection of the technical obligations coverage indicator, by line of business (life lines and general lines) and at an aggregate level in the case of mixed companies, with at least quarterly cuts and a 12-month horizon (from January to December of the exercise), which must be presented to the Investment and Risk Committee or the Asset and Liability Committee, if it has one. This projection must include, at least:
i) A base scenario showing the detailed values of the applied eligible investments and their technical obligations. ii) A stress scenario showing the detailed values of the applied eligible investments and their technical obligations. iii) Analysis by the Risk Unit on the details and justifications of the main risk factors (investment and technical) considered, which are consistent with its evaluation of the current economic context and its perspectives for the horizon employed. Likewise, the Risk Unit is required to perform an analysis of the projected results. iv) In cases where potential deficits in the backing of technical obligations are projected, a contingency plan approved by the Board of Directors must be described. Such contingency plan details the actions that would be taken to prevent the occurrence of a deficit and the estimated impacts for each of these actions. The methodology used by the company to perform the projections of the preceding items i) and ii) must be documented and be available to this Superintendency, and consider, at least, the following guidelines:
i) Projection of Applied Eligible Investments in base scenario: the projection must be made by asset class and currency, the assumptions used and the sources of information consulted must be specified. Likewise, it must maintain and evidence consistency with the analysis and projection referred to in paragraphs b.1) and b.2) of this article. ii) Projection of Technical Obligations in base scenario: the projection must be made, at least, at the level of components of the Technical Obligations indicated in Article 22° of this regulation. The assumptions used and their reasonableness must be detailed; likewise, the sources of information consulted must be indicated. iii) Projection of Applied Eligible Investments in stress scenario: the projection must be made by asset class and currency, and the assumptions by risk factors to which the portfolio is exposed must be specified, so as to show greater vulnerability compared to the base scenario. The sources of information consulted must be specified. iv) Projection of Technical Obligations in stress scenario: the projection must be made, at least, at the level of components of the Technical Obligations indicated in Article 22° of this Regulation. The assumptions used and the stressed risk factors must be detailed, so as to show greater vulnerability compared to the base scenario. Likewise, the sources of information consulted must be indicated. b.4) References to the meetings of the investment committee or risk committee, where the Annual Investment Plan was approved, as well as other meetings where definitions or modifications regarding said Plan were agreed upon. Companies must submit the Annual Investment Plan to this Superintendency during the first forty-five (45) calendar days of each exercise. Likewise, companies must perform a quarterly evaluation on the compliance with said Plan, highlighting the deviations that occurred during the evaluated quarter, from the analysis and projections indicated in the aforementioned paragraphs b.1), b.2), and b.3) of this article, and indicating the reasons that explain these results. The aforementioned evaluation must be submitted within thirty (30) calendar days following the close of each quarter; except for the last quarter of the year, whose submission must be made together with the Annual Investment Plan of the following year. The Annual Investment Plan must be updated in response to movements above the main alert indicators that must be developed by the company, taking into account its own criteria and the results of the projections indicated in this article. The updated version must highlight the modifications made and must be approved by the investment and risk committees and communicated to the Board of Directors within ten (10) calendar days of the approval of the changes; likewise, such updates must be available to this Superintendency. This Superintendency may require the sending of these documents by physical and/or electronic means.

FINAL AND TRANSITORY PROVISIONS
FIRST.- Restrictions on assets to back technical obligations Investments in instruments representing capital or subordinated debt of subsidiaries or other companies of its financial group (according to the definition of the Regulation for the consolidated supervision of financial and mixed conglomerates, approved by Resolution SBS No. 11823-2010 and its

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 56/66 modifying norms) are not considered eligible for backing technical obligations.

106 Article modified by Resolution SBS No. 556-2025, published on 18-02-2025.
107 Paragraph modified by Resolution 1660-2025, published on 09-05-2025, effective from 01-01-2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 58/66 modifying provisions), which are not deducted from the calculation of the company's effective equity. This restriction must also be considered for investments held as underlying assets to the aforementioned assets.

Real estate owned by the company for its own use and direct investments in real estate projects intended for own use are not considered eligible to back technical reserves, but are eligible to back equity requirements. Regarding this, eligibility for such backing, in the case of real estate for own use, is subject to compliance with all requirements of paragraph g) of Article 25 of this Regulation. Likewise, in the case of real estate projects intended for own use, their eligibility is subject to compliance with the requirements set forth in paragraph e) of Article 28 of this Regulation, as applicable, except for commercial purposes. For the purposes of the Asset Sufficiency Analysis, own-use real estate may be treated exceptionally as indicated in paragraph 4.2 of Article 8 of the Regulation for the Constitution of Mathematical Reserves for Annuity Insurance and the Asset Sufficiency Analysis, approved by Resolution SBS No. 887-2018. 108

Likewise, in the case of own-use real estate, companies must maintain a file available to the Superintendency containing at least the following information:

Property Registry Entry. In case the property has undergone any modification during the last year, the registry entry must be updated. If the property has not presented modifications during the last year, the company has the option to update said registry entry or to have a sworn statement, signed by the General Manager or by whom he formally delegates, indicating such condition. This sworn statement can be signed individually or for a group of properties, provided that the necessary information for the identification of each of them is included, including the investment code(s) and the respective registry entry number(s). Without prejudice to this, the Superintendency may require the presentation of the updated registry entry, if it deems it necessary.
Updated Certificate of Charges and Encumbrances from the Property Registry, at least annually.
Documentation of investments in improvements associated with the property, which have been registered as part of the asset, carried out after its acquisition.
Appraisal reports prepared by experts on the respective property, considering the last ten years or the number of years the property has been in the company's possession, whichever is less. 109

SECOND.- Exception for investments made before the regulation comes into force that no longer meet eligibility requirements

108 Paragraph modified by Resolution SBS No. 887-2018, published on 10-03-2018, effective from 01-01-2019. Subsequently modified by Resolution SBS No. 3872-2021, published on 22-12-2021. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025. It is specified that Article 8 of Resolution SBS No. 887-2018 is repealed from 01-01-2026, in accordance with what is established in Article 3 of Resolution SBS No. 1660-2025, published on 09-05-2025, effective from 01-01-2026.

109 Paragraph incorporated by Resolution SBS No. 3872-2021, published on 22-12-2021. Subsequently modified by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 59/66 The provisions of Article 29 also apply to investments in debt instruments that, as of January 31, 2016, met the risk classification requirements established in this Regulation.

The Superintendency may approve an Adaptation Plan, which may cover a period not exceeding December 31, 2018, for the application of the Regulation's diversification limits by issuer, on those investments that were considered for backing technical obligations before the entry into force of this Regulation, and that do not meet the eligibility requirements established therein.

THIRD.- Treatment of real estate investments made before the regulation comes into force that exceed the limit per single property

Regarding real estate investments acquired by the company before the entry into force of this Regulation, and that meet the minimum eligibility requirements indicated in Article 25 or Article 28, if they have a value that exceeds the limit per single property indicated in Article 33, such excess may be used to back the company's equity requirements, but not to back its technical reserves, up to a level that does not exceed 5% of the company's technical obligations (calculated per single property).

FOURTH.- Adaptation Plans

Within a period not exceeding ninety (90) calendar days 110, after the entry into force of this Regulation, the company must present to the Superintendency the following adaptation plans, duly substantiated and approved by its board of directors:

a) Regarding the investment limits established in Chapter VI of this Regulation, except for investment limits on asset classes indicated in paragraphs f), g), h) and i) of Article 36°.

b) Regarding the minimum eligibility requirements and investment limits on the following asset classes: insurance premiums receivable for pension insurance, premiums receivable not yet due and not yet earned, premiums receivable not yet due to ceding insurance companies, and loans guaranteed by life insurance policies.

c) Of investments considered for backing technical obligations prior to the entry into force of this Regulation, and that do not meet the eligibility requirements established therein, except for the assets indicated in subsection b) of this provision.

d) Regarding the definition and documentation of internal criteria, methods, and procedures to identify homogeneous groups of obligations, as established in Chapter II of this Regulation. In the case of mixed companies, the definition and documentation of support for the identification of homogeneous groups of obligations affecting different insurance lines must also be considered; as well as the criteria and procedures indicated in paragraphs e.1) and e.2) of Article 23° of this Regulation.

e) Regarding the organization of investment and investment risk management, as well as the implementation of the company's internal controls, audits, information systems, models, and risk measurement systems, required by this Regulation.

110 By Resolution SBS No. 2579-2016, published on 09-05-2016, the maximum deadline for the presentation of adaptation plans was modified to one hundred twenty (120) calendar days. This deadline must be calculated from the date of entry into force of the Investment Regulation for Insurance Companies, approved by Article 1 of Resolution SBS No. 1041-2016.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 60/66 f) Regarding changes in their systems for the implementation of the reporting of the information annexes indicated in Article 43° of this Regulation.

These plans must consider a gradual adaptation to the provisions established in this Regulation. In case the company does not require an adaptation period on any matter, it must declare this situation to the Superintendency, within the period indicated in the first paragraph of this provision.

The Superintendency may present observations on the received adaptation plans. The implementation of these plans requires the authorization of the Superintendency.

The maximum dates for implementation are as follows:

Paragraph	Implementation Date
a)	December 31, 2018
b)	December 31, 2017
c)	December 31, 2020
d)	June 30, 2016
e)	June 30, 2017

In the case of the adaptation established in paragraphs a), b) and c), the company must consider the following schedule. In the case of what is established in paragraphs a) and b), the percentages indicated in the schedule correspond to the excesses observed at the entry into force of this Regulation, which can be applied to the backing of technical obligations. In the case of what is established in paragraph c), they correspond to the maximum value of the ineligible investment that can be considered for the backing of technical obligations:

Adaptation Schedule	As of Publication Date	As of 12/31/2016, for paragraphs a) and c).	As of 06/30/2017, for paragraph b)	As of 12/31/2017	As of 12/31/2018	As of 12/31/2019
Paragraph a): Excesses to limits (*).	100%	80%	40%	0%
Paragraph b): Excesses to limits (*).	100%	50%	0%
Paragraph c): Value of investments (*).	100%	80%	60%	40%	20%	0%

(*) Only those motivated by the entry into force of this Regulation.

If, at the entry into force of this norm, the company presents excesses to the investment limits indicated in Chapter VI of this Regulation, or non-compliance with eligibility requirements, the company cannot increase the levels of exposure in the corresponding assets to back its technical obligations.

The maximum date for the implementation of what is established in paragraph f) will be January 01, 2017.

Before such implementation, companies must continue reporting the information of their

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 61/66 investments through the annexes approved by Resolution SBS No. 39-2002 and its modifying provisions, considering the clarifications that the Superintendency may communicate via Multiple Office for this effect. The Superintendency, considering the companies' adaptation plans, and the activities carried out to implement the new information annexes, will communicate via Multiple Office the date from which all companies must start sending the annexes indicated in Article 43° of this Regulation.

The Superintendency via Multiple Office may establish the content and minimum conditions of the adaptation plans indicated in this provision.

FIFTH.- Companies constituted after the regulation comes into force

For the case of companies that are constituted after the entry into force of this Regulation, the Superintendency may authorize adaptation plans on the matters indicated in subsection e) of the fourth final and transitory provision, as well as on the investment limits indicated in Articles 33°, 34°, 37° and 38° of this Regulation. The authorization of these adaptation plans, if required, must be carried out before the granting of the respective operating authorization.

SIXTH.- Treatment of other eligible investments authorized under the previous Regulation

In case the company has received an authorization from this Superintendency, to consider as backing of technical obligations assets under item 5) of Article 4° of the Regulation on Eligible Investments of Insurance Companies, approved by Resolution SBS No. 039-2002 and its modifying provisions:

a) The company must evaluate if the eligibility of this investment is contemplated under this Regulation. If so, it must consider this investment under the type and asset class defined here, for the application of eligibility requirements, limits, and information reporting.

b) Otherwise, the company may consider these investments as backing of technical obligations, within the Adaptation Plan it develops according to the norms in the fourth final and transitory provision of this Regulation, up to the maximum implementation deadline of said Plan.

c) Likewise, the company may present to this Superintendency, a request for authorization to consider this investment for the backing of technical obligations, provided it meets the conditions and process regulated in Subchapter III of Chapter IV of this Regulation.

SEVENTH.- Adaptation of double currency fixed coupon instruments 111

Companies that have acquired double currency fixed coupon instruments, and such acquisition was carried out before the entry into force of Resolution SBS No. 2972-2018, must take into consideration the following:

1 If the requirements indicated in paragraph i) of Article 28° are met, companies must send the corresponding support documentation within a period not exceeding thirty (30) calendar days counted from the entry into force of the aforementioned Resolution.

2 If the requirements indicated in paragraph i) of Article 28° are not met, companies must present an adaptation plan, duly substantiated and approved by its board of directors, within a period not exceeding ninety (90) calendar days, counted from the entry into force of the aforementioned Resolution.

111 Provision incorporated by Resolution SBS No. 2972-2018, published on 06-08-2018.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 62/66 EIGHTH.- Treatment on indirect exposure to lease or usufruct contracts on real estate investments or other real estate investments 112

If indirect exposures from investments indicated in paragraph c) of Article 32° of this Regulation produce excesses in the measurement of the limits indicated in Articles 33°, 34°, 37° and 38°, companies must present an adaptation plan duly substantiated and approved by its board of directors, within a period not exceeding the delivery of information corresponding to the close of December 2018.

NINTH.- Exception of new eligibility requirements on funds and trusts 113

Compliance with the eligibility requirements introduced by Resolutions SBS No. 1311-2019 and No. 418-2022, respectively, is exempted for those investments in funds or trusts that met all the eligibility requirements established in the Regulation before the entry into force of each of the aforementioned resolutions. This exception does not apply to increases in positions that the company makes in said funds or trusts, except those that correspond to an investment commitment, or when they are participation certificates pending payment that have been subscribed by the insurance company, prior to the entry into force of each of said resolutions.

TENTH.- Adaptation deadline in asset and liability management 114

Companies must comply with the provisions established in the last two paragraphs of Article 6° of this Regulation within a period not exceeding one hundred twenty (120) days, counted from the entry into force of Resolution SBS No. 2388-2021. This adaptation deadline does not apply to the case of asset and liability management of new products, where compliance with such provisions must occur from their start of validity.

ELEVENTH.- Treatment of new eligibility requirements applicable to investments acquired before the entry into force of Resolution SBS No. 556-2025 115

In applicable cases, compliance with the new eligibility requirements introduced by Resolution SBS No. 556-2025 is exempted for those investments acquired by the company before the entry into force of said Resolution, provided that such investments have met all the eligibility requirements established in the Regulation until before said entry. This exception does not apply to increases in positions that the company makes in said investments subsequently, except those that correspond to an investment commitment prior to the entry into force of said Resolution.

Article Second.- The annexes No. 1 and No. 2 of the new Regulation on Investments of Insurance Companies approved by Article 1 of this resolution are published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS.

112 Provision incorporated by Resolution SBS No. 2972-2018, published on 06-08-2018.
113 Provision incorporated by Resolution SBS No. 1311-2019, published on 27-03-2019. Subsequently modified by Resolution SBS No. 418-2022, published on 11-02-2022.
114 Provision incorporated by Resolution SBS No. 2388-2021, published on 17-08-2021.
115 Provision incorporated by Resolution SBS No. 556-2025, published on 18-02-2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 63/66
Article Third.- Modify the Internal Audit Regulation approved by Resolution SBS No. 11699-2008 and its modifying norms, according to the following:

Replace numeral 7) of section II of the Annex of the Internal Audit Regulation, in the following terms:

“7) Evaluation of investment management and its valuation. As part of this evaluation, it must include:
a) Verify that a record of personal investments of those who make decisions in the investment process is kept, including personnel from risk and investment committees and the board of directors. b) Verify that there is an independent control so that personnel who have access to information regarding the analysis, strategies, positions, among other reserved information regarding the company's investments, sign sworn statements of compliance with the Policies on the appropriate use of reserved information; and that these are available to the Superintendency.”

Article Fourth.- Modify the definition of the term “Technical Obligations” included in numeral 2.4 of the Norms for the Accounting Identification of Operations of Life Lines and General Lines of Insurance Companies, approved by Resolution SBS No. 1141-1999 and its modifying provisions, and in any other regulation and information report where the referred term is employed, according to the following text:

“Technical Obligations: The total of technical reserves, deferred premiums, unearned premium reserve, solvency equity, guarantee fund, the effective equity requirement to cover credit risk, and the additional effective equity requirement for economic cycle.”

Article Fifth.- Approve the annexes listed in Article 43° of the Regulation approved by this Resolution. The annexes are published on the institutional portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS.

Article Sixth.- Modify Article 4° of the Provisions for the Estimation of Premiums for Disability, Survival, and Funeral Expenses Insurance under Collective Policy, approved by Resolution SBS No. 6271-2013, according to the following:

“Article 4.- Backing of technical reserves

The premiums receivable referred to in this norm exclusively back the technical reserves of pension insurance coming from SISCO.”

Article Seventh.- Modify the Credit Risk Management Regulation, approved by Resolution SBS No. 3780-2011, according to the following:

Eliminate the third paragraph of Article 5°.
Replace Article 41°, according to the following text:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 64/66 “Article 41°.- Individual follow-up of credit risk

Insurance companies must evaluate and anticipate signs of increased credit risk in their exposures, for which they must carry out a follow-up of the financial indicators of their counterparties, in terms of adequate capital, asset quality, leverage, administrative management, corporate governance, level of competitiveness of the entity and its environment, and capacity to generate income, as well as a follow-up of the evolution of their external risk classifications, and of the economic sectors to which these exposures belong.

To exercise adequate follow-up of credit risk at the individual level, companies must follow the following guidelines:
a) Identify and monitor early warning signals, with a periodicity of at least monthly, according to a method designed internally, which considers indicators and variables both quantitative and qualitative, that indicate a negative evolution of the debt instrument or of the market in which the issuer operates to anticipate risks associated with debt instruments, issuers, counterparties or third parties associated with the credit operation. b) Carry out periodic follow-up reports, at least quarterly, in which the alerts found are included and the proportion and evolution of operations with the highest credit risk exposure are shown. c) Identify and report those credit exposures for which provisions for impairment of value are required; and estimate these provisions, as provided in the Regulation on Classification and Valuation of Investments of Insurance Companies and other norms on the subject approved by the Superintendency. Likewise, these identified exposures must be presented to the board of directors regularly.”

Article Eighth.- Modify Annex 3 of the Sanctions Regulation, approved by Resolution SBS No. 816-2005 and its modifying provisions, referred to specific infractions of the Insurance System, according to the following indications:

Add the following typification in section II, which corresponds to Serious Infractions:

“- Not to remedy within the indicated deadline the observations issued by this Superintendency, within or outside of inspection visits, regarding the formation and/or changes that the company makes on homogeneous groups of obligations and/or the investment portfolios that back them, based on the criteria established in the Regulation on Investments of Insurance Companies, for asset and liability management.”

Replace numerales 11) and 12) of section II, which corresponds to Serious Infractions, with the following:

“11) Apply to the coverage of technical obligations, the investments of the insurance company that exceed the limits of eligible investments, regulated by the General Law and/or the Regulation on Investments of Insurance Companies or any norm that substitutes it.

Apply to the coverage of technical obligations, investments that are not considered as eligible investments or that do not constitute qualified investments according to what is disposed by”

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 65/66 the General Law and/or the Regulations on Investments of Insurance Companies or any norm that replaces it.”

Ninth Article: Modify the Regulation on diversification by issuer of investments of insurance companies, approved by Resolution SBS No. 829-2005 and its modifying norms, according to the following:

Any reference to the Eligible Investments Regulation is replaced by the Investments Regulation.
Any reference to the Classification, Valuation and Provisions Regulation is replaced by the Regulation on Classification and Valuation of Investments.
Replace article 3°, according to the following:

“The investment policies of companies must indicate diversification criteria and risk management policies, which must be in accordance with the provisions of this Regulation, and those established in the Investments Regulation and the Classification and Valuation of Investments Regulation.

The diversification criteria contemplated in said policies must consider maximum limits per issuer calculated based on the effective equity of the companies, which depend on the investment categories and the insurance line in which they operate, and which must not exceed those indicated in the following table:

Limits per Issuer based on the Company's Effective Equity

Investment Category	General Line Companies	Life Line Companies
a) Instruments representing rights on equity participation or share titles considered ineligible	3%	15%
b) Instruments representing rights on obligations or short-term debt titles considered ineligible	4%	20%
c) Fund participations considered ineligible (*)	2%	10%
d) Other investments considered ineligible	2%	10%
e) Other investments considered eligible ()	7%	35%

(*) In the case of Funds, the Fund Management Companies are considered issuers.
() “Other eligible investments” are considered to be those that were authorized via the authorization process of the Regulations on Investments of Insurance Companies.

Replace article 7°, according to the following:

Companies must present monthly to this Superintendency the information indicated in the attached Annex ES-6 “Exposure by Issuer in Instruments Contemplated in the Regulation on Diversification by Issuer of Investments of Insurance Companies”.

The submission of information must be carried out via SUCAVE.

Eliminate the Third and Fourth Final Provisions.
Modify the Fifth Final Provision, according to the following:

The limits established for investments in instruments indicated in letter a) of the table “Limits per issuer based on the company's effective equity” contained in article 3°, will not be applicable to those investments classified as “Permanent Investments”, provided that such investments are made and/or form part of the companies' business strategy, a condition that these must substantiate to the Superintendency, by issuing a report.

From the Annex “Exposure by Issuer in Instruments Contemplated in the Regulation on Diversification by Issuer of Investments of Insurance Companies”, eliminate the references of the following categories:

AENL: Instruments representing rights on equity participation or share titles considered eligible non-liquid FENL: Fund participations considered eligible non-liquid”

Tenth Article.- Any reference to the Regulations on Eligible Investments of Insurance Companies approved by Resolution SBS No. 039-2002 and its modifying norms is replaced by the Regulations on Investments of Insurance Companies approved by article one of this Resolution.

Eleventh Article:- This resolution enters into force the day after its publication in the official newspaper El Peruano, from which date the Regulations on Eligible Investments of Insurance Companies approved by Resolution SBS No. 039-2002 and its modifications are repealed.

During the adaptation period established in the fourth final and transitory provision of the Investments Regulation approved by article one of this resolution, the Superintendency determines the manner in which the information included in the investment annexes is submitted.

JAVIER MARTÍN POGGI CAMPODÓNICO
Superintendent of Banks, Insurance and Private Pension Fund Administrators (e)

Resolution SBS No. 1041-2016: Approves the Investment Regulations for Insurance Companies

Lineage: Amended

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