Resolution SMV No. 011-2026-SMV/01

PERU Ministry of Economy and Finance

SMV Securities Market Superintendency "Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 1 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Resolution SMV No. 011-2026-SMV/01 Lima, August 14, 2026

SEEN: File No. 2022036574 and the Joint Reports No. 1185-2022-SMV/06/10/12, No. 401-2025-SMV/06/10/12, No. 1559-2025-SMV/06/10/12 and No. 1226-2026-SMV/06/10/12 dated September 8, 2022, March 24, October 30, 2025, and August 10, 2026, issued by the Legal Advisory Office, the Adjunct Superintendency of Prudential Supervision and the Adjunct Superintendency of Investigation, Development and Innovation, as well as the Project to modify the Regulation on Intermediation Agents, approved by Resolution SMV No. 034-2015-SMV/01, the Regulation on Mutual Investment Funds and their Management Companies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1, and the Regulation on Investment Funds and their Management Companies, approved by Resolution SMV No. 029-2014-SMV/01 (hereinafter, the "Project");

CONSIDERING: That, in accordance with Article 1 of the Unified Concordant Text of the Organic Law of the Securities Market Superintendency, approved by Legislative Decree No. 26126 (hereinafter, Organic Law of the SMV), the SMV aims to ensure the protection of investors, the efficiency and transparency of the markets under its supervision, the correct formation of prices and the dissemination of all information necessary for such purposes, through regulation, supervision and promotion;

That, paragraph b) of Article 5 of the Organic Law of the SMV establishes as an attribution of the SMV Board of Directors the approval of the regulations of the securities market, as well as those to which natural and legal persons subject to the supervision of the SMV must adhere;

That, Article 7 of the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, (hereinafter, TUO of the LMV), establishes that the SMV is empowered to issue the corresponding regulations;

That, by Resolution CONASEV No. 068-2010-EF/94.01.1, the current Regulation on Mutual Investment Funds and their Management Companies (hereinafter, the Mutual Funds Regulation) was approved;

That, likewise, by Resolution SMV No. 029-2014-SMV/01, the current Regulation on Investment Funds and their Management Companies (hereinafter, the Investment Funds Regulation) was approved;

That, by Resolution SMV No. 034-2015-SMV/01, the current Regulation on Intermediation Agents (hereinafter, the Agents Regulation) was approved;

PERU Ministry of Economy and Finance

SMV Securities Market Superintendency "Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 2 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

That, by Resolution No. 022-2022-SMV/01, the dissemination for citizen consultation (now public consultation) for a period of thirty business days was ordered, of the project to modify the Regulations mentioned above; with the object of harmonizing, among other aspects, the process to elaborate the risk profile of clients and/or potential investors, the conditions to provide portfolio administration services, as well as the content of the contract with clients and participants for services rendered; as well as other changes to the Regulation on Asset Securitization Processes, approved by Resolution CONASEV No. 001-97-EF/94.10;

That, on November 18, 2022, the Multisectoral Commission for Regulatory Quality (CMCR) communicated that, regarding the request for exception due to lateness filed by the SMV, it resolved that considering the evidence presented by the entity, consisting of Resolution No. 022-2022-SMV/01, dated September 9, 2022, which orders the pre-publication, it accredits that the regulatory project was in process for approval before the start of the mandatory application of the Ex Ante Regulatory Impact Analysis (AIR Ex Ante); therefore, it is not mandatory to prepare an AIR Ex Ante file for the aforementioned regulatory project;

That, subsequently, as a result of comments and suggestions received from the public and the analysis carried out by the Securities Market Superintendency, by Resolution SMV No. 007-2025-SMV/01, published on March 28, 2025, the dissemination for public consultation of the related articles was authorized, regarding the provision of investment advisory services, client profiling, standardization of the minimum content of the intermediation contract, administration contract; and, subscription and transfer of quotas contracts of intermediation agents, mutual fund management companies, and investment fund management companies; respectively, in order to simplify and homogenize, insofar as possible, the content of said contracts among the three industries;

That, likewise, by Resolution SMV No. 017-2025-SMV/01, the dissemination of the remaining articles of the first consultation was authorized, as a result of comments and suggestions received from the public and the analysis carried out by the Securities Market Superintendency;

That, in the second public consultation, new topics were incorporated, such as, for example, the intermediation of unregistered debt instruments of foreign issuers; among others;

That, in accordance with the exception to the obligation to apply the AIR Ex Ante, approved by the CMCR, the present regulatory modification only addresses aspects related to the elaboration of the risk profile; investment advisory; portfolio administration; contents of contracts entered into by intermediation agents, mutual fund management companies or investment funds; modification of the regime applicable to Real Estate Income Investment Funds – FIRBI; investment of investment funds in negotiable invoices; and hiring of third-party services by investment fund management companies;

That, although by Resolution SMV No. 022-2022-SMV/01, articles that are not included in the Project were also subject to consultation, such as, the simplified registration regime for securities issued with backing in fiduciary estates and the provisions applicable to the placement of obligations issued by intermediation agents, which were considered in the exception of temporality obtained for the application of the AIR Ex Ante; such modifications require a prior pronouncement by the CMCR, for their approval by the SMV; this is because the proposal to modify the Regulation on Asset Securitization Processes contains administrative procedures, which require previously and mandatorily going through the Ex Ante Regulatory Quality Analysis (ACR Ex Ante); and, in the second case, because due to the comments received in the public consultation, changes are required to allow optimizing the proposal for regulatory change comprehensively;

That, likewise, other topics that were included in the public consultation in 2025 are not included in the Project, because they do not benefit from the temporality exception granted by the CMCR, such as, the provisions regarding the intermediation of unregistered debt instruments of foreign issuers; and, therefore, it is required that prior to its approval by the SMV, the pronouncement by the CMCR be obtained;

That, during the public consultations carried out, comments from various guilds; as well as from market participants, among others, have been received, which have allowed enriching the regulatory proposal; and,

Being in accordance with what is established in paragraph a) of Article 1 and paragraph b) of Article 5 of the Unified Concordant Text of the Organic Law of the Securities Market Superintendency – SMV, approved by Legislative Decree No. 26126 and its amendments; numeral 2 of Article 9 of the Organization and Functions Regulation of the Securities Market Superintendency, approved by Supreme Decree No. 216-2011-EF, as well as what was agreed in the Board session of August 12, 2026;

IT IS RESOLVED: Article 1.- Modify Article 17, Article 31, paragraph a) of Article 59, Articles 61, 71, 72, 73, 74, 75 and 76; as well as the first paragraph and the first part of the second paragraph of Article 78, and the first part of the second paragraph of Section III of Annex A to the Regulation on Intermediation Agents, approved by Resolution SMV No. 034-2015-SMV/01, according to the following texts:

«Article 17.- Risk Profile For profiling purposes, the Agent must evaluate, at a minimum, the following information of the client, in case of carrying out the activity of investment advisory or portfolio administration: a) Their financial situation and other variables, which the Agent considers pertinent, that allow measuring their capacity to withstand losses; b) Their knowledge and experience in investments, which allows them to understand the nature and risks involved in investing in Financial Instruments and in the service to be provided; and, c) Their investment objectives, including the investment horizon and their risk tolerance. The client is responsible for the truthfulness of the information provided for profiling purposes.

The Agent must make available to the client the document where the determination of their risk profile is recorded before carrying out the provision of investment advisory and/or portfolio administration services, through the means established in the first paragraph of Article 18-A. The Agent must have policies and procedures to elaborate and update the client's risk profile. Such policies and procedures must be available to the SMV, when it requests them.»

«Article 31.- Content of the Intermediation Contract The Agent must sign a contract with the client prior to the provision of the services authorized by the SMV. The contract establishes the rights and obligations of each of the parties. The contract contains at a minimum the following: a) Identification of the parties:

1. Name, trade name or business name of the client and the identity document or RUC number, as applicable;
2. Name and identity document of the person, duly authorized to act on behalf of the client, when applicable;
3. Address of the client;
4. Email address of the client, if applicable;
5. In the case of joint accounts, it must be indicated whether the co-owners will act individually or jointly. This indication, signed by all co-owners, implies the granting of power of attorney in favor of the co-owner(s) indicated to carry out the acts included in the intermediation contract;
6. Name of the Agent;
7. Website of the Agent. b) Indication of acceptance and submission to the Client Policy; c) A highlighted section in which it is indicated:
8. The client, in no case, delivers cash to the Agent or its Representatives for the execution of their operations. The client makes payments only through the Agent's intermediation accounts;
9. The client is aware of the risks of their investments and assumes them, including those made through an attorney-in-fact;
10. The Agent does not assume responsibility for the solvency of the issuers of the Financial Instruments nor guarantees any profitability.
11. The SMV is the institution responsible for the supervision of the securities market. The Institutional Page of the Securities Market Superintendency – SMV, on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv) and the address and phone number of the SMV must be recorded; d) Means of communication through which the client instructs orders to the Agent;

PERU Ministry of Economy and Finance

SMV Securities Market Superintendency "Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 5 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml e) Obligation of the client to send the information that the Agent requires to verify their identity, determine their risk profile, know the source of funds and other information necessary for the fulfillment of their obligations; f) The client's acceptance to register and record all their communications made through electronic, telephone or other telematic means in which they give orders to the Representatives. These records and recordings are available to the SMV, must be sent upon its request and can be used as evidence in judicial processes, administrative procedures or arbitrages; g) A special section, in case of intermediation of Financial Instruments traded abroad, in accordance with what is established in Article 66. h) Indication of the means through which the name of the entity that performs the custody of physical Financial Instruments is disclosed, when applicable; i) The means by which the Agent will provide the client with the account statement, in accordance with the first paragraph of Article 18-A of the Regulation and, if applicable, the additional means agreed upon to provide such documentation. j) Express indication of whether the Agent provides the client with the investment advisory service; and k) The date of celebration of the contract; In case of intermediation of Financial Instruments not registered in the Registry, the declaration provided for in Article 61 is incorporated into the intermediation contract. It is the responsibility of the Agent to correctly record all data, prior to the signing of the contract. The update of the data indicated in paragraphs a), d) and i) can be carried out through electronic, telematic or other analogous means. In these cases, what is established in Article 9 and the fourth paragraph of Article 31 A of the Regulation applies. This contract must be consistent with what is established in the Client Policy.»

«Article 59.- Requirements to operate (…) a) In case of having a link with the main obligor to pay, issuer or seller of the financial instrument; deliver to the buying client a declaration indicating such situation; (…)»

«Article 61.- Declaration on Unregistered Financial Instruments When the client who is not an institutional investor trades a type of Financial Instrument not registered in the Registry, the Agent, prior to the first negotiation of that type of financial instrument, must sign with the client a declaration that is incorporated into the intermediation contract, in which the client declares having knowledge of the following:

PERU Ministry of Economy and Finance

SMV Securities Market Superintendency "Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 6 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml a) The types of Financial Instruments that they are going to trade, as well as their characteristics and the associated risks; b) That the Agent does not assume responsibility for the solvency or fulfillment of the main obligor to pay of the Financial Instrument; and, In the case of Unregistered Financial Instruments referred to in paragraph d) of Article 59, said declaration must record the commitment of the Agent to deliver, prior to the operation, the information collected from the selling client, in accordance with what is established in Article 60. It is not mandatory to collect said declaration every time they trade with the same type of instrument, the initial declaration collected for the respective type of instrument being sufficient.»

«Article 71.- Definition Portfolio administration is understood, as referred to in paragraph i) of Article 194 and paragraph b) of Article 207 of the Law, as the activity of managing cash resources or Financial Instruments received from a client. Portfolio administration is discretionary in nature; that is, it is that management by which the client grants the Agent a general authorization for the latter to act on their behalf, according to the investment policy agreed with each client. In case it had been agreed in the contract the requirement of prior confirmation by the client, this does not modify the discretionary nature. This management is carried out with financial instruments and deposits in the national or foreign financial system, and in accordance with the provisions contained in the portfolio administration contract. The portfolio administration activity is carried out on behalf and at the risk of the client. The assets that form part of a client's portfolio with a portfolio administration contract are registered and accounted for separately from the Agent's own assets and those that it administers by virtue of other authorized services.»

«Article 72.- General Conditions For the Agent to provide the portfolio administration service, it must comply, previously, with the following conditions: a) Have at least one Representative authorized to carry out this activity; b) Have Internal Conduct Standards that allow foreseeing conflicts of interest and the improper use of insider information in the development of this service; c) Update its Procedures Manual, describing the development of this service and that allows, among other things, maintaining the confidentiality of investment decisions regarding the managed portfolio. The respective internal controls must be included; d) Have a section in the Client Policy that includes this service; and, e) Model of the contract according to Article 73.

PERU Ministry of Economy and Finance

SMV Securities Market Superintendency

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SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 7 Electronically signed document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml The valuation of the portfolio is the responsibility of the Agent and must be performed by a person distinct from the authorized representative who administers the portfolio to be valued, under the valuation criteria established in the International Financial Reporting Standards. Additionally, the Agent may agree with its client to perform the valuation using other criteria.”

«Article 73.- Portfolio Administration Contract To provide the portfolio administration service, the Agent must previously sign a contract with the client in accordance with the means indicated in Article 31-A of the Regulations.

The portfolio administration contract must contain what is indicated in letters a), b), c) and e) of Article 31, and in addition, at a minimum, the following: a) Description of the portfolio administration service, which is discretionary in nature; that is, it is that management by which the client grants the Agent a general authorization for the latter to act on behalf of the client, according to the investment policy. In case it had been agreed in the contract the requirement of prior confirmation by the client, this does not modify the discretionary nature; b) Detail, in quantity or amount, of resources and Financial Instruments delivered to the Agent by the client; c) Indication that the Financial Instruments are valued under the valuation criteria established in the International Financial Reporting Standards. Without prejudice to what is established in the previous paragraph, additionally, the Agent may agree with its client to perform the valuation using other criteria; d) Indication of the operations that require prior confirmation by the client, if applicable; e) Notice that the client is aware of the risks of its investments and assumes them; f) The Agent and the client recognize that the Investment Policy is part of this contract; g) Regularization procedures in case of excesses of investment attributable and not attributable to the Agent; h) Duties and responsibilities of the Agent and the client; i) Entity that performs the custody of the assets in accordance with the current framework; j) Agent’s commissions and expenses borne by the client. The criteria on the basis of which the commissions are calculated and their billing periodicity must be specified. The client cannot be charged commissions and expenses not contemplated in the contract; k) Indicate whether or not there will be a benchmark for performance comparison; l) The means by which information is provided to the client and its delivery periodicity, in the manner established in Article 18-A of the Regulations. m) Term of validity of the contract; and, The date of celebration of the contract.”

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 8 Electronically signed document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

«Article 74.- Resolution of the Contract The client may resolve the portfolio administration contract at any time. To do so, it must communicate it in the manner established in the contract. The Agent that decides to resolve a portfolio administration contract must send a notice to the client with a notice of no less than ten days prior to the effective date of resolution. In the event of contract resolution, what is provided in the same regarding the destination of the portfolio and the deadlines provided for its execution applies. If there is no stipulation, the Agent must follow, within a maximum period of thirty days, the instructions of its client, unless the client expressly disposes to extend said period. The Agent must inform the client that it has complied with the instructions within the same period.”

«Article 75.- Obligations of the Agent in Portfolio Administration The Agent, in relation to the portfolio administration activity, is obliged to: a) Invest the resources and Financial Instruments of its clients in accordance with the investment policy agreed with each client; b) Manage each administered portfolio independently; c) The Agent must not transfer Financial Instruments between administered portfolios at prices different from market price. If there is no market price, the price at fair value referred to in letter c) of Article 73 must be considered as such; d) Communicate to the client, no later than the day following the occurrence, any fact that significantly affects its portfolio; e) Disclose possible conflicts of interest that may exist between the Agent and the client, as well as control mechanisms that help attenuate the possible negative effects that these conflicts may generate; f) Make available to the client the account statement, as stated in the contract, within fifteen calendar days following the close of each month; g) Reconcile with daily periodicity the balances of the Financial Instruments and the deposit balances that make up the clients' portfolio; h) Custody the client's cash resulting from portfolio administration, only in third-party intermediary accounts, in accordance with Article 58; i) Verify the correct and timely deposit of money from coupon collections, dividends or any other concept that the client should receive; j) Verify the correct and timely deposit, withdrawal, or update of the quantity of Financial Instruments that occur due to acquisitions, corporate events, or any other concept that the client should receive or deliver; k) Make payments for the concept of acquisition or purchase of Financial Instruments, payment of commissions and expenses established in the portfolio administration contract;

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 9 Electronically signed document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml l) Comply with the obligations established by the contract; m) Verify the ownership of the Financial Instruments in the name of the client, as well as the timely receipt or delivery of the corresponding Financial Instruments, and; The Agent, its directors, managers and persons authorized to execute the Agent's investment decisions, including the Portfolio Manager, cannot act as counterparty in operations on behalf of clients.”

«Article 76.- Investment Policy in Portfolio Administration The Agent at all times must attend to the best interest of the client and act in accordance with the investment policy with each client and the corresponding portfolio administration contract. The investment policy is part of the portfolio administration contract and at least considers the following: a) The investment objective, duration of the portfolio and client's risk profile; b) Diversification criteria, for which it details the maximum or minimum percentages of investment criteria by type of Financial Instrument, local or foreign market, currency, risk classification, issuer, economic group, among others; c) Other investment criteria. The policy must take into account criteria that can reduce the universe of Financial Instruments in which it can invest. These criteria can be of liquidity, horizon, taxes, regulation or others specific to each client; d) Description of the performance comparison indicator, if one is included. This indicator must present similar characteristics of risk and profitability of the investment policy agreed with the client. e) Express indication on whether the resources administered by the Agent can or cannot be invested in Financial Instruments issued or guaranteed by the Agent and by companies of its economic group, or when these are the obligors for payment. In case of investments in unregistered Financial Instruments issued or guaranteed by the Agent and by entities of its economic group or when these are the obligors for payment, they cannot exceed 20% of each administered portfolio; f) The maximum percentage or amount that can be maintained in cash, in national or foreign currency; g) Prohibition to invest in Financial Instruments issued or whose obligors for payment are entities from countries or territories that: i) Are included in the list of countries or jurisdictions identified as non-cooperative by the FATF; ii) Are included in the European Union List of non-cooperative countries and territories for tax purposes; or, iii) Are included in the OFAC list of the U.S. Department of the Treasury.

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 10 Electronically signed document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml h) Prohibition to invest in shares of mutual funds or shares of investment funds administered by entities of the Agent's economic group, unless the client has expressly authorized this possibility in the contract; i) The risks of the investments; and, j) Procedure for modifying the investment policy, as well as the periodicity with which the policy is reviewed. The portfolio administration investment policy must concord with the client's risk profile, performed in accordance with Article 17 of the Regulations, unless there is express instruction to the contrary from the client.”

«Article 78.- Advertising In all advertising carried out by the Agent, the full name or denomination of the Agent or in its abbreviated form, as it appears in its corporate bylaws, must be considered. The Agent's name must stand out with respect to the name or logo of its shareholders, parent company, economic group or others. All advertising regarding the results of portfolio administration carried out by the Agent must consider what is established in Legislative Decree No. 1044, in Article 11 of the Law and the following: (…)

«ANNEX A III. Specific Rules (…) The Agent must comply with the following: (…)

Article 2.- Incorporate Article 17-A, letter g) of Article 59, items 3 and 4 of letter c) of Article 65 and letter f) of the second paragraph of Section III of Annex A to the Regulations for Intermediation Agents, approved by Resolution SMV No. 034-2015-SMV/01, in accordance with the following texts:

«Article 17-A.- Investment Advice Investment advice consists of providing the client, through the means established in the signed contract, personalized recommendations regarding investing in one or more Financial Instruments, with the aim that the client takes informed investment decisions. The Agent may only provide investment advice if it has previously performed an evaluation of its client's risk profile, in accordance with the internal policies and procedures it has established for such purpose. This activity may be provided at the client's request or by the Agent's initiative, provided that the latter offers the service and the client accepts it.

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 11 Electronically signed document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Investment advice may be carried out within the framework of an intermediation process, or outside of it. The Representative who provides investment advice must at least: a) Explain to the client the risk factors of the recommendations made and leave a record that these do not constitute guarantees of results or returns. b) Inform the client about the existence of any possible conflict of interest affecting the Agent or the Representative regarding the recommendations made. c) Evidence the relationship between the client's risk profile and the characteristics of the recommended Financial Instrument(s), and the explanation of why it fits their profile. Upon receiving the recommendation, the client retains full freedom to act in accordance with or not with it. In case it decides to act differently from the received recommendation, the Agent must clearly warn that its decision does not fit its risk profile, leaving a record of such warning. The Agent is exempt from the obligation to evaluate the client's risk profile; and the obligations established in letters a) and c) of the article, when investment advice is provided to institutional investors.”

«Article 59.- Requirements to operate (…) g) Incorporate into the intermediation contract the declaration established in Article 61 of the Regulations, prepared in accordance with what is provided in Article 31-A. (…)

«Article 65.- Conditions of the intermediary (…) c) Be regulated by some body of similar competence to the SMV. This body must meet the following conditions: (…) 3. Not be included in the European Union List of non-cooperative countries and territories for tax purposes, and; 4. Not be included in the OFAC list of the U.S. Department of the Treasury.”

«ANNEX A MINIMUM CONTENT OF INTERNAL CONDUCT RULES (…) III. Specific Rules (…)

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 12 Electronically signed document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml f) Any remuneration received by the Representative for the portfolio administration service must not be significantly, directly or indirectly linked to the income received for placing financial instruments, or for executing operations related to this service.”

Article 3.- Modify the first paragraph of letter b) of Article 10, Articles 40, 43, the second paragraph of Article 44, the second paragraph of Article 45, Article 86-A and the title of the Final Complementary Provisions of the Regulations for Mutual Funds of Investment in Securities and their Managing Societies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1, in accordance with the following texts:

«Article 10°.- SEPARATION OF ACTIVITIES (…) b) The managers of the managing society, the internal control officials, the members of the investment committee, the portfolio manager and the persons in charge of executing investment decisions, cannot: (…)

«Article 40°.- CONTENT OF THE ADMINISTRATION CONTRACT The contract between the managing society and the participant, referred to in Article 242° of the Law, is called the administration contract. The managing society may use a single contract model for the different mutual funds under its administration. The contract must be signed by the managing society and the participant before the first subscription or transfer of shares of any of the mutual funds that are subject or will be subject to the same. This contract must contain as a minimum the following information: a) Identification of the parties:

1. Name, denomination or trade name of the participant and identity document or RUC number, as applicable;
2. Name and identity document of the person duly authorized to act on behalf of the participant before the Managing Society, if applicable;
3. Address of the participant;
4. Email of the participant, if applicable;
5. In the case of co-owned shares, the name of the co-owner who will represent them for the purposes of communications with the managing society must be indicated. Likewise, it must be indicated if in the process of placing shares, the co-owners will act individually or jointly. This indication, signed by all co-owners, implies the granting of power of attorney in favor of the co-owner(s) indicated.
6. Identification of the promoter who participated in the operation;
7. Denomination of the managing society;
8. Website of the managing society; b) Denomination of the mutual fund and its series if applicable, only in case that the application of the contract is foreseen for a single mutual fund; c) Indication that the incorporation of the participant into the mutual fund implies their full acceptance and submission to the simplified prospectus, participation regulations and other rules that regulate its operation; d) Authorization of the participant for the managing society to redeem the participations they hold in excess, in case the deadlines indicated in Article 91 of the Regulations expire, without the corresponding correction having been made, as well as in those cases required by tax regulations; e) Means to perform operations. The managing society must specify in the participation regulations and simplified prospectus, which operations can be performed through these means; f) The means by which the managing society will provide the client with the account statement, in accordance with the first paragraph of Article 136 of the Regulations and, if applicable, the additional means agreed to provide such documentation. g) Alternative used by the managing society to perform communications that are required, including those derived from modification procedures of the simplified prospectus, participation regulations or administration contract; and, h) Date of celebration of the contract; It is the responsibility of the managing society to correctly register all data, prior to the first subscription. The update of the data indicated in letter a), except item 6, and letters g) and h) may be performed through electronic, telematic or other analogous means, authorized by the managing society. In these cases, what is provided in Article 85 of the Regulations applies. In case the contract is celebrated through means other than physical, the information mentioned in item 6) of letter a), is only applicable to the extent that a promoter participates in the contracting. When the managing society opts to manage a single administration contract for different mutual funds, it is sufficient to deliver a copy of the contract at the time when the first subscription, transfer or transfer of shares of any of the mutual funds that are subject or will be subject to said contract is made, in accordance with what is stated in the second paragraph of Article 40-A of the Regulations.”

«Article 43°.- REDEMPTION REQUEST

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 14 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml The redemption request must contain, at a minimum, the information indicated in items 1), 2), 6) and 7) of subsection a) and subsection b), of Article 40 of the Regulations, as well as the date and time of the request and the current redemption commission. In the case of the use of electronic, telematic or other analogous means, the information indicated in item 6) of subsection a) of Article 40 of the Regulations must always be included whenever a promoter intervenes in the transaction carried out.» «Article 44°.- TRANSFER REQUEST (...) It must also contain the information indicated in items 6) and 7) of subsection a) and subsection b) of Article 40 of the Regulations, the date and time of the request and the transfer commission, if provided for in the simplified prospectus. The request must be signed by both the transferring participant and the acquirer. (...)» «Article 45°.- SWAP REQUEST (...) The swap request contains, at a minimum, the information indicated in items 1), 2), 6) and 7) of subsection a) of Article 40 of the Regulations, as well as the denomination of both funds or series, date and time of the request and the swap commission, if provided for in the simplified prospectus. Reference must be made to the method of determining the share value for simultaneous redemption and subscription, as provided for in the simplified prospectus. (...)» «Article 86-A.- INVESTMENT ADVICE Investment advice consists of providing the potential investor with individualized recommendations regarding investing in one or more mutual funds with the aim of enabling them to make informed investment decisions, which respond to a prior evaluation of the potential investor's risk profile. The advice is provided to potential investors during the subscription, swap and transfer of shares. The management company, Placement Agent and Distributor must, at a minimum: a) Explain to the potential investor the structure of the recommended mutual fund(s) that fit their profile. b) Explain to the potential investor the risks related to the recommended mutual fund(s), as well as the historical performance of the same, if applicable. Furthermore, it must be clarified that the recommendations do not guarantee the result or performance of the investments. c) Demonstrate the relationship between the potential investor's risk profile and the characteristics of the offered mutual fund and the explanation of why it fits their profile.

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 15 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Upon receiving the recommendation, the potential investor retains full freedom to act in accordance with or contrary to it. In the event they decide to act differently from the received recommendation, the management company must clearly warn that their decision does not fit their risk profile, leaving a record of such warning. The management company is exempt from the obligation stated in this article and in Article 86-B in cases where the potential investor wishes to acquire shares of Short-Term Debt Instrument Mutual Funds, or if it is an institutional investor.» «Final Complementary Provisions» Article 4.- Incorporate a final paragraph into Article 15, Article 86-B, Title IX, Articles 209, 210, 211, 212, 213, 214, 215, 216, 217, and a sixth Final Complementary Provision to the Regulations on Mutual Funds of Investment in Securities and their Management Companies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1, according to the following texts: «Article 15°.- PROMOTERS (...) The management company is jointly liable with its promoters and the promoters designated by the placement agents, for the improper acts of the latter, as well as for their omissions. Similarly, said joint liability also applies to the Distributor and its promoters, for the improper acts of the latter, as well as for their omissions.» «Article 86-B.- RISK PROFILE For profiling purposes, the Management Company must evaluate, at a minimum, the following information of the potential investor: a) Their financial situation, and other variables deemed relevant by the Management Company, which allow measuring their capacity to withstand losses; b) Their knowledge and experience in investments, which allows them to understand the nature and risks involved in investing in mutual funds and in the service to be provided; and, c) Their investment objectives, including investment horizon and risk tolerance. The potential investor is responsible for the veracity of the information provided for profiling purposes. The Management Company must make available to the potential investor the document recording the determination of their risk profile before carrying out investment advice or portfolio administration, in the manner established in the first paragraph of Article 136. The Management Company, Placement Agent or Distributor must have policies and procedures to elaborate and update the risk profile of the potential investor. Such policies and procedures must be available to the SMV, when requested by it.» «TITLE IX PORTFOLIO MANAGEMENT» «Article 209°.- DEFINITION Portfolio management, as referred to in Article 31-A of the Regulations, is understood as the activity of managing cash resources or investments permitted by the Regulations that are received from a client. Portfolio management is discretionary in nature, that is, it is that management by which the client grants the management company a general authorization for the latter to act on behalf of the client, according to the investment policy agreed upon with each client. In the event that prior confirmation by the client is agreed upon in the contract, this does not modify the discretionary nature. This management is carried out with investments permitted by the Law and the Regulations, and in accordance with the provisions contained in the portfolio management contract. The portfolio management activity is carried out at the client's account and risk. The assets that form part of a client's portfolio with a portfolio management contract are registered and accounted for separately from the management company's own assets, mutual funds, and other clients' portfolios that it manages. It is considered that the person or entity that has signed the portfolio management contract with the management company has the status of client. The portfolio management service is governed by the provisions of this Title and Articles 3, 4, 9 and 10 of Chapter I, Chapter II with the exception of Article 19, Articles 22-C, 23 and 24 of Chapter III of Title I, Articles 85-A, 86 and 86-B of Chapter IV of Title III, Chapter VII with the exception of Articles 106, 118-A, 120, 121 and 122 and Chapters II and III of Title V, insofar as they do not oppose what is provided in this Title; where the term “participant” should be understood as “clients” and “mutual fund” as “portfolio” where appropriate.» «Article 210°.- GENERAL CONDITIONS For the management company to provide the portfolio management service, it must previously meet the following conditions: a) Have at least one representative to carry out this activity, who is not subject to the impediments contained in Annex B of the Norms and who has adequate academic and professional training, which must be maintained while providing the service as a portfolio manager. Adequate academic training is accredited by meeting the academic training requirements established in Article 14 of the Regulations to be a member of the investment committee.

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 17 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Professional training is accredited with three years of experience in topics related to the management or administration of investments that are the main objective of the investment policy agreed upon with each client. Likewise, it must present to the SMV the sworn declaration of the portfolio manager, at the time of their appointment, of not being subject to the impediments contained in Annex B of the Norms, attaching the corresponding curriculum. The portfolio manager may perform functions regarding more than one client, and even serve as a member of the investment committee or as the person in charge of executing investment decisions in the mutual funds managed by the management company. b) Update its Internal Conduct Norms, which must contain measures or controls that allow anticipating conflicts of interest and the improper use of privileged information in the development of this service. This includes, at a minimum, distinguishing potential conflicts of interest, and their treatment, that may arise from the simultaneous administration of mutual funds and/or managed portfolios. c) Update its Procedures Manual, describing the development of this service and allowing, among other things, to maintain the confidentiality of investment decisions regarding the managed portfolio. The respective internal controls must be included and additionally, a specific section that develops objective criteria and procedures for the allocation of operations for the portfolios under its administration. d) Model contract, according to Article 211 of the Regulations. The valuation of the portfolio is the responsibility of the management company and is carried out by a person distinct from the authorized Representative who administers the portfolio to be valued under the valuation criteria established in International Financial Reporting Standards. Additionally, the management company may agree with its client to use other valuation criteria.» «Article 211°.- PORTFOLIO MANAGEMENT CONTRACT To provide the portfolio management service, the management company must previously sign a contract with the client according to the contracting means indicated in Article 40 A of the Regulations. The portfolio management contract must have the following minimum content: a) Identification of the parties;

1. Name, denomination or trade name of the client and identity document or RUC number, as applicable;
2. Name and identity document of the person, duly authorized to act on behalf of the client;
3. Client's address;
4. Client's email address, if applicable;
5. In the case of co-owned portfolios, it indicates whether the co-owners will act individually or jointly. This indication, signed by all co-owners, implies the granting of power of attorney in favor of the co-owner(s) indicated to carry out the acts comprised in the portfolio management contract;
6. Denomination of the management company;
7. Website b) Indication of acceptance and submission to the Law and the Regulations; c) Description of the portfolio management service, which is discretionary in nature; that is, it is that management by which the client grants the management company a general authorization for the latter to act on behalf of the client, according to the investment policy agreed upon with each client. In the event that prior confirmation by the client is agreed upon in the contract, this does not modify the discretionary nature; d) Detail, in quantity or amount, of resources and investments permitted by the Law and the Regulations delivered to the management company by the client. e) Indication that the investments permitted by the Law and the Regulations are valued under the valuation criteria established in International Financial Reporting Standards. Without prejudice to what is established in the previous paragraph, additionally, the management company may agree with its client to use other valuation criteria. f) The management company and the client recognize that the Investment Policy is part of this contract; g) Procedures and deadlines for regularization in case of investment excesses attributable and not attributable to the management company; h) Duties and responsibilities of the management company and the client; i) Entity that carries out the custody of the investments permitted by the Law and the Regulations. j) Commissions of the management company and expenses borne by the client. The criteria on the basis of which commissions are calculated and the periodicity of their collection must be specified. Commissions and expenses not contemplated in the contract cannot be charged to the client. In the event that investment is made in mutual funds managed by the management company, it must be indicated whether it assumes or not the payment of commissions inherent to the client's participation in the mutual funds under its administration; k) Indicate whether or not a performance benchmark indicator will be available; l) Obligation to make the account statement available to the client, as indicated in Articles 136 and 217 of the Regulations; m) The means by which information will be provided to the client and its delivery periodicity, in the manner established in Article 136 of the Regulations; n) Procedures for modification of the management company's commissions and expenses borne by the client; o) Procedures for consultation, complaints and conflict resolution, established by the management company; p) A highlighted section indicating that:

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 19 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

1. The client, in no case, must deliver cash to the management company or its portfolio manager to carry out its operations. The client must make contributions to their managed portfolio through the accounts established in the financial system by the management company for this purpose;
2. The provision of this service is carried out at the client's account and risk;
3. The client declares having knowledge of the risks of their investments and assumes them;
4. The SMV is the institution in charge of supervising the securities market. The Institutional Page of the Superintendencia del Mercado de Valores – SMV, on the Single Digital Platform of the Peruvian State (www.gob.pe/smv) and the address and telephone number of the SMV must be included; q) Client's obligation to send the information requested by the management company in order to verify the client's identity, their risk profile, source of funds, among others; and the obligation to send to the SMV any information it requires for supervisory purposes or to any other national authority with the corresponding competence; r) Indication of operations that require prior confirmation by the client, if applicable; s) Term of validity of the contract; and, t) The date of celebration of the contract.» «Article 212°.- RESOLUTION OF THE CONTRACT The client may resolve the portfolio management contract at any time. To do so, they must communicate it in the manner established in the contract. The management company that decides to resolve a portfolio management contract must send a notice to the client with a notice period of no less than ten days prior to the effective date of resolution. In the event of contract resolution, the provisions regarding the destination of the portfolio and the deadlines provided for its execution apply. In the absence of stipulation, the management company must follow, within a maximum period of thirty days, the instructions of its client, unless the client expressly disposes to extend said period. The management company must inform the client that it has complied with such instructions within the same period.» «Article 213°.- OBLIGATIONS OF THE MANAGEMENT COMPANY IN PORTFOLIO MANAGEMENT The management company, in relation to the portfolio management activity, is obliged to: a) Invest the resources and investments permitted by the Law and the Regulations of its clients in accordance with the investment policy agreed upon with each client; b) Independently manage each managed portfolio;

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 20 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml c) Transfer the investments permitted by the Regulations between the managed portfolios at market prices or fair value and observing what is established in Article 166 of the Civil Code; d) Communicate to the client through the medium chosen in the contract, no later than the following day of occurrence, any event that significantly affects their portfolio; e) Make the account statement available to the client, as stated in the contract, within fifteen calendar days following the close of each month; f) Reconcile with daily periodicity the balances of the investments permitted by the Law and the Regulations that make up the clients' portfolios; g) Custody the client's cash resulting from portfolio management, exclusively in accounts established in the financial system for this purpose. These accounts are distinct from the financial system accounts that constitute assets of the management company; h) Verify the correct and timely receipt of money from coupon collections, dividends or any other concept that the client should receive; i) Verify the correct and timely receipt, disbursement, or update of the quantity of investments permitted by the Law and the Regulations that occur due to acquisitions, corporate events, or any other concept that the client should receive or deliver; j) Make payments for the acquisition or purchase of investments permitted by the Law and the Regulations, payment of commissions and expenses established in the portfolio management contract; k) Comply with the obligations established in the contract; l) Verify the ownership of the investments permitted by the Regulations in the client's name, as well as the timely receipt or delivery of the investments permitted by the Law and the Regulations corresponding, and; The management company in principal operations, its directors, managers, members of the investment committee, portfolio manager and the persons authorized to execute the investment decisions of the management company in mutual funds, cannot act as counterparty in operations on behalf of the clients.» «Article 214°.- INVESTMENT POLICY IN PORTFOLIO MANAGEMENT The management company must at all times attend to the best interest of the client and act in accordance with the investment policy agreed upon with each client and the corresponding portfolio management contract. The investment policy is part of the portfolio management contract and considers at least the following: a) The investment objective, duration of the portfolio and client's risk profile; b) Diversification criteria, for which it details the maximum or minimum percentages of investment criteria by type of Financial Instrument (debt or

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 21 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml participation), derivatives or financial operations, local or foreign market, currency, risk classification, issuer, economic group, among others; c) Other investment criteria. The investment policy takes into account criteria that delimit the universe of Financial Instruments in which it can invest. Additionally, it may take into account other criteria, such as liquidity, tax treatment or others specific to each client; d) Description of the benchmark indicator, if one is included. This indicator must present similar characteristics of risk and profitability of the investment policy agreed with the client; e) Express indication of whether the resources managed by the management company can or cannot be invested in Financial Instruments issued or guaranteed by the management company and by entities of its economic group of the management company, or when these are the obligors to pay. If this is the case, investments in Financial Instruments not registered in the Registry, issued or guaranteed by the management company and by entities of its economic group or when these are the obligors to pay, cannot exceed 20% of each managed portfolio; f) The maximum percentage or amount that can be held in cash, in national or foreign currency; g) Prohibition of investing in financial instruments issued, guaranteed or whose obligors to pay are entities from countries or territories that do not comply with what is stated in items 2, 3, and 4 of letter a) of Annex I of the Regulation; h) Prohibition of investing in shares of mutual funds or shares of investment funds managed by the same management company, unless the client has expressly authorized this possibility in the contract; i) The risks of the investments, and; j) Procedure for modifying the investment policy, as well as the periodicity with which the policy is reviewed. The portfolio management investment policy must concord with the client's risk profile, carried out in accordance with Article 86-B of the Regulation, unless express instruction to the contrary by the client.”

«Article 215°.- Joint Investment The set of investments made by the management company for its own account, and on behalf of clients for whom it provides portfolio management services and over which it has received authorization to exercise discretionary voting rights, must not give it in any case direct or indirect control of an entity, national or foreign.»

«Article 216°.- Advertising In all advertising carried out by the management company, the full name or denomination of the Management Company or in its abbreviated form, as it appears in its corporate bylaws, must be considered. The name of the management company must

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 22 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml stand out from the name or logo of its shareholders, parent, economic group or others. All advertising regarding the results of portfolio management carried out by the management company must consider what is established in Legislative Decree No. 1044, in Article 11 of the Law and the following: a) When the SMV is mentioned, the following phrase must be included: “The supervision of the SMV does not imply that it recommends or guarantees the investment made in the portfolios managed by (name of the management company)". b) Comparisons with other investments permitted by the Law and the Regulation or benchmark indicators can only be made when these present characteristics of risk and return similar to the composition of portfolios to be advertised. Additionally, the following declaration must be included: "The risk and return of the instruments that form part of the portfolios, as well as their cost structure, are not necessarily comparable to the same variables of (the other investment alternatives)." c) If profitability is mentioned, a highlighted note is included with the following phrase: "The profitability or gain obtained in the past does not guarantee that it will repeat in the future. This profitability may not include the effect of commissions or expenses, nor of taxes". d) In the case that profitability is advertised:

1. Returns must reflect the total of managed portfolios that have a similar investment policy, individual portfolios must not be advertised.
2. Advertising must not be biased to show only the portfolios that have obtained the best returns in a given period.
3. Returns must be weighted by time.
4. Profitability projections cannot be made.
5. Profitability or invested capital cannot be guaranteed.
6. Returns cannot be annualized for periods less than one year.
7. Returns can only be advertised considering full years, from January to December. The minimum information to be advertised is the corresponding to the annualized return of each of the five last full years prior to the date of publication. Likewise, the return corresponding to the year in current must be recorded. Additionally, the advertising of returns can add the returns accumulated for the periods comprising at least the last two, three, four and five full accumulated years prior to the date of publication.»

«Article 217°.- CLIENT ACCOUNT STATEMENT The account statement is a report of the services provided to the client by the management company during a determined period, which shows in detail the movements

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 23 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml effectuated in said period and the balances of the investments permitted by the Law and the Regulation. Each client must have an account statement, which must contain as minimum the following information for each transaction effected: a) Date of transaction. b) Type of transaction: Purchase, sale, collection, payment, transfer or any other. c) Gloss corresponding to the type of transaction: The gloss must be clear and sufficient to identify the nature of the transaction, especially in the case of transfers or others different from purchases, sales, collections or payments. d) Identification of the corresponding document: policy, receipt or other. e) In the case of purchase and sale operations, for each of them:

1. Denomination of the financial instrument or financial operations;
2. The quantity bought and/or sold; and,
3. Unit price. f) Currency of the transaction. g) Amount of the transaction. h) Monetary balance at the end of each date. Furthermore, the client's account statement must present separately and clearly, the balance of all investments permitted by the Regulation, owned by the client, under control or responsibility of the management company, with specification of its situation of availability or any other.»

«SIXTH.- The management company that provides the portfolio management service must send to the SMV the identification information of the clients to whom it provided the service during the period and the valuation of the assets that make up each managed portfolio at the close of the months of March, June, September and December, in the same opportunity of presentation of the interim financial information of the management company.»

Article 5.- Modify the first part of item b) of Article 5, Articles 7, 8, item c) of Article 64, the penultimate and last paragraph of item i) and item j) of Article 77, items 1 and 2 of item c) of Article 85, the items c), g), and h) of Article 89, the penultimate paragraph of Article 141, the Fourth Complementary Final Provision and Annex H of the Regulation of Investment Funds and their Management Companies, approved by Resolution SMV No. 029-2014- SMV/01, according to the following text:

«Article 5.- Principle of Independence and Separation (…)

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 24 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml b) The managers of the Management Company, External Manager, portfolio manager and the members of the Investment Committee, cannot: (…)»

«Article 7.- Third-Party Services The Management Company may enter into contracts that allow it to have the support of third parties for the performance of its functions. These contracts cannot substitute the functions of the general manager, board of directors and others restricted by the regulation that applies to it. These contracts may be entered into through physical, electronic, telematic or other analogous means, and must have the appropriate mechanisms that allow it to guarantee the integrity and security of the contracting, as well as its verification subsequent. In the event that contracts for services directly related to the administration of the Fund, including those mentioned in the sixth paragraph of this article, are entered into with companies or persons linked to the Management Company, the approval of the Surveillance Committee must be obtained previously. These contracts are available to the members of the Surveillance Committee and to the SMV on the occasion that they are required. The Management Company verifies that the contracted entity has the minimum conditions of quality of resources and security that ensure the compliance with the obligations established in the applicable regulation. The costs derived from the contracting of third-party services for the performance of the functions of the Management Company are assumed by it and cannot be charged to the Fund. The Management Company does not assume the costs derived from the contracting of services related to the operation, maintenance and/or commercial exploitation of the assets of the Fund that by their nature, are required for the fulfillment of the investment objective of the Fund; excepting those costs that in accordance with the Participation Regulation are assumed by the Management Company. The contracts that the Management Company signs with other entities for the development of certain activities, do not exempt it from the responsibilities that correspond to it for the administration of the Funds under its charge.»

«Article 8.- Transparency of Charges to the Fund The Participation Regulation must establish the expenses that will be assumed by the Fund, as well as the periodicity and opportunity in which they will accrue and settle in accordance with each class of shares. The Participation Regulation must include the following: a) Description of expenses directly related to the investment that the Fund makes for its acquisition, sale or liquidation. These expenses include notarial and registry expenses, as well as expenses corresponding to the due diligence of the assets that are acquired by the Fund.

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 25 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml b) Description of operation, maintenance and commercial exploitation expenses of the assets of the Fund that, by their nature, are necessary to fulfill the investment objective. c) The remuneration received by the Management Company for all its services, in accordance with what is provided by Article 131 of the Regulation. This remuneration must include the fees received by the members of the Investment Committee and the External Manager if applicable, as well as the other expenses generated by the contracting of third parties in accordance with what is provided in Article 7 of the Regulation. d) Description of pre-operational and structuring expenses related to the Fund, indicating the amount or maximum percentage of the net asset value of the Fund that these expenses will represent. e) Taxes applicable to the Fund, to its assets and, in general, any expense of a tax nature that affects the operations or activities of the Fund. f) The remuneration to the Surveillance Committee, if applicable. g) Extraordinary expenses, with the purpose of safeguarding the interests of the Fund, with prior approval of the General Assembly or Special Assembly or Surveillance Committee when it has the respective delegation. The expenses are credited with the corresponding documentation. Fines, interest, sanctions or others that are generated by non-compliance by the Management Company attributable to its management cannot be imputed as expenses of the Fund.»

«Article 64.- Procedure to Offer Contribution in Non-Monetary Assets (…) c) If the Investment Committee requires a valuation, the Management Company contracts an Appraisal Entity for this purpose. The costs incurred by the valuation are assumed by the contributor of the non-monetary asset prior to the realization of the same, otherwise the procedure is considered not initiated. The valuation that is used for such effects must have an age not greater than that established in the participation regulation for investments in this type of assets and cannot be superior to six months. (…)»

«Article 77.- Permitted Investments (…) i) (…) In items 1 and 2, the operations of assignment of rights over receivables must be backed by contracts drafted in accordance with national or international legislation, as appropriate, and signed by the assignor of such rights and the Management Company. Additionally to what is stated in the previous paragraph, the rights over the receivables subject to assignment, in addition to what is provided in the Participation Regulation, must

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 26 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml have the possibility of being subject to subsequent transfer and have a payment date. j) In application of what is provided in item o) of Article 27 of the Law, the investments that Management Companies make with the resources of the FIRBIS can be destined to the acquisition of real estate located abroad. Such real estate must be registered in the public registry duly recognized by the authority of the country corresponding and subject to the conditions established in the Fourth Complementary Provision.»

«Article 85.- Information of the Funds (…) c) (…)

1. The share value of the Fund at the close of the period, indicating the share value on the date, the nominal share value, the number of shares in circulation and the number of participants.
2. The number of shares placed during the period, as well as the amount placed and/or issued on each occasion, indicating the date of realization of each placement. In the case of partially paid share issuances, the paid share value and the percentage of payment that corresponds to the issuance must be reported. (…)»

«Article 89.- Information to Participants (…) c) Excesses of participation in the net asset value of the Fund, ordered from largest to smallest, indicating the percentage of participation and number of shares of each participant that registers excess without mentioning the name, as well as the measures adopted on the particular, the excesses regarding the limit of the joint participation of the Management Company and Related Persons, established in the Participation Regulation; (…) g) Main acts related to the administration of the assets subject to commercial exploitation by the Fund, determined by the Investment Committee. h) Analysis of the Fund's expenses incurred during the period, specifying their compliance with the limits established in the Participation Regulation, as well as a brief explanation of the significant and extraordinary expenses incurred by the Fund during the month, indicating the concept, the support for them, as well as the persons in whose favor they were paid. (…)»

«Article 141.- Material Events and Disclosure (…)

PERÚ Ministry of Economy and Finance

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 27 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml The events indicated in the previous article and this article must be reported to the Registry in accordance with what is established in the Regulation of Material Events. Regarding the persons linked to the material events mentioned in items b), c) and d), the Management Company must send the respective declarations of oath of not being subject to the impediments and prohibitions established in the regulation, within two days of the event being communicated. (…)»

«Fourth.- Real Estate Income Investment Fund The Fund includes the denomination “Real Estate Income Investment Fund - FIRBI” when its participation certificates have been placed exclusively by primary public offer and the purpose of the Fund is the acquisition or construction of real estate that is destined to its lease or another form of onerous transfer of use. All participation certificates issued by the FIRBI are fungible among themselves. International invitation for the placement of participation certificates of the FIRBI can be made, provided that such placement is carried out only in national territory under the norms that govern the primary public offer. The international invitation for the placement of the securities is carried out in accordance with the regulation of the country in which such invitation is disseminated and provided that the participating intermediary, in the case of not being under the supervision of the SMV, has functions similar to those of Peruvian intermediation agents and is under supervision of a regulatory body with competencies similar to the SMV and that has signed the MOU or EMMOU of IOSCO. The real estate in which the FIRBI invests must be registered in the Public Registries of Peru or another equivalent registry abroad duly recognized by the authority of the respective country. Exceptionally, the FIRBI can acquire future real estate provided that: i) the same are built on real estate registered in the Public Registries of Peru or another equivalent registry abroad; and ii) the contractual relationship in which the management company intervenes on behalf of the FIRBI, allows a successive registry tract with respect to the real estate referred to in item i) above, which must be duly evidenced. After the completion of the construction of the real estate, its registry inscription in the name of the FIRBI is mandatory. To maintain the condition of FIRBI, the following requirements must be met: a) The participation certificates must be placed by primary public offer to at least ten (10) investors, in each placement and that are not linked to each other. For these purposes, in the case of acquisition of participation certificates through global accounts, the final holders of such instruments can be considered as investors. The management company must prove in case that the SMV requires, that each placement meets the dispersion requirement. The SMV may require information regarding the final holders of global accounts. The requirement stated in this item does not apply in the case of capital increases made by the investors themselves nor in the exercise or transfer of the preferential subscription right that could be derived from the capital increases.

PERÚ Ministry of Economy and Finance

b) At least seventy percent (70%) of the Fund's assets must be invested in assets inherent to its investment object. Real estate acquired or built for leasing or any other form of onerous transfer of use may only be transferred after four years have elapsed, counted from the date they were acquired by the Fund or from the date their construction was completed, as applicable. Construction is considered completed when the conformity of work or equivalent document has been obtained from the corresponding municipal authority, in the case of real estate abroad.

Within the seventy percent (70%) referred to in the first paragraph of this subsection, the acquisition and/or contribution of real estate with a cash repurchase option is included, provided that this option is expressly stipulated and regulated in the real estate transfer contract and a minimum stay of four years is established within the FIRBI. Likewise, cash disbursements that constitute advances made under the framework of a contract or agreement aimed at the acquisition or construction of real estate by the FIRBI are included. When the Fund's objective, total or partial, is the construction of real estate, this activity must necessarily be carried out through a third party. The acquisition of real estate may be carried out: i) through contracts for the direct acquisition of real estate or ii) through contracts or operations that result in the FIRBI acquiring direct ownership or title to the real estate. The term for the acquisition of the property shall not exceed one hundred twenty (120) calendar days, calculated with respect to each property, from the celebration of the first contract aimed at acquiring said property or from the issuance of participation certificates placed with the object of carrying out said acquisition, whichever occurs later.

c) The remainder of the FIRBI's assets, after deducting the investment referred to in the preceding subsection b), must be in deposits in national banking entities, instruments representing these, or in debt instruments issued by the Central Reserve Bank of Peru or the central government. Likewise, exceptionally, investment may be made in derivatives for hedging purposes regarding investments or agreed cash flows. Additionally, in the event that the FIRBI has assets inherent to its investment object in countries other than Peru, exceptionally, the FIRBI's liquid assets may be deposited in banking entities of said countries provided that such entities have a risk classification no lower than that of sovereign bonds issued by the respective country. If no banking entity in said country has that minimum risk classification, deposits may be made in current accounts of banking entities in the referred country. All these banking entities must be under the supervision of an entity of similar competence to the Superintendency.

Investment in FIRBI participation certificates is permitted provided these are acquired as part of the price stabilization strategy for the FIRBI's participation certificates, in accordance with the procedure and term established in the participation regulation. Upon completion of said term, the participation certificates acquired in the name of the FIRBI must be amortized.

d) The management company distributes and pays at least once a year to the holders of the FIRBI participation certificates at least ninety-five percent (95%) of the distributable net profit of the fiscal year obtained by the FIRBI. The calculation of distributable net profit for the purpose of paying returns is determined based on the items in the Statement of Results that implied an inflow or outflow of cash for the Fund. Items that have not been realized at the close of the fiscal year will be reintegrated into the calculation of distributable net profit in the fiscal year in which they are realized. Likewise, profits distributed and paid in excess of the net profit reported in the Statement of Results will be recognized as an account receivable from certificate holders under the concept of advance payment of returns, which will be offset upon the realization of the corresponding asset. Such distribution and payment must be made no later than April 30 of the fiscal year following that in which such distributable net profit was generated.

The requirement to maintain seventy percent (70%) invested in assets inherent to its investment object is enforceable after twelve months from the placement of each issuance of participation certificates through a primary public offering, with respect to the amount placed in each opportunity. Such compliance must be reported as a material event.

In the event that this investment requirement is not met within the established term, the Fund immediately and definitively loses its status as FIRBI, which must be communicated as a material event.

After the requirement referred to in the previous paragraph is met for the first time, the management company must report on the compliance with this requirement on each occasion when it is obligated by regulations to present the Fund's interim financial statements to the Registry. In the event that intermediate financial information is not presented to the Registry within the maximum terms provided for in the regulations, it is presumed that with respect to that quarter the Fund does not comply with the requirement referred to in this paragraph.

If two consecutive quarters elapse in which the intermediate financial information shows that the requirement had ceased to be met or such information had not been presented, the presumption indicated in the previous paragraph applies, and the management company must report as a material event that the Fund ceased to have FIRBI status. The loss of such status will be effective from the maximum date provided for in the regulations for the presentation of said intermediate financial information.

The status of "Real Estate Income Investment Fund - FIRBI" will be recovered from the presentation of that intermediate financial information that accredits that the requirement referred to in the first paragraph of this subsection has been met again. The recovery of such status will be effective from the maximum date provided for in the regulations for the presentation of said intermediate financial information.

Non-compliance with what is stipulated in subsection d) within the maximum term provided for in said subsection, or with what is stipulated in subsections a) or the second paragraph of subsection b), entails the immediate and definitive loss of the status of "Real Estate Income Investment Fund - FIRBI" and must be reported as a material event.

Funds that do not comply with what is mentioned in this article will not have the status of "Real Estate Income Investment Fund - FIRBI" and, therefore, cannot be named as such, must modify their name immediately and inform this as a material event. The management company has a maximum term of thirty (30) calendar days to carry out the procedures that allow formalizing the situation indicated in the previous paragraph, with the placement of new shares of the Fund being suspended.

Modifications to the participation regulation that must exclusively be made for these effects may be adopted by unilateral decision of the management company and will be communicated as a material event.

Of the contributions of real estate The requirements to carry out a primary public offering and that it be placed with at least ten (10) investors established in subsection a) of the Fourth Final Complementary Provision are not enforceable when the issuance of securities is carried out exclusively in consideration for contributions of real estate to the Fund. In these cases, the following must be complied with:

a) The General Assembly must approve the contributions of real estate made by any member of the Investment Committee, the Management Company, the External Manager, the shareholders, directors, and managers of such legal entities, as well as the persons who exercise functions related to the Fund's investment process and those linked to all the aforementioned. The participation certificates held in the name of all the aforementioned persons or legal entities have their voting rights suspended and are not considered for the computation of quorums and majorities in assemblies where the approval of such contributions is submitted.

b) The General Assembly must approve the contributions of real estate from persons or legal entities other than those indicated in the preceding subsection, which individually or jointly represent a percentage greater than 20% of the value of the Fund's net equity registered in the last financial statements presented to the SMV.

For the adoption of the agreements indicated in subsections a) and b) above, the quorum and majority established in Article 323 of the General Companies Law are required.

c) The Investment Committee may approve contributions made by persons or legal entities other than those stated in subsections a) and b) above, which individually or jointly represent a percentage less than or equal to 20% of the Fund's net equity registered in the last financial statements presented to the SMV.

d) The real estate to be contributed must comply with the investment policy established in the Fund's participation regulation, as well as satisfy the requirements established regarding the assets that can be acquired by the Fund.

e) The real estate to be contributed must not have encumbrances at the time of transfer to the Fund. This condition is not enforceable: i) in cases where the Fund becomes the creditor or obligated to pay the obligation that gave rise to the encumbrance constituted on the real estate, and ii) in other circumstances of an equivalent nature authorized, upon reasoned request, by the Assistant Superintendent of Prudential Supervision.

f) The participation regulation must contemplate the possibility of contributing real estate to the Fund's equity, as well as the procedure to be followed to carry out said contributions. In this case, such procedure must be complied with on the occasion of each contribution.

g) Possess an appraisal, not older than six months, carried out by a qualified appraiser registered with the Superintendency or in another official equivalent registry in the country where the real estate is located, distinct from Peru.

The powers of the General Assembly of Holders of participation certificates provided for in subsections a) and b) of this article cannot be delegated to another body of the Fund.»

«ANNEX H CONTENT OF THE SUBSCRIPTION AND TRANSFER CONTRACT OF SHARES The subscription contract referred to in Article 4 of the Law must be celebrated in accordance with what is established in Article 60 and contain as a minimum the following information:

a) Identification of the parties:

1. Name, denomination, or trade name of the participant; identity document or RUC number, as applicable;
2. Name and identity document of their legal representative, duly authorized to act on behalf of the participant before the Management Company, if applicable;
3. Domicile of the participant;
4. Email address of the participant, if applicable;
5. In the case of co-ownership, indication of the name and identity document of the co-owner designated in accordance with Article 61, to act on behalf of the co-owners before the Management Company;
6. Identification of the promoter who participated in the operation;
7. Denomination of the Management Company;
8. Website of the Management Company;

b) Denomination of the investment fund, its class and/or series, if applicable; c) The date of celebration of the contract; d) The amount or number of shares subscribed, the price, and subscription amount; e) The indication that the incorporation of the participant into the Fund implies their full acceptance and submission to the Participation Regulation and other rules that regulate the functioning of the Fund; f) Means by which the management company will provide the participant with the investment statement and any other correspondence, as established in the Participation Regulation; and g) Indication of whether the management company will provide investment advisory services.

It is the responsibility of the management company to correctly register all data prior to the first subscription.

The update of the data indicated in subsection a), with the exception of items 6, 7, and 8, may be carried out through electronic, telematic, or other analogous means. In these cases, what is established in Article 10 A and the fourth paragraph of Article 60 of the Regulation applies.

In the event that the contract is celebrated through means other than physical, the information mentioned in item 6) of subsection a) is only applicable to the extent that a promoter participates in the contracting.

The transfer contract of shares may be celebrated in accordance with what is indicated in Article 60, and must contain, at least, the information indicated in the preceding subsections, including the identification data of the transferring participant.»

Article 6.- Incorporate Articles 58-A, 58-B, item 3 of subsection i) and subsection k) of Article 77; items 3, 4, and 5 of subsection c) and subsection d) of Article 85; subsection i) of Article 89; subsection p) and a final paragraph of Article 141; Title XII; Articles 160, 161, 162, 163, 164, 165, 166, 167, 168, 169, and a Seventh Final Complementary Provision to the Regulation of Investment Funds and their Management Companies, approved by Resolution SMV No. 029-2014-SMV/01, in accordance with the following texts:

«Article 58-A.- Investment Advisory Investment advisory consists of providing the potential investor, through the means established in the advisory contract, personalized recommendations regarding investing in one or more Funds, with the purpose of enabling them to make informed investment decisions.

The Management Company only provides investment advisory if it has previously evaluated the risk profile of the potential investor and recommends those Funds that adjust to their risk profile.

This activity may be provided at the request of the potential investor or by initiative of the Management Company, provided that the latter offers the service.

The Management Company that provides investment advisory must, as a minimum: a) Explain to the potential investor the structure of the recommended Fund(s) that adjust to their profile. b) Explain to the potential investor the risks related to the recommended Fund, as well as the historical return of the same, if applicable. Likewise, it must be clarified that the recommendations do not guarantee the result or return of the investments. c) Evidence the relationship between the potential investor's risk profile and the characteristics of the recommended Fund and the explanation of why it adjusts to their profile.

Upon receiving the recommendation, the potential investor retains full freedom to act in accordance with or not with it. In the event they decide to act differently from the received recommendation, the Management Company must clearly warn that their decision does not adjust to their risk profile, leaving a record of said warning.

The Management Company must sign a contract with the potential investor prior to providing the investment advisory service, establishing the rights and obligations of each of the parties. The contract must be celebrated through the means and conditions indicated in Article 60.

The Management Company is exempt from the obligation to evaluate the investor's risk profile and the obligations established in subsections a), b), and c) of this article, when investment advisory is provided to institutional investors.»

«Article 58-B- Risk Profile For profiling purposes, the Management Company must evaluate, as a minimum, the following information of the potential investor, in the event of carrying out investment advisory or portfolio administration activities: a) Their financial situation, and other variables deemed pertinent by the Management Company, that allow measuring their capacity to withstand losses; b) Their knowledge and experience in investments, allowing them to understand the nature and risks involved in investing in the Funds or the service to be provided; and, c) Their investment objectives, including the investment horizon and their risk tolerance.

The potential investor is responsible for the veracity of the information provided for profiling purposes.

The Management Company must make available to the potential investor the document where the determination of their risk profile is recorded prior to providing the investment advisory or portfolio administration service, through the means established in the first paragraph of Article 169.

The management company must have policies and procedures to elaborate and update the potential investor's risk profile. Such policies and procedures must be available to the SMV, when requested.»

«Article 77.- Permitted Investments (…) i) (…) 3. Acquisition of rights over credits, contained in negotiable invoices. Such investment is subject to the legislation on the matter.

In the acquisition of negotiable invoices, the Management Company intervenes, acting on behalf of the Fund, and, on the other hand, the creditor of the obligation, who transfers the negotiable invoice.

The Participation Regulation must include aspects related to this type of investment, considering as a minimum the following information: i. Conditions of the negotiable invoices, which must consider, as a minimum, currency, maturity term, whether with or without recourse; and, ii. Conditions that the obligors to the payment of the credit must meet. (…) k) Others established by the Superintendent of the Securities Market.»

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 34 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

«Article 85.- Information on Funds (…) c) (…) 3. The number of amortized shares during the period. 4. The variation in the number of shares held by the Management Company, as well as by Related Persons to this, according to the definition provided in letter n) of Article 1, and the percentage they represent with respect to the Fund's equity. 5. Detail of investments made in assets belonging to Private Offering Funds managed by the same Management Company. d) The application for registration, objections, and the effective date of registration, of transfers related to real estate acquired by the Fund in the corresponding public registry, within two days of occurrence or knowledge. (…)»

«Article 89.- Information to Participants (…) i) Any other information that the Participation Regulation establishes as mandatory to be sent to participants. (…)»

«Article 141.- Material Events and Disclosure (…) p) The material events indicated in the Fourth Complementary Provision of this Regulation. (…) In the event of having incurred in any cause or agreement that determines or may determine the loss of FIRBI status at the time of the offer, the corresponding notice must reveal such situation.»

«TITLE XII PORTFOLIO MANAGEMENT»

«Article 160.- Definition Portfolio management, as referred to in Article 22 of the Regulation, is understood as the activity of managing cash resources or investments permitted by the Law and Regulation that are received from a client. Portfolio management is discretionary in nature, that is, it is that management by which the client grants the Management Company a general authorization for the latter to act on behalf of the client, according to the investment policy agreed upon with each client. In case prior confirmation of the client has been agreed upon in the contract, this does not modify the discretionary nature. This management can be carried out with investments permitted by the Law and Regulation, and in accordance with the provisions contained in the portfolio management contract. The portfolio management activity is carried out at the client's account and risk. The assets that form part of a client's portfolio with a portfolio management contract are registered and accounted for separately from the Management Company's own assets, investment funds, and other clients' portfolios that it manages. It is considered that the person or entity that has signed the portfolio management contract with the Management Company has the quality of client. The portfolio management service is governed by what is provided in this Title and Title I, Chapter II, Articles 3, 4 and 6, Title III, Chapter IV, Article 77 and Article 83, Title VI, Chapter II, Article 134, Title VIII, insofar as they do not oppose what is provided in this Title; where the term “participant” must be understood as “clients”, and “Fund” as “portfolio” when appropriate.»

«Article 161.- General Conditions For the Management Company to provide the portfolio management service, it must previously meet the following conditions: a) Have at least one representative to carry out this activity, who is not subject to the impediments contained in Annex B of the Common Rules and who has adequate academic and professional training, which must be maintained while providing the service as a portfolio manager. Adequate academic training is accredited by meeting the academic training requirements to be a member of the investment committee as stated in Article 139 of the Regulation. Professional training is accredited with three years of experience in topics related to the management or administration of investments that are the main objective of the investment policy agreed upon with each client; Likewise, it must present to the SMV the sworn declaration of the portfolio manager, at the time of their appointment, of not being subject to the impediments contained in Annex B of the Common Rules, attaching the corresponding curriculum. The portfolio manager may perform functions regarding more than one client, and even serve as a member of the investment committee or as the person in charge of executing investment decisions in the investment funds managed by the Management Company. b) Update its Internal Conduct Standards, establishing measures or controls that allow anticipating conflicts of interest and the improper use of insider information in the development of this service. This includes, at a minimum, distinguishing potential conflicts of interest that may arise from the simultaneous administration of investment funds and/or managed portfolios;

c) Update its Procedures Manual, describing the development of this service and allowing, among other things, to maintain the confidentiality of investment decisions related to the managed portfolio. The respective internal controls must be included and additionally, a specific section that develops objective criteria and procedures for the allocation of operations for the portfolios under its administration; d) Model of the contract according to Article 162 of the Regulation. The valuation of the portfolio is the responsibility of the Management Company and must be carried out by a person distinct from the Representative authorized to manage portfolios, considering the valuation criteria established in International Financial Reporting Standards. Additionally, the management company may agree with its client to use other criteria for valuation.»

«Article 162.- Portfolio Management Contract To provide the portfolio management service, the Management Company must previously sign a contract with the client in accordance with the means indicated in Article 60 of the Regulation. The portfolio management contract must have the following minimum content: a) Identification of the parties:

1. Name, denomination or trade name of the client; and identity document or RUC number, as appropriate;
2. Name and identity document of the person, duly authorized to act on behalf of the client;
3. Client's address;
4. Client's email address, if applicable;
5. In the case of co-owned portfolios, it must be indicated whether the co-owners will act individually or jointly. This indication, signed by all co-owners, implies the granting of power of attorney in favor of the co-owner(s) indicated to carry out the acts included in the management contract;
6. Name of the Management Company;
7. Website; b) Indication of acceptance and submission to the Law and Regulation; c) Description of the portfolio management service, which is discretionary in nature; that is, it is that management by which the client grants the management company a general authorization for the latter to act on behalf of the client, according to the investment policy agreed upon with each client. In case prior confirmation of the client has been agreed upon in the contract, this does not modify the discretionary nature; d) Detail, in quantity or amount, of resources and investments permitted by the Law and Regulation delivered to the Management Company by the client;

e) Indication that investments permitted by the Law and Regulation are valued considering valuation criteria under International Financial Reporting Standards. Without prejudice to what is established in the previous paragraph, additionally, the management company may agree with its client to use other criteria for valuation; f) The Management Company and the client recognize that the Investment Policy is part of this contract; g) Procedures and deadlines for regularization in case of investment excesses attributable and not attributable to the Management Company; h) Duties and responsibilities of the Management Company and the client; i) Entity that carries out the custody of investments permitted by the Law and Regulation; j) Commissions of the Management Company and expenses borne by the client. The criteria on the basis of which commissions are calculated and the frequency of their collection must be specified. Commissions and expenses not contemplated in the contract cannot be charged to the client. In case of investing in investment funds managed by the Management Company, it must be indicated whether it assumes or not the payment of commissions inherent to the client's participation in the investment funds under its administration; k) Indicate whether or not a benchmark indicator of returns will be available; l) Obligation to make the account statement available to the client, as indicated in Articles 168 and 169 of the Regulation; m) The means by which information will be provided to the client and its delivery frequency, in the form established in Article 169 of the Regulation; n) Procedures for modification of the Management Company's commissions and expenses borne by the client; o) Procedures for consultation, complaints and conflict resolution, established by the Management Company; p) A highlighted section where it indicates that:

1. The client, in no case, must deliver cash to the Management Company or its portfolio manager to carry out its operations. The client must make contributions to its managed portfolio through the accounts constituted in the financial system by the Management Company for this purpose;
2. The provision of this service is carried out at the client's account and risk;
3. The client declares having knowledge of the risks of its investments and assumes them;
4. The SMV is the institution in charge of supervising the securities market. The Institutional Website of the Superintendency of the Securities Market – SMV, on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv) and the address and telephone of the SMV must be recorded.

q) Obligation of the client to send the information requested by the Management Company in order to verify the client's identity, risk profile, source of funds, among others; and the obligation to send to the SMV any information it requires for supervisory purposes or to any other national authority with the corresponding competence; r) Indication of operations that require prior confirmation by the client, if applicable; s) Term of validity of the contract, and; t) The date of celebration of the contract.»

«Article 163.- Termination of the Contract The client may terminate the portfolio management contract at any time. To do so, it must communicate it in the manner established in the contract. The Management Company that decides to terminate a portfolio management contract must send a notice to the client with a notice period of no less than ten days prior to the effective date of termination. In the event of termination of the contract, what is provided in the same regarding the destination of the portfolio and the deadlines provided for its execution applies. In the absence of stipulation, the Management Company must follow, within a maximum period of thirty days, the instructions of its client, unless the client expressly disposes to extend said period. The Management Company must inform the client that it has complied with such instructions within the same period.»

«Article 164.- Obligations of the Management Company in Portfolio Management The Management Company, in relation to the portfolio management activity, is obliged to: a) Invest the resources and investments permitted by the Law and Regulation of its clients in accordance with the investment policy agreed upon with each client; b) Manage each managed portfolio independently; c) Transfer investments permitted by the Regulation between managed portfolios at market prices or fair value and observing what is established in Article 166 of the Civil Code; d) Communicate to the client through the medium chosen in the contract, no later than the following day of occurrence, any event that significantly affects its portfolio; e) Make the account statement available to the client, as stated in the contract, within fifteen calendar days following the close of each month; f) Reconcile with daily periodicity the balances of investments permitted by the Law and Regulation that make up the clients' portfolios; g) Custody the client's cash resulting from portfolio management, only in accounts constituted in the financial system for this purpose. These accounts are distinct from the financial system accounts that constitute assets of the Management Company; h) Verify the correct and timely entry of money from coupon collections, dividends or any other concept that the client should receive; i) Verify the correct and timely entry, exit, or update of the quantity of investments permitted by the Law and Regulation that occur due to acquisitions, corporate events, or any other concept that corresponds to receive or deliver to the client; j) Make payments for the acquisition or purchase of investments permitted by the Law and Regulation, payment of commissions and expenses established in the portfolio management contract; k) Comply with the obligations established in the contract; l) Verify the ownership of investments in the client's name, as well as the timely receipt or delivery of investments permitted by the Law and Regulation corresponding, and; The Management Company in proprietary operations, directors, managers, members of the investment committee, the portfolio manager and persons authorized to execute investment decisions of the investment funds of the Management Company, cannot act as counterparty in operations on behalf of clients.»

«Article 165.- Investment Policy in Portfolio Management The Management Company at all times must attend to the best interest of the client and act in accordance with the investment policy agreed upon with the client and the corresponding portfolio management contract. The investment policy is part of the portfolio management contract and at least considers the following: a) The investment objective, duration of the portfolio and client's risk profile; b) Diversification criteria, for which the maximum or minimum percentages of investment criteria by type of Financial Instrument (debt or participation), derivatives or financial operations, local or foreign market, currency, risk classification, issuer, economic group, among others, are detailed; c) Other investment criteria. The policy takes into account criteria that delimit the universe of Financial Instruments in which it can invest. These criteria can be liquidity, tax treatment or others specific to each client; d) Description of the benchmark indicator of returns, if one is included. This indicator must present similar characteristics of risk and profitability of the investment policy agreed upon with the client; e) Express indication on whether the resources managed by the Management Company may or may not be invested in Financial Instruments issued or guaranteed by the Management Company, by entities of its economic group of the Management Company, or when these are the obligors to pay. In case of investments in unregistered Financial Instruments in the Public Registry of the Securities Market, issued or guaranteed by the Management Company and by entities of its economic group or when these are the obligors to pay, they cannot exceed 20% of each managed portfolio; f) The maximum percentage or amount that can be maintained in cash, in national or foreign currency; g) Prohibition of investing in financial instruments issued, guaranteed or whose obligors to pay are entities from countries or territories that: i) Are included in the list of countries or jurisdictions identified as non-cooperative by the FATF. ii) Are included in the European Union List of non-cooperative countries and territories for tax purposes; or, iii) Are included in the OFAC list of the US Department of the Treasury. h) Prohibition of investing in shares of mutual funds or shares of investment funds managed by the same Management Company, unless the client has expressly authorized this possibility in the contract. i) The risks of the investments, and; j) Procedure for modification of the investment policy, as well as the periodicity in which the policy will be reviewed. The portfolio management investment policy must concord with the client's risk profile, carried out in accordance with Article 58-B of the Regulation, unless there is express instruction to the contrary by the client.»

«Article 166.- Joint Investment The set of investments made by the Management Company on its own account, and on behalf of clients regarding which it provides the portfolio management service and over which it has received authorization to exercise discretionary voting rights, must not in any case give it direct or indirect control of an entity, national or foreign.»

«Article 167.- Advertising In all advertising carried out by the Management Company, the full name or denomination of the Administrator or in its abbreviated form, as it appears in its corporate statutes, must be considered. The name of the Management Company must stand out with respect to the name or logo of its shareholders, parent company, economic group or others. Any advertising regarding the results of portfolio management carried out by the Management Company must consider what is established in Legislative Decree No. 1044, in Article 11 of the SMV Law and the following: a) When the SMV is mentioned, the following phrase must be included: “The supervision of the SMV does not imply that it recommends or guarantees the investment made in the portfolios it manages (name of the Management Company)”.

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 35 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 36 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 37 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 38 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 39 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 40 Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia”

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 41 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml b) Comparisons with other investments permitted by the Law and the Regulations or with performance comparison indicators may only be made when these present risk and performance characteristics similar to the composition of the portfolios to be advertised. Additionally, the following declaration must be included: "The risk and performance of the instruments that make up the portfolios, as well as their cost structure, are not necessarily comparable with the same variables of (the other investment alternatives)." c) If profitability is mentioned, a highlighted note with the following phrase: "The profitability or gain obtained in the past does not guarantee that it will be repeated in the future. This profitability may not include the effect of commissions or expenses, nor of taxes." d) In the case that profitability is advertised:

1. The returns must reflect the total of managed portfolios that have a similar investment policy; individual portfolios must not be advertised.
2. The advertising must not be biased to show only the portfolios that have obtained the best returns in a given period.
3. The profitability must be weighted by time.
4. Profitability projections cannot be made.
5. Profitability or invested capital cannot be guaranteed.
6. Returns must not be annualized for periods of less than one year.
7. Profitability may only be advertised considering full years, from January to December. The minimum information to be advertised is the annualized profitability of each of the five previous full years prior to the date of publication. Likewise, the profitability corresponding to the current year must be recorded. Additionally, the accumulated returns of the periods comprising at least the previous two, three, four, and five full accumulated years prior to the date of publication may be added to the profitability advertising.» «Article 168.- Client account statement The account statement is a report of the services provided to the client by the Administrator Company during a specific period, which shows in detail the movements carried out during said period and the balances of the investments permitted by the Law and the Regulations. Each client must have an account statement, which must contain as a minimum the following information for each transaction carried out: a) Transaction date. b) Type of transaction: Purchase, sale, collection, payment, transfer, or any other.

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 42 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml c) Gloss corresponding to the type of transaction: The gloss must be clear and sufficient to identify the nature of the transaction, especially in the case of transfers or others different from purchases, sales, collections, or payments. d) Identification of the corresponding document: policy, receipt, or other. e) In the case of purchase and sale operations, for each of these:

1. Name of the financial instrument, derivatives, or financial operations;
2. The quantity bought and/or sold; and,
3. Unit price f) Currency of the transaction. g) Amount of the transaction. h) Monetary balance at the end of each date. Furthermore, the client's account statement must separately and clearly present the balance of all investments permitted by the Regulations, owned by the client, under the control or responsibility of the Administrator Company, with specification of their availability status or any other.» «Article 169.- Availability and periodicity of the account statement The account statement must be available to clients, free of charge, through the Administrator Company's website or corporate website referred to in the Common Standards, in such a way that it allows printing, conservation, and reproduction without changes; as well as being delivered upon the client's request through physical means at their offices or points of service. In the latter case, at least the first printing of the account statement for each period is free. The Administrator Company is obliged to make the account statement available to the client within fifteen calendar days following the close of each month. Without prejudice to the above, the Administrator Company may additionally send the account statement to the client through the following options, provided that it is agreed upon in the contract: a) Via email, free of charge, to the address declared by the client; b) By physical means to the address indicated by the client; c) Other means agreed upon by the parties. The Administrator Company must be able to prove compliance with the obligations of this article.» «Seventh.- Sending of information The Administrator Company that provides the portfolio administration service must send to the SMV the client identification information for those to whom it provided the service during the period and the valuation of the assets that make up each administered portfolio at the close of the months of March, June, September, and December, at the same time of submission of the Administrator Company's interim financial information.» Article 7.- Publish this resolution in the Official Gazette El Peruano and on the Institutional Page of the Superintendencia del Mercado de Valores – SMV, on the Single Digital Platform of the Peruvian State (www.gob.pe/smv) Article 8.- This resolution enters into force the day after its publication in the Official Gazette El Peruano. FINAL COMPLEMENTARY PROVISION SINGLE.- The modifications to the administration contract, made due to the implementation of article 40 of the Regulations on Mutual Investment Funds in Securities and their Administrator Companies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1, are considered as updates and, therefore, do not generate the right to redeem shares without being subject to commission. The adaptation of the respective administration contract is subject to the procedure established in article 56 of the aforementioned regulations. TRANSITORY COMPLEMENTARY PROVISIONS FIRST.- Intermediation agents, who, on the date of entry into force of this resolution, have operating authorization, must adapt to what is established in article 31 of the Intermediation Agents Regulations, approved by SMV Resolution No. 034-2015-SMV/01, until March 31, 2027. Starting April 1, 2027, prior to carrying out any service for their current or new client, the Agent is obliged to sign the contract with their client, considering the minimum content provided in article 31 of the Regulations, insofar as it is applicable to the service to be provided. Agents who, on the date of entry into force of this resolution, provide investment advisory services must adapt to what is provided in articles 17 and 17-A of the Intermediation Agents Regulations, until March 31, 2027. Agents who, on the date of entry into force of this resolution, provide portfolio administration services must adapt the service and the respective contracts entered into to what is provided in articles 17, 71, 72, 73, 74, 75, 76, and 78 and Annex A of the Intermediation Agents Regulations, until June 30, 2027. Agents must communicate to the SMV the adaptation to the provisions referred to in the preceding paragraphs, at the latest on the next business day after implementation. During the adaptation periods indicated in the preceding paragraphs and as long as the intermediation agent does not adapt to what is provided in them, in these aspects,

PERÚ Ministerio de Economía y Finanzas

SMV Superintendencia del Mercado de Valores “Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 44 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml the applicable provisions before the entry into force of this resolution must continue to govern. SECOND.- Administrator companies, which on the date of entry into force of this resolution, have operating authorization, must adapt to what is established in article 40 of the Regulations on Mutual Investment Funds in Securities and their Administrator Companies, approved by CONASEV Resolution No. 068-2010 EF/94.01.1, until March 31, 2027. Starting April 1, 2027, the administrator company is obliged to sign the administration contract with its client, considering the minimum content provided in article 40. THIRD.- Administrator companies, which on the date of entry into force of this resolution, have operating authorization, must adapt to what is established in Annex H of the Regulations on Investment Funds and their Administrator Companies, approved by SMV Resolution No. 029-2014-SMV/01, until March 31, 2027. Starting April 1, 2027, prior to subscribing new shares, the Administrator Company is obliged to sign the contract with its client, considering the minimum content provided in Annex H. Administrator Companies that, on the date of entry into force of this resolution, carry out investments in negotiable invoices must adapt to what is provided in item 3 of letter i) of article 77 of the Regulations on Investment Funds and their Administrator Companies, until March 31, 2027. Register, communicate, and publish. Zósimo Juan Pichihua Serna Superintendent of the Securities Market