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

Lima, 18 August 2023

S.B.S. Resolution No. 02738-2023 The Superintendent of Banking, Insurance and Private Pension Fund Administrators:

WHEREAS:

That, through Law No. 26516, the Derramas and Cajas de Beneficios created by Decree Law No. 21021, Supreme Decrees No. 01 and 78 of 1965 and Supreme Decree No. 030 of 1966, as well as any other Fund that receives resources from its members, partners or associates, with the purpose of allocating them to the provision of benefits consisting of the granting of severance, retirement, or similar or additional pensions thereto, whatever their denomination or form of constitution, were incorporated into the control and supervision of the Superintendency of Banking and Insurance; it being further provided that said control and supervision shall be carried out in accordance with the provisions of its Organic Law, and the others that it issues for such purpose;

That, through Supreme Decree No. 160-95-EF, the Regulation for the Control and Supervision of Derramas, Cajas de Beneficios - Law No. 26516 was approved;

That, in article 6 of the Regulation for the Control and Supervision of Derramas, Cajas de Beneficios - Law No. 26516, the powers of the SBS for the development of its supervision and control in accordance with the Law and the Regulation are indicated;

That, through Law No. 29532, Law No. 26516 was amended, ratifying that the control and supervision exercised by this Superintendency is carried out in accordance with the provisions of its Organic Law, and specifying that this additionally comprises the powers of restructuring, repowering, dissolution and integral liquidation of the supervised institution and the funds it administers;

That, the Law additionally establishes that this Superintendency may apply supplementarily the provisions established in Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, and Law No. 26887, General Law of Companies; as well as its amending, complementary and regulatory norms;

That, through Circular No. DCB-13-2014-SBS, criteria were established for the presentation of financial information by the Military Police Pension Fund and the Derramas;

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That, through SBS Resolution No. 962-95, the registry called "Registry of Derramas and Cajas de Beneficios - Law No. 26516" was created in the Superintendency of Banking, Insurance and Private Pension Fund Administrators;

That, through SBS Resolution No. 8504-2010 and its amendments, the Regulation for the Restructuring, Repowering, Dissolution and Liquidation of the Derramas, Cajas de Beneficios and other funds that receive resources from their members and grant severance, retirement and similar pensions, which are subject to the supervision and control of the Superintendency of Banking, Insurance and Private Pension Fund Administrators, was approved;

That, through SBS Resolutions No. 11356-2008, SBS No. 3780-2011 and SBS No. 272-2017 and their respective amending norms, the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, the Regulation for Credit Risk Management and the Regulation for Corporate Governance and Integral Risk Management were approved, respectively;

That, through the consolidation of Corporate Governance, it is possible for the Derramas to maintain a solid internal performance, and for this purpose they must ensure that the directors comply with technical and moral suitability, involving a professional trajectory and experience, independence, separation of conflicts of interest and commitment to the performance of their duties, as well as that a plurality is developed in the collegiate bodies of the Derramas;

That, the main function of supervision is to safeguard the economic and financial soundness of the resources of the members, partners or associates of the Derramas, with the purpose of allocating them to the provision of benefits consisting of the granting of severance, retirement, or similar or additional pensions thereto, in accordance with the legal provisions and current statutory norms;

That, in accordance with the supervision function, it is necessary to establish the complementary norms applicable to the Derramas, on the application of the aforementioned regulations and to establish the provisions referring to the updating of their accounting and financial information, with the purpose of promoting an adequate management of the risks they face, and in this way, protect the resources of their members or associates;

That, likewise, it is necessary to amend the Internal Audit Regulation approved by SBS Resolution No. 11699-2008 and its amending norms, as well as the External Audit Regulation approved by SBS Resolution No. 17026-2010 and its amending norms;

That, based on supervision experience, it is necessary to amend aspects referring to the special regimes applicable to the Derramas and Cajas de Beneficios that are under the supervision and control of the Superintendency, with the purpose of specifying their causes, consequences and own procedures, to safeguard the resources of their members, partners or associates;

That, in order to gather the opinions of the general public regarding the proposed norm, the pre-publication of the draft Resolution was ordered on the portal electronic of this Superintendency, under the provisions of Supreme Decree No. 001-2009- JUS;

With the approval of the Deputy Superintendencies of Banking and Microfinance, Insurance, Private Pension Fund Administrators and Legal Advice; and,

In use of the powers conferred by numerals 7, 9 and 13 of article 349 of the General Law of the Financial System and the Insurance System and Organic of the Superintendencia de Banca y Seguros approved by Ley N° 26702 and its amendments; as well as by the Ley N° 26516;

RESOLVES:

Article One.- Approve the Complementary Rules Applicable to the Derramas, which form an integral part of this Resolution:

COMPLEMENTARY RULES APPLICABLE TO THE DERRAMAS

CHAPTER I GENERAL ASPECTS

Article 1. Definitions

For purposes of these Rules, consider the following definitions:

1. Affiliates or associates: Natural persons whose registration in the Derrama is current, in accordance with the provisions of their respective statutes and/or internal regulations, and who are the direct holders of the benefits, in accordance with the definition established in the Regulation for the Restructuring, Repowering, Dissolution and Liquidation of the Derramas, Cajas de Beneficios and other funds that receive resources from their affiliates and grant severance, retirement and similar pensions, approved by Resolución SBS N° 8504-2010 and its amendments.

2. Individual accounts: They are made up of the individual contributions of each affiliate or associate and their returns.

3. Custody: Service provided by specialized institutions that includes physical safekeeping, the correct allocation of investment instruments, the verification of settlements and compensations, "settlement", the collection of benefits, the valuation of said instruments in custody, the payment of taxes and others related to these services.

4. Delivery versus payment: Modality by which the "settlement" of the negotiated investment instruments is carried out through their delivery in exchange for the receipt of cash according to the terms agreed in the transaction.

5. Director: Full or alternate members of the board of directors.

6. Board of Directors: Any reference to the board of directors also alludes to the Consejo Directivo or any equivalent governing body.

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7. Methodological Document for the Calculation of Technical Reserves: Document in which the methodology (models, parameters, assumptions and other relevant considerations) that the Derrama carries out for the calculation of technical reserves is established.

8. Corporate governance: It is the set of processes, policies, rules and practices that determine how the derrama is directed, managed and controlled.

9. Technical obligations coverage ratio: Number of times in which the eligible assets of the Derramas cover their technical obligations.

10. Custody institutions: Institutions duly authorized by the regulatory authorities of the financial and/or securities markets to provide custody services.

11. Depository institutions: Institutions authorized by the regulatory authorities of the securities and/or financial markets to provide centralized depository services for investment instruments. Such services include the registration of investment instruments issued through book entries, the activities of physical safekeeping of investment instruments, the compensation and settlement of operations, and the collection and payment of benefits, on a scale that involves a significant portion of the assets in circulation in the securities markets.

12. General Law: Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros, Ley N° 26702 and its amendments.

13.Special Rules on Linkage and Economic Group: Rules approved by Resolución SBS N° 5780-2015 and its amendments.

14.Technical obligations: They are the technical reserves plus other obligations of the Derrama to its associates or affiliates, such as individual accounts.

15. Principal officers: Those included in Annex N° 1 of Circular SBS N° G-213-2021, Rules for the Registration of Shareholders, Directors, Managers and Principal Officers – REDIR, in accordance with the Complementary Rules for the election of Directors, Managers and Internal Auditors, approved by Resolución SBS Nº 1913-2004 and with article 92 of the General Law.

16.External Audit Regulation: Regulation approved by Resolución SBS N° 17026-2010 and its amendments.

17.Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions: Regulation approved by Resolución SBS N° 11356-2008 and its amendments.

18.Corporate Governance and Comprehensive Risk Management Regulation: Regulation approved by Resolución SBS N° 272-2017 and its amendments.

19.Technical reserves: They are the estimates of obligations for coverage of insurable risks assumed by the Derrama to its associates or affiliates, or their family members, linked to retirement or pension, death, disability, among other risks, in accordance with its statutes and/or regulations. All those funds constituted by the Derrama to attend this type of obligations form part of the technical reserves.

20.Technical risks: The possibility of losses or adverse modification of the value of the obligations for coverage of insurable risks contracted by the Derrama with its affiliates or associates, in accordance with its statute and/or internal regulations.

21. Settlement: Settlement and compensation resulting from the negotiation of an investment instrument that is carried out within generally pre-established terms. The successful conclusion of the settlement and compensation determines the transfer of ownership of such instruments between the participants of the negotiation.

22. Superintendency: Superintendency of Banking, Insurance and Private Pension Fund Administrators.

23. SMV: Superintendency of the Securities Market.

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CHAPTER II CORPORATE GOVERNANCE

Article 2. Corporate Governance

2.1. The Derramas must define general principles and guidelines for the adoption and implementation of corporate governance practices that serve as a guide for the actions of the governing bodies of the Derrama, based on the provisions of its constitutive norm and Title II of the Corporate Governance and Comprehensive Risk Management Regulation and these Norms.

2.2. The corporate structure and organization of the Derramas must be consistent with the nature of their operations and services, as provided in the regulatory framework and its constitutive norm.

Article 3. Governing Bodies

The Derramas must be organized on the basis of their own provisions, considering that both the Board of Directors and the Supervisory Council of the Derrama must be composed of persons who have the skills and knowledge regarding the activity carried out by the Derrama in order to fulfill their functions; and with specialties and competencies that facilitate a plurality of approaches and opinions.

Article 4. Committees

4.1 The board of directors of the Derrama may establish the committees it deems necessary in order to comply with the provisions contained in the Corporate Governance and Comprehensive Risk Management Regulation.

4.2 The Supervisory Council acts as the audit committee and assumes the same functions, which are established in the Corporate Governance and Comprehensive Risk Management Regulation.

4.3 The establishment of a board remuneration committee is mandatory, which must be composed of at least three (3) members, one of whom should be a representative of the entity that issues the constitutive norm. The members of the remuneration committee must have the necessary knowledge and experience in the management of the business and the risks to which the Derrama is exposed in order to adequately fulfill their functions.

4.4 The board remuneration committee, by delegation of the board and within the limits it sets in accordance with its constitutive norm, may assume the following functions:

a) Propose to the board the remuneration system and its modifications, which must consider the remuneration policy of the members of the Board of Directors and the Supervisory Council, in accordance with the provisions of Chapter IV of Title II "Corporate Governance" of the Corporate Governance and Comprehensive Risk Management Regulation.

b) Analyze the proposals for modification of the remuneration system and designate the personnel responsible for verifying compliance with the application of this system.

c) Evaluate potential conflicts of interest in the remuneration system and propose remedial measures.

d)
Define the goals and indicators considered in the remuneration system, in accordance with the provisions of Chapter IV Title II "Corporate Governance" of the Corporate Governance and Comprehensive Risk Management Regulation.

4.5 The Derramas are not obliged to establish the board risk committee; and if they decide not to do so, all functions will be assumed by the highest administrative body of the Derrama, unless its special provisions have considered the establishment of such committees and have established different treatment for their performance or the Superintendency has required their establishment. The Superintendency may require the establishment of this or other committees when it deems it appropriate.

4.6 The committees must have a Regulation that establishes, at least, the criteria to avoid conflicts of interest and incompatibility of functions, the rotation policies of their members, the frequency of their meetings, the scheduling of their activities, the submission of information and the report to the highest administrative body of the Derrama at its next session of the main topics discussed and agreements adopted in the sessions of the board committees in order to monitor compliance with such agreements. The agreements adopted in the committee sessions must be recorded in a book, on loose sheets or in another form permitted by the General Corporations Law, which will be available to the Superintendency, together with the supporting documentation of such agreements.

Article 5. Suitability of directors, managers and principal officers

5.1 The Derramas must have a corporate governance framework that allows monitoring the permanent compliance with the requirements of moral suitability and technical suitability of directors, managers and principal officers, according to the requirements and impediments indicated in articles 21-D and 21-E of the Corporate Governance and Comprehensive Risk Management Regulation, those indicated in its constitutive norm and in articles 81, 82, 87 and 92 of the General Law, with the exception of the application of articles 51 and 52 referred to in numeral 2 of article 81 of the General Law.

5.2 The requirements and impediments will be subject to supervision by this Superintendency. The pronouncements of the Superintendency are binding for the Derramas.

5.3 The Derramas must carry out the evaluation of moral suitability and technical suitability of directors, managers and principal officers in accordance with the provisions established in articles 21-G and 21-H of the Corporate Governance and Comprehensive Risk Management Regulation; as well as inform the Superintendency of the occurrence of any fact that presumably could negatively affect such suitability in accordance with the requirements of article 21-I of the aforementioned Regulation.

Article 6. Internal norms of the Derramas

The directives and internal rules approved by the Board of Directors and/or other instances of the Derrama must be in accordance with the provisions issued by the Superintendency and its constitutive norm.

CHAPTER III RISK MANAGEMENT

Article 7. Risk Management

7.1 In accordance with the Corporate Governance and Comprehensive Risk Management Regulation, the Derramas must design and apply comprehensive risk management, appropriate to their nature, size and complexity of their operations and services, as well as to the macroeconomic environment affecting the markets in which they operate.

7.2 In addition to the provisions set forth in Title III of the Corporate Governance and Comprehensive Risk Management Regulation, the Derramas must consider the provisions set forth in this Chapter.

7.3 The risks associated with the different operations and services carried out by the Derramas may cause economic and financial losses for these entities. In the event that their constitutive norm allows the Derrama to redistribute these losses among its members, the respective policies and procedures must be set forth in the directives and internal rules approved by the Board of Directors. In the event that their constitutive norm does not allow it, the Derramas must adopt complementary measures to those indicated in this Regulation for the treatment of losses.

SUBCHAPTER I CREDIT RISK MANAGEMENT

Article 8. Credit risk management

8.1 The Derramas must have sound credit risk management practices, and must apply the provisions set forth in i) the Regulation for the Evaluation and Classification of the Debtor and the Provision Requirement, ii) Chapters I and II of the Credit Risk Management Regulation approved by Resolution SBS No. 3780-2011 and its amendments, and iii) the Regulation for the Administration of the Overindebtedness Risk of Retail Debtors approved by Resolution SBS No. 6941-2008 and its amendments.

The specific guidelines and regulatory norms referred to in the Regulation for the Evaluation and Classification of the Debtor and the Provision Requirement are set forth below.

8.2 The granting of credit is determined by the payment capacity of the applicant, which, in turn, is fundamentally defined by its flow of net income after expenses and credit obligations and its credit history.

8.3 For the credit classification of the debtor, the following general criteria are used:

a) The credit classification of the debtor is mainly determined by the debtor's payment capacity, through the degree of compliance with its obligations.

b) Compliance with the debtor's obligations is only considered a valid parameter when the funds used for such purpose are generated by the debtor itself and are not flows financed directly or indirectly by the Derrama itself. Such compliances are also not considered valid parameters when they constitute a simple accounting instrument, without any real income. These criteria are of general application, even in the case of operations subject to some refinancing.

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8.4 Regarding credits to members, the following must be taken into account:

8.4.1 The credit classification categories of the debtor of the credit portfolio shall be determined in accordance with the following guidelines:

NORMAL CATEGORY (0) These are debtors who have been complying with the payment of their credits as agreed or with a delay of up to 8 calendar days.

CATEGORY WITH POTENTIAL PROBLEMS (1) These are debtors who record a delay in the payment of their credits of 9 to 30 calendar days.

DEFICIENT CATEGORY (2) These are debtors who record a delay in the payment of their credits of 31 to 60 calendar days.

DOUBTFUL CATEGORY (3) These are debtors who record a delay in the payment of their credits of 61 to 120 calendar days.

LOSS CATEGORY (4) These are debtors who show a delay in the payment of their credits of more than 120 calendar days

8.4.2 The Derramas must constitute generic and specific provisions on direct credits. The minimum rates of generic provisions that the Derramas must constitute on direct credits classified in the Normal category is 1%. The minimum rates of specific provisions that the Derramas must constitute on direct credits are the following:

Risk Category	Minimum rate of specific provisions
Category with Potential Problems	5.00%
Deficient Category	25.00%
Doubtful Category	60.00%
Loss Category	100.00%

8.4.3 Individual accounts may be considered as self-liquidating preferred guarantees, in the event that the Derrama has the express power in its bylaws or equivalent norm to offset overdue credits with the balance of the member's individual account, and a provision of no less than 1% of the covered portion must be constituted. The same treatment of the 0.5% discount shall be applied to the self-liquidating preferred guarantee, in accordance with the provisions of numeral 3.12. of Chapter IV of the Regulation for the Evaluation and Classification of the Debtor and the Provision Requirement.

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8.5 In the case of credits other than those mentioned in paragraph 8.4, the guidelines set forth in the Regulation for the Evaluation and Classification of the Debtor and the Provision Requirement must be applied, according to the type of credit.

8.6 The Derramas are obliged to carry out the alignment process indicated in numeral 5.2 of Chapter I of the Regulation for the Evaluation and Classification of the Debtor and the Provision Requirement.

8.7 The data supporting credit risk management must maintain a high quality standard, and must be real and timely, reflecting the situation based on the data available as of the cut-off date (month-end close), and neither their quality nor their timeliness for reporting to the Superintendency may be limited by logistical aspects of the collection cycle.

8.8 Those deteriorated credits for which some fund constituted by the derramas was applied must be reported in an additional Credit Report of Debtors (RCD), and must follow the classification criteria in accordance with the provisions of paragraph 8.4.1. Such credits must be considered for external alignment purposes, in line with the provisions of numeral 5.2 of chapter I of the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions.

8.9 The Superintendency may adopt additional prudential measures consistent with the nature of the credits of the Derramas.

SUBCHAPTER II TECHNICAL RISK MANAGEMENT

Article 9. Responsibility of the Board of Directors

In addition to the provisions of chapter II, the Board of Directors of the Derrama has the following responsibilities associated with technical risk management:

1. Approve and periodically review, at least annually, the objectives, guidelines and strategy for technical risk management.

2. Approve and periodically review, at least annually, the policies, procedures and manuals that include aspects related to pricing, estimation of technical reserves, data quality and other aspects related to technical risk management.

3. Approve the methodological documents for the calculation of technical reserves.

4. Appoint the officer in charge responsible for the technical risk management function, even when this function is partially or totally outsourced by the Derrama.

5. Arrange the necessary measures for monitoring exposure to the main technical risks, and ensure the implementation of the actions or plans derived from this monitoring.

Article 10. Responsibility of the General Management

The general management is responsible for implementing technical risk management in accordance with the provisions of the Board of Directors and current regulations.

Article 11. Technical risk management function

The Derramas must have effective technical risk management, with the objective of carrying out at least the following activities:

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SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

1. Identify, evaluate and monitor the technical risks inherent to the obligations of the Derrama to its affiliates or associates.

2. Calculate and monitor the indicators of the technical risks that the Derrama has established, considering the provisions of article 12 of these Rules, in addition to the analysis and explanation of significant deviations thereof, when applicable.

3. Evaluate and monitor the assumptions and parameters used in the calculations of the technical reserves and in the determination of the contributions, quotas, commissions, premiums or similar (in amounts or rates) corresponding to the obligations linked to risk coverages.

4. Evaluate and monitor the calculations of the technical reserves, in accordance with the methodological documents for the calculation of technical reserves, in accordance with current regulations, the bylaws and/or the internal regulations of the Derrama.

5. In cases of obligations linked to risk coverages, analyze the reasonableness of the technical reserves and their methodologies, by carrying out backtesting studies, in order to evaluate their sufficiency and improve the calculation methodologies and procedures, if necessary. Likewise, evaluate the cases in which, based on the principle of proportionality and/or due to data limitations, it would not be necessary and/or applicable to carry out this evaluation.

6. Evaluate the sufficiency and quality of the data used in the calculations of the technical reserves and of the contributions, quotas, commissions, premiums or similar (in amounts or rates).

7. Participate in the effective implementation of the technical risk management system.

8. Continuously and timely inform the Board of Directors and the General Management of the relevant aspects of technical risk management for timely decision-making.

9. Prepare special reports requested by this Superintendency.

Article 12. Technical risk indicators

12.1 The Derrama must prepare its own indicators to monitor and evaluate the technical risks of the technical reserves, and must include the indicators specified below applicable to short-term obligations. These indicators must be calculated quarterly: as of 31 March, 30 June, 30 September and 31 December of each year:

1. Loss ratio by coverage: shows the relationship between the total cost of claims and the respective contributions or quotas in the last 12 months (analysis period). This indicator must be calculated by coverage.

Where:

: Loss ratio of coverage , at the close of quarter .
: Total cost of claims incurred for coverage in the last 12 months (analysis period), at the close of quarter .
: Total contributions or quotas of coverage for the last 12 months (analysis period), at the close of quarter .

2. Frequency by coverage: shows the relative frequency (as an index or percentage) of the number of claims recorded by the Derrama in the last 12 months (analysis period), with respect to the

number of exposed (covered risks) in the same period. This indicator must be calculated by coverage.

Where:
: Claim frequency index of coverage , at the close of quarter .
:
Number of claims of coverage occurred in the last 12 months (period of analysis), at the close of quarter .
: Total stock of the number of insured parties with coverage at the close of the previous month to the analysis period (last 12 months).
:
Total stock of the number of insured parties with coverage at the close of the period of analysis (last 12 months).

3. Severity by coverage: shows the average cost of the claims recorded by the Derrama during the last 12 months (analysis period). This indicator must be calculated by coverage.

Where:
:
Severity index of coverage , at the close of quarter .
: Total cost of the claims of coverage occurred in the last 12 months (analysis period), at the close of quarter .
:
Number of claims of coverage occurred in the last 12 months (period of analysis), at the close of quarter .

12.2 The working files and databases that have been used for the calculations of these indicators must be properly safeguarded and be available to this Superintendency.

The Derrama must submit to this Superintendency a report signed by the professional responsible for the technical risk management function, with the calculations of all the technical risk indicators, including the information indicated in Annex 5 "Technical Risk Indicators" of these Norms, and submit them together with the Financial Statements at the close of each quarter. This report of Annex 5 must also be submitted in Excel spreadsheet format.

Article 13. Test of sufficiency of technical reserves

13.1 The Derrama must implement a validation methodology for technical reserves of the "backtesting" type, based on the principle of proportionality, which allows comparing the actual results of a particular period with the corresponding projections made in previous periods for the period considered. The "backtesting" studies must be carried out at least annually, at the end of each fiscal year, in order to evaluate the reasonableness and sufficiency of the technical reserves constituted.

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13.2 The calculation methodologies of the technical reserves must be improved when these sufficiency studies show that these technical reserves have been insufficient and may compromise compliance with the obligations of the Derrama.

13.3 When the Superintendency detects that the results obtained from the application of the methodologies or models used by the Derrama do not reasonably reflect the patterns of future obligations, claims or expenses, it will request the Derrama by Official Letter to modify its methodologies within a determined period. If the Derrama does not proceed with the modification of its methodology at the end of said period, the Superintendency will assign it a method to carry out the valuation of the reserves or will require additional technical reserves.

Article 14. Methodological documents for the calculation of technical reserves

14.1 The Derrama must keep the methodological documents for the calculation of technical reserves updated, and submit to the Superintendency the updated versions thereof each time they are modified, together with the corresponding board minutes of the session in which they were approved, within a period no greater than 15 calendar days from said session.

14.2 The methodological documents for the calculation of technical reserves must be modified as a result of the sufficiency studies of technical reserves, if applicable. These documents must be prepared by a professional other than the one responsible for the technical risk management function.

Article 15. Data quality

15.1 The Derrama must have adequate internal processes and procedures to guarantee that the data used for the calculations of the technical reserves and of the technical risk indicators are complete, accurate and adequate.

15.2 Data are considered complete when they meet the following conditions:

• They include sufficient historical information to perform the calculations of the technical reserves in a reasonable manner and allow evaluating the technical risks arising from the obligations of the Derrama.

• They are available to perform these calculations and no relevant data is excluded without justification.

15.3 Data are considered accurate when they meet the following conditions:

• They do not contain errors that may influence decision-making or the judgment of the users of the result of the calculation, including the Superintendency.

• They are recorded in a timely and consistent manner over time.

15.4 Data are considered adequate when they meet the following conditions:

• They are consistent with the purposes for which they are to be used.

• The nature of the data guarantees that the estimates of the technical reserves do not include a significant estimation error, such that it may influence decision-making or the judgment of the users of the result of the calculation, including the Superintendency.

• They are consistent with the assumptions on which the actuarial and statistical techniques applied to them when calculating the technical reserves are based.

• They adequately reflect the risks to which the Derrama is exposed in relation to its
  obligations.

• They have been collected, processed and applied in a transparent and structured manner

Article 16. Policies and procedures

The Derrama must have the following policy and procedure manuals:

a) Policies and procedures of the technical risk management function.

b) Policies and procedures for the evaluation of the sufficiency of the technical reserves.

c) Policies and procedures for the calculation and monitoring of technical risk indicators.

Article 17. Annual technical risk management report

17.1 The professional responsible for the technical risk management function must prepare an annual report in which they must document all the activities indicated in article 11 of these Norms, as well as their results and recommendations. This report must be submitted to the Board of Directors, no later than ninety (90) calendar days after the close of each year. The Board of Directors is responsible for determining the necessary corrective or preventive measures based on the results set out in said report.

17.2 This report must be sent to the Superintendency together with the financial statements for March of each year, attaching the minutes of the Board of Directors corresponding to the session at which said report was reviewed.

Article 18. Outsourcing

18.1 The activities related to the technical risk management function may be outsourced partially or totally, in accordance with the nature, scale and complexity of the activities and the inherent risks of the Derrama. Such outsourcing must be considered significant and is subject to the provisions of the Corporate Governance and Comprehensive Risk Management Regulation.

18.2 In the case of outsourcing, the Derrama must ensure compliance with all the obligations established in this Regulation. Likewise, the Derrama's personnel must be designated to assume responsibility for the outsourced function and to be able to evaluate the results of the service provider.

Article 19. Professional responsible for the technical risk management function

The activities established as part of the technical risk management function, indicated in article 11 of these Norms, must be carried out by a technical professional who meets the following conditions:

1. University-level professional in one of the following specialties: economics, engineering, actuarial science, accounting, administration, finance, mathematics, statistics or related fields.

2. Professional experience of no less than five (5) years in statistical work or three (3) years in statistical work in insurance or similar (risk coverage), which must be accredited and documented as part of the curriculum vitae.

SUBCHAPTER III ASSET AND LIABILITY MANAGEMENT

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Article 20. Asset and Liability Management

The Derramas must manage their assets and liabilities so that the decisions and measures they adopt regarding these are coherent, considering the matching principle. This management must consist of a continuous process of diligently formulating, implementing, monitoring and adjusting their asset management strategies, with a view to complying with the obligations assumed before their members, within the framework of their bylaws or internal regulations.

Article 21. Deficit of technical obligations

When a deficit of technical obligations arises, the Derrama must inform the Superintendency within two business days following the corresponding verification; likewise, the Derrama is obliged to submit within fifteen (15) business days following the corresponding verification, an adjustment plan approved by its Board of Directors setting out the measures adopted to resolve such deficit within a period no greater than three months, subject to the approval of the Superintendency.

SUBCHAPTER IV ASSET MANAGEMENT

Article 22. Principles of asset management

The Derramas must apply the following principles in the management of their assets, considering the characteristics of the obligations assumed before their members:

a) Security principle: It is based on the protection and preservation of the economic value of the asset over time.

b) Liquidity principle: Ease of the asset to be converted into cash at the required moment and without significantly affecting its value.

c) Diversification principle: It is based on the search for assets that contribute to the joint diversification of risk factors, reduction of concentrations, and reduction of the potential impact of adverse events.

d) Matching principle: Correspondence between the characteristics of the asset and of the obligations or liabilities assumed. These characteristics include the term or horizon, the degree of liquidity or enforceability, the currency, the volatility in its valuation, the predictability and the temporal distribution of flows, among others.

e) Profitability principle: It is based on the generation of returns that allows covering, at least, the commitments offered to the members.

Article 23. Responsibility of the board of directors

Without prejudice to the responsibilities established in the Corporate Governance and Comprehensive Risk Management Regulation, it is the responsibility of the board of directors of the Derramas:

a) Establish and approve the policies and procedures applicable to the asset management process and its associated risks. Said process includes the following subprocesses: i) economic-financial evaluation of the asset and its alignment with the Derrama's Asset Policy indicated in article 25 of these norms; ii) evaluation of risks associated with the asset; iii) approval and acquisition of the asset; iv) monitoring of the asset's profitability and of the established risk indicators.

b) Establish an organizational structure for the asset management process and its associated risks, as well as the allocation of the necessary resources for the development of said process, in accordance with the guidelines and requirements established in these norms.

c) Establish the functions, responsibilities, participation in decision-making and levels of autonomy of the units and hierarchical levels that participate in the asset management process and its associated risks, considering an adequate segregation of functions. Said aspects must be formalized in the procedure manuals of the Derramas, which must include the respective flowcharts. This documentation must be available to this Superintendency.

d) Establish minimum qualification and experience requirements applicable to the personnel of the Derrama who make decisions in the asset management process and its associated risks, in such a way that their competence and technical suitability in the area where they perform is reasonably guaranteed, and contributes to compliance with the bylaws and corporate objectives of the Derrama.

Article 24. Management Responsibility

24.1 Without prejudice to the responsibilities established in the Corporate Governance and Comprehensive Risk Management Regulations, the general management is responsible for implementing the provisions approved by the board of directors.

24.2 Those responsible for the units participating in the asset management process and its associated risks, within their scope of action, must manage the risks related to the implementation of functions and the achievement of their units' objectives.

Article 25. Asset Policy

25.1 The Derramas must prepare and submit an Asset Policy to the Superintendency. Said policy must contain, at a minimum, the following aspects:

a) The objectives of asset management, which must be aligned with the objectives of the bylaws and internal regulations of the Derramas, and therefore, with the obligations assumed before their members under said documents.

b) Prohibitions in asset management, if any.

c) The general characteristics of the assets that will be incorporated into the portfolio of the Derramas. Said characteristics must consider compliance with the principles indicated in article 22 of these rules, and must be detailed by type of asset, indicating aspects such as credit quality, liquidity levels, market capitalization, terms, currency, predictability of flows, among others, according to the characteristics of the obligations assumed with the members of the Derramas.

d) The target composition of the asset portfolio.

e) The diversification criteria by asset category, by issuer, by geographic area, by economic activity, by term, by currency, among others.

f) The monitoring indicators for the profitability of assets and associated risks.

25.2 The Asset Policy and its subsequent modifications must be approved by the board of directors of the Derramas and submitted to the Superintendency together with the minutes of said approvals. Likewise, the Derrama must monitor compliance with the Asset Policy. Said monitoring must be submitted to the Superintendency together with the Financial Statements and Trial Balance at the close of the fiscal year.

Article 26. Asset Eligibility and Coverage of Technical Obligations

26.1 As part of the asset management and associated risks process, the Derramas must take action and monitor quarterly so that their technical obligations are permanently

backed by eligible assets; that is, their technical obligations coverage ratio must always be greater than or equal to one.

26.2 The asset eligibility evaluation process must be carried out by the Derramas quarterly, and its activities must be incorporated into their policies, manuals, and procedures.

26.3 Eligible assets are considered those that comply with the asset management principles indicated in article 22 of these rules, and with the general and specific eligibility requirements by type of asset, as applicable.

26.4 General eligibility criterion: Eligible assets must not be encumbered, subject to any precautionary measure, nor affected by contracts or other acts that absolutely prevent or limit their free availability.

26.5 Specific requirements: Eligible assets are considered those that correspond to the following asset categories and that comply with the indicated requirements, as applicable:

26.5.1 Cash: Comprises the available funds of the Derramas, including those in vault as well as in checking accounts, in national or foreign currency. From these assets, negative balances of checking accounts, if any, must be deducted; checking accounts subject to restriction; guarantees received in cash; and any other similar concept.

26.5.2 Deposits: Comprises savings and time deposits in financial institutions, domestic or foreign, authorized to accept third-party deposits, in national or foreign currency. Deposits in guarantee, nor those subject to restrictions, are not considered. The financial institutions where the deposits are maintained must have an investment grade risk classification for their short and/or long-term debt, according to the requirements established in article 28 of these rules. In the case of local financial institutions that do not have short or long-term debt issuances, these institutions must have a financial strength risk classification of "B" or lower risk.

26.5.3 Debt instruments: Comprises short and long-term debt instruments, provided they comply with the following requirements:

a) The issuers must be: central governments, central banks, financial institutions of the country or abroad, national or foreign legal entities with local or foreign issuances, and international organizations.

b) The risk classifications of the instruments, whether issued locally or abroad, under public or private offering, must correspond to investment grade, according to the requirements established in article 28 of these rules.

c) Instruments issued locally under the public offering modality must be registered in the Public Registry of the Securities Market of the SMV. Those issued abroad must be registered in the public securities registry of the country where the offering is made. This requirement does not apply to instruments issued by the Central Government or the Central Reserve Bank of Peru.

d) Instruments issued under the private offering modality and the managers involved must comply with the regulatory provisions of the country where they are issued.

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e) In the case of securitized instruments or instruments issued by trusts or special purpose companies, the following requirements must be met:

e.1) Requirements indicated in preceding literals b, c, and d;

e.2) The underlying assets of the trust estate or special purpose companies must comply with the general eligibility criterion and the specific requirements of subsections 26.5.1, 26.5.2 and 26.5.3, as applicable, or be made up of infrastructure projects with backing, guarantee or participation of the Peruvian State, or of States or Multilateral Organizations that have for their long-term debt securities an international investment grade risk classification;

e.3) The trust estates or special purpose companies must have financial statements audited by independent auditing firms with recognized experience. In the case of foreign issuances, the independent auditing firms must have international experience, and conduct operations in more than ten (10) countries that have risk classifications of at least "A" for their respective long-term debt securities;

e.4) The trustees or special purpose companies must have policies and procedures to avoid conflicts of interest;

e.5) Instruments that are backed by trust estates or special purpose companies from which both debt securities and equity securities are issued are not admitted as eligible assets, unless both types of securities are issued simultaneously, or this possibility is expressly and in detail contemplated in the respective issuance program;

e.6) Instruments that are backed by trusts or special purpose companies that do not comply with the provisions governing the securities market, and the financial and insurance system, as applicable, are not admitted as eligible assets.

26.5.4 Shares, securities representing rights over shares in deposit (American Depositary Receipts, Global Depositary Receipts and similar), and other similar instruments, provided they comply with the following requirements:

a) Be registered in the public securities registry of the country where the offering is made.

b) Be traded on centralized negotiation mechanisms.

c) That the issuer has audited annual financial information for at least one fiscal year.

d) Local shares must belong to the S&P/BVL Peru General Index or the Peru General ESG Index (ESG, by its acronym in English: Environmental, Social and Governance), or another local index that takes into consideration ESG factors; or to the Reference Securities Table of the Lima Stock Exchange.

e) Foreign shares must be listed on a Stock Exchange of a State that has for its long-term debt securities, an international investment grade risk classification.

26.5.5 Mutual fund participation certificates: Comprises mutual fund participation certificates, provided they comply with the following requirements:

a) The management company must be a financial institution duly authorized to manage mutual funds, and to place its participation quotas among investors. In addition, it must be supervised by the SMV, if local, or by the regulatory and/or supervisory authorities of the securities and/or financial markets of a State that has for its long-term debt securities an international investment grade risk classification, when foreign.

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b) The certificates must be registered in the Public Registry of the Securities Market of the SMV, if local, or in the registry of the respective regulatory authorities of the securities and/or financial markets, if foreign.

c) The underlying assets involved must correspond to the types of assets indicated in subsections 26.5.1, 26.5.2, 26.5.3 and 26.5.4, and comply with the requirements established in each case.

26.5.6 Investment fund participation certificates: Comprises investment fund participation certificates, provided they comply with the following requirements:

a) The management company must be a financial institution duly authorized to manage investment funds, and to place its participation quotas among investors. In addition, it must be supervised by the SMV, if local, or by the regulatory and/or supervisory authorities of the securities and/or financial markets of a State that has for its long-term debt securities an investment grade risk classification, when foreign.

b) The management company must have at least five (5) years of experience (as an entity) in managing the specific strategy of the investment fund.

c) The investment fund must have the following policies:

c.1) An investment policy that includes internal diversification limits by investments, issuers and counterparties;

c.2) A risk management policy that includes risk measurement methodologies appropriate to the objective and type of investments made;

c.3) A defined valuation policy and methodology, based on the fair value approach.

d) The participation quotas of the investment fund must not be subject to absolute restrictions on their transfer to a third party.

e) The underlying assets must correspond to the following assets or a combination thereof: i) assets indicated in items 26.5.1, 26.5.2, 26.5.3, 26.5.4 and 26.5.5 of these rules; ii) trade receivables; iii) loans granted by the financial system; iv) operating leasing and/or factoring operations.

f) Additionally, the participation certificates of FIRBIs (Real Estate Investment Funds) that are listed on centralized negotiation mechanisms, and whose underlying assets in which they invest are mostly (80% or more) located in Peruvian territory, are considered eligible investment funds.

26.5.7 Participation certificates of FIBRAs: Comprises the participation certificates of Securitization Trusts for Real Estate Investment (FIBRAs), provided they comply with the following requirements:

a) The managing company must be a financial institution duly authorized to manage securitization trusts, and to place its participation quotas among investors. Furthermore, it must be supervised by the SMV, if local, or by the regulatory and/or supervisory authorities of the securities and/or financial markets of a State that has an investment grade risk classification for its long-term debt securities, when foreign.

b) The participation certificates of the FIBRAs must be listed on centralized negotiation mechanisms.

c)
The underlying assets in which the FIBRAs invest must be located mostly (80% or more) in Peruvian territory.

26.5.8 Credits: Comprises the credits granted by the Derramas, whose debtor's credit classification corresponds to the "Normal" category, as indicated in article 8 of these rules.

26.5.9 Real estate: Comprises the land and finished real estate (finished buildings) provided they comply with the following requirements:

a) Be located in Peruvian territory.

b) The property right in favor of the Derrama must be registered in the Real Estate Property Registry or in the Predial Registry, as applicable. The company must be the individual owner of the real estate.

c) Be free of charges and encumbrances, in accordance with the provisions of item 26.4 (general eligibility criterion).

d) Be insured against all fire and allied lines risk, including earthquake risk, for an amount not less than its commercial value set in its last appraisal, excluding the value of its land. If all applicable eligibility requirements are met, except for this one, only the land may be considered eligible.

e) Have appraisals performed by an appraiser registered in the Registry of Appraisers (REPEV) maintained by the Superintendency. The appraisals must be updated at least every two years.

In the case of real estate under construction that the Derrama develops to provide services to its members or is intended for sale in favor of its members, such real estate may be presented for evaluation under the authorization process indicated in article 27 of these rules, only if the land where the construction is developed complies with the requirements a), b), c) and e) of this item.

26.5.10 Other assets authorized by the Superintendency, as indicated in article 27.

Article 27. Authorization Process

27.1 The Derrama may request authorization from the Superintendency to consider other assets as eligible for backing technical obligations. Such assets must correspond to those acquired by the Derrama, and that are aligned with compliance with its bylaws, its social objectives and its asset policy. In the eligibility evaluation carried out by this Superintendency, prudential requirements may be considered, according to the type of asset evaluated.

27.2 The authorization request must be signed by the general manager of the Derrama, and must be presented together with the following documentation:

a) Report supporting the analysis of the suitability of the asset, its economic-financial evaluation, the estimation of expected profitability, and its alignment with the Asset Policy of the Derrama. Likewise, the evaluation of the risks inherent to the asset and the actions that the Derrama will take to manage such risks, the impact on regulatory and internal limits, if applicable, and the valuation methodology to be applied must be incorporated.

b) Legal report regarding the contractual clauses and conditions assumed by the Derrama, as a result of the asset under analysis. Likewise, an opinion on compliance with the general eligibility criterion established in item 26.4 of these rules must be included.

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c) Copy of the duly signed minutes of the board of directors of the Derrama, in which the Reports indicated in literals a and b above have been presented, and the board has provided a favorable opinion on the incorporation of the asset under analysis as eligible for backing technical obligations.

The Superintendency approves or denies the authorization within a maximum period of sixty (60) business days

Article 28. Risk classification requirements

28.1 For backing technical obligations, instruments classified in categories lower than investment grade cannot be considered.

28.2 Risk classifications are subject to the following:

a) In the case of instruments issued abroad via public or private offering, the risk classifications are granted by any of the rating agencies registered with the U.S. Securities and Exchange Commission (SEC), registered or certified with the European Securities and Markets Authority (ESMA) and/or registered with any of the securities or capital market regulators of the G10 countries. Instruments classified as BBB- (triple B minus) or lower risk for long-term instruments and instruments classified as A-3 or lower risk for short-term instruments are considered investment grade, following the equivalences established by industry usage and custom.

b) In the case of instruments issued locally via public offering, the risk classifications are granted by risk rating agencies authorized by the SMV. Instruments classified as BBB- (triple B minus) or lower risk for long-term instruments and instruments classified as CP-3 or lower risk for short-term instruments are considered investment grade, following the equivalences established by industry usage and custom.

c) In the case of instruments issued locally via private offering, the risk classifications may be granted by any of the risk rating agencies indicated in items a) or b); and what is indicated in the corresponding item is considered investment grade.

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

28.4 In the case of instruments issued abroad, via public or private offering, by companies incorporated in Peru, they are considered to meet the minimum classification requirement, provided they simultaneously meet the following conditions:

i. The minimum risk classification granted to such instruments, by rating agencies indicated in item a) of subsection 28.2 of this article, is BB- (double B minus) or lower risk for long-term instruments, following the equivalences established by industry usage and custom.

ii. The local risk classification of the instrument, if any, is at least investment grade, BBB- (triple BBB minus) or lower risk, following the equivalences established by industry usage and custom. If the instrument in question does not have a local risk classification, and the issuer has other long-term instruments issued locally without specific guarantee, these must be at least investment grade.

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If the condition indicated in subsection ii) does not apply, it will be considered a requirement that the issuer be classified as a Normal debtor, in accordance with the Regulation for the Evaluation and Classification of Debtors.

Article 29. Diversification limits applicable to eligible assets

29.1 Eligible assets for backing technical obligations are subject to the following limits:

29.1.1 Individual limit per issuer or counterparty

The sum of eligible assets issued or backed by the same entity, applied to the backing of technical obligations, must not exceed seven percent (7%) of the technical obligations. The term "entity" includes financial institutions, companies, states or central banks of foreign countries, international organizations, multilateral credit institutions, regional, local or municipal governments, government agencies, other legal entities of public or private law, mutual funds, investment funds, trusts, special purpose vehicles and other similar vehicles.

If the entity corresponds to a local financial institution, with a financial strength risk classification of "A", the limit cited in the previous paragraph is increased to ten percent (10%).

Funds in checking accounts are not considered in the computation of the limit indicated in this subsection. The sum of eligible assets corresponding to deposits in checking accounts in the same financial institution, applied to the backing of its technical obligations, must not exceed five percent (5%) of said obligations.

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

29.1.2 Aggregate limit per economic group

The sum of eligible assets issued or backed by entities belonging to the same economic group or conglomerate, applied to the backing of technical obligations, must not exceed fifteen percent (15%) of these obligations. This limit is reduced to seven percent (7%) when the issuers or counterparties belong to the same economic group or conglomerate as the Derrama.

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

29.1.3 Limits by asset class

Eligible assets are subject to the following limits according to their class:

Asset class	Limit on technical obligations
a) Cash and Deposits (subsections 26.5.1 and 26.5.2)	100%
b) Debt instruments (subsection 26.5.3)	100%

c) Equity instruments
(subsections 26.5.4, 26.5.5 and 26.5.6)
20% d) Credits
(subsection 26.5.8) 65% e) Real estate
(subsections 26.5.7 and 26.5.9) 30% f) Others authorized by the Superintendency (subsection 26.5.10) 30%

29.1.3.1 Considerations for the application of limits by asset class

a) Within the calculation of the limit for the asset class "Debt instruments" in the preceding table, the participation certificates of mutual funds and investment funds that invest predominantly in debt securities are considered. A fund is considered to invest predominantly in debt when its investment policy provides for investing no less than 80% of its assets in debt instruments. Those funds that do not meet the above condition are considered within the asset class "Equity instruments" for purposes of calculating limits, according to the preceding table.

b) Excluded from the calculation of the limit for the asset class "Equity instruments" are the participation certificates of mutual funds or investment funds that invest in real estate or whose underlying asset is a real estate investment. These certificates shall be considered for the calculation of the limit applicable to the asset class "Real estate", according to the preceding table.

29.1.3.2 Authorization for the expansion of certain limits

La Derrama may request from this Superintendency the expansion of the following limits by type of asset:

a) Equity instruments: Up to a maximum of 40%.

b) Real estate: Up to a maximum of 40%.

c) Credits: Up to a maximum of 75%.

The authorization request must be signed by the general manager of la Derrama, and must be submitted together with the information that supports la Derrama's capabilities, in terms of technological infrastructure (computer systems linked to the registration, control and valuation of assets), technical suitability and experience of its human capital, internal procedures, and other aspects necessary for the management of the asset class analyzed, and considering the expansion of the requested limits. In the evaluation carried out by this Superintendency, prudential requirements and/or the application of gradualness in the limits may be considered, according to the case evaluated and the sufficiency of information presented by la Derrama.

The Superintendency approves or denies the authorization within a maximum period of sixty (60) business days

29.1.4 Limit abroad and by economic activity

The sum of eligible assets abroad, applied to the backing of technical obligations, cannot exceed fifty percent (50%) of said obligations.

Likewise, eligible assets applied to the backing of technical obligations, issued or backed by entities engaged in the same economic activity, cannot exceed 40% of these obligations. In the application of this latter limit, la Derrama's cash must not be added.

In the case of entities in the financial sector, the limit indicated in the preceding paragraph is raised to 50% of la Derrama's technical obligations.

29.1.5 Limit per issuer vis-à-vis the Peruvian State

The limits per issuer or counterparty, economic group and economic activity, described in subsections 29.1.1, 29.1.2 and 29.1.4 do not apply to instruments issued by the Central Government of the Republic of Peru and the Central Reserve Bank of Peru. The sum of these assets applied to the backing of technical obligations must not exceed fifty percent (50%) of said obligations. In the case of other entities that form part of the Peruvian State, the calculation of the limit in subsection 29.1.1 is carried out in accordance with the criteria for grouping entities, organisms, dependencies and entities that directly or indirectly are considered or form part of the Peruvian State, defined in Circular N° B-2148-2005, FOGAPI-0026-2005, CR-0204-2005, CM-0335-2005, F-0488-2005, EDPYME-0119-2005, EAF- 0231-2005, S-0613-2005 and its amending norms.

Article 30. Custody of investment instruments

30.1 La Derrama's assets constituted by securities or investment instruments, whether eligible or not eligible for the backing of technical obligations, must be under the custody of an entity specialized in such services. For this purpose, la Derrama must contract the services of a custody institution, whether local or foreign, according to the characteristics and level of complexity of the securities or investment instruments subject to custody:

30.2 Requirements and general aspects

a) In all custody modalities there must be insurance protection or a risk transfer scheme that covers la Derrama against the risks of dishonesty, forgery or adulteration, assault and robbery, as well as other critical risks identified by la Derrama, arising from the custody scheme used.

The provider of this protection must be an entity that has a financial strength rating of "B" or lower risk or, alternatively, its long-term debt must have a risk rating of "BBB-" or lower risk. The levels of protection or risk transfer must be established and approved by la Derrama's board of directors or the committee it delegates, who are responsible for evaluating compliance with said requirement before signing the respective custody contract, and subsequently, at least once a year. Said evaluation must be documented and available to this Superintendency.

b) At the time of signing the service contracts with the custody institution, la Derrama must ensure that these do not contain clauses or measures that allow the use of the assets backing the technical obligations as collateral to back other obligations of la Derrama, generated by financial services other than custody.

c) La Derrama must carry out the corresponding arrangements with custody institutions, depository institutions, physical safekeeping institutions, among others, local and/or foreign, so that

the Superintendency may verify the existence of the financial instruments directly, when it deems pertinent.

d) When the Derrama contracts the services of a custody institution, it must inform the Superintendency of this fact, indicating its name or corporate name, as well as the country of incorporation, within a period no greater than fifteen (15) calendar days from having signed the respective contracts, and declare compliance with the general and specific requirements established in this article. Furthermore, it must make available to the Superintendency the report and documentation indicated in the following subparagraphs, according to the modality of custody contracted.

e) In the event of non-compliance with any of the requirements (general or specific) by the custody institution, depository institution or direct participant of the Securities Clearing and Settlement Institution (ICLV), the Derrama must terminate the contract, and contract or implement the custody of the investment instruments under the scope of the terminated contract, with a custody institution that complies with the requirements established in this article. This fact must be communicated to the Superintendency, indicating the causes that motivated said termination, within a period no greater than fifteen (15) calendar days from having terminated the contract. Likewise, in said communication the Derrama must describe the action plan approved for the transfer of custody or the settlement of the operations of the investment instruments involved. In this context, a period no greater than thirty (30) calendar days is established, counted from the date of termination of the contract, for the Derrama to transfer the respective custody to the new institution. The aforementioned action plan must include the estimated deadlines and the degree of progress achieved. The Derrama must document these situations and the measures adopted, and keep this documentation available to the Superintendency.

f) Without prejudice to the Derrama contracting a third party for the custody of its investment instruments, it must comply with the following obligations:

i. The person responsible and/or area designated for custody tasks must be independent from the area responsible for the management of the Derrama's assets.

ii. Verify the compensation and settlement process of transactions carried out with investment instruments, respecting the delivery versus payment modality.

iii. Implement the operation of a centralized file, virtual and/or physical, with daily updating of the detailed information of the investment instruments and their transactions.

iv. Verify the credits and charges corresponding to the rights and obligations of the investment instruments, in terms of the amounts and payment dates established.

v. Guarantee the conservation and integrity of the investment instruments.

vi. Monitor the material events related to each custodian or direct participant. This monitoring must be carried out according to the requirements established in this article and the guidelines and procedure defined by the Derrama. A report must be submitted with the results of these evaluations, including the support for its observations and recommendations to the Derrama's Board of Directors or the committee it delegates, at least annually. The supporting documentation for the monitoring and the aforementioned reports must be available to this Superintendency.

vii. Others that are inherent to the functions of a custody area.

30.3 Custody of local investment instruments

For local custody, the following cases exist:

a) When the securities or investment instruments are represented by book entries (dematerialized). b) When the securities or investment instruments are represented by physical certificates (no desmaterializados).

30.3.1 Specific requirements for the custody of investment instruments represented by book entries, by a local custody institution

The local custody institution to be contracted by the Derrama must meet the following requirements:

a) Be a custody institution registered and authorized by the Superintendencia del Mercado de Valores (SMV). If it is a company of the financial system, it must be authorized to provide custody services.

b) If the local custody institution is a company of the financial system, it must have a financial strength rating of "A" or lower risk, granted by a rating agency that is registered in the Registry of risk rating agencies under the Superintendency, in accordance with the provisions of the Regulation for the rating of companies of the financial system and insurance companies, approved by Resolution SBS N° 18400-2010 and its amending norms.

If the local custody institution is not a company of the financial system, the following requirements must be met, applicable to direct participants that are not financial entities:

i. The direct participant must be authorized to carry out the settlement of funds and securities for the transactions carried out by the Derrama.

ii. The Derrama must define and implement an evaluation methodology applicable to the direct participant, prior to its selection, which considers at least its financial strength, its operational capacity to fulfill its obligations, its level of experience, its ability to provide information on the transactions carried out, as well as its level of exposure and capacity to manage conflicts of interest. The Derrama must evaluate whether the selected direct participant meets the requirements indicated in said methodology. Likewise, the Derrama must include the identification and analysis of the risks associated with the direct participant and the services it will offer (including, at least, operational and credit risks), and the measures contemplated to mitigate such risks. The evaluation involved must be summarized in a report with an overall opinion that summarizes and concludes whether or not the participant is eligible. The selection of the direct participant must have the approval of the board of directors of the Derrama or of the committee to which it delegates.

If the local custodian institution does not have a financial strength risk classification, it must have a credit rating in the Normal category, in accordance with the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions.

c) The Derrama must ensure that the local custodian institution assumes the obligation to send it written confirmations and/or by any electronic means, regarding any movement produced in relation to the financial investments, such as: income and withdrawals of securities, coupon cuts, interest collections, redemptions, prepayments, maturities or any other movement not indicated above, that implies a change in the holding of the securities or of the Derrama's funds in the

registry of the custodian institution or in the registry of a Securities Clearing and Settlement Institution (ICLV).

d) The local custodian institution must have a policy for the disclosure and resolution of conflicts of interest.

e) Others established by the Superintendency.

The evaluation of compliance with the requirements described above must be carried out by the Derrama before contracting the custody services. Such evaluation must be documented in a report (accompanied by the supporting documentation), which must be submitted for approval by the board of directors of the Derrama or the committee to which it delegates. This report, the minutes of approval of the board of directors or of the delegated committee, as well as the signed and formalized contracts for the custody services must be available to the Superintendency.

30.3.2 Specific requirements for the custody of investment instruments represented by physical securities

For the physical safekeeping of investment instruments represented by physical securities, the Derrama must contract the services of a company of the financial system that satisfactorily complies with the following requirements:

a) Have authorization to provide physical safekeeping services.

b) Guarantee the operation of a centralized electronic archive, with daily updating of the detailed information of the physical securities representing the Derrama's investments.

c) Possess a financial strength classification of "A" or lower risk, in accordance with the provisions of the Regulation for the classification of companies of the financial system and insurance companies, approved by Resolution SBS No. 18400-2010 and its amending norms.

d) Be constituted as the sole entity responsible for the transportation of the corresponding physical securities.

The evaluation of compliance with the requirements described above must be carried out by the Derrama before contracting the custody services (physical safekeeping). Such evaluation must be documented in a report (accompanied by the supporting documentation), which must be submitted for approval by the board of directors of the Derrama or the committee to which it delegates. This report, the minutes of approval of the board of directors or of the delegated committee, as well as the signed and formalized contracts for the custody services (physical safekeeping) must be available to the Superintendency.

30.4 Custody of investment instruments abroad

If the Derrama requires contracting the services of custodian institutions and/or depository institutions abroad, it must previously evaluate that such institutions comply with the following requirements:

a) Be a global custodian institution or depository institution duly registered and authorized by the corresponding regulatory body.

b) In the case of a custodian institution, be a participant, directly or through a subcustodian, in the depository institutions of foreign investment instruments, except for those that, due to the nature of their issuance, are not registered in the depository institutions.

c) The custodian institution and/or depository institution must simultaneously satisfy the following requirements:

(i) possess experience of no less than five (5) years providing custody services in the financial

and insurance systems; (ii) possess at least a risk rating of no less than "A" for its long-term debt, following the equivalences established by the uses and customs of the industry; and, (iii) have financial statements audited by an independent audit firm, which possesses international experience and carries out operations in more than ten (10) countries that possess risk ratings of at least "A" for their respective long-term debt securities.

d) Guarantee the execution of the credits and charges corresponding to the rights and obligations of the investment instruments that are subject to custody.

e) Report at least weekly the value of the investment instruments subject to custody (nominal value and units).

f) Provide the Superintendency, at the time and in the manner it determines, with all information concerning the services provided to the Derrama.

g) Have a policy for the disclosure and resolution of conflicts of interest.

h) Others established by the Superintendency.

Likewise, the local securities clearing and settlement entities authorized by the Superintendency of Securities Market (SMV) may also carry out the custody of instruments abroad, it being the responsibility of the Derrama to evaluate that the custody services to be contracted with the local securities clearing and settlement entity do not contravene the regulations where the foreign investment instruments are issued or traded.

The evaluation of compliance with the requirements described above must be carried out by the Derrama before contracting the custody services abroad. Such evaluation must be documented in a report (accompanied by supporting documentation), which must be submitted for approval by the board of directors of the Derrama or the committee it delegates. This report, the approval minutes of the board of directors or the delegated committee, as well as the signed and formalized contracts for the custody services abroad must be available to the Superintendency.

Article 31. Report to the Superintendency

The Derrama must submit, together with the quarterly Financial Statements (March, June, September and December), the information indicated in Annex 6 "Coverage of Technical Obligations with Eligible Assets" of these Norms, in Excel spreadsheet format.

CHAPTER IV TECHNICAL RESERVES

Article 32. Technical reserves

32.1 The constitution, calculation and monitoring of technical reserves must be carried out based on actuarial and financial principles and methods. Technical reserves cannot be negative.

32.2 Technical reserves must be calculated in a prudent, reliable, objective and transparent manner, ensuring that the actuarial model and the results obtained can be reviewed by a qualified expert third party.

32.3 The Derrama must use its own methodology for the calculation of technical reserves, considering the most appropriate actuarial method, in accordance with the profile of the risks covered and the available information. These technical reserves must be updated monthly, considering the

methodologies and procedures approved. In general, technical reserves can be classified into:
technical reserves for claims not occurred, technical reserves for claims occurred and technical reserves for deviations in claims experience.

32.4 Technical reserves for claims not occurred represent the estimate of the Derrama's obligations for claims that have not occurred up to the closing date of the Financial Statements, in addition to the future expenses that will be assumed by the Derrama for the management of the current risk coverages.

32.5 Technical reserves for claims occurred represent the pending obligations of the Derrama, derived from claims that occurred prior to the closing date of the Financial Statements.

These reserves comprise the following concepts:

a. Reserves for claims pending settlement or claims pending payment:

• Claims pending settlement. Corresponds to those claims known to the Derrama, but for which, as of the closing date of the Financial Statements, the right to the benefit, the identification of the beneficiary or the amount of the benefit has not been definitively determined, with the claim or benefit being in the process of settlement or with the settlement process not initiated. This reserve corresponds to the amount of benefits that the Derrama expects to pay, evaluated on a case-by-case basis.

• Claims pending payment. Corresponds to claims known to the Derrama, which have been definitively settled, but which, as of the closing date of the Financial Statements, are pending payment. These claims must be estimated on a case-by-case basis, recording the amount pending indemnification or payment.

b. The reserve for claims occurred and not reported. Corresponds to claims that have already occurred, but which are notified, reported or claimed after the closing date of the Financial Statements.

c. The reserve for claims settlement expenses: corresponds to the estimate of the amount necessary to cover the expenses associated with the total settlement and payment of claims.

32.6 Technical reserves for deviations in claims experience correspond to an estimate of possible increases in the Derrama's obligations due to unexpected increases in claims experience, and which may affect claims occurred and not occurred.

Article 33. Assumptions and parameters

33.1 The Derrama must ensure that the assumptions and parameters applicable in the calculations of technical reserves (mortality/morbidity tables, technical interest rates, expense allocation, among others) are realistic and adequate. For this purpose, the Derrama must support each of these assumptions and/or parameters in the respective methodological documents for the calculation of technical reserves and technical notes that support the contributions, fees or premiums. The assumptions and parameters must be applied consistently over time, without arbitrary changes.

33.2 The mortality, morbidity and disability tables, among other probability tables used to estimate technical reserves, must comply with the following requirements:

a) They must be based on national or foreign experience.

b) In case of using adjustment factors for these tables, they must be supported by the Derrama's own statistics, considering actuarial practices generally accepted in the academic field.

c)
The tables cannot be more than twenty-five (25) years old as of the date of calculation of the technical reserves. d) In case of using demographic assumptions based on the Derrama's own experience, these must be constructed based on sufficient, homogeneous and representative information of the risk, so that the estimation complies with the data quality guidelines.

CHAPTER V REGISTRY OF DERRAMAS

Article 34. Registry of Derramas

34.1 Derramas, in order to be incorporated into the "Registry of Derramas and Benefit Funds – Law No. 26516", and consequently into the control and supervision of the Superintendency, must comply with all of the following characteristics:

1. Have been constituted by the Peruvian State, through legal provisions, regardless of their legal nature

2. Receive resources from their members, with the purpose of allocating them to the provision of benefits consisting of the granting of retirement, old-age or similar pensions, or additional to these, whatever their denomination or form of constitution.

3. Be institutions with private law legal personality, in accordance with their creation laws.

34.2 The Registration Resolution of the requesting entity is published by the Superintendency in the Official Gazette El Peruano.

Article 35. Deadlines for registration in the Registry

35.1 In the event that the documents for registration, provided for in article 3 of SBS Resolution No. 962-95 or the rule that modifies or replaces it, are submitted incompletely, or for any other cause attributable to the requesting entity, and their total rectification does not occur within a maximum period of six (6) months from the start of the procedure, the Superintendency shall consider this procedure concluded and the application shall be archived.

35.2 Derramas that do not submit their registration application or that have not successfully completed their registration are prohibited from carrying out operations of granting credits, investments, acquisition of real estate and collection of contributions, and the provisions of article 11 of the General Law shall apply to them.

CHAPTER VI FINANCIAL INFORMATION

SUBCHAPTER I FINANCIAL STATEMENTS AND COMPLEMENTARY INFORMATION

Article 36. Preparation of financial information

36.1 The financial statements must be prepared in accordance with the guidelines of the Accounting Framework for Derramas, contained in Annex A.

36.2 The financial statements comprise:

1. Statement of Financial Position
2. Statement of Comprehensive Income, composed of:
   a) Income Statement b) Statement of Income and Other Comprehensive Income
3. Statement of Changes in Equity
4. Statement of Cash Flows
5. Notes to the Financial Statements

Article 37. Chart of Accounts

37.1 Derramas must apply the Chart of Accounts contained in Annex B. In matters not indicated in said plan, the provisions of the International Financial Reporting Standards (IFRS), approved by the Accounting Standards Board in Peru, shall apply supplementarily.

37.2 In the event that the Derrama develops more than one type of activity, in accordance with the provisions of article 39, higher-level codes must be opened for the identification of activities and business units, in the asset, liability, equity, income and expense accounts, in such a way that from this the information required in the aforementioned article 39 can be generated.

37.3 In addition to the above, derramas may open new codes without the prior authorization of the Superintendency, as long as the level of detail required by the entity is not open, in order to improve its accounting controls, and must be adequately documented. However, the electronic submission of data to this Superintendency must be made solely and exclusively within the predetermined levels in the Chart of Accounts of the Chart of Accounts. If the Superintendency subsequently requires the creation of codes within the levels unilaterally used by the entity, the entity must proceed, under the responsibility of the General Accountant and the Area Manager, to make the corresponding accounting reclassifications, as soon as possible.

Article 38. Notes to the Financial Statements

38.1 The annual and quarterly financial statements must contain the notes to the financial statements.

38.2 The notes to the financial statements must contain information about the bases for their preparation and the specific accounting policies used for the preparation of the financial statements; information required by the accounting regulations issued by the Superintendency and by the IFRS, as applicable. Likewise, each item of the Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows shall contain a cross-reference corresponding to the notes. Such disclosures must be made systematically.

Article 39. Information by type of activity

39.1 Business units must be understood as components of a type of activity, whose results are reviewed in the entity's decision-making, to decide on the resources to be allocated to each business unit and to evaluate its performance, and for which differentiated financial information is available.

39.2 In the event that Derramas develop more than one type of activity, they must disclose information that
allows evaluating the nature and financial effects of such activities and the economic environments in which they operate. This information must include a description of the activity and the main income it generates, a summary of the financial situation with its main components of assets and liabilities, as well as the income, expenses and comprehensive results of its operations for each type of activity.

39.3 The detail of the information for each activity and business unit must be attached to the quarterly and annual closing financial statements.

39.4 The determination of the types of activity for which detail is required shall be proposed by the Derramas for approval by the Superintendency. The financial information with the components of assets, liabilities, income, expenses and the comprehensive results of its types of activity must adhere to the formats of Annex D.

Article 40. Quarterly financial information

40.1 In addition to the submission of the financial statement formats corresponding to the months of March, June and September, within the period indicated in article 47, the Derramas must send, in physical and electronic form, the notes to the financial statements. Likewise, the detail of the information for each activity and business unit must be attached, in accordance with the provisions of article 39.

40.2 In matters not covered by the provisions established by the Superintendency, the quarterly notes are prepared in accordance with the criteria established in IAS 34 "Interim Financial Reporting".

Article 41. Annual financial information

The notes to the year-end financial statements must form part of the audited financial statements. Likewise, the detail of the information for each activity and business unit, in accordance with the provisions of article 39, must be attached to the audited financial statements.

Article 42. Financial Statement Formats

Annex C, which forms part of these rules, presents the formats and grouping rules for the financial statements.

Article 43. Approval of Financial Statements

The financial statements submitted to the Superintendency in accordance with the formats and deadlines indicated in articles 42 and 47, respectively, must be approved by the Board of Directors, with record thereof in the respective minutes.

Article 44. Audited Financial Statements1

44.1. The Audit Report and audited financial statements, as well as the supplementary reports, must be submitted by the Derramas to the Superintendency on the last business day of February of the year following the audited fiscal year, in accordance with the provisions of the External Audit Regulation.

[1] Article replaced by Resolution SBS N° 1065-2025 published on 21.03.25

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44.2 The audited financial statements corresponding to the close of the annual fiscal year must be approved by the highest approval body.

44.3. The Derramas must publish on their website, jointly, the audited annual fiscal year-end financial statements and the audit report containing the opinion of the External Audit Firm on the reasonableness of the financial statements. This information must be permanently available to the public.

44.4. The publication must be made within seven (7) business days of approval by the highest approval body. In addition, publication on the official website of the Derramas must be made without referring to a hyperlink or link to a web page external to that of the entity.

44.5. For the publication of the audited annual fiscal year-end financial statements, the formats established in these rules must be used, in accordance with article 42, presented comparatively with the previous year, in thousands of soles.

Article 45. Trial Balance and Supplementary Information

45.1 The Derramas must submit to the Superintendency the Trial Balance and supplementary information, in accordance with the following:

1. Trial Balance, from the minimum level to the maximum level of open digits established in the Chart of Accounts for the Derramas.

2. Report on Classification of Debtors and Provision Requirements, according to the format indicated in Annex 1 attached.

3. Cash Flow, according to the format indicated in Annex 2 attached.

4. Report on Investment in Equity and Debt Instruments, according to the format indicated in Annex 3 attached.

5. Report on the General Characteristics of the real estate properties, according to the format indicated in Annex 4 attached.

6. Debtor Credit Report (RCD). The identification of the debtor and the accounting balances must be reported on a consolidated basis by debtor and office of the reporting Derrama, for each type of credit, in national and foreign currency with amounts greater than zero in its financing granted by the Derramas under any modality, as well as its investments, accounts receivable, guarantees, provisions, etc., in accordance with the account structure of the Chart of Accounts of the Derramas and according to the current RCD reporting instructions. Those impaired credits to which a coverage mechanism applies, by which they cease to be reported in accounting terms within the statement of financial position as a result of a write-off of assets, must be reported in an additional RCD, according to the RCD reporting instructions. For reporting in the RCD (main and additional), the use of valid accounting accounts from the RCD chart of accounts established by the Superintendency shall be allowed.

7. The report referred to in paragraph 12.2 of article 12 and the information indicated in Annex 5, referring to technical risk indicators, must be submitted at the close of each quarter, together with the financial statements of March, June, September and December of each year. This information must also be submitted in Excel spreadsheet format.

8. The report on coverage of technical obligations with eligible assets indicated in Annex 6 must be submitted at the close of each quarter, together with the financial statements of March, June,

September and December of each year. This information must also be submitted in Excel spreadsheet format.

9. The annual technical risk management report must be submitted together with the financial statements of March, attaching the minutes of the Board of Directors corresponding to the session at which said report was reviewed.

10. The Asset Policy must be submitted together with the financial statements of December, attaching the minutes of the Board of Directors corresponding to the session at which said document was approved.

45.2 The Trial Balance must include the opening balance, month's movements (Debit and Credit) and the ending balance of the accounts, with information on the different levels of the accounts established in the Chart of Accounts for the Derramas.

45.3 Annexes A, B, C and D, as well as the formats indicated in Annexes 1, 2, 3, 4, 5 and 6, form part of these rules, which are published on the Institutional Portal –www.sbs.gob.pe – in accordance with the provisions of Supreme Decree No. 001-2009-JUS.

SUBCHAPTER II ANNUAL REPORT

Article 46. Annual Report

46.1 The annual report must be approved by the Board of Directors and must be submitted to the Superintendency within ten (10) business days after approval by the highest approval body, with a maximum approval deadline of 31 March.2

46.2 The annual report must contain, at least, the following information:

a) Letter from the chairman

b) Historical Information of the Derrama

c) Management 20… (year reported)

i. Financial Situation

ii. Investments

iii. Members

d) Comprehensive Risk Management

e) Ownership and Control of the Derrama

f) Information on Investments in other entities over which the Derramas maintain control

g) Board of Directors and Supervisory Council

i. Description of the Organization

ii. Board of Directors and changes in the Board of Directors

iii. Supervisory Council and changes in the Supervisory Council

iv. Main Officers and Changes of Main Officers.

h) Remuneration System

[2] Paragraph replaced by SBS Resolution No. 1065-2025 published on 21.03.25

i)
Activities and Businesses of the Derrama
i. Description of the Economic Sector in which it participates
ii. Associative Objectives
iii. Description of the Activities and Business Units of the Derrama
j)
Risk Factors k)
Policy for the Application of the Results of the Fiscal Year l) Investment and Financing Policy m) Main Assets
i.
Real Estate
ii.
Credits
iii.
Investments
iv.
Other Assets n)
Technical Reserves and Technical Obligations o) Coverage of Technical Obligations with Eligible Assets p) Information on Relevant Events q) Information on Subsequent Events r) 3

46.3 The derramas must publish the annual report on their website. The deadline for its publication is ten (10) business days after the date of its approval by the highest approval body and they must remain continuously available to the public. The publication must be made without referring to a hyperlink or link to a web page external to that of the entity. 4

SUBCHAPTER III PRESENTATION TO THE SUPERINTENDENCY

Article 47. Form of submission, frequency and deadlines for presentation

47.1 The form of submission, deadline and frequency of submission of the Trial Balance, the financial statements, the complementary information, management report and audited financial statements are detailed below:

DETAIL	FREQUENCY	MAXIMUM DEADLINE FOR PRESENTATION TO THE SUPERINTENDENCY	FORM OF SUBMISSION
Financial Statements and Trial Balance - Statement of Financial Position - Form A - Statement of Comprehensive Income - Form B - Trial Balance	Monthly	15 calendar days following the end of the month	Electronic means established by the Superintendency
- Information by type of activity	Quarterly	Jointly with the presentation of the Statement of Financial Position and the Statement of Comprehensive Income for the months of	Electronic means established by the Superintendency

[3] Literal eliminated by Resolution SBS N° 1065-2025 published on 21.03.25

[4] Paragraph incorporated by Resolution SBS N° 1065-2025 published on 21.03.25

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			March, June and September, and of the audited financial statements
	- Statement of Cash Flows - Statement of Changes in Equity	Annual	40 calendar days following the end of the year	Electronic means established by the Superintendency
Complementary information	Report on Debtor Classification and Provision Requirements	Monthly	15 calendar days following the end of the month	Electronic means established by the Superintendency
	Cash Flow	Monthly	15 calendar days following the end of the month	Electronic means established by the Superintendency
	Report on Investment in Equity and Debt Instruments	Monthly	15 calendar days following the end of the month	Electronic means established by the Superintendency
	Debtor Credit Report (RCD)	Monthly	15 calendar days following the end of the month	Electronic means established by the Superintendency
	Report on the General Characteristics of the real estate properties	Monthly	15 calendar days following the end of the month	Electronic means established by the Superintendency
	Report on technical risk indicators, including the information on technical risk indicators	Quarterly	15 calendar days following the end of the month	Electronic means established by the Superintendency
	Coverage of Technical Obligations with Eligible Assets	Quarterly	15 calendar days following the end of the quarter	Electronic means established by the Superintendency
	Annual report on technical risk management and the respective minutes of the Board of Directors in which it was reviewed.	Annual	Maximum date: 15 April.	Electronic means established by the Superintendency
Asset Policy	Monitoring of compliance with the Asset Policy-	Annual	15 calendar days following the end of the year	Electronic means established by the Superintendency
Management Report, Audit Report and	Management Report	Annual	Within 30 calendar days of the approval made by the	Electronic means

Financial statements audited
Board of Directors. Maximum date of approval 31 of March established by the Superintendency Audit Report and audited financial statements including their notes Annual Last business day of February of the following year Electronic means established by the Superintendency

47.2 The financial statements must contain the signatures of the person holding the position of General Accountant, General Manager and of at least two (2) directors. The signatures must be clearly identified with the name of the person and their corresponding position. These imply the declaration that the information contained in the documents being signed has been extracted from the legal and auxiliary books of the company and verified as to its accuracy and completeness.

47.3 Together with the presentation of the Statement of Financial Position and the Statement of Comprehensive Income for the months of March, June and September, and of the audited financial statements, the notes to the financial statements, information by each type of activity and the items of each business unit of the Derrama must be attached, in accordance with the provisions of articles 39, 40 and 41.

47.4 By means of a Multiple Official Letter, the Superintendency will define the electronic means for the submission of the information referred to in the provisions of this article.

SUBCHAPTER IV MINIMUM CRITERIA FOR THE CONTRACTING OF AUDIT FIRMS

Article 48. For the contracting of external audit firms, in addition to the provisions of the External Audit Regulation, the Derramas must incorporate among the requirements for contracting, having an experience of no less than three (3) years in the last ten (10) years, in audit activities in companies of the financial system or insurance companies with a balance of assets equal to or greater than that of the Derrama to be audited.

FINAL COMPLEMENTARY PROVISIONS

First.- Applicable regulations

The provisions contained in the General Law referring to companies of the financial system are applicable to the Derramas, to the extent relevant, in accordance with the provisions of Law No. 26516 and its amendments.

Second.- New accounting policies

The effect of the application of the new accounting policies must be recorded in the accumulated results accounts on 01.01.2025.

Third.- Property, plant and equipment and investments in real estate

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The application of the cost model as the only model for the measurement of assets accounted for as property, plant and equipment and investments in real estate (investment properties), will be applied to said assets as of 01.09.2023.

The balance of the revaluation surplus resulting from the application of the revaluation model, generated up to 31.08.2023, must be transferred in the month of September 2023 to the item "Unrealized Results" in Equity, and must be identified at the level of more detailed accounts, and said revaluation surplus must follow the guidelines established in International Accounting Standard No. 16 "Property, plant and equipment".

Fourth.- Progressive regime of reporting to the Credit Bureau

The Credit Report of Debtors referred to in articles 45 and 47 is applicable to the Derramas as of July 2025. The Superintendency, taking into account the nature of the operations carried out by the Derramas, may establish by means of a Multiple Official Letter the characteristics, timing, conditions and formats for the submission of information, as well as implement mechanisms to monitor the progress in the progressive implementation of the RCD report to the Credit Bureau.

Fifth.- Application of external alignment

As of the month following the one in which the Derramas report to the Credit Bureau, through the RCD, they are obliged to carry out the external alignment process indicated in article 8 of these regulations and in the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions. Without prejudice to the foregoing, the Superintendency requests from the Derramas the credit information it deems pertinent for supervision purposes.

Sixth.- List of affiliates, members or associates

The Derramas must keep updated and at the disposal of the Superintendency the list of affiliates, members or associates, so that it is possible to unequivocally identify their status as such, the accumulated amount of their individual accounts, the part affected as collateral and the balance of credits.

TRANSITORY COMPLEMENTARY PROVISIONS

SOLE.- Gradual schedule of adaptation to 100% of the required provisions

The Derramas have a gradual schedule of adaptation to one hundred percent (100%) of the provisions required in article 8 of these regulations, according to the following table:

Date	% of required provisions
As of December 2023	20%
As of December 2024	40%
As of December 2025	60%
As of December 2026	80%
As of December 2027	100%

Without prejudice to the gradual schedule indicated above, the provisions constituted as of the effective date of this regulation may not be reversed.

Article
Second.- Amend the
Regulation for the
Restructuring, Repowering, Dissolution and Liquidation of Derramas, Benefit Funds and other funds that receive resources from their members and grant severance, retirement and similar pensions, which are subject to the supervision and control of the Superintendency of Banking, Insurance and Private Administrators of Pension Funds, approved by SBS Resolution No. 8504-2010 and its amendments, in the terms indicated below:

1. Replace in Article 1 Definitions, subparagraphs c), g), h) and i); likewise incorporate in said article subparagraphs k), l) and m), in accordance with the following:

“Definitions Article 1.- (….)

c) Beneficiaries: natural persons who enjoy a benefit in the form of a pension or others, linked to retirement, withdrawal, severance, disability or incapacity, death, survival (widowhood, orphanhood, ascendants), among other risks, in accordance with the statutes or internal regulations of the Derramas or pension funds.

(…)

g) Equity: refers to accounting equity, constituted by the difference between assets and liabilities. Liabilities include, among other items, technical reserves.

h) Plan: is the Restructuring and Repowering Plan that comprises actions aimed at redesigning the internal structure of the institution and obtaining permanent resources over time that allow reaching a position of solvency and liquidity so that the entity can meet its obligations; or remove the cause or causes of the surveillance regime or intervention regime that may have been imposed, if applicable.

i) Technical reserves: Are the estimates of obligations for coverage of insurable risks and pensions assumed by the entity with its associates or members, or their beneficiaries, in accordance with its statutes and/or internal regulations.

(…)

k) Repeated non-compliance with the attention to its members or associates and/or beneficiaries: partial or total non-compliance with the benefits accrued in favor of its members or associates and/or beneficiaries, when this situation occurs during three (3) consecutive months, or in three (3) discontinuous months within a period of twelve (12) months. Late or defective fulfillment of benefits is considered as non-compliance.

l) Technical obligations: Are the technical reserves plus other obligations of the entity with its associates or members, such as individual accounts, in accordance with its statutes and/or internal regulations.

m) Board of Directors: Any reference to the board of directors also alludes to the Directing Council or any equivalent body.

2. Replace in Article 2, Submission to Surveillance Regime, literals a), e) and f), in accordance with the following:

“Submission to Surveillance Regime Article 2.- (…)

a) Not presenting the adequacy plan to overcome a situation of deficit of technical obligations within the established deadlines or failing to comply with the commitments indicated in this adequacy plan; and/or when the eligible assets fail to cover the technical obligations, in two (02) consecutive quarterly periods, or in three (03) quarterly periods, within a period of one (01) year ending with the quarter of the last deficit. e) Incurring in notorious or repeated violations of the law, the norms issued by the Superintendency, its institutional statute or regulation, or other legal provisions that govern them. f) Repeated non-compliance with the attention to its members or associates and/or beneficiaries that entails the non-compliance of its obligations. (…)”

3. Replace Article 4 Requirement to entities subject to Surveillance Regime, in accordance with the following:

“ Requirement to entities subject to Surveillance Regime

Article 4.- During the surveillance regime, the competence and authority of the directive bodies of the Supervised Entity are maintained, without further limitations than those resulting from submission to said special regime.

Within thirty (30) calendar days following the receipt of the official letter communicating the decision to submit it to surveillance regime, the Supervised Entity must propose, to the satisfaction of the Superintendency, a financial recovery proposal, or in case the cause of submission to the surveillance regime is of a nature different from financial, one tending to reverse the corresponding cause. This proposal will contemplate the rules of prudence that the Superintendency considers appropriate. Within seven (7) business days following the approval given to the referred proposal, and without prejudice to initiating its execution in the interval, the agreement that formalizes it must be signed, unless it is the cause g) provided in article 2, in which case it is executed immediately. Additionally, the Supervised Entity must demonstrate, with the periodicity established in the referred agreement, an improvement of the situation that motivated the submission to surveillance regime.”

4. Replace the first paragraph of Article 8 Submission to Intervention Regime, in accordance with the following:

“Submission to Intervention Regime

Article 8.- In accordance with the provisions of the General Law, the Superintendency must intervene by resolution of the Superintendent to any Supervised Entity that incurs in any of the causes provided in this Regulation or, when before the initiation of a Surveillance Regime, it was technically, materially or legally impossible that during the granted term the detected problems were overcome. (…)”

5. Replace in Article 9° Objective causes for intervention, literal c), and eliminate literals d) and e); likewise incorporate in said article literal f), in accordance with the following:

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“Objective causes for intervention Article 9°.- (…)

c) Fail to present the financial recovery proposal or one aimed at reversing the cause that determined its submission to the surveillance regime, as applicable, to satisfaction; or fail to comply with the commitments assumed in said proposal.

f) If before initiating a Surveillance Regime, the Superintendent has the objective conviction that during the term of said regime it would not be possible to overcome the cause that would motivate it.”

6. Replace the last paragraph of Article 11° Consequences of the Intervention, in accordance with the following:

Consequences of the intervention Article 11°.- (…)

In the case referred to in subsection a), the Superintendency may convene representatives of the affiliates so that they formalize the provisions issued by the aforementioned Control Body.

7. Replace literal d) of Article 12° Powers of the Superintendency, in accordance with the following:

“Powers of the Superintendency Article 12°.- (…)

d) Establish by official letter the specific and/or complementary procedures and instructions to those indicated in this Regulation, in use of its supervision powers, with respect to the implementation of actions aimed at approving the restructuring and strengthening Plan of the Supervised Entity by its affiliates, as well as for the election of the members of the Board of Directors and the Surveillance Council or equivalent bodies of the Supervised Entity, within the framework of an intervention regime, as indicated in article 13° of this Regulation.”

8. Replace the first, fourth, fifth and last paragraph of Article 13° Restructuring and Strengthening of the Supervised Entity, in accordance with the following:

“Restructuring and Strengthening of the Supervised Entity

Article 13°.- At any time, during the intervention regime, actions aimed at achieving the restructuring and strengthening of the Supervised Entity may be developed. In that sense, the Superintendency must evaluate the proposals presented to determine their viability. For that purpose, at least thirty percent (30%) of the total affiliates may present to the Superintendency a restructuring and strengthening Plan. (…) Once the Plan or Plans have been approved by the Superintendency, it issues through an Official Letter specific procedures and instructions related to carrying out the processes of: i) approval of said Plan or Plans by the affiliates of the Supervised Entity, in case they had not approved it by majority previously (support of more than 50% of the total affiliates), and ii) election of the members of the Board of Directors and the Surveillance Council or equivalent bodies of the Supervised Entity, to be proposed for their appointment by the

Superintendency, in accordance with the powers established in literal e) of article 12° of the present Regulation. The specific procedures and instructions to be issued to carry out the two processes mentioned above include the determination of the participants, the modality of approval and election, the deadlines, the formality and requirements of convocation, the adoption of agreements, among other aspects that may be necessary. It should be noted that the elected members must not be involved in the impediments indicated in article 81° of the General Law.

Once the Plan is approved, in accordance with the provisions of the previous paragraph, and the appointment of the members of the Board of Directors and the Surveillance Council or equivalent bodies of the Supervised Entity is made, the intervention regime of that entity ends and its management is delivered to the Board of Directors or equivalent body designated, in order that it be in charge of conducting the process for the restructuring and strengthening of the Supervised Entity, in accordance with the Plan that was approved by the Superintendency and by the affiliates, as well as the attributions and provisions contained in the current regulatory framework and the internal norms of the Supervised Entity.

(…)

When a Plan is not presented, or if presented it has not been expressly approved by the Superintendency, as well as by the affiliates, and/or the convocation has been made to carry out the process of election of the members of the Board of Directors and the Surveillance Council or equivalent bodies and said election has not been finalized or the elected members are involved in the impediments indicated in article 81° of the General Law, the Supervised Entity is incurred in what is indicated in article 15° of this Regulation, which will give rise to its dissolution and initiation of the respective liquidation process.

9. Replace the last paragraph of Article 20° Priority in the payment of obligations, in accordance with the following:

“Priority in the payment of obligations
Article 20°.- (…)
The variable or fixed commission agreed with the liquidators to cover their remuneration and expenses is excluded from the order of priority.”

Article Three.- The Derramas must submit to the Superintendency, within ninety (90) calendar days following the publication of this Resolution, an Adequacy and Diagnostic Plan regarding compliance with the provisions established in the complementary rules applicable to the Derramas, approved by Article One of this Resolution, which includes compliance with the requirements for eligible assets, the technical obligations coverage ratio, compliance with limits, and other aspects related to the provisions established in Subchapters III Asset and Liability Management and IV Asset Management of Chapter III Risk Management. This Adequacy Plan must be submitted to the Superintendency, attaching the Board of Directors' approval minutes.

Article Four.- The Superintendency shall establish the adaptation period for the provisions established in Subchapters III Asset and Liability Management and IV Asset Management of Chapter III Risk Management of the complementary rules applicable to the Derramas, approved by Article One of this Resolution, based on the diagnosis submitted by the Derramas in accordance with the provisions of Article Three.

Article Five.- The Derramas must amend their bylaws to comply with the new provisions established in Article One of this Resolution by 31.03.2024.

Article Six.- Incorporate Procedures No. 214 named "Authorization to consider other eligible assets for the coverage of technical obligations", No. 215 named "Authorization for the expansion of certain asset limits", and No. 216 named "Authorization for registration in the Registry of Derramas and Benefit Funds – Law No. 26516" into the Single Text of Administrative Procedures – TUPA of the Superintendency of Banking, Insurance and Private Pension Fund Administrators approved by Resolution SBS 01581-2023 and its amendments, in accordance with the text attached to this Resolution, and it is published on the institutional Portal (www.sbs.gob.pe).

Article Seven.- Repeal Article 5 of Resolution SBS No. 962-95.

Article Eight.- Amend the Internal Audit Regulation approved by Resolution SBS No. 11699-2008 and its amending rules, in accordance with the following:

Incorporate in Annex "Programmed Activities", in section V "Derramas and Pension Funds", as numeral 11, the following:

"11) Additionally, in the case of the Derramas, the evaluation of information by type of activity and business unit."

Article Nine.- Amend the External Audit Regulation, approved by Resolution SBS No. 17026-2010 and its amending rules, in accordance with the following:

Incorporate in Annex "Complementary Reports by External Audit Firms", in section IV "Derramas and Pension Funds", as numeral 5, the following:

"5) Additionally, in the case of the Derramas, the review of information by type of activity and business unit."

Article Ten.- Effectiveness

1. This Resolution enters into force from the day following its publication in the official newspaper El Peruano in accordance with the provisions of this article.

2. Article One enters into force from the day following its publication in the official newspaper El Peruano, except as indicated in this article.

3. Chapter VI Financial Information of the Complementary Rules Applicable to the Derramas approved by Article One of this Resolution, enters into force from the information for January 2025 except as indicated in this article, with the application of Circular No. DCB-13-2014-SBS for the Derramas ceasing to have effect as of January 2025.

4. The provisions established in Subchapters III Asset and Liability Management and IV Asset Management, of Chapter III Risk Management of the Complementary Rules Applicable to the Derramas approved by Article One of this Resolution enter into force from the day following their publication in the official newspaper El Peruano, subject to the adaptation period as established in Article Four of this Resolution. Notwithstanding the foregoing, the first submission of the Derrama's Asset Policy, accompanied by the board of directors' approval minutes, referred to in Article 25 of the aforementioned rules, must be submitted together with the Financial Statements for the close of fiscal year 2024.

5. The Derrama shall have until 31 December 2024 to adapt to the provisions of Subchapter II Technical Risk Management of Chapter III and Chapter IV Technical Reserves of the Complementary Rules Applicable to the Derramas approved by Article One of this Resolution. Likewise, the first annual technical risk management report referred to in Article 17 of the aforementioned rules must be submitted with scope as of 31 December 2025 together with the Financial Statements as of 31 March 2026.

6. The first submission of the report referred to in paragraph 12.2 of Article 12 including the information on technical risk indicators according to the format indicated in Annex 5, of the Complementary Rules Applicable to the Derramas approved by Article One of this Resolution, corresponds to the information for the first quarter of 2025.

7. Without prejudice to the provisions of Article Fourth of this Resolution, the first submission of information on coverage of technical obligations with eligible assets, according to the format indicated in Annex 6 referred to in Article 31 of the complementary rules applicable to the Derramas approved by Article First of this Resolution, corresponds to the information for the first quarter of 2025. The quarterly submissions of Annex 6 made during the year 2025 and until the end of the adaptation period referred to in Article Fourth of this Resolution shall be for informational purposes only, with the aim of monitoring the gradual adaptation of the Derrama with respect to its coverage ratio of technical obligations.

8. The provisions of Article 46 of the complementary rules applicable to the Derramas approved by Article First of this Resolution enter into force as of the report to be submitted for the annual fiscal year 2023.

9. The provisions of Article 48 of the complementary rules applicable to the Derramas approved by Article First of this Resolution, referring to the requirements for the contracting of external audit firms, shall be effective as of the day following the publication of this Resolution.

10. Articles Second, Third, Fourth and Fifth of this Resolution enter into force as of the day following their publication in the official gazette El Peruano.

11. Article Sixth of this Resolution enters into force as of the day following its publication in the official gazette El Peruano.

12. Article Second applies to the intervention and liquidation regimes that are in progress at the time this Resolution enters into force.

13. The provisions of Article Eighth of this Resolution must be included in the 2025 Annual Work Plan to be submitted to this Superintendency no later than 31 December 2024, as established in the Internal Audit Regulation, approved by Resolution SBS N° 11699-2008 and its amending rules.

14. The provisions of Article Ninth of this Resolution must be included as of the audit corresponding to fiscal year 2025, as established in the External Audit Regulation, approved by Resolution SBS N° 17026-2010 and its amending rules.

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MARIA DEL SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and AFP