Lima, 27 March 2019

S.B.S. Resolution No. 1311-2019

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators

WHEREAS:

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

That, article 311 of the General Law establishes that insurance and/or reinsurance companies must at all times back the total of their obligations associated with the insurance business with assets that comply with the provisions issued by the Superintendency;

That, by means of SBS Resolution No. 1041-2016 and its amending norms, the Regulation of Investments of Insurance Companies was approved, which updates the regulations governing the investments of insurance companies and establishes the eligibility requirements that must be met by the investments that back the technical obligations of these companies;

That, as a result of the implementation of the norm, it has been considered necessary to modify the eligibility requirements of the aforementioned Regulation, applicable to mutual funds, investment funds and trusts, aligning them with the regulation and practices of the capital markets, while still complying with the principles of investment management, with the purpose of increasing the investment opportunities of insurance companies, in such a way as to facilitate access to funds and trusts that operate locally and in more developed markets;

That, in order to gather the opinions of the general public regarding the proposed amendment to the regulations, the pre-publication of the draft resolution on the matter was ordered on the Superintendency's electronic portal, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 001-2009-JUS;

With the approval of the Deputy Superintendencies of Insurance, Risks, Economic Studies and Legal Advisory; and,

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

RESOLVES:

Article One.- To modify the Regulation of Investments of Insurance Companies, approved by SBS Resolution No. 1041-2016 and its amending norms, in accordance with the following:

1. Modify literal h) and incorporate literals x) and y) within article 2, in accordance with the following text:

“Definitions Article 2.-

(…)

h) Investments abroad.- Those investments made in instruments issued by foreign Central Governments, foreign Central Banks, or financial or non-financial entities constituted abroad. In the case of mutual or investment funds, or trusts, or special purpose estates, when a percentage greater than fifty percent (50%) of the value of their assets is invested in the aforementioned foreign instruments or in assets located in foreign territory. In the case of FIRBIs, FIBRAs or other real estate or infrastructure investment instruments, when a percentage greater than fifty percent (50%) of their underlying assets is located outside Peruvian territory. In the case of investments in holdings, when a percentage greater than fifty percent (50%) of their assets is made up of investments in companies or legal entities constituted abroad, considered as subsidiaries. If the above conditions are not met, an investment shall be considered as local.

(…)

x) FIRBIs.- Real Estate Investment Funds, designated as such by the SMV, which comply with the provisions of said entity.

y) FIBRAs.- Securitization Trusts for Investment in Real Estate, designated as such by the SMV, which comply with the provisions of said entity.”

2. Modify literals e), f) and n) of article 25, in accordance with the following text:

“Minimum eligibility requirements by type of asset Article 25.-

(…)

e) Participation certificates in mutual funds and units of participation of exchange-traded funds (Exchange–Traded Funds (ETFs)).- Provided they comply with the requirements set forth below, which apply to ETFs, unless otherwise indicated.

e.1) Regarding the management company:

(…)

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

v) The management company must prepare documentation related to the status of the fund's investments (detail of investments made), which must be available to the company on a monthly basis.

e.2) Regarding the participation certificates:

i) Be registered in the Public Registry of the Securities Market of the SMV or in the registry of the respective regulatory authorities of the securities and/or financial markets.

ii) The total value of the assets of a foreign fund must not be less than fifty million United States dollars (US$ 50 000 000), or its equivalent in national currency. In the case of parallel fund structures or master – feeder fund structures, if applicable, the total value of the assets must be evidenced by the sum of the parallel funds or of the master fund (subject to this not being in turn a feeder fund), respectively. Likewise, said structures must comply with the regulations applicable to them according to their regulatory authorities. Parallel funds must comply with the following: 1) be managed by the same management company or by management companies that are directly related to the same parent company, as well as have similar investment objectives and policies; 2) the participants of each fund must be subject to the same terms and conditions, except for those that correspond solely to regulatory and/or tax requirements of the countries in which they were incorporated; 3) have a policy for the periodic and occasional exchange of information; and, 4) maintain a policy for the management of conflicts of interest and good corporate governance among each fund.

iii) The fund's participation quotas must not be subject to restrictions with respect to their subscription or partial redemption. Likewise, the quota value must be determined and published daily. The daily valuation of the fund's assets must be aligned with local and/or international valuation principles and standards, as applicable.

iv) The foreign fund may incur debt only for short-term liquidity requirements, that is, only temporarily. The maximum debt limit is one third of the fund's value. This restriction must be explicitly stated within the fund's investment policy, in case it is not defined in the regulation applicable to it. The fund's debt policy must be available to the company and to this Superintendency, recorded in official documents of the fund. Likewise, information on the fund's effective debt levels must be available and updated periodically.

v) In the case of indexed funds or ETFs that seek to replicate a benchmark index, the benchmarks must have a methodology that is transparent and must be prepared, distributed and calculated by entities independent of the management company, or that maintain conflict of interest management policies, in case they are part of the same economic group and/or are related to it. These indices must have a daily frequency and mass dissemination and disclosure.

vi) The fund must have internal diversification limits by investments, issuers and counterparties. In the case of local funds, a maximum investment limit in the same asset, issuer or counterparty must be included, which does not exceed thirty percent (30%) of the fund's assets. In the case of foreign funds, these limits must be adjusted to the regulation applicable to their jurisdiction.

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

e.3) Regarding the underlying assets:

i) The funds' investments are made mostly (no less than 80% of the fund's total assets) in debt securities (including short-term obligations), equity securities, or in a combination of these instruments (mixed funds). ETFs whose strategy is to replicate an index composed of debt securities or equity securities, or funds indexed to that type of indices, are also permitted. All these funds may also hold assets in cash or deposits, subject to the restrictions established in their respective regulations.

ii) The funds may invest minority amounts (no more than 20% of the fund's total assets) in: 1) participation certificates of FIRBIs and FIBRAs; 2) Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs); 3) operating leasing operations (operating leasing) and/or factoring; 4) commercial receivables; 5) loans granted by companies of the financial system; 6) funds that invest mostly (80% or more) in debt securities or in equity securities; or, 7) mixed funds. All these assets must comply with the eligibility requirements set forth in article 25° or in article 28° of this Regulation, as applicable.

iii) The funds may invest up to ten percent (10%) of their total assets in: 1) non-eligible financial instruments; or, 2) eligible investments not listed in subsections e.3.i) or e.3.ii) of this article. All these assets must be traded on centralized trading mechanisms or on the special trading mechanisms indicated in subsection i.3.i) of this article.

iv) The sum of the investments in the assets indicated in subsections e.3.ii) and e.3.iii) must not exceed twenty percent (20%) of the fund's total assets.

v) Exceptionally, funds that invest mostly (80% or more) in debt securities may invest more than ten percent (10%) of their assets in non-eligible instruments, if: 1) their certificates or quotas have an investment grade credit risk rating; or, 2) in case these do not have a credit risk rating, the average rating of the fund's assets corresponds to investment grade. For the latter, it is required that: a) the method used to calculate said average credit risk rating be transparent; b) this method be defined according to internationally accepted practices and, if applicable, in accordance with what this Superintendency establishes by general rule; c) periodic information be available to update and verify its calculation; and, d) the average rating, which must be available to the Superintendency, be performed and documented by an entity independent of the company or, otherwise, by its risk unit.

vi) The funds may make investments in derivatives for risk hedging purposes. The funds may not make investments in derivatives for speculative purposes. Indexed funds or ETFs, whose strategy is to replicate an index, may make investments in derivatives to mitigate basis risk.

vii) If they enter into derivatives and these contracts are executed outside centralized trading mechanisms, the counterparties must be supervised by the respective regulators of the markets where such instruments are traded. The aforementioned transactions must be formalized using master agreements that follow the best international practices on the matter.

f)
Participation certificates in investment funds.- Provided they comply with the following requirements:

f.1) Regarding the management company:

(…)

vi) The management companies must make available to the company periodic information on the status of the fund's investments and the valuation of the corresponding fund units, considering the use and custom of the corresponding markets. The company must formally request the management company to provide the Superintendency access to this information, with the same frequency and in the same manner as the latter does to the participants. This information must allow the company to identify its indirect exposures, for compliance with the provisions of article 32° of this Regulation.

f.2) Regarding the investment fund:

i) Be registered in the Public Registry of the Securities Market of the SMV or in the registry of the respective regulatory and/or supervisory authority of the management company.

ii) That the fund has an investment policy that includes internal diversification limits by investments, issuers and counterparties, as well as a risk management policy that includes risk measurement methodologies appropriate to the objective and type of investments it makes. In the case of local funds that invest in real estate or infrastructure, this policy must include a maximum investment limit in a single asset that does not exceed forty percent (40%) of the fund's total assets. In the case of another type of local fund, a maximum investment limit in a single asset, issuer or counterparty must be included, which does not exceed thirty percent (30%) of the fund's total assets. In the case of foreign funds, these limits must be adjusted to the regulation applicable to their jurisdiction, except in the case of loan funds (eligible under the notification or authorization process), where the maximum investment limit in a single counterparty must not exceed thirty percent (30%) of the fund's total assets. This investment policy may be formalized as part of the comprehensive risk management policies or other policies of general scope of the management company.

iii) The fund's participation units must not be subject to absolute restrictions on their transfer to a third party, except those that are temporary and are provided for in the regulation applicable to the fund. Relative restrictions on their transfer to a third party must be in accordance with market practice and usage.

iv) That the fund has a defined valuation policy and methodology, based on the fair value approach, indicating the accounting standards, guides and best international practices used. The basis of this methodology must be available to the Superintendency. Likewise, the valuation must be performed with a frequency in accordance with market practice and usage.

v) That the fund's valuation methodology has a favorable opinion from an entity with recognized experience and independent from the fund's manager and, if applicable, from its pricing committee. When this methodology is not part of the fund's regulations, it must have the approval of the fund's supervisory committee or similar body.

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

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

vi) That the fund has policies that avoid potential conflicts of interest as well as the corresponding resolution mechanisms.

vii) That the fund has financial statements, audited annually by an independent auditing firm with recognized experience. In the case of foreign funds, the auditing firm must conduct operations in more than ten (10) countries that have a minimum risk classification of "A" for their long-term debt instruments.

viii) That the report of the fund's financial information (unaudited), as well as the detail of its investments, be available to the participants and the Superintendency at least quarterly.

ix) That a supervisory committee or similar body be established to safeguard the interests of the participants. This committee or body must be formed by disposition and/or have the approval of the participants, and must be independent from the management company and its related parties. Likewise, it must be responsible for ruling, among other aspects, on the fund's transactions, compliance with investment and valuation policies, as well as the evaluation (and disapproval, if deemed necessary) of transactions that generate conflicts of interest. Likewise, in the case of local funds, it must convene a general assembly to submit to vote the transfer of the fund or its liquidation, when it considers this necessary to protect the interests of the fund or when requested by holders of twenty-five percent (25%) of the total subscribed units with voting rights not linked to the management or managing company. Regarding the supervisory committee or similar body, the fund must only cover the expenses related to holding the assemblies.

x) The fund may incur debt only for short-term liquidity requirements, that is, only temporarily. The maximum indebtedness limit is one third of the fund's value. This restriction must be explicitly indicated within the investment policy set forth in the fund's official documents.

xi) The total value of the assets of a foreign fund must not be less than fifty million United States dollars (US$ 50 000 000), or its equivalent in national currency. In the case of parallel fund structures or master-feeder funds, if applicable, the total value of the assets must be evidenced by the sum of the parallel funds or the master fund (provided that the latter is not itself a feeder fund), respectively. Likewise, such structures must comply with the regulations applicable to them according to their regulatory authorities.

xii) The company may only receive from the fund distributions in cash or eligible investment instruments, both during the life of the fund and at the time of its liquidation. In the fund's liquidation process, its assets may be contributed to the assets of another fund, trust or similar vehicle, until they are sold and cash or eligible investment instruments can be received from such sale. This, provided that the destination fund, trust or similar vehicle is managed by the same management company or manager of the original fund.

xiii) The rights and obligations of the participants contained in the fund's constitutive documents must remain in force until all the investments (assets) corresponding to all participants are distributed.

xiv) The fund's expenses and commissions must be transparent, verifiable and in line with those observed in the specific industry. These must be detailed and form

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

part of the financial information that the company periodically receives from the management company or manager.

xv) The participation certificates of FIRBIs that are listed on centralized trading mechanisms and whose underlying assets in which they invest are mostly (80% or more) located in Peruvian territory are considered eligible investment funds under the scope of this article.

f.3) Regarding the underlying assets: To the extent applicable to them, according to the underlying assets in which they invest, the funds must comply with the provisions set forth in subsection e.3). Likewise, in a complementary manner, local investment funds may invest in underlying assets that are real estate or infrastructure, both mostly (80% or more) located in Peruvian territory.

f.4) Regarding the company's participation in the fund's assets: That the company's participation in the fund's assets does not exceed forty percent (40%). For the application of this limit, the value of the fund's assets must be considered as set forth in subsection f.2.xi) for master-feeder fund structures and parallel funds.

(…)

n) Participation certificates issued by trust assets or by special purpose companies: they must comply with the requirements set forth in the aforementioned subsections c.2), c.3), c.6) and c.7) that are applicable. Additionally, the participation certificates of FIBRAs that are listed on centralized trading mechanisms and whose underlying assets in which they invest are mostly (80% or more) located in Peruvian territory are considered eligible investments under the scope of this subsection.”

3. Amend subsections a), c), d), h) and i), and incorporate subsection k) into article 28°, in accordance with the following text:

“Assets subject to the notification process

Article 28°.- The following assets are subject to the notification process, provided that they comply with the following minimum eligibility requirements, in addition to the criteria set forth in article 24°:

a) Participation certificates of mutual funds or investment funds that comply with the requirements detailed in subsection e) or f) of article 25°, except for those requirements that correspond to their underlying assets, detailed in subsections e.3.i), e.3.ii), e.3.iii), e.3.iv) and e.3.v). In this regard, such assets must be included in and comply with the requirements set forth in subsection c) of this article. Those funds of funds that comply with the requirements set forth in article 25° or in this article are eligible, subject to the notification process. Additionally, the participation certificates of FIRBIs that do not comply with the requirements set forth in subsection f.2.xv) of article 25° are eligible subject to the notification process.

(…)

c) Participation certificates of mutual funds or investment funds, whether or not registered in the Public Registry of the Securities Market of the SMV or in the registry of the respective

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

regulatory authorities of the securities and/or financial markets that invest more than twenty percent (20%) of their assets in the following instruments: i) participation certificates of FIBRAs or participation certificates of FIRBIs; ii) REITs and/or REOCs that are traded on centralized trading mechanisms; iii) operating leasing operations (operating leasing fund) and/or factoring; iv) trade receivables; v) loans granted by companies of the financial system; and vi) debt funds, equity funds or mixed funds that comply with the eligibility requirements set forth in article 25° of this Regulation. Likewise, those who invest in the following assets: vi) real estate assets that are not mostly (80% or more) located in Peruvian territory (real estate fund), vii) instruments representing rights over equity interests not listed on stock exchanges (private equity fund), including mezzanine financing; viii) instruments intended for investment in or financing of activities or infrastructure projects abroad (infrastructure fund); ix) forestry investments; or x) structured funds with protected capital. It should be noted that all these funds may also invest in other eligible investments. The participation certificates of funds that invest in underlying assets that do not correspond to those mentioned above may be submitted by the company through the authorization process indicated in article 26 of this Regulation.

The funds indicated in subsection c) must comply with all the other requirements detailed in literal e) or f) of article 25, as applicable, and at the same time comply with the following:

c.1) Regarding the fund management company:

i) For local funds that invest in loans granted by companies of the financial system, which maintain a minimum amount of at least one percent (1%) of cash investment commitment, which allows verifying the permanent existence of an alignment of interests with the participants. Similarly, for local funds that invest in real estate, infrastructure, private equity, forestry investments or other underlying assets approved in the authorization process, it is required that they maintain for the same purpose a minimum amount of at least two percent (2%) of cash investment commitment. In no case may the investment commitment in the fund be made through a reduction of fees.

ii) In the case of investment funds, that they provide the company with access to the following information: 1) the degree of feasibility of the operations, considering the detail of the potential investments and the negotiation stage in which they are; 2) exit mechanisms for investments under best execution standards, in accordance with the investment strategy pursued; 3) the powers and/or grounds that allow investors to negotiate the suspension and/or refund of the payment of management fees; and, 4) provisions on the early termination of the investment period of the funds.

c.2) Regarding the participation certificates of the fund:

i) Local funds must have an investment grade risk classification, as indicated in chapter VII of this Regulation.

c.3) Regarding the specific type of fund:

i) Requirements applicable to private equity, real estate, forestry funds and infrastructure funds:

i.1) When they are not local, the underlying assets must be located in or correspond to countries that have for their long-term debt securities an

investment grade risk classification, granted by at least one risk rating company indicated in literal a) of article 40.

i.2) The extensions of the term of each fund must be subject to the approval of the Limited Partnership Advisory Committee (LPAC) or of the Limited Partners (LPs). Each extension of term may be made for a maximum period of one year. This term may be extended again only with the approval of the LPAC or of the LPs.

i.3) The management company may not initiate and manage a new fund with investment objectives similar to the managed fund, as long as more than 70% of the committed capital has not been invested. For the period in which there is an overlap of funds with similar investment objectives, the management company must have a clear and transparent investment allocation policy.

i.4) The fund may not carry out short sales.

i.5) Have a policy regarding the key personnel of the fund (key person event policy), in which it is defined who are the key persons for the management of the fund and what are the circumstances and measures to be adopted in case any of said persons ceases to be part of the management.

i.6) The investment and divestment periods must be clearly defined and must not overlap. During the divestment period no new investments are made, except for those that have been approved in the investment period (follow on investments).

i.7) Have an expense clause in which it is clearly established which counterparty assumes each type of expense (management company and participants).

i.8) Have a clause that establishes that distributions for collection of success fee or carried interest must be made on the basis of the realization value of the investments. This success fee or carried interest must be calculated on net profits, with the expenses, fees and taxes that are applicable being deducted. For this, American waterfall and European waterfall schemes may be applied.

i.9) Contemplate restrictions and/or limitations on investment in publicly traded instruments.

i.10) For fee schemes of the American waterfall type, there must be a mechanism for the return of success fees or carried interest, proposed in the official documents (clawback clause).

ii) Requirement applicable to funds of commercial receivables and loans granted by companies of the financial system: the fund must have procedures for monitoring, classification and recovery of the receivables or loans in which it invests.

iii) Requirement applicable to forestry funds: the fund must have policies regarding the care and sustainable development of the forestry sector, as well as the prevention of social conflicts. Likewise, the fund must comply with forestry regulations and seek to obtain environmental certifications in accordance with the best international industry practices.

iv) Requirement applicable to funds with protected capital: the fund must comply with the requirements established in subsection j) of this article.

d) Securitized instruments or debt instruments issued by trusts or special purpose companies, which comply with the requirements established in subsections c.2), c.3), c.4), c.6) and c.7) of article 25, but the underlying assets of these instruments do not

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

correspond to those listed in subsection c.6) of the same article. The underlying assets must be made up of i) trade receivables; ii) loans granted by companies of the financial system, iii) future receivables, iv) rights over flows or income from economic activities or ongoing operations, v) infrastructure projects with backing, guarantee or participation of Regional or Local Governments. In the case of trusts whose underlying assets correspond to loans (trade receivables and loans from the financial system), these must have internal diversification limits by counterparties, therefore loans to a single counterparty must not exceed thirty percent (30%) of the assets of the trust estate. Likewise, the company's participation in the acquisition of these instruments must not exceed forty percent (40%) of the issuance.

(…)

h) Participation certificates issued by trust estates or by special purpose companies: they must comply with the requirements set forth in subsections c.2), c.3) and c.7) of article 25 of this Regulation, to the extent applicable, and their underlying assets must be made up of those listed in subsection d) of this article. Additionally, participation certificates of FIBRAs that do not comply with the requirements set forth in subsection n) of article 25 are considered eligible investments under the scope of this subsection. In the case of trusts whose underlying assets correspond to loans (trade receivables and loans from the financial system), these must have internal diversification limits by counterparties, therefore loans to a single counterparty must not exceed thirty percent (30%) of the assets of the trust estate. Likewise, the company's participation in the acquisition of these instruments must not exceed forty percent (40%) of the issuance.

i) Dual-currency fixed-coupon instruments: they correspond to debt instruments whose principal and interest are denominated in the same currency, and their payments are settled in a different currency. To be considered eligible, they must comply with the following requirements:

(…)

Global Depositary Notes (GDN), whose underlying assets are debt instruments issued by the Central Government of the Republic of Peru or the Central Reserve Bank of Peru, are eligible and are not subject to the notification process.

(…)

k) Direct investment in REITs or REOCs traded on centralized trading mechanisms, where the location of the underlying real estate assets corresponds to a State that has an investment grade risk classification for its long-term debt securities, granted by at least one risk rating company indicated in subsection a) of article 40.”

4. Amend and incorporate subsections b.10) and b.11) into article 35, in accordance with the following text:

“Asset class

Article 35.- The investments listed below are grouped into the following classes:
(…) b) Debt-representative instruments
(…) b.10) Exchange – Traded Funds that invest mostly in debt securities. b.11) Other debt-representative instruments.”
(…)

5. Amend subsection j) of article 36, in accordance with the following text:

“Limits by asset class Article 36.-

(…)

ASSET CLASS	GENERAL LINES	LIFE LINES	CALCULATION BASE
(…)
Other eligible investments, under the notification or authorization processes
j) The total sum of investments in other eligible investments for backing technical obligations, regulated in subchapter III of chapter IV. Additionally, these assets are subject to the limits by asset classes set forth in subsections b), c) or d) of this article, as applicable.	30%	30%	Technical Obligations
j.1) The total sum of investments in other eligible investments for backing technical obligations, subject to the authorization process.	5%	5%	Technical Obligations
j.2) The total sum of investments in private equity funds, including mezzanine financing, indicated in subsection c) of article 28.	3%	1%	Technical Obligations”

6. Replace article 39, in accordance with the following text:

“Calculation of limits in the case of participation certificates of funds or other investment vehicles

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

7. Incorporate the ninth final and transitional provision, in accordance with the following text:

NINTH.- Exception to new eligibility requirements on funds and trusts

Investments in funds or trusts that met all the eligibility requirements established in the Regulation before the entry into force of Resolution SBS No. 1311-2019 are excepted from compliance with the eligibility requirements introduced by said Resolution,

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

the aforementioned Resolution. This exception does not apply to increases in positions made by the company in said funds or trusts, except for those corresponding to an investment commitment prior to the entry into force of said Resolution."

Article Second.- Amend the Regulation for the Constitution of Mathematical Reserves for Annuity Insurance and the Analysis of Asset Sufficiency, approved by Resolution SBS No. 887-2018 and its amending norms, in accordance with the following:

1. Add as the penultimate paragraph within article 8 the following text:

"In order to request authorization for the eligibility of flows from funds, trusts or other investment vehicles, whose underlying assets generate fixed and predetermined flows in favor of the associated patrimony, and which promise the distribution of periodic dividends to investors, the company must submit to this Superintendency the following documentation: i) that which supports the eligibility of the instrument itself, within the framework of the Insurance Investments Regulation, if it has not been submitted previously; ii) legal report confirming the investor's right to receive the payment of dividends or periodic flows; iii) the methodology and process (including description, periodicity and responsible parties) that will be followed to identify the associated counterparties and to project and update the cash flows to be received by the company, for ASA purposes; iv) the prudential assumptions that will be followed to make said projections. Likewise, during the authorization process the Superintendency may require any other related information that supports the projection and receipt of periodic payments or flows in accordance with the methodology proposed by the company, for the purposes of confirming the technical reasonableness of the eligibility of these flows for ASA purposes, and the operational viability of the application of the requirements indicated by this Regulation. The company's authorization request may be submitted individually for a specific financial instrument, as well as for a group or type of instruments. Similarly, these authorization requests may be submitted by a group of companies, under a single file, if all the required documentation corresponds or is applicable in the same manner to all these companies. The observations made by the Superintendency regarding the documentation submitted during the authorization process must be remedied by the company or group of companies. Failure to remedy observations to the satisfaction of the Superintendency is grounds for denial of the authorization request. The Superintendency approves or denies the authorization within a maximum period of ninety (90) business days."

Article Third.- Incorporate procedure No. 181 "Authorization to incorporate other asset flows in the Analysis of Asset Sufficiency" into the Single Text of Administrative Procedures – TUPA of the Superintendency of Banking, Insurance and AFP approved by Resolution SBS No. 1678-2018, in accordance with the text attached to this Resolution, which is published on the institutional portal: www.sbs.gob.pe.

Article Fourth.- This resolution enters into force on the day following its publication in the official newspaper El Peruano. Likewise, companies must submit to this Superintendency, within a period of thirty (30) calendar days for approval, their adaptation plan to the amendments to the Investments Regulation indicated in Article First of this Resolution.

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and
Private Administrators of Pension Funds