Lima, 15 May 2013

S.B.S. Resolution No. 2936-2013

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators:

WHEREAS:

That, by means of Law No. 28444, modifications were introduced in the requirements demanded to effect a transfer of the pension fund of an affiliate from one AFP to another, in such a way that the only requirement demanded is to be affiliated with an AFP;

That, Subchapters VI and VI-A of Chapter I of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, referring to Affiliation and Contributions, approved by Resolution No. 080-98-EF/SAFP and its amendments, regulate the procedures related to the transfers and movements of pension funds of affiliates within the SPP;

That, in order to promote a scenario of greater competition in the SPP, it is necessary to modify the procedures related to the transfer of the balances of the mandatory contributions of the CIC from one AFP to another, known as traspaso, and the transfer of the balances of voluntary contributions from one AFP to another, known as traslado, as well as to approve provisions that contribute to an adequate decision-making process on the part of the affiliates and that potentially facilitate greater mobility of affiliates within the SPP;

That, it is necessary to establish clarifications to the schemes of payment options for voluntary contributions as well as regarding the grounds for transfer of affiliates under the affiliate assignment regime under Law No. 29903, in such a way as to facilitate scenarios of regulation with greater protection with respect to the savings made by affiliates throughout their working life;

That, in order for the affiliate to have facilities to exercise his right to revoke the choice of the commission collection scheme referred to in Article 13 of the Rules for the Reduction and Choice of the Commission on the Flow, approved by SBS Resolution No. 8514-2012 and its amendments, it is required to establish modifications to the transfer format, in such a way as to safeguard the affiliate's decision to choose the AFP of his preference for the administration of his mandatory contributions;

That, complementarily, it is necessary to introduce modifications to the affiliation contract entered into by the affiliates with the AFP, in such a way as to record the application of the collection scheme on the balance of contributions that they refer to from their incorporation into the SPP;

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

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That, the Third Final and Transitory Provision of SBS Resolution No. 8513-2012 and its amendment, establishes that the evidence of the calculation of the provision for income, as well as the methodology and variables used, must be reflected in a report, which must be sent to the Superintendency within the period for presentation of the financial statements as of 31 May 2013;

That, having extended until 31 May 2013 the period to make and communicate to the AFP the choice of the commission collection scheme by means of SBS Resolution No. 2150-2013, it is necessary to extend the presentation of the report referred to in the Third Final and Transitory Provision of SBS Resolution No. 8513-2012 and its amendment;

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

In use of the powers conferred by numeral 9 of Article 349 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 amendments, and subsection d) of Article 57 of the Single Ordered Text of the Law of the Private Pension Fund Administration System, approved by Supreme Decree No. 054-97-EF and on the basis of the exception conditions set forth in numeral 3.2 of Article 14 of Supreme Decree No. 001-2009-JUS;

RESOLVES:

Article One.- To replace Articles 27, 28A, 30, 31, 32 and 33 of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, with the following texts:

"Requirements

Article 27.- For the purposes of the transfer of funds from one AFP to another, it shall be sufficient for the affiliate to present an application to a destination AFP, under the means provided in Articles 28, 28A or 28B of this Title.

The affiliate may present a new application from the first day of the month following the month of commencement of accrual in the origin AFP or of having joined the SPP. In the event the affiliate fails to observe said period, it shall be considered that the transfer application falls within the ground for inadmissibility provided in subsection a) of Article 29 of this Title.

Article 28A.- Transfer procedure - remote means. The affiliate may request his transfer to another AFP by using remote means via the Internet, in which case, he shall present the electronic application through the website of the destination AFP.

For this purpose, the affiliate must previously have a private security key; once he has said key, he shall proceed to register the corresponding electronic transfer application, filling in the Relevant Information Support (SIR) information. The private security key and the Relevant Information Support (SIR) information shall be regulated by circular.

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Once the electronic transfer application is completed, the affiliate shall be provided with a registration number that will identify the status of the requested transfer. In the internet transfer, the participation of the sales promoter is optional, according to the affiliate's decision.

For the purposes of filling out the aforementioned Relevant Information Support (SIR) information, the presentation system of each AFP's website must previously provide information on the profitability by type of fund it administers, the administration commission, and the premium for the disability, survivorship, and funeral expenses insurance.

If the affiliate meets the required requirements, the transfer will proceed within the same deadlines applicable to the request made in person.

Interruption of the transfer process

Article 30.- The transfer process of a mandatory contribution CIC will be automatically void if, as of the date of submission of the corresponding request and until the last calendar day of the last accrual month in the originating AFP, the affiliate is found to be in any of the following situations:

a) Death;

b) Submission by the affiliate of a request for annulment, or declaration by the Superintendency of the annulment of affiliation, as the case may be;

c) Submission of a request for evaluation and qualification of disability;

d) Submission of a pension request; or,

e) Authorization by the Superintendency of the merger between the originating AFP and the destination AFP of the affiliate.

Deadline for the validity of the new affiliation in the destination AFP

Article 31.- The first accrual month in the destination AFP will be calculated according to the date on which the transfer request was submitted, as follows:

a) For transfer requests submitted between days 1 and 15 of month “z”: the following month (z+1) will apply.

b) For transfer requests submitted between day 16 and the end of month “z”: the subsequent month (z+2) will apply.

For all purposes, the monetary transfer of the balances for transfer must be credited to the account of the respective type of fund chosen by the affiliate in the destination AFP.

The Superintendency, by circular, will establish the operating procedure for the transfer process.

Obligations of the destination AFP

Article 32.- The destination AFP, within the operating procedure established by circular, must:

a) Communicate to the Superintendency via network the list of affiliates who have submitted the transfer request; and,

b) Inform the employer, within the last six (6) days of month z or z+1, of the communication via network made by the Superintendency, informing of the conformity of the transfer and the first accrual month in the destination AFP. For this purpose, it must attach to the aforementioned notice, as the case may be, copies of the format or printout list of the transfer request referred to in Annex II of this Title.

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Obligations of the originating AFP

Article 33.- Within the first accrual month in the destination AFP as provided in Article 31, the originating AFP must do the following:

a) Send the affiliate's individual file to the destination AFP. This file must include:

i. A copy of the Account Statement - detailed version, whose information matches the funds sent to the destination AFP. The aforementioned account statement will cover the period of the affiliate's stay in said AFP. Said information may be sent by magnetic media; and,

ii. A report identifying:

    - The months with contributions in collection status in administrative or judicial proceedings;

    - The months with contributions that are in a debt installment program; and,

    - The months in which the AFP does not record the payment of contributions.

If the originating AFP has chosen to use the technical procedures of microfilming and microarchives, the sending of the affiliate's individual file to the destination AFP will be done by electronic means. Additionally, it will send the physical supporting documents that the AFP is obliged to keep, in accordance with the provisions for the conservation and replacement of archives through microform technology and retention periods for books and documents, approved by SBS Resolution No. 5860-2009 and its amendments.

b) As long as the physical custody scheme is maintained, send the Recognition Bond to the destination AFP, so that it proceeds to order its custody as established in Article 8 of the Law. For this purpose, prior to the date of lifting the custody, the originating AFP will notify the destination AFP so that it designates the custodian in charge of its receipt, who will receive the documentation from the corresponding custodian of the originating AFP. At the end of each month, the destination AFP will send via network to the Superintendency the list of affiliates for whom the respective Recognition Bonds have been physically transferred. In the event that the aforementioned documents have been dematerialized, in accordance with the provisions of Supreme Decree No. 140-2003-EF and its complementary provisions, the AFP will initiate the corresponding actions, in accordance with the procedures and conditions and deadlines established by the securities clearing and settlement institution for updating the information of the Administrator to whom the registration of the Recognition Bond corresponds, in which case the deadline established by said provisions will prevail over that referred to in this subsection.

c) Communicate to the affiliate the completion of the transfer process, expressly mentioning the monetary balance transferred, the respective number of units, as well as the information referred to in subsection a) above.

The destination AFP must verify the documentation described in the preceding subsections, assuming responsibility for its conformity and for the handling of the mentioned documents and balances, once received.”

Article Two.- Replace articles 37-E°, 37-F° and 37-G° of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, with the following texts:

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“Article 37-E°.- Term for the validity of the transfer of voluntary contributions in the destination AFP.

The first accrual month of the affiliate's voluntary contributions in the destination AFP shall be calculated according to the date on which the transfer request was submitted, as follows:

a) For transfer requests submitted between days 1 and 15 of month “z”: the following month (z+1) shall apply.

b) For transfer requests submitted between days 16 and the end of month “z”: the month after the following month (z+2) shall apply.

For all purposes, the monetary transfer of the balances for transfer must be credited to the account of the respective type of fund chosen by the affiliate in the destination AFP.

The Superintendency, by circular, shall establish the operating procedure for the transfer process.

Article 37-F°.- Obligations of the destination AFP. If the voluntary contributions are made through

the employer, the destination AFP shall notify the employer in writing, within the last six (6) days of month z or z+1, of the corresponding communication via network made by the Superintendency informing the conformity of the transfer and the first accrual month for its voluntary contributions in the aforementioned destination AFP. For this purpose, it must attach to the aforementioned notice, as the case may be, a copy of the form or the printout listing of the transfer request referred to in Annex II-A of this Title.

Article 37-G°.- Obligations of the originating AFP. Within the first accrual month of its

voluntary contributions in the destination AFP, the originating AFP must:

a) Send a report that must include:

i. A report of the CIC balances of voluntary contributions; and,

ii. A report identifying the months in which voluntary contributions were detected in a collection situation by the employer, whether through administrative or judicial channels, as well as the list of the other months in which the AFP does not record the payment of contributions.

b) Notify the affiliate of the completion of the transfer process, expressly mentioning the monetary balance transferred and the respective number of units, as well as the reports referred to in subsection a).

The destination AFP for voluntary contributions must verify the documentation described in the preceding subsections, assuming responsibility for its conformity and for the handling of the aforementioned documents and balances, once received.”

Article Three.- Amend the last paragraph of article

17BB° of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, in accordance with the following text:

“(…)

If the worker refuses to sign the affiliation contract, the AFP must request from the employer the exhibition of the written document or election form stating the worker's decision to have opted for the SPP, or the documents verifying that as of the date of generation of the “SPP Registration Document” the ten (10) calendar day period to express in writing the pension regime had been met, counted from receipt of the Informative Bulletin. If it is confirmed that the worker chose the SPP, or did not express the will to belong to a pension

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system within the periods referred to in Article 2° of this Title, their incorporation into the SPP shall be fully valid even in the event of not having signed the affiliation contract.

If the evidence referred to in the preceding paragraph is not available, the AFP shall void the information in the “SPP Registration Document”, with the consequent submission of information to the Superintendency so that it proceeds with the elimination of the respective CUSPP.”

Article Four.- Amend article 17O° of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, in accordance with the following indications:

• Specify the definition of annualized real return, according to the following text:

“ (…) S FK r = Annualized real return of the pension fund K in which the affiliate is registered in month n, administered by AFP S, defined as follows: 1 360/,1 1 , , M n S FK S S FK n FK i IPC IPC VC VC r (…)”

• Incorporate as final paragraphs the following texts:

“The information on the adjusted daily unit value used to calculate S FK i rn , corresponds to the pension fund K in which the affiliate is registered in month n.

If an AFP begins operations during the mandatory permanence period of the assigned affiliates, established in Article 17A°, the validation of the cause for transfer to the new AFP, referred to in this article, shall be carried out from the month following the month in which the new AFP records one (1) calendar month of operations. In this case the validation shall be carried out with the information, from the new AFP and from the AFP awarded the assignment, recorded from the first full calendar month of operations of the new AFP until the month prior to the verification of the cause for transfer, applying the methodology established in this article.”

Article Five.- Incorporate as the last paragraphs of articles 17M° and 17N° of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, the following texts:

"Article 17M° (...)

The remuneration commission, the components of the mixed commission (flow and balance) of each AFP and the daily quota value adjusted by type of pension fund and AFP that will be used in the calculation of the methodologies established in the previous article will be sent monthly by the Superintendency to the AFP awarded the assignment through the supervised portal or official letter on a date prior to that set in article 17P°."

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"Article 17N°

(...) For the assigned members who choose a mixed commission, if in the months i=n+1, n+2,....12, the components of the percentage commissions for remuneration of the AFPs M and G, resulting from applying the schedule for the reduction of the remuneration commission, are greater than the commission in force in month i=n, the commission in force in month i=1 shall be applied.

The information on the adjusted daily quota value used to calculate S FK i r corresponds to the pension fund K in which the member is registered in month n.

If the AFP notifies the Superintendency in writing of a change in its remuneration commission or in any of the components of its mixed commission on a certain future date, the new commission shall be applied from the first month in which it will be in force until month i=12.

If an AFP begins its operations during the mandatory permanence period of the assigned members, established in Article 17A°, the validation of the cause for transfer to the new AFP, referred to in this article, shall be carried out from the month following the month in which the new AFP registers six (6) calendar months of operations. In this case, the validation shall be carried out with the information of the new AFP and of the AFP awarded the assignment, registered from the first full calendar month of operations of the new AFP until the month prior to the verification of the cause for transfer, applying the methodology established in this article."

Article Six.- Amend article 17L° of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, in accordance with the following text:

"Article 17L°.- Methodologies. For the verification of the causes for transfer, the following methodologies shall be used:

a) Calculation for the verification of the cause of Net Commission Profitability; and,

b) Calculation for the verification of the cause of Commission Differential with respect to another AFP, taking into account the calculation on remuneration and balance.

The information used in the calculation of the methodologies applicable for the verification of the causes for transfer referred to in article 17L° above shall be updated monthly by the AFP awarded the assignment on the tenth calendar day of each of the months following the month in which the minimum permanence of the assigned members to request a transfer, established in article 17H°, is verified, and until the mandatory permanence period of the members incorporated into the SPP through assignment ends.

The aforementioned information refers to the components of the mixed commission (flow and balance), the remuneration commission, the adjusted daily quota value of each type of pension fund, the member's remuneration and the Consumer Price Index of metropolitan Lima (CPI)."

Article Seven.- Specify that those members who during the period for choosing the commission charging scheme, indicated in article 12° of Resolution SBS No. 8514-2012 and its amendments, had opted for the commission charging scheme on the flow, may exercise their right to revoke such election referred to in article 13° of the aforementioned Resolution, at the time they decide to sign a request for transfer to another AFP, through the fund transfer procedure referred to in article 26° of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, at the time the fund transfer request form is signed.

Article Eight.- Incorporate as subsection f) of the seventh clause of Annex I (reverse) of the "General Clauses of the Affiliation Contract", of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, in accordance with the following text:

"(...) f) A mixed commission that is composed of a percentage commission of (blank) % of the member's insurable remuneration and an annual percentage commission of (blank) % on the balance of the contributions generated from their incorporation into the SPP."

Article Nine.- Amend Annex II "Transfer Request Form" of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, which shall be published on the Institutional Portal of the Superintendency, in accordance with the provisions of Supreme Decree No. 001-2009-JUS.

Article Ten.- Amend literal B of article 121° and article 123°, of Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, in accordance with the following texts:

“ (…) B. If the voluntary contributions are made to a fund of an AFP different from the one where the mandatory contributions are held, the worker must sign the pension fund election or change form (Annex II-B), or sign the voluntary contribution transfer request (Annex II-A), as applicable, making the contributions through the AFPnet Collection Portal, or through any other system or means of payment that the AFP makes available to the dependent worker.”

“Article 123.- Voluntary contributions in the case of self-employed workers. For the payment of voluntary contributions with and/or without pension purpose, the self-employed worker must make such contributions through the AFPnet Collection Portal, following the procedure established in Article 117 of this Title.

Alternatively, the self-employed worker will have the option of making the payment of their contributions through any other system or means of payment that the AFP makes available to them, whether through its own agencies or through financial institutions with which the AFP maintains agreements as collecting institutions. Such systems or means of payment must record the payment for the accrual month corresponding to a given date, as well as payments for

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regularizations that may be made for previous months, if a periodicity has been agreed with the AFP.”

Article Eleventh.- Amend the second paragraph of the Third Final and Transitory Provision of SBS Resolution No. 8513-2012, according to the following text:

“(…) For fiscal year 2013, the report referred to in the preceding paragraph must be sent to this Superintendency within the deadline for submitting the financial statements as of 31 July 2013. Subsequently, the presentation of the aforementioned report will be made together with the presentation of the financial statements for the close of the annual fiscal year.”

Article Twelfth.- Incorporate Article 28B into Title V of the Compendium of Superintendency Regulatory Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, according to the following text:

“Article 28B.- Transfer procedure - semi-in-person.- Alternatively, at the AFP's option, access to a transfer may be provided under the semi-in-person modality, using the facilities of its website. To use said modality, the member does not require a private security password and must follow the procedure below:

a) Fill out, as a pre-registration, on the destination AFP's website, the same Relevant Information Support (SIR) information required for the electronic request referred to in Circular No. AFP-049-2004, except for the field referring to the private security password.

b) Once the pre-registration has been recorded, the destination AFP will contact the member within the following two (2) business days to validate the information contained in the Relevant Information Support (SIR) and confirm their intention to request the start of the transfer process.

c) Once their intention is confirmed, a place, date and time will be agreed for the signing of the documents related to the transfer, completing the request with the documentation referred to in subsection c) of Article 28 of this Title. Under this procedure, the participation of the sales promoter is optional, subject to the AFP's decision, in which case it will not be necessary to fill out section 3 of Annex II of the form corresponding to the Transfer Request.

Under the scenario described, the destination AFP will have a maximum term of the following fifteen (15) calendar days, counted from the pre-registration referred to in subsection a) above, for the signing of the documents required in subsection c) of Article 28 of this Title. Otherwise, it will give rise to the rejection of the request. Likewise, the destination AFP will inform the member of any change in the status of their request, to the email address indicated in the Relevant Information Support (SIR) referred to in subsection a) above.

The AFP must inform the member who uses this means that their transfer request will be considered submitted from the moment of the signing of the documents referred to in subsection c) above, as well as the accrual start date of their contributions in the destination AFP, in accordance with Article 31 of this Title.”

Article Thirteenth.- Amend Article 17CC of Title V of the Compendium of Superintendency Regulatory Rules of the Private

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Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, according to the following text:

“Article 17CC.- Procedure for completing and delivering the affiliation contract. Once the CUSPP has been obtained in accordance with the provisions of Article 17BB of this Title, the awarded AFP will generate the respective affiliation contracts through the AFPnet Collection Portal, complying with the following requirements:

a) The information entered in each affiliation contract will correspond to that entered by the employer in the “SPP Registration Document”, extracted from the AFPnet Collection Portal;

b) The clauses must be fully printed;

c) The awarded AFP, within a term no greater than three (3) business days following the obtaining of the CUSPP, must:

c.1) Make available to the employer the affiliation contracts signed by the AFP's representative through the AFPnet Collection Portal; and/or,

c.2) Send an email to the member attaching the contract signed by the representative of the AFP or by means of a link to a secure area so that they may download said contract;

d) The employer shall directly download from the AFPnet Collection Portal the generated membership contracts, and then deliver them to each worker for their respective signing; or alternatively, the worker may download their membership contract, sign it and deliver it to their employer;

e) The employer shall make available to the awarded AFP the membership contracts signed by the workers incorporated during the bidding period referred to in article 17P°; and,

f) The awarded AFP shall be responsible for periodically collecting, based on criteria of geographic location, labor density or others, the membership contracts signed by the members, on the dates previously coordinated with the employer, with the AFP leaving a record of receipt of the contracts.

The awarded AFP shall be responsible for reviewing at the close of each month all the membership contracts that have been signed during the previous calendar month, and must verify that they have been filled out and signed in accordance with the rules of this Title. Once this operation is carried out, the AFP shall record the information of said contracts in the respective member file.

The AFP must provide the member with an informational booklet containing the relevant aspects of the multi-funds and of the choice or change of the type of pension fund of their preference, the content of which shall be determined by the Superintendency.”

Article Fourteenth.- Amend article 2° of Title V of the Compendium of Superintendency Regulatory Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, in accordance with the following text:

“Article 2°.- Incorporation into the SPP. When a worker enters to work at a workplace, the employer must obligatorily require them in writing that, within a non-extendable period of ten (10) calendar days, they inform in writing the pension system to which they are incorporated, indicating the AFP to which they are affiliated, if applicable.

In the event the worker does not belong to any pension system, the employer must deliver the Informational Bulletin referred to in article 16° of Law No. 28991, and must require them in

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writing to inform the pension regime to which they wish to be incorporated. The worker shall have a period of ten (10) calendar days, counted from receipt of the Informational Bulletin, to state in writing the pension regime (SPP or SNP) of their preference, and shall have ten (10) additional days to ratify or change their decision.

Without prejudice to the worker ratifying or changing their decision in the following ten (10) additional days referred to in the preceding paragraph, the employer must, upon completion of the first ten (10) calendar days counted from delivery of the Informational Bulletin, require the worker to join the SPP and generate the “SPP Registration Document”.

The employer must access the AFPnet Collection Portal in order to enter the worker's data under the format of the “SPP Registration Document” referred to in this article, within the day following the communication of the choice of incorporation into the SPP or upon completion of the period of ten (10) calendar days counted from delivery of said Informational Bulletin to the worker.

The “SPP Registration Document” shall record the following information regarding each worker:

a) Surnames and names;

b) Start date of the employment relationship;

c) Identity document (national identity document, military/police identification card, authorization card from the Ministry of Labor and Employment Promotion; foreigner's card or passport);

d) Gender (male / female);

e) Date of birth;

f) Address;

g) Personal email; and,

h) Personal phone number.

The AFPs, through the AFPnet Collection Portal, shall use prior internal procedures, through comparison with the online information provided by the National Registry of Identity and Civil Status (RENIEC), in order to have verifications of the identity documents (DNI) of the workers joining the SPP, which facilitate their access to said pension system, as well as the processes of registration, declaration and payment of pension contributions by employers. In these cases, confirmation of the DNI by the AFP, under the procedure of the SPP Registration Document, shall have the same effects as the granting of the CUSPP by the Superintendency.

Optionally, in the case of workers coming from another pension system, the employer may use the “SPP Registration Document” to enter said information in the corresponding electronic upload.”

Article Fifteenth.- Amend the Twenty-Sixth Final and Transitory Provision of Title V of the Compendium of Superintendency Regulatory Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, in accordance with the following text:

“Twenty-sixth.- Default interest. The AFPnet Collection Portal must publish on its website the default interest calculation module, and must allow the printing of the corresponding reports. Access to this module must not be conditioned on any payment.

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Employers may attach said reports to the PPAP or DSP with which they are going to carry out regularizations; financial institutions must accept said reports as certification of a correct calculation.

The AFP must include on their websites a link to the website of the Collection Portal for the purposes of calculating default interest.”

Article Sixteenth.- Amend articles 6, 10 and 11 of Title V of the Compendium of Superintendency Regulatory Rules of the Private Pension Fund Administration System, approved by Resolution No. 080-98-EF/SAFP and its amendments, in accordance with the following texts:

“Article 6.- Sales promoters. For purposes of their validity, affiliation contracts signed within the scope of the SPP shall require the participation of an AFP sales promoter authorized to perform such activity, in accordance with the rules of Title III of this Compendium.

The participation of a sales promoter is not mandatory for the subscription and validity of affiliation contracts signed under the bidding procedure referred to in article 3 of this Title.

Article 10.- Contract filling procedure. In order to complete the information required in the affiliation contract, the following procedure must be observed:

a) The inclusion of information that does not correspond to that established in the single format will invalidate the document;

b) If applicable, the affiliation contract must be signed by the sales promoters who hold, on the date on which the contract is signed, an enabled code in the AFP Sales Promoters Registry maintained by the Superintendency;

c) The representative of the AFP or the sales promoter, whichever is applicable, shall be responsible for the veracity of the information recorded in the affiliation contract;

d) The information recorded in the contract must not contain omissions, amendments, erasures, corrections, crossings out or any other adulteration;

e) The CUSPP shall be recorded in the affiliation contract once it has been granted by the Superintendency;

f) The clauses must be fully printed. The blank spaces shall be completed by machine, in print-style lettering or by stamp; and,

g) The information recorded as well as the respective signatures must be clearly recorded in the original and in the respective copies of the contract.

Article 11.- Affiliates with more than one employer. In those cases in which the affiliate has two (2) employers, they shall sign an additional format of the affiliation contract, crossing out the field called "N° de solicitud AFP" and recording the same application number printed on the affiliation contract where they recorded the data of their first employment relationship. A similar procedure shall be contemplated in the event that the worker has more than two (2) employers.

The representative of the AFP or the sales promoter, whichever is applicable, shall be responsible for ensuring that the number of employers the affiliate has is recorded in the third section of the affiliation contract. The additional copies of the affiliation contracts must be signed by the affiliate and the sales promoter or representative of the AFP.” Article Seventeenth.- In accordance with the provisions of article 17U of Title V of the Compendium of Superintendency Regulatory Rules of the Private Pension Fund Administration System, the maximum period that AFP Prima, in its capacity as winner of the allocation process, shall have to report the list of affiliates whose affiliation contracts were signed prior to 01 June 2013 shall be three (3) calendar days after said date. After said period, it will not be possible to report affiliation contracts that do not correspond to the AFP that won the bidding.

Article Eighteenth.- This resolution shall enter into force on 1 June 2013, except for the provisions of articles first and second, which shall enter into force as of 1 July 2013.

FINAL AND TRANSITIONAL PROVISIONS

First.- The AFP, once the centralization of the additional operational processes referred to in article 14-D of the TUO of the SPP Law, as amended by Law No. 29903, is fully in force and applied, as a result of the regulations of the aforementioned law, must initiate the necessary actions and coordination to carry out the centralization of the operational transfer procedure, in accordance with the general provisions issued by the Superintendency.

Likewise, said centralization process shall entail that the procedures for information of the funds and their respective holders of the individual capitalization accounts, with respect to transfers made within the SPP, be carried out directly by the AFP without the participation of the Superintendency, strictly subject to the requirements set forth in the regulations on the matter.

Second.- For those affiliates who have chosen the remuneration-based charge scheme, they may opt to exercise the option of transferring to another AFP and, at the same time, switch to the balance-based charge scheme by using the format corresponding to the Transfer Request referred to in Annex II of Title V of the Compendium of Superintendency Regulatory Rules of the SPP, until 30 November 2013, in accordance with the provisions of article 13 of the Rules for the Reduction and Election of the Commission on the Flow, approved by SBS Resolution No. 8514-2012 and its amendments.

Register, communicate and publish.

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