Lima, 29 May 2009

S.B.S. Resolution No. 4729-2009

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

CONSIDERING:

That, the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance - Law No. 26702 amended by Legislative Decree No. 1028, hereinafter General Law, establishes in article 184° the composition of effective equity for companies of the financial system, providing that said equity is made up of three levels according to the possibility of its components to absorb losses, as well as their permanence in the companies' equity;

That, in articles 184° and 185° of the General Law the limits that must be taken into account for the calculation of the effective equity of companies of the financial system are established;

That, likewise, the General Law establishes the methodologies that companies of the financial system may use for the calculation of effective equity requirements for credit, market and operational risk, in accordance with the rules issued on said subject by this Superintendency;

That, in Report No. 3 “Effective Equity” of Chapter V “Complementary Information” of the Accounting Manual for Companies of the Financial System approved by SBS Resolution No. 895-98 and its amending and complementary rules, hereinafter Accounting Manual, the elements that make up the effective equity of companies of the financial system are detailed;

That, in Report No. 2 (Annex B) of Chapter V “Complementary Information” of the Accounting Manual, the summary of assets and contingents weighted by credit risk and the equity requirement for market risk is recorded;

That, it is necessary to modify Report No. 3 “Effective Equity” of Chapter V “Complementary Information” of the Accounting Manual to adapt it to the provisions of the General Law;

That, additionally, it is necessary to approve a new Report where the summary of total assets and contingents weighted by risk and the summary

of the effective equity requirements for credit, market and operational risk is recorded, which is consistent with the provisions of the General Law;

Having regard to the opinion of the Deputy Superintendencies of Banking and Microfinance, Risks, Economic Studies and Legal Advice; and,

In use of the attribution conferred by numeral 13 of article 349° of the General Law;

RESOLVES:

Article One.- Modify the Accounting Manual for Companies of the Financial System approved by SBS Resolution No. 895-98 and its amending and complementary rules, in accordance with the provisions of Annexes A and B attached to this Resolution, which are published on the institutional electronic Portal (www.sbs.gob.pe), in accordance with the provisions of Supreme Decree No. 001-2009-JUS.

Article Two.- This Resolution shall enter into force as of 1 July 2009, except for the provisions of Annex B which shall enter into force as of 1 July 2010.1

Register, communicate and publish.

FELIPE TAM FOX
Superintendent of Banking, Insurance and
Private Administrators of Pension Funds

[1] Article amended by SBS Resolution No. 14353-2009 of 30/10/2009

ANNEX A

MODIFICATIONS TO THE ACCOUNTING MANUAL FOR COMPANIES OF THE FINANCIAL SYSTEM IN FORCE AS OF 1 JULY 2009

I. In Chapter III “Chart of Accounts” and Chapter IV “Description and Dynamics of Accounts” of the Accounting Manual for Companies of the Financial System, eliminate account 8108 “Use of Share Capital for Computation of Effective Equity”.

II. Modify Chapter V “Complementary Information” of the Accounting Manual for Companies of the Financial System, in the following terms:

1. Replace Report No. 3 “Effective Equity” with the format attached. This Report must be submitted monthly via SUCAVE within a period not exceeding 15 calendar days after the end of the month to which the information corresponds.

REPORT No. 3

EFFECTIVE EQUITY

Art. 184° and 233° of Law No. 26702
COMPANY : .................................................................
AS OF .....OF ............................. OF ...........
(In Thousands of New Soles)

A. Level 1 effective equity

REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
Numeral 1 of Literal A of article 184°	3101.01 3101.02 Plus: 3201 3202.01 3202.02 3203.01 3203.02 3301 3302 3303.01	Common shares Perpetual preferred shares with right to non-cumulative dividend Donations Issue premiums - Common shares Issue premiums - Perpetual preferred shares with right to non-cumulative dividend Capital in process - Common shares Capital in process - Perpetual preferred shares with right to non-cumulative dividend Legal reserve Special legal reserves Optional reserves that can only be reduced with prior authorization from the SBS
Numeral 2 of Literal A of article 184°	Plus: 3801.01 3901.01	Accumulated profits with capitalization agreement Net profit of the year with capitalization agreement		For accumulated profits and net profit of the year to be considered, there must be an agreement on their capitalization (Numeral 2 Art.184° General Law). The General Shareholders' Meeting may delegate to the Board of Directors the adoption of the agreement to capitalize accumulated profits and the net profit of the year.

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REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
	3801.04	Gain by equity method corresponding to investments that are deducted from effective equity
Numeral 3 of Literal A of article 184°	Plus: 3101.04(p) 3101.09(p) 3202.04(p) 3202.09(p) 3203.04(p) 3203.09(p) 2602.02.01.02(p) 2602.02.02.02(p) 2602.02.03.02(p) 2603.02.01.02(p) 2603.02.02.02(p) 2603.02.03.02(p) 2604.02.01.02(p) 2604.02.02.02(p) 2604.02.03.02(p) 2605.01.01.02(p) 2605.01.02.02(p) 2605.01.03.02(p) 2606.02.01.02(p) 2606.02.02.02(p) 2606.02.03.02(p) 2607.01.01.02(p) 2607.01.02.02(p) 2607.01.03.02(p) 2802.02(p) 2802.03(p) 2802.04(p) 2806.01(p) 2806.02(p) 2806.03(p)	Redeemable preferred shares with fixed term Other shares Share premiums - Redeemable preferred shares with fixed term Share premiums - Other shares Capital in process - Redeemable preferred shares with fixed term Capital in process - Other shares Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Redeemable subordinated bonds Non-redeemable subordinated bonds Subordinated bonds convertible into shares Redeemable Non-redeemable Convertible into shares		These hybrid instruments are included in the computation of the limit contemplated in the last paragraph of literal A of article 184° of the General Law. The excess over the aforementioned limit will be considered as corresponding to hybrid instruments computable in level 2 effective equity. Portion corresponding taking into account the characteristics of the instruments, as well as the limit contemplated in the last paragraph of literal A of article 184° of the General Law.
Numeral 4 of Literal A of article 184°	Less: 3802.01 3802.03 3802.04(p) or 3802.04 3802.05 3902	(Accumulated Loss) (Provision for impairment of assets placed in real estate capitalization) (Unrealized loss on available-for-sale investments) (Loss by equity method corresponding to investments that are deducted from effective equity) (Net Loss for the Year) (Deficit of Provisions)		Portion corresponding to the excess of unrealized losses on available-for-sale investments over accumulated profits and net profit for the year. If there are no accumulated profits or net profit for the year, the total unrealized losses on available-for-sale investments will be deducted from effective equity. Estimated by the SBS, by the External Auditors or by the company, at the latest date, whichever is greater.
Numeral 5 of Literal A of article	Less: (1904.07-1904.09.07) +17(p)	(Goodwill)		Goodwill resulting from the reorganization of the company, as well as from the acquisition of investments.

SUPERINTENDENCE OF BANKING, INSURANCE AND AFP

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)2218990 Fax: (511) 4417760 5

REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
184°				The outstanding amortization balance must be considered. In the case of item 17, the corresponding portion of the accounts of said item in which the unamortized balance of the goodwill resulting from the acquisition of investments is recorded shall be entered.
	Less: 1303.08(p) 1308.03.08(p) 1309.03.08(p) 1304.08.01(p) 1308.04.08.01(p) 1309.04.08.01(p)	Treasury Shares Debt instruments held in treasury – Subordinated		Portion corresponding to the shares and subordinated debt instruments of the company itself, which are in its possession and are considered in this level of effective equity.
Numeral 6 of Literal A of article 184°	Less: Other deductions	50% of total C		If there is no level 2 effective equity, 100% of literal C will be deducted from level 1 effective equity.
	TOTAL

B1. Level 2 effective equity

REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
Numeral 1 of Literal B of article 184°	Plus 3303.02	Optional reserves that can be reduced without prior authorization from the SBS
Numeral 2 of Literal B of article 184°	Plus: 3101.03 3101.04(p) 3101.09(p) 3202.03 3202.04(p) 3202.09(p) 3203.03 3203.04(p) 3203.09(p) 2602.02.01.02(p) 2602.02.02.02(p) 2602.02.03.02(p) 2603.02.01.02(p) 2603.02.02.02(p) 2603.02.03.02(p) 2604.02.01.02(p) 2604.02.02.02(p) 2604.02.03.02(p) 2605.01.01.02(p) 2605.01.02.02(p) 2605.01.03.02(p) 2606.02.01.02(p) 2606.02.02.02(p) 2606.02.03.02(p)	Perpetual preferred shares with right to cumulative dividend Redeemable preferred shares with fixed term Other Shares Share premiums - Perpetual preferred shares with right to cumulative dividend Share premiums - Redeemable preferred shares with fixed term Share premiums - Other Shares Capital in process – Perpetual preferred shares with right to cumulative dividend Capital in process - Redeemable preferred shares with fixed term Capital in process - Other Shares Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated		These hybrid instruments and the excess over the limit indicated in the last paragraph of literal A of article 184°, are included in the computation of the limit contemplated in numeral 1 of article 185° of the General Law. The excess over the limit contemplated in numeral 1 of article 185° of the General Law will not be considered in the computation of effective equity. Portion corresponding taking into account the characteristics of the instruments, as well as the limit contemplated in numeral 1 of article 185° of the General Law.

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REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
	2607.01.01.02(p) 2607.01.02.02(p) 2607.01.03.02(p) 2802.02(p) 2802.03(p) 2802.04(p) 2806.01(p) 2806.02(p) 2806.03(p)	Subordinated Subordinated Subordinated Redeemable subordinated bonds Non-redeemable subordinated bonds Subordinated bonds convertible into shares Redeemable Non-redeemable Convertible into shares
Numeral 2 of Subsection B of article 184°	Plus: 3101.04(p) 3101.09(p) 3202.04(p) 3202.09(p) 3203.04(p) 3203.09(p) 2602.02.01.02(p) 2602.02.02.02(p) 2602.02.03.02(p) 2603.02.01.02(p) 2603.02.02.02(p) 2603.02.03.02(p) 2604.02.01.02(p) 2604.02.02.02(p) 2604.02.03.02(p) 2605.01.01.02(p) 2605.01.02.02(p) 2605.01.03.02(p) 2606.02.01.02(p) 2606.02.02.02(p) 2606.02.03.02(p) 2607.01.01.02(p) 2607.01.02.02(p) 2607.01.03.02(p) 2802.02(p) 2802.03(p) 2802.04(p) 2806.01(p) 2806.02(p) 2806.03(p)	Redeemable fixed-term preferred shares Other Shares Share premiums - Redeemable fixed-term preferred shares Share premiums - Other Shares Capital in process - Redeemable fixed-term preferred shares Capital in process - Other Shares Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Redeemable subordinated bonds Non-redeemable subordinated bonds Subordinated bonds convertible into shares Redeemable Non-redeemable Convertible into shares		These instruments are included in the computation of the limit contemplated in numeral 2 of article 185° of the General Law. The excess over the aforementioned limit will be considered as instruments computable in level 3 effective equity. Additionally, the computation of the limit contemplated in numeral 1 of article 185° of the General Law must be taken into account. The excess over said limit will not be considered in the computation of effective equity. Portion corresponding taking into account the characteristics of the instruments, as well as the limits contemplated in numerals 1 and 2 of article 185° of the General Law.
Numeral 3 of Subsection B of article 184°	Plus: 1409.01.02 1409.01.03 1409.02.02 1409.02.03 1409.02.06 1409.03.02 1409.03.03 1409.03.06 1409.04.02 1409.04.03 1509.04.01.01 2701.02 2702.03(p) 2702.04(p)	Mandatory generic provision for commercial loans Voluntary generic provision for commercial loans Mandatory generic provision for microenterprise loans Voluntary generic provision for microenterprise loans Generic provision for overindebtedness risk Mandatory generic provision for consumer loans Voluntary generic provision for consumer loans Generic provision for overindebtedness risk Mandatory generic provision for mortgage loans Voluntary generic provision for mortgage loans Provisions according to SBS regulations Generic provisions for contingent loans Provisions for coverage mechanisms through trusts Provisions for transferred portfolio with repurchase agreement or purchase option		Generic provisions are added up to 1.25% of assets and contingents weighted by credit risk. Portion corresponding to generic provisions Portion corresponding to generic provisions Portion corresponding to generic provisions
	Less: 1303.08(p) 1308.03.08(p) 1309.03.08(p) 1304.08.01(p)	Treasury Shares Debt instruments in treasury -		Portion corresponding to the shares and subordinated debt instruments of the company itself, which are in its possession and are considered in

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REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
	1308.04.08.01(p) 1309.04.08.01(p)	Subordinated		this level of effective equity.
Numeral 4 of Subsection B of article 184°	Less: Other deductions	50% of total C		If there is no level 2 effective equity, 100% of subsection C will be deducted from level 1 effective equity. Likewise, if the level 2 effective equity is less than 50% of total C, the level 2 effective equity will be reduced to zero and the remainder will be deducted from level 1 effective equity.
	TOTAL

B2. Level 3 effective equity

REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
Last paragraph of Subsection B of article 184°	Plus: 3101.04(p) 3101.09(p) 3202.04(p) 3202.09(p) 3203.04(p) 3203.09(p) 2602.02.01.02(p) 2602.02.02.02(p) 2602.02.03.02(p) 2603.02.01.02(p) 2603.02.02.02(p) 2603.02.03.02(p) 2604.02.01.02(p) 2604.02.02.02(p) 2604.02.03.02(p) 2605.01.01.02(p) 2605.01.02.02(p) 2605.01.03.02(p) 2606.02.01.02(p) 2606.02.02.02(p) 2606.02.03.02(p) 2607.01.01.02(p) 2607.01.02.02(p) 2607.01.03.02(p) 2802.02(p) 2802.03(p) 2802.04(p) 2806.01(p) 2806.02(p) 2806.03(p)	Redeemable fixed-term preferred shares Other shares Share premiums - Redeemable fixed-term preferred shares Share premiums - Other shares Capital in process - Redeemable fixed-term preferred shares Capital in process - Other shares Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Redeemable subordinated bonds Non-redeemable subordinated bonds Subordinated bonds convertible into shares Redeemable Non-redeemable Convertible into shares		These instruments and the excess over the limit indicated in numeral 2 of article 185° of the General Law are included in the computation of the limit contemplated in numeral 3 of article 185° of the General Law. The excess over the aforementioned limit shall not be considered in the computation of effective equity. Additionally, the computation of the limit contemplated in numeral 1 of article 185° of the General Law must be taken into account. The excess over said limit shall not be considered in the computation of effective equity. Portion corresponding taking into account the characteristics of the instruments, as well as the limits contemplated in numerals 1 and 3 of article 185° of the General Law.
	Less: 1303.08(p) 1308.03.08(p) 1309.03.08(p) 1304.08.01(p) 1308.04.08.01(p) 1309.04.08.01(p)	Treasury Shares Debt instruments held in treasury - Subordinated		Portion corresponding to shares and subordinated debt instruments of the company itself, held by it and considered in this level of effective equity.
	TOTAL

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C. OTHER DEDUCTIONS (to be applied to level 1 and 2 effective equity)

REF.
GENERAL
LAW
ACCOUNTS OF THE
ACCOUNTING
MANUAL
Denomination AMOUNT S/. COMMENTS -
OBSERVATIONS
Numerals 1 and 2 of
Literal C of
article 184°
Less:
1301.05
1301.06
1302.05.10
1302.06.10
1303.05
1303.06
1303.09
1303.18.01.05/06/09
1303.18.02.05/06/09
1304.05.10
1304.06.10
1304.09.10
1304.18.01.05(p)/06(p)/09
(p)
1304.18.02.05(p)/06(p)/09
(p)
1305.05.10
1305.06.10
1305.18.01.05(p)/06(p)
1305.18.02.05(p)/06(p)
1701(p)
1702(p)
1707.01(p)
1707.02(p)
1401.01.16.02(p)
1401.01.17(p)
1401.01.18(p)
1404.01.16.02(p)
Securities and instruments issued by companies of the financial system Securities and instruments issued by companies of the insurance system Securities and instruments issued by companies of the financial system – Subordinated bonds and other instruments representing subordinated debt Securities and instruments issued by companies of the insurance system – Subordinated bonds and other instruments representing subordinated debt Securities and instruments issued by companies of the financial system Securities and instruments issued by companies of the insurance system Securities and instruments issued by other companies with which corresponds to consolidate financial statements Securities and instruments of restricted availability Securities and instruments of restricted availability Securities and instruments issued by companies of the financial system – Subordinated bonds and other instruments representing subordinated debt Securities and instruments issued by companies of the insurance system – Subordinated bonds and other instruments representing subordinated debt Securities and instruments issued by other companies with which corresponds to consolidate financial statements – Bonds subordinated and other instruments representing debt subordinated Securities and instruments of restricted availability Securities and instruments of restricted availability Securities and instruments issued by companies of the financial system – Subordinated bonds and other instruments representing subordinated debt Securities and instruments issued by companies of the insurance system – Subordinated bonds and other instruments representing subordinated debt Securities and instruments of restricted availability Securities and instruments of restricted availability Investments through equity participation in legal entities of the country Investments through equity participation in legal entities from abroad Investments through equity participation in legal entities of the country of restricted availability Investments through equity participation in legal entities from abroad restricted availability Subordinated credits Credits to financial institutions abroad Credits to the head office, branches and subsidiaries Subordinated credits Companies of the financial system, except COFIDE, must deduct investments in shares and instruments representing subordinated debt issued by Companies of the Financial System and Insurance of the Country and Abroad. Investments are also deducted in shares and instruments representing subordinated debt issued by other companies with which corresponds to consolidate financial statements. Investments in the CAF are not deducted. Portion corresponding to bonds and other instruments representing subordinated debt. Portion corresponding to bonds and other instruments representing subordinated debt. Portion corresponding to investments in shares issued by Companies of the Financial and Insurance System of the Country and Abroad. Also part
corresponding to investments in shares issued by other companies with which financial statements are to be consolidated. financial statements. Exclude goodwill. Portion corresponding to companies of the financial and insurance system Portion corresponding to subordinated loans Portion corresponding to subordinated loans granted to companies with which financial statements are to be consolidated financial statements Portion corresponding to companies of the

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REF.
GENERAL
LAW
ACCOUNTS OF THE
ACCOUNTING
MANUAL
Denomination AMOUNT S/. COMMENTS -
OBSERVATIONS
1404.01.17(p)
1404.01.18(p)
1405.01.16.02(p)
1405.01.17(p)
1405.01.18(p)
1405.01.19.16(p)
1405.01.19.17(p)
1405.01.19.18(p)
1406.01.16.02(p)
1406.01.17(p)
1406.01.18(p)
1406.01.19.16(p)
1406.01.19.17(p)
1406.01.19.18(p)
Loans to foreign financial institutions
Loans to the head office, branches and subsidiaries Subordinated loans Loans to foreign financial institutions Loans to the head office, branches and subsidiaries Loans to companies of the financial system, companies of complementary and related services, and companies of the insurance system Loans to foreign financial institutions Loans to the head office, branches and subsidiaries Subordinated loans Loans to foreign financial institutions Loans to the head office, branches and subsidiaries Loans to companies of the financial system, companies of complementary and related services, and companies of the insurance system Loans to foreign financial institutions Loans to the head office, branches and subsidiaries financial and insurance system Portion corresponding to subordinated loans Portion corresponding to subordinated loans granted to companies with which financial statements are to be consolidated financial statements Portion corresponding to companies of the financial and insurance system Portion corresponding to subordinated loans Portion corresponding to subordinated loans granted to companies with which financial statements are to be consolidated financial statements Portion corresponding to subordinated loans granted to companies of the financial and insurance system Portion corresponding to subordinated loans Portion corresponding to subordinated loans granted to companies with which financial statements are to be consolidated financial statements Portion corresponding to companies of the financial and insurance system Portion corresponding to subordinated loans Portion corresponding to subordinated loans granted to companies with which financial statements are to be consolidated financial statements Portion corresponding to subordinated loans granted to companies of the financial and insurance system Portion corresponding to subordinated loans Portion corresponding to subordinated loans granted to companies with which financial statements are to be consolidated financial statements Numeral 3 of Literal C of article 184° Less:
The amount by which the investment in shares in a company of the real sector with which consolidation does not correspond, not considered in the trading portfolio, exceeds 15% of effective equity, and the amount by which the total investment in shares in companies of the real sector with which consolidation does not correspond not considered in the trading portfolio exceeds 60% of effective equity. TOTAL

[p] = Portion corresponding as defined in each section.

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GENERAL MANAGER
AUTHORIZED OFFICER

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2. Approve Report No. 2-D attached hereto. This Report must be submitted monthly via SUCAVE within a period not exceeding 15 calendar days after the end of the month to which the information corresponds.

REPORT No. 2 - D

EFFECTIVE EQUITY REQUIREMENTS FOR CREDIT, MARKET AND OPERATIONAL RISKS AND CALCULATION OF THE GLOBAL LIMIT REFERRED TO IN THE FIRST PARAGRAPH OF ARTICLE 199° AND THE TWENTY-FOURTH TRANSITORY PROVISION OF THE GENERAL LAW (EFFECTIVE AS OF JULY 1, 2009)

(Articles 186° to 194°, article 199° and Twenty-Fourth Transitory Provision of General Law No. 26702) (In Thousands of New Soles)

On ..... of ..................... of ......

Company:……………………………………………………..

(I) Effective Equity Requirement for Credit Risk:

	APR2	Total4
Total Effective Equity Requirement for Credit Risk		(I)

(II) Effective Equity Requirement for Market Risk:

	APR3	Total4
Standardized Method		e = a + b + c + d
Interest Rate Risk		a
Price Risk		b
Foreign Exchange Risk		c
Commodities Risk		d
Internal Models Method		i = Max(f,g*h)
Total VAR		f
Average VAR last 60 business days		g
Factor		h
Total Effective Equity Requirement for Market Risk		(II) = e + i

[2] In accordance with the provisions of Report No. 2 (Annex A) of the Accounting Manual for Companies of the Financial System, without considering the positions that make up the trading portfolio or the concepts that are deducted for the purposes of calculating effective equity in accordance with the provisions of letter C of article 184° of the General Law.

[3] In accordance with the provisions of the Regulation for the Effective Equity Requirement for Market Risk and the provisions of Reports No. 2-B1 (Annexes 1-C, 2, 3 and 4) and Reports No. 2-B2 (Annexes A, B and/or C) of the Accounting Manual for Companies of the Financial System.

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(III) Effective Equity Requirement for Operational Risk:

	APR4	Total4
Basic Indicator Method		j
Alternative Standardized Method		k
Advanced Methods		l
Total Effective Equity Requirement for Operational Risk		(III) = j + k + l

(IV) Total Effective Equity Requirement:	(IV) = (I) + (II) + (III)

(V) Effective Equity5

	Total
Total Tier 1 Effective Equity	p = m + n + o
Assigned to cover credit risk	m
Assigned to cover market risk	n
Assigned to cover operational risk	o
Total Tier 2 Effective Equity	t = q + r + s
Assigned to cover credit risk	q
Assigned to cover market risk	r
Assigned to cover operational risk	s
Total Effective Equity of Level 3	u
Assigned to cover market risk	u
Total Effective Equity6	(V) = p + t + u

(VI) Global Capital Ratio (%):	(V) / [ (IV) / v7 ] * 100	(*)

(*)

..........................
.........................
..........................

[4] In accordance with the provisions of the Regulation for the Effective Equity Requirement for Operational Risk and as recorded in Reports No. 2-C1 and 2-C2 of the Accounting Manual for Financial System Enterprises.

[4] Risk-Weighted Assets (RWA) multiplied by the global limit established by the General Law in the first paragraph of article 199° and the Twenty-Fourth Transitory Provision.

[5] The effective equity of the levels must be assigned to cover credit, market and operational risk, in accordance with the provisions of numerals 1 and 3 of article 185° of the General Law.

[6] In accordance with the provisions of Report No. 3 “Effective Equity” of the Accounting Manual for Financial System Enterprises.

[7] v = Global limit established by the General Law in the first paragraph of article 199° and the Twenty-Fourth Transitory Provision.

[*] Errata published on 19 June 2009 on the institutional electronic portal (www.sbs.gob.pe)

General Manager
Accountant
Prepared by

ANNEX B

AMENDMENTS TO THE ACCOUNTING MANUAL FOR FINANCIAL SYSTEM ENTERPRISES EFFECTIVE AS OF 1 JANUARY 2010

I. Amend Chapter V “Complementary Information” of the Accounting Manual for Financial System Enterprises, in the following terms:

1. In Report No. 3 “Effective Equity” replace the part corresponding to numeral 3 of Literal B of article 184° of the General Law, with the following format:

REPORT No. 3

EFFECTIVE EQUITY

Art. 184° and 233° of Law No. 26702
COMPANY : .................................................................
AS OF ..... OF ............................. OF ...........
(In Thousands of Nuevos Soles)

B1. Level 2 effective equity

REF. GENERAL LAW	ACCOUNTING MANUAL ACCOUNTS	Name	AMOUNT S/.	COMMENTS - OBSERVATIONS
Numeral 3 of Literal B of article 184°	Plus:
	1409.02.02	Mandatory generic provision		When the standard method is used to determine the effective equity requirement for credit risk, generic provisions are added up to 1.25% of risk-weighted credit assets and contingents.
	1409.02.03	Voluntary generic provision
	1409.02.06	Generic provision for overindebtedness
	1409.03.02	Mandatory generic provision
	1409.03.03	Voluntary generic provision
	1409.03.06	Generic provision for overindebtedness
	1409.04.02	Mandatory generic provision
	1409.04.03	Voluntary generic provision
	1409.05.02	Mandatory generic provision
	1409.05.03	Voluntary generic provision
	1409.06.02	Mandatory generic provision
	1409.06.03	Voluntary generic provision
	1409.07.02	Mandatory generic provision
	1409.07.03	Voluntary generic provision
	1409.08.02	Mandatory generic provision
	1409.08.03	Voluntary generic provision
	1409.09.02	Mandatory generic provision
	1409.09.03	Voluntary generic provision
	1409.10.02	Mandatory generic provision
	1409.10.03	Voluntary generic provision
	1409.11.02	Mandatory generic provision
	1409.11.03	Voluntary generic provision
	1409.12.02	Mandatory generic provision
	1409.12.03	Voluntary generic provision

REF.
LAW
GENERAL
ACCOUNTS OF THE
MANUAL OF
ACCOUNTING

		Name	AMOUNT S/.	COMMENTS - OBSERVATIONS
	1409.13.02	Mandatory generic provision		Portion corresponding to generic provisions
	1409.13.03	Voluntary generic provision
	1409.13.06	Generic provision for overindebtedness
	1509.04.01.01	(Provisions according to SBS regulations)
	2701.02	Generic provisions for contingent credits		Portion corresponding to generic provisions
	2702.03(p)	Provisions for trust coverage mechanisms
	2702.04(p)	Provisions for portfolio transferred with repurchase agreement or purchase option		Portion corresponding to generic provisions
		If internal models are used to calculate the effective equity requirement for credit risk, when the total expected loss is less than the provisions constituted, said provisions shall be added up to 0.6% of the assets and contingents weighted by credit risk.

2. In Report No. 3 "Effective Equity", replace the portion corresponding to Literal C of article 184 of the General Law with the following format:

C. OTHER DEDUCTIONS (to be applied to level 1 and 2 effective equity)

REF. GENERAL LAW	ACCOUNTS OF THE ACCOUNTING MANUAL	Denomination	AMOUNT S/.	COMMENTS - OBSERVATIONS
Numerals 1 and 2 of Literal C of article 184	Less: 1301.05	Securities and instruments issued by companies of the financial system		Companies of the financial system, except COFIDE, must deduct investments in shares and instruments representing subordinated debt issued by Companies of the Financial and Insurance System of the Country and Abroad. Investments in shares and instruments representing subordinated debt issued by other companies with which financial statements are to be consolidated are also deducted. Investments in the CAF are not deducted.
	1301.06	Securities and instruments issued by companies of the insurance system
	1302.05.10	Securities and instruments issued by companies of the financial system – Subordinated bonds and other instruments representing subordinated debt
	1302.06.10	Securities and instruments issued by companies of the insurance system – Subordinated bonds and other instruments representing subordinated debt
	1303.05	Securities and instruments issued by companies of the financial system
	1303.06	Securities and instruments issued by companies of the insurance system
	1303.09	Securities and instruments issued by other companies with which financial statements are to be consolidated
	1303.18.01.05/06/09	Securities and instruments with restricted availability
	1303.18.02.05/06/09	Securities and instruments with restricted availability
	1304.05.10	Securities and instruments issued by companies of the financial system – Subordinated bonds and other instruments representing subordinated debt
	1304.06.10	Securities and instruments issued by companies of the insurance system – Subordinated bonds and other instruments representing subordinated debt
	1304.09.10	Securities and instruments issued by other companies with which financial statements are to be consolidated – Subordinated bonds and other instruments representing subordinated debt
	1304.18.01.05(p)/06(p)/09(p)	Securities and instruments with restricted availability		Portion corresponding to subordinated bonds and other instruments representing subordinated debt.
	1304.18.02.05(p)/06(p)/09(p)	Securities and instruments with restricted availability
	1305.05.10	Securities and instruments issued by companies of the financial system – Subordinated bonds and other instruments representing subordinated debt
	1305.06.10	Securities and instruments issued by companies of the insurance system –

REF.
GENERAL
LAW
ACCOUNTS OF
THE ACCOUNTING
MANUAL
Denomination
AMOUNT
S/.
COMMENTS -
OBSERVATIONS
1305.18.01.05(p)/06(p)
1305.18.02.05(p)/06(p)
1701(p)
1702(p)
1707.01(p)
1707.02(p)
1401.07.18.01
1401.08.18.01
1401.09.06.06
1401.09.18.01
1401.10.06(p)
1401.10.18.01
1401.11.18.01
1401.12.18.01
1401.13.18.01
1404.07.18.01
1404.08.18.01
1404.09.06.06
1404.09.18.01
1404.10.06(p)
1404.10.18.01
1404.11.18.01
1404.12.18.01
1404.13.18.01
1405.07.18.01
1405.07.19.18
1405.07.22.18
1405.08.18.01
1405.08.19.18
1405.09.06.06
1405.09.18.01
1405.09.19.18
1405.10.06(p)
1405.10.18.01
1405.10.19.06(p)
1405.10.19.18
1405.11.18.01
1405.11.19.18
1405.11.22.18
1405.12.18.01
1405.12.19.18
1405.13.18.01
1405.13.19.18
1406.07.18.01
1406.07.19.18
1406.07.22.18
Subordinated bonds and other debt instruments subordinated Securities and instruments of restricted availability Securities and instruments of restricted availability Investments through equity participation in legal entities of the country Investments through equity participation in legal entities of the abroad Investments through equity participation in legal entities of the country of restricted availability Investments through equity participation in legal entities of the abroad of restricted availability Subordinated Subordinated Subordinated Subordinated Loans Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Loans Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Loans Subordinated Loans Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Subordinated Portion corresponding to bonds and other instruments representing subordinated debt. Portion corresponding to investments in shares issued by Companies of the Financial and Insurance System of the Country and Abroad. Also portion corresponding to investments in shares issued by other companies with which financial statements must be consolidated. Exclude goodwill. Portion corresponding to subordinated loans granted to insurance companies Portion corresponding to subordinated loans granted to insurance companies Portion corresponding to subordinated loans granted to insurance companies Portion corresponding to subordinated loans granted to insurance companies

REF.
GENERAL
LAW
ACCOUNTS OF THE
MANUAL OF
ACCOUNTING
Denomination
AMOUNT
S/.
COMMENTS -
OBSERVATIONS
1406.08.18.01
1406.08.19.18
1406.09.06.06
1406.09.18.01
1406.09.19.18
1406.10.06(p)
1406.10.18.01
1406.10.19.06(p)
1406.10.19.18
1406.11.18.01
1406.11.19.18
1406.11.22.18
1406.12.18.01
1406.12.19.18
1406.13.18.01
1406.13.19.18
Subordinated
Subordinated
Subordinated
Subordinated
Subordinated
Loans
Subordinated
Loans
Subordinated
Subordinated
Subordinated
Subordinated
Subordinated
Subordinated
Subordinated
Subordinated
Portion corresponding to loans subordinated granted to insurance companies Portion corresponding to loans subordinated granted to insurance companies Numeral 3 of Literal C of
article 184°
The amount by which the investment in shares in a company of the real sector with which consolidation does not correspond, not considered in the trading portfolio, exceeds 15% of effective equity, and the amount by which the total investment in shares in companies of the real sector with which consolidation does not correspond, not considered in the trading portfolio, exceeds 60% of effective equity. Numeral 4 of Literal C of
article 184°
If internal models are used for the calculation of the effective equity requirement for credit risk, the amount by which the total expected loss exceeds the total of provisions constituted. TOTAL

[p] = Corresponding part as defined in each section.

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