Lima, 14 February 2025

SBS RESOLUTION N° 556-2025

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators (a.i.)

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, the General Law establishes in its articles 311º to 317°, the regime of investments that back the technical reserves, the minimum solvency patrimony and the guarantee fund of insurance and/or reinsurance companies;

That, by means of Resolution SBS N° 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 experience obtained in the supervision process, as well as the various queries received in relation to the provisions of the aforementioned Regulation, it is considered necessary to establish clarifications in relation to the following aspects: the policies for the management of the investment process, the functions of the Investment Unit, the functions of the Risk Unit, the process of backing technical obligations, the general criteria for the eligibility of investments, the direct eligibility requirements applicable to various investment instruments (securitized instruments or debt instruments issued by trusts, shares, participation certificates in mutual funds and investment funds, real estate, repurchase operations, participation certificates issued by trusts or special purpose companies and fixed-coupon dual-currency debt instruments), the authorization process, the evaluation period for eligibility applications under the authorization process, the supporting documentation in the notification and authorization processes, the requirements applicable to various eligible assets under the notification process (participation certificates in mutual funds and investment funds, securitized instruments, direct investment in real estate projects, future real estate, participation certificates issued by trusts or

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special purpose companies, direct investment in REITs or REOCs, co-investments), limits per issuer, limits per asset class, minimum risk classification requirement and risk classification companies, classification of the issuer and/or guarantor, instruments that require to be classified, minimum content of the Investment Policy and the Annual Investment Plan, the formats of the Information Annexes and other related aspects;

That, taking into consideration the complexity of the evaluation of applications for the use of the fair value model for the valuation of investments in real estate, it is considered necessary to modify the period established in the “Regulation of classification and valuation of investments of insurance companies”, approved by Resolution SBS N° 7034-2012 and amending norms;

That, it is considered necessary that the Internal Audit Unit include in its Annual Plan a verification of compliance with the minimum requirements associated with the assets that are under the notification and authorization processes, for which a modification is proposed in the “Internal Audit Regulation”, approved by Resolution SBS N° 11699-2008 and its amending norms;

That, in order to gather the opinions of the general public regarding the proposal to modify the regulations, the pre-publication of the draft resolution on the matter was ordered on the Superintendency's electronic portal, under the provisions of Supreme Decree Nº 001-2009-JUS and in the Sole Transitory Complementary Provision of Supreme Decree N° 009-2024-JUS;

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

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

RESOLVES:

Article One.- Modify the Regulation of Investments of Insurance Companies, approved by Resolution SBS N° 1041-2016 and its amending norms, in accordance with the following:

1. Modify literals l) and p) and incorporate literals z), aa), ab), ac), ad), ae), af), ag), ah), ai), aj), ak), al) and am) within article 2°, in accordance with the following text:

“Definitions Article 2°.-

(…)

l) Corporate Governance and Comprehensive Risk Management Regulation.- Corporate Governance and Comprehensive Risk Management Regulation, approved by Resolution SBS N° 272-2017 and its amending norms.

(…)

p)
Eligibility criteria and requirements for backing technical obligations.- Those that are indicated in article 24 (criteria for the eligibility of investments), and those indicated in articles 25° (minimum eligibility requirements by type of asset) and 28° (requirements minimum eligibility requirements of assets subject to the notification process).

(…)

z) Regulation of Diversification by Issuer of Investments.- Regulation of Diversification by Issuer of Investments of Insurance Companies, approved by Resolution SBS Nº 829-2005 and its amending norms.

aa) Regulation of Equity Requirements for Insurance and Reinsurance Companies.- Regulation of Equity Requirements for Insurance and Reinsurance Companies, approved by SBS Resolution No. 1124-2006 and its amendments.

ab) Model Risk Management Regulation.- Model Risk Management Regulation, approved by SBS Resolution No. 53-2023 and its amendments.

ac) Regulation of Life Insurance with Savings and/or Investment Components.- Regulation of Life Insurance with Savings and/or Investment Components, approved by SBS Resolution No. 2388-2021 and its amendments.

ad) Investments.- Includes the total investments held by the company.

ae) Eligible Investments: Investments that comply with the provisions contained in this Regulation and can be used to cover Technical Obligations.

af) Applied Eligible Investments.- These are eligible investments that comply with the investment limits established in the Regulations associated with the investments of insurance companies and that are used to back Technical Obligations.

ag) Non-Applied Eligible Investments.- These are eligible investments that exceed the investment limits established in the Regulations associated with the investments of insurance companies and that cannot be used to back Technical Obligations.

ah) Non-Eligible Investments.- These are investments that do not comply with the eligibility requirements established in this Regulation and that cannot be used to cover Technical Obligations. The requirements established in the Regulation for Diversification by Issuer of Investments (SBS Resolution No. 829-2005) apply to them.

ai) Eligible International Markets.- These are securities and/or financial markets that belong to a State that has, for its long-term debt securities, an investment grade risk classification, granted by at least one risk rating company indicated in subsection a) of article 40 of this Regulation.

aj) Investments in real estate.- These are those real estate properties held to obtain rents, capital gains, or both, instead of being used for the company's own use.

ak) Cost model.- Valuation model for investments in real estate, as established in the Regulation for Classification and Valuation of Investments.

al) Fair value model.- Valuation model for investments in real estate, as established in the Regulation for Classification and Valuation of Investments.

am) SEC.- U.S. Securities and Exchange Commission.

an) ESMA.- European Securities and Markets Authority.”

2. Amend subsection a) of article 4, in accordance with the following text:

“Policies for the management of the investment process

Article 4.- The company must establish the following policies for the management of its investment process:

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a) Investment policy. The company must establish a differentiated investment policy for each investment portfolio that backs a group of obligations, in accordance with chapter II of this Regulation and respecting the minimum content stipulated in subsection a) of article 44.”

3. Incorporate subsection c.3) within subsection c) of article 10, in accordance with the following text:

“Functions of the investment committee

Article 10.- The investment committee must, at a minimum, fulfill the following functions: (…)

c) Approve jointly with the risk committee: (…)

c.3) The Annual Investment Plan proposed by the investment unit; as well as the periodic reports evaluating the implementation of said plan.”

4. Amend subsections d) and n) of article 14, in accordance with the following text:

“Functions of the investment unit

Article 14.- The investment unit must fulfill at a minimum the following functions: (…)

d) Propose, for review by the investment committee, the content of the investment policy for each investment portfolio, considering the minimum content indicated in subsection a) of article 44 and the company's risk management policy. (…)

n) Prepare and present, for approval by the investment committee, risk committee and the Board of Directors, the company's Annual Investment Plan. In the case of periodic reports evaluating the implementation of said plan, the investment unit must prepare them and present them to the investment committee and the risk committee for approval, complying with the considerations and minimum requirements indicated in this Regulation.”

5. Amend subsection i) of article 16, in accordance with the following text:

“Functions of the risk unit

Article 16.- The risk unit must, at a minimum: (…)

i) Inform the risk committee at least monthly about exposure to investment risks, presenting for this purpose the results of the application of its models, indicators and other relevant analyses; in addition to proposing the actions and corrective measures to be taken as required in accordance with the policies and procedures established by the company.”

6. Amend subsections b) and d) of article 17, in accordance with the following text:

“Management of market risks of investments

Article 17.- The risk unit, in a manner complementary to the functions described in article 16, with respect to market risks must:

(…)

b) Evaluate and monitor all positions subject to market risk using value at risk models or another system of relative measurement (in comparison to a benchmark chosen or created internally by the company) and absolute measurement, that measure the potential loss of said positions, considering risk factors associated with a probability level and a determined period of time. Additionally, regardless of the sophistication of the models applied, the risk unit must consider the model risks associated with their use, in accordance with the provisions of article 3 of the Model Risk Management Regulation.

(…)

d) Carry out, at least quarterly, for positions subject to market risk, stress tests and scenario analyses, the results of which must be considered for the monitoring of investment and risk policies, annual investment plans and internal limits, including, where applicable, proposals for portfolio rebalancing and/or corrective measures to the investment and risk committees.”

7. Amend literals b) and c) of article 23, in accordance with the following text:

“Process for backing technical provisions

Article 23.- The process for backing technical provisions is subject to the following general provisions:

(…)

b) Investments backing technical provisions must comply with the investment management principles, the eligibility criteria and the minimum eligibility requirements by type of asset, according to the corresponding eligibility process.

c) The process for assessing the eligibility of investments is the responsibility of the company and must be carried out in accordance with its policies, manuals and procedures established for that purpose, ensuring compliance with the provisions of preceding literal a).”

8. Amend the first paragraph and literal b) of article 24, in accordance with the following text:

“Criteria for the eligibility of investments

Article 24.- The company is responsible for determining the eligibility of investments to back its technical provisions. Investments are considered eligible provided that they reasonably comply, at an individual level and at a portfolio level, with the management principles of article 3, with the minimum eligibility requirements of articles 25 and 28 and with the following:

(…)

b) That the custody contracts, under any modality and scope (local or foreign), of the eligible investments do not contain clauses or measures that allow the assets backing the technical provisions to be used as collateral to back other obligations that the company may have with the custody entity, generated by financial services provided by the latter, other than custody.”

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9. Partially amend literals c), d), e), f), g), i) and n), and incorporate literal o) into article 25, in accordance with the following text:

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

c) Debt instruments.- Comprises short- and long-term debt instruments, provided that they comply with the following: (…)

c.6) In the case of securitized instruments or debt instruments issued by trusts or special purpose companies: they must comply, as applicable, with the aforementioned subparagraphs c.2) to c.4). Likewise, the underlying assets of the trust estate or of special purpose companies must consist of infrastructure projects with the backing, guarantee or participation of the Peruvian State, or of States or Multilateral Organizations whose long-term debt securities have an international investment grade risk classification. As part of treasury management (short term), the trust estate or of special purpose companies may hold the assets indicated in literals a), b) and c) of this article. In turn, the trust estates or special purpose companies must have financial statements audited by independent auditing firms with recognized experience. In the case of foreign issuances, the independent auditing firms must have international experience, and conduct operations in more than ten (10) countries that have risk classifications of at least “A” for their respective long-term debt securities. (…)

d) Shares, securities representing rights over shares in deposit (American Depositary Receipts, Global Depositary Receipts and similar), and other similar instruments.- Provided that they comply with the following requirements: (…)

d.5) For local shares, these must belong to the Reference Securities Table of the Lima Stock Exchange or to any of the following indices: S&P/BVL Peru General Index, S&P/BVL Peru General ESG Index (ESG, by its acronym in English: Environmental, Social and Governance) or another local index that takes into consideration ESG factors. (…)

d.9) For foreign shares, these must have at least one quotation within the last thirty (30) calendar days and a monthly trading volume greater than one million United States dollars (US$ 1 000 000). Additionally, they must be listed on a Stock Exchange corresponding to an eligible international market; or the shares must have a market capitalization greater than two hundred million United States dollars (US$ 200 000 000). The requirements indicated in this subparagraph are not applicable to ADRs and similar of Peruvian issuers that are issued abroad. For these latter instruments, the requirements indicated for local shares must be considered.

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e) Participation certificates in mutual funds and units of participation in exchange-traded funds or Exchange Traded Funds (ETF).- Provided that they comply with the following requirements or, in the case of ETFs, those requirements that are applicable:

e.1) Regarding the management company:

    i) Be a financial institution duly authorized to manage mutual funds, and place its participation quotas among investors, as well as be supervised by the SMV, or by regulatory and/or supervisory authorities of eligible international markets.

    ii) For foreign management companies, prove that it has at least five (5) years of experience in the management of mutual funds; and that the value of the assets it manages (at the level of all its funds or other investment vehicles) is not less than five hundred million United States dollars (US$ 500 000 000) or its equivalent.

    iii) That it shows a direct relationship in equity and management terms with the parent company or the group to which it belongs.

    iv) If the management company has external advisory for the type of investment of the fund, the functions and responsibilities of the designated advisory entity must be clearly defined and materialized through a contract, in accordance with market standards.

    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 at least monthly.

e.2) Regarding the fund and its participation certificates and participation units:

    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) In the case of foreign funds, the total value of the fund's equity 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 type, if applicable, the total value of the equity must be proven by the sum of the parallel funds or of the master fund (subject to this not being in turn a feeder fund), respectively. Likewise, such structures must comply with the regulations applicable to them according to their regulatory authorities. Parallel funds must also 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; 2) invest and divest at the same time proportionally to their respective committed or invested capital, as applicable, except for regulatory and/or tax requirements of the countries in which they were incorporated; 3) the participants of each fund must be subject to the same terms and conditions, that is, the funds must have the same investment policies, objectives and strategies, sharing the same asset classes and types of instruments, among others; except for those that correspond solely to regulatory and/or tax requirements of the countries in which they were incorporated; 4) have a policy for the exchange of periodic and occasional information; 5) maintain a policy for the management of conflicts of interest and good corporate governance between each fund; and 6) assume the expenses and costs related to the management of the

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investments (direct and indirect) proportionally to the committed or invested capital of each fund, as applicable. (…)

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 adjust to the regulation applicable to their jurisdiction. ETFs whose strategy is to replicate a benchmark index of sovereign debt of the Peruvian State or of states that have eligible international markets are exempt from compliance with this limit.

e.3) Regarding the underlying assets:

i) The investments of the funds are made mostly (not less than 80% of the total assets of the fund as established in the Fund's Investment Policy or similar document) in eligible debt securities (including short-term obligations), eligible equity securities or in a combination of these instruments (mixed funds), according to the eligibility requirements indicated in literals c) and d) of article 25° of this Regulation. ETFs or funds whose strategy is to replicate an index composed of debt securities and/or equity securities, where the underlying assets are mostly (not less than 80% of the total) eligible according to the requirements of the aforementioned literals, are also admitted. 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 (no more than 20% of the total assets of the fund) in other assets not indicated in subsection e.3.i), as long as they comply with the eligibility requirements indicated 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 non-eligible investments traded in centralized negotiation mechanisms of Peru or of eligible international markets, or in the special negotiation mechanisms indicated in subsection i.3.i) of literal 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 total assets of the fund.

v) Exceptionally, funds that invest predominantly (80% or more) in eligible debt securities (including short-term obligations) may invest up to twenty percent (20%) of their assets in non-eligible investments (indicated in subsection e.3.iii)), if: 1) their certificates or participation units have an investment grade credit risk rating, in accordance with the risk rating requirements set forth in chapter VII; or, 2) if they 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 is defined according to internationally accepted practices and, if applicable, in accordance with what this Superintendency establishes by general rule; c) periodic information, at least annual, is available to update and verify its calculation; and, d) the average rating, which must be updated at least

annually and be available to the Superintendency, is performed and documented by an entity independent of the company or, otherwise, by its risk unit.
(…)

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

f.1) Regarding the management company:

    i) Be a financial institution duly authorized to manage investment funds and place its participation units among investors, in addition to being supervised by the SMV or the regulatory and/or supervisory authorities of an eligible international market.

    ii) For local companies, the management of the management team must prove (in a documented manner) that it has at least five (5) years of experience in the administration of the specific strategy of the investment fund.

    iii) For foreign companies, prove that it has at least five (5) years of experience (as an entity) in the administration of the specific strategy of the investment fund; and that the total value of the assets it manages (at the level of all its funds) is not less than five hundred million United States dollars (US$ 500 000 000) or its equivalent in another currency. Assets under management is considered to be the sum of the investment amounts already made, and the committed capital pending disbursement.

    iv) That it shows a direct relationship in equity and management terms with the parent company or the group to which it belongs.

    v) If the management company has an advisory service for the type of investment of the fund, the functions and responsibilities of the designated advisory entity must be clearly defined and materialized through a contract, in accordance with market standards.

(…)

    vii) Management companies responsible for managing local investment funds that invest in underlying assets indicated in subsection f.3.ii, must comply with the commitment to invest in cash of at least two percent (2%) of the fund's committed capital, which must be disbursed in accordance with each capital call to the participants, and which allows verifying the permanent existence of an alignment of interests with the participants. This commitment may be made in accordance with the considerations indicated in subsection c.1.i) of article 28 of this Regulation.

f.2) Regarding the investment fund and its participation units:

    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 limit must be included

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maximum investment in a single asset, issuer or counterparty, which does not exceed thirty percent (30%) of the fund's total assets. In the case of foreign funds, these limits must adjust to the regulation applicable to their jurisdiction. This investment policy may be formalized as part of the comprehensive risk management policies or other policies of general scope of the management company. (…)

ix) That a surveillance committee or similar body be constituted to watch over 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 of the management company and its related parties. Likewise, it must be responsible for ruling, among other aspects, on the fund's operations, compliance with investment and valuation policies, as well as the evaluation (and disapproval, if deemed necessary) of operations that generate conflicts of interest. Likewise, in the case of local funds, it must convene a general assembly so that the transfer of the fund or its liquidation is submitted to a vote, when it considers that this is necessary to protect the interests of the fund or when requested by holders of twenty-five percent (25%) of the total subscribed voting units not linked to the management or managing company. With respect to the surveillance committee or similar body, it must not receive remuneration for the exercise of its functions and the fund must only cover expenses related to the holding of the assemblies. (...)

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 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 the latter not being in turn a feeder fund), respectively. Likewise, such structures must comply with the regulations applicable to them according to their regulatory authorities. Additionally, the parallel funds must comply with the requirements established in subsection e.2.ii) of this article, which apply to this type of fund. (...)

xv) Regardless of compliance with the requirements indicated in subsection f.1) and those listed above in this subsection f.2), the participation certificates of FIRBIs that are listed on centralized trading mechanisms, whose underlying assets are mostly (80% or more) located in Peruvian territory, are considered eligible investment funds under the scope of this article.

f.3) With respect to the underlying assets:

i) To the extent applicable to them, according to the underlying assets in which they invest, the funds must comply with the provisions established in subsection e.3).

ii) Complementarily, local investment funds may also invest in the following underlying assets:

ii.1) Completed real estate that generates rights over flows or income and that comply, to the extent applicable to them, with the requirements established in literal g) of article 25. ii.2) Securities that serve for the financing of projects of infrastructure, which in turn have the backing, guarantee or participation of the Peruvian State, or of States or Multilateral Organizations whose long-term debt securities have an international investment grade risk classification;

The underlying assets of numeral ii) above must be mostly (80% or more) located in Peruvian territory.

f.4) With respect to 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, also considering the provisions established in subsection f.2.xi) for master-feeder fund structures and parallel funds.

g) Real estate.- Comprises direct investment in land and completed real estate that comply with the following requirements:

(...)

g.4) In the case of completed real estate, these must be insured against all risk of fire and allied lines, including catastrophic risks, for an amount not less than their commercial value set in their last appraisal or valuation, excluding the value of their land. This coverage must be reinsured through automatic and/or facultative proportional reinsurance contracts, considering the maximum retention limit per risk and the other provisions indicated in the Regulation for the Contracting and Management of Reinsurance and Coinsurance, approved by SBS Resolution No. 4706-2017 and its amending norms.

g.5) In the case of real estate for own use and investments in real estate valued accounting-wise under the cost model, after their initial recognition, there must be at least one (1) appraisal performed by an appraiser registered in the Registry of Appraisers (REPEV) maintained by the Superintendency, so that they can continue to be considered for the backing of technical obligations, and with an update frequency of at least annually. In the case of investments in real estate valued accounting-wise under the fair value model, after their initial recognition, there must be at least one (1) valuation performed by an appraiser or valuation entity, so that they can continue to be considered for the backing of technical obligations, and according to the terms, requirements and update frequency established in the Regulation for the Classification and Valuation of Investments.

(...)

i) Repo operations (sale with commitment to repurchase, simultaneous sale and purchase of securities), and securities lending (temporary transfer of securities), provided that they comply with the supporting documentation required in Article 27. Additionally, they must comply with the following requirements:

i.1) Requirements for repo operations:

i.
When the company participates as repo buyer or acquirer of securities, the accounts receivable originated by repo operations are considered eligible for the backing of technical obligations and not the assets received.
When the company participates as repo seller or transferor of securities, the cash received or the assets in which it is invested are considered eligible for the backing of technical obligations, to the extent that they comply with the eligibility requirements of this Regulation or undergo an authorization process indicated in article 26 of the same Regulation.

ii.
When the company participates as repo buyer or acquirer of securities, the assets received must comply with the eligibility criteria and requirements. These must not be subject to lien, embargo, pledge or limitation of any kind.
When the company participates as repo seller or transferor of securities, the assets that are delivered as collateral are not eligible for the backing of Technical Obligations.
(...)

viii.
The investment instruments that will be returned must be equivalent, that is, correspond to the same issuer, species, class, series, identifying code, currency, type of interest, nominal value, maturity date and amount, in comparison with the instruments originally received or delivered in each transaction, if the company participates as reporting entity or acquirer of securities or as reported entity or transferor of securities, respectively.

(…)

n) Participation certificates issued by trust estates or special purpose companies: These are those that have as underlying assets those contemplated in subsection c.6), and comply with the other requirements indicated in said subsection and in subsection c.7). Additionally, 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.

o) Dual currency fixed coupon instruments: these 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:

i. The instrument must comply with the risk classification requirements indicated in Chapter VII of this Regulation.

ii. The issuer of the instrument must belong to eligible international markets, unless it is a supranational entity or international organization.

iii. The maturity term of the instrument must be in accordance with the Investment Policy of the group of obligations it must back.

iv. The price and general characteristics of the instrument must have public information. If the instrument does not have an observable price, the company must have

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a valuation methodology as established in Article 11° of the Regulation for Classification and Valuation of Investments, and this must be validated by an independent third party.

v. The currencies in which the coupons or principal are settled must be in national currency, US Dollar or Euro.

vi. The currency of the instrument is that in which the principal and flows are contractually denominated. The currency in which payments are settled must not be considered.

Global Depositary Notes (GDN) are also eligible, which have as underlying assets debt instruments issued by the Central Government of the Republic of Peru or the Central Reserve Bank of Peru.”

10. Amend subsection b) of article 26°, in accordance with the following text:

"b) Authorization process.- Applicable to new instruments or assets other than those indicated in articles 25° and 28°. This procedure is applicable at an individual level for a specific instrument, asset or financial transaction, as well as for a group or type of instrument, asset or financial transaction. The authorization request must be submitted together with the documentation indicated in article 27°. The Superintendency approves or denies the authorization within a maximum period of sixty (60) business days. In the case of investments that have received authorization at the group or type of instrument level, the company must periodically notify the Superintendency of the specific investments made under said authorization, following the instructions indicated for such case."

11. Amend article 27°, in accordance with the following text:

"Supporting documentation

Article 27°.- The documentation required for the notification and authorization processes is the following:

a) Legal report regarding the review of the contractual clauses and conditions assumed by the company as a result of the investment. Additionally, this report must include the favorable opinion on compliance with the conditions established in article 24° and an evaluation of the reasonable compliance with the requirements established in articles 25° and 28°, if applicable. As part of this analysis, it must be specified which part of the instrument's documentation (such as the Participation Regulation, the Limited Partnership Agreement, the Informative Prospectus, the Investment Policy, among others) supports compliance with each evaluated aspect. Likewise, if compliance with any requirement of articles 25° and 28° is not accredited, the reasons must be detailed and whether this is aligned with international best practices, in which case it must be specified in which part of the instrument's documentation the respective support is found.

b) Report from the investments unit, referring to the analysis of the investment decision, including an explanation of the suitability of said investment and its alignment with the company's investment policy. Likewise, the investment portfolios to which the instrument under evaluation would be assigned must be identified, specifying how its characteristics fit with those generated by the technical obligations it would back. In the case of the authorization process for investment funds, the following must also be included: i) evaluation of the performance of the managing company, corresponding to the management of funds with the same or similar strategies as the fund under evaluation, in terms of the

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returns (gross and net internal rate of return) and multiples on invested capital, considering the main industry return benchmarks applicable to this type of funds; ii) analysis of the professional capacity and experience of the fund's managing team, in matters of fund management of the evaluated strategy, both individually and as a group; and, iii) analysis of the fund's policies or criteria for counterparty diversification, existence of maximum investment limits in the same counterparty.

c) Report of the risk unit, referring to the analysis and support of compliance with the eligibility criteria and requirements, the impact on regulatory and internal limits, the valuation methodology to be applied, the assessment of the risks inherent to the investment and the actions taken to manage such risks. Likewise, said report must contain the results of the application of a risk estimation metric (measures the potential loss) that is consistent with the nature of the asset, and that has been selected by the risk unit. In the case of illiquid investments (they do not have a sufficient price series), alternative methodologies or techniques that combine fundamental analysis, modeling techniques and qualitative judgments may be used.

In the case of the authorization process, the report of the risk unit must additionally support, where applicable, each of the following points:

c.1) The assets, including those that are underlying of operations, must have adequate credit quality. For this purpose, compliance with the following conditions must be evidenced, taking into consideration the type of asset:

i) In the case of assets that by market practice or regulatory requirement require to be classified, they must comply with the risk classification requirements set forth in chapter VII.

ii) For financial assets that by market practice do not require to be classified, the counterparty in the corresponding asset must have adequate credit quality. For this purpose, the following, among other indicators, are taken into consideration:

    1. The risk classification in other instruments issued by the counterparty, complying with the requirements set forth in chapter VII.

    2. The favorable opinion of the company's credit risk unit or of the risk unit, as applicable, on the credit situation of the counterparty, based on the review of its audited financial statements and considering the provisions of the Credit Risk Management Regulation, approved by SBS Resolution No. 3780-2011 and its amending norms.

    3. The credit rating that the counterparty has in the credit bureaus of the country where it is incorporated or maintains operations; which must be in the normal category, in accordance with the Regulation for the Evaluation and Classification of the Debtor, or its equivalent.

c.2) The assets, including those that are underlying of operations, must be easily realizable at the required moment, without significantly affecting their value. This condition must be evaluated taking into consideration the structure of the company's liabilities, and the specific technical obligation that the asset backs.

c.3) The assets, including those that are underlying of operations, must have reliable sources of price information and/or valuation methodologies, that allow knowing the fair value of the asset.

c.4) Analysis of the degree of sufficiency and timeliness of the information that will be available to the company, with respect to the assets and/or their underlyings.

c.5) Evaluation of compliance with the best industry practices or applicable international standards for the specific strategy in which the

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investment will be made. As part of said evaluation, it must be specified in which part of the instrument's documentation the respective support is found.

d) Copy of the minutes of the investment committee duly signed, in which the favorable opinion on the investment is specifically recorded.

e) Copy of the minutes of the risk committee duly signed, in which the approval of the investment is recorded.

f) In case the authorization of the investment has not been delegated to any of the aforementioned committees: copy of the minutes of the board of directors or of the competent body duly signed, where the investment is specifically authorized.

g) Copy of the documentation or information that supports the aforementioned reports, including the documents of the investment instrument (the Participation Regulation, the Limited Partnership Agreement, the Informative Prospectus, the Investment Policy, the Risk Policy, and others that have been reviewed as part of the evaluation carried out).”

12. Amend the first paragraph and literals a), b), d), h) and k), partially amend literals c) and e) and repeal literal i), incorporate subsection g.4) within literal g) and incorporate literal l) within article 28°, in accordance with the following text:

“Assets subject to notification process

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

a) Participation certificates of mutual funds or investment funds that comply with the requirements regarding the management company and the participation certificates detailed in literal e) or f) of article 25°. In this regard, the underlying assets must be included and comply with the requirements established in literal c) of this article. In the case of investment funds, the company's participation in the fund's equity must not exceed forty percent (40%). Likewise, those funds of funds that comply with the requirements established in article 25° or in this article, which are applicable, are eligible, subject to the notification process. Additionally, the participation certificates of FIRBIs that comply with the requirements set forth in subsection f.2.xv) of article 25° but whose underlying assets in which they invest are not majority (less than 80%) located in Peruvian territory are eligible subject to the notification process.

b) Participation certificates of investment funds that are not registered in the Public Registry of the Securities Market of the SMV or in the registry of the respective securities and/or financial market regulatory authorities, provided that such funds comply with all other requirements detailed in subsection f) of article 25.

c) Participation certificates of mutual 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 securities and/or financial market regulatory authorities, that invest in underlying assets or investment instruments whose strategies may be classified and recognized as such in the local market or in the main international markets, such as: i) local real estate funds, that do not comply with subsection f.3.ii.1) of article 25; ii) foreign real estate funds; 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 invest up to twenty percent (20%) in non-eligible investments. Likewise, those that invest in the following assets: vii) instruments representing rights over

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equity interests not listed on stock exchanges (private equity fund), including mezzanine financing and investments in unlisted shares of companies engaged in real estate development; viii) instruments intended for investment in or financing of local or foreign infrastructure activities or projects (infrastructure fund), that do not comply with any of the requirements established in subsection f.3.ii.2) of article 25; ix) forestry investments; x) structured funds with protected capital; xi) private debt, excluding investments in debt of companies in bankruptcy proceedings (Chapter 11 Bankruptcy and similar), companies in crisis (distressed debt) and high-yield debt (high yield); xii) Real Estate Investment Trusts (REITs) and/or Real Estate Operating Companies (REOCs) traded on centralized trading mechanisms.

It should be noted that all these funds may also invest in other eligible investments and up to twenty percent (20%) in non-eligible investments, provided that the nature of such investments is aligned with the investment strategies of the fund, recognized as such in the local market or in the main international markets. Participation certificates of funds that invest in underlying assets different from those mentioned in the preceding paragraph 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 other requirements detailed in subsection e) or f) of article 25, to the extent applicable and supported by international best practices related to the specific strategy, and at the same time comply with the following:

c.1) With respect to the fund management company:

i) For local investment funds that invest in loans granted by companies of the financial system, that it maintains a cash investment commitment of at least one percent (1%) of the fund's committed capital, which allows verifying the permanent existence of an alignment of interests with the participants. Likewise, for local investment funds that invest in real estate, infrastructure, private equity, forestry investments, private debt or other underlying assets approved in the authorization process, they are required to maintain a cash investment commitment of at least two percent (2%) of the fund's committed capital, which must be disbursed in accordance with each capital call to the participants. In the case of foreign investment funds, the investment commitment must be in accordance with the best practices applicable to the specific strategy. This commitment may be made through entities that are part of the same economic group of the management or managing company, as well as directly by the shareholders of these or by members of the key personnel of the fund. In any case, where this cash investment commitment is not made directly by the management and/or managing company, it must jointly make the disbursement of said commitment, when any party that has replaced it fails to maintain said commitment. In no case may the investment commitment in the fund be made through a reduction of fees or through financing modalities that affect the permanent alignment of interests mentioned above.

(…)

c.2) With respect to the participation certificates of the fund:

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i) Local funds must have an investment grade risk classification, as indicated in chapter VII of this Regulation. Exceptionally, for local debt funds, numeral 2) of subsection e.3.v) of article 25 applies.

ii) The provisions of subsection f.2.x) of article 25 do not apply. However, the fund must have an explicit indebtedness policy, recorded in the fund's official documents, that states maximum indebtedness horizons and limits, in accordance with the fund's investment strategy. Likewise, these must be in accordance with the policies defined internally by the company to invest in these instruments.

c.3) With respect to the specific type of fund:

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

i.1) When they are not local, at least eighty percent (80%) of the underlying assets must be located in or correspond to countries that have an investment grade risk rating for their long-term debt securities, granted by at least one risk rating agency indicated in literal a) of article 40°.

(…)

i.11) Included within private equity funds are those funds that invest in shares of companies not listed on a centralized trading mechanism that are engaged in real estate development.

(…)

ii) Requirement applicable to funds of commercial receivables, of loans granted by companies of the financial system, and of private debt: These funds must include a maximum investment limit in a single asset, issuer or counterparty, which does not exceed thirty percent (30%) of the fund's assets. Additionally, the fund must have procedures for monitoring, classification and recovery of the receivables or loans in which it invests; in addition to being subject to compliance with the regulatory requirements of the markets to which they belong.

(...)

d) Securitized instruments or debt instruments issued by trusts or by special purpose companies, which comply with the requirements established in literals c.2), c.3), c.4), c.6) and c.7) of article 25°, but the underlying assets of these instruments do not correspond to those listed in subsection c.6) of the same article. The underlying assets must be composed of i) commercial 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 endorsement, guarantee or participation of Regional or Local Governments. In the case of trusts whose underlying assets correspond to loans (commercial receivables

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and loans of 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 patrimony.

The company's participation in the acquisition of any of the instruments described in this literal must not exceed forty percent (40%) of the respective issuance.

e) Direct investment in real estate projects.- Corresponds to the investment made by the company, through disbursements or payments, for the development of real estate construction projects (building). The disbursements or payments considered correspond to those made by the company during any of the stages or phases of the construction project, including its completion, until the finished (built) property is available. Such disbursements or payments are considered eligible for backing technical obligations provided that the construction projects correspond to properties for commercial purposes, are located in Peruvian territory and are developed or have been developed on land or properties owned by the company, or on land or properties where the company holds real rights. In this regard, as the case may be, the following requirements must additionally be met:

e.1) Construction projects that are developed or have been developed on land or property owned by the company:

    i) The ownership right of the land or property on which the project is developed or has been developed must be registered in the Real Property Registry or in the Predial Registry; and the company must have the status of individual owner of said land or property. Likewise, the land or property on which it is built or has been built must comply with the requirements indicated in subsections g.3), g.5) and g.6) of article 25 of this Regulation.

    ii) The project must have a surety bond or guarantee insurance while construction lasts, in order to guarantee the completion of the building. This insurance may be contracted by the developer or the constructor of the project. Likewise, it must have all-risk insurance against fire and allied lines, including earthquake risk, according to the conditions established in subsection g.4) of article 25 of this Regulation.

    iii) Letter of commitment signed by the general manager, by which the company undertakes to register the construction of the property (building) in its name, once construction is completed. After said registration, the eligibility of the finished property is subject to the requirements of literal g) of article 25 of this Regulation, from which the application of the requirements of this literal is left without effect.

e.2) Construction projects that are developed or have been developed on land or property where the company holds real rights:

    i) There must be a legal act that confers on the company the aforementioned real right over the land or property where it is built or has been built. The legal act that gives rise to the real right must be duly registered in the name of the company, in the Real Property Registry or in the Predial Registry.

    ii) The land or property on which it is built or has been built must comply with the requirements indicated in subsections g.3), g.5) and g.6) of article 25 of this Regulation.

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iii) The project must have a surety bond or guarantee insurance while construction lasts, in order to guarantee the completion of the building. This insurance may be contracted by the developer or the constructor of the project. Likewise, it must have all-risk insurance against fire and allied lines, including earthquake risk, according to the conditions established in subsection g.4) of article 25 of this Regulation.

iv) Once construction is completed, the eligibility of the finished property (building) is subject to the requirements of subsection g) of article 25 of this Regulation, to the extent applicable, from which point the application of the requirements of this subsection is rendered ineffective.

(…)

g) Future properties.-

(…)

g.4) After the due independentization of the finished property and its registration in the Public Registries, the eligibility of said property is subject to the requirements of subsection g) of article 25 of this Regulation, from which point the application of the requirements of this subsection is rendered ineffective.

h) Participation certificates issued by trust estates or special purpose companies: they must comply with the requirements indicated in subsections c.6) and c.7) of article 25 of this Regulation, to the extent applicable, and their underlying assets must be comprised of those listed in subsection d) of this article.

In the case of underlying assets comprised of rights over flows or income from ongoing economic activities or operations, the following must be complied with:

i. These underlying assets must correspond to all those consistently configured in the development of the ongoing operations of the trust or the special purpose company, with a view to generating flows or income. Therefore, said underlying assets include even those initial and intermediate assets that exist at the different stages of the development of the ongoing economic activity or operation, and that are necessary for the configuration of the final underlying asset (rights over flows or income).

ii. The existence and nature of the initial and intermediate underlying assets must be indicated in the incorporation document of the trust or the special purpose company and/or the respective regulations, it being understood that they correspond to tangible predecessor assets in investment terms (prior to the final underlying asset), which must strictly comply with the objectives of the trust or the special purpose company, and cannot be transferred or used for other objectives. Contributions made in cash are also considered part of the tangible predecessor assets.

iii. Participation certificates issued by trust estates or special purpose companies whose underlying assets correspond only to “business ideas”, “investment theses” or “project strategies”, linked to structures or

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“empty” investment vehicles, without the incorporation of tangible assets in investment terms, are not considered eligible investments to back technical provisions.

iv. The trust or the special purpose company must have a conflict of interest management policy, such that guidelines and procedures are established to ensure transparency and independence in investment decisions.

Additionally, participation certificates of FIBRAs that do not comply with any of the requirements indicated 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 (commercial 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.

The company's participation in the acquisition of any of the instruments described in this subsection must not exceed forty percent (40%) of the respective issuance. (…)

k) Direct investment in REITs or REOCs traded on centralized trading mechanisms, where the real estate assets are located in Peruvian territory or in States that have an investment grade risk classification for their long-term debt securities, granted by at least one risk rating company indicated in subsection a) of article 40.

l) Co-investments: They correspond to investments in equity or debt instruments of unlisted companies, including those associated with the infrastructure and real estate sectors, made and carried out jointly, both in the acquisition and in the sale of the investments, with foreign private equity, private debt, real estate and infrastructure investment fund management or administration companies, that comply with the provisions of subsection c) of this article 28. These investments may be made when, previously, the company maintains participation in such investment funds that comply with the eligibility requirements indicated in subsection c) of article 28, and additionally the co-investments must comply with the following minimum requirements:

i) The possibility of making a co-investment must be provided for in the official documents of the investment fund or complementary agreements (side letters).

ii) The management or administration company of the fund, prior to the co-investment, must make available to the participant, among others, the policies and procedures governing the co-investment practices and processes, cost allocation between the parties, as well as the policies related to the management of conflicts of interest.

iii) Once the co-investment has been made, the administering or managing company must provide specific documentation on the co-investments, including the valuation reports, with the same methodology and frequency established with the fund. Likewise, the issuers of the securities acquired in the co-investment operations must have financial statements audited annually by an independent auditing firm with recognized experience. The valuation of the co-investments must be audited at least annually by an independent auditing firm with recognized experience.

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iv) The company must contractually establish the obligation of the administering or managing company of the investment vehicle to send the company the information on the valuation, including the methodology applied.

v) The structure of expenses and commissions must be transparent and in accordance with those observed in the specific industry. These must be detailed, updated and form part of the financial information that the company periodically receives from the administering or managing company.

vi) The documents signed by the managing company and the participants where the specific terms and conditions of the co-investments to be made are established must observe the best international practices and market standards.”

13. Incorporate literal f) into article 29°, in accordance with the following text:

“Exception for investments that cease to comply with the eligibility requirements Article 29°.-

(…)

f) The instruments indicated in the preceding subparagraphs are also subject to compliance with the provisions of literal c) of article 23 of this Regulation, taking into consideration the exception circumstances permitted in this article.

(…)”

14. Amend the second paragraph of article 33°, in accordance with the following text:

“Individual investment limit per issuer or counterparty Article 33°.-

(…)

If the entity corresponds to a local financial institution, with a financial strength risk classification of “A” or lower risk, the limit cited in the preceding paragraph is raised to ten percent (10%). In this regard, for said limit, institutions with a classification of “A-“ (A minus or its equivalent) are not included.”

15. Amend the heading of literal d) of article 35°, in accordance with the following text:

“Class of assets Article 35°.-

(…)

d) Investments in real estate and other forms of real estate investment.

(…)”

16. Amend literal j) of article 36°, in accordance with the following text:

“Limits by class of asset Article 36°.-

(…)

CLASS OF ASSET	GENERAL LINES	LIFE LINES	CALCULATION BASE
(…)
Other eligible investments, under the notification or authorization processes

j)
The total sum of the investments in other eligible investments for the backing of technical obligations, regulated in the subchapter III of chapter IV.
Additionally, these assets are subject to the limits by classes of assets, indicated in literals b), c) or d) of the present
article,
as applicable.
35%
35%
Technical Obligations
(…) j.2) The total sum of the investments in private equity funds, including mezzanine financing; and private debt (private debt), indicated in the literal c) of article 28°. Se includes coinvestments.
5%
5%
Technical Obligations j.2.i) The total sum of the investments in private equity funds, including mezzanine financing, indicated in subsection c) of article 28°.
3%
1%
Technical Obligations”

17. Amend article 40°, in accordance with the following text:

“Minimum requirement for risk classification and risk rating companies

Article 40°.- To back technical obligations, instruments classified in categories lower than investment grade cannot be considered.

Risk classifications are subject to the following:

a) In the case of instruments issued abroad via public or private offering, the risk classifications are granted by any of the rating companies registered with the U.S. Securities and Exchange Commission (SEC), registered or certified with the European Securities and Markets Authority (ESMA) and/or registered with any of the securities or capital market regulators of the G10 countries. As a reference, Annex No. 1 of this Regulation includes the equivalences between the risk categories of the most recognized rating companies in the foreign market; therefore, for the risk categories of new risk rating companies, investment grade shall be considered to be those categories that comply with said definition according to the uses and customs of the industry, with the company being responsible for assigning the equivalent category. Investment grade is considered to be those long-term instruments classified as BBB- (triple B minus) or lower risk and short-term instruments classified as A-3 or lower risk.

b) In the case of instruments issued locally via public offering, the risk classifications are granted by risk rating companies authorized by the SMV. As a reference, Annex No. 2 of this Regulation is attached. The company must assign the equivalent category for local issues, following the criteria indicated in

subsection a) above. Investment grade is considered to be those long-term instruments classified as BBB- (triple B minus) or lower risk and short-term instruments classified as CP-3 or lower risk.

c) In the case of instruments issued locally via private offering, the risk classifications may be granted by any of the risk rating companies indicated in subsections a) or b); and investment grade is considered to be as indicated in the corresponding subsection.

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

In the case of instruments considered local investments, according to the definition in subsection h) of article 2°, which have been issued abroad, via public or private offering, they are considered to meet the minimum classification requirement, provided they simultaneously meet the following conditions:

i) The minimum risk classification granted to said instruments, by rating companies indicated in subsection a) of this article, is BB- (double B minus) or lower risk for long-term instruments, according to the equivalence referred to in subsection a) of this article.

ii) The local risk classification of the instrument, if any, is at least investment grade, BBB- (triple B minus) or lower risk, according to the equivalence referred to in subsection b) of this article. If the instrument in question does not have a local risk classification, and the issuer has other long-term instruments issued locally without specific guarantee, these must be at least investment grade. Alternatively, if the instrument does not have any of the aforementioned local classifications and is an instrument issued by a holding company, the risk classifications of the long-term instruments issued by its subsidiaries shall be taken into consideration; in such case, it must be met that at least the subsidiaries that together represent 80% of the assets of the holding company have instruments with an investment grade risk classification.

If the condition indicated in subsection ii) does not apply, it shall be considered a requirement that the issuer of the instruments issued abroad or the subsidiaries of the holding company referred to in said subsection are classified as a Normal debtor, in accordance with the Regulation for the Evaluation and Classification of the Debtor.

In the case of instruments such as preferred shares, mutual funds and investment funds, they are considered to meet the minimum investment grade classification requirement provided they meet the condition of having a category equivalent to category BBB- (triple B minus) or lower risk according to the credit risk criterion, in accordance with the referential equivalence of Annexes No. 1 and 2 of this Regulation, as applicable.”

18. Amend the first and second paragraphs of article 41°, in accordance with the following text:

“Classification of the issuer and/or guarantor

Article 41°.- Investments in assets indicated in subsection b) of article 25°, require that the companies of the country's or foreign financial system have a risk classification no lower than investment grade for their long- and/or short-term debt representative instruments. In the case of local multiple operations companies referred to in article

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16° of the General Law, that do not have long- or short-term debt issuances, the risk classification granted in accordance with the provisions of the Regulation for the classification of companies in the financial system and insurance companies, approved by SBS Resolution No. 18400-2010 and its amendatory norms, is taken into consideration; considering as a requirement a financial strength classification of "B" or lower risk; in this regard, companies with a classification of "B-" (B minus) are not included. In the case of companies in the foreign financial system, the classification of their representative debt instruments must be granted by a risk rating company indicated in subsection a) of article 40°.

For the purposes of the provisions of article 40°, in the case of instruments issued or guaranteed by other States and Central Banks of foreign countries, the long-term sovereign debt risk classification of the issuer's country is considered, and if there is a guarantor with a lower risk classification, the long-term sovereign debt risk classification of the guarantor prevails. In the case of instruments issued or guaranteed by international organizations, the classification corresponds to the instrument. In both cases, the classification is made by at least one risk rating company indicated in subsection a) of article 40°."

19. Amend article 42°, in accordance with the following text:

"Instruments that require classification, minimum number and updating of classifications

Article 42°.- Assets that, due to regulatory requirements, require a risk classification, must comply with the provisions of article 40° of this Regulation. For this purpose, the number of required classifications and the determination of the final classification of said instruments is subject to the following:

a) Instruments issued abroad, through public or private offering, must be classified by at least one (1) rating company indicated in subsection a) of article 40°.

b) Instruments issued locally, through public offering, must comply with the classification requirements established by the SMV.

c) Instruments issued locally, through private offering, must be classified by at least one (1) rating company indicated in subsection b) of article 40°.

In all cases where the investment instrument has two (2) different risk classifications, the most conservative one is taken. In cases where the instrument has more than two (2) different risk classifications, the second one that reflects the highest risk (the second most conservative) is taken.

In the case of instruments issued through private offering, the company must ensure that the issuing companies of the local investment instruments in which it invests, send it the updated risk classification reports, or that they delegate such delivery to local risk rating companies, at least once (1) a year. Said reports must be prepared based on audited financial and accounting information as of 31 December of each year and be sent to the company no later than 31 May of each year. If after 30 days the aforementioned obligation remains unfulfilled, this situation causes the investment instrument to be subject to the considerations established in article 29°."

20. Amend article 44°, in accordance with the following text:

"Minimum content of the Investment Policy and the Investment Plan

Article 44°.-

a) The Investment Policy indicated in subsection a) of article 4° of this Regulation must consider the following minimum content:

a.1) Investment objectives: indicating, among others, profitability and risk levels, according to the characteristics of the group of obligations it backs.

a.2) Investment restrictions: credit quality, market capitalization of outstanding shares available for trading or "float", currency, flow predictability and investment horizon, among others, according to the characteristics of the group of obligations it backs.

a.3) Diversification criteria: by category of instruments, by types of assets or operations, by issuer, by geographic area, by economic activity, by investment horizon, among others.

a.4) Target composition of the categories of instruments and/or types of assets or operations, including their corresponding maximum and minimum limits.

a.5) Rebalancing criteria for each investment portfolio and for each category of instrument and/or types of assets or operations.

The Investment Policy must include or be complemented by at least the following policies:

i) Policy on environmental, social and corporate governance factors (ESG, by its acronym in English: Environmental, Social and Governance). If the company uses criteria for selecting instruments based on environmental, social and corporate governance factors, these must be included in the policy.

ii) Co-investment policy, if applicable.

iii) The policy for the selection and hiring of intermediaries, custodians, depositaries, delegated administrators, investment advisors and other entities with which the company operates.

iv) Policy for negotiation, evaluation and monitoring of commissions and/or expenses of fund managers and other external administrators for each category of instrument and/or subclass of asset.

b) The company's Annual Investment Plan, indicated in subsection n) of article 14° of this Regulation, must consider the following minimum content:

b.1) An analysis of the current context and prospects (considering, at least, a one-year horizon), with respect to the variables that have served as the basis for defining the company's investment strategies. For this purpose, the company must verify that its analysis includes, at least, the following variables:

    i) The markets in which the approved categories of instruments and/or types of assets are traded, considering the money, securities (fixed income and equity) and real estate markets at the local and international level (by country or region), according to the company's investments.

    ii) Macroeconomic, sectoral, and political variables, considering the current context and outlook for the level of gross domestic product (GDP), exchange rates, inflation and interest rates in the local and international market (by country or region). Likewise, the impact of such outlooks must be considered, as well as other idiosyncratic variables of the economic sectors related to the investments of the

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company. Finally, the impact of political risk and other variables that may affect the company's investment decisions must be considered.

iii) Other aspects that affect investment decisions. For example, variables by line of business, associated with the placement strategy for new products.

b.2) The projected composition of the company's investment portfolio during the fiscal year corresponding to the Plan, within the framework established in its policies for the management of the investment process, as well as the company's investment objectives, indicated in subsection a.1) of this article. This projection must be made both at the aggregate level and at a minimum at: i) the level of portfolio groups approved internally for the management and/or coverage of homogeneous groups of obligations, defined in accordance with the provisions of Chapter II of this Regulation; or, ii) the level of each investment portfolio. Likewise, this projection must cover and distinguish both investments eligible to back technical obligations and non-eligible investments.

Such projections must describe at least: i) asset classes, ii) currencies, iii) risk classification levels, iv) duration bands, and v) expected profitability levels.

b.3) Projection of the technical obligations coverage ratio, by line of business (life and general lines) and at the aggregate level in the case of composite companies, with at least quarterly cut-offs and a 12-month horizon (from January to December of the fiscal year), which must be presented to the Investment and Risk Committee or to the Asset and Liability Committee, if there is one. This projection must include, at least:

i) A base scenario showing the detailed values of the eligible investments applied and those of its technical obligations.

ii) A stress scenario showing the detailed values of the eligible investments applied and those of its technical obligations.

iii) Analysis by the Risk Unit on the details and supporting grounds of the main risk factors (investment and technical) considered, which are consistent with its assessment of the current economic context and its outlook for the horizon used. Likewise, the Risk Unit is required to perform an analysis of the projected results.

iv) For cases where potential deficits in the backing of technical obligations are projected, a contingency plan approved by the Board of Directors must be described. Such contingency plan details the actions that would be carried out to prevent the occurrence of a deficit and the estimated impacts for each of these actions.

The methodology used by the company to make the projections in numerals i) and ii) above must be documented and available to this Superintendency, and must consider, at least, the following guidelines:

i) Projection of Eligible Investments Applied in the base scenario: the projection must be made by asset class and currency, specifying the assumptions used and the sources of information consulted. Likewise, it must keep and evidence consistency with the analysis and projection referred to in subsections b.1) and b.2) of this article.

ii) Projection of Technical Obligations in the base scenario: the projection must be made, at least, at the level of components of the Technical Obligations

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indicated in article 22° of this regulation. The assumptions used and their reasonableness must be detailed; likewise, indicate the sources of information consulted.

iii) Projection of Eligible Investments Applied in the stress scenario: the projection must be made by asset class and currency, and the assumptions by risk factors to which the portfolio is exposed must be specified, so as to show greater vulnerability compared to the base scenario. The sources of information consulted must be specified.

iv) Projection of Technical Obligations in the stress scenario: the projection must be made, at least, at the level of components of the Technical Obligations indicated in article 22° of this Regulation. The assumptions used and the stressed risk factors must be detailed, so as to show greater vulnerability compared to the base scenario. Likewise, indicate the sources of information consulted.

b.4) The references to the meetings of the investment committee or the risk committee, where the Annual Investment Plan was approved, as well as other meetings where definitions or modifications to said Plan were agreed.

Companies must submit the Annual Investment Plan to this Superintendency during the first forty-five (45) calendar days of each fiscal year. Likewise, companies must carry out the quarterly evaluation on compliance with said Plan, highlighting the deviations arising during the evaluated quarter, from the analysis and projections indicated in the aforementioned subparagraphs b.1), b,2) and b.3) of this article, and indicating the reasons that explain said results. The aforementioned evaluation must be sent within fifteen (15) calendar days after the close of each quarter; except for the last quarter of the year, whose submission must be made together with the financial statements for the close of the fiscal year.

The Annual Investment Plan must be updated upon movements above the main alert indicators that must be developed by the company, taking into account its own criteria and the results of the projections indicated in this article. The updated version must highlight the modifications made and must be approved by the investment and risk committees and be communicated to the Board of Directors within ten (10) calendar days of the approval of the changes; likewise, said updates must be available to this Superintendency.

This Superintendency may require the sending of these documents by physical and/or electronic means.”

21. Amend the second and third paragraphs of the first final and transitory provision and incorporate the eleventh, in accordance with the following text:

“FINAL AND TRANSITORY PROVISIONS

FIRST.- Restrictions on assets to back technical obligations

(…)

The company's real estate used for its own use and direct investments in real estate projects that will be destined for own use are not considered eligible for backing technical reserves, but they are for backing equity requirements. In this regard, eligibility for said backing, in the case of real estate for own use, is subject to

compliance with all the requirements of subparagraph g) of article 25 of this Regulation. Likewise, in the case of real estate projects that will be destined for own use, their eligibility is subject to compliance with the requirements indicated in subparagraph e) of article 28 of this Regulation, as applicable, with the exception of commercial purposes. For purposes of the Asset Sufficiency Analysis, real estate for own use may be treated exceptionally in accordance with the provisions of paragraph 4.2 of article 8 of the Regulation for the Constitution of Mathematical Reserves for Annuity Insurance and the Asset Sufficiency Analysis, approved by SBS Resolution No. 887-2018.

Likewise, in the case of real estate for own use, companies must maintain a file available to the Superintendency containing at least the following information:

1. Registry entry of the real estate. If the real estate has undergone any modification during the last year, the registry entry must be updated. If the real estate has not presented modifications during the last year, the company has the option of updating said registry entry or of having a sworn declaration, signed by the General Manager or by whomever he formally delegates, indicating such condition. This affidavit may be signed individually or for a group of properties, provided that the necessary information for the identification of each of them is stated, including the investment code(s) and the respective cadastral registration number(s). Without prejudice to the foregoing, the Superintendency may require the submission of the updated cadastral registration, if it considers it necessary.

2. Updated Certificate of Encumbrances and Liens from the Property Registry, at least annually.

3. Documentation of investments in improvements associated with the property, which have been registered as part of the asset, made after its acquisition.

4. Appraisal reports prepared by experts on the respective property, considering the last ten years or the number of years the property has been in the company's possession, whichever is shorter.”

ELEVENTH.- Treatment of new eligibility requirements applicable to investments acquired before the entry into force of SBS Resolution No. 556-2025

In the cases where applicable, investments acquired by the company before the entry into force of the aforementioned Resolution are exempt from compliance with the new eligibility requirements introduced by SBS Resolution No. 556-2025, provided that such investments have met all eligibility requirements established in the Regulation prior to said entry into force. This exception does not apply to increases in positions that the company makes in said investments subsequently, except those that correspond to an investment commitment prior to the entry into force of said Resolution.”

22. Modify the table “Short-Term Classifications” of Annex No. 1 “Instruments issued abroad”, as follows:

SHORT-TERM RISK CLASSIFICATIONS

Classification or Equivalent Category	Standard & Poor's	Moody's	Fitch
A-1+	A-1+		F-1+
A-1	A-1	P-1	F-1
A-2	A-2	P-2	F-2

A-3
A-3
P-3
F-3
B
B
NP
B
C
C
C
D
D
D

23. In Annex No. 1 “Instruments Issued Abroad”, incorporate the table “Units of Mutual Funds and Investment Funds that invest in Debt Instruments”, as follows:

UNITS OF MUTUAL FUNDS AND INVESTMENT FUNDS THAT INVEST IN DEBT INSTRUMENTS

Equivalent Category	Equivalent Classification	Standard & Poor's	Moody's	Fitch
AAA	AAA	AAAf	Aaa-bf	AAAf
AA	AA (+/-)	AAf (+/-)	Aa-bf	AAf
A	A (+/-)	Af (+/-)	A-bf	Af
BBB	BBB (+/-)	BBBf (+/-)	Baa-bf	BBBf
BB	BB (+/-)	BBf (+/-)	Ba-bf	BBf
B	B (+/-)	Bf (+/-)	B-bf	Bf
CCC	CCC (+/-)	CCCf (+/-)	Caa-bf	CCCf
CC	CC	CCf (+/-)	Ca-bf	CCf
C	C		C-bf	Cf
D	D	Df		Df

24. In Annex No. 2 "Locally Issued Instruments", repeal the tables "Shares and Securities Representing Rights over Shares in Deposit registered on the Stock Exchange and Preferred Subscription Certificates" and "Units of Mutual Funds and Investment Funds according to the Market Risk criterion"; modify the tables "Long-Term Risk Classifications", "Short-Term Risk Classifications", "Risk Classifications for Long-Term Investment Instruments Issued by Financial and Non-Financial Entities Established Abroad", "Risk Classifications for Short-Term Investment Instruments Issued by Financial and Non-Financial Entities Established Abroad", "Preferred Shares" and "Units of Mutual Funds and Investment Funds according to the Credit Risk criterion", as follows:

LONG-TERM RISK CLASSIFICATIONS

Equivalent Category	Equivalent Classification	Support	PCR	Moody's Local
AAA	AAA	AAA(pe)	PEAAA	AAA.pe
AA	AA (+/-)	AA(pe) (+/-)	PEAA (+/-)	AA.pe (+/-)
A	A (+/-)	A(pe) (+/-)	PEA (+/-)	A.pe (+/-)
BBB	BBB (+/-)	BBB(pe) (+/-)	PEBBB (+/-)	BBB.pe (+/-)

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

BB
BB (+/-)
BB(pe) (+/-)
PEBB (+/-)
BB.pe (+/-)
B
B (+/-)
B(pe) (+/-)
PEB (+/-)
B.pe (+/-)
CCC
CCC (+/-)
CCC(pe)
PECCC
CCC.pe (+/-)
CC
CC
CC(pe)
CC.pe
C
C
C(pe)
C.pe
D
D
D(pe)
PEDD
D.pe
E
E
E(pe)
E.pe
V
S
S(pe)
S.pe

SHORT-TERM RISK CLASSIFICATIONS

Category
Equivalent
Classification
Support Equivalent
PCR
Instruments Moody's Local
Short-Term Deposits
CP-1 CP-1 (+/-) CP-1(pe) (+/-) PE1 (+/-) I ML A-1.pe (+/-) CP-2 CP-2 (+/-) CP-2(pe) (+/-) PE2 (+/-) II ML A-2.pe (+/-) CP-3 CP-3 (+/-) CP-3(pe) (+/-) PE3 (+/-) III ML A-3.pe (+/-) CP-4 CP-4 CP-4(pe) PE4 IV ML B.pe I I CP-5(pe) PE5 V ML C.pe E E E(pe) PEE ML E.pe V V S(pe)

RISK CLASSIFICATIONS FOR LONG-TERM INVESTMENT INSTRUMENTS ISSUED BY FINANCIAL AND NON-FINANCIAL ENTITIES ESTABLISHED ABROAD

Equivalent Category	Equivalent Classification	Support	PCR	Moody's Local
AAA(e)	AAA(e)	AAA	AAA	AAA
AA(e)	AA(e) (+/-)	AA (+/-)	AA (+/-)	AA (+/-)
A(e)	A(e) (+/-)	A (+/-)	A (+/-)	A (+/-)
BBB(e)	BBB(e) (+/-)	BBB (+/-)	BBB (+/-)	BBB (+/-)
BB(e)	BB(e) (+/-)	BB (+/-)	BB (+/-)	BB (+/-)
B(e)	B(e) (+/-)	B (+/-)	B (+/-)	B (+/-)
CCC(e)	CCC(e)	CCC	CCC	CCC (+/-)
CC(e)	CC(e)	CC		CC
C(e)	C(e)	C		C
D(e)	D(e)	D	DD	D
E(e)	E(e)	E		E
V(e)	V(e)	S		S

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000

RISK CLASSIFICATIONS FOR SHORT-TERM INVESTMENT INSTRUMENTS ISSUED BY FINANCIAL AND NON-FINANCIAL ENTITIES ESTABLISHED ABROAD

Equivalent Category	Equivalent Classification	Support	PCR	Moody's Local
CP-1(e)	CP-1(e) (+/-)	CP-1 (+/-)	1 (+/-)	MLA-1 (+/-)
CP-2(e)	CP-2(e) (+/-)	CP-2 (+/-)	2 (+/-)	MLA-2 (+/-)
CP-3(e)	CP-3(e) (+/-)	CP-3 (+/-)	3 (+/-)	MLA-3 (+/-)
CP-4(e)	CP-4(e)	CP-4	4	ML B
I(e)	I(e)	CP-5	5	ML C
E(e)	E(e)	E		ML E
V(e)	V(e)	S

PREFERRED SHARES

Equivalent Category	Equivalent Rating	Support	PCR	Moody's Local
AAA	AAA	aaa (pe)	PEAAA	AAA.pe
AA	AA (+/-)	aa(+/-) (pe)	PEAA (+/-)	AA.pe (+/-)
A	A (+/-)	a(+/-) (pe)	PEA (+/-)	A.pe (+/-)
BBB	BBB (+/-)	bbb(+/-) (pe)	PEBBB (+/-)	BBB.pe (+/-)
BB	BB (+/-)	bb(+/-) (pe)	PEBB (+/-)	BB.pe (+/-)
B	B (+/-)	b(+/-) (pe)	PEB (+/-)	B.pe (+/-)
CCC	CCC (+/-)	ccc (pe)	PECCC	CCC.pe (+/-)
CC	CC	cc (pe)		CC.pe
C	C	c (pe)		C.pe
D	D	d (pe)	PEDD/PEDP	D.pe
E	E	e (pe)	PEE	E.pe
V	V	s (pe)		S.pe

MUTUAL FUND AND INVESTMENT FUND UNITS ACCORDING TO THE CREDIT RISK CRITERION

Equivalent Category	Equivalent Classification	Support	PCR	Moody's Local
AAA	AAA	AAAf(pe)	PEAAAf	AAAfm.pe / AAAfi.pe
AA	AA (+/-)	AAf(pe) (+/-)	PEAAf (+/-)	AAfm.pe (+/-) / AAfi.pe (+/-)
A	A (+/-)	Af(pe) (+/-)	PEAf (+/-)	Afm.pe (+/-) / Afi.pe (+/-)
BBB	BBB (+/-)	BBBF(pe) (+/-)	PEBBBf (+/-)	BBBfm.pe (+/-) / BBBfi.pe (+/-)

BB
BB (+/-)
BBf(pe) (+/-)
PEBBf
BBfm.pe (+/-) / BBfi.pe (+/-)
B
B (+/-)
Bf(pe) (+/-)
PEBf
Bfm.pe (+/-) / Bfi.pe (+/-)
CCC
CCC (+/-)
Cf(pe)
PECCCf
CCCfm.pe / CCCfi.pe
E
E
Efm.pe / Efi.pe

25. Modify the name of "Anexo 3" to "Anexo N° 3".

26. Modify the format of the annexes listed in article 43°, in accordance with Annex I which forms part of this Resolution.

Article Second.- Modify Circular N° S - 664 - 2017 "Procedures for registration of investment information and coding methodology for the information in the annexes and investment reports of insurance", in accordance with the following:

1. Incorpor letter e) within item II "Definitions" of Circular N° S-664-2017, in accordance with the following text:

"e) Request for modification of information: comprises the guidelines and communication mechanisms defined by the Superintendency to request the modification of information on certain characteristics of the codes of the investment tables, whether due to error or omission. As a response, the Superintendency provides the company with the possibility of correcting information. The response to this request will depend on the evaluation carried out by the Superintendency in each case".

2. Modify item III "Coding Methodology" of Circular N° S-664-2017, in accordance with the following text:

"In accordance with the provisions of article 43° of the Investment Regulations, companies must submit the investment annexes to the Superintendency according to the required periodicity. In the methodological notes of said annexes, it is indicated that some fields must be recorded in accordance with the coding methodology and provisions indicated by the Superintendency by means of a Circular.

In this regard, companies must consider in their investment annexes the codes distributed by the Superintendency through the investment tables and those obtained through the registration process. The distribution of the tables is carried out electronically, through the Supervised Portal or another means indicated by the Superintendency. Update notices regarding the content of these tables are communicated to companies electronically.

This Circular also covers the coding of fields that are not required in the investment annexes, but by the registration process. Companies must use the coding of these fields to fill in the forms of the registration process, as indicated.

The coding of the investment tables must also be used in the preparation of complementary reports, when established by the Superintendency.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000

The coding guidelines considered for each field are those described in the Annex “Codificación” of this Circular. In each case, an extract of the prepared table is included as an example.

When an investment table does not have a code required by a company, the company must follow the registration process defined in the Annex “Codificación” of this Circular, completing the corresponding “formato del proceso de inscripción” and sending it through the electronic mechanism made available by the Superintendencia. Likewise, when the company notices an error in a specific field, it must submit a request to modify information following the instructions provided by the Superintendencia.

In the fields of the investment annexes, complementary reports, or registration process formats, whose codes are within the scope of this Circular, companies must not include data that does not correspond to an investment table or that has not been obtained through a registration process.

In fields where a single piece of data is required (single-option fields), but different response alternatives are identified (for example, the “País de Emisor” field, in the case of issuers with activities in different countries), the alternative that is the most representative must be selected. This selection must be confirmed by the company's risk unit.

The Annex “Codificación” is part of this Circular.

3. Amend numeral IV “Precisiones para completar los Anexos de Inversiones y Reportes Complementarios” of Circular N° S-664-2017, in accordance with the following text:

• Book value of the investment instrument at the reporting date, considering the respective accounting category, in soles.

In the case of eligible investments applied by exception (IEAE), indicate in this field the value of the investments according to the considerations of article 29° of the Reglamento de Inversiones. Additionally, when the book value is greater than the fair value of the instrument, the difference between both concepts must be reported as a new non-eligible instrument; that is, a new row must be added in Annex N° ES-4 “Inversiones Totales”.

In the case of premiums receivable and loans with guarantee, enter the value corresponding to eligible investments, grouped by asset class.

• Risk classification

Equivalent risk classification as indicated in articles 41° and 42° of the Reglamento de Inversiones, in force at the reporting date. In the case of Títulos de Crédito Hipotecario Negociables (TCHN), it refers to the debtor's classification, in accordance with the Reglamento para la Evaluación y Clasificación del Deudor y la Exigencia de Provisiones, approved by Resolución SBS N° 11356-2008 and amending regulations.

Thus, in order to determine the risk classification to be considered for a given issuer, guarantor, or financial instrument, in accordance with the aforementioned regulations, the following steps must be followed: first, identify the risk classification granted by each of the rating agencies indicated in Annexes N° 1 or N° 2 of the Reglamento de

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

Inversiones, as applicable; then, find the equivalent classification of each of the risk classifications obtained in the previous step; next, order these equivalent classifications from highest to lowest risk; and finally, take the one that complies with the provisions of article 41° or 42° of the Reglamento de Inversiones, as applicable. The risk classification determined in accordance with the above procedure is the one that must be reported to the Superintendencia, each time it is requested as part of the information annexes regulated by the Reglamento de Inversiones, or as part of special information requests.

Example 01:

A long-term debt instrument from abroad is under evaluation. Below are the steps to be followed to determine the equivalent risk classification of the instrument to be considered:

Step 01: It is identified that the instrument has classifications granted by the rating agencies indicated in Annex N° 1 of the Reglamento de Inversiones. In this example, it can be seen that the instrument has three (3) different risk classifications:

Risk Rating Agency	Classification
S&P	BBB
Moody’s	Baa3
Fitch	BBB

Step 02: The equivalent classifications of the previously identified classifications are found:

Risk Rating Agency	Equivalent Classification
S&P	BBB
Moody’s	BBB-
Fitch	BBB

Step 03: These equivalent classifications are ordered from highest to lowest risk:

Order	Risk Rating Agency	Equivalent Classification
1°	Moody’s	BBB-
2°	S&P	BBB
3°	Fitch	BBB

Step 04: The one that complies with the provisions of article 42° of the Reglamento de Inversiones (applicable to financial instruments) is taken.

Considering that the instrument has more than two (2) different risk classifications, the second one that reflects the highest risk (the second most conservative) is taken, which in this case corresponds to BBB. It should be noted that, in this case, it is irrelevant whether S&P or Fitch is reported as the risk rating agency, since their classifications share the same equivalent classification.

Example 02:

Returning to the case described in Example 01, assuming that the following classifications are identified, as a result of Step 01:

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

Risk Rating Agency	Rating
S&P	BBB-
Moody’s	Ba1
Fitch	BBB

After Step 02 and 03, the following result is obtained:

Order	Risk Rating Agency	Equivalent Rating
1°	Moody’s	BB+
2°	S&P	BBB-
3°	Fitch	BBB

Finally, considering the provisions of the Investment Regulations, the risk rating to be considered is BBB- (the second most conservative); and the rating agency to be reported is S&P.

• Latitude and Longitude

Angular coordinates of latitude (north and south) and longitude (east and west). These measurements allow the geographic location of the properties on a map.

For example, the headquarters of the Superintendence (Calle Los Laureles 214, San Isidro 15073, Perú), has a latitude of -12.092597 and a longitude of -77.046494. This means that the headquarters is located approximately 12 degrees south of the equator, and approximately 77 degrees west of the prime meridian.

• Sequence and Purchase Operation Date

  • For the case of Purchase ("C") and Entry ("E") operations carried out on the same day, the correlative number of the operation carried out must be indicated in the "Sequence" field. Likewise, the "Purchase Operation Date" field must be left blank.

Example:

If a purchase was made on 03.01.2016 of 10 units of a bond "A", the sequence number of said purchase during the reporting month must be entered. In this example, the sequence number is 1. Subsequently, if 5 units of a bond "B" are purchased on the same day, the sequence number to be recorded is 2. Likewise, if an additional purchase of 11 units of bond "A" is also made on the same day, the sequence number to be recorded is 3; and so on with the other purchases of the day.

• For the case of Sales ("V"), Redemptions ("R"), Rescue ("T") and Exits ("S") operations, the correlative registration number of the purchase or entry of the units being sold must be indicated in the "Sequence" field. Likewise, the purchase date of said units must be entered.

Example:

If a sale was made during the same reporting month or later of the investment instruments in the portfolio, the purchase date and sequence recorded at the time of purchase must be indicated. For example, if a sale is made on

08.01.2016 of 10 units of bond "A", the purchase date and sequence
that it had at the time of its acquisition must be indicated (03.01.2016 and 1, respectively)."

4. Amend numeral V "Registration Procedure" of Circular N° S-664-2017, in accordance with the following text:

The company must request the Superintendence to register the codes it requires via the Supervised Portal, so that they can be used in the investment Annexes. For this purpose, the company must register the code registration requests no later than one (1) business day after having carried out the corresponding investment operation. Such requests are reviewed and confirmed through the Portal and with electronic charge within three (3) business days following the date of registration of the respective code request.

On the other hand, if errors are identified in the registration request, the company must correct them within a period of one (1) business day after the error has been reported. It should be noted that companies cannot submit information with errors that have been previously identified by the Superintendence.

For the case of registration of public instruments that are not registered in the Investment Supervision System (SSI), the company is required, within a maximum of 2 business days counted from the close of each month, to submit the following information to the Superintendence:

Investment Code	Ticker	Investment Date

Add as many rows as necessary.

This information must be sent by email to the investments mailbox (inversiones-seguros@sbs.gob.pe) by the person responsible for sending the investment annexes or their replacement.

To identify those ISIN codes that must be submitted, it must first be confirmed that they are not registered in the "Investment in debt or equity representative instruments" table of the SSI via the Supervised Portal. If there are no new instruments with public ISINs, there is no need to send emails responding to this process."

5. Amend numeral VI "Modification Request Procedure" of Circular N° S- 664-2017, in accordance with the following text:

"The company must request the Superintendence for the modification of information it requires, via the Supervised Portal, in order to correct registration errors in the registration of investment codes. In this regard, only the information in the registration form can be modified, but not the code granted, in such a way that the submission of investment Annexes from previous periods is not affected. For this purpose, the company must indicate the reasons for the modification request.

The requests submitted are reviewed and confirmed via the Superintendency's Portal and electronic charge, within three (3) business days following the date of registration of the respective request.

On the other hand, if errors are identified in the modification process request, the company must correct them within a period of one (1) business day of the error having been reported.”

Article Three.- Amend the fourteenth paragraph of article 28 “Authorization for the application of the fair value model” of the Regulation for the classification and valuation of investments of insurance companies, approved by SBS Resolution No. 7034-2012 and amendments. The aforementioned paragraph establishes the maximum period in which the Superintendency approves or denies the authorization for the application of fair value and is amended in accordance with the following text:

“Article 28.- Authorization for the application of the fair value model (…) The Superintendency approves or denies the authorization within a maximum period of sixty (60) business days.”

Article Four.- Incorporate literal c) in numeral 7) of Section II “Insurance and/or Reinsurance Companies” of the Annex “Scheduled Activities” of the Internal Audit Regulation, approved by SBS Resolution No. 11699-2008 and its amending norms, in accordance with the following text:

“c) Regarding the assets that are subject to the notification and authorization processes, within the framework of the provisions of articles 26, 27 and 28 of the Investment Regulation of Insurance Companies, the reasonable compliance with the minimum requirements established for the investment and risk units indicated in articles 13 and 15 of said Regulation must be verified, which contribute to ensuring the adequate investment process linked to the instrument under analysis.”

Article Five.- Amend procedures No. 155 “Authorization for the application of the fair value model for the valuation of investments in real estate of Insurance companies” and No. 177 “Authorization for other eligible investments for the backing of technical obligations” in the Single Text of Administrative Procedures–TUPA of the Superintendency of Banking, Insurance and AFP approved by SBS Resolution No. 1581-2023 and amendments, in accordance with the text attached to this Resolution and published on the institutional portal (www.sbs.gob.pe).

Article Six.- This Resolution enters into force as of the day following its publication in the Official Gazette “El Peruano”. For the purposes of the implementation of the amendments established in numeral 26 of Article One, related to the amendments of the formats of the annexes indicated in article 43, an adaptation period is established until the submission of the information corresponding to the month of July 2025.

Register, communicate and publish.

JORGE DAMASO MOGROVEJO GONZALEZ
SUPERINTENDENT OF BANKING, INSURANCE AND AFP (A.I.)