Superintendent Resolution No. 070-2026-SMV/02

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendency
"Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 1 Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Superintendent Resolution No. 070-2026-SMV/02 Lima, June 25, 2026 The Superintendent of the Securities Market SEEN:
The administrative file No. 2025023227 and Report No. 957-2026-SMV/10.2 of June 24, 2026, issued by the General Superintendence of Entity Supervision, with the favorable ruling of the Adjunct Superintendent of Prudential Supervision; CONSIDERING:
That, by Resolution No. 025-2026-SMV/02 of March 6, 2026 (hereinafter, RESOLUTION 025-2026), the operating authorization of Diviso Fondos Sociedad Administradora de Fondos S.A. (hereinafter, DIVISO SAF) was suspended for seventy-five (75) business days, that is, until June 23, 2026, or until the administrator company managed to prove the correction of its equity deficit, whichever occurs first; That, by Letter No. 2502-2026-SMV/10.2 of May 29, 2026, DIVISO SAF was informed, among other things, that as of December 31, 2025 and March 31, 2026, its net equity represented an amount lower than one-third of the paid-in social capital at those dates, which constitutes a cause for dissolution, according to article 407, numeral 4, of the General Companies Law, Law No. 26887; That, in response to the aforementioned letter, DIVISO SAF stated that by means of a universal shareholders' meeting dated June 10, 2026, a capital reduction of S/ 10,480,000.00 (ten million four hundred eighty thousand with 00/100 soles) was approved, with the aim of partially compensating for accumulated losses charged to social capital and the legal reserve. However, as of the date of this resolution, DIVISO SAF has not initiated the administrative procedure to obtain the authorization for the corresponding social capital reduction; That, according to what is established in article 3, numeral 14, literal i) of the Organic Law of the Securities Market Superintendency, approved by Legislative Decree No. 26126 and its amendments, the Superintendent of the Securities Market is empowered to automatically suspend the operating authorization granted to legal entities under its supervision and control, without it being necessary to initiate a sanctioning administrative procedure. This, among other circumstances, when they cease to observe any of the necessary requirements for their operation or for operating. Likewise, in case the non-compliance that originates the suspension persists, the Superintendent of the Securities Market may revoke the operating authorization without it being necessary to initiate a sanctioning administrative procedure; That, consequently, within the framework of the powers granted to the Superintendent of the Securities Market, if a deadline had been granted, and upon its expiration the non-observation of the necessary requirements for the

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendency
"Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 2 Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml operation of the supervised entity or to operate as such persists, he may extend the suspension of the operating authorization of the referred entity; and, if the non-compliance persists, he may revoke said authorization; That, article 256 of the Single Text of the Securities Market Law, approved by Supreme Decree No. 020-2023-EF, as well as article 13 of the Law of Investment Funds and their Administrator Companies, establish the minimum capital of mutual fund administrator companies and investment fund administrator companies, respectively. For the year 2026, said amount amounts to S/ 1,735,688.001 (one million seven hundred thirty-five thousand six hundred eighty-eight with 00/100 soles); which was communicated by Circular No. 004-2026-SMV/10.2 of January 7, 2026; That, for its part, in accordance with article 130 of the Regulation of Investment Funds and their Administrator Companies, approved by SMV Resolution No. 029-2014-SMV/01 and its amendments (hereinafter, INVESTMENT FUND REGULATION), in no case the required net equity of the administrator company may be lower than the minimum capital; That, regarding an administrator company of funds, article 126 of the Regulation of Mutual Investment Funds in Securities and their Administrator Companies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1 and its amendments (hereinafter, MUTUAL FUNDS REGULATION) and article 130 of the INVESTMENT FUND REGULATION, establish that for the calculation of the minimum required net equity of the administrator company, the following must be deducted:
i) loans in favor of its affiliates; ii) investments in financial instruments whose obligor is an affiliate or that represent participations in the social capital of companies affiliated with it; iii) accounts receivable with a maturity greater than ninety (90) calendar days; and, iv) the amount of guarantees that the administrator company grants in favor of its affiliates. Likewise, it provides that these deductions must be revealed in the notes of the financial statements of the administrator company; That, additionally, the aforementioned articles state that in case of incurring a net equity deficit, it must be covered within thirty (30) calendar days following the occurrence of the following situations, whichever occurs first: a) the start of the fiscal year due to the update of the requirements, b) the date of submission of the financial statements that show this situation, or c) the date on which the SMV notifies the Administrator Company of its verification. For the correction, the administrator company must submit to the Public Registry of the Securities Market – RPMV, within the mentioned deadline, a copy of the public deed of capital increase and must present the corresponding registration certificate in the Public Registries within sixty (60) calendar days following, counted from the start of the computation of the deadline; That, regarding the causes for suspension, according to article 151, literal a) of the INVESTMENT FUND REGULATION and article 36, literal b) of the MUTUAL FUNDS REGULATION, the SMV may suspend the operating authorization of the administrator company when it ceases to observe any of the necessary requirements for its operation or for operating, such as presenting a net equity below the minimum required, among others; without it being necessary to initiate a sanctioning administrative procedure;

1 Circular No. 004-2026-SMV/10.2 of January 7, 2026.

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendency
"Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 3 Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml NET EQUITY DEFICIT That, according to the individual interim financial statements (hereinafter, FS) as of December 31, 2025, it was verified that DIVISO SAF incurred a net equity deficit amounting to S/ 1,833,746.00 (one million eight hundred thirty-three thousand seven hundred forty-six with 00/100 soles), a situation that motivated the suspension of its operating authorization ordered by RESOLUTION 025-2026, for seventy-five (75) business days, that is, until June 23, 2026; That, according to the FS as of March 31, 2026, submitted to the SMV on May 11, 2026, and in accordance with note 17 of the aforementioned FS, it is observed that for the calculation of its net equity, the deductible "investments in financial instruments whose obligor is an affiliate or that represent participations in the social capital of companies affiliated with it" amounting to S/ 1,228,132.95 (one million two hundred twenty-eight thousand one hundred thirty-two with 95/100 soles) corresponds to be applied, in accordance with article 126 of the MUTUAL FUNDS REGULATION and article 130 of the INVESTMENT FUND REGULATION; That, consequently, based on the information revealed in the FS as of March 31, 2026, it has been verified that DIVISO SAF maintains a net equity deficit amounting to S/ 1,700,925.95 (one million seven hundred thousand nine hundred twenty-five with 95/100 soles), considering its accounting equity amounting to S/ 1,262,895.00 (one million two hundred sixty-two thousand eight hundred ninety-five with 00/100 soles) and the recognition of the aforementioned deductible; That, therefore, as of the date of issuance of this resolution, DIVISO SAF has not corrected within the deadline established in article 126 of the MUTUAL FUNDS REGULATION and article 130 of the INVESTMENT FUND REGULATION, the deficit of its net equity amounting to S/ 1,700,925.95 (one million seven hundred thousand nine hundred twenty-five with 95/100 soles), considering its individual interim financial statements as of March 31, 2026; That, although in its letter of June 10, 2026, DIVISO SAF stated that it would present a request for authorization of social capital reduction in order to reestablish its equity balance, which should in turn oblige it to carry out capital increases in order not to fail to comply with the minimum capital and social equity necessary to operate, as of the date such documentation has not been presented; That, without prejudice to the foregoing, an inconsistency has been detected between what is stated in the statement of financial position of DIVISO SAF as of March 31, 2026, in the accounts
"Commercial Accounts Receivable" and "Accounts Receivable from Related Entities", where the amounts of S/ 118,000.00 (one hundred eighteen thousand and 00/100 soles) and S/ 703,000.00 (seven hundred three thousand and 00/100 soles) are registered, respectively; and what is stated in the notes to the aforementioned FS. This is because, although in note 8 - "Commercial Accounts Receivable", the amount amounting to S/ 118,266.00 (one hundred eighteen thousand two hundred sixty-six with 00/100 soles) is registered, corresponding to, among others, invoices receivable; in note 9 - "Related Commercial Accounts Receivable", no amount is registered under this account. On the other hand, in note 10 – "Other Accounts Receivable", an amount amounting to S/ 703,192.00 (seven hundred three thousand one hundred ninety-two and 00/100 soles) is registered, corresponding to security deposits in favor of the SMV and interest, deliveries to be rendered, and other accounts receivable;

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendency
"Decade of Equality of Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" 4 Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml That, this inconsistency is still under evaluation, so the SMV within the framework of its attributes may request the corresponding documentation from DIVISO SAF in order to determine if the balances registered in said accounts qualify as deductible for the calculation of net equity; That, consequently, DIVISO SAF has not complied with proving the correction of the situation that motivated the suspension of its operating authorization ordered by RESOLUTION 025-2026, so the suspension measure can only be lifted when DIVISO SAF proves convincingly that it has reversed the observed net equity deficit; and, Being in accordance with what is provided in article 3, numeral 14, literal i), of the Concorded Text of the Organic Law of the Securities Market Superintendency, approved by Legislative Decree No. 26126, as well as by article 12, numeral 6, of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF; RESOLVES:
Article 1.- Extend the deadline for the suspension of the operating authorization of Diviso Fondos Sociedad Administradora de Fondos S.A. ordered by Superintendent Resolution No. 025-2026-SMV/02, until July 13, 2026, or until the administrator company manages to prove the correction of its equity deficit, whichever occurs first.
Article 2.- Diviso Fondos Sociedad Administradora de Fondos S.A. must comply with informing the Securities Market Superintendency, the day after the execution of the measure ordered in article 1 of this resolution and under responsibility, the information that the Securities Market Superintendency requests from it.
Article 3.- What is established in articles 4° to 6 of Superintendent Resolution No. 025-2026-SMV/02 remains in force.
Article 4.- Publish this resolution on the Institutional Website of the Securities Market Superintendency on the unique digital platform of the Peruvian State (www.gob.pe/smv).
Article 5º.- This resolution will enter into force on the day of its notification to Diviso Fondos Sociedad Administradora de Fondos S.A.
Article 6º.- Transmit this resolution to Diviso Fondos Sociedad Administradora de Fondos S.A, to CAVALI S.A. I.C.L.V., to the Lima Stock Exchange S.A. and to Mr. Julio César Kanashiro Tome.
Register, communicate and publish.
Zósimo Juan Pichihua Serna
Superintendent of the Securities Market