Resolution S.B.S. Nº The Superintendent of Banks, Insurance Companies and Private Pension Fund Administrators:

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1 Lima, March 26, 2008 Resolution S.B.S. Nº The Superintendent of Banks, Insurance Companies and Private Pension Fund Administrators: WHEREAS: Through Circular N B , F , S , CM , CR , EAF and EDPYME of June 16, 2005, rules were adopted concerning the opening, conversion, transfer, or closure of offices, the use of shared premises and the use of cash dispensers and networks of banking agents (cajeros corresponsales). This Superintendency has deemed it appropriate to specify the requirements and simplify procedures for opening, converting, transferring or closing offices and for the use of shared premises referred to in Articles 30º to 33º of Law N 26702, as well as for the installation of cash dispensers and the provision of services through banking agents. Pursuant to the opinions expressed by the Offices of the Deputy Superintendents of Banking and Microfinance, Insurance, Risks and Legal Advice, and the Office of the Manager of Economic Research; and Exercising the powers conferred on it by numbered paragraphs 7 and 13 of Article 349º of the General Law, RESOLVES: Article 1.- To adopt the Regulation on the Opening, Conversion, Transfer, or Closure of Offices, Use of Shared Premises, Cash Dispensers, and Banking Agents, which forms an integral part of this Resolution. Article 2.- To amend procedure N 11 Authorization to Open Offices of Financial System and Insurance System Enterprises ; N 12 Authorization to Transfer Financial System and Insurance System Enterprises ; N 13 Authorization to Convert Financial System and Insurance System Enterprises ; N 14 Authorization to Close the Offices of Financial System and Insurance System Enterprises ; N 15 Authorization to Open, Transfer and Close Branches of Financial System and Insurance System Enterprises ; N 16 Authorization for the Shared Los Laureles Nº Lima 27 - Peru Tel.: (511) Fax: (511)

2 Use of Premises by Financial System and Insurance System Enterprises ; and N 109 Authorization to Operate with Banking Agents, of the Consolidated Text of Administrative Procedures TUPA of the Superintendency of Banks, Insurance Companies and Private Pension Fund Administrators, adopted by Resolution SBS N , in accordance with the texts attached to this Resolution. Article 3.- To amend Instruction 1 of Annex 10, Deposits, Loans and Personnel by Office of Chapter V, Supplementary Information of the Accounting Manual for Financial System Enterprises, with a view to adapting it to the provision contained in the Regulation approved by this Resolution regarding the Shared Premises arrangement, with the following wording: (1) Head Office;(2) Branch; (3) Agency; (4) Agency in Shared Premises; (5) Special Office; (6) Special Office in Shared Premises. The aforementioned codification may be modified in the corresponding instructions of the SUCAVE software program. Article 4.- The provisions of this Resolution shall enter into force on the day following its publication in the Official Gazette, El Peruano, superseding as of that date Circular N B , F , S , CM , CR , EAF , EDPYME of June 16, 2005, and Official Letter N of May 10, To be registered, notified and published FELIPE TAM FOX Superintendent of Banks, Insurance Companies and Private Pension Fund Administrators

3 REGULATION GOVERNING THE OPENING, CONVERSION, TRANSFER OR CLOSING OF OFFICES, USE OF SHARED PREMISES, CASH DISPENSERS, AND BANKING AGENTS. 1. Scope This provision applies to multiple transaction enterprises, specialized enterprises and insurance companies indicated in paragraphs A, B and D of Article 16 of the General Law of the Financial System and Insurance System and Organic Law of the Superintendency of Banks and Insurance Companies, Law No , hereinafter referred to as the general law, to Banco de la Nación, Banco Agropecuario, to the Development Finance Corporation (COFIDE), to the Fondo Mivivienda S.A, and to Fondo de Guarantía para Préstamos a la Pequeña Industria [Guarantee Fund for Loans to Small Industrial Companies-FOGAPI], hereinafter referred to as enterprises, where applicable. 2. Offices These are establishments in which the enterprise deals with the public in order to conduct operations and provide services. There are various types of offices: 2.1. Head Office This is the office in which the enterprise is legally domiciled. It can serve to conduct any of the operations and provide any services for which the enterprise is authorized. This office generally accommodates senior management, which organizes, administers and directs the activities and business proper to the institution s line of business Agency This office is dependent on the head office. It may conduct all operations and provide all services for which the enterprise is authorized and may keep its own accounts. It may also supervise other agencies and special offices, in which case it is authorized to centralize the accounting books of the offices it supervises Branch This office is located abroad and reports to the head office. It may conduct all the operations and provide all the services for which the enterprise is authorized. A branch keeps its own accounts Special Office This is an office located in a place other than that of the offices referred to in the foregoing numbered paragraphs. It reports to the head office or to one of the agencies and may only conduct some of the operations and provide some of the services for which the enterprise is authorized. A special office may be: i) Fixed or mobile. ii) Permanent or temporary. A temporary office may not function for longer than six months and is usually associated with a particular event.

4 Insurance companies may not have mobile special offices Shared Premises This is a type of office in which an Agency or Special Office shares premises with other enterprises to conduct the operations and provide the services for which they are authorized. This type of office entails agreements that make it possible to share customer service windows or to lease space, as well as other arrangements. The respective authorization process is specified in numbered paragraph 6.1 of this Regulation. 3. Banking Agents [cajeros corresponsales] These are service operators comprising individuals or legal entities operating either in their own establishments or those of third parties, other than those of the financial system. Under a contractual arrangement in which the financial system enterprise bears responsibility, they may conduct the operations and provide the services referred to in this Regulation. The Banking Agents shall have signs, clearly visible to the public, indicating clearly that they are a provider of services of the financial enterprise company with which they sign contracts. 4. Cash Dispensers Cash dispensers are electronic devices interconnected with the enterprise. They can perform various operations and provide services to users of credit cards, debit cards, or other means of identification that require electronic or similar signatures, under a procedure established by the enterprise and communicated to, and accepted by, the customer. 5. Authorization to Open, Convert, Transfer or Close Offices 5.1. Head Office, Agencies and Special Offices The enterprises must request, as appropriate, prior authorization to open, convert, transfer or close their offices, stating where they are located and their exact address, and attaching a copy of the agreement with the competent Board or corporate body To open and convert offices, the enterprise must keep for the Superintendency the corresponding feasibility study containing, at a minimum, the items indicated in Annex A of this Regulation for any applicable supervisory action In the case of transfers or closures, the corresponding authorization requirement shall be only that indicated in paragraph of this Regulation Branches Financial systems and insurance companies must request prior authorization from this Superintendency to open, transfer and close branches, indicating where they are located and their exact address and attaching a copy of the agreement with the Board. To open a branch, they must also attach the feasibility study containing, at a minimum, the items indicated in Annex A, along with a statement of compliance with the requirements established for that purpose in the laws of the host country.

5 The Superintendency will elicit the opinion of the Central Reserve Bank before issuing its ruling on the opening of a branch of a financial system enterprise. The Central Bank shall be notified of the transfer or closing of any branch in the financial system. 6. Other Types of Authorization 6.1. Authorization to Share Premises An enterprise deciding to open an agency or special office under the shared premises arrangement must submit a request for prior authorization to this Superintendency indicating its whereabouts and exact address and attaching a copy of the agreements of the Boards of the companies deciding to share premises The enterprise shall keep at the disposal of this Superintendency the feasibility study referred to in paragraph of this Regulation and the contract signed by both parties indicating the duration, operations and services that each will provide on the premises to be shared, among other details During the use of shared premises, the enterprises must comply with the following requirements: a) show on the outside of the building the full names and logos of the enterprises sharing the building; and b) clearly identify the location of the rooms assigned to each Authorization to Operate Using Banking Agents The financial system enterprises may sign Banking Agent contracts with the service providers referred to in paragraph 3 of this Regulation, provided that they comply with the conditions and requirements listed in Annexes C and D of this Regulation The enterprises complying with the conditions and requirements referred to in the foregoing paragraph must first, and on this occasion only, request authorization from this Superintendency, to which end they shall submit a copy of the agreement of the competent Board and the information referred to in subparagraphs F and G of Annex D to this Regulation. The additional information referred to in Annex D of this Regulation, as well as that regarding compliance with the conditions and requirements indicated in Annex C, shall remain at the disposal of this Superintendency for appropriate supervisory and control measures As regards the signing of new contracts subsequent to the authorization granted by the Superintendency, the above mentioned enterprises must keep at the disposal of this oversight body the respective relevant information included in Annexes C and D. 7. Operating with Cash Dispensers In order to operate using cash dispensers, the enterprises referred to in paragraph A of Article 16 of the General Law must be authorized under that law to issue credit and/or debit cards or be authorized to conduct said activity in accordance with the provisions issued by this Superintendency.

6 8. Reporting 8.1. The enterprises shall forward to this Superintendency by no later than March 31 of each year their annual schedule for the opening, conversion, transfer and closing of offices and shared premises, containing the items, and in the format, established in Annex E of this Regulation. Physical delivery of that program and its updates may be replaced by, and/or transmitted using IT devices authorized by this Superintendency. Those programs and their respective amendments must be approved by the corresponding Board Within seven (7) calendar days of the official opening, transfer, conversion or closing of offices or use of shared premises, the enterprises shall forward to this Superintendency Annex B, movement of offices, of this Regulation. Physical delivery of that program and its updates may instead be sent and/or transmitted using IT devices authorized by this Superintendency Financial system enterprises shall periodically notify this Superintendency of the number of cash dispensers and banking agents they have, using the electronic format designated for that purpose The enterprises must remit within the first thirty (30) calendar days of the month of January an inventory of the offices functioning with a cut-off date of the close of the preceding fiscal year in the format shown in Annex F on this Regulation. 9. Final Provisions 9.1. The competent Board may delegate to the office of the general manager, or to a management committee, the power to approve and request authorization from this Superintendency for the opening and closing of temporary special offices. In that case, a copy of the agreement of the competent Board referred to in paragraph may be replaced by the indication on the application to this Superintendency of the date as well as the body that made the decision The transfer of offices referred to in paragraph 5.1 and 6.1 of this Regulation may only refer to the geographical and economic service area indicated in Annex A, Economic Feasibility Profile, drawn up by the enterprise to open or convert the office to be transferred. If the office is to be transferred outside the aforementioned service area, it shall be considered a closing and an opening of an office, respectively No prior authorization shall be required, nor shall the term office be applicable, to those installations whose exclusive function is to provide promotional and information services regarding the operations that the enterprise is authorized to perform and/or to gather documentation referring to them, as the enterprises are responsible for the documentation received. No kind of operation may be performed in such installations In the case of the authorizations referred to in paragraphs 5.1 and 6.1 of this Regulation concerning offices included in the annual program and its respective updates, in accordance with paragraph 8.1, enterprises classified in risk category A having had that classification for the two preceding semesters only need to provide prior information on the whereabouts and exact address of the offices to be authorized, together with the geographical and economic service area of the office in cases of opening, transfer and conversion. They should keep at the

7 disposal of this Superintendency all the documentation referred to in the above-mentioned paragraphs. The corresponding resolutions granting authorization shall be issued within no more than five (5) business days of the receipt of said communication Transitional Provision The time allowed for submitting the annual program for opening, converting, transferring and closing offices and shared premises established in paragraph 8.1 for the year 2008 shall expire 45 calendar days after the publication of this Regulation. 1 Paragraph incorporated through Resolution N of September 16, 2008.

8 ANNEX A ECONOMIC FEASIBILITY PROFILE This Profile should contain at least the following information: 1. The geographical and economic service area of the proposed office. It shall also state where the office will function. 2. Total population and economically active population of the area where it will operate Analysis of the relevant market over the past two (2) years, along with an estimate of the proposed office s share in that market. In the case of insurance companies, a study of the development of the insurance market in the area of the proposed office, dating back two (2) years The operations to be conducted and services to be provided. 5. Organizational chart of functions and a table indicating staff needed, outlining the office s dependence on others and the offices for which it is responsible, if any. 6. Projected financial statements, profitability estimate, and break-even point Security measures adopted for the office. 1 These details shall not be required for temporary special offices.

9 ANNEX B MOVEMENT OF OFFICES NAME OF THE ENTERPRISE... COMPANY CODE... OFFICE CODE... I. Type of Movement Authorized (Please check the appropriate box.) Type of Office Head Office Agency Branch Special Office Movement Opening Conversion Transfer Closing II. III. Shared Premises Shared Premises Authorization by the S.B.S. S.B.S. Resolution Nº : Date of notification: Name of the enterprise(s) sharing the premises Type of Office Date: IV. Data on the Authorized Office Date when office movement took place: LOCATION NEW OFFICE PREVIOUS OFFICE (*) Country (**) Department Province District Housing estate Address Telephone (*) Only in the case of transfers (**) Only for branches V.- Organization of Office Functions Supervisory office or dependent office reporting to another Keeps or does not keep its own accounting books Number of staff working in the authorized office Number of cash dispensers dependent upon the office Number of correspondent dispensers dependent upon the office GENERAL MANAGER CHIEF ACCOUNTANT Reg. Nº...

10 ANNEX C CONDITIONS AND REQUIREMENTS FOR ESTABLISHING BANKING AGENT NETWORKS I. In order to establish networks of banking agents (cajeros corresponsales), supervised enterprises must comply with the following conditions and requirements: 1. The service operator that is to say, the individual or legal entity entering into a banking agent contract, shall have the following qualifications: 1.1 Not to have been classified as a deficient, doubtful or nonperforming borrower in the financial system under the rules in force at the time the banking agent contract is signed. That status must be maintained for the duration of the contract. 1.2 Have commercial establishments of his/her/its own or pertaining to third parties that attend to the public and possess appropriate physical infrastructure and human resources to be able to provide the services with the necessary degree of security. The aforementioned requirements shall also apply to the intermediaries or third parties that the enterprises use to operate as banking agents. 2. The enterprise must have information on the number and volume of transactions carried out for each type of service by each banking agent and monitor effective compliance with limits and other prudential measures established in each case. 3. Banking agents may be used to collect loans, withdraw money, transfer funds, make deposits in cash in own or third-party accounts, pay for services and make collections in general, as well as perform other services that the enterprise is authorized to provide to the satisfaction of this Superintendency. Under no circumstances may deposit accounts be opened or new loan operations of any kind be negotiated. The transactions conducted through banking agents must involve automatic deposits and/or withdrawals on accounts and/or credit lines, as the case may be, which do not require reconciliations or verifications other than those performed in electronic terminals connected to the enterprise. The Superintendency may authorize operations using a different modus operandi or other ways of providing services if it considers that the controls to be applied permit adequate management of associated risks, in which case detailed information shall be provided regarding the proposed types of operation, accompanied by reports prepared by the Operating Risks Unit or its equivalent. 4. The enterprise shall establish limits for the provision of services agreed upon in conjunction with the banking agents. They must be prudent and bear a relation to the volume of cash moved by the operator himself. Said limits shall be set for each person and, where applicable, for each type of transaction. 5. The enterprise shall provide banking agents with sufficient training for them to adequately perform the operations and provide the services agreed upon, including at least aspects relating to the proper identification of customers, customer service, confidentiality of the information, and banking secrecy.

11 6. The enterprise shall provide banking agents with such operations manuals as are needed to ensure proper provision of services to customers. They shall include mention of the operating limits referred to in paragraph 4 above. 7. Measures shall be implemented to control operating risk, including clause(s) in the contract establishing the liabilities of the banking agent vis-à-vis the enterprise. 8. The supervised enterprise shall remain liable vis-à-vis the customer or user and the Superintendency for the delivery of services, management of risks and compliance with regulations with respect to the operations to be performed through banking agents. 9. The enterprise shall possess mechanisms that enable its customers or users to appropriately identify the banking agent and it shall make information available about the services it provides through such agents. 10. In order to begin providing services through banking agents, the enterprise shall conduct a prior study containing the minimum indicated in number section II. II. The enterprise shall conduct a study prior to operations using banking agents that includes at least the following: a) A report, prepared by the Risks Unit or equivalent area, assessing the risks attached to the operations to be performed through banking agents and determining the measures to be adopted to mitigate risk. b) A report containing the opinion of the Internal Audit Unit regarding the adaptation of internal controls performed at the stage prior to the launching of operations or products. c) The terms of the contract to be signed with the services operator, that is to say, the individual or legal entity possessing own or third-party establishments in which the banking agents will be installed. If third-party establishments are to be used, information shall also be provided on the terms of the contract to be signed by the individual or legal entity acting as services operator with the third parties providing physical space or other infrastructure needed to carry out banking agent activities.

12 ANNEX D DOCUMENTS REQUIRED FOR THE ESTABLISHMENT OF BANKING AGENTS Pursuant to paragraph 6.2 of this Regulation, the enterprises must keep at the disposal of the Superintendency the following information and/or documents: a. The name, designation or company name of the services operator whether an individual or legal entity, as the case may be that will be used to sign banking agent contracts, and of the commercial establishments owned by the agent or by third parties where the banking agents will operate, with details on their respective activities. b. Location of the own or third-party establishments in which banking agent services will be provided and their working hours. c. The services to be provided through banking agents and the limits to which they will be subject. d. A copy of the minutes of the Board of Directors meeting recording the decision to underwrite banking agent contracts. e. The policies and procedures applicable to the provision of services through banking agents, as well as a description of the technology used. f. A copy of the Report by the Risks Unit or equivalent unit containing its assessment of the risks attached to the operations to be performed through banking agents and its determination of the measures to be adopted in order to control the risks identified, in accordance with provisions currently in force. g. A copy of the Report containing the opinion of the Internal Audit Unit regarding the adaptation of internal controls implemented in the phase prior to the launching of operations or products. h. Amendments to the Statutes of the enterprise, where applicable. i. A copy of the contracts referred to in paragraph c) of Section II of Annex C of this Regulation, where applicable.

13 ANNEX E ANNUAL PROGRAMMING FORM FOR OFFICES 1/ NAME OF THE ENTERPRISE... COMPANY CODE... Type of Office 2/ Type of Procedure 3/ Geographical Location District Province Department Geographical Service Area Estimated Date for Start of Operations Projected Investment Shared/ Not Shared Office to which it would report 4/ Total Offices Opening: Conversion: Transfer: Closing: 1/ The number of offices that the enterprise intends to establish, convert, transfer and/or close in the course of the year. 2/ Agency, Branch, Permanent Special Office 3/ Opening, Conversion, Transfer or Closing 4/ In the case of Special Offices Los Laureles Nº Lima 27 - Peru Tel.: (511) Fax: (511)

14 ANNEX F INVENTORY OF CURRENTLY OPERATING OFFICES 1/ NAME OF THE ENTERPRISE... COMPANY CODE... SBS Office Code 2/ Type of Office 3/ Address District Province Department N of Resolution Opening Date of Resolution Opening Shared/ Not Shared 1/ This is the number of offices currently operating. 2/ Code provided by the SBS 3/ Agency, Branch, Special Office