Market Update ASLF 2016 Diego Castro Securities Country Manager

Capital Market GDP Growth YoY Inflation and Targets YoY Fiscal Account % GDP Net International Reserves in USD Billion Source: BCRP

S&P BVL General -41% (in USD) Trading Vol - 39% (in USD) # Transactions -41% ASM $22MM +100% YoY Baa3 (Moody’s) BBB- (S&P) BBB- (Fitch) BBB (S&P) BBB (Fitch) A3 (Moody’s) BBB+ (S&P) BBB+ (Fitch) BVL Millenium Platform MSCI maintains Peru as EM S&P Indexes MSCI Consultation Cavali waives fees Sec.Lending & Prop. Trading BVL waives fees Sec.Lending & Prop. Trading SMV waives fees Sec. Lending CGT exemption Project sent to Congress Law to Promote Liquidity CGT Exemption Regulation Aug-15 Dec-15 Sep-15Nov-15Oct-15May-15 SMV waives fees on Prop. Trading Cavali implements Sec Lending capabilities MoF modifies SB Regulation SMV approves changes to CTM Regulation Capital Market Highlights Source: Cavali, MEF, BCRP

Recent Market Developments Key Development Change Client Impact Waiver to Market Fees BVL, Cavali and SMV to Broker´s Prop Trading and Sec Lending Improve liquidity of the stock market and incentive Sec. Lending Law & Regulation to Promote Capital Markets Liquidity & Integration Capital Gains Exemption if stocks meet criteria Tax savings on equity capital gains and improve of returns Regulation on Trading and Settlement for Sovereign Bonds Sovereigns to trade in CTM and cash to settle in Cavali Transparency on Market Activity and Incremental Cross- Border cash transfers

Service Update Key Development Change Client Impact Capital Gains Tax Exemption Requirements Investors to provide information to benefit from exemption Cumbersome process for non-domiciled investors GDN Conversion Process under Centralized Settlement Adequate Cavali internal regulation and processing to remain FoP Clients to continue instructing GDN conversions FoP Auto Cash Automatically process cash credits and debits related to Securities transactions Greater reliability and efficiency in processing while mitigating operational risk

Forthcoming Initiatives CTM regulation enacted by SMV Datatech proposed by-laws under review by SMV Cavali to develop fail management process Centralized Trading & Settlement of Sovereign Bonds Allows Citi as custodian acting on behalf of its clients, to settle both securities and cash directly with Cavali and mitigate counterparty risk. Today cash settles through local brokers Direct Participant Working with market players to incorporate non-domiciled investors into the model and provide transparency & traceability Shadow posting in Secore for Securities Lending transactions for equity and fixed income securities Securities Lending Automate pre-match and settlement of fixed income transactions between Cavali´s and Citi´s systems so to reduce operational risk and increase efficiencies Auto-PreMatch & Settlement for Fixed Income

MSCI Consultation  Peruvian delegation met with MSCI and Investors  Consultation May 2016: i) SPCC reclass to US market and ii) Peru as EM or FM  Execution of market initiatives: –CGT Exemption on equities –Market Makers Incentives –Securities Lending and Short Selling –Algorithmic Trading –Tariffs Reductions –FIRBIs (REITs) development Presidential Elections  Leading candidates: Fujimori, Kuczynski, Acuña, Garcia, Guzman (Ipsos as of Jan 2016)  Fujimori´s party leading polls as per latest surveys ~ 33% (Ipsos as of Jan 2016)  President would be elected in second round Country Hot Topics

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