Supervisory Body

CONASEV
Comisión Nacional Supervisora de Valores

Name of Clearing & Settlement Organization

CAVALI ICVL S.A.

Settlement Cycle

a) Day trade with equity : T
b) Equity Cash operations: T + 3
c) Equity Repos : FL1, FL2* .
d)Fixed income cash operations : T+2
e) Fixed income repos: FL1, FL2**
f) Money market : T, T+1, T+2

*Both parameters are agreed upon by the brokers.
FL1 can take the values T, T+1 , while FL2 is the settlement day
for forward transactions. Maximum term for this transactions is 360 days.
**Both parameters are agreed upon by the brokers. FL1 can take the values T, T+1 or T+2 ,
while FL2 is the settlement day for forward transactions. Maximum term for this transactions is 360 days.

Name of Central Securities Depository

CAVALI ICVL S.A.

Commissions on Transactions levied by Exchange
Equity Market
a) Cash transactions: 0.0825% of the traded value.
b) Day trade: 0.03% of the traded value.
c) OPAS-tender offers / Share repurchase offers (OPC) / Shares Exchange Offers (OPI) / Public offer for sale (OPV)/ Auctions:
0.0825% of the traded value (applied to the buyer and seller).
d) Repos: First sale: 0.012% of the traded value / Last sale: 0.006% of the traded value.
e) Forward purchase contracts with premium :
- On premium: 0.0825% of the traded value.
- On forward contract amount: 0.0825% of the traded value. It is charged to the buyer if the operation is settled.
Debt securities
f) Auction: S/. 10 (equivalent to US$3.3 at the end of 2007).
g) Continuous trading: S/. 10 (equivalent to US$3.3 at the end of 2007).
h) Money Market: S/.10 (equivalent to US$3.3 at the end of 2007).
i) Non serial issues Market : S/.10 (equivalent to US$3.3 at the end of 2007).
j) Repos : First sale / Last sale - S/. 5 (equivalent to US$1.7 at the end of 2007).

Taxes on Dividends, Interests

Dividends: 4.1% . Domestic institutional investors are exempt from this tax.
No taxes on capital gains until Dec 31, 2008
No taxes on capital gains and interest from Fixed Income Instruments.

2007 Share ownership thresholds (%)

It is required that every listed company discloses to the market the list of shareholders who own 5%
or more of the capital of the company. It is also required that the companies with shares listed at
the Bolsa de Valores de Lima send a report to CONASEV that contains a list with the names and participation
of the shareholders who, at the end of the month, own more than 0.5% of the capital shares with voting rights.

Short selling (Yes / No)

Yes
No

Short selling conditions (if any)

Short selling can only be made with the shares listed at the Tabla de Valores Referenciales
1 and 2, two lists that include the most liquid securities traded at the Bolsa de Valores de Lima.
This lists are determined by the Market Direction.
There are also price restrictions. None broker is allowed to do short selling at the Lima Stock Exchange:
a) At a price lower to the last quotation; or,
b) At a price equal to the last quotation unless this is greater to the former different.
For example:
- If the last quotation is S/.5.00 and the former different quotation is S/.5.05, short selling can be made at a S/.5.01 or greater.
- If the last quotation is S/.5.00 and the former different quotation is S/.4.95, short selling can be done at a price of S/.5.00 or greater.