# EDGAR Filing Document

**Accession Number:** 0000077694
**File Stem:** 0001193125-25-156820
**Filing Date:** 2025-7
**Character Count:** 289787
**Document Hash:** a2ce5f86e30ce5a6c39ec09677362dba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156820.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001193125-25-156820

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20231231

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PERU REPUBLIC OF
- **CENTRAL INDEX KEY:** 0000077694
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02512
- **FILM NUMBER:** 251112208

**BUSINESS ADDRESS:**
- **STREET 1:** 241 EAST 49TH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**MAIL ADDRESS:**
- **STREET 1:** MINISTERIO DE ECONOMIA Y FINANZA
- **STREET 2:** JR JUNIN NO 319
- **CITY:** LIMA PERU
- **STATE:** R5
- **ZIP:** 999999999

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**Amendment No. 3** 

**ANNUAL REPORT** 

**of** 

## Republic of Peru
**(Name of Registrant)** 

**Date at end of last fiscal year: December 31, 2023** 

**SECURITIES REGISTERED\*** 

**(as of the close of the last fiscal year)** 

**CALCULATION OF REGISTRATION FEE** 

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| | | |
|:---|:---|:---|
| **Title of Issue** | **Amounts as to**<br> **Which Registration**<br> **is Effective** | **Names of**<br> **Exchanges on**<br> **Which Registered** |
| N/A | N/A | N/A |

---

**Names and addresses of persons authorized to receive notices** 

**and communications from the Securities and Exchange Commission** 

**Ambassador Alfredo Ferrero Diez Canseco** 

**Embassy of Peru in the United States** 

**1700 Massachusetts Avenue NW** 

**Washington, D.C. 20036** 

**(Name and Address of Authorized Representative of the Registrant in the United States)** 

***Copies to:***

**Michael L. Fitzgerald** 

**Baker & McKenzie LLP** 

**452 Fifth Avenue** 

**New York, NY 10018** 

**(212) 626-4100** 

\* The Registrant is filing this report on a voluntary basis.

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**EXPLANATORY NOTE** 

This Amendment No. 3 to the Republic of Peru's Annual Report on Form 18-K for the year ended December 31, 2023 comprises:

(a) Pages numbered 1 to 3 consecutively; and

(b) The following exhibit:

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| | |
|:---|:---|
|  Exhibit 1 | [Dealer Manager Agreement, dated June 25, 2025, among the Republic of Peru and BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Santander US Capital Markets LLC](d32530dex991.htm) |
|  Exhibit 2 | [5.500% U.S. Dollar-Denominated Global Bonds Due 2036](d32530dex992.htm) |
|  Exhibit 3 | [Opinion of General Counsel of the Ministry of Finance of the Republic of Peru with respect to the 5.500% U.S. Dollar-Denominated Global Bonds Due 2036](d32530dex993.htm) |
|  Exhibit 4 | [Opinion of Baker & McKenzie LLP with respect to the 5.500% U.S. Dollar-Denominated Global Bonds Due 2036](d32530dex994.htm) |

---

**This Amendment No. 3 to the Annual Report is filed subject to the instructions for Form 18-K for Foreign Governments and Political Subdivisions thereof.** 

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Amendment No. 3 to the Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, New York, on July 8, 2025.

---

| | |
|:---|:---|
| By: | /s/ Alfredo Ferrero Diez Canseco |
|  | Name: Alfredo Ferrero Diez Canseco |
|  | Title: Ambassador of the Republic of Peru to the United States |

---

## Exhibit 99.1

**Exhibit 1** 

***Execution Version*** 

**DEALER MANAGER AGREEMENT** 

June 25, 2025

BNP Paribas Securities Corp.

787 Seventh Avenue

New York, NY 10019

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10013

HSBC Securities (USA) Inc.

66 Hudson Boulevard

New York, NY 10001

Santander US Capital Markets LLC

437 Madison Avenue

New York, NY 10022

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Invitations</u>. The Republic of Peru ("Peru") plans to make invitations (the "Invitations") to holders of its 7.350% U.S. Dollar-Denominated Global Bonds due 2025 (the "2025 USD Bonds"), 2.392% U.S. Dollar-Denominated Global Bonds due 2026 (the "2026 USD Bonds"), 4.125% USD-Denominated Global Bonds due 2027 (the "2027 USD Bonds"), 2.844% USD-Denominated Global Bonds due 2030 (the "2030 USD Bonds") and 2.783% USD-Denominated Global Bonds due 2031 (the "2031 USD Bonds" and, together with the 2025 USD Bonds, the 2026 USD Bonds, the 2027 USD Bonds and the 2030 USD Bonds, the "Eligible USD Bonds"), and 2.750% EUR-Denominated Global Bonds due 2026 (the "2026 EUR Bonds"), and 3.750% EUR-Denominated Global Bonds due 2030 (the "2030 EUR Bonds" and, together with the 2026 EUR Bonds, the "Eligible EUR Bonds") to (i) submit offers to exchange Eligible USD Bonds for U.S. Dollar-Denominated Global Bonds due 2036 (the "New Bonds") (the "Exchange Offer") and/or (ii) tender Eligible USD Bonds and Eligible EUR Bonds for cash (the "Tender Offer"), on the terms and subject to the conditions set forth in the Invitation Materials (as defined in Section 4 hereof). The Eligible USD Bonds and the Eligible EUR Bonds are collectively referred to herein as the "Eligible Bonds." Capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to them in the Invitation Materials (as defined in Section 4 hereof).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment as Joint Dealer Managers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Peru hereby engages and appoints each of BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Santander US Capital Markets LLC as exclusive Joint Dealer Managers (each, a "Joint Dealer Manager," and collectively, the "Joint Dealer Managers" or "you"), and authorizes each of you to act as such on its behalf, in accordance with this Agreement and the Invitations including pursuant to your obligations as Joint Dealer Managers as set forth in this Agreement. You agree to (i) use your reasonable best efforts to solicit exchange offers and tender offers pursuant to the Invitations, (ii) communicate with brokers, dealers, commercial banks, trust companies and other persons, including the holders of the Eligible Bonds, with respect to the Invitations, and (iii) perform the duties ascribed to you in the Invitation Materials, all in accordance with your customary practices for these types of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Tender Offer, on the Settlement Date (as defined in Section 9 hereof), Peru agrees to pay promptly, in accordance with the terms of the Invitations, the applicable purchase price for the Eligible Bonds to the holders entitled thereto. Peru agrees not to purchase any Eligible Bonds during the term of this Agreement except pursuant to and in accordance with the Tender Offer or as otherwise agreed in writing by the parties hereto and permitted under applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Liability for Acts of Dealers, Commercial Banks and Trust Companies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Joint Dealer Managers nor any of their affiliates, nor any partners, officers, directors, agents, employees or controlling persons (if any) of the Joint Dealer Managers or any of their affiliates shall have any liability (in tort, contract or otherwise) to Peru or any other person asserting claims on behalf of or in right of Peru for any act or omission on the part of any broker or dealer in securities (each, a "Dealer") (other than the Joint Dealer Managers) or any commercial bank or trust company that solicits exchange offers and tender offers. Further, no Joint Dealer Manager nor any of its affiliates, nor any partners, officers, directors, agents, employees or controlling persons (if any) of the Joint Dealer Managers or any of their affiliates shall have any liability (in tort, contract or otherwise) to Peru or any other person asserting claims on behalf of or in right of Peru for any losses, claims, damages, expenses or liabilities arising in connection with or as a result of either the Joint Dealer Managers' engagement or any matter referred to in this Agreement except for any such losses, claims, damages, expenses or liabilities incurred by Peru or any other person asserting claims on behalf of or in right of Peru that are finally judicially determined by a court of competent jurisdiction to have resulted from such Joint Dealer Manager's own bad faith, gross negligence or willful misconduct in performing the services that are the subject of this Agreement. In soliciting or obtaining exchange offers and tender offers, you, as Joint Dealer Managers, shall act as independent contractors, and no Dealer, commercial bank or trust company is to be deemed to be acting as your agent or the agent of Peru, and you, as Joint Dealer Managers, are not to be deemed the agent of each other, Peru, any Dealer, commercial bank or trust company or any other person. It is understood that nothing in this Agreement nor the nature of the Joint Dealer Managers' services shall be deemed to create a fiduciary duty or agency relationship between the Joint Dealer Managers and

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Peru. Peru shall have sole and absolute authority for the acceptance or rejection of any and all exchange offers and tender offers. Peru further understands and agrees that each of the Joint Dealer Managers shall provide its services hereunder independently from the other Joint Dealer Managers and that no Joint Dealer Manager shall have any liability to Peru for any actions or omissions of the other Joint Dealer Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Peru hereby acknowledges and agrees that each Joint Dealer Manager (and its respective affiliates) is acting pursuant to this Agreement solely in its capacity as an arm's length contractual counterparty to Peru in connection with the Invitations and not as a financial advisor or a fiduciary to, or an agent of, Peru or any other person. Additionally, no Joint Dealer Manager (nor any of their respective affiliates) is advising Peru or any other person as to any legal, tax, investment, accounting, insurance or regulatory matters in any jurisdiction. Peru shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Joint Dealer Managers (and their respective affiliates) shall have no responsibility or liability to Peru with respect thereto. Any review by the Joint Dealer Managers (and their respective affiliates) of Peru, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Joint Dealer Managers (and their respective affiliates) and shall not be on behalf of Peru.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties acknowledge and agree that Joint Dealer Managers may perform certain of their services contemplated hereby through their respective affiliates, and any of such affiliates performing services hereunder shall be entitled to the benefits and be subject to the terms and conditions of this Agreement. In each case, each of the Joint Dealer Managers shall be responsible for the payment of any fees and commission to their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>The Invitation Materials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the Invitations and in accordance with Section 4(b) hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Peru authorizes the Joint Dealer Managers to reproduce and distribute, as they may deem necessary or advisable, the Prospectus Supplement, the Base Prospectus (each as defined below), any "issuer free writing prospectus" as defined in Rule 433 under the Securities Act of 1933, as amended (the "Securities Act") used in connection with the Invitations (an "Issuer Free Writing Prospectus"), the Ministerial Resolution No. 311-2025-EF/52 authorizing the issuance of the New Bonds and the Exchange Offer and the Tender Offer, newspaper advertisements, and announcements to potential participants and press releases pursuant to Rule 134 under the Securities Act relating to the Invitations, and any forms, if necessary, of letters to brokers, dealers, commercial banks, trust companies and other nominees relating to the Exchange Offer and Tender Offer under the rules of The Depository Trust Company, Euroclear Bank S.A./N.V. or Clearstream Banking S.A. (the "Clearing Systems") (collectively, including any amendments, supplements or documents incorporated by reference thereto provided by or on behalf of Peru in accordance with this Agreement, the "Invitation Materials"), for use by the Joint Dealer Managers in connection with the Invitations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Peru further agrees to cause to be furnished to the Joint Dealer Managers (in New York City) with as many copies as the Joint Dealer Managers may reasonably request of the Invitation Materials. Peru shall cause to be delivered to each registered holder of any Eligible Bond, as soon as practicable, upon its request therefor, written or electronic copies of the appropriate Invitation Materials. Thereafter, to the extent practicable until the Expiration Date (as defined in Section 9 hereof), Peru shall use its best efforts to cause written or electronic copies of such Invitation Materials to be delivered to each person who becomes a holder of record of any Eligible Bond upon its request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Peru shall not file, use, publish, amend or supplement any of the Invitation Materials, or prepare or approve any other offering material for use in connection with the Invitations, without the Joint Dealer Managers' prior written consent, which consent shall not be unreasonably withheld. Except for any Issuer Free Writing Prospectus included in Annexes III, IV or V hereto and any free writing prospectus (as defined by Rule 405 under the Securities Act, a "Free Writing Prospectus") containing customary information describing the preliminary and/or final terms of the Invitations or the New Bonds and prepared by the Joint Dealer Managers for use by the Joint Dealer Managers on Bloomberg screens or similar communications and which is not (i) an Issuer Free Writing Prospectus or (ii) a Free Writing Prospectus containing "Issuer information" (as defined by Rule 433(h)(2) under the Securities Act), no Joint Dealer Manager shall prepare, distribute, make available or approve any other press releases or other offering material (other than material prepared solely for the internal use of such Joint Dealer Manager) or external offering materials for use in connection with the Invitations without Peru's consent, which consent shall not be unreasonably withheld. Peru agrees that a reasonable time prior to using or filing with any governmental agency, authority or instrumentality, domestic or foreign (each an "Agency"), any Invitation Materials (whether preliminary or otherwise), Peru will submit copies of such material to the Joint Dealer Managers for their approval, which approval shall not be unreasonably withheld. The Joint Dealer Managers agree that they shall not disseminate any external documents for use in connection with the Invitations without Peru's prior review and written consent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Peru will advise the Joint Dealer Managers promptly of (i) the occurrence of any event which could cause Peru to withdraw, rescind, terminate, or modify the Invitations or would permit Peru to exercise any right not to exchange or pay for the Eligible Bonds tendered pursuant to the Invitations or not to issue the New Bonds, (ii) any requirement to amend or supplement any of the Invitation Materials, (iii) the issuance of any communication, comment or order relevant to the Invitations by any Agency (and, if in writing, will furnish the Joint Dealer Managers a copy thereof), (iv) its receipt of notice of any litigation or administrative or governmental action with respect to the Invitations, (v) any event or discovery of any fact, the occurrence or existence of which would cause any representation or warranty contained in this Agreement to be untrue or

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inaccurate in any material respect, and (vi) any other information relating to the Invitations which the Joint Dealer Managers may from time to time reasonably request in the performance of the Joint Dealer Managers' duties hereunder. At any time before Peru announces, on the Announcement Date (as defined in the Invitation Materials), the acceptance of any exchange offers or tender offers, Peru may, in its sole and absolute discretion: (x) terminate any of the Invitations; or (y) extend the Expiration Date. If Peru announces its acceptance of any or all of the exchange offers or tender offers, it will be obligated to settle such exchange offers and tender offers as applicable, subject only to the satisfaction of all of the conditions set forth in the Prospectus (as defined below). In addition, Peru may, at any time prior to the Expiration Date, amend the Invitations in any respect, subject to the consent of the Joint Dealer Managers (such consent not to be unreasonably withheld or delayed). The Joint Dealer Managers will promptly inform Peru of any litigation or administrative or governmental action with respect to the Invitations of which they become aware, provided that such communications are permitted under applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to the Invitations, Peru agrees (i) to prepare one or more prospectus supplements in a form approved by the Joint Dealer Managers, such approval not to be unreasonably withheld, and to timely file each such prospectus supplement pursuant to Rule 424(b) under the Securities Act not later than the close of business of the U.S. Securities and Exchange Commission (the "Commission") on the second Business Day (as defined herein) following the date such prospectus supplement is first used, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Securities Act, relating to the terms of the Invitations; (ii) to advise the Joint Dealer Managers, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Prospectus (as defined herein), any prospectus supplement or Free Writing Prospectus, of the suspension of the qualification of the New Bonds for invitation or sale in any jurisdiction in the United States or any jurisdiction described in the Prospectus under the caption "Jurisdictional Restrictions," of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement (as defined in Section 9), the Prospectus, any prospectus supplement or Free Writing Prospectus relating to the issuance of the New Bonds or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of the Prospectus, any prospectus supplement or Free Writing Prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order and (iii) promptly from time to time during and following the Expiration Date, to take such action as you may reasonably request to qualify the Invitations and the New Bonds for offering and sale under the securities laws of such jurisdictions in the United States as the Joint Dealer Managers may reasonably request and to comply with such laws so as to permit the continuance of the Invitations and sales and dealings in the New Bonds in such jurisdictions for as long as may be necessary to complete the Invitations and the distribution of the New Bonds, provided that in connection therewith Peru shall not be required to file a general consent to service of process in any jurisdiction. With respect to any jurisdiction identified in the Prospectus under the caption "Jurisdictional Restrictions," each of Peru and the Joint Dealer Managers shall take actions reasonably available to it or the Joint Dealer Managers, respectively, to permit the continuance of the Invitations and the distribution of the New Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Peru agrees, if the delivery of a prospectus is required under the Securities Act (including any of the rules promulgated by the Commission thereunder) or by any applicable law at any time prior to the expiration of nine months after the time of issue of the Invitation Materials in connection with the Exchange Offer and Tender Offer and if at such time any event shall have occurred as a result of which the Invitation Materials as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Invitation Material is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus in order to comply with the Securities Act or any applicable law, to notify the Joint Dealer Managers and upon the Joint Dealer Managers' request to prepare and furnish without charge to the Joint Dealer Managers and to any Dealer as many copies as the Joint Dealer Managers may from time to time reasonably request of amended Invitation Materials or a supplement to the Invitation Materials which will correct such statement or omission or effect such compliance; and in case the Joint Dealer Managers are required to deliver a prospectus in connection with sales of any of the New Bonds at any time nine months or more after the time of issue of the Invitation Materials, upon the request of the Joint Dealer Managers, to prepare and deliver to the Joint Dealer Managers as many copies as they may request of amended or supplemented Invitation Materials, as the case may be, complying with Section 10(a)(3) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Participation by Joint Dealer Managers and No Participation by Peru</u>. Peru and you agree to the matters described in the Prospectus Supplement under the caption "Terms of the Invitations—Participation by the Joint Dealer Managers" and under the caption "Terms of the Invitations—No Participation by Peru."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. Peru agrees to pay the Joint Dealer Managers, as compensation for their services as dealer managers in connection with the Invitations, an aggregate fee equal to 0.0375% of the aggregate principal amount of New Bonds issued in the Exchange Offer. Such fees shall be payable in U.S. dollars on the Settlement Date (as defined in Section 9 hereof) in immediately available funds, to an account or accounts in New York City designated by the Joint Dealer Managers and free and clear of any and all withholding or other similar taxes imposed by Peru and without withholding or deduction for, or on account of, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld, assessed by or within Peru or any authority therein or thereof having power to tax; if any such taxes are payable, the fees payable hereunder shall be increased so that the amount paid shall be equal to the amount that would have been payable had such taxes not been applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Expenses</u>. Peru and the Joint Dealer Managers agree to pay for costs and expenses incurred in connection with the transactions contemplated hereby as set forth in Schedule I hereto; provided, however, that this Section 7 shall in no way affect Peru's and the Joint Dealer Managers' obligations set forth in Section 12 of this Agreement. All payments to be made pursuant to this Section 7 for the reimbursement of expenses shall be payable promptly, without withholding tax or any deduction, no later than 30 days after an itemized invoice specifying the expenses to be reimbursed has been received by the party making such reimbursement. The parties shall perform their respective obligations set forth in this Section 7 regardless of whether (i) the Invitations are commenced, (ii) Peru terminates the Invitation prior to the Business Day following the Expiration Date, (iii) Peru issues any New Bonds pursuant to the Invitations or (iv) a Joint Dealer Manager withdraws pursuant to Section 11 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Information, Tender and Exchange Agent; Securityholder Lists</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Peru will appoint Global Bondholder Services Corporation to serve as information, tender and exchange agent in connection with the Invitations (the "Information, Tender and Exchange Agent"). The Joint Dealer Managers are authorized to communicate directly with the Information, Tender and Exchange Agent (and any other agent designated or retained by Peru) with respect to matters relating to the Invitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Peru agrees to cause to be furnished to the Joint Dealer Managers, to the extent the same is available to Peru, records or lists or copies thereof showing the names and addresses of, and principal amount of Bonds held by, the registered or beneficial owners of the Bonds as of a recent date. Peru shall use reasonable efforts to cause the Information, Tender and Exchange Agent to inform designated contact persons at each of the Joint Dealer Managers during each Business Day during the Invitations of exchange offers or tender offers received pursuant to the Invitations and such other information as the Joint Dealer Managers may reasonably require in connection with their services hereunder. The Joint Dealer Managers agree to use such information only in connection with the Invitations and not to furnish such information to any other person except in connection with the Invitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations, Warranties and Covenants of Peru</u>. Peru represents and warrants and covenants to each of the Joint Dealer Managers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date the Invitations are commenced (the "Commencement Date"), as of the time and date the Invitations expire (the "Expiration Date") and as of the date the Exchange Offer and the Tender Offer are settled (the "Settlement Date"), Peru meets the requirements for use of Schedule B under the Securities Act, and has filed with the Commission a registration statement on Schedule B (File No. 333-262067) relating to debt securities, warrants and units, including the New Bonds (together, the "Debt Securities"). Such registration statement, as amended through the date hereof, has been declared effective by the Commission. No stop order suspending the effectiveness of such registration statement has been issued, and no proceeding for that purpose has been initiated or threatened by the Commission. The base prospectus relating to the Debt Securities contained in such registration statement, as amended through the date hereof, is hereinafter called the "Base Prospectus." The prospectus supplement dated June 25, 2025 relating to the Invitations filed with the Commission pursuant to Rule 424 under the

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Securities Act is hereinafter called the "Prospectus Supplement." Such registration statement (including the Base Prospectus and any documents incorporated by reference in such registration statement, each as amended or supplemented through the date hereof) is hereinafter called the "Registration Statement." The Base Prospectus, as supplemented by the Prospectus Supplement, is herein called the "Prospectus"; any reference to either the Prospectus Supplement or the Base Prospectus as amended or supplemented shall be deemed to refer, as appropriate, to either the Prospectus Supplement or the Base Prospectus as amended or supplemented in relation to the Invitations in the form in which it is filed with the Commission pursuant to Rule 424(b) under the Securities Act. Any reference herein to the Prospectus Supplement, the Base Prospectus or the Time of Sale Information (as defined below) shall be deemed to refer to and include any documents incorporated by reference therein as of the respective dates of the Prospectus Supplement and the Base Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Commencement Date, the Expiration Date and the Settlement Date, the Registration Statement and the Prospectus, and any amendment or supplement thereto complied and will comply, in all material respects, with the requirements of the Securities Act and the rules and regulations of the Commission thereunder. The Registration Statement did not, as of the time of its effectiveness and will not, as of the Expiration Date and the Settlement Date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented with respect to the Invitations as of the applicable filing date thereof, as of the Commencement Date, the Expiration Date and the Settlement Date, did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that Peru makes no representations or warranties with respect to any statements or omissions contained in the Invitations made in reliance upon and in conformity with information furnished in writing to Peru by the Joint Dealer Managers expressly for use in the Prospectus with respect to the Invitations, pursuant to Section 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes hereof, the "Time of Sale" is the time at which Peru announces its acceptance of any or all of the exchange offers and tender offers submitted pursuant to the Invitations (which unless extended or earlier terminated by Peru shall be 3:00 P.M., New York City time, on July 2, 2025), subject only to the satisfaction of all of the conditions set forth in the Prospectus. The Prospectus, together with each Issuer Free Writing Prospectus listed on Annex III hereto and any additional Issuer Free Writing Prospectuses used prior to the Time of Sale pursuant to Section 10 hereof that the parties hereto shall hereafter expressly agree in writing to treat as part of the Time of Sale Information, as of the Time of Sale (collectively, the "Time of Sale Information"), will when taken as a whole, not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Prospectus based upon and in conformity with the information furnished in writing to Peru by you expressly for use therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The electronic road show, if any, when taken together with the Time of Sale Information, at the Time of Sale did not, and on the Closing Date will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Prospectus based upon and in conformity with the information furnished in writing to Peru by the Joint Dealer Managers expressly for use therein, pursuant to Section 12 hereof. Each Issuer Free Writing Prospectus listed on Annexes III, IV and V hereto did not and will not conflict with the information contained in the Registration Statement or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Time of Sale Information complies and (as amended or supplemented, if amended or supplemented) will comply in all material respects with all applicable requirements of the U.S. federal securities laws and the laws of those jurisdictions in which the Joint Dealer Managers are authorized to make exchange offers and tender offers pursuant to this Agreement. The Time of Sale Information, including the information incorporated by reference therein, does not contain nor will it contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that Peru makes no representations or warranties with respect to any statements or omissions contained in the Time of Sale Information made in reliance upon and in conformity with information furnished in writing to Peru by the Joint Dealer Managers expressly for use in the Time of Sale Information as amended or supplemented with respect to the Invitations, pursuant to Section 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Since the respective dates as of which information is given in the Registration Statement, the Prospectus and the Time of Sale Information, there has not been any material adverse change, or any event that would reasonably be expected to result in a prospective material adverse change, in the financial, economic or fiscal condition of Peru, otherwise than as set forth in or contemplated in the Registration Statement, the Prospectus or the Time of Sale Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Peru has full power and authority to execute and deliver this Agreement and all other documents to be executed and delivered by Peru hereunder and to make and consummate the Invitations, and to perform and observe the provisions of this Agreement and all other documents to be executed and delivered by Peru hereunder on its part to be performed or observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The execution and delivery of this Agreement and all other documents to be executed and delivered by Peru hereunder have been duly authorized and have been or will be duly executed and delivered by Peru; the consummation of the Invitations (including any provisions for payments by Peru) has been duly authorized by Peru; this Agreement constitutes a valid and binding agreement of Peru enforceable against Peru in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditors' rights and to general equity principles, and additionally subject, as to Section 12 hereof, to any limitations imposed by the securities laws of any applicable jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The New Bonds have been duly authorized, and, when executed, authenticated, issued and delivered pursuant to the Invitation Materials and the indenture, dated as of August 25, 2015, among Peru, The Bank of New York Mellon, as trustee (the "Trustee"), and The Bank of New York Mellon S.A./N.V., Luxembourg Branch, as Luxembourg paying agent (the "Indenture"), will have been duly executed, authenticated, issued and delivered. The New Bonds, which will be substantially in the form thereof in the Indenture, upon due authentication by the Trustee, will constitute valid and legally binding obligations of Peru entitled to the benefits provided by the Indenture. The Indenture has been duly authorized, executed and delivered and constitutes a valid and legally binding instrument, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No Governmental Approval (as defined below) is required for the due execution, delivery and performance by Peru of this Agreement, the Invitation Materials, the Indenture or the New Bonds, or the issuance and delivery of the New Bonds as contemplated in this Agreement, or for the validity or enforceability of this Agreement, the Invitation Materials, the Indenture or the New Bonds against Peru, other than those Governmental Approvals that have been duly obtained and are in full force and effect on the date hereof and all of which will be in full force and effect on the Settlement Date and provided that, only in respect of the performance of the New Bonds, any payment of principal or interest arising from such performance is and will be included by Peru in the Budget Law (as defined herein) corresponding to the fiscal year in which such payment is to be due. "Governmental Approval" means any approval, authorization, permit, consent, exemption or license and other action of or by, and any notice to or filing or registration with, Peru, any Governmental Agency (as defined below) or any other governmental authority or agency or regulatory or administrative body of Peru or any political subdivision thereof or therein (including, without limitation, any thereof relating to budget approvals and exchange controls).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There is no constitutional provision, or any provision of any treaty, convention, statute, law, regulation, decree, court order or similar authority binding upon Peru, or any provision of any contract, agreement or instrument to which Peru or any Governmental Agency (as defined below) is a party, which would be materially contravened or breached, or which would result in the creation of any lien or encumbrance, or under which a default would arise or a moratorium in respect of any obligations of Peru or any Governmental Agency be effected, as a result of the execution and delivery by Peru of this Agreement, the Invitation Materials, the Indenture or the

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New Bonds, or the issuance and delivery of the New Bonds as contemplated in this Agreement, or as a result of the performance or observance by Peru of any of the terms of this Agreement, the Invitation Materials, the Indenture or the New Bonds. "Governmental Agency" means each agency, department, ministry, authority, municipality, statutory corporation or statutory body or judicial entity of Peru or any political subdivision thereof or therein, now existing or hereafter created, and any bank, corporation or other legal entity owning 51% or more of the capital or voting stock or other ownership interest of which is now or hereafter owned or controlled, directly or indirectly, by Peru or by any state or municipality of Peru.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The New Bonds, when duly authenticated by the Trustee, will be direct, general, unconditional, unsubordinated and unsecured obligations of Peru and will be backed by the full faith and credit of Peru for the due and punctual payment of the principal of and interest on the New Bonds and the performance of the covenants therein contained. The New Bonds will at all times rank equal in right of payment, without any preference among themselves, with all of Peru's other existing and future unsecured and unsubordinated indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) There is no pending or, to the knowledge of Peru, threatened action or proceeding affecting Peru or any Governmental Agency before any court, governmental agency or arbitrator which may, individually or in the aggregate, materially adversely affect the financial condition of Peru or its ability to perform its obligations under this Agreement, the Invitation Materials, the Indenture or the New Bonds, which purports to affect the legality, validity or enforceability of this Agreement, the Invitation Materials, the Indenture or the New Bonds, except as otherwise disclosed in the Invitation Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Other than as set forth in the Invitation Materials, Peru is not in default in the payment of principal, interest or any other amount owing on any obligation in respect of indebtedness for money borrowed, and Peru has not received any notice of default or acceleration with respect to any obligation in respect of indebtedness for money borrowed, in each case or in the aggregate, which would have a material adverse effect on the financial condition of Peru or its ability to perform its obligations under Agreement, the Invitation Materials, the Indenture or the New Bonds, or which is otherwise material to the rights of the holders of the New Bonds; the issue and sale of the New Bonds and the compliance by Peru with all of the provisions of this Agreement, the Invitation Materials, the Indenture or the New Bonds and the consummation of the transactions herein and therein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, the Constitution of Peru, as amended to the date hereof, any statutes, laws, decrees or regulations of Peru, or any treaty, convention or material agreement to which Peru is a party and which default, in each case or in the aggregate, would have a material adverse effect on the financial, fiscal or economic condition of Peru or its ability to perform its obligations under this Agreement, the Invitation Materials, the Indenture or the New Bonds or which is otherwise material to the rights of the holders of the New Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The transactions contemplated in this Agreement in connection with the Exchange Offer do not violate the terms of any previous issuances of securities by Peru.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) As soon as practicable after the Commencement Date, Peru will have made appropriate arrangements, to the extent applicable, with the Clearing Systems to allow for the book-entry movement of the tendered Eligible Bonds to be exchanged between the Clearing Systems participants and the Information, Tender and Exchange Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To ensure the legality, validity, enforceability, priority or admissibility in evidence in Peru of this Agreement, the Invitation Materials, the Indenture or the New Bonds, it is not necessary that this Agreement, the Invitation Materials, the Indenture, the New Bonds or any other document or instrument hereunder or thereunder be registered, recorded or filed with any court or other authority in Peru or be notarized or that any documentary, stamp or similar tax, imposition or charge be paid on or in respect of this Agreement, the Invitation Materials, the Indenture, the New Bonds or any other document or instrument hereunder or thereunder, other than any court tax of such amount as may apply from time to time under applicable Peruvian law in respect of this Agreement, the Invitation Materials, the Indenture, the New Bonds or any other document or instrument hereunder or thereunder brought before the Peruvian courts, provided that the admissibility into evidence and enforceability before a Peruvian court or authority of any document executed in a language other than Spanish (including judgments) requires such document to be (i) officially translated to Spanish and certified by a duly authorized public translator in Peru; and (ii) if issued in any country other than in Peru (x) which is a signatory country of the Hague Apostille Convention that has not opposed Peru's accession thereto, prior legalization by apostille before the competent authority in the country wherein it was issued, or (y) which is not a signatory country of the Hague Apostille Convention or has opposed Peru's accession thereto, legalized before a notary public, the Ministry of Foreign Affairs of such country, the competent Peruvian consulate and before the Peruvian Ministry of Foreign Affairs (*Ministerio de Relaciones Exteriores del Perú*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) There is no stamp, tax, levy, deduction, charge or withholding imposed by Peru or any political subdivision or taxing authority thereof or therein in connection with (i) the execution, delivery or enforcement of this Agreement, the Indenture, or the New Bonds, (ii) the issuance of the New Bonds, (iii) on any payment to be made by Peru thereunder or under the New Bonds, or (iv) the purchase or exchange of the Eligible Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Neither Peru nor any person acting on its behalf has taken, or will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the New Bonds or the price of any other security of Peru to facilitate the offering or the sale or resale of the New Bonds. Neither Peru nor any person acting on its behalf has issued, or will issue, without the prior consent of the Joint Dealer Managers, any stabilization announcement referring to the proposed issue of New Bonds, provided that no representation or warranty is given by Peru with respect to any of the actions of the Joint Dealer Managers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) This Agreement and the Indenture are, and upon authentication by the Trustee, the New Bonds will be, in proper legal form under the laws of Peru for the enforcement thereof in Peru against Peru. Any judgment issued by a New York court under this Agreement, the Indenture, or the New Bonds will be recognized as legally binding and may be, following an *exequatur* procedure in Peru for the recognition of the New York judgment, enforced or executed in Peru against Peru without the local court reopening the case; provided that the following requirements are met: (i) the judgment does not resolve matters under the exclusive jurisdiction of Peruvian courts (such as matters involving Peruvian real estate property); (ii) such court had jurisdiction under its own conflicts of law rules and under general principles of international procedural jurisdiction; (iii) the defendant was served in accordance with the laws of the place where the proceeding took place, was granted reasonable opportunity to appear before such foreign court, and was guaranteed due process rights; (iv) the judgment has the status of res judicata as defined in the jurisdiction of the court rendering such judgment; (v) there is no pending litigation in Peru between the same parties for the same dispute, which shall have been initiated before the commencement of the proceeding that concluded with the foreign judgment; (vi) the judgment is not incompatible with another judgment that fulfills the requirements of recognition and enforceability established by Peruvian law and such foreign judgment was rendered first; (vii) the judgment is not contrary to public order or good morals; (viii) it is not proven that such foreign court denies enforcement of Peruvian judgments or engages in a review of the merits thereof; (ix) such judgment has been (a) duly apostilled by the competent authority of the jurisdiction of the issuing court, in the case of jurisdictions that are party to the Hague Apostille Convention and have not opposed Peru's accession thereto, or (b) certified by Peruvian consular authorities, in the case of jurisdictions that are not party to the Hague Apostille Convention or have opposed Peru's accession thereto; and, is accompanied by a certified and officially translated copy of such judgment into Spanish by a duly authorized public translator in Peru; and, (x) the applicable court taxes and fees have been paid. Notwithstanding the above, the execution by Peruvian courts of any judgment ordering payment of any principal or interest arising from the New Bonds by Peru will be subject to availability of funds according to the statute passed by the Peruvian Congress setting forth the budget corresponding to the fiscal year in which such payment is to be due (the "Budget Law").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Peru is not aware that any of Standard & Poor's Ratings Services ("Standard & Poor's"), Fitch Ratings, Inc. ("Fitch") or Moody's Investors Service, Inc. ("Moody's") has made any announcement that it will have under surveillance or review, with possible negative implications, its rating of any of Peru's debt securities; and Peru has not been informed by any of Standard & Poor's, Fitch or Moody's that it intends or is contemplating any downgrading in any rating accorded to Peru's debt securities or any announcement that it will have under surveillance or review, with possible negative implications, its rating of any of Peru's debt securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The statements with respect to matters of Peruvian law and taxation set forth in the Invitation Materials are correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Peru has made or will make any arrangements necessary to be made by it to permit payment of cash and settlement to occur through the Clearing Systems on the Settlement Date in the manner described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Peru agrees that it will not announce the acceptance of any exchange offers or tender offers on or prior to the Announcement Date unless each of the conditions set forth in Section 11 hereof to be satisfied on or prior to such date has been satisfied or waived by the Joint Dealer Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Peru will make generally available to its security holders as soon as practicable but in no event later than 24 months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), a statement in the English language of the revenues and expenditures of Peru covering the first full fiscal year of Peru commencing after the date hereof which will satisfy Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Peru agrees (i) to deliver the New Bonds and pay promptly, as appropriate and in accordance with the terms and subject to the conditions of the Invitation Materials, the cash due in respect of rounding for the Eligible USD Bonds accepted by it pursuant to the Exchange Offer and (ii) to pay promptly, as appropriate and in accordance with the terms and subject to the conditions of the Invitation Materials, the purchase price for the Eligible Bonds accepted by it pursuant to the Tender Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) From the date hereof through the period ending 15 days after the Settlement Date, Peru will ensure that no other dollar-denominated debt securities of Peru (other than debt securities with a maturity of one year or less) are placed or sold in the international capital markets, directly or indirectly on its behalf, in any manner which might, in the reasonable opinion of the Joint Dealer Managers, have a detrimental effect on the successful offering and distribution of the New Bonds, unless the Joint Dealer Managers otherwise agree in writing. Peru will cause the Eligible Bonds acquired by it pursuant to the Invitations to be cancelled in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) From the date hereof through the period ending 15 days after the Settlement Date, Peru will not offer, sell, contract to sell or otherwise dispose of any Eligible Bonds acquired by it pursuant to the Exchange Offer or Tender Offer, other than by delivering Eligible Bonds to the Trustee for cancellation, without the prior written consent of the Joint Dealer Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Peru agrees that an application will be made within 30 days of the Settlement Date to admit the New Bonds for listing on the Official List of the Luxembourg Stock Exchange and for trading on its Euro MTF Market.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Peru is a member of, and is eligible to use the general resources of, the International Monetary Fund (the "IMF"), the Inter-American Development Bank (the "IDB") and the International Bank for Reconstruction and Development (the "World Bank"). The IMF, the IDB and the World Bank have not limited, pursuant to their Articles of Agreement or Rules and Regulations, the use by Peru of the general resources of the IMF, the IDB or the World Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Neither Peru, nor, to the knowledge of Peru, any agent of Peru is currently the target of any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of Commerce, the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty's Treasury or other relevant sanctions authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The execution and delivery of this Agreement, the Indenture, the issuance and delivery of the New Bonds, the performance of the terms of the New Bonds and the transactions under the Invitation Materials constitute private and commercial acts rather than public or governmental acts, as such terms are defined under the U.S. Foreign Sovereign Immunities Act of 1976 (and as interpreted by applicable case law). Under the laws of Peru, neither Peru nor any of its property, except for (i) property held by a diplomatic or consular mission of Peru; (ii) property of a military character and under the control of a military authority or defense agency of Peru; (iii) public domain property; (iv) shares of Peruvian public sector entities or shares of Peruvian private sector entities owned or controlled by Peru or by a Peruvian public sector entity, or revenues collected from the sale of such shares, to the extent such shares or revenues are exempt by Peruvian law from attachment or execution; or (v) funds deposited in Peru's accounts held in the Peruvian financial system that constitute public domain property, has any immunity from jurisdiction of any court or from set-off or from execution, attachment or any other legal process. The waivers of immunity by Peru contained in this Agreement, the Indenture and the New Bonds, the appointment of the process agent in this Agreement, the Indenture and the New Bonds, the consent by Peru to the jurisdiction of the courts specified in this Agreement, the Indenture and the terms and conditions of the New Bonds and the provision that the laws of the State of New York govern this Agreement, the Indenture and the New Bonds, are irrevocably binding on Peru.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Indenture conforms, and the New Bonds will conform, in all material respects, to the descriptions thereof contained in the Prospectus; and the statements made under the captions "Description of the New Bonds" in the Prospectus Supplement and "Description of the Securities" in the Base Prospectus constitute, insofar as they purport to summarize the terms of the New Bonds, accurate, complete and fair summaries in all material respects of such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Free Writing Prospectuses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Peru represents and agrees that it has not made and will not make any offer relating to the Invitations that would constitute a "free writing prospectus" as defined in Rule 405 under the Securities Act without the Joint Dealer Managers' prior oral or written consent and that Annexes III, IV and V hereto are a complete list of any Issuer Free Writing Prospectuses for which Peru has received such consent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Peru has complied and will comply with the requirements of Rule 433 under the Securities Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Peru agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, Peru will give the Joint Dealer Managers prompt notice thereof, and if the Joint Dealer Managers so request, will prepare and furnish without charge to each of the Joint Dealer Managers an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission; provided, however, that this representation and warranty shall not apply to any statements or omissions in an Issuer Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to Peru by you expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Conditions to Joint Dealer Managers Obligations</u>. Each of the Joint Dealer Managers shall be entitled to withdraw as a Joint Dealer Manager in connection with the Invitations, at any time, if any of the conditions set forth in this Section 11 is not met, and obligations of the Joint Dealer Managers hereunder shall at all times be subject, in their discretion, to the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties and other statements of Peru contained herein are now, and on the Settlement Date and at all times during the Invitations and until settlement of the issuance of the New Bonds pursuant to the Invitations on the Settlement Date, will be, true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Peru at all times during the Invitations shall have performed all of its obligations hereunder theretofore required to have been performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Prospectus, as amended or supplemented with respect to the Invitations, shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act within the applicable time period prescribed for such filing by the rules and regulations under the Securities Act and in accordance with Section 4(d) hereof. No stop order suspending the effectiveness of the Registration Statement or any part thereof or the use of the Prospectus or any Issuer Free Writing Prospectus shall have been issued and no proceeding for the purpose shall have been initiated or threatened by the Commission. All requests for additional information on the part of the Commission shall have been complied with to the Joint Dealer Managers' reasonable satisfaction. Any Issuer Free Writing Prospectus contemplated by Section 10 hereof, and any other material required to be filed by Peru pursuant to Rule 433(d) under the Securities Act shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433 of the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the Commencement Date and the Settlement Date, Davis Polk & Wardwell LLP, the Joint Dealer Managers' United States counsel, shall have furnished to the Joint Dealer Managers such written opinion or opinions, dated the respective date of delivery thereof, with respect to the validity of this Agreement, the New Bonds, the Registration Statement, the Prospectus and such other related matters as the Joint Dealer Managers may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters. In rendering their opinions, Davis Polk & Wardwell LLP may assume all matters of Peruvian law covered by the opinions referred to in Section 11(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the Commencement Date and the Settlement Date, Estudio Rubio, Leguía, Normand S. Civil de R.L., the Joint Dealer Managers' special Peruvian counsel, shall have furnished to the Joint Dealer Managers such written opinion or opinions, dated the respective date of delivery thereof, with respect to the validity of this Agreement, the New Bonds, the Registration Statement, the Prospectus and such other related matters as the Joint Dealer Managers may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters. In rendering such opinion, such counsel may assume all matters of United States Federal and New York law covered by the opinions referred to in Section 11(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the Commencement Date and the Settlement Date, J&A Garrigues Perú S. Civil de R.L., the Peruvian counsel for Peru, shall have furnished to the Joint Dealer Managers their written opinion, dated the respective date of delivery thereof, in form and substance satisfactory to you, addressing the matters set forth in Annex I hereto. In rendering such opinion, such counsel may state that their opinion is limited to matters of Peruvian law and that as to all matters of United States Federal and New York law, counsel may rely upon the opinion referred to in Section 11(g) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the Commencement Date and the Settlement Date, Baker & McKenzie LLP, United States counsel for Peru, shall have furnished to the Joint Dealer Managers their written opinion, dated the respective date of delivery thereof, in form and substance satisfactory to you, addressing the matters set forth in Annex II attached hereto. In rendering such opinion, such counsel may state that their opinion is limited to the Federal laws of the United States and the laws of the State of New York and may rely upon the opinion referred to in Section 11(f) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Peru shall have furnished to the Joint Dealer Managers, on the Commencement Date and the Settlement Date, a certificate in English, dated the respective date of delivery thereof, of a duly authorized official of Peru, in which such official shall state that, to the best of his or her knowledge after reasonable investigation: (i) the representations and warranties of Peru in this Agreement are true and correct in all material respects with the same effect as though such representations and warranties had

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been made at and as of the respective date of this Agreement and of such certificate (other than such representations and warranties which are made as of a specified date), (ii) Peru has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the respective date of such certificate, and (iii) no proceeding has been initiated, or to the best of his or her knowledge, threatened to restrain or enjoin the making of the Invitations; or the issuance or delivery of the New Bonds pursuant to the Invitation Materials or in any manner to question the laws, proceedings, directives, resolutions, approvals, consents or orders under which the Invitations will be effected or the New Bonds will be issued pursuant thereto or to question the validity of the Invitations or the New Bonds and none of said laws, proceedings, directives, resolutions, approvals, consents or orders has been repealed, revoked or rescinded in whole or in relevant part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the respective dates as of which information is given in the Prospectus there shall not have been any material adverse change, or any prospective material adverse change, in or affecting the financial, economic, fiscal or political condition of Peru, in Peruvian currency exchange rates or exchange controls, or in Peruvian taxation affecting the Tender Offer or the New Bonds, otherwise than as set forth in or contemplated in the Prospectus and the Time of Sale Information, the effect of which, in any such case, is in the Joint Dealer Managers' judgment such as to make it impracticable or inadvisable to proceed with the Invitations or the purchase of Eligible Bonds, or the delivery of the New Bonds or exchange of the Eligible USD Bonds on the terms and in the manner contemplated by the Prospectus as amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Subsequent to the execution and delivery of this Agreement and on or prior to the Settlement Date there shall not have occurred any of the following (if the effect of any such event in the Joint Dealer Managers' judgment makes it impracticable or inadvisable to proceed with the Tender Offer or the issuance or the delivery of the New Bonds on the terms and in the manner contemplated by the Invitation Materials, on each of the date hereof and on or prior to the Settlement Date, or would materially and adversely affect the international financial markets or the market for the New Bonds): (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange, the Euro MTF Market of the Luxembourg Stock Exchange or the Luxembourg Stock Exchange; (ii) a suspension or material limitation in trading any securities of Peru on any international exchange; (iii) a general moratorium on commercial banking activities in New York or Peru declared by either United States or New York State authorities or authorities of Peru, respectively, or a material disruption in the commercial banking or securities settlement or clearance services in the United States or elsewhere; (iv) the outbreak or escalation of hostilities involving the United States or Peru or the declaration by the United States or Peru of a national emergency or war; or (v) the occurrence of any calamity or crisis or change in the existing financial, political or economic conditions in the United States, Peru or elsewhere.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On or after the date hereof and on or prior to the Settlement Date (i) no downgrading shall have occurred in the rating accorded Peru's debt securities by Standard & Poor's, Fitch or Moody's; (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of Peru's debt securities; (iii) Peru will not have been aware that any of Standard & Poor's, Fitch or Moody's has announced that it will have under surveillance or review, with possible negative implications, its rating of any of Peru's debt securities; and (iv) Peru will not have been informed by Standard & Poor's, Fitch or Moody's that it intends or is contemplating any downgrading in any rating accorded to Peru's debt securities or any announcement that it will have under surveillance or review, with possible negative implications, its rating of any of Peru's debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) A duly authorized official of Peru shall have furnished to the Joint Dealer Managers on the Commencement Date and the Settlement Date a certificate in English, dated the date of delivery, to the effect that as of its effective date and as of the date of such certificate, the Registration Statement and any further amendment thereto made by Peru did not, and do not, contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading; that, as of the date of the Prospectus Supplement, the Prospectus and any further amendment or supplement thereto made by Peru did not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; that, as of the Time of Sale, the Time of Sale Information and any further amendment or supplement thereto made by Peru did not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; that all statistical information in the Registration Statement, the Prospectus and the Time of Sale Information and any further amendment or supplement thereto is presented on a basis consistent with public official documents of Peru; and that, as of the date of such certificate, neither the Prospectus nor the Time of Sale Information nor any further amendment or supplement thereto made by Peru contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the foregoing certification shall not apply to the statements in or omissions from the Registration Statement, the Prospectus or the Time of Sale Information or any amendment or supplement thereto made in reliance upon and in conformity with information furnished to Peru in writing by the Joint Dealer Managers expressly for use in the Registration Statement, the Prospectus or the Time of Sale Information or any amendment or supplement thereto, pursuant to Section 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Peru shall have furnished to the Joint Dealer Managers on each of the Commencement Date and the Settlement Date such further information, certificates and documents as the Joint Dealer Managers may reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Peru agrees (i) to indemnify and hold each of the Joint Dealer Managers and their respective affiliates harmless against any loss, damage, reasonable and documented expense, liability or claim (or action in respect thereof) (A) which arises out of or is based upon any untrue statement of a material fact or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the Time of Sale Information, any Issuer Free Writing Prospectus and any other Invitation Materials or any amendment or supplement to any of the foregoing, or any of the documents referred to therein or in any amendment or supplement to any of the foregoing, or which arises out of or is based on the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that Peru shall not be liable in any such case to the extent that any such loss, claim, damage, reasonable and documented expense, or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Prospectus, the Time of Sale Information, any Issuer Free Writing Prospectus and any other Invitation Materials or any such amendment or supplement in reliance upon and in conformity with written information furnished to Peru by the applicable Joint Dealer Manager expressly for use therein; it being understood and agreed that the only such information shall be the respective names and addresses of the Joint Dealer Managers, which have been provided by and are the sole responsibility of the respective Joint Dealer Manager; or (B) which arises out of or is based upon any breach by Peru of any representation, warranty, covenant or failure to comply with any agreement set forth herein; or (C) which arises out of or is based upon a withdrawal, rescission, termination or modification of or a failure by Peru to make or consummate the Invitations; and (ii) to indemnify and hold each of the Joint Dealer Managers and the Joint Dealer Managers' affiliates, agents, directors, officers and employees or controlling persons harmless against any other loss, damage, reasonable and documented expense, liability or claim (or action in respect thereof) which otherwise arises out of or is based upon or asserted against the Joint Dealer Managers or the Joint Dealer Managers' affiliates in connection with each of the Joint Dealer Managers' acting as a Joint Dealer Manager in connection with the Invitations, or that arise in connection with any other matter referred to in this Agreement, except to the extent that any such loss, damage, expense, liability or claim referred to in this clause (ii) results from the applicable Joint Dealer Manager's gross negligence, bad faith or willful misconduct in performing the services that are the subject of this Agreement, as finally judicially determined by a court of competent jurisdiction. Peru also agrees to indemnify and hold each of the Joint Dealer Managers and their respective affiliates harmless against and to promptly reimburse each of the Joint Dealer Managers for any and all reasonable and documented expenses whatsoever (including legal and other fees and reasonable and documented expenses) reasonably incurred by each of the Joint Dealer Managers and their respective affiliates in connection with investigating, preparing for or defending against any such losses, damages, reasonable and documented expenses, liabilities or claims (or actions in respect thereof) within a reasonable time after such expenses are incurred and an itemized statement thereof, in reasonable detail, has been submitted to Peru whether or not resulting in any liability, and any amount paid in settlement of any litigation, commenced or threatened, or of any claim whatsoever as set forth herein if such settlement is effected with the written consent of Peru. Peru also agrees that, except as provided in Section 12(b) hereof, none of the Joint Dealer Managers nor any of their respective affiliates, nor any partners, directors, officers, agents, employees or controlling persons (if any), as the case may be, of the Joint Dealer Managers or any of their respective affiliates, shall have

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any liability, in tort or contract or otherwise, to Peru or any person asserting a claim on behalf of or in the right of Peru, in each case for or in connection with any matter referred to in this Agreement, except to the extent that any loss, damage, expense, liability or claim incurred by Peru is finally judicially determined by a court of competent jurisdiction to have resulted from such Joint Dealer Manager's gross negligence, bad faith or willful misconduct in performing the services that are the subject of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Joint Dealer Managers severally and not jointly will indemnify and hold harmless Peru against any loss, claim, damage, reasonable and documented expense or liability to which Peru may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, reasonable and documented expense or liability (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the Time of Sale Information, any Issuer Free Writing Prospectus and any other Invitation Materials or any amendment or supplement to any of the foregoing, or arises out of or is based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Prospectus, the Time of Sale Information, any Issuer Free Writing Prospectus or the Invitation Materials or any such amendment or supplement in reliance upon and in conformity with written information furnished to Peru by the Joint Dealer Managers expressly for use therein, it being understood and agreed that the only such information shall be the respective names and addresses of the Joint Dealer Managers, which have been provided by and are the sole responsibility of the respective Joint Dealer Manager; and will reimburse Peru for any legal or other reasonable and documented expenses reasonably incurred by Peru in connection with investigating or defending any such action within a reasonable time after such expenses are incurred and an itemized statement thereof, in reasonable detail, has been submitted to the Joint Dealer Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by

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such indemnified party, in connection with the defense thereof other than reasonable costs of investigation; provided, however, that an indemnifying party shall not, in connection with any one such action or separate but substantially similar actions arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm of attorneys at any time for all indemnified parties, except to the extent that local counsel, in addition to its regular counsel, is required in order to defend effectively against such action. Notwithstanding the indemnifying party's election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable and documented fees, costs and expenses of such separate counsel if (i) in the indemnified party's reasonable judgment the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party; or (iii) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify each indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party . No indemnified party shall, without the written consent of the indemnifying party (such consent not to be unreasonably withheld or delayed) effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 12 is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative economic benefits received by the indemnifying party on the one hand and the indemnified party on the other from the Invitations. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion

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as is appropriate to reflect not only such relative benefits but also the relative fault of Peru on the one hand and the Joint Dealer Managers on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative economic benefits of Peru on the one hand and the Joint Dealer Managers on the other shall be deemed to be in the same proportion as the aggregate principal amount of (i) the New Bonds issued by Peru pursuant to the Exchange Offer and (ii) the Eligible Bonds acquired by Peru pursuant to the Tender Offer bears to the maximum aggregate fee to be paid to the Joint Dealer Managers pursuant to Section 6 of this Agreement as a result of the Invitations; provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by Peru on the one hand or the Joint Dealer Managers on the other and Peru's or the Joint Dealer Managers' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Peru and the Joint Dealer Managers agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Joint Dealer Managers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the foregoing, no Joint Dealer Manager shall be required to pay any amount in excess of the amount paid to such Joint Dealer Manager pursuant to Section 6 hereof. Any obligation in this subsection (d) to contribute are several in proportion to the applicable Joint Dealer Managers' obligations hereunder and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of Peru under this Section 12 shall be in addition to any liability which Peru may otherwise have, shall extend, upon the same terms and conditions, to the affiliates, partners, directors, agents, employees and controlling persons (if any), as the case may be, of each indemnifying party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of Peru, the Joint Dealer Managers, any such affiliate and any such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Termination and Survival of Certain Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated (a) by the Joint Dealer Managers (i) upon a withdrawal by them as Joint Dealer Managers under the terms hereof or (ii) if Peru determines or acts to terminate, withdraw or suspend the Invitations prior to consummation thereof or (b) by Peru if it determines or acts to terminate or withdraw the Invitations prior to consummation thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The agreements contained in Sections 6, 7, 12, 15 and 16, the agreements contained in Section 6 hereof (to the extent the transactions contemplated hereby have been consummated) and the representations and warranties of Peru set forth in this Agreement shall remain operative and in full force and effect regardless of (a) any failure to commence, or the withdrawal, rescission, termination or consummation of, the Invitations or the termination or assignment of this Agreement, (b) any investigation made by or on behalf of any indemnified party, and (c) the completion of the Joint Dealer Managers' services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Recognition of the U.S. Special Resolution Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Joint Dealer Manager that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Joint Dealer Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Joint Dealer Manager that is a Covered Entity or a BHC Act Affiliate of such Joint Dealer Manager becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Joint Dealer Manager are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Section 14, the following terms will have the meanings assigned to them below:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with , 12 C.F.R. §252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

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"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Consent to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Peru agrees that any suit, action or proceeding against it or its properties, assets or revenues with respect to this Agreement (a "Related Proceeding") shall be brought exclusively in the courts of the State of New York in the Borough of Manhattan or the United States District Court of the Southern District of New York in the Borough of Manhattan (the "Specified Courts"). Peru also agrees that any judgment obtained in the Specified Courts arising out of any Related Proceeding may be enforced or executed in any other court of competent jurisdiction whatsoever (in the case of Peru, upon completion of an *exequatur* proceeding), and any judgment obtained in any such other court as a result of such enforcement or execution may be enforced or executed in any such other court of competent jurisdiction (all such courts other than Specified Courts being called herein "Other Courts"), by means of a suit on the judgment or in any other manner provided by law; provided, however, that, in respect of such enforcement or execution by Peruvian courts of any such judgment ordering any payment by Peru, such payment is included in the Budget Law corresponding to the fiscal year in which such payment is to be due (but Peru will use its best efforts to cause such payment to be included in such Budget Law). Peru hereby irrevocably submits to the exclusive jurisdiction of the Specified Courts for the purpose of any Related Proceeding and, solely for the purpose of enforcing or executing any judgment referred to in the preceding sentence (a "Related Judgment"), of the Specified Courts and each Other Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Peru agrees that service of all writs, process and summonses in any Related Proceeding or any suit, action or proceeding to enforce or execute any Related Judgment brought against it in the State of New York may be made upon C T Corporation System, presently located at 28 Liberty Street, 13th floor, New York, New York 10005, as its authorized agent (the "Process Agent"), and Peru irrevocably appoints the Process Agent as its agent to accept such service of any and all such writs, process and summonses, and agrees that the failure of the Process Agent to give any notice to it of any such service of process shall not impair or affect the validity of such service or of any judgment based thereon. Peru agrees to maintain an agent with offices in New York to act as its Process Agent, so long as any of the New Bonds remain outstanding unless and until the appointment of a successor Process Agent and such successor's acceptance of such appointment shall have occurred. Nothing herein shall in any way be deemed to limit the ability to serve any such writs, process or summonses in any other manner permitted by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Peru irrevocably consents to and waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any Related Proceeding brought in the Specified Courts or to the laying of venue of any suit, action or proceeding brought solely for the purpose of enforcing or executing any Related Judgment in the Specified Courts or Other Courts, and further irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any Related Proceeding or any such suit, action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that Peru or any of its revenues, assets or properties shall be entitled, with respect to any Related Proceeding at any time brought against Peru or any of its revenues, assets or properties, or with respect to any suit, action or proceeding at any time brought solely for the purpose of enforcing or executing any Related Judgment in the Specified Courts or in any jurisdiction in which any Other Court is located, to any immunity from suit, from the jurisdiction of any such court, from attachment prior to judgment, from attachment in aid of execution of judgment, from execution of a judgment or from any other legal or judicial process or remedy, and to the extent that in any such jurisdiction there shall be attributed such an immunity, Peru irrevocably agrees not to claim and irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction (including, without limitation, the Foreign Sovereign Immunities Act of 1976 of the United States; provided, however, that Peru hereby reserves the right to plead sovereign immunity under the United States Foreign Sovereign Immunities Act of 1976 with respect to actions brought against it under the United States securities laws or any state securities laws). In addition, to the extent that Peru or any of its revenues, assets or properties shall be entitled, in any jurisdiction, to any immunity from setoff, banker's lien or any similar right or remedy, and to the extent that there shall be attributed, in any jurisdiction, such an immunity, Peru hereby irrevocably agrees not to claim and irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction with respect to any claim, suit, action, proceeding, right or remedy arising out of or in connection with the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The submission to jurisdiction and the waiver of immunity by Peru contained herein is for the exclusive benefit of the Joint Dealer Managers (and their affiliates) and shall not extend to any other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained in this Agreement, neither the appointment of C T Corporation System or an authorized agent for service of process nor the waiver of immunity by Peru set forth above shall be interpreted to include suits, actions or proceedings brought under the U.S. federal securities laws or state securities laws, provided that such reservations are without prejudice to the rights of the Joint Dealer Managers to indemnification and contribution set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Joint Dealer Manager, on the one hand, and Peru, on the other hand, waive any right to trial by jury in any suit, action or proceeding or claim with respect to its engagement as Joint Dealer Manager or its role in connection herewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Judgment Currency</u>. In respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the "Judgment Currency") other than U.S. dollars, Peru will indemnify each Joint Dealer Manager against any loss incurred by such Joint Dealer Manager as a result of any variation as between (A) the rate of exchange at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (B) the rate of exchange at which a Joint Dealer Manager is able to purchase U.S. dollars with the amount of Judgment Currency actually received by such Joint Dealer Manager on the Business Day following the receipt of payment on such judgment or order. The foregoing indemnity shall constitute a separate and independent obligation of Peru and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Severability; Time of Essence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any provision hereof shall be determined to be invalid, illegal or unenforceable in any respect, such determination shall not affect any other provision hereof, which shall remain in full force and effect so long as the economic or legal substance of the Invitations and the agreements contained herein are not affected in any manner adverse to any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Time shall be of the essence of this Agreement. As used herein, the term "Business Day" shall mean any day when banking institutions in New York, Lima and London are open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>. This Agreement may be executed in one or more separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts of this Agreement or any such document may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Binding Effect</u>. This Agreement, including any right to indemnity or contribution hereunder, shall inure to the benefit of and be binding upon Peru, the Joint Dealer Managers and the other indemnified parties, and each of their respective successors and assigns. Nothing in this Agreement is intended, or shall be construed, to give to any other person or entity any right hereunder or by virtue hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Governing Law</u>. This Agreement and any claim, controversy or dispute relating to or arising out of this Agreement shall be governed by and construed in accordance with the laws of the State of New York except that authorization and execution of this Agreement by Peru will be governed by the laws of Peru.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and may not be modified or amended except in writing executed by the parties hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Notices</u>. All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally or sent by mail or facsimile transmission, to the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Joint Dealer Managers:

BNP Paribas Securities Corp.

787 Seventh Avenue

New York, New York 10019

Attention: Liability Management Group

E-mail: dl.us.liability.management@us.bnpparibas.com

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Facsimile: +1 (646) 291-1469

Attention: General Counsel

HSBC Securities (USA) Inc.

66 Hudson Boulevard

New York, New York 10001

Attention: Global Liability Management

Email: tmg.americas@us.hsbc.com

Santander US Capital Markets LLC

437 Madison Avenue

New York, New York 10022

Facsimile: +1 (212) 407-0930

Attention: Liability Management

With a copy (which shall not constitute notice) to:

Davis Polk & Wardwell LLP

450 Lexington Ave.

New York, New York 10017

United States

Facsimile: +1 (212) 701-5091

Attention: Pedro J. Bermeo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to Peru:

Ministerio de Economía y Finanzas del Perú

Jr. Junín No. 319

Lima, Perú

Telephone: +51 1 311-5931

Attention: General Director of the General Directorate of Public Treasury

------

With a copy (which shall not constitute notice) to:

Baker & McKenzie LLP

452 Fifth Avenue

New York, New York 10018

Attention: Arturo Carrillo, Esq.

Telephone: +1 (212) 626-4100

Facsimile: +1 (212) 310-1600

[*Signature Pages Follow*]

------

Please indicate your willingness to act as Joint Dealer Manager on the terms set forth herein and your acceptance of the foregoing provisions by signing in the space provided below for that purpose and returning to us a copy of this Agreement, whereupon this Agreement and your acceptance shall constitute a binding agreement between us.

---

| | |
|:---|:---|
| Very truly yours,<br>REPUBLIC OF PERU | Very truly yours,<br>REPUBLIC OF PERU |
| By: | /s/ Guadalupe Pizarro Matos |
|  | Name:Guadalupe Pizarro Matos |
|  | Title:Acting General Director<br> General Directorate of Public Treasury<br> Ministry of Economy and Finance |

---

[*Signature Page to Dealer Manager Agreement*]

------

---

| | |
|:---|:---|
| Accepted as of the date first set forth above: | Accepted as of the date first set forth above: |
| BNP PARIBAS SECURITIES CORP. | BNP PARIBAS SECURITIES CORP. |
| By: | /s/ Julien Pecoud-Bouvet |
|  | Name: Julien Pecoud-Bouvet |
|  | Title: Director |
| CITIGROUP GLOBAL MARKETS INC. | CITIGROUP GLOBAL MARKETS INC. |
| By: | /s/ Joyce Lam |
|  | Name: Joyce Lam |
|  | Title: Managing Director |
| HSBC SECURITIES (USA) INC. | HSBC SECURITIES (USA) INC. |
| By: | /s/ Alexei Remizov |
|  | Name: Alexei Remizov |
|  | Title: Managing Director |
| SANTANDER US CAPITAL MARKETS LLC | SANTANDER US CAPITAL MARKETS LLC |
| By: | /s/ Richard Zobkiw |
|  | Name: Richard Zobkiw |
|  | Title: Executive Director |

---

[*Signature Page to Dealer Manager Agreement*]

------

**Schedule I** 

Expense Allocation for the Invitations

(<u>Pursuant to Section</u> <u>7 of the Dealer Manager Agreement</u>)

---

| | | |
|:---|:---|:---|
| **Category of Expense** | **Joint Dealer<br>Managers' Share** | **Peru's Share** |
|  Fees and Disbursements of Joint Dealer Managers' Counsel<sup>(a)</sup> | 100% |  |
|  Fees and Disbursements of Peru's Counsel<sup>(b)</sup> |  | 100% |
|  Joint Dealer Managers' Roadshow Expenses and Investor Functions | 100% |  |
|  Net Roadshow Expenses | 100% |  |
|  Luxembourg Listing, including Luxembourg Stock Exchange Fees |  | 100% |
|  Trustee (including Trustee's counsel fees) |  | 100% |
|  Information, Tender and Exchange Agent and Clearing Systems |  | 100% |
|  Process Agent Fees |  | 100% |
|  Announcement Tombstones and Advertisements (Placed at Launch; other than those legally required) |  | 100% |
|  Announcement Tombstones and Advertisements (Placed at Launch; legally required) |  | 100% |
|  Printing/Mailing of Invitation Materials |  | 100% |
|  Jurisdictional Analysis and Related Memorandum (including fees and disbursements of Peru's and/or Joint Dealer Managers' counsel in each jurisdiction) |  | 100% |
|  SEC Filing Fees |  | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes fees and disbursements of Davis Polk & Wardwell LLP, as the Joint Dealer Managers' United States counsel, and Estudio Rubio, Leguía, Normand S. Civil de R.L., as the Joint Dealer Managers' Peruvian counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes fees and disbursements of J&A Garrigues Perú S. Civil de R.L., as Peru's Peruvian counsel, and Baker & McKenzie LLP, as Peru's United States counsel, and any other United States or foreign counsel retained by Peru in connection with the transactions contemplated hereby.

------

**Annex I** 

Form of Opinion of J&A Garrigues Perú S. Civil de R.L.

------

**Annex II** 

Form of Opinion of Baker & McKenzie LLP

------

**Annex III** 

Form of Announcement Press Release

**Republic of Peru Announces Exchange and Tender for Eligible Bonds and Issuance of New Bonds** 

LIMA, Peru, [●] [●], 2025 — The Republic of Peru ("Peru") announced today the commencement of offers to (i) exchange certain of Peru's outstanding U.S. dollar-denominated bonds, as set forth in the table below (the "Eligible USD Bonds") for a new series of U.S. dollar-denominated global bonds due 2036 (the "New Bonds") (collectively, the "Exchange Offers" and each, an "Exchange Offer") and/or (ii) purchase for cash the Eligible USD Bonds and certain of Peru's outstanding Euro-denominated bonds, as set forth in the table below (the "Eligible EUR Bonds") (collectively, the "Cash Tender Offers" and each, a "Cash Tender Offer"). The Eligible USD Bonds and the Eligible EUR Bonds are referred to collectively herein as the "Eligible Bonds." The Exchange Offers and Cash Tender Offers are referred to collectively herein as the "Offers." The Offers are being conducted upon terms and subject to certain conditions set forth in the prospectus supplement dated [●] [●], 2025 (the "Prospectus Supplement") and the accompanying prospectus (the "Prospectus").

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series of Eligible**<br> **USD Bonds** | **Outstanding**<br>**Principal Amount** | **Outstanding**<br>**Principal Amount** | **CUSIP** | **ISIN** | **Purchase Price<sup>(1)</sup>** |  | **Exchange Consideration<sup>(1)</sup>** |
|  7.350% USD-Denominated Global Bonds due 2025 | U.S.$| 424614000 | 715638AS1 | US715638AS19 | $[ | ●] | To be announced |
|  2.392% USD-Denominated Global Bonds due 2026 | U.S.$| 346221000 | 715638 DE9 | US715638DE95 | $[ | ●] | To be announced |
|  4.125% USD-Denominated Global Bonds due 2027 | U.S.$| 617667000 | 715638 BU5 | US715638BU55 | $[ | ●] | To be announced |
|  2.844% USD-Denominated Global Bonds due 2030 | U.S.$| 645446000 | 715638 DA7 | US715638DA73 | $[ | ●] | To be announced |
|  2.783% USD-Denominated Global Bonds due 2031 | U.S.$| 3207050000 | 715638 DF6 | US715638DF60 | $[ | ●] | To be announced |

---

<sup>(1)</sup> Per U.S.$1,000 principal amount of Eligible USD Bonds validly tendered and accepted for exchange or purchase. Holders whose Eligible USD Bonds are validly tendered and accepted for exchange or purchase pursuant to the Offers will also receive accrued interest on their Eligible USD Bonds as described below, which will be paid in U.S. dollars. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series of Eligible**<br> **EUR Bonds** | **Outstanding**<br>**Principal Amount** | **Outstanding**<br>**Principal Amount** | **ISIN** | **Purchase Price<sup>(1)</sup>** | **Purchase Price<sup>(1)</sup>** |  |
|  2.750% EUR-Denominated Global Bonds due 2026 | € | 844749000 | XS1315181708 | € | [ | ●] |
|  3.750% EUR-Denominated Global Bonds due 2030 | € | 935004000 | XS1373156618 | € | [ | ●] |

---

<sup>(1)</sup> Per €1,000 principal amount of Eligible EUR Bonds validly tendered and accepted for purchase. Holders whose Eligible EUR Bonds are validly tendered and accepted for purchase pursuant to the Cash Tender Offers will also receive accrued interest on their Eligible EUR Bonds, which will be paid in euros. 

------

In the Exchange Offers, the exchange consideration (the "Exchange Consideration") offered for each U.S.$1,000 principal amount of Eligible USD Bonds is the applicable principal amount of New Bonds to be announced by Peru as soon as reasonably practicable after the pricing of the New Bonds being concurrently offered for cash, via a press release to the news media. The coupon for the New Bonds will be announced at the same time.

In addition to the Exchange Consideration, holders of Eligible USD Bonds that are accepted for exchange pursuant to the Exchange Offers will also receive Exchange Offer Accrued Interest (as defined in the Prospectus Supplement), which will be payable in cash on the settlement date of the Exchange Offers and will be rounded to the nearest cent (U.S.$0.01).

In the Cash Tender Offers, the price (the "Purchase Price") payable per U.S.$1,000 principal amount for Eligible USD Bonds and per €1,000 principal amount for Eligible EUR Bonds that are tendered by holders and accepted pursuant to the Cash Tender Offers is the applicable cash amount set forth in the applicable table above in the column labeled "Purchase Price."

In addition to the Purchase Price, holders of Eligible Bonds that are accepted for tender pursuant to the Cash Tender Offers will also receive Tender Offer Accrued Interest (as defined in the Prospectus Supplement), which will be payable in cash on the settlement date of the Cash Tender Offers.

**THE OFFERS WILL COMMENCE AT APPROXIMATELY 8:00 A.M., NEW YORK CITY TIME, ON [**●**] [**●**], 2025. THE OFFERS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON [**●**] [**●**], 2025, UNLESS EXTENDED OR EARLIER TERMINATED BY PERU, IN ITS SOLE AND ABSOLUTE DISCRETION (THE "EXPIRATION DATE").** 

Each Exchange Offer and Cash Tender Offer is made as a separate, independent offer. The Offers are not conditioned upon any minimum participation of any series of Eligible Bonds. Peru reserves the right, in its sole and absolute discretion, not to accept some or all Eligible Bonds tendered in any Exchange Offer or Cash Tender Offer in respect of one or more series of Eligible Bonds, and any Offer may be subject to proration at the sole discretion of Peru. In addition, Peru reserves the right, in its sole and absolute discretion to modify in any manner, any of the terms and conditions of the Offers. Peru will determine a maximum exchange amount and a maximum purchase amount for the Exchange Offers and Cash Tender Offers, respectively, as part of this process.

------

Tenders of Eligible Bonds for exchange or cash, as applicable, may be submitted only by direct participants in Depository Trust Company ("DTC"), Euroclear Bank S.A./N.V. ("Euroclear"), or Clearstream Banking, S.A. ("Clearstream") (each, a "Direct Participant"), in compliance with applicable law. If holders of Eligible Bonds wish to tender or exchange their Eligible Bonds pursuant to the Offers, the holders, the custodial entity or the Direct Participant (as the case may be) through which such holders hold their Eligible Bonds must tender, on or prior to the Expiration Date, by properly instructing the applicable clearing system (DTC, Euroclear or Clearstream) in accordance with the procedures and deadlines established by such clearing system.

Eligible Bonds tendered for exchange or cash pursuant to the Offers may only be withdrawn prior to the Withdrawal Deadline (as defined in the Prospectus Supplement), but not thereafter, and in accordance with the procedures specified in the Prospectus Supplement.

Peru is making the Offers only in those jurisdictions where it is legal to do so. The Offers are void in all jurisdictions where such Offers are prohibited. If materials relating to the Offers come into your possession, you are required by Peru to inform yourself of and to observe all of these restrictions.

**Peru has filed a registration statement (including the Prospectus) and the Prospectus Supplement with the Securities and Exchange Commission (the "SEC"). Before you invest, you should read the Prospectus in that registration statement and other documents Peru has filed with the SEC for more complete information about Peru and the Offers. You may get these documents for free by visiting EDGAR on the SEC website at <u>http://www.sec.gov/</u>. Alternatively, Peru or any participating joint dealer manager will arrange to send you the Prospectus or the Prospectus Supplement if you request it by calling BNP Paribas Securities Corp. at +1 (888) 210-4358, Citigroup Global Markets Inc. at +1 (800) 558-3745, HSBC Securities (USA) Inc. at +1 (888) HSBC-4LM or Santander US Capital Markets LLC at +1 (855) 404-3636.** 

**The materials relating to the Offers do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law.** 

**<u>FURTHER INFORMATION</u>**

The Information and Exchange Agent for the Offers is:

Global Bondholder Services Corporation

65 Broadway – Suite 404

New York, NY 10006

United States of America

Attention: Corporate Actions

Banks and Brokers call: (212) 430-3774

------

Toll free: (855) 654-2015

Email: contact@gbsc-usa.com

https://www.gbsc-usa.com/peru

The Issuer for the Offers is:

Ministerio de Economía y Finanzas del Perú

Jr. Junín No. 319

Lima, Perú

Email: subastas@mef.gob.pe

**DISCLAIMER** 

The Prospectus Supplement and accompanying Prospectus is not for release, publication or distribution to any person located or resident in any jurisdiction where it is unlawful to distribute the Prospectus Supplement and accompanying Prospectus. Persons into whose possession the Prospectus Supplement and accompanying Prospectus comes are required by Peru, the joint dealer managers and the Information and Exchange Agent to inform themselves about, and to observe, any such restrictions.

**This announcement is neither an offer to purchase nor the solicitation of an offer to sell any of the securities described herein, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.** 

The Offers are made solely pursuant to the Prospectus Supplement dated the date hereof and the accompanying Prospectus.

The New Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client, as defined in point (11) or Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) No. 2017/1129 (the "Prospectus Regulation").

Consequently, no key information document required by Regulation (EU) No. 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the New Bonds or otherwise making them available to retail investors in the EEA has been prepared; therefore, offering or selling the New Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

------

The Prospectus Supplement has been prepared on the basis that any offer of New Bonds in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of New Bonds.

This announcement must be read in conjunction with the Prospectus Supplement and accompanying Prospectus. This announcement and the Prospectus Supplement and accompanying Prospectus contain important information which should be read carefully before any decision is made with respect to any Offer. If any holder of Eligible Bonds is in any doubt as to the action it should take, it is recommended that such holder seek its own financial and legal advice, including as to any tax consequences, immediately from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. None of Peru, the joint dealer managers or the Information and Exchange Agent makes any recommendation as to whether holders of Eligible Bonds should tender or exchange Eligible Bonds or participate in the Offers.

This announcement contains forward-looking statements and information that is necessarily subject to risks, uncertainties and assumptions. No assurance can be given that the transactions described herein will be consummated or as to the terms of any such transactions. Peru assumes no obligation to update or correct the information contained in this announcement.

SOURCE The Republic of Peru

------

**Annex IV** 

Form of Exchange Consideration Press Release

**Republic of Peru Announces Exchange Consideration** 

LIMA, Peru, [●] [●], 2025 /PRNewswire/ — The Republic of Peru ("Peru") announced earlier today the commencement of offers to (i) exchange certain of Peru's outstanding U.S. dollar-denominated bonds (the "Eligible USD Bonds") for a new series of U.S. dollar-denominated global bonds due 2036 (the "New Bonds") (collectively, the "Exchange Offers" and each, an "Exchange Offer") and/or (ii) purchase for cash the Eligible USD Bonds and certain of Peru's outstanding Euro-denominated bonds (the "Eligible EUR Bonds") (collectively, the "Cash Tender Offers" and each, a "Cash Tender Offer"). The Eligible USD Bonds and the Eligible EUR Bonds are referred to collectively herein as the "Eligible Bonds." The Exchange Offers and Cash Tender Offers are referred to collectively herein as the "Offers." The Offers are being conducted upon terms and subject to certain conditions set forth in the prospectus supplement dated [●] [●], 2025 (the "Prospectus Supplement") and the accompanying prospectus (the "Prospectus").

Peru has now priced the New Bonds being concurrently offered for cash, and accordingly, pursuant to the Prospectus Supplement, Peru hereby announces the exchange consideration (the "Exchange Consideration") and coupon for the New Bonds in the Exchange Offers. The Exchange Consideration offered for each U.S.$1,000 principal amount of Eligible USD Bonds in the Exchange Offers is provided in the table below, along with the previously announced price payable per U.S.$1,000 principal amount for each series of Eligible USD Bonds (and price payable per €1,000 principal amount for each series of Eligible EUR Bonds) in the Cash Tender Offers (the "Purchase Price"). The coupon for the New Bonds is [●]%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series of Eligible**<br> **USD Bonds** | **Purchase**<br>**Price<sup>(1)</sup>** |  | **Exchange**<br>**Consideration<sup>(1)</sup>** |  |
|  7.350% USD-Denominated Global Bonds due 2025 | $[ | ●] | $[ | ●] |
|  2.392% USD-Denominated Global Bonds due 2026 | $[ | ●] | $[ | ●] |
|  4.125% USD-Denominated Global Bonds due 2027 | $[ | ●] | $[ | ●] |
|  2.844% USD-Denominated Global Bonds due 2030 | $[ | ●] | $[ | ●] |
|  2.783% USD-Denominated Global Bonds due 2031 | $[ | ●] | $[ | ●] |

---

<sup>(1)</sup> Per U.S.$1,000 principal amount of Eligible USD Bonds validly tendered and accepted for exchange or purchase. Holders whose Eligible USD Bonds are validly tendered and accepted for exchange or purchase pursuant to the Offers will also receive accrued interest on their Eligible USD Bonds as announced earlier today, which will be paid in U.S. dollars. 

------

---

| | | | |
|:---|:---|:---|:---|
| **Series of Eligible**<br> **EUR Bonds** | **Purchase**<br>**Price<sup>(1)</sup>** | **Purchase**<br>**Price<sup>(1)</sup>** |  |
|  2.750% EUR-Denominated Global Bonds due 2026 | € | [ | ●] |
|  3.750% EUR-Denominated Global Bonds due 2030 | € | [ | ●] |

---

<sup>(1)</sup> Per €1,000 principal amount of Eligible EUR Bonds validly tendered and accepted for purchase. Holders whose Eligible EUR Bonds are validly tendered and accepted for purchase pursuant to the Cash Tender Offers will also receive accrued interest on their Eligible EUR Bonds as announced earlier today, which will be paid in euros. 

Each Exchange Offer and Cash Tender Offer is made as a separate, independent offer. Peru reserves the right, in its sole and absolute discretion, not to accept some or all Eligible Bonds tendered in any Exchange Offer or Cash Tender Offer in respect of one or more series of Eligible Bonds, and any Offer may be subject to proration at the sole discretion of Peru. In addition, Peru reserves the right, in its sole and absolute discretion, to modify in any manner, any of the terms and conditions of the Offers.

The Exchange Consideration for each series of Eligible USD Bonds was determined by dividing the Purchase Price for the applicable series of Eligible USD Bonds by the issue price of the New Bonds being concurrently offered for cash, which was [●]%.

Peru is making the Offers only in those jurisdictions where it is legal to do so. The Offers are void in all jurisdictions where such Offers are prohibited. If materials relating to the Offers come into your possession, you are required by Peru to inform yourself of and to observe all of these restrictions.

**Peru has filed a registration statement (including the Prospectus) and the Prospectus Supplement with the Securities and Exchange Commission (the "SEC"). Before you invest, you should read the Prospectus in that registration statement and other documents Peru has filed with the SEC for more complete information about Peru and the Offers. You may get these documents for free by visiting EDGAR on the SEC website at <u>http://www.sec.gov/.</u> Alternatively, Peru or any participating joint dealer manager will arrange to send you the Prospectus or the Prospectus Supplement if you request it by calling BNP Paribas Securities Corp. at +1 (888) 210-4358, Citigroup Global Markets Inc. at +1 (800) 558-3745, HSBC Securities (USA) Inc. at +1 (888) HSBC-4LM or Santander US Capital Markets LLC at +1 (855) 404-3636.** 

**The materials relating to the Offers do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law.** 

------

**<u>FURTHER INFORMATION</u>**

The Information and Exchange Agent for the Offers is:

Global Bondholder Services Corporation

65 Broadway – Suite 404

New York, NY 10006

United States of America

Attention: Corporate Actions

Banks and Brokers call: (212) 430-3774

Toll free: (855) 654-2015

Email: contact@gbsc-usa.com

https://www.gbsc-usa.com/peru

The Issuer for the Offers is:

Ministerio de Economía y Finanzas del Perú

Jr. Junín No. 319

Lima, Perú

Email: subastas@mef.gob.pe

**DISCLAIMER** 

The Prospectus Supplement and accompanying Prospectus is not for release, publication or distribution to any person located or resident in any jurisdiction where it is unlawful to distribute the Prospectus Supplement and accompanying Prospectus. Persons into whose possession the Prospectus Supplement and accompanying Prospectus comes are required by Peru, the joint dealer managers and the Information and Exchange Agent to inform themselves about, and to observe, any such restrictions.

**This announcement is neither an offer to purchase nor the solicitation of an offer to sell any of the securities described herein, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.** 

The Offers are made solely pursuant to the Prospectus Supplement dated the date hereof and the accompanying Prospectus.

The New Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client, as defined in point (11) or Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) No. 2017/1129 (the "Prospectus Regulation").

------

Consequently, no key information document required by Regulation (EU) No. 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the New Bonds or otherwise making them available to retail investors in the EEA has been prepared; therefore, offering or selling the New Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

The Prospectus Supplement has been prepared on the basis that any offer of New Bonds in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of New Bonds.

This announcement must be read in conjunction with the Prospectus Supplement and accompanying Prospectus. This announcement and the Prospectus Supplement and accompanying Prospectus contain important information which should be read carefully before any decision is made with respect to any Offer. If any holder of Eligible Bonds is in any doubt as to the action it should take, it is recommended that such holder seek its own financial and legal advice, including as to any tax consequences, immediately from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. None of Peru, the joint dealer managers or the Information and Exchange Agent makes any recommendation as to whether holders of Eligible Bonds should tender or exchange Eligible Bonds or participate in the Offers.

This announcement contains forward-looking statements and information that is necessarily subject to risks, uncertainties and assumptions. No assurance can be given that the transactions described herein will be consummated or as to the terms of any such transactions. Peru assumes no obligation to update or correct the information contained in this announcement.

SOURCE The Republic of Peru

------

**Annex IV** 

Form of Results Press Release

**Republic of Peru Announces Results of Exchange and Tender Offers** 

LIMA, Peru, [●] [●], 2025 /PRNewswire/ *—* The Republic of Peru ("Peru"), in accordance with its previously-announced offers to (i) exchange certain of Peru's outstanding U.S. dollar-denominated bonds (the "Eligible USD Bonds") for a new series of U.S. dollar-denominated global bonds (the "New Bonds") (collectively, the "Exchange Offers" and each, an "Exchange Offer") and/or (ii) purchase for cash the Eligible USD Bonds and certain of Peru's outstanding Euro-denominated bonds (the "Eligible EUR Bonds") (collectively, the "Cash Tender Offers" and each, a "Cash Tender Offer"), in each case as set forth in the tables below, today announced that the Exchange Offers and Cash Tender Offers expired as scheduled at 5:00 p.m. New York City time, on [●] [●], 2025. The Eligible USD Bonds and the Eligible EUR Bonds are referred to collectively herein as the "Eligible Bonds." The Exchange Offers and Cash Tender Offers are referred to collectively herein as the "Offers." The Offers are being conducted upon terms and subject to certain conditions set forth in the prospectus supplement dated [●] [●], 2025 (the "Prospectus Supplement") and the accompanying prospectus (the "Prospectus"), and the press release issued on [●] [●], 2025. Capitalized terms used but not defined in this press release have the meanings specified in the Prospectus Supplement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Eligible USD Bonds** | **Aggregate Principal Amount<br>Tendered in the Exchange<br>Offers** | **Aggregate Principal Amount<br>Tendered in the Exchange<br>Offers** |  | **Aggregate Principal Amount<br>Tendered and Accepted in the<br>Exchange Offers** | **Aggregate Principal Amount<br>Tendered and Accepted in the<br>Exchange Offers** |  |
|  7.350% USD-Denominated Global Bonds due 2025 | USD$ | [ | ●] | USD$ | [ | ●] |
|  2.392% USD-Denominated Global Bonds due 2026 | USD$ | [ | ●] | USD$ | [ | ●] |
|  4.125% USD-Denominated Global Bonds due 2027 | USD$ | [ | ●] | USD$ | [ | ●] |
|  2.844% USD-Denominated Global Bonds due 2030 | USD$ | [ | ●] | USD$ | [ | ●] |
|  2.783% USD-Denominated Global Bonds due 2031 | USD$ | [ | ●] | USD$ | [ | ●] |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Eligible USD Bonds** | **Aggregate Principal Amount<br>Tendered in the Cash Tender<br>Offers** | **Aggregate Principal Amount<br>Tendered in the Cash Tender<br>Offers** |  | **Aggregate Principal Amount Tendered<br>and Accepted in the Cash Tender Offers** | **Aggregate Principal Amount Tendered<br>and Accepted in the Cash Tender Offers** |  |
|  7.350% USD-Denominated Global Bonds due 2025 | USD$ | [ | ●] | USD$ | [ | ●] |
|  2.392% USD-Denominated Global Bonds due 2026 | USD$ | [ | ●] | USD$ | [ | ●] |
|  4.125% USD-Denominated Global Bonds due 2027 | USD$ | [ | ●] | USD$ | [ | ●] |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Eligible USD Bonds** | **Aggregate Principal Amount<br>Tendered in the Cash Tender<br>Offers** | **Aggregate Principal Amount<br>Tendered in the Cash Tender<br>Offers** |  | **Aggregate Principal Amount Tendered<br>and Accepted in the Cash Tender Offers** | **Aggregate Principal Amount Tendered<br>and Accepted in the Cash Tender Offers** |  |
|  2.844% USD-Denominated Global Bonds due 2030 | USD$ | [ | ●] | USD$ | [ | ●] |
|  2.783% USD-Denominated Global Bonds due 2031 | USD$ | [ | ●] | USD$ | [ | ●] |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Eligible EUR Bonds** | **Aggregate Principal Amount<br>Tendered in the Cash Tender<br>Offers** | **Aggregate Principal Amount<br>Tendered in the Cash Tender<br>Offers** |  | **Aggregate Principal Amount<br>Tendered and Accepted in the Cash<br>Tender Offers** | **Aggregate Principal Amount<br>Tendered and Accepted in the Cash<br>Tender Offers** |  |
|  2.750% EUR-Denominated Global Bonds due 2026 | € | [ | ●] | € | [ | ●] |
|  3.750% EUR-Denominated Global Bonds due 2030 | € | [ | ●] | € | [ | ●] |

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The Exchange Consideration and Purchase Price in the Offers were set forth in a previous press release. The Settlement Date for the Offers is expected to be [●] [●], 2025.

The tables above set forth, for each series of Eligible USD Bonds, the aggregate principal amount tendered and accepted in the Exchange Offers, and for each series of Eligible Bonds, the aggregate principal amounts tendered and accepted in the Cash Tender Offers.

Peru is making the Offers only in those jurisdictions where it is legal to do so. The Offers are void in all jurisdictions where such Offers are prohibited. If materials relating to the Offers come into your possession, you are required by Peru to inform yourself of and to observe all of these restrictions.

**Peru has filed a registration statement (including the Prospectus) and the Prospectus Supplement with the Securities and Exchange Commission (the "SEC"). The Offers were made solely pursuant to the Prospectus Supplement and the accompanying Prospectus. You may get these documents for free by visiting EDGAR on the SEC website at <u>http://www.sec.gov/.</u> Alternatively, Peru or any participating joint dealer manager will arrange to send you the Prospectus or the Prospectus Supplement if you request it by calling BNP Paribas Securities Corp. at +1 (888) 210-4358, Citigroup Global Markets Inc. at +1 (800) 558-3745, HSBC Securities (USA) Inc. at +1 (888) HSBC-4LM or Santander US Capital Markets LLC at +1 (855) 404-3636.** 

**The materials relating to the Offers do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law.** 

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**<u>FURTHER INFORMATION</u>**

The Tender, Exchange and Information Agent for the Offers is:

Global Bondholder Services Corporation

65 Broadway – Suite 404

New York, NY 10006

United States of America

Attention: Corporate Actions

Banks and Brokers call: (212) 430-3774

Toll free: (855) 654-2015

Email: <u>contact@gbsc-usa.com</u>

https://gbsc-usa.com/eligibility/peru

The Issuer for the Offers is:

Ministerio de Economía y Finanzas del Perú

Jr. Junín No. 319

Lima, Perú

Email: <u>subastas@mef.gob.pe</u>

**DISCLAIMER** 

The Prospectus Supplement and accompanying Prospectus are not for release, publication or distribution to any person located or resident in any jurisdiction where it is unlawful to distribute the Prospectus Supplement and accompanying Prospectus. Persons into whose possession the Prospectus Supplement and accompanying Prospectus come are required by Peru, the joint dealer managers and the Information and Exchange Agent to inform themselves about, and to observe, any such restrictions.

**This announcement is neither an offer to purchase nor the solicitation of an offer to sell any of the securities described herein, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.** 

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This announcement contains forward-looking statements and information that is necessarily subject to risks, uncertainties and assumptions. The offers are subject to conditions precedent, and no assurance can be given that the transactions described herein will be consummated on the dates or the terms described herein. Peru assumes no obligation to update or correct the information contained in this announcement.

SOURCE The Republic of Peru

## Exhibit 99.2

**Exhibit 2** 

UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE REPUBLIC OF PERU OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IN EXCHANGE FOR THIS BOND IS REGISTERED IN THE NAME OF CEDE & CO. ("CEDE") OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE, HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS BOND IS EXCHANGED IN WHOLE FOR BONDS IN CERTIFICATED FORM, THIS BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

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THE REPUBLIC OF PERU

GLOBAL SECURITY

representing

U.S.$480,196,000

5.500% U.S. Dollar-Denominated Global Bonds due 2036

No. 5

<u>CUSIP No.</u>: 715638 FC1

<u>ISIN</u>: US715638FC12

<u>Common Code</u>: 310943851

The Republic of Peru (the "<u>Republic</u>"), for value received, hereby promises to pay to Cede & Co., or registered assigns, upon surrender hereof the principal sum of FOUR HUNDRED EIGHTY MILLION, ONE HUNDRED NINETY-SIX THOUSAND UNITED STATES DOLLARS (U.S.$480,196,000) or such amount as shall be the outstanding principal amount hereof on March 30, 2036, together with interest accrued from June 30, 2025 to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof. The Republic further unconditionally promises to pay interest semi-annually in arrears on March 30 and September 30 (each, an "<u>Interest Payment Date</u>"), commencing on March 30, 2026, on any outstanding portion of the unpaid principal amount hereof at 5.500% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, and shall be payable to Holders of record as of March 27 and September 27 of each year (each, a "<u>Record Date</u>"). This is a Global Security (as that term is defined in the Indenture referred to below) deposited with the Depositary, and registered in the name of the Depositary or its nominee or common custodian, and accordingly, the Depositary or its nominee or common custodian, as Holder of record of this Global Security, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the United States as at the time of payment shall be legal tender for payment of public and private debts. The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Depositary as the sole Holder of this Global Security.

The statements in the legend relating to the Depositary set forth above are an integral part of the terms of this Global Security and by acceptance hereof each Holder of this Global Security agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Security is issued in respect of an issue of U.S.$480,196,000 principal amount of the Republic's 5.500% U.S. Dollar-Denominated Global Bonds due 2036, which were issued in an initial principal amount of U.S.$1,600,000,000 on June 30, 2025, and is governed by (i) the Indenture dated as August 25, 2015 (the "<u>Indenture</u>") among the Republic,

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The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Luxembourg paying agent and Luxembourg transfer agent, the terms of which Indenture are incorporated herein by reference, and (ii) by the Terms of the Debt Securities set forth in Exhibit C to the Indenture (the "<u>Terms</u>"), as supplemented or amended by the Authorization (as defined in the Indenture) of the Republic for this Global Security, the terms of which are incorporated herein by reference. This Global Security shall in all respects be entitled to the same benefits as other Debt Securities (as defined in the Indenture) under the Indenture and the Terms. All capitalized terms used in this Global Security but not defined herein shall have the meanings assigned to them in the Indenture.

Upon any exchange of all or a portion of this Global Security for Certificated Securities in accordance with the Indenture, this Global Security shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Security shall not be valid or obligatory for any purpose.

[*Remainder of the page intentionally left in blank*]

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IN WITNESS WHEREOF, the Republic has caused this instrument to be duly executed.

Date: July 8, 2025

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| | |
|:---|:---|
| THE REPUBLIC OF PERU | THE REPUBLIC OF PERU |
| By: | /s/ Guadalupe Pizarro Matos |
|  | Name: Guadalupe Pizarro Matos |
|  | Title: Acting General Director General Directorate of Public Treasury Ministry of Economy and Finance of Peru |

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Debt Securities issued under the within-mentioned Indenture.

Dated: July 8, 2025

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| | |
|:---|:---|
| THE BANK OF NEW YORK | THE BANK OF NEW YORK |
| MELLON, not in its individual capacity but solely as Trustee | MELLON, not in its individual capacity but solely as Trustee |
| By: | /s/ Rick J. Fierro |
|  | Name: Rick J. Fierro |
|  | Title: Vice President |

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Schedule A

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| | | | |
|:---|:---|:---|:---|
| Date | Principal Amount of<br>Certificated Securities | Remaining Principal<br>Amount of this Global<br>Security | Notation Made By |

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TERMS AND CONDITIONS OF THE DEBT SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. i) This Debt Security is one of a duly authorized Series of debt securities of the Republic of Peru (the "<u>Republic</u>"), designated as its 5.500% U.S. Dollar-Denominated Global Bonds due 2036 (each Debt Security of this Series, a "<u>Debt Security</u>" and, collectively, the "<u>Debt Securities</u>"), and issued or to be issued in one or more Series pursuant to an Indenture dated as of August 25, 2015, among the Republic, The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Luxembourg paying agent and Luxembourg transfer agent, as amended from time to time (the "<u>Indenture</u>"). The Holders of the Debt Securities will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Debt Security but not defined herein shall have the meanings assigned to them in the Indenture.

ii) The Debt Securities constitute and will constitute direct, general, unconditional and unsubordinated Public External Indebtedness of the Republic for which the full faith and credit of the Republic is pledged. The Debt Securities rank and will rank without any preference among themselves and equally with all other unsubordinated Public External Indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Debt Securities ratably with payments being made under any other Public External Indebtedness.

iii) The Debt Securities are in fully registered form, without coupons in denominations of U.S.$1,000 and integral multiples of U.S.$1,000 in excess thereof. The Debt Securities may be issued in certificated form (the "<u>Certificated Securities</u>"), or may be represented by one or more registered global securities (each, a "<u>Global Security</u>") held by or on behalf of the Depositary. Certificated Securities will be available only in the limited circumstances set forth in the Indenture. The Debt Securities, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Debt Security shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Debt Security regardless of any notice of ownership, theft, loss or any writing thereon.

iv) For the purposes of this Paragraph 1 and Paragraphs 4 and 5 hereof, the following terms shall have the meanings specified below:

"<u>External Indebtedness</u>" means obligations of, or guaranteed, whether by contract, statute or otherwise, by Peru for borrowed money or represented by bonds, debentures, notes or similar instruments denominated or payable, or which, at the option of the holder, may be payable in a currency other than the currency of Peru or by reference to a currency other than the currency of Peru, other than any such obligations originally issued or incurred within Peru.

"<u>Public External Indebtedness</u>" means any External Indebtedness that (a) is in the form of, or represented by, bonds, notes or other securities that are, or were intended at the time of issuance to be, quoted, listed or traded on any securities exchange or other securities market, including, without limitation, securities for resale under Rule 144A under the Securities Act, or any successor law or regulation of similar effect, and (b) has an original maturity of more than one year or is combined with a commitment so that the original maturity of one year or less may be extended at the option of Peru to a period in excess of one year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. (a) the Republic covenants and agrees that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest (including Additional Amounts) on, the Debt Securities and any other payments to be made by the Republic under the Debt Securities and the Indenture, at the place or places, at the respective times and in the manner provided in the Debt Securities and the Indenture. Principal of the Debt Securities will be payable against surrender of such Debt Securities at the Corporate Trust Office of the Trustee in New York City or, subject to applicable laws and regulations, at the office outside of the United States of a paying agent, by U.S. dollar check drawn on, or by transfer to a U.S. dollar account maintained by the Holder with, a bank located in New York City. Payment of interest or principal (including Additional Amounts (as defined below)) on Debt Securities will be made to the persons in whose name such Debt Securities are registered at the close of business on the applicable Record Date, whether or not such day is a Business Day (as defined below), notwithstanding the cancellation of such Debt Securities upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; <u>provided</u> that if and to the extent the Republic shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Debt Securities are registered as of a subsequent record date established by the Republic by notice, as provided in Paragraph 11 hereof, by or on behalf of the Republic to the Holders of the Debt Securities not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts as defined below) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by the Republic. Payment of interest on Certificated Securities will be made (i) by a U.S. dollar check drawn on a bank in New York City mailed to the Holder at such Holder's registered address or (ii) upon application by the Holder of at least U.S.$1,000,000 in principal amount of Certificated Securities to the Trustee not later than the relevant Record Date, by wire transfer in immediately available funds to a U.S. dollar account maintained by the Holder with a bank in New York City. Payment of interest on a Global Security will be made (i) by a U.S. dollar check drawn on a bank in New York City delivered to the Depositary at its registered address or (ii) by wire transfer in immediately available funds to a U.S. dollar account maintained by the Depositary with a bank in New York City. "<u>Business Day</u>" shall mean any day except a Saturday, Sunday or any other day on which commercial banks in New York City (or in the city where the relevant paying or transfer agent is located) are required or authorized by law to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Debt Securities shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Debt Securities will accrue as a result of the delay in payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Debt Security and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of the Republic by the Trustee or such paying agent, upon the written request of the Republic and, to the extent permitted by law, the Holder of such Debt Security shall thereafter look only to the Republic for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease. The Republic shall cause all returned, unclaimed monies to be held in trust for the relevant Holder of the Debt Security until such time as the claims against the Republic for payment of such amounts shall have prescribed pursuant to Paragraph 13 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Additional Amounts</u>. (a) All payments by the Republic in respect of the Debt Securities shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic, or any political subdivision or taxing authority therein or thereof having the power to tax (collectively, "<u>Relevant Tax</u>"), unless the withholding or deduction of such Relevant Tax is required by law. In that event, the Republic shall pay such additional amounts ("<u>Additional Amounts</u>"), as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Debt Securities in the absence of such withholding or deduction; <u>provided</u>, however, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed by reason of a Holder or beneficial owner of a Debt Security having some present or former connection with the Republic other than merely being a Holder or beneficial owner of the Debt Security or receiving payments of any nature on the Debt Security or enforcing its rights in respect of the Debt Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposed by reason of the failure of a Holder or beneficial owner of a Debt Security, or any other person through which the Holder or beneficial owner holds a Debt Security, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Republic of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; <u>provided</u> that (x) the Republic or the Republic's agent has provided the Holders with at least 60 days' prior written notice of an opportunity to satisfy such a requirement, and (y) in no event shall such Holder's or beneficial owner's or other person's obligation to satisfy such a requirement require such Holder or beneficial owner or other person to provide any materially more onerous information, documents or other evidence than would be required to be provided had such Holder or beneficial owner or other person been required to file Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and/or W-8IMY; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposed by reason of a Holder or beneficial owner of a Debt Security, or any other person through which the Holder or beneficial owner holds a Debt Security, having presented the Debt Security for payment (where such presentation is required) more than 30 days after the Relevant Date, except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Debt Security for payment on any date during such 30-day period.

As used in this Paragraph 3(a), "<u>Relevant Date</u>" in respect of any Debt Security means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in Paragraph 11 hereof that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" hereunder or in the Indenture shall be deemed to include any Additional Amounts which may be payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Additional Amounts shall be payable in respect of any payment on a Debt Security to a Holder that is a fiduciary or partnership or other than the sole beneficial owner of such payment, to the extent the beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to receive payment of the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of such Debt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic shall provide the Trustee with documentation (which may consist of certified copies of such documentation) satisfactory to the Trustee evidencing the payment of Relevant Taxes in respect of which the Republic has paid any Additional Amounts. Copies of such documentation shall be made available to the Holders or the paying agents, as applicable, upon request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Republic shall pay any administrative, excise or similar taxes that arise under Peruvian law and are related to the Debt Securities. The Republic shall also indemnify the Holders against any administrative, excise or similar taxes resulting from the enforcement of the obligations of the Republic under the Debt Securities following the occurrence of any Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic shall pay all stamp, issuance, documentary and other similar taxes or duties, if any, which may be imposed by the Republic, Belgium, Luxembourg, the United Kingdom, the United States of America or any other governmental entity or any political subdivision or taxing authority of or in the foregoing with respect to the Indenture or the initial issuance of the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless the context otherwise requires, any reference in the Debt Securities to principal or interest shall be deemed also to refer to any Additional Amounts which may be payable as described in Paragraph 3(a) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Negative Pledge Covenant of Republic</u>. For so long as any Debt Security remains Outstanding or any amount remains unpaid on any Debt Security, the Republic shall comply with the terms of the following covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Republic may not allow any Security Interest (as defined below) on its assets or revenues as security for any of its Public External Indebtedness (as defined below), unless the Republic's obligations under the Debt Securities shall be secured equally and ratably with such Public External Indebtedness. The Republic may, however, grant or agree to any Permitted Security Interest (as defined below) on its assets or revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of the foregoing and of the Debt Securities generally:

"<u>Security Interest</u>" means any security interest, including, without limitation, any lien, pledge, mortgage, deed of trust or charge, or any encumbrance or preferential arrangement that has the practical effect of constituting a security interest.

"<u>Project Financing</u>" means any financing of all or part of the costs of the acquisition, construction or development of any project if the person or persons providing that financing expressly agree to limit their recourse to the project financed and the revenues derived from that project as the principal source of repayment for the funds advanced.

"<u>Permitted Security Interest</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Security Interests created before November 21, 2003;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Security Interests securing Public External Indebtedness incurred in connection with a Project Financing; <u>provided</u> that the Security Interest is solely in assets or revenues of the project for which the Project Financing was incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Security Interests securing Public External Indebtedness Peru incurred or assumed to finance or refinance the acquisition of the assets in which those Security Interests have been created or allowed and any Security Interests existing on those assets at the time of their acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Security Interests securing Public External Indebtedness arising in the ordinary course to finance export, import or other trade transactions, and in which Public External Indebtedness matures, after giving effect to all renewals and refinancing thereof, not more than one year after the date on which that Public External Indebtedness was originally incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Security Interests securing Public External Indebtedness that, together with all other Public External Indebtedness secured by Security Interests, excluding Public External Indebtedness secured by other permitted Security Interests, does not exceed U.S.$25,000,000 in aggregate principal amount, or its equivalent in other currencies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Security Interests arising by operation of a currently existing law in connection with Public External Indebtedness, including, without limitation, any right of set-off with respect to demand or time deposits maintained with financial institutions and bankers' liens with respect to property held by financial institutions, in each case deposited with or delivered to those financial institutions in the ordinary course of the depositor's activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Security Interests issued upon surrender or cancellation of the collateralized bonds issued under the Republic's 1996 financing plan (the Fixed Rate Bonds due 2027, or the "<u>Par Bonds</u>"), or the principal amount of any Public External Indebtedness outstanding as of June 5, 1996, in each case, to the extent that the Security Interest is created to secure Public External Indebtedness on a basis comparable to the Par Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Security Interests on shares of, or other assets of, any present or former Peruvian public sector entity created or granted by Peru in connection with, or in anticipation of, the privatization of that entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any renewal or extension of any of the Security Interests stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Events of Default; Acceleration.</u> If one or more of the following events ("<u>Events of Default</u>") shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Republic shall fail to pay any principal on any of the Debt Securities when due, and such failure shall continue for a period of 30 days; or the Republic shall fail to pay interest on any of the Debt Securities when due, and such failure shall continue for a period of 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Republic fails to perform any of the obligations under any series of Debt Securities or the Indenture (other than those referred to in clause (i) above), and such failure shall continue for a period of 60 days after written notice has been given to the Republic by the Trustee or Holders representing at least 25% in principal amount of the then Outstanding Debt Securities of that Series to remedy such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Republic shall fail to make any payment in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Public External Indebtedness outstanding as of November 21, 2003; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Public External Indebtedness (other than such indebtedness that constitutes guarantees by Peru);

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in an aggregate principal amount in excess of U.S.$25,000,000 (or its equivalent in any other currency) when due (as such date may be extended by virtue of any applicable grace period or waiver); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if any event or condition occurs that results in the acceleration of the maturity of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) External Indebtedness outstanding as of November 21, 2003; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Public External Indebtedness;

in an aggregate principal amount in excess of U.S.$25,000,000, or its equivalent in any other currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if Peru declares a general suspension of payments or a moratorium on payment of all or a portion of its External Indebtedness that does not expressly exclude from such moratorium the Debt Securities of the applicable Series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) (A) the Republic contests the Peru contests the validity of, or its obligations under, any Debt Security of that series or, to the extent adversely affecting such Debt Securities, the Indenture; (B) Peru denies any of its obligations under any Debt Security of that Series or, to the extent adversely affecting such Debt Securities, the Indenture; or (C) any constitutional provision, treaty, law, regulation, decree, or other official pronouncement of Peru, or any final decision by any court in Peru having jurisdiction, renders it unlawful for Peru to pay any amount due on any Debt Securities of that Series or to perform any of its obligations under any Debt Securities of that Series or, to the extent adversely affecting such Debt Securities of that Series, the Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any writ, execution, attachment or similar process shall be levied against all or any substantial part of the assets of the Republic in connection with any judgment for the payment of money exceeding U.S.$25,000,000 (or its equivalent in other currencies), and the Republic shall fail to satisfy or discharge such judgment, or adequately bond, contest in good faith or receive a stay of execution or continuance in respect of such judgment, within a period of 120 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Republic fails to maintain its membership in, and its eligibility to use the general resources of, the International Monetary Fund, and such failure shall continue for a period of 60 days;

then in each and every such case, upon notice in writing by the Holders (the "<u>Demanding</u> <u>Holders</u>") (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Debt Securities to the Republic, with a copy to the Trustee, of any such Event of Default and its continuance, the Demanding Holders may declare the principal amount of all the Debt Securities due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of the

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Republic, unless prior to such date all Events of Default in respect of all the Debt Securities shall have been cured; <u>provided</u> that if, at any time after the principal of the Debt Securities shall have been so declared due and payable, and before the sale of any property pursuant to any judgment or decree for the payment of monies due which shall have been obtained or entered in connection with the Debt Securities, the Republic shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal upon all the Debt Securities which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal of each Debt Security at the rate of interest specified herein, to the date of such payment of interest or principal) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Debt Securities which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Debt Securities then Outstanding, by written notice to the Republic and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this Paragraph 5 need not be taken at a meeting pursuant to Paragraph 6 hereof. Actions by the Trustee and the Holders pursuant to this Paragraph 5 are subject to Article Four of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Holders' Meetings and Written Action</u>. The Indenture sets forth the provisions for the convening of meetings of Holders of Debt Securities and actions taken by written consent of the Holders of Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Replacement, Exchange and Transfer of the Debt Securities</u>. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Debt Security shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Republic in its discretion may execute, and upon the request of the Republic, the Trustee shall authenticate and deliver, a new Debt Security bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Debt Security, or in lieu of and in substitution for the apparently destroyed, lost or stolen Debt Security. In every case, the applicant for a substitute Debt Security shall furnish to the Republic and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Republic or the Trustee harmless and, in every case of destruction, loss, theft or evidence to their satisfaction of the apparent destruction, loss or theft of such Debt Security and of the ownership thereof. Upon the issuance of any substitute Debt Security, the Holder of such Debt Security, if so requested by the Republic, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Debt Security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to Paragraph 7(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations and a beneficial interest in the Global Security may be exchanged for Certificated Securities in authorized denominations or for a beneficial interest in another Global Security by the Holder or Holders surrendering the Security or Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Securities will only be issued in exchange for interests in a Global Security pursuant to Section 2.5(e) of the Indenture. The exchange of the Debt Securities will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to Paragraph 7(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Debt Securities will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this Paragraph 7 will be borne by the Republic, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Debt Security. Registration of the transfer of a Debt Security by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Debt Security during the period of three days preceding the due date for any payment of principal of, or premium, if any, or interest on, the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Trustee</u>. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Paying Agents; Transfer Agents; Registrar</u>. The Republic has initially appointed the paying agents, transfer agents and registrar listed at the foot of this Debt Security. The Republic may at any time appoint additional or other paying agents, transfer agents and registrars and terminate the appointment of those or any paying agents, transfer agents and registrar; <u>provided</u> that while the Debt Securities are Outstanding the Republic will maintain in The City of New York (i) a paying agent, (ii) an office or agency where the Debt Securities may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (iii) a registrar; <u>provided</u> that the registrar shall not be in the United Kingdom. In addition, if and for so long as the Debt Securities are listed on the Luxembourg Stock Exchange and the rules of such Exchange so require, the Republic will maintain a paying agent and transfer agent in Luxembourg. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent or registrar will act will be promptly given in the manner described in Paragraph 11 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Enforcement</u>. Except as provided in Section 4.6 of the Indenture, no Holder of any Debt Securities of any Series shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Debt Securities of such Series to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Debt Securities, or for any other remedy hereunder or under the Debt Securities, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Debt Securities, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Debt Securities of such Series shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture, it being understood and intended, and being expressly covenanted by every Holder of Debt Securities of a Series with every other Holder of Debt Securities of such Series and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Debt Securities to affect, disturb or prejudice the rights of any other Holder of Debt Securities of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Debt Securities of such Series, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Debt Securities of such Series. For the protection and enforcement of this Paragraph 10, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. The Republic will mail any notices to the Holders of the Debt Securities at their registered addresses as reflected in the books and records of the Trustee. The Republic will consider any mailed notice to have been given five Business Days after it has been sent. The Republic will also publish notices to the Holders, if and so long as the Debt Securities are listed on the Euro MTF Market of the Luxembourg Stock Exchange and the rules of the exchange so require, in a leading newspaper having general circulation in Luxembourg or on the website of the Luxembourg Stock Exchange at http://www.bourse.lu. If publication is not practicable, notice will be validly given if made in accordance with the rules of the Luxembourg Stock Exchange. The Republic will consider any published notice to be given on the date of its first publication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Further Issues of Debt Securities</u>. The Republic may from time to time, without the consent of Holders of the Debt Securities, create and issue additional Debt Securities having the same Terms as the Debt Securities in all respects, except for the issue date, issue price and first payment on the Debt Securities; <u>provided</u>, <u>however</u>, that any additional Debt Securities subsequently issued that are not fungible with the previously Outstanding Debt Securities for U.S. federal income tax purposes shall have a separate CUSIP, ISIN or other identifying number from the previously Outstanding Debt Securities. Additional Debt Securities issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Debt Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Prescription</u>. To the extent permitted by law, claims against the Republic for the payment of principal of, or interest or other amounts due on, the Debt Securities (including Additional Amounts) will become void unless made within four years of the date on which that payment first became due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Authentication</u>. This Debt Security shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law</u>. (a) The Indenture will be governed by and construed in accordance with the laws of the State of New York. This Debt Security will be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic irrevocably consents to and waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any Related Proceeding brought in the Specified Courts or to the laying of venue of any suit, action or proceeding brought solely for the purpose of enforcing or executing any Related Judgment in the Specified Courts or Other Courts, and further irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any Related Proceeding or any such suit, action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent the Republic or any of its revenues, assets or properties may be entitled to any sovereign or other immunity under any law, the Republic agrees not to claim and to waive such immunity to the fullest extent permitted by the laws of such jurisdiction. This waiver covers the Republic's sovereign immunity and immunity from prejudgment attachment, post-judgment attachment and attachment in aid, but does not extend to the attachment of revenues, assets and property of the Republic located in the Republic unless permitted under Peruvian law. Additionally, in accordance with Peruvian law currently in effect, the Republic's waiver of immunity will not extend to public domain property, such as property (i) used by a diplomatic or consular mission of the Republic; (ii) of a military character and under the control of a military authority or defense agency of the Republic; (iii) public property; (iv) shares of Peruvian public sector entities or shares of Peruvian private sector entities owned or controlled by The Republic or by a Peruvian public sector entity, or revenues collected from the sale of such shares, to the extent such shares or revenues are exempt by Peruvian law from attachment or execution; or (v) funds deposited in the Republic's accounts held in the Peruvian financial system that constitute public domain property.

The Republic, however, reserves the right to plead sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976 (the "<u>Immunities Act</u>") with respect to actions brought against it under U.S. federal securities laws or any state securities law. Without an effective waiver of immunity by the Republic with respect to such actions, it would be impossible to obtain a U.S. judgment in such an action against the Republic unless a court were to determine that the Republic is not entitled under the Immunities Act to sovereign immunity with respect to such action. In addition, execution upon property of the Republic located in the United States to enforce a judgment obtained under the Immunities Act may not be possible except in the limited circumstances specified in the Immunities Act. Even if a U.S. judgment could be obtained against the Republic in any such action, it may not be possible to enforce in the Republic a judgment based on such a U.S. judgment. The Republic has submitted to such jurisdiction as specified above for the benefit of the Holders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Indemnification for Foreign Exchange Fluctuations</u>. The obligation of Republic to any Holder under the Debt Securities that has obtained a court judgment affecting the Debt Securities shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than the currency in which the Debt Security is denominated (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by such Holder of any amount in the Judgment Currency, such Holder may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency (or, if it is not practicable to make that purchase on that day, on the first Business Day on which it is practicable to do so). If the amount of the Agreement Currency so purchased is less than the amount originally to be paid to such Holder in the Agreement Currency, the Republic agrees, as a separate obligation and notwithstanding such judgment, to pay the difference, and if the amount of the Agreement Currency so purchased exceeds the amount originally to be paid to such Holder, such Holder agrees to pay to or for the account of the Republic such excess; <u>provided</u> that such Holder shall not have any obligation to pay any such excess as long as a default by the Republic in its obligations hereunder has occurred and is continuing, in which case such excess may be applied by such Holder to such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Warranty of the Republic</u>. Subject to Paragraph 14 hereof, Republic hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Debt Security and to constitute the same legal, valid and binding obligations of Republic enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Definitive Headings</u>. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Modifications</u>. (a) Any Modification to the Debt Securities or the Indenture insofar as it affects the Debt Securities shall be made in accordance with Article Ten and Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Modification pursuant to this Paragraph 19 will be conclusive and binding on all Holders of the Debt Securities, and on all future Holders of the Debt Securities whether or not notation of such Modification is made upon the Debt Securities. Any instrument given by or on behalf of any Holder of a Debt Security in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Debt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Optional Redemption</u>. (a) The Republic may, at its option, redeem the Debt Securities, in whole or in part, at any time or from time to time prior to December 30, 2035 (the "<u>Par</u> <u>Call Date</u>") at a redemption price calculated by a calculation agent appointed by the Republic equal to the greater of (1) 100.000% of the principal amount of the Debt Securities and (2) the sum of the present values of the Remaining Payments, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus, in each case, any accrued and unpaid interest on the principal amount of the Debt Securities up to, but excluding, the redemption date.

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"<u>Remaining Payments</u>" means the remaining payments of principal of and interest on the Debt Securities that would be due after the related redemption date as if the Debt Securities were redeemed on the Par Call Date. If the applicable redemption date is not an Interest Payment Date, the amount of the next succeeding scheduled interest payment on the Debt Securities will be reduced by the amount of interest accrued on the Debt Securities up to, but excluding, such redemption date.

"<u>Treasury Rate</u>" means, with respect to any redemption date, the yield determined by the Republic in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Republic after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily)—H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Republic shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H. 15 TCM is no longer published, the Republic shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Republic shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Republic shall select from among these two or more United States Treasury

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securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic may, at its option, redeem the Debt Securities, in whole or in part, at any time or from time to time on or after the Par Call Date at a redemption price equal to 100.000% of the principal amount of the Debt Securities to be redeemed on the principal amount of the Debt Securities up to, but excluding, the redemption date, plus accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A notice of redemption will specify the redemption date for the Debt Securities to be redeemed and may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not met, the redemption notice will be of no effect and the Republic will not be obligated to redeem such Debt Securities.

In the event that fewer than all of the Debt Securities are to be redeemed at any time, selection of the Debt Securities for redemption will be made in compliance with the applicable procedures of DTC.

Notice of any redemption will be mailed by first-class mail, postage prepaid, or delivered in accordance with the procedures of DTC, at least 30 but not more than 60 days before the redemption date to holders of the Debt Securities to be redeemed at their respective registered addresses. For so long as the Debt Securities are listed on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market and the rules of such exchange so require, the Republic will also cause notices of redemption to be published as described under Paragraph 11 hereof. Debt Securities, when called for redemption as specified herein, will become due on the date fixed for redemption. The Republic will pay the redemption price for the Debt Securities to be redeemed together with accrued and unpaid interest thereon to, but excluding, the redemption date. On and after the redemption date, interest will cease to accrue on such Debt Securities as long as the Republic has deposited with the Trustee or a paying agent funds in satisfaction of the applicable redemption price pursuant to the Indenture.

## Exhibit 99.3

**Exhibit 3**![LOGO](g32530g0708110415063.jpg)

**MINISTERIO DE ECONOMÍA Y FINANZAS** 

**OFICINA GENERAL DE ASESORÍA JURÍDICA** 

**"DECENIO DE LA IGUALDAD DE OPORTUNIDADES PARA MUJERES Y HOMBRES"** 

**"AÑO DE LA RECUPERACIÓN Y CONSOLIDACIÓN DE LA ECONOMÍA PERUANA"** 

*Lima, July 8, 2025* 

***<u>OFICIO No. 0005-2025-EF/42.01</u>***

***Securities and Exchange Commission***

*100 F Street, NE* 

*Washington, DC 20549* 

*Ladies and Gentlemen:* 

*In my capacity as General Counsel of the Ministry of Economy and Finance of the Republic of Peru (the "Republic" or "Peru") and in connection with the Registration Statement under Schedule B (File N<sup>o</sup>. 333-262067) (the "Registration Statement") of the United States Securities Act of 1933, as amended (the "Securities Act"), filed with the U.S. Securities and Exchange Commission (the "Commission") relating to the issuance thereunder by the Republic of U.S.$480,196,000 aggregate principal amount of 5.500% U.S. Dollar-Denominated Global Bonds due 2036 (the "Bonds"), in exchange for its existing 7.350% U.S. Dollar-Denominated Global Bonds due 2025, 2.392% U.S. Dollar-Denominated Global Bonds due 2026, 4.125% U.S. Dollar-Denominated Global Bonds due 2027, 2.844% U.S. Dollar-Denominated Global Bonds due 2030 and 2.783% U.S. Dollar-Denominated Global Bonds due 2031, under Ministerial Resolution N<sup>o</sup>.311-2025-EF/52 in accordance with Law N<sup>o</sup>.32187, Law of Public Sector Indebtedness for Fiscal Year 2025, I have reviewed the following documents:* 

*(i)* *the Registration Statement;* 

*(ii) the prospectus, dated January 25, 2022 (the "Base Prospectus"), as supplemented by the prospectus supplement, dated June 25, 2025 (the "Prospectus Supplement"), filed by the Republic pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities Act. The Base Prospectus and the Prospectus Supplement are collectively referred to as the "Prospectus";*

*(iii) an executed copy of the Indenture, dated August 25, 2015, among the Republic, The Bank of New York Mellon, as Trustee (the "Trustee"), and The Bank of New York Mellon SA/NV, Luxembourg Branch (formerly The Bank of New York Mellon (Luxembourg) S.A.), as Luxembourg Paying Agent and Luxembourg Transfer Agent (the "Indenture");*

*(iv) duplicate of the global bond representing the Bonds;* 

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*(v) all relevant provisions of the Constitution of the Republic and all relevant laws and orders of Peru including but not limited to the following:*

*1. the Political Constitution of the Republic of Peru of 1993, in particular Article 75;* 

*2. Law N<sup>o</sup>. 32187, Law of Public Sector Indebtedness for Fiscal Year 2025;* 

*3. Ministerial Resolution N<sup>o</sup>.311-2025-EF/52; and*

*(vi) all such other documents, instruments and rules as I have deemed to be necessary as a basis for the opinion hereinafter expressed.*

*It is my opinion that under and with respect to the current laws of Peru as of the date of this opinion, the Bonds have been duly authorized, executed and delivered by the Republic and, assuming due authentication thereof by the Trustee pursuant to the Indenture, constitute valid and legally binding obligations of the Republic in accordance with their terms.* 

*I hereby consent to the filing of this opinion letter as an exhibit to Amendment N<sup>o</sup>. 3 to the Republic's Annual Report on Form 18-K for the year ended December 31, 2023 (the "Annual Report") and the use of the name of the General Counsel of the Ministry of Economy and Finance of Peru, under the caption "Validity of the Securities" in the Prospectus constituting a part of the Registration Statement. In giving such consent, I do not thereby admit that I am an expert with respect to any part of the Annual Report, including this exhibit, within the meaning of the term "expert" as used in the Securities Act, or the rules and regulations of the Commission issued thereunder.* 

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| |
|:---|
| *Very truly yours,* |
| */s/ Marielle Door Salas* |
| **Marielle Door Salas** |
| *General Counsel of the Ministry*<br> *of Economy and Finance of Peru* |

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**1.** 

**POLITICAL CONSTITUTION OF PERU** 

(…)

**TITLE III** 

**ECONOMIC REGIME** 

**CHAPTER I** 

**GENERAL PRINCIPLES** 

Article 58: Private initiate is free. It is exercised within a market economy. Under this regime, the State guides the development of the country, and acts mainly in the areas for the promotion of employment, health, education, security, public services and infrastructure.

Article 59: The State encourages the creation of wealth and guarantees freedom of work and freedom of company, trade and industry. The exercise of these freedoms must not be damaging to morality, health or public safety. The State provides opportunities for improvement to any sectors suffering from inequality; thus, it promotes small enterprise in all its modalities.

Article 60: The State recognizes economic plurality. The national economy is sustained by the coexistence of different types of ownership and enterprise.

Only authorized by express law, the State may perform on a subsidiary basis direct or indirect business activities for reasons of great public interest or manifest national convenience. Business activity, whether public or not, receives the same legal treatment.

Article 61: The State facilitates and invigilates free competition. It combats any practice limiting this and the abuse of dominant or monopolistic positions. No law or agreement may authorize or establish monopolies.

The press, radio, television and other means of expression and social communication, and generally, companies, goods and services connected with the freedom of expression and communication may not be the object of exclusiveness, monopoly, or hoarding, whether directly or indirectly, by the State or private individuals.

Article 62: Freedom to contract guarantees that the parties may enter into valid agreements according to the regulations in force at the time of the contract. Contractual terms may not be altered by laws or other provisions of any kind. Disputes arising from the contractual relationships may only be resolved by arbitration or in the courts, under the protection mechanisms set forth in the contract or contemplated by law.

By contract or law, the State may establish guarantees and grant securities. These may not be legally modified without prejudice to the protection referred to in the preceding paragraph.

Article 63: National and foreign investment are subject to the same conditions. The production of goods and services and foreign trade are free. If another country or countries adopt(s) protectionist or discriminatory measures damaging to the national interest, the State may in defense thereof, adopt similar measures.

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In any contract entered into by the State and public law persons with domiciled foreigners must be recorded their subjection to the laws and jurisdictional organs of the Republic and their waiver of any diplomatic claims. Contracts of a financial nature may be exempted from national jurisdiction.

The State and other public law persons may submit controversies deriving from the contractual relationship to tribunals constituted pursuant to existing treaties. They may also submit them to national or international arbitration, or as established by law.

Article 64: The State guarantees the free holding and disposal of foreign currency.

Article 65: The State defends the interest consumers and users. For such effect, it guarantees the right to information on the goods and services at its disposal in the market. It also oversees in particular the health and security of the people.

**CHAPTER II** 

**ENVIRONMENT AND NATURAL RESOURCES** 

Article 66: Natural resources, both renewable and non-renewable, are the property of the Nation. The State is sovereign as to their use.

The conditions for their use and granting to private individuals are determined by organic law. Any such concession grants to the holder a real right, subject to the said legal regulation.

Article 67: The State determines national environment policy. It promotes the sustainable use of its natural resources.

Article 68: The State is obligated to promote the conservation of biological diversity and the natural areas protected.

Article 69: The State promoted the sustainable development of the Amazon region with appropriate legislation.

**CHAPTER III** 

**OWNERSHIP** 

Article 70: The right of ownership is inviolable. The State guarantees this. It is exercised in harmony with the common good and within the limits of the law. No one may be deprived of his or her property except exclusively for reasons of national security or public need, declared by law, and after the payment in cash of fair indemnification including compensation for any possible prejudice. Action may be brought before the Judiciary in order to contest the property value set by the State in the expropriation procedure.

Article 71: With respect to property, foreigners, whether natural persons or legal entities, have the same rights as Peruvians, without in any case, being able to claim exceptions or diplomatic protection.

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However, within fifty kilometers of the national boundaries, foreigners may not acquire or possess under any title whatsoever, mines, land, woods, waters, fuel or energy sources, either directly or indirectly, individually or in company, under penalty of losing, to the State, the right thus acquired. Excepted is the case of public necessity expressly declared in a supreme decree approved by the Council of Ministers pursuant to law.

Article 72: The law may, only by reasons of national security, temporally establish specific restrictions and prohibitions for the acquisition, possession, exploitation and transfer of given property.

Article 73: Property in the public domain is unalienable and imprescriptible. Property of public use may be granted to private individuals in accordance with the law for its economic use.

**CHAPTER IV** 

**TAX AND BUDGET REGIME** 

Article 74: Taxes are created, amended or repealed, or exemptions are established, exclusively by law or legislative decree in the event of the delegation of powers, except for tariffs and rates, which are regulated by supreme decree.

Regional and local governments may create, modify, and eliminate taxes and rates, or exempt the same within their jurisdiction and within the limits defined by law. In exercising its taxing power, the State shall respect the principle of the legal reservation and those principles concerning equality and respect for basic rights of the person. No tax shall have a confiscatory nature.

Budget Acts and emergency decrees shall not contain provisions on taxes. Laws concerning annual taxes come into force on the first day of January of the year following their enactment. Tax provisions set forth in violation of this article are null and void.

Article 75: The State only guarantees the payment of the public debt entered into by constitutional governments in accordance with the Constitution and the law.

The State's domestic and foreign debt operations must be approved according to the law.

Municipalities may enter into credit operations charged to their own resources arid property without requiring legal authorization.

Article 76: Works and the acquisition of supplies with the use of public funds and resources must be obligatorily executed by contract and public bidding, as must also the acquisition or alienation of property.

The contracting of services and projects whose importance and worth indicated by the Budget Law shall be public contest. The law establishes the procedure, exceptions and the respective responsibilities.

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Article 77: The economic and financial administration of the State is governed by the budget passed annually by Congress. The budget structure of the public sector consists of two parts: the central government and decentralized agencies.

The budget allocates public resources fairly. Its programming and implementation depend on efficiency criteria that concern basic social necessities and decentralization.

In accordance with the law, every circumscription shall receive an adequate share of the total income and revenue collected by the State for the utilization of natural recourses in each zone as a natural resource royalty (canon).

Article 78: The President of the Republic sends to Congress the Budget Law draft within a period ending on August 30, each year.

On the same date, he also sends the debt and financial equilibrium bills.

The budget draft must be truly in balance.

Loans form the Central Reserve Bank or Banco de la Nación are not accounted as fiscal income.

Permanent expenditure may not be covered by loans.

The budget may not be approved without an entry for servicing the public debt.

Article 79: The representatives to Congress are not entitled to create or increase public expenditure, except with reference to their budget.

The Congress may not approve tributes with predetermined purposes, except at the request of the Executive Power.

In all other cases, the tax laws referring to benefits or exemptions required the prior report of the Ministry for the Economy and Finance.

Only by an express law, approved by two thirds of the members of Congress, may special taxation treatment for a given area of the country be selectable and temporarily established.

Article 80: The Minister of Economy and Finance sustains the income statement before the Plenary Assembly of Congress. Each minister maintains the expenditure statement of his own sector; prior to that, they shall sustain the outcomes and goals of the previous year budget execution, and the budget implementation progress of the current fiscal year. Joint meetings of legislative chambers Likewise, the Chief Justice of the Supreme Court, the Prosecutor General of the Nation, and the President of the National Election Board sustain the statements of their own institutions.

If the original signed Budget Law is not sent to the Executive by November thirtieth, the Draft of the Executive Power will come into force, same which is promulgated by Legislative Decree.

Supplementary credits, payments and entry transfers shall be processed through Congress as determined by the Budget Law. During the recess of Parliament they will be processed by the Permanent Commission. In order to them be approved, they require the votes of three fifths of the legal number of members.

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Article 81: The General Account of the Republic, accompanied by the Comptroller General's Office Audit Report is sent by the President of the Republic to the Congress within a period terminating at the latest on November fifteenth of the year following the execution of the budget.

The General Account is examined and reported upon by a review committee by October 15th. Congress shall vote on its passage at the latest on October 30th. If the Congress fails to vote within this period, the review committee shall submit its opinion to the Executive Branch so that it may enact a legislative decree that includes the General Account.

Article 82: The Comptroller General's Office of the Republic is a public law decentralized entity with autonomy pursuant to its organic law. It is the senior organ of the National Control System. It supervises the legality of the execution of the State Budget, public debt operations and the acts of institutions subject to control.

The Comptroller General is appointed by Congress on the proposal of the Executive for seven years. He may be removed by Congress for serious offense.

**CHAPTER V** 

**CURRENCY AND BANKING** 

Article 83: The law determines the monetary system of the Republic. The issue of bills and coins is the exclusive power of the State. This is exercised through the Central Reserve Bank of Peru.

Article 84: The Central Bank is a public law artificial person. It is autonomous within the framework of its Organic Law.

The purpose of the Central Bank is to preserve monetary stability. Its functions are: to regulate the currency and credit in the financial system, manage the international reserves under its charge, and the other functions indicated by its organic law.

The Bank informs the country, with exactitude and periodically, regarding the state of the national finances under the responsibility of its Board.

The Bank is prohibited from granting financing to the Treasury, except for the purchase in the secondary market of securities issued by the Public Treasury, within the limits indicated by its Organic Law.

Article 85: The Bank may carry out operations and make credit agreements in order to cover temporary imbalances in the position of international reserves.

It requires authorization by law when the amount of such operations or agreements exceeds the limit indicated by the Public Sector Budget with the obligation to report to Congress.

Article 86: The Bank is governed by a Board of seven members. The Executive Power appoints four, among them the Chairman. Congress ratifies the Chairman and appoints the other three, with an absolute majority of the legal number of its members.

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All Bank members are appointed for the constitutional period corresponding to the President of the Republic. They do not represent any particular entity or private interest. Congress may remove them for serious offenses. In the event of a removal, the new directors shall complete the corresponding constitutional period.

Article 87: The State encourages and guarantees saving. The law establishes the obligations and limits of companies receiving savings from the public, as well as the mode and scope of such guarantee.

The Superintendency of Banking and Insurance exercises control over banking and insurance companies, and others receiving deposits from the public and others which, carrying out similar or related operations, are determined by law.

The law establishes the organization and functional autonomy of the Superintendency of Banking and Insurance.

The Executive appoints the Superintendent of Banking and Insurance for the period corresponding to its constitutional period. This is ratified by Congress.

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LAW N° 32187

LAW OF PUBLIC SECTOR INDEBTEDNESS FOR THE FISCAL YEAR 2025

THE PRESIDENT OF THE REPUBLIC

WHEREAS:

THE CONGRESS OF THE REPUBLIC

has enacted the following law:

LAW OF PUBLIC SECTOR INDEBTEDNESS FOR THE FISCAL YEAR 2025

CHAPTER I

GENERAL PROVISIONS

Article 1. Purpose of the Law

1.1. This law aims to regulate the conditions for public sector borrowing for the Fiscal Year 2025, in accordance with Article 9 of Legislative Decree 1437, Legislative Decree of the National Public Debt System.

1.2. For the purposes of this law, when mentioning "Legislative Decree" it refers to Legislative Decree 1437, Legislative Decree of the National Public Debt System, or any replacement regulation.

Article 2. Annual Commission

The annual commission, whose collection is authorized to the Ministry of Economy and Finance under Article 37 of the Legislative Decree, is equivalent to 0.1% on the outstanding balance of the corresponding operation.

Article 3. Maximum amounts authorized for contracting external and internal borrowing operations

3.1. The National Government is authorized to enter into external borrowing operations for an amount up to US$2,700,000,000.00 (TWO BILLION SEVEN HUNDRED

MILLION AND 00/100 U.S. DOLLARS), allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Economic and social sectors, up to US$1,700,000,000.00 (ONE BILLION SEVEN HUNDRED MILLION AND 00/100 U.S.
DOLLARS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Support to the balance of payments, up to US$1,000,000,000.00 (ONE BILLION AND 00/100 U.S. DOLLARS).

3.2. The National Government is authorized to enter into internal borrowing operations for an amount not exceeding S/ 37,693,500,000.00 (THIRTY-SEVEN BILLION SIX HUNDRED NINETY-THREE MILLION FIVE HUNDRED THOUSAND AND 00/100

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SOLES), allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Economic and social sectors, up to S/ 15,360,000,000.00 (FIFTEEN BILLION THREE HUNDRED SIXTY MILLION AND 00/100
SOLES).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Support to the balance of payments, up to S/ 22,287,500,000.00 (TWENTY- TWO BILLION TWO HUNDRED EIGHTY-SEVEN
MILLION FIVE HUNDRED THOUSAND AND 00/100 SOLES).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ONP Bonds, up to S/ 46,000,000.00 (FORTY-SIX MILLION AND 00/100 SOLES).

3.3. The General Directorate of the Public Treasury is authorized to make reallocations between the borrowing amounts set forth in items 1 and 2 of paragraph 3.1 and items 1 and 2 of paragraph 3.2, interchangeably, including the unplaced amount from the issuance approved in paragraph 6.1 of Article 6 of this law, without exceeding the total maximum amount established by law for external and internal borrowing, as applicable.

3.4. Prior to any reallocation, the Ministry of Economy and Finance must report it to the Budget and General Account Commission of the Congress of the Republic, indicating the amounts and reasons for such reallocation for their information.

Article 4. Credit Rating

The credit rating referred to in Article 57 of the Legislative Decree is required when the amount of the individual or accumulated loan arrangements entered into by the respective regional or local government, whether with or without a National Government guarantee, during Fiscal Year 2025, exceeds the equivalent of S/ 15,000,000.00 (FIFTEEN MILLION AND 00/100 SOLES).

Article 5. Maximum Amount of National Government Guarantees under the Private Investment Promotion Processes through Public-Private Partnerships

The National Government is authorized to grant or contract guarantees to back obligations derived from the Private Investment Promotion Processes through Public- Private Partnerships for an amount not exceeding US$631,410,502.00 (SIX HUNDRED THIRTY-ONE MILLION FOUR HUNDRED TEN THOUSAND FIVE HUNDRED TWO AND 00/100 UNITED STATES DOLLARS) plus the General Sales Tax (IGV), or its equivalent in local currency, in accordance with the provisions of Article 29 and subsection 46.4 of Article 46 of the Legislative Decree.

Article 6. Approval of Bond Issuance

6.1. The internal issuance of bonds is approved, which may be carried out by the National Government in one or more placements, for an amount up to S/ 23,427,300,000.00 (TWENTY-THREE BILLION FOUR HUNDRED TWENTY-SEVEN MILLION THREE HUNDRED THOUSAND AND 00/100 SOLES), charged against the debt operations referred to in items 1 and 2 of subsection 3.2 of Article 3.

6.2. When the debt amount specified in items 1 and 2 of subsection 3.2 of Article 3 is reassigned pursuant to subsection 3.3 of Article 3, the external or internal issuance of bonds is approved, which may be carried out by the National Government in one or more placements, for the amount resulting from the reallocation of the debt levels specified in said Article 3.

6.3. If financial conditions are favorable, as established in subsection 27.5 of Article 27 of the Legislative Decree, the external and/or internal issuance of bonds is approved, which may be carried out by the National Government in one or more placements, in order to pre-finance the requirements of the next fiscal year contemplated in the Multiannual Macroeconomic Framework or the corresponding Macroeconomic Forecast Report.

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6.4. The internal bond issuances referred to above are subject to the provisions of the Market Makers Program Regulation and the Sovereign Bond Regulation, as applicable.

6.5. The internal issuance of bonds is approved, which may be carried out by the National Government in one or more placements, for exclusive use in repo operations under the provisions of the fifth final complementary provision of the Legislative Decree, provided that the outstanding balance as of December 31, 2025 does not exceed S/ 3,000,000,000.00 (THREE BILLION AND 00/100 SOLES).

6.6. Within thirty (30) days following the completion of the operations conducted under this article, the Ministry of Economy and Finance shall report on such operations to the Budget and General Account Committee of the Congress of the Republic and to the Office of the Comptroller General of the Republic.

Article 7. Approval of Debt Management Operations and Bond Issuance

7.1. Debt management operations are approved for an amount equivalent, in local or foreign currency, to US$10,000,000,000.00 (TEN BILLION AND 00/100 UNITED STATES DOLLARS), which may be carried out by the National Government in one or more tranches through prepayment, debt exchange or swap, repurchase, among others, as provided in subsection 15.2 of Article 15 of the Legislative Decree.

7.2. The external and/or internal issuance of bonds is approved, which may be carried out by the National Government in one or more placements, up to the amount required to implement the debt management operations referred to in the preceding paragraph.

7.3. The aforementioned internal bond issuance is subject to the provisions of the Market Makers Program Regulation and the Sovereign Bond Regulation, as applicable.

7.4. Within thirty (30) days following the completion of the operations conducted under this article, the Ministry of Economy and Finance shall report on such operations to the Budget and General Account Committee of the Congress of the Republic and to the Office of the Comptroller General of the Republic.

Article 8. Implementation of Debt and Debt Management Operations

8.1. For the implementation of external bond issuances referred to in Articles 6 and 7, and internal bond issuances in case a placement mechanism is used to replace the Market Makers Program, the general terms and conditions of the respective bonds, the appointment of the investment bank(s) providing structuring and placement services, and other entities providing complementary services, among other matters, shall be determined by ministerial resolution of the Ministry of Economy and Finance.

8.2. In the case of a risk hedging operation, the amounts and the related debt operations to be covered shall be determined by ministerial resolution of the Ministry of Economy and Finance, which shall also designate the counterparties and approve the contracts and documents required for implementation, among other aspects.

8.3. Within thirty (30) days following the completion of the operations conducted under Articles 6 and 7, the Ministry of Economy and Finance shall report on such operations to the Budget and General Account Committee of the Congress of the Republic and to the Office of the Comptroller General of the Republic.

CHAPTER II

SPECIFIC PROVISIONS

Article 9. Companies and Shareholders Failing to Meet Their Obligations

9.1. Companies and their shareholders that received State guarantees to obtain resources from abroad and failed to meet their payment obligations are not allowed to be bidders, contractors, or to participate in investment promotion activities carried out by the State, until they fully repay their debt.

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9.2. This article also applies to companies with a new name or business name and shareholders who have assumed the assets of the defaulting company.

Article 10. Deadline for the Approval of Ongoing Debt Operations

Debt operations corresponding to Fiscal Year 2024, covered under subsections 1 and 2 of paragraph 3.1 and subsections 1, 2, and 3 of paragraph 3.2 of Article 3 of Law No. 31955, Public Sector Indebtedness Law for Fiscal Year 2024, which are still in process as of December 31, 2024, may be approved during the first quarter of Fiscal Year 2025, under the provisions of the aforementioned law.

Article 11. Reassignment of Available Shares of the Inter-American Investment Corporation (IIC)

11.1. The proposal for the reassignment of available shares of the Inter-American Investment Corporation (IIC) is approved, in accordance with the provisions of Annex A of Resolutions AG-9/15 and CII/AG-2/15, and the terms and conditions approved by the Executive Board on August 4, 2015, for the reassignment of the shares outlined in Annex A (Document CII/GN-305-2).

11.2. As part of the said share reassignment process, the Republic of Peru subscribes to and pays for one hundred and one (101) additional shares for a total value of US$2,020,000.00 (TWO MILLION TWENTY THOUSAND AND 00/100 UNITED STATESDOLLARS).

11.3. The subscription of these shares shall be paid in a single installment during Fiscal Year 2025.

Article 12. Bond Issuance under the Liquidity Management Framework

The Ministry of Economy and Finance, through the General Directorate of Public Treasury, is authorized to issue during Fiscal Year 2025 the outstanding balance of sovereign bonds authorized under Articles 6 and 7 of Laws No. 31640 and 31955, Public Sector Indebtedness Laws for Fiscal Years 2023 and 2024, respectively, in order to restore the resources used within the liquidity management framework to their respective source.

Article 13. Subscription of Shares in the Inter-American Investment Corporation (IIC)

13.1. The capital increase of the Inter-American Investment Corporation (IIC) is approved, amounting to US$3,500,000,000.00 (THREE BILLION FIVE HUNDRED MILLION AND 00/100 UNITED STATES DOLLARS), divided into one hundred sixty-six thousand six hundred sixty-six (166,666) shares, each with a nominal value of US$10,000.00 (TEN THOUSAND AND 00/100 UNITED STATES DOLLARS) and a base price of US$21,000.00 (TWENTY-ONE THOUSAND AND 00/100 UNITED STATES DOLLARS), pursuant to the terms of Joint Resolution CII/AG-5/24 of the IIC Board of Governors dated March 10, 2024, titled: "New Vision and Business Model for the Inter- American Investment Corporation: Capitalization Proposal and Implementation Plan."

13.2. Within the framework of said capital increase, the Republic of Peru subscribes to and pays for five thousand five hundred eighteen (5,518) shares for a total value of US$115,878,000.00 (ONE HUNDRED FIFTEEN MILLION EIGHT HUNDRED SEVENTY-EIGHT THOUSAND AND 00/100 UNITED STATES DOLLARS).

13.3. The subscription shall be paid in seven (7) annual installments no later than November 30 of each year from 2025 to 2031.

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Article 14. Contribution to the International Fund for Agricultural Development (IFAD) The proposal for the Thirteenth Replenishment of Resources to the International Fund for Agricultural Development (IFAD) is approved, whereby the Republic of Peru contributes the amount of US$375,000.00 (THREE HUNDRED SEVENTY-FIVE THOUSAND AND 00/100 UNITED STATES DOLLARS), to be paid in a single installment during Fiscal Year 2025.

Article 15. Constitutive Agreement and Contribution to the Multilateral Investment Fund IV (MIF IV)

The Constitutive Agreement of the Multilateral Investment Fund IV (MIF IV) is approved, as well as the contribution by the Republic of Peru to said fund, in an amount up to US$6,916,996.05 (SIX MILLION NINE HUNDRED SIXTEEN THOUSAND NINE HUNDRED NINETY-SIX AND 05/100 UNITED STATES

DOLLARS), to be paid in up to four (4) annual and preferably equal installments, starting in Fiscal Year 2026.

Article 16. Implementation of Assumption and Recognition of Payment Obligations Arising from Contracts Entered into with the Inter-American Development Bank (IDB) and the International Bank for Reconstruction and Development (IBRD), under Law No. 30900, the Law Establishing the Urban Transport Authority for Lima and Callao (ATU)

16.1. For the purpose of implementing the assumption by the National Government of obligations arising from contracts related to the provision of public land transport services, which were under the responsibility of the Metropolitan Municipality of Lima, pursuant to the eighth final complementary provision of Law No. 30900 and supplemented by Executive Presidency Resolution No. 127-2020-ATU/PE, the General Directorate of Public Treasury is authorized to record as public debt the obligations assumed by the National Government as of September 14, 2020, corresponding to the external debt operations entered into by the aforementioned Municipality with the Inter- American Development Bank (IDB) and the International Bank for Reconstruction and Development (IBRD) to partially finance the "Urban Transport Program of Metropolitan Lima – North-South Subsystem," which are backed by the National Government under Articles 1 and 2 of Supreme Decree No. 194-2003-EF.

16.2. The General Directorate of Public Treasury, the Urban Transport Authority for Lima and Callao (ATU), and the Metropolitan Municipality of Lima shall sign a reconciliation agreement within fifteen (15) business days from the effective date of this law, establishing the amount of debt assumed and recognized by the National Government.

16.3. Additionally, the aforementioned Directorate is authorized to reimburse the Metropolitan Municipality of Lima for payments made to the IDB and IBRD from September 14, 2020, to the effective date of this legal provision, corresponding to the obligations derived from the external debt operations referred to in subsection 16.1.

16.4. The General Directorate of Public Treasury shall cover the payment of the obligations referred to in the preceding subsections using budgetary resources allocated to servicing the public debt.

16.5. The Ministry of Economy and Finance, through the General Directorate of Public Treasury, shall agree with the said Municipality on the terms and conditions under which the aforementioned Directorate shall carry out the reimbursement mentioned above.

16.6. The Director General of the General Directorate of Public Treasury is authorized to sign the documents required to implement the provisions of this article.

Article 17. Participation in Regional Financial Facility Schemes

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17.1. The General Directorate of Public Treasury is authorized to participate in the design and implementation of regional financial facility schemes within the scope of multilateral credit organizations, which allow Peru and other countries to access loans to finance investment projects for sustainable development, with such schemes benefiting from partial guarantees from the respective international organization.

17.2. Prior to entering into the respective loan under the regional financial facility scheme, the aforementioned Directorate is authorized to negotiate and agree upon the terms and conditions of the counter-guarantees to be provided by the Republic of Peru in order to participate in said schemes, and to sign the documents required for such participation. These documents may include the commitment by the Peruvian State to enter into the loan referred to above.

17.3. The documents referred to in paragraph 17.2 shall be approved by ministerial resolution of the Ministry of Economy and Finance.

Article 18. Extension of Deadlines Established in Emergency Decree No. 010-2022, Emergency Decree No. 023-2022, and Emergency Decree No. 013-2024

18.1. The deadline for the reimbursement of the Treasury Cancelatory Documents referred to in Article 4 of Emergency Decree No. 010-2022, which establishes extraordinary economic and financial measures to ensure the local fuel market, including its amendments and extensions, is extended until December 31, 2028.

18.2. The deadline established in Article 3 of Emergency Decree No. 023-2022, which provides economic and financial measures to prevent fuel shortages nationwide, including its amendments and extensions, is extended until December 31, 2028.

18.3. The General Directorate of Public Treasury is authorized to sign the documents required to implement the aforementioned deadline extensions.

18.4. The deadline established in Article 5 of Emergency Decree No. 013-2024, which establishes extraordinary and urgent economic and financial measures to overcome the financial situation of PETROPERU S.A., ensure the nationwide marketing of

hydrocarbons, and support the company's sustainability, is extended until December 31, 2028.

FINAL COMPLEMENTARY PROVISIONS

The present law enters into force on January 1, 2025, except for the provisions in Article 16, Final Complementary Provision Two, and the First and Second Modifying Complementary Provisions of this law, which shall enter into force on the day following the publication of this law in the official gazette.

SECOND. Authorization to Honor Sovereign Guarantees under the REACTIVA PERÚ Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The General Directorate of Public Treasury is authorized to honor the guarantees granted under the National
Government Guarantee Program for Continuity in the Payment Chain – "REACTIVA PERÚ" Program, established by Legislative Decree No. 1455, which created the Reactiva Perú Program to ensure continuity in the payment
chain in response to the impact of COVID-19, for loans that were subject to repurchase agreements with the Central Reserve Bank of Peru and that, as of the effective date of this law, have been settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For this purpose, the General Directorate of Public Treasury shall request information from the Development
Finance Corporation (COFIDE S.A.) regarding the settled operations. COFIDE must comply with said request within five (5) business days.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subsequently, COFIDE shall request the General Directorate of Public Treasury to honor the guarantees in order
to make payments to the Financial System Companies, in accordance with instructions provided by the Directorate. The honored amount includes the outstanding balance of the granted loan and the interest on the repurchase agreement, as reported by the
Central Reserve Bank of Peru.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For repurchase operations that are settled by the Central Reserve Bank of Peru after the effective date of this
law, but before the deadline established in paragraph 3.4 of Article 3 of Legislative Decree No. 1455, the provisions of paragraphs 1 and 3 above shall apply.

THIRD. Resources from Private Investment Promotion Processes through Public- Private Partnerships

It is established that the resources allocated for the payment of supervision of works and/or design, assumed by concessionaires in compliance with obligations provided in contracts derived from Private Investment Promotion processes through Public-Private Partnerships, shall be incorporated into the institutional budget of the recipient entities under the Determined Resources funding source, in accordance with the procedures of the National Public Budget System. Said resources shall be deposited into the account designated by the General Directorate of Public Treasury. Where applicable, the reimbursement of unused amounts shall be handled in accordance with the rules of the National Treasury System.

FOURTH. Resources Received by the Ministries of Interior and Defense

It is established that the resources received by the Ministries of Interior and Defense, under applicable regulations and exclusively intended to finance the purchase of clothing, equipment, and materials needed for the professional training process of students entering the National Police of Peru training schools, or as a guarantee of their continued enrollment in the Armed Forces schools, shall be incorporated under the Determined Resources funding source, in accordance with the procedures of the National Public Budget System. These resources shall be deposited into the account designated by the General Directorate of Public Treasury.

11.2 Debt Operations may take the following forms:

7. Securitizations of assets or freely disposable resource flows of the holder, for the establishment of the respective trust.

11.3 Debt Operations may be used for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Execution of investment projects or programs. "Article 27.

Agreement of Debt Operations

1.2 The requirements for approving National Government Debt Operations intended to finance investment projects or programs are:

3. In the case of External or Domestic Debt Operations, a favorable opinion from the General Directorate of Multiyear Investment Programming on the investment project or program is required and must be requested prior to the declaration of feasibility.

The General Directorate of Multiyear Investment Programming may issue a favorable opinion on investment projects or programs that, exceptionally, require an External or Domestic Debt Operation after the declaration of feasibility.

In the case of Debt Operations intended to finance investment projects or programs of state financial companies, a favorable opinion from the General Directorate of Multiyear Investment Programming is also required.

"Article 47. Contingent Financing

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47.2 Contracts for such Contingent Financing with multilateral credit organizations, governments, or their official agencies, as well as those contracted under treaties, individually or jointly with other member countries, are exempt from the regulations on government procurement. In the case of such contracts being entered into with entities other than those mentioned, they shall be executed according to a procedure to be established by supreme decree, with the approving vote of the Council of Ministers and endorsed by the President of the Council of Ministers and the Minister of Economy and Finance.

[...]"

SECOND. Incorporation of paragraph 47.5 into Article 47 and of the fifth and sixth final complementary provisions into Legislative Decree 1437, Legislative Decree of the National Public Debt System

Paragraph 47.5 is incorporated into Article 47, and the fifth and sixth final complementary provisions are added to Legislative Decree 1437, Legislative Decree of the National Public Debt System, as follows:

"Article 47. Contingent Financing [...]

47.5 Prior to the execution of the respective contingent financing agreement with a multilateral credit organization, government, or their official agencies, as well as those contracted under treaties, the General Directorate of the Public Treasury is authorized to sign the necessary documents for participating in its design and preparation. These documents may include the commitment of the Peruvian State to cover expenses arising from such design and preparation, either individually or jointly. These documents are approved by ministerial resolution of the Ministry of Economy and Finance.

"Fifth. Issuance of sovereign bonds for Repo Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The General Directorate of the Public Treasury is authorized to issue sovereign bonds, in one or more
placements, for exclusive use in repo operations conducted under Law No. 30052, Law on Repo Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Said issuances are not subject to the limits established in the Annual Public Sector Debt Laws, and their use
in repo operations has no budgetary implications. These annual laws shall establish the maximum amount of outstanding debt as of December 31 of each fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At the end of each repo operation, early redemption of the sovereign bonds involved in the respective operation
shall be carried out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The General Directorate of the Public Treasury is authorized to issue the regulatory provisions required to
implement this provision."

"Sixth. Recovery of amounts derived from the honoring of Government guarantees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The administration and recovery of accounts receivable in favor of the General Directorate of the Public

amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purposes of the preceding paragraph, the General Directorate of the Public Treasury is authorized to
contract the services of the Development Finance Corporation (COFIDE S.A.) or the Bank of the Nation, and may enter into the necessary agreements with said entities; such agreements are approved by ministerial resolution of the Ministry of Economy
and Finance.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Operating Regulation shall establish the terms and conditions under which the administration and recovery
of such accounts receivable will take place, including interest discounts based on the debtors' payment capacity, as well as any other actions or operations permitted by the ESF's policies and procedures, such as refinancing, sale or
assignment of portfolios, and other recovery or collection operations that maximize recovery of honored guarantees. It shall also include responsibilities, commissions, and costs associated with recovery. These accounts receivable may be transferred
to the recovery mechanism even before the end of the respective financial support program or similar scheme. Said Operating Regulation shall be approved by supreme decree endorsed by the Minister of Economy and Finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The commission for COFIDE S.A. or the Bank of the Nation, as applicable, as well as the expenses arising from
the implementation of this provision, shall be borne by the Ministry of Economy and Finance, charged to the available resources of the trusts established under the respective financial support programs or similar schemes, or, if insufficient, to the
budgetary resources of the General Office of Administration of the Ministry of Economy and Finance."

THIRD. Amendment to paragraph 25.1 of Article 25 of Legislative Decree 1440, Legislative Decree of the National Public Budget System

Paragraph 25.1 of Article 25 of Legislative Decree 1440, Legislative Decree of the National Public Budget System, is amended as follows:

"Article 25. Coordination in Public Sector Financial Management

25.1 To estimate the Multiannual Macroeconomic Framework (APM), the following information is required for the corresponding multiannual period:

a) From the General Directorate of Macroeconomic Policy and Fiscal Decentralization: information on revenue by source of financing and item, as appropriate, including risk scenarios for deviations in revenue projections; as well as limits on non-financial and current expenditure without maintenance, as applicable, in consistency with current fiscal rules, to be considered in the Annual Public Sector Budget Laws; among other macroeconomic variables.

b) From the General Directorate of Multiyear Investment Programming: the Multiyear Investment Program, which includes a diagnosis of infrastructure and public service access gaps, prioritization criteria, and the investment portfolio of the sectors of the National Government, Regional Governments, and Local Governments.

c) From the General Directorate of Fiscal Management of Human Resources: the costs of revenues corresponding to Public Sector Human Resources, whether permanent, periodic, exceptional, or occasional, including projected costs of any personnel compensation measures to be implemented.

d) From the General Directorate of the Public Treasury: the financial structuring of the Public Sector Budget, identifying short- and medium-term capital requirements.

[...]"

FOURTH. Incorporation of the ninth and tenth final complementary provisions into Law No. 30897, Law for the Promotion of Investment and Development of the Department of Loreto

The ninth and tenth final complementary provisions are incorporated into Law No. 30897, Law for the Promotion of Investment and Development of the Department of Loreto, as follows:

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"NINTH. On Debt Service

Authorize the use of the resources transferred pursuant to Article 3 and paragraph 2 of the seventh final complementary provision of this law to guarantee and service the debt resulting from public debt operations contracted in accordance with current regulations, undertaken to finance investment projects, including the acquisition of machinery and equipment referred to in Article 6 and paragraph 2 of the eighth final complementary provision."

"TENTH. Use of Debt Proceeds

The resources obtained through public debt operations, whose debt service is covered by the trust under the authorization provided in the preceding provision, shall be used exclusively for the execution of the investment projects referred to in this law."\*\*

FIFTH. Amendment to the second paragraph of the sixth final complementary provision of Legislative Decree 1275, Legislative Decree approving the Framework for Fiscal Responsibility and Transparency of Regional and Local Governments

The second paragraph of the sixth final complementary provision of Legislative Decree 1275, Legislative Decree approving the Framework for Fiscal Responsibility and Transparency of Regional and Local Governments, is amended as follows:

"Sixth. Prerequisite of Compliance with Fiscal Rules by Regional and Local Governments

(...)

Regional and local governments that hold a current credit rating of A or higher, issued by two credit rating agencies registered in the Public Registry of the Securities Market of the Superintendence of the Securities Market (SMV), in accordance with the Consolidated Text of the Securities Market Law, may manage direct or guaranteed debt operations under current regulations. In such cases, Articles 6, 7, and 8 of this law shall not apply. The fiscal and financial situation following such debt operations shall be monitored by the Ministry of Economy and Finance through a Multiannual Fiscal Management Report, which must be submitted by the exempted Regional and Local Governments, under the responsibility of their Head, in accordance with the frequency and content defined in the regulation of this law and must include information that allows the monitoring of their public finances."\*\*

SIXTH. Amendment of Articles 15, 20, and 21 of Legislative Decree No. 1436, Legislative Decree Framework for Public Sector Financial Management

The following are amended: numerals 15.1 and 15.2 of Article 15; subparagraph 2 of numeral 20.2 of Article 20; and subparagraph 4 of numeral 21.2 of Article 21 of Legislative Decree No. 1436, Framework Legislative Decree for Public Sector Financial Management, as follows:

TENTH. Amendment to paragraph 3 of the First Final Complementary Provision of Legislative Decree No. 1645, Legislative Decree Strengthening the National Treasury System and the National Public Debt System

Paragraph 3 of the First Final Complementary Provision of Legislative Decree No. 1645, Legislative Decree that strengthens the National Treasury System and the National Public Debt System, is amended as follows:

"3. The Fiscal Risk Directorate shall receive information and/or reports related to Fiscal Risk Management activities from the bodies of the Ministry of Economy and Finance and from public entities responsible for such management, in the content, timing, and delivery format established by said Directorate. The bodies of the Ministry of Economy and Finance covered by this provision include the General Directorate of the Public

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Treasury, the General Directorate of Public Accounting, and the General Directorates under the Office of the Deputy Minister of Economy. All of them must include, among their specific functions contained in the respective management documents, the provisions established in this paragraph. Public entities referred to herein include FONAFE and the Presidency of the Council of Ministers. Should the Fiscal Risk Directorate subsequently identify new responsible entities, such entities shall submit the corresponding information and/or reports on Fiscal Risk Management activities, in the content, timing, and format established by the said Directorate."

ELEVENTH. Amendment of the Thirteenth and Twenty-Ninth Final Complementary Provisions of Law No. 32069, General Law on Public Procurement

The Thirteenth and Twenty-Ninth Final Complementary Provisions of Law No. 32069, General Law on Public Procurement, are amended as follows:

"FINAL COMPLEMENTARY PROVISIONS

THIRTEENTH. Actions under the responsibility of the OECE and Perú Compras

3. As of the publication of the regulation, the OSCE and Perú Compras shall manage and approve directives, guidelines, management instruments, and/or any regulations necessary for the development and implementation of this law. Furthermore, the OSCE shall propose and manage the approval of the Organization and Functions Regulation of the OECE and shall prepare, manage, and approve its Single Text of Administrative Procedures. The validity of these instruments is conditional upon the entry into force of the law and its regulation."

TWENTY-NINTH. Entry into force of the law

This law shall enter into force ninety calendar days from the day following the publication of its regulation, except for numerals 1 and 2 of the Thirteenth, Sixteenth, Nineteenth, and Twenty-Eighth Final Complementary Provisions, as well as the Sole Amending Complementary Provision, which shall enter into force on the day following the publication of this law in the official gazette *El Peruano*.

Numeral 3 of the Thirteenth Final Complementary Provision shall enter into force on the day following the publication of the regulation of this law in the official gazette *El Peruano*."

TWELFTH. Amendment of subparagraph d) of paragraph 11.3 of Article 11, subparagraph b) of paragraph 20.2 of Article 20, and paragraphs 41.1, 41.2, and 41.5 of Article 41, as well as paragraph 1 of the First Transitory Complementary Provision of Law No. 32069, General Law on Public Procurement

Subparagraph d) of paragraph 11.3 of Article 11, subparagraph b) of paragraph 20.2 of Article 20, and paragraphs 41.1, 41.2, and 41.5 of Article 41, as well as paragraph 1 of the First Transitory Complementary Provision of Law No. 32069, General Law on Public Procurement, are amended as follows:

"Article 11. Definition and functions of the OECE

11.3 The OECE shall have the following functions:

(...)

d) Administer, design, develop, manage, and integrate data, and evaluate the performance of the digital tools under its responsibility, which are part of the Pladicop.

Article 20. Definition and functions of the Public Procurement Center (Perú Compras)

20.2 The functions of Perú Compras are:

(...)

------

b) Administer, design, develop, manage, and integrate data, and evaluate the performance of the digital tools under its responsibility, which are part of the Pladicop.

Article 41. Digital Platform for Public Procurement (Pladicop)

41.1 The Pladicop is the set of digital tools that enable the management and integration of procurement-related information within the scope of the National Public Procurement System (SNA).

41.2 Through the digital tools that make up Pladicop, electronic transactions, information exchange, and the dissemination and transparency of public procurement are managed. Contracting entities are required to register the necessary information related to the procurement process.

(...)

41.5 The entities responsible for the digital tools that make up Pladicop shall periodically carry out specialized cybersecurity audits in accordance with international standards."\*\*

TRANSITIONAL SUPPLEMENTARY PROVISIONS

First. Integration of the digital tools that make up Pladicop

The information from the State Electronic Procurement System (SEACE), the RNP, the digital tool for minor contracts, and other complementary systems related to public procurement are part of Pladicop.

The integration of the digital tools that make up Pladicop is progressive. This integration is coordinated among the actors administering said tools.

Thirteenth. Amendment to subsection 1 of numeral 15.3 of Article 15 of Legislative Decree No. 1441, Legislative Decree of the National Treasury System

Subsection 1 of numeral 15.3 of Article 15 of Legislative Decree No. 1441 is amended as follows:

"Article 15. Revenue Management (...)

15.3 Directly Collected Revenues are governed as follows:

1. Revenues from fees, non-tax revenues, and fines collected by the entities referred to in items i. and ii. of subsection a. of numeral 1 of Article 3, under the applicable legislation, constitute resources of the Public Treasury. Said revenues are estimated and allocated as Ordinary Resources in the budget of the respective collecting entities, in accordance with the rules of the National Public Budget System."

Fourteenth. Amendment to paragraph 6.1 of Article 6 of Law No. 31069, Law that Strengthens the Revenues and Investments of Regional Governments through the Regional Compensation Fund (FONCOR)

Article 6 of Law No. 31069 is amended as follows:

"Article 6. Use of the resources of the Regional Compensation Fund (Foncor)

6.1 The resources of Foncor are allocated to finance or co-finance regional impact investments that contribute to closing infrastructure or public service access gaps, productive projects, and research for technological innovation and competitiveness, aligned with development plans in accordance with the rules of the National Multiannual Programming and Investment Management System; as well as for debt service payments corresponding to borrowing operations undertaken by Regional Governments, with or without National Government guarantees, or that the latter has agreed to and transferred through a resource transfer agreement for such purposes. These funds may also be used for the payment of tax and non-tax debts owed to the Social Health Insurance—ESSALUD.

------

6.3 In the case of the Social Health Insurance - ESSALUD, the transferred funds are allocated to health infrastructure investment projects and/or IOARR (optimization, marginal expansion, rehabilitation, and replacement investments), for the objectives and purposes of said entity. These transfers are made to the Ministry of Labor and Employment Promotion, to be further transferred to ESSALUD to finance the development and execution of health investments."

Fourteenth (bis). Amendment to Articles 4 and 5 of Law No. 31903, Law establishing the free disposal of funds from deduction accounts to strengthen the financial capacity of MSEs

"Article 4. Use of deduction funds only for tax obligations

4.1 SUNAT may only ex officio transfer funds from deduction accounts, held by the MSEs referred to in Article 2, for the payment of tax debts administered or collected by said entity.

4.2 The causes set forth in paragraph 9.3 of Article 9 of the Consolidated Text of Legislative Decree No. 940, approved by Supreme Decree 155-2004-EF, concerning the Central Government's Tax Obligation Payment System, shall not apply to MSEs within the scope of this law.

This article does not apply to MSEs that engage in operations, including processing on their own or by third parties, of goods classified under Chapters 26, 28, and 71 of the Customs Tariff, in accordance with the list to be established by regulation."

"Article 5. Prohibition of transferring deduction account funds as collection SUNAT is prohibited from making ex officio transfers of funds from the deduction

accounts of MSEs to be recorded as collection under circumstances not contemplated by this law, except as provided in the last paragraph of Article 4."

Fifteenth. Amendment to Article 2 of Law No. 31358, Law establishing measures for the expansion of concurrent control

Article 2 of Law No. 31358 is amended as follows:

"Article 2. Financing of concurrent control

2.1 For the implementation of the governmental control mechanism in the investments referred to in Article 1 of this law, up to 0.6% (six-tenths of one percent) of their total value, excluding the formulation and evaluation phase, shall be allocated for its financing. This amount shall be incorporated into the cost structure as indirect or other costs, under a category called "Concurrent Control," which corresponds to the financing of the actions carried out by the Office of the Comptroller General of the Republic under this form of governmental control.

2.2 The budgetary units covered by this control modality shall allocate the "Concurrent Control" category under expenditure generic 2.6 Acquisition of Non-Financial Assets."\*\*

2.3 The resources transferred through the financial transfers authorized in Article 4 of this law shall be made quarterly in similar percentages and shall be used for concurrent control actions and the legal and administrative actions derived from the exercise of governmental control at the national level, as well as for the operational and investment expenses necessary to strengthen the national control system.

2.4 The total amount of resources transferred throughout the project execution may not exceed the value referred to in numeral 2.1.

Sixteenth. Amendment to numeral 2 of Article 73 of Law No. 32069, General Law on Public Procurement

Numeral 2 of Article 73 of Law No. 32069 is amended as follows: "Article 73. Timing for filing an appeal

------

(...)

73.2 The guarantee for filing the appeal must be granted in favor of the contracting entity or the OECE, as appropriate. The amount of the guarantee is up to 3% of the amount of the selection procedure or the item being appealed. In the case of micro and small enterprises, the amount of the guarantee is 0.5% of the amount of the selection procedure or the item being appealed, up to a limit of twenty-five (25) UITs in force at the time of filing the appeal.

(...)"

Seventeenth. Amendment to the Third Transitional Supplementary Provision of Law No. 32069, General Law on Public Procurement

The Third Transitional Supplementary Provision of Law No. 32069 is amended to read as follows:

"Third. Progressive implementation of investigating authorities and validity of the appointment of members of the Public Procurement Tribunal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within a period not exceeding the first quarter of fiscal year 2026, the OECE shall implement the investigating
authorities for the administrative sanctioning procedures under the jurisdiction of the Public Procurement Tribunal, in accordance with the provisions of Law No. 27444, General Administrative Procedure Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Regulations shall establish the provisions applicable to administrative sanctioning procedures initiated
from the entry into force of this Law and until the implementation referred to in numeral 1. Procedures initiated after said implementation shall be subject to the provisions of this Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The members of the Public Procurement Tribunal who hold valid appointments upon the entry into force of this
Law shall continue to serve until completing the term for which they were appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Once the term for which they were appointed has expired, and if their replacements have not yet been appointed
as a result of the public selection process conducted by the respective multisectoral committee, they may remain in office for a maximum period of one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For those members of the Public Procurement Tribunal whose appointments have expired as of the date of entry
into force of this Law, their tenure may be extended for a maximum period of six months only."

Eighteenth. Amendment to the Second Final Supplementary Provision of Law No. 29230, Law Promoting Regional and Local Public Investment with Private Sector Participation

The Second Final Supplementary Provision of Law No. 29230 is amended as follows: "SECOND. Limit for the 'Regional and Local Public Investment – Public Treasury' (CIPRL) certificates

The maximum amount of CIPRL certificates issued under this law shall not exceed the sum of the transfers made to the respective Regional and/or Local Governments from Earmarked Resources derived from the canon and overcanon, FONCOR, royalties, customs revenue, and participations during the two (02) years prior to the year in which the calculation is made, plus the budget ceiling for the same concept included in the Opening Institutional Budget as of the date of calculation.

In the case of Regional and Local Governments that have signed investment agreements, to determine the maximum amount for the issuance of new CIPRLs, the amounts of such agreements and the amounts that have been deducted from the source of Earmarked Resources—derived from the canon and overcanon, FONCOR, royalties, customs revenue, and participations—by the General Directorate of the Public Treasury for CIPRL repayments shall be taken into account, as established by regulation.

------

This provision does not apply when financing comes from the sources regulated in items b) (except FONCOR), c), d), and e) of numeral 8.1 of Article 8 of this law."

Nineteenth. Amendment to Article 15-A of Law No. 30220, University Law Article 15-A of Law No. 30220, as incorporated by Article 2 of Law No. 32105, is amended to read as follows:

"Article 15-A. Assurance of basic quality conditions

The National Superintendence of Higher University Education (SUNEDU) ensures compliance with basic quality conditions through oversight and supervisory processes. These processes include the implementation of a continuous monitoring and evaluation platform, periodic external inspections, an early warning system, the submission of annual compliance reports, and the application of sanctions and corrective measures. Furthermore, SUNEDU is authorized to charge licensed universities the corresponding fees when they request the registration of new programs or modifications to their licensed educational offerings. To this end, SUNEDU may establish the relevant rates through regulatory provisions."

The National Superintendence of Higher University Education (SUNEDU) imposes the respective fees in its Single Text of Administrative Procedures (TUPA) with the purpose of having the necessary financial resources to timely verify compliance with the basic quality conditions in the newly registered academic offerings. Thus, SUNEDU sets the corresponding payments, as appropriate.

All of this aims to ensure the maintenance and improvement of educational quality standards in both public and private universities.

Twentieth. Amendment to numeral 17.5 of Article 17 of Law No. 30220, University Law Numeral 17.5 of Article 17 of Law No. 30220, amended by Article 2 of Law No. 31520, is amended to read as follows:

"Article 17. Governing Board 17.5

Members of the Governing Board may not be persons who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hold shares or stakes in universities or their related companies, or other legal entities linked to the
activities or matters regulated by SUNEDU, nor may their spouses or relatives up to the third degree of consanguinity and second degree of affinity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If they have done so, they must have ceased such activity before applying for the position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be authorities, directors, legal representatives, proxies, advisors, or permanent consultants of universities or
legal entities linked to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If they have done so, they must have ceased such activity before assuming the position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having been a user of the mentioned entities does not constitute a cause for disqualification.

(...)"

Twenty-first. Amendment to Articles 4 and 5 of Law No. 31903, Law establishing the free disposal of funds from deduction accounts to strengthen the financial capacity of micro and small enterprises (MSEs)

Articles 4 and 5 of Law No. 31903 are amended as follows:

"Article 4. Use of deduction funds only for tax obligations

------

4.1 SUNAT may only transfer ex officio funds from deduction accounts held by the MSEs referred to in Article 2, for the payment of tax debts administered or collected by SUNAT.

4.2 The causes set forth in paragraph 9.3 of Article 9 of the Consolidated Text of Legislative Decree No. 940, approved by Supreme Decree 155-2004-EF, concerning the Central Government's Tax Obligation Payment System, shall not apply to MSEs under this law.

This article does not apply to MSEs that carry out operations, including own or third- party processing, of goods classified under Chapters 26, 28, and 71 of the Customs Tariff, according to the list to be established by regulation."

"Article 5. Prohibition on transferring deduction account funds as tax collection SUNAT is prohibited from making ex officio transfers of funds from the deduction accounts of MSEs as tax collection in circumstances not contemplated by this law, except as provided in the last paragraph of Article 4."

Repealing Complementary Provisions

Only. Repeal Article 26, the third paragraph of the Second Final Complementary Provision of Legislative Decree No. 1439, and the Second Transitional Complementary Provision of Legislative Decree No. 1439.

Communicated to the Madam President of the Republic for promulgation. In Lima, on the thirtieth day of November, two thousand twenty-four.

EDUARDO SALHUANA CAVIDES

President of the Congress of the Republic

ALEJANDRO ENRIQUE CAVERO ALVA

Third Vice President of the Congress of the Republic To Madam President of the Republic:

THEREFORE:

I order it to be published and complied with.

Given at the Government Palace, in Lima, on the fifth day of December, two thousand twenty-four.

DINA ERCILIA BOLUARTE ZEGARRA

President of the Republic

GUSTAVO LINO ADRIANZÉN OLAYA

President of the Council of Ministers

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**ECONOMY AND FINANCE** 

**Ministerial Resolution that Dictates Complementary Provisions for the Implementation of a Debt Management Operation under the Modality of Exchange and/or Repurchase of Global Bonds, a Debt Operation and an External Issuance of Bonds** 

**MINISTERIAL RESOLUTION No. 311-2025-EF/52** 

Lima, June 24, 2025

INASMUCH:

That, by virtue of the provisions of Articles 6, 7 and 8 of Law No. 32187, Law on Public Sector Indebtedness for Fiscal Year 2025, Ministerial Resolution No. 280-2025-EF/52 is issued, which dictates, among others, provisions for the implementation of a debt management operation under the modality of exchange and/or repurchase of sovereign bonds, a debt operation, an internal bond issue, as well as the contracting of financial advisory, legal advice and other specialized services by virtue of Legislative Decree No. 1437, Legislative Decree of the National Public Debt System, providing that the Republic of Peru issue an internal bond issue, intended to finance the aforementioned operations;

That, in order to implement the provisions of the aforementioned Ministerial Resolution, there were, among others, financial advisory services, specialized international and local legal advice, and other specialized services, contracted subject to the provisions of the Third Final Supplementary Provision of Legislative Decree No. 1437, as well as the provisions of the "Procedures for the Contracting of Legal Advisory Services, Financiera Servicios Especializados, within the framework of the Legislative Decree No. 1437, Legislative Decree of the National Public Debt System", approved by Supreme Decree No. 167-2021-EF; having also contemplated in their respective terms of reference the implementation of a debt management operation under the modality of exchange and/or repurchase of global bonds, a debt operation and an external issuance of bonds in dollars;

That the debt management operation under the modality of exchange and/or repurchase of global bonds, the debt operation and the external issuance of bonds in dollars intended to finance the aforementioned operations in conjunction with the operations implemented in the aforementioned Ministerial Resolution are part of a comprehensive operation;

That, for its part, paragraph 8.1 of Article 8 of Law No. 32187 provides that for the implementation of the debt management operations referred to in Article 7 of the aforementioned Law, as well as for the implementation of the external bond issuances referred to in Articles 6 and 7 mentioned above, and the implementation of internal bond issuances in the event of the use of a placement mechanism to replace the Market Makers Program, a ministerial resolution of the Ministry of Economy and Finance determines the general conditions of the respective bonds, the designation of the investment bank or banks that provide their structuring and placement services, as well as the entities that provide complementary services, among other aspects;

That, for its part, paragraph 6.2 of Article 6 of Law No. 32187, provides that, when the amount of indebtedness provided for in paragraphs 1 and 2 of paragraph 3.2 of Article 3 is reassigned in accordance with the provisions of paragraph 3.3 of Article 3 of the aforementioned Law, it is approved the external or internal issuance of bonds that, in one or more placements, may be made by the National Government up to the amount resulting from the recomposition of the amounts of indebtedness provided for in the aforementioned Article 3;

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That, likewise, in accordance with the provisions of numeral 3.3 of Article 3 of the aforementioned Law No. 32187, the General Directorate of the Public Treasury of the Ministry of Economy and Finance is authorized to make reassignments between the amounts of indebtedness provided for in paragraphs 1 and 2 of paragraph 3.1 and in paragraphs 1 and 2 of paragraph 3.2, indistinctly, including the amount not placed of the issue approved in paragraph 6.1 of Article 6 of Law No. 32187, without exceeding the total sum of the maximum amount established by law, for external indebtedness and internal indebtedness, as applicable;

That, in accordance with the provisions of paragraph 3.4 of Article 3 mentioned above, prior to the reassignment, the Ministry of Economy and Finance must report thereon to the Budget and General Account Committee of the Republic of the Congress of the Republic, indicating the amounts and reasons for such reassignment, for their knowledge;

That, in this regard, through Official Letter No. 1695-2025-EF /13.01, the Ministry of Economy and Finance submits to the Congress of the Republic Report No. 060-2025-EF/52.04 prepared by the General Directorate of the Public Treasury, reporting on the reallocation between the maximum amounts of agreements, external and internal, authorized in Law No. 32187;

That, for the external issuance of bonds, the contract called "Indenture Agreement" will be used, the text of which was approved by Ministerial Resolution No. 258. 2015-EF/52;

That, additionally, for the implementation of the operations, debt management of and indebtedness, as well as for the external issuance of bonds indicated in the preceding recitals, it is also required to approve the texts of the documents, "Preliminary Prospectus Supplement (Bond Offering)", "Prospectus Supplement (Exchange and Tender Offer)"; as well as the contracts called "Underwriting Agreement", "Dealer Manager Agreement" and "Trustee, Registrar, Paying Agent Fee Schedule";

In accordance with the provisions of Legislative Decree No. 1437, Legislative Decree of the National Public Debt System and Law No. 32187, Public Sector Indebtedness Law for Fiscal Year 2025;

RESOLVED:

**Article 1.- External issuance of bonds** 

For the purposes of the external issuance of bonds approved by Articles 6 and 7 of Law No. 32187, Public Sector Indebtedness Law for Fiscal Year 2025, aimed at implementing, in one or more placements, the debt management operation under the modality of exchange and/or repurchase of global bonds, In one or more tranches, as well as the debt operation, there are the following characteristics:

<u>External Bond Issuance</u> 

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| | |
|:---|:---|
| Issuer | The Republic of Peru. |
| Financial advisers and placement agents | BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities<br> (USA) Inc. y Santander US Capital Markets LLC. |
| Amount of placement or placements | To be determined when the bookbuilding mechanism is completed. |

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| | |
|:---|:---|
| Currency | US Dollars. : |
| Transactions | Issuance of one or more global bonds denominated in US Dollars, from the reopening through bonds issued and/or the issuance of new bonds, the terms of which will be determined in due course. |
| Placement Mechanism | Through a bookbuilding mechanism. |
| Format | Global bonds registered with the Securities and Exchange Commission of the United States of America or such other securities commission as may be determined. |
| Term/ Maturity | To be determined when the bookbuilding mechanism begins. |
| Coupon Payment | Half-yearly on a 30/360-day basis or on the periodicity and basis determined by the uses of the market, in which each placement is made. |
| Listing | Luxembourg Stock Exchange. |
| Negotiability | Subject to the restrictions of the jurisdiction in which they are traded. |
| Principal Payment | At maturity or amortizable. |
| Applicable Law | Laws of the State of New York of the United States of America. |

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**Article 2.- Of the debt included in the debt management operation and amount of the amount of the external bond issuance** 

By means of a Directorial Resolution of the General Directorate of the Public Treasury of the Ministry of Economy and Finance, the debt included in the debt management operation is determined, as well as the amount of the external issuance of bonds, in accordance with the provisions of Articles 6 and 7 of Law No. 32187, Law on Public Sector.

**Article 3.- Approval of documents and contracts** 

Approve the texts of the documents, "Preliminary Prospectus Supplement (Bond Offering)", "Prospectus Supplement (Exchange and Tender Offer)"; as well as the contracts called "Underwriting Agreement", "Dealer Manager Agreement" and "Trustee, Registrar, Paying Agent Fee Schedule" corresponding to the implementation of debt and debt management operations, as well as the external issuance of bonds.

**Article 4.- Attention to debt service** 

The amortization service, interest and other expenses caused by the external issuance of bonds issued in accordance with the provisions of this Ministerial Resolution are provided by the Ministry of Economy and Finance, charged to the budgetary resources allocated to the payment of public debt service.

**Article 5.- Signing of documents** 

To authorize the Director General of the General Directorate of the Public Treasury of the Ministry of Economy and Finance to sign, on behalf of the Republic of Peru, the documents related to the external issuance of bonds corresponding to the debt operation and the debt management operation under the modality of exchange and/or repurchase of global bonds, referred to in Article 3 of this Ministerial Resolution.

Register, communicate and publish.

RAÚL PÉREZ REYES ESPEJO

Minister of Economy and Finance

**2412873-1**

## Exhibit 99.4

**Exhibit 4** 

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|:---|:---|
| ![LOGO](g32530dsp110.jpg) | **Baker & McKenzie LLP**<br>452 Fifth Avenue<br> New York, NY 10018<br> United States<br>Tel: +1 212 626 4100<br> Fax: +1 212 310 1600<br> www.bakermckenzie.com |

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Melbourne

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Singapore

Sydney

Taipei

Tokyo

Yangon

**Europe, Middle East & Africa** 

Abu Dhabi

Almaty

Amsterdam

Antwerp

Bahrain

Barcelona

Berlin

Brussels

Budapest

Cairo

Casablanca

Doha

Dubai

Dusseldorf

Frankfurt/Main

Geneva

Istanbul

Jeddah\*

Johannesburg

Kyiv

London

Luxembourg

Madrid

Milan

Munich

Paris

Prague

Riyadh\*

Rome

Stockholm

Vienna

Warsaw

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**The Americas** 

Bogota

Brasilia\*\*

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Caracas

Chicago

Dallas

Guadalajara

Houston

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Los Angeles

Mexico City

Miami

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Palo Alto

Porto Alegre\*\*

Rio de Janeiro\*\*

San Francisco

Santiago

Sao Paulo\*\*

Tijuana

Toronto

Washington, DC

\* Associated Firm

\*\* In cooperation with Trench, Rossi e Watanabe Advogados

July 8, 2025

The Republic of Peru

Ministry of Economy and Finance

Jr. Junín 319

Lima, Peru

Ladies and Gentlemen:

We have acted as special United States counsel to The Republic of Peru (the "**Peru**") in connection with the dealer manager agreement, dated June 25, 2025, among Peru and BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Santander US Capital Markets LLC, relating to Peru's offers to exchange its existing 7.350% U.S. Dollar-Denominated Global Bonds due 2025, 2.392% U.S. Dollar-Denominated Global Bonds due 2026, 4.125% U.S. Dollar-Denominated Global Bonds due 2027, 2.844% U.S. Dollar-Denominated Global Bonds due 2030 and 2.783% U.S. Dollar-Denominated Global Bonds due 2031 (collectively, the "**Existing Notes**") for $480,196,000 aggregate principal amount of Peru's 5.500% U.S. Dollar-Denominated Global Bonds due 2036 (the "**Securities**").

Peru has filed with the Securities and Exchange Commission a Registration Statement under Schedule B (File No. 333-262067) (the "**Registration Statement**") and the related Prospectus (the "**Prospectus**") for the purpose of registering under the Securities Act of 1933, as amended (the "**Securities Act**"), certain securities, including the Securities. The Securities are to be issued pursuant to the provisions of the Indenture dated as of August 25, 2015 (the "**Indenture"**) among Peru, The Bank of New York Mellon, as trustee (the "**Trustee"**), and The Bank of New York Mellon S.A./N.V., Luxembourg Branch (as successor to The Bank of New York Mellon (Luxembourg) S.A.), as Luxembourg paying agent and Luxembourg transfer agent.

We, as your counsel, have examined originals or copies of such documents, government records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.

In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials of Peru that we reviewed were and are accurate and (vi) all representations made by Peru as to matters of fact in the documents that we reviewed were and are accurate.

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Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion, assuming that the Securities have been duly authorized, executed and delivered by Peru insofar as Peruvian law is concerned, the Securities, when executed and authenticated in accordance with the provisions of the Indenture and delivered in exchange for the Existing Notes, will constitute valid and binding obligations of Peru, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability, and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors' rights, provided that we express no opinion as to the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of stated principal amount upon acceleration of the Securities to the extent determined to constitute unearned interest.

In connection with the opinion expressed above, we have assumed that the Indenture and the Securities (collectively, the "**Documents**") are valid, binding and enforceable agreements of each party thereto (other than as expressly covered above in respect of Peru). We have also assumed that the execution, delivery and performance by each party to each Document to which it is a party (a) are within its corporate, governmental or other powers, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents, or the laws of the government, of such party, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d) do not contravene, or constitute a default under, any provision of applicable law or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon such party.

We note that the enforceability in the United States of the waiver of immunities by Peru as set forth in Section 15(e) of the Securities and Section 9.7 of the Indenture is subject to the limitations imposed by the U.S. Federal Sovereign Immunities Act of 1976 and to other limitations contained in such agreements. We express no opinion as to the enforceability of any such waiver to the extent that it purports to apply to any immunity to which Peru may become entitled after the date hereof.

We express no opinion herein as to Section 9.7(b) of the Indenture insofar as such section relates to the subject matter jurisdiction of any United States federal court located in the Borough of Manhattan, the City of New York, to adjudicate any controversy related to the Indenture or the Securities.

We are members of the Bar of the State of New York and the foregoing opinion is limited to the laws of the State of New York and the federal laws of the United States, except that we express no opinion as to any law, rule or regulation that is applicable to Peru, the Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate. Insofar as the foregoing opinion involves matters governed by the laws of Peru, we have relied, without independent inquiry or investigation, on the opinion of the General Counsel of the Ministry of Finance of the Republic of Peru, dated as of July 8, 2025, to be filed as an exhibit to Amendment No. 3 to Peru's Annual Report on Form 18-K for the year ended December 31, 2023 (the "**Form 18-K/A**"), to be filed by Peru on the date hereof concurrently with this opinion.

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We hereby consent to the filing of this opinion as an exhibit to the Form 18-K/A to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement and further consent to the reference to our name under the captions "Validity of the New Bonds" in the prospectus supplement which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

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|:---|
| Very truly yours, |
| /s/ Baker & McKenzie LLP |

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