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001307-0002-15107-Active.14389758.

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LISTING PARTICULARS
US$500,000,000

FONDO MIVIVIENDA S.A.
3.50% Notes due 2023
_________________________________
We have issued and delivered US$500,000,000 aggregate principal amount of our 3.50% notes due 2023 pursuant to an
offering memorandum dated January 24
th
, 2013. The notes will mature on January 31, 2023. The notes will accrue interest at a rate
of 3.50% per year. We will pay interest on the notes semi-annually in arrears on January 31, and July 31 of each year, commencing
on July 31, 2013.
The notes are our senior unsecured obligations and will rank at all times equal with all our other future unsecured and
unsubordinated indebtedness (other than obligations preferred by statute or by operation of law). See “Regulatory—Intervention by
the SBS and Liquidation.”
We will be required to offer to repurchase all outstanding notes at a purchase price equal to 101% of their principal
amount plus accrued interest, if the Peruvian state, our controlling shareholder, ceases to own more than 50% of our voting stock.
We may redeem the notes, in whole but not in part, by paying the greater of 100% of the outstanding principal amount and
a “make-whole” amount, in each case plus accrued and unpaid interest. In addition, we may redeem the notes, in whole but not in
part, at a price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and any additional amounts, in
the event of certain changes in tax laws. See “Summary—The Offering” and “Description of the Notes.”
We have applied to list the notes on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF
Market.
Investing in the notes involves risks. See “Risk Factors” beginning on page 15 for a discussion of
certain risks that you should consider in connection with an investment in the notes.
Offering price: 99.15% plus accrued interest, if any, from January 31, 2013.
We have not registered the notes under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under any
state securities laws. We have offered the notes solely (1) to qualified institutional buyers (as defined in Rule 144A under the
Securities Act) and (2) to persons outside the United States in compliance with Regulation S under the Securities Act. See “Transfer
Restrictions.”
We have registered the notes with the Peruvian Superintendency of Capital Markets (Superintendencia del Mercado de
Valores, or “SMV”). Under CONASEV Resolution No. 079-2008-EF/94.01.1 this offering will be considered a public offering
directed solely to “institutional investors,” as such term is defined in the Seventh Final Disposition of CONASEV Resolution No.
141-98-EF/94.10.1, as amended. In addition, we have registered the notes with the Foreign Investment and Derivative Instruments
Registry (Registro de Instrumentos de Inversión y de Operaciones de Cobertura de Riesgo Extranjeros) of the Peruvian
Superintendency of Banks, Insurance and Private Pension Fund Administrators (Superintendencia de Banca, Seguros y
Administradoras Privadas de Fondos de Pensiones, or “SBS”) so that Peruvian private pension funds may invest in the notes, as
required by Peruvian law. The notes may not be offered or sold in the Republic of Peru or in any other jurisdiction except in
compliance with the securities laws thereof.
We expect that delivery of the notes will be made to investors in book entry form through the facilities of The Depository
Trust Company (“DTC”) on or about January 31, 2013.
_________________________________
Joint Bookrunners
BofA Merrill Lynch Citigroup
Peruvian Placement Agent
Citicorp Perú S.A. Sociedad Agente de Bolsa
The date of these listing particulars is August

8, 2013



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TABLE OF CONTENTS
Page
Forward-Looking Statements ....................................................................................................................................... iv 
Enforceability of Civil Liabilities ................................................................................................................................. vi 
Presentation of Financial and Certain Other Information ............................................................................................ vii 
Summary........................................................................................................................................................................ 1 
The Offering ................................................................................................................................................................ 10 
Summary Financial Information .................................................................................................................................. 13 
Risk Factors ................................................................................................................................................................. 13 
Use of Proceeds ........................................................................................................................................................... 25 
Exchange Rate Information ......................................................................................................................................... 26 
Capitalization ............................................................................................................................................................... 27 
Selected Financial Information .................................................................................................................................... 28 
Selected Statistical Information ................................................................................................................................... 30 
Management’s Discussion and Analysis of Financial Condition and Results of Operations ...................................... 45 
Business ....................................................................................................................................................................... 77 
Regulatory ................................................................................................................................................................... 93 
Management .............................................................................................................................................................. 102 
Sole Shareholder ........................................................................................................................................................ 105 
Related-Party Transactions ........................................................................................................................................ 106 
Description of the Notes ............................................................................................................................................ 107 
Taxation ..................................................................................................................................................................... 125 
Plan of Distribution ................................................................................................................................................... 129 
Transfer Restrictions .................................................................................................................................................. 133 
Legal Matters ............................................................................................................................................................. 135 
Independent Auditors ................................................................................................................................................ 135 
Listing and General Information ............................................................................................................................... 136 
Annex A – Principal Differences Among SBS GAAP, US GAAP and IFRS (as adopted by the IASB) .................. A-1 
Index to Financial Statements .................................................................................................................................... F-1 
You should assume that the information appearing in these listing particulars is accurate as of the date on
the front cover of these listing particulars only. Our business, financial condition, results of operations and prospects
may have changed since that date. Neither the delivery of these listing particulars nor any sale made hereunder shall
under any circumstances imply that the information herein is correct as of any date subsequent to the date on the
cover of these listing particulars.
These listing particulars constitute a prospectus for the purposes of the Luxembourg Act dated July 10,
2005 on prospectuses for securities, as amended.
These listing particulars are intended solely for the purpose of soliciting indications of interest in the notes
from qualified investors do not purport to summarize all of the terms, conditions, covenants and other provisions
relating to the terms of the notes contained in the indenture which was entered into in connection with the issuance
of the notes as described herein and other transaction documents described herein. The market information in these
listing particulars has been obtained by us from publicly available sources deemed by us to be reliable. We accept
responsibility for correctly extracting and reproducing such information. Notwithstanding any investigation that the
initial purchasers may have conducted with respect to the information contained in these listing particulars, the

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initial purchasers accept no liability in relation to the information contained in these listing particulars or their
distribution or with regard to any other information supplied by us or on our behalf.
These listing particulars do not constitute an offer to sell, or a solicitation of an offer to buy, any notes
offered hereby by any person in any jurisdiction in which it is unlawful for such person to make an offer or
solicitation. You must comply with all applicable laws and regulations in force in any jurisdiction in which you
purchase, offer or sell the notes or possess or distribute these listing particulars and must obtain any consent,
approval or permission required for your purchase, offer or sale of the notes under the laws and regulations in force
in any jurisdiction to which you are subject or in which you make such purchases, offers or sales, and neither us nor
any of the initial purchasers will have any responsibility therefor.
The notes described in these listing particulars are subject to restrictions on transferability and resale, and
may not be transferred or resold in the United States except as permitted under the Securities Act and applicable
U.S. state securities laws pursuant to registration under, or exemption from, such laws. By purchasing the notes, you
will be deemed to have made certain acknowledgments, representations, restrictions and agreements as set forth
under “Transfer Restrictions.”
You should be aware that you may be required to bear the financial risks of this investment for an
indefinite period of time. In making an investment decision, prospective investors must rely on their examination of
us and the terms of this offering, including the merits and risks involved. These notes have not been approved or
recommended by any United States federal or state securities commission or any other United States, Peruvian or
other regulatory authority. Furthermore, the foregoing authorities have not passed upon or endorsed the merits of the
offering or confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary
is a criminal offense in the United States.
Notwithstanding anything in this document to the contrary, except as reasonably necessary to comply with
applicable securities laws, prospective investors (and each of their employees, representatives or other agents) may
disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax
structure of the offering and all materials of any kind (including opinions or other tax analyses) that are provided to
them relating to such tax treatment and tax structure. For this purpose, “tax structure” is limited to facts relevant to
the U.S. federal income tax treatment of the offering.
Neither we, the initial purchasers nor any of our or their respective affiliates or representatives are making
any representation to any offeree or purchaser of the notes offered hereby regarding the legality of any investment
by such offeree or purchaser under any applicable law. Each prospective investor should consult with its own
advisors as to legal, tax, business, financial and related aspects of a purchase of the notes.

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NOTICE TO RESIDENTS OF NEW HAMPSHIRE
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES
(“RSA”) WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY
REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A
FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED
UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR
THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE OF NEW HAMPSHIRE HAS PASSED IN
ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL
TO, ANY PERSONS, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE
MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
_________________________________
NOTICE TO RESIDENTS OF PERU
IN PERU THIS OFFERING WILL BE CONSIDERED A PUBLIC OFFERING DIRECTED SOLELY
TO “INSTITUTIONAL INVESTORS” (AS SUCH TERM IS DEFINED IN THE SEVENTH FINAL
DISPOSITION OF CONASEV RESOLUTION NO. 141-98-EF/94.10, AS AMENDED).
THE NOTES AND THE RELEVANT OFFERING MEMORANDUM HAVE BEEN REGISTERED
WITH THE SMV IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN CONASEV RESOLUTION
NO. 079-2008-EF/94.01.1 AND SMV RESOLUTION NO. 004-2011- EF/94.01.1, APPLICABLE TO U.S.
OFFERINGS IN RELIANCE OF RULE 144A UNDER THE SECURITIES ACT WITH A PERUVIAN
COMPONENT.
THE NOTES OFFERED HEREBY ARE SUBJECT TO TRANSFER AND RESALE RESTRICTIONS
AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER CONASEV
RESOLUTION NO. 079-2008-EF/94.01.1, AS AMENDED.
THE NOTES HAVE BEEN REGISTERED IN THE FOREIGN INVESTMENT AND DERIVATIVE
INSTRUMENTS REGISTRY (REGISTRO DE INSTRUMENTOS DE INVERSIÓN Y DE OPERACIONES DE
COBERTURA DE RIESGO EXTRANJEROS) OF THE SBS SO THAT PERUVIAN PRIVATE PENSION FUNDS
MAY INVEST IN THE NOTES, AS REQUIRED BY PERUVIAN LAW.
_________________________________
AVAILABLE INFORMATION
For so long as any notes are “restricted securities” within the meaning of Rule 144(a)(3) under the
Securities Act, we will, during any period in which we are neither subject to Section 13 or Section 15(d) of the U.S.
Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor exempt from reporting pursuant to
Rule 12g3-2(b) thereunder, provide to any holder or beneficial owner of such restricted securities or to any
prospective purchaser or subscriber of such restricted securities designated by such holder or beneficial owner upon
the request of such holder, beneficial owner or prospective purchaser or subscriber, the information required to be
delivered to such persons pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).


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FORWARD-LOOKING STATEMENTS
These listing particulars contain statements that constitute forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements appear throughout
these listing particulars, principally in “Summary,” “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Business.” Such estimates and forward-looking statements are primarily based on
current expectations and projections about future events and financial trends that affect, or may affect, our business,
financial condition, results of operations and prospects.
There are many significant risks, uncertainties and assumptions that might cause our business, financial
condition, results of operations and prospects to differ materially from those set out in our estimates and
forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or
our officers’ intent, belief or current expectations with respect to, among other things, the use of proceeds of the
offering, our financing plans, trends affecting our business, and future plans and strategies. These statements reflect
our views with respect to such matters and are subject to risks, uncertainties and assumptions, including, among
other factors:
 general economic, political and business conditions in Peru;
 fluctuations in the value of the nuevo sol compared to other currencies, particularly the US dollar;
 increase in the levels of inflation in Peru;
 implementation by the Peruvian government of restrictive exchange rate policies;
 adverse effects on the Peruvian economy and the Peruvian banking sector of economic developments
in regional or global markets;
 a determination by the Peruvian government to not continue supporting our operations by, among other
means, capitalizing dividends, or the Peruvian government’s failure to provide us necessary support or
its decision to focus on other social development initiatives that do not involve mortgage financing;
 credit and other risks of lending, investing and conducting our activities, including increases in defaults
by borrowers and other loan delinquencies and increases in the provision for loan losses;
 market volatility generated by distortions in the international financial markets that may affect the
Peruvian capital markets;
 failure of financial institutions and stability of the Peruvian financial system as a result of the lack of
public confidence in Peruvian banking and financial institutions;
 diversion of our resources away from our more profitable areas of our lending and investing business
to less profitable areas and decrease in our source of funding as a result of changes in the Peruvian
government’s economic and social development objectives;
 change of economic policy by the current or future presidential administration;
 implementation of our business and our expansion strategies and investment plans to face our recent
rapid growth and the operational challenges such rapid growth poses;
 changes in applicable laws and governmental regulations, particularly the Peruvian Central Reserve
Bank (Banco Central de Reserva del Perú, or the “Peruvian Central Bank”) and SBS rules, related to
us and our lending and other activities, and tax matters;
 limitations that would arise from an intervention in our operations by the SBS to prevent, control or
reduce the effects of a failure;
 high turnover in our executive management team;
 our inability to retain certain personnel and to hire additional or to replace key personnel; and
 other risk factors as set forth under “Risk Factors.”

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The words “believe,” “could,” “may,” “estimate,” “continue,” “potential,” “anticipate,” “intend,” “expect,”
“will,” “should” and “plan,” among others, are intended to identify forward-looking statements. Forward-looking
statements speak only as of the date they were made and neither we nor the initial purchasers undertake to update or
revise any forward-looking statement, whether as a result of new information, future events or otherwise.
In light of these risks and uncertainties, the forward-looking information, events and circumstances
discussed in these listing particulars might not occur. Any such forward-looking statements are not guarantees of
future performance. As a result, prospective investors should not make an investment decision based on the
forward-looking statements contained in these listing particulars.

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ENFORCEABILITY OF CIVIL LIABILITIES
We are a corporation (sociedad anónima) organized under the laws of Peru. All of our directors, officers,
controlling persons and the experts named herein reside outside the United States, and all of our and their assets are
located outside the United States. As a result, it may not be possible for investors to effect service of process within
the United States upon such persons, including with respect to matters arising under the federal securities laws of
the United States, or to enforce against such persons or against us judgments of courts of the United States
predicated upon the civil liability provisions of the federal securities laws of the United States.
We have been advised by Estudio Echecopar, our Peruvian counsel, that any final and conclusive judgment
for a fixed and definitive sum obtained against us in any foreign court having jurisdiction in respect of any suit,
action or proceeding against us for the enforcement of any of the obligations assumed under the Indenture would,
upon request, be deemed valid and enforceable in Peru through an exequatur judiciary proceeding (which does not
involve the reopening of the case), provided that: (a) there is in effect a treaty between the country where such
foreign court sits and Peru regarding the recognition and enforcement of foreign judgments; or (b) in the absence of
such a treaty, the original judgment is ratified by a Peruvian court (Corte de la República del Perú), provided that
the following conditions and requirements have been met: (i) the judgment does not resolve matters under the
exclusive jurisdiction of Peruvian courts (and the matters contemplated by the Indenture are not matters under the
exclusive jurisdiction of Peruvian courts); (ii) the relevant foreign 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 such proceeding took place, was granted a reasonable opportunity to
appear before such foreign court and was guaranteed due process rights; (iv) the judgment has the status of res
judicata 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 foreign judgment is not incompatible with another judgment that
fulfills the requirements of recognition and enforceability established by Peruvian law, unless such foreign
judgment was rendered first; (vii) the foreign judgment is not contrary to public policy (orden público) or good
morals; (viii) it is not proven that the court that rendered the foreign judgment has denied enforcement of Peruvian
judgments or has engaged 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 case of jurisdictions that are parties to the Hague
Apostille Convention, or (b) certified by Peruvian consular authorities, in case of jurisdictions that are not parties to
the Hague Apostille Convention, and is accompanied by a certified and officially translated copy of such judgment
into Spanish and (x) the applicable court taxes or filing fees have been paid.
We have no reason to believe that any of our obligations relating to the notes would be contrary to
Peruvian public policy (orden público), good morals and international treaties binding upon Peru or generally
accepted principles of international law. No treaty exists between the United States and Peru for the reciprocal
enforcement of foreign judgments. Peruvian courts, however, have enforced judgments rendered in the United
States based on legal principles of reciprocity and comity.
We reserve the right to plead sovereign immunity under the U.S. Foreign Sovereign Immunities Act of
1976 with respect to actions brought against us under United States federal securities laws or any state securities
laws. Accordingly, you may not be able to obtain a judgment in a U.S. court against us under such laws unless the
U.S. court determines that we are not entitled to sovereign immunity with respect to that action.
In connection with the issuance of the notes, we have designated CT Corporation System as our agent upon
whom process may be served in connection with any proceeding in the State of New York.

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PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION
General
In these listing particulars, except where indicated or the context otherwise requires, the terms “FMV,”
“Issuer,” “Company,” “we,” “our,” “ours,” “us” or similar terms refer to Fondo MIVIVIENDA S.A., a state-owned
company established under the laws of Peru.
We prepare our financial statements in nuevos soles and in conformity with accounting principles
prescribed by the SBS for us (which includes accounting principles of general application to Peruvian financial
entities and specific accounting rules promulgated by the SBS specifically for us) (“SBS GAAP”). The SBS GAAP
accounting principles that apply to us differ in several significant respects from generally accepted accounting
principles in the United States (“US GAAP”) and from International Financial Reporting Standards (“IFRS”) as
promulgated by the International Accounting Standards Board (“IASB”). In the case of companies such as ours,
rules under SBS GAAP are generally enacted by the SBS; in the absence of rules promulgated by the SBS, we must
comply with IFRS adopted in Peru through resolutions promulgated by the Peruvian National Accounting Standards
Board (Consejo Normativo de Contabilidad, or “CNC”).
Our audited financial statements included in these listing particulars present our financial position as of
December 31, 2012, 2011 and 2010 and our results of operations for each of the years then ended. Our financial
statements have been audited by Medina, Zaldívar, Paredes & Asociados, a member firm of Ernst & Young Global
(“Ernst & Young”), as set forth in their report included in these listing particulars.
Unless otherwise specified or the context otherwise requires, references in these listing particulars to “S/.”
and “nuevos soles” are to Peruvian nuevos soles, the official currency of Peru, and references to “US$” and
“US dollars” are to United States dollars.
These listing particulars contain certain figures that have been converted from nuevos soles into US dollars
at specified rates solely for the convenience of the reader. Unless otherwise indicated, US dollar amounts as of and
for the year ended December 31, 2011 and US dollars amounts as of and for the year ended December 31, 2012
have been converted from nuevos soles at an exchange rate of S/. 2.55 per US dollar, as published by the SBS on
December 31, 2012. The exchange rate conversions contained in these listing particulars should not be construed as
representations that the nuevo sol amounts actually represent such US dollar amounts, or were converted or could be
converted into US dollars at the rate indicated. For a complete description of the exchange rates between the nuevo
sol and the US dollar, see “Exchange Rate Information.”
Average balances
Average balance information for the full fiscal years has been calculated as the sum of month-end balances
of the applicable year and the last month-end balance of the immediately preceding year divided by thirteen.
Risk classification
As described in further detail in “Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” accounting for our loan portfolio has been determined by the SBS and derives from the fact
that we do not directly fund our mortgage loans of the final borrower, in compliance with and as provided under
SBS GAAP, as it applies to us. We make lines of credit available through a trust structure with COFIDE
(Corporación Financiera de Desarrollo), a financial institution controlled by the Peruvian state, to intermediary
financial institutions that place our loans. These lines of credit are required to be used in originating mortgage loans
to the final borrowers. As a result of this structure, our exposure to the credit risk of the final borrower is reduced by
the participation of the intermediary financial institutions and our risk classifications are based on the credit risk
category of the intermediary financial institution as well as a portion of the risk classification of the final borrower,
depending on the type of product, in order to compute our provision for the related credit risk. This methodology is
designed to allow us to provision for the risk of default to which we may actually be exposed. See “Summary” and
“Business” for a description of our coverages by type of product.
All of our loans are eligible for credit risk coverage (CRC) pursuant to which, upon default by the final
borrower, we generally assume one-third of the risk of loss of the principal due on the loan or of the defaulted
amount, whichever is lower (except in the case of Crédito Complementario Techo Propio, where we initially
assume 100% of the associated credit risk). Our accounts receivable are segregated into two risk categories: “with
CRC” and “without CRC.” Eligible loans must have duly registered mortgages in favor of the intermediary financial

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institution, are recorded as “with CRC,” and have a risk classification based on the risk category of the underlying
borrower, as a required by SBS regulations. Loans that do not have a registered mortgage are recorded as “without
CRC” and the corresponding provision is based on the risk classification of the intermediary financial institution.
The COFIDE trust
Amounts due by final borrowers are paid to us by the financial intermediary through COFIDE, regardless
of whether they have received payment on the underlying loan. We therefore account for our outstanding loans as
“Accounts receivable (Trust Agreement – COFIDE),” which corresponds to due from banks rather than to the direct
loan balances of the final borrowers. In addition, since most of our loan products provide that the intermediary
financial institution with the direct relationship to the final borrower retains most of the risk of loan default with the
remaining risk of loss assumed by us, we considered this condition when provisioning loan losses in accordance
with SBS rules, under the line item “Allowance for doubtful accounts” in our financial statements.
Good payer award and good payer bonus
Borrowers under our Nuevo Crédito MIVIVIENDA loans are eligible to have up to S/.12,500 of their loan
balances forgiven if they have timely paid (taking into account grace periods) the previous six monthly installments
due on their loans through our good payer program (programa del buen pagador). We refer to this benefit as the
good payer award (premio al buen pagador). At loan origination, we book the entire balance of the loan outstanding
as an account receivable (Trust Agreement – COFIDE). We group monthly payments into six month segments and
if the borrower timely pays each monthly payment in the segment, they earn the award for that segment and we
forgive one installment of the loan and recognize a net loss for the corresponding amount. On eligible Nuevo
Crédito MIVIVIENDA loans, the MVCS may assume up to S/.10,000 of the cost of the award pursuant to a
complementary benefit that we call the good payer bonus program (bono al buen pagador). In those instances, we
assume the remaining S/.2,500 of the good payer award. The full amount we receive from the MVCS to cover the
good payer bonus is recorded as a liability under the “Good Payer Bonus (principal) received from the MVCS.”
When a portion of a loan becomes eligible for the good payer bonus, we identify the borrower to the MVCS and
reclassify the bonus portion as “Good Payer Bonus – Assigned.” The MVCS may, but is not required, to make
contributions to us to defray the costs of the good payer program from proceeds it receives from the state. Our final
borrowers are only eligible for this program once.
The CRC-PBP trusts
In June 2007, we established two CRC-PBP trusts, one in US dollars and one in nuevos soles. These trusts
were designed to comply with our obligations to make payments related to credit risk coverage (CRC) and the good
payer award due on our portfolio of loans that were discontinued as of May 2006, principally Crédito MIVIVIENDA
Tradicional. The loans originated under our legacy products were originated both in US dollars and nuevos soles by
the participating financial institutions directly with their own funds. Our goal was to promote loan originations to
our target market by making CRC coverage available and providing good payer award payments. Approximately
5,400 loans were funded under these legacy products and covered by the CRC-PBP trusts. We funded the trusts
directly in amounts required to cover all our obligations to make CRC coverage and good payer award payments on
our legacy portfolio.
With respect to the CRC-PBP trusts, upon disbursement of the loan proceeds, we record an entry in
“Accounts Receivable – Trusts” and recognize interest generated by the trust on an accrual basis in “financial
income,” based on the preferential interest rates agreed with the intermediary financial institution that placed the
loan. We record the corresponding assets (due from banks, investments and accrued yields) and liabilities related to
these trusts as a net balance in “Other accounts receivable, net,” as required by SBS GAAP, as we act as both trustee
and beneficiary in both cases. Resulting surpluses and deficits of the trusts are recorded in “financial income” as
“attribution of income from trust” on our statements of income.
Rounding
Certain figures included in these listing particulars and in our financial statements have been rounded for
ease of presentation. Percentage figures included in these listing particulars have not in all cases been calculated on
the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage
amounts in these listing particulars may vary from those obtained by performing the same calculations using the
figures in our financial statements. Certain other amounts that appear in these listing particulars may not sum due to
rounding.

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Economic data
In these listing particulars, all macroeconomic data relating to Peru is based on information published by
the SBS, the Peruvian Central Bank, the Peruvian Ministry of Economy and Finance (Ministerio de Economía y
Finanzas, or “MEF”), the Peruvian Ministry of Housing, Construction and Sanitation (Ministerio de Vivienda,
Construcción y Saneamiento, or “MVCS”), and the Peruvian National Institute of Statistics and Information
Processing (Instituto Nacional de Estadística e Informática, or “INEI”).

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SUMMARY
This summary highlights information contained elsewhere in these listing particulars. It does not contain
all of the information that an investor should consider before making a decision to invest in the notes. For further
information on our business and this offering, this summary must be read together with the detailed information
included in the other sections of these listing particulars, in particular the information included in “Risk Factors,”
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” and
the financial statements included in these listing particulars.
Overview
We are a for-profit entity that is wholly-owned by the Peruvian state, established with the principal goal of
providing access to mortgage financing for lower- and middle-income working families and individuals who are
most likely to be part of the population most affected by the quantitative and qualitative housing deficit in Peru.
This is consistent with section 3 of our bylaws, which establish that our corporate purpose is to promote and finance
the acquisition, upgrading and construction of housing units, especially those serving a public interest and to
participate in the primary and secondary markets for mortgage based loans. We do not a have definite lifespan. We
are key to the state’s economic and social development policies, especially as the country seeks to continue
addressing an estimated deficit of 1.9 million housing units as of February 2012, according to reports published by
the MVCS. One of our key goals is to continue to provide innovative mortgage products and enhance our existing
loan programs to accomplish our joint goals of increasing the penetration of mortgage loan financing as a
percentage of GDP, which represented approximately 4.0% of Peru’s GDP in 2011, and to enable our borrowers to
become formal participants in the economy. By gaining access to our mortgage products, these historically un-
banked and under-banked households are able to develop a credit history, enhance their wealth through home
ownership, and generally improve their living conditions.
Our loan products are placed through intermediary financial institutions operating in Peru that in turn
originate mortgage loans designed to enable our target borrowers to purchase, expand or renovate their homes. The
intermediary financial institutions serve as our agents, enabling us to increase the size of our loan portfolio without
significant additional operating expenditure. In our business and operating model, we designate a maximum loan
balance for each intermediary financial institution. Each intermediary financial institution places and services
mortgage loans using our available credit lines and approves each mortgage loan application directly, using its and
our credit criteria.
Funding for our loan products is made available to intermediary financial institutions through a trust we
established with COFIDE in 1999. Pursuant to the terms of the trust agreement, COFIDE confirms the mortgage
loan complies with all our lending requirements, although we have final lending approval over each loan. COFIDE
executes a master agreement for each product with the intermediary financial institution. Upon completion of
procedural requirements, COFIDE disburses funds to the intermediary financial institution. Funds are then disbursed
on behalf of the final borrower by the intermediary financial institution to the seller or developer of the property.
Once the individual mortgage is duly filed and the loan documentation is executed, the loan becomes eligible for
CRC coverage.
The flowchart below depicts the structure of our loan origination and servicing model.

1. Final borrower signs sale contract.
2. Final borrower applies for loan on basis of sale contract and/or mortgage on property.
3. Financial institution reviews documentation and if qualified, approves loan application and sends to COFIDE for
review.
4. COFIDE verifies application and sends materials to us and we undertake a final review to confirm compliance
with our criteria.
5. Upon approval, funds for each loan are released to COFIDE.
Trust Agreement
Master Agreements executed with
each financial institution
SELLER OR
PROJECT
DEVELOPER
MIVIVIENDA COFIDE
FINANCIAL
INSTITUTIONS
FINAL
BORROWER
  
 


Loan Agreement and
promissory note
executed by final
borrower in favor of
financial institution

2
001307-0002-15107-Active.14389758.107/30/2013 11:44 AM
6. COFIDE disburses funds to financial institution.
7. Once guarantee or mortgage (or both) is formalized and registered, funds are disbursed to seller, project developer
or supplier. These arrangements may also be structured through the constitution of a trust.
Our loan products
We seek to achieve our mission of reducing the acute housing deficit that has plagued Peru for several
decades by designing products targeted at addressing both the quantitative and qualitative housing deficit. Our
products provide mortgage loans at affordable and long-term fixed rates. Pursuant to our agreement with the
Peruvian government, all our mortgage loan products are generated and are repaid in nuevos soles. Eligible
borrowers may not own more than one residence, although our loan products can also be used to finance residences
that can double as workshops.
We have the following four principal products:
 Nuevo Crédito MIVIVIENDA, which was launched in June 2009, is designed to finance home
purchases or home expansions and has maturities ranging from 10 to 20 years; as of December 31, 2012, we had
issued a total of 27,046loans under this product.
 Crédito MICONSTRUCCION, which will be widely available beginning in this year (we introduced a
pilot program in 2012 and issued 188 loans), is designed for financing the construction of home improvements or
expansions and has maturities up to 12 years.
 Crédito MISMATERIALES, which will be available this year to finance the purchase of construction
materials for home improvements or expansions and has maturities up to five years.
 Crédito Complementario Techo Propio, which was launched in 2003, is designed to enable borrowers
to purchase or construct properties in conjunction with the Peruvian state’s Techo Propio subsidy issued by the
MVCS and administered by us; as of December 31, 2012, we had issued a total of 9,127 loans under this loan
program, all with the Techo Propio subsidy.
Of these loan products, Nuevo Crédito MIVIVIENDA accounted for approximately 36% of our revenue in
2011 and approximately 59% of our revenue in 2012. The remainder of our revenue was generated by the Crédito
Complementario Techo Propio which contributed approximately 4% to our revenues in 2012 and 3% in 2011, and
by our portfolio of legacy loans that were discontinued in the period between 2006 and 2009, including Crédito
MIVIVIENDA Tradicional (2006), Crédito MIHOGAR (2009) and Crédito MIVIVIENDA Estandarizado (2009). In
2011, we also generated approximately 15% of our revenues from interest earned on our investment portfolio,
which we liquidated in part during 2012 to expand our lending activity.
In addition, through our CRC coverage we assume a portion of the associated credit risk of the final
borrower. The charts below depict the CRC coverage of our two principal loan products and the risk coverage we
assume over the life of the loan. The intermediary financial institution retains the remaining risk of default.




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4
001307-0002-15107-Active.14389758.107/30/2013 11:44 AM

As of December 31,
2012 2011 2010

International ratings in
US dollars
(Moody’s/S&P/Fitch)
(S/. in
thousands) %
(S/. in
thousands)
%
(S/. in
thousands) %

Banco Internacional del
Perú - INTERBANK .....
Baa3/BBB/BBB-
885,796 28% 647,961 26% 406,593 24%
Banco de Crédito del
Perú .............................
Baa2/BBB/BBB+
805,475 25% 632,944 26% 389,429 23%
Banco BBVA
Continental ..................
— /BBB/BBB+
446,587 14% 337,646 14% 203,347 12%
Banco Scotiabank ......... Baa2/BBB/BBB+ 286,202 9% 252,000 10% 195,599 12%
Banco Financiero del
Perú .............................

218,776 7% 187,374 8% 162,292 10%
Others (1) ...................... — 538,170 17% 393,314 16% 323,114 19%
Total ...............................
— 3,181,006 2,451,239 1,680,374
_______________
(1) Includes 29 financial institutions that have less than 5% concentration.
Selected Results
Our lending activities are conducted on commercial terms that generate net income. Of the more than
79,000 loans we have financed since 1999, which have resulted in total loan disbursements of approximately
US$1.8 billion, only 407 have defaulted. Of the total defaulted loans, 24 have gone through court proceedings, of
which four resulted in an aggregate loss to us of approximately US$20,000. The remaining defaulted loans were
restructured prior to execution of the underlying mortgages. As of December 31, 2012, we had a total portfolio of
accounts receivable (Trust Agreement – COFIDE) of approximately S/. 3,181 million (US$ 1,247.5 million).
For 2012 and 2011, our net income was S/.91,7 million and S/.83 million, respectively. As of December
31, 2012, our shareholder’s equity was S/.2.968 million. Additionally, the balance of our portfolio with intermediary
financial institutions that place our loans totaled S/. 3,144.9 million as of December 31, 2012 and S/.2,427.7 million
as of December 31, 2011.
The following table presents a comparison of various performance metrics for selected financial
institutions (public and private) operating in Peru for the periods indicated, as compared to our performance.

As of December 31, 2012(1) As of December 31, 2011
Equity (S/.
millions)
NPL(2)
(%)
Return on
Assets (%)(3)
Equity (S/.
millions)
NPL(2)
(%)
Return on
Assets (%)(3)

Fondo MIVIVIENDA ........... 3,094 0.0 3.0 3,003 0.9 2.7
COFIDE .................................... 2,102 0.1 1.1 2,168 0.5 1.3
Banco de Crédito del Perú ........ 7,141 1.7 1.8 6,296 1.4 2.1
Banco Scotiabank ..................... 4,628 1.6 4.9 4,043 1.5 2.8
Banco BBVA Continental ........ 4,228 1.2 2.5 3,705 0.9 2.8
Banco Internacional del Perú
- INTERBANK ....................... 2,274 1.8 2.5 1,956 1.5 2.8
Banking system ......................... 21,320 1.8 2.1 19,468 1.5 2.3

_______________
(1) Most recent date for which information is available.
(2) Nonperforming loans are loans more than 90 days past-due.
(3) Return on assets is net income divided by total assets.

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Relationship with the Peruvian state
The Peruvian state holds 100% of our equity through the Fondo Nacional de Financiamiento de la
Actividad Empresarial del Estado (Peruvian National Fund for the Financing of Business Activities of the State, or
“FONAFE”), which is responsible for managing Peru’s corporate and business affairs. One of the state’s principal
goals is to promote home ownership for a sector of the population that has traditionally not been served by the
private financial industry. Our role in that effort is to design mortgage products that can be efficiently channeled
through financial intermediaries and enable lower- and middle-income working families to access mortgage loans at
attractive fixed rates of interest and with long-term maturities. Though we are a for-profit entity, applicable law and
our bylaws (estatuto social) require that we invest our annual net income in the development of our business.
Our board of directors acts independently from the Peruvian government for our day-to-day affairs,
however, all five members of our board of directors are designated by FONAFE three of which are independent,
meaning they are not affiliated with or employed by the Republic of Peru or any agency of the Peruvian state. The
members of FONAFE’s board of directors are the ministers of the MEF, the MVCS, the Ministry of
Communications and Transportation (Ministerio de Transportes y Comunicaciones), the Ministry of Energy and
Mines (Ministerio de Energia y Minas) and the Presidency of the Council of Ministers (Presidencia Consejo de
Ministros).
We are an independent organization that adheres to the general policies of the MVCS. We administer the
Techo Propio subsidy on behalf of the MVCS. We are also a participant in the Sistema Financiero Nacional
(National Financial System), which is composed of a number of private and public sector banks, financial
institutions, development organizations and state entities.
Funding
Our initial source of funding came from a capital contribution made by the Peruvian state through
FONAFE in 2005 of approximately S/.2.7 billion by means of a contribution of assets. Pursuant to Peruvian Law
No. 28579 and our bylaws, we are required to capitalize all our annual net income after complying with certain legal
reserve requirements. Our net income was was S/. 91.66 million, S/.83.0 million and S/.68.6 million in 2012, 2011
and 2010, respectively. We currently source a portion of our ongoing funding needs from the capitalization of our
net income and have accessed alternative sources of funding only on a limited basis in the past. However, as part of
our strategy of diversifying our sources of funding, in February 2012 we incurred a US dollar-denominated US$100
million loan from Banco de la Nación. We have also obtained funding through credit operations with intermediary
financial institutions whereby we have sold our right to receive future installments due on our loan portfolio. Our
most recent transaction was in 2012 with Banco del Crédito Perú. In 2012, we also liquidated certain investments
and obtained authorization for partial release of excess assets held in the CRC-PBP trusts and used the proceeds
received to expand our lending activities. We will seek to continue to diversify our funding sources by raising
capital in nuevos soles or US dollar-denominated transactions in the local and international capital markets, the bank
lending markets or through other financial transactions.
The CRC-PBP Trusts
We established two CRC-PBP trusts, one in nuevos soles and the other in US dollars. These trusts cover
our obligations to pay CRC coverage and the good payer award under our legacy portfolio related to our loan
programs that were discontinued from 2005 to 2009, principally Crédito MIVIVIENDA Tradicional. The
approximately 5,400 loans covered by these trusts were funded by participating financial institutions directly from
their own funds in both US dollars and nuevos soles. As with our current loan products, our CRC coverage covers
up to one-third of the principal balance of the covered loan or one-third of the defaulted amount, whichever is
lower, for eligible loans with a duly constituted and registered mortgage. We charge a commission for the CRC
coverage for loans covered by these trusts calculated as a percentage of the balance disbursed on the loan and
deposit commission proceeds in the trust to cover resulting defaults. Any payment due on those covered loans (in
the event of default) is drawn from available funds.
The trusts also cover our obligations to pay the good payer award due on loans in the trusts to borrowers
who have made timely payments on their loans for at least six consecutive months. We charge the intermediary
financial institutions that place our loans a monthly commission for administration and support services provided in
respect of the good payer award and deposit the proceeds in the trusts.

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We act as fiduciary of the trusts. Funds in the trusts are invested in securities available in the market,
including Peruvian sovereign bonds, corporate bonds and similar securities denominated in both US dollars and
nuevos soles. In 2012, we requested a partial release of assets available for distribution from the CRC-PBP trusts
that cover our obligations under our legacy portfolio. We supported our request with a study performed by an
independent group of experts at Universidad ESAN, a local business school, as required by applicable regulation.
Once approved by the SBS, distributions of S/.290.0 million (in respect of the nuevos soles trust) and S/.50.7
million (in respect of the US dollar trust) were made to us from trust assets. See “Selected Statistical Information—
Accounts receivable from CRC-PBP trusts” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Accounting for CRC-PBP Trusts.”
Investment Considerations
We are an essential component of the Peruvian state’s economic and social development strategy. We
are wholly-owned by the Peruvian state and our sole corporate purpose is aligned with public policies that seek to
reduce the housing deficit by targeting lower- and middle-income working families. The Peruvian state’s historical
support of our operations and our central role as an instrument of economic development make it likely that we will
have continued strong support from our sole shareholder, if needed. We administer the Peruvian state’s Techo
Propio subsidy that is financed through the MVCS. However, we do not subsidize any of the loan products we
deliver. In addition, our products receive no direct subsidy from the Peruvian government, with the exception of the
good payer bonus we offer under our Nuevo Crédito MIVIVIENDA program in which certain qualified buyers are
eligible to have up to S/.10,000 of the cost of the good payer award rebated by the MVCS, once it receives the
related funding from the government. Historically, the Peruvian government has not interfered directly in our
operations, enabling us to develop sound lending policies that are tailored to the commercial realities of our lending
environment rather than prevailing political prerogatives.
We are a key participant in the historically underserved Peruvian mortgage loan segment for lower- and
middle-income working families with strong potential for measured growth. Mortgage loans for working lower-
and middle-income families are not readily available or accessible in the Peruvian market. We are the most
important participant in this market, providing a substantial percentage of the aggregate loans to eligible borrowers
at fixed rates of interest and with long maturities, which are especially important in a market with limited sources of
such financing. As of December 31, 2012, 30% of the total number of residential mortgage loans outstanding were
represented by our products. Given the persistently low penetration of mortgage lending to our target borrowers, the
ease with which we can increase further lending without incurring substantial costs and prevailing macroeconomic
factors in Peru, we believe we have strong potential for continued growth. The innovative features of our loan
products and the continued consistent expansion of the lower- and middle-income working segment of the
population in recent years, have made it possible for us to continue growing our portfolio of loans. We also enable
our final borrowers to develop or enhance their formal banking experience. As a result, intermediary financial
institutions see us as a partner in creating a new pool of customers to whom they can cross-sell other products. We
have developed new mortgage products such as Crédito MICONSTRUCCION and Crédito MISMATERIALES and
have increased the maximum loan value of the Nuevo Crédito MIVIVIENDA loans from approximately US$70,000
to US$100,000 as a means to further penetrate the market, continue reducing the housing deficit and foster
formalization of un-banked and under-banked communities. Our average loan disbursement for these products as of
December 31, 2012 was S/.108,995 for Nuevo Crédito MIVIVIENDA and S/.31,293 for Crédito
MICONSTRUCCION. We expect to launch Crédito MISMATERIALES later this year.
We have strong risk management processes and policies that are complemented by those of the
intermediary financial institutions that place our loans. Our loan origination policies are designed to ensure the
orderly development of a portfolio of mortgage loans to our target borrowers, through a diversified pool of banks
and financial institutions operating throughout Peru. We are subject to regulation and are supervised by the SBS, the
MEF, FONAFE, the Peruvian Central Bank and the Comptroller of the Republic. In addition, the banks and other
intermediary financial institutions that sell our mortgage products must also comply with applicable banking
regulation, giving our portfolio of loans an additional layer of regulatory protection and supervision. Furthermore,
we conduct periodic reviews of all the intermediary financial institutions in our portfolio and a representative
sample of the loan portfolio of final borrowers at each intermediary financial institution at least once a year as
required by the risk committee of our board of directors, SBS regulations and our internal regulations.
Our high quality loan portfolio has a low incidence of default. The majority of our loans are placed
through the largest intermediary financial institutions in Peru, which in turn lend the funds to our final borrowers.

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Pursuant to our agreements with each intermediary financial institution, payments must be remitted when due
regardless of whether the final borrower is current on his or her obligations with the intermediary financial
institution. All credit risk not assumed by us is borne by the intermediary financial institution, typically two-thirds
or more. As of December 31, 2012, our portfolio of loans had a low loan-to-value ratio of approximately 63% at
origination, which in our experience subsequently improves as the value of the mortgaged property increases with
the borrowers’ investment of the loan proceeds. In 2010, 2011 and 2012, none of the intermediary financial
institutions that operate with us had defaulted on our loans. Our loan portfolio has demonstrated very strong
performance over time, generating only US$20,000 in losses from defaults from a total portfolio of approximately
US$1.8 billion since 1999.
We have strong financial performance metrics. We have low leverage, sustained profitability and strong
margins, supported by low operating expenses in line with our business model. We have benefited from the strong
expansion of our loan portfolio in recent years, with an average annual growth rate of 45.8% from 2010 to 2011.
Our return on average equity of 3.0% for 2012 compares favorably to other development entities throughout Latin
America (including COFIDE), while our return on average assets was 2.6% at the same date. Our efficiency ratio
(defined as operating expenses (administrative expenses plus depreciation and amortization) divided by operating
margin) was 20.05% for 2012 compared to 20.9% for 2011 and 26.7% for 2010.
Easily scalable business model allows us to increase mortgage lending with minimal additional
operating expenditures. The intermediary financial institutions that place our mortgage loans are primarily
responsible for originating and servicing the mortgage loans that are offered under our loan programs, though we
have internal processes in place to ensure appropriate compliance with our lending criteria. Subject to our credit
limits, we are able to increase the amount of credit we make available through the COFIDE trust and thereby
increase the number of loans originated without incurring significant additional administrative costs. We believe our
target market is currently underserved. Intermediary financial institutions in Peru continue to participate in our loan
programs because our loans are cost-effective, generate reliable revenue and enable them to develop a base of
borrowers who can subsequently become reliable customers to whom banks can cross-sell other financial and
banking products.
Strong corporate governance complemented by an experienced board of directors and management
team. We have developed a culture of strong corporate governance, collaborating with institutions such as the
Andean Development Corporation (Corporación Andina de Fomento) to help us develop best corporate governance
practices based on international standards. In addition, our board of directors, composed of five members, is
appointed by the FONAFE board following a thorough vetting selection process designed to identify the most
experienced and highly qualified members possible, who are appointed for renewable terms of three years. We
believe three-year terms give our board of directors continuity and independence. In particular, we believe we are
strengthened by the independence and experience of our chief executive officer and other members of our senior
management team who are highly experienced in the financial sector and independent from the state. Certain
members of our senior management have worked with us since 2004 giving continuity to our operations. Our board
also has established internal risk and audit committees, each of which includes members of our board of directors
and management team working together to help reinforce and monitor our risk policies.
Our Strategies
Adapt products and banking platforms to increase home ownership. We will continue to focus on our key
mission of expanding homeownership in Peru by expanding our loan portfolio and adapting our product offerings to
market requirements. The Peruvian mortgage market continues to be under-penetrated. As the housing deficit
continues to be significant, we will focus on adapting our existing products to the expanding lower- and middle-
income working class population. We seek to develop new and innovative products designed to assist our target
borrowers. This year, we will launch our Crédito MISMATERIALES and Crédito MICONSTRUCCION products
that target property owners who need to finance construction costs and the purchase of building materials for their
home improvement projects. We will also develop mortgage products tailored to home buyers who are seeking to
purchase used homes. We believe this will add liquidity and mobility to the market by allowing current borrowers
the ability to sell their existing homes and to acquire larger properties or as they move regionally. We will also seek
to offer complementary products such as mortgage insurance that will make interest payments on mortgages if a
borrower loses his or her source of income. As the market becomes more sophisticated, we believe we will be able
to offer a broader range of products to suit our target borrowers’ evolving needs.

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Improve our operations. We will seek to improve our operating performance. Our efficiency ratio was
20.1% for 2012 compared to 20.9% for 2011 and 26.7% for 2010. This is mainly due to increases in our financial
income as a result of our efforts to increase good payer award payments and to reduce mortgage interest rates, while
maintaining operating expenses constant. We are focused on improving this metric and believe our ability to
increase our loan placements while maintaining relatively constant expenses will lead to greater efficiencies and
further improved performance.
Diversify our portfolio of loans geographically. Part of our strategy relies on expanding our product
offerings to historically under-served regions of Peru. We believe that geographic diversification not only will allow
us to more faithfully fulfill our primary mission of providing resources to lower- and middle-income working
families throughout the country, but also mitigate the risk that concentration of our loan portfolio could pose. While
a large proportion of real estate development in recent years has occurred in Lima, we believe there is significant
need for new affordable housing developments in provinces throughout Peru. We have recently initiated a
nationwide marketing campaign to promote our products and the related benefits for our target borrowers. We plan
to cover the principal provinces throughout Peru by 2013 by sponsoring MIVIVIENDA information fairs jointly
with some of our financial intermediaries.
Promote new housing developments. We will seek to work with municipal and local governments to
promote development of new and emerging urban areas in conjunction with private developers seeking to develop
new housing stock. These initiatives will be targeted at communities that have evolving zoning areas that are being
auctioned to developers for construction of affordable and mixed-use housing. Specifically, we will work with local
governments to identify suitable areas for development, evaluate projects and create proposals, administer the
bidding process and work with intermediary financial institutions that will place our loans to design viable loan
programs. In this regard, we have a pilot project in Pucallpa where the local government has transferred a 100-acre
plot to a land trust for sale to a developer for construction of new homes. We will seek to provide lines of credit
through intermediary financial institutions for eligible borrowers who will purchase homes under construction, with
payments to be disbursed on a construction progress basis. We are exploring other similar projects in four other
municipalities, namely Cajamarca, Tumbes, Moquegua and Trujillo. We believe these projects will allow us to
promote development of new housing in underserved communities throughout Peru.
Diversify our sources of funding. While we are able to rely on our income generation capacity for our
existing funding needs, we seek to explore other sources of reliable funding at lower costs to continue expanding
our mortgage loan portfolio as we did in 2012 with our loan from Banco de la Nación. We will also seek to
consummate sales of future loan payments due on our portfolio to both raise capital for our funding needs and to
reduce our concentration exposure to specific intermediary financial institutions, similar to a recent transaction we
completed with Banco de Crédito del Perú. We will also seek to deploy available assets in the CRC-PBP trusts as a
source of funding, as we did in 2012. We will explore opportunities to fund our operations in nuevos soles and US
dollars both through the local and international capital and credit markets. We are also seeking formal approval
from the SBS to issue certificates of deposit to state-owned entities in 2013 as an alternative source of funding. We
are one of the few public financial institutions in Peru that has been given the authority to issue those certificates of
deposit. We believe this additional source of funding will allow us a meaningful opportunity to further expand our
loan portfolio and provide long-term capital at fixed rates.
Implement retention measures for our employees. We believe our employees are one of our key resources
and will seek to develop retention and promotion initiatives to further reduce turnover. These measures may include
developing career plans, providing educational stipends and career-enhancing courses, and developing specific
promotion opportunities based on defined performance metrics. We believe these initiatives will enhance the quality
and experience of our employees and serve as a strong resource for our future expansion strategies.
Overview of Mortgage Loan Sector in Peru
The mortgage loan sector in Peru, though still in a nascent state, has experienced strong and dynamic growth in
recent years. The residential mortgage loan sector has grown at a compounded annual rate of approximately 18%
from 2006 to 2011. Total residential mortgage loan placements were S/. 24,534 million, of which full service banks
had originated an estimated S/. 23,604 million at December 31, 2012, in both nuevos soles (S/. 12,820 million) and
US dollars (US$ 4,229 million). Full service banks originated 96,2 % of all residential mortgage loans currently
outstanding in 2012. The remaining balance was originated by municipal banks, microfinance institutions and
finance companies, among others. Mortgage loan placements increased 22,7 % from December 31, 2011 to

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001307-0002-15107-Active.14389758.107/30/2013 11:44 AM
December 31, 2012, while direct loans increased 12,5 % over the same period. The total number of residential
mortgage loans at the same date was 188,751, of which 170,198 had been originated by full service banks.
The table below illustrates the growth trend in Peruvian mortgage lending over the period indicated.

Because the Peruvian mortgage market remains relatively small, mortgage loans must be designed to suit
Peruvian needs. As consumer spending and disposable income has increased in recent years, living standards have
risen and working families tend to have greater need for mortgage financing. The existing housing deficit is also a
major factor that contributes to continued strong growth of this market. There is an estimated qualitative deficit of
1.5 million housing units as of February 2012, according to reports published by the MVCS, and an additional
quantitative deficit of 400,000 housing units, according to data published by the INEI.
The expansion of mortgage lending has also been driven by the attractiveness of mortgage loan financings
that generally consist of smaller loans with very low incidence of default (0.8%) compared to micro-lending (2.8%),
credit cards (3.9%) and loans to small enterprises (5.2%), in each case, as of December 31, 2012. Based on findings
in the National Peruvian Consumer Study 2011 conducted by Arellano Marketing, housing costs are the second
highest household expenditures, 27% of Peruvians invest in their homes once their income increases, and
approximately 90% of Peruvians own their residence, as opposed to renting.
Our Information
Our principal executive offices are located at Av. Paseo de la República 3121, San Isidro-Lima. Our
telephone number is + (511) 211-7373. Our website is www.mivivienda.com.pe. The information included on our
website or which may be accessed through our website is not part of these listing particulars and is not included
herein by reference or otherwise. We were formed in 1998 and converted to a sociedad anónima in 2005.
24,534 
 ‐
 5,000
 10,000
 15,000
 20,000
 25,000
 30,000
Dic‐06 Dic‐07 Dic‐08 Dic‐09 Dic‐10 Dic‐11 Dic‐12
Evolución de los Créditos Hipotecarios del Sistema Financiero
(en millones de nuevos soles)

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THE OFFERING
This summary of certain terms and conditions of the notes is subject to, and qualified in its entirety by,
reference to the “Description of the Notes” section of these listing particulars.
Issuer ....................................................... Fondo MIVIVIENDA S.A.
Securities Offered .................................... US$ 500,000,000 aggregate principal amount of our 3.50% notes due
2023.
Issue Price ................................................ plus accrued interest, if any, from January 31, 2013.
Maturity Date ........................................... The notes will mature on January 31, 2023.
Interest ..................................................... The notes will accrue interest at a rate of 3.50% per year.
Interest Payment Dates ............................ Interest on the notes will be payable semi-annually in arrears on
January 31 and July 31 of each year, beginning on July 31, 2013.
Ranking ................................................... Except as provided below, the notes will be our direct, senior
unsecured obligations and will rank at all times pari passu in right of
payment to all our future unsecured and unsubordinated obligations.
The notes will be effectively subordinated to (i) all of our future
secured indebtedness to the extent of the assets securing such
indebtedness and (ii) certain other obligations that in the event of
liquidation are granted preferential treatment under Peruvian law. See
“Regulatory—Intervention by the SBS and Liquidation” and “Risk
Factors—Risks Relating to the Notes—Our obligations under the
notes will be subordinated to certain statutory liabilities in the event of
insolvency.”

The notes will be our obligations and will not be obligations of, or
guaranteed by, the Peruvian government or any governmental agency
or body related thereto.
As of December 31, 2012, we had no secured indebtedness and (in
addition to the bonds offered hereby) approximately S/.213.7 million
(US$ 83.8 million)of unsecured indebtedness outstanding with Banco
de la Nación, all of which by operation of Peruvian Banking Law
would have priority of payment in the event of our liquidation. See
“Regulatory—Intervention by the SBS and Liquidation.”
Additional Amounts ................................ All payments in respect of the notes will be made without any
withholding or deduction for any taxes of Peru or, the jurisdiction of
any paying agents outside Peru (including, for the avoidance of doubt,
Luxembourg) or, in each case, any political subdivision thereof or any
authority or agency therein or thereof having power to tax, unless
such withholding or deduction is required by law. In that event, we
will pay such additional amounts as will result in receipt by the
holders of notes of such amounts as would have been received by
them had no such withholding or deduction for taxes been required,
subject to certain exceptions set forth under “Description of the
Notes—Additional Amounts.”
Change of Control ................................... We will be required to offer to repurchase all outstanding notes at a
purchase price equal to 101% of their principal amount plus accrued
interest, if the Peruvian state, our controlling shareholder, ceases to
own more than 50% of our voting stock.
99.15%




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Optional Redemption ............................... Make-Whole Redemption. We may redeem the notes, in whole but not
in part, at any time, at a redemption price equal to the greater of 100%
of the outstanding principal amount of the notes and a “make-whole”
amount, in each case plus accrued and unpaid interest to the date of
redemption. See “Description of the Notes—Optional Redemption—
Make-whole redemption.”
Tax Redemption. We may redeem the notes, in whole but not in part,
at any time in the event of certain changes in tax laws at a redemption
price equal to 100% of their outstanding principal amount plus
accrued and unpaid interest to the date of redemption and any
additional amounts. See “Description of the Notes—Optional
Redemption—Tax redemption.”
Covenants ................................................ The indenture contains covenants that, among other things:
 require us to add a provision to our future credit, borrowing or
bond offering or related documentation, to the effect that all such
future indebtedness will rank pari passu with all our then
existing indebtedness, notwithstanding any other provision of the
Peruvian Banking Law to the contrary;
 require us to furnish certain periodic financial information; and
 limit our ability to consolidate or merge with, or convey, transfer
or lease all or substantially all of our assets, to another person,
unless we comply with certain requirements;
however, such covenants are subject to a number of important
exceptions. See “Description of the Notes—Covenants.”
Events of Default ..................................... The indenture sets forth the events of default applicable to the notes,
including an event of default triggered by cross default of other debt
in an amount of US$10 million or more. See “Description of the
Notes—Events of Default.”
Further Issues ........................................... We may from time to time, without notice or consent of the holders of
the notes, create and issue an unlimited principal amount of additional
notes of the same series as the notes initially issued in this offering.
Use of Proceeds ....................................... We intend to use the net proceeds from this offering for general
corporate purposes.
Form and Denomination .......................... The notes have been issued in book-entry form, in denominations of
US$150,000 and integral multiples of US$1,000 in excess thereof,
and are represented by global notes deposited with, or on behalf of,
The Depository Trust Company (“DTC”) and registered in the name
of a nominee of DTC. Beneficial interest in the global notes will be
shown on, and transfers will be effected only through, records
maintained by DTC for the accounts of its direct and indirect
participants, including Euroclear Bank S.A./N.V., as operator of the
Euroclear System (“Euroclear”), and Clearstream Banking, société
anonyme (“Clearstream”). The global notes will be exchangeable or
transferable for certificated notes only in limited circumstances. See
“Description of the Notes—Form of the Notes.”
Transfer Restrictions ................................ The notes have not been registered under the Securities Act. As a
result, the notes are subject to limitations on transferability and resale.
For more information see “Transfer Restrictions.”
Listing and Trading ................................. We have applied to have the notes listed on the Official List of the
Luxembourg Stock Exchange for trading on the Euro MTF market.
The notes, however, are a new issue of securities and there is no

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established trading market for the notes. Accordingly, we cannot
assure you that a trading market for the notes will develop or if one
develops, that it will be maintained.
Peruvian SBS Registration ...................... We have provisionally registered the notes with the Foreign
Investment and Derivatives Instruments Registry (Registro de
Instrumentos de Inversión y de Operaciones de Cobertura de Riesgo
Extranjeros) of the SBS, in order to make the notes eligible for
Peruvian pension fund investment, as required by Peruvian
legislation.
Peruvian SMV Registration ..................... We have registered the notes and the relevant offering memorandum
with the SMV. We will be required to file certain information in
Spanish with the SMV, such as quarterly and annual reports and
notices of material events (hechos de importancia). All such reports
and notices will be available at www.smv.gob.pe. The documents to
be filed with the SMV are not and will not form part of these listing
particulars and are not incorporated by reference herein.
Governing Law ........................................ The indenture and the notes will be governed by, and construed in
accordance with, the law of the State of New York.
Trustee, Registrar, Transfer Agent and
Paying Agent ........................................ Citibank, N.A.
Luxembourg Transfer Agent and Paying
Agent .................................................... Banque Internationale à Luxembourg S.A.
Risk Factors ............................................. You should carefully consider all of the information in these listing
particulars. See “Risk Factors” in these listing particulars for a
description of the principal risks involved in making an investment in
the notes.

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SUMMARY FINANCIAL INFORMATION
The following tables set forth certain of our financial information, and should be read in conjunction with
our financial statements, including the notes thereto, prepared in accordance with SBS GAAP, which are included in
these listing particulars, as well as the information included in “Presentation of Financial and Certain Other
Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The
results included below and elsewhere in these listing particulars are not necessarily indicative of future performance.
The income statement data for the years ended December 31, 2011 and 2010, and the balance sheet data as
of December 31, 2011 and 2010 are derived from our audited financial statements and related notes, which are
included in these listing particulars. We prepare our annual financial statements and other financial information in
accordance with applicable SBS GAAP, as such principles specifically apply to us. These principles differ in several
significant respects from US GAAP and IFRS. A discussion of some of the principal differences among SBS GAAP,
US GAAP and IFRS as they relate to us is included in Annex A. See also “Presentation of Financial and Certain
Other Information.” However, we have not quantified the effects of such differences and therefore cannot assure you
that we have identified all of the differences that are material.

For the years
ended December 31,
2012
2012 2011 2010

(US$ in
thousands) (S/. in thousands)
STATEMENTS OF INCOME

Financial income ....................... 85,782 218,743 206,118 171,945
Financial expenses .....................
(20,619) (52,577) (60,505) (47,008)
Gross financial margin ............ 65,163 166,166 145,613 124,936
Allowance for doubtful accounts
(Trust Agreement-COFIDE)
(8,970) (22,874) (12,343) (13,300)
Net financial margin ................ 56,193 143,292 133,270 111,637
Financial services revenues ....... 688 1,755 2,695 2,248
Financial services expenses .......
(27) (69) (144) (245)
Operating margin .................... 56,854 144,977 135,820 113,640
Administrative expenses ............
(12,827) (32,710) (30,122) (33,252)
Net operating margin .............. 44,026 112,267 105,698 80,388
Depreciation of property, furniture
and equipment ....................... (207) (527) (590) (480)
Amortization of intangibles assets (59) (150) (234) (183)
Allowance for other doubtful
accounts ................................. (124) (317) (1,394) (343)
Other provisions ........................
(353) (901) (299) (409)
Operating income .................... 43,283 110,373 103,181 78,973
Other income, net ......................
7,053 17,985 10,161 8,406
Income before income tax ....... 50,336 128,358 113,341 87,379
Income tax .................................
(14,391) (36,697) (30,318) (18,713)
Net income ................................
35,945 91,660 83,023 68,666


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As of December 31,
BALANCE SHEET DATA
2012 2011 2010
(S/. in thousands)
Assets

Cash and due from banks:
Deposits in the Peruvian Central Bank ........................... 2 1,140 1,573
Deposits in domestic banks ............................................. 339,766 155,910 560,060
Accrued yields on cash and due from banks ................... 709 179 5,024
Other cash .......................................................................
— — —
Total cash and due from banks ........................................ 340,476 157,229 566,657
Available-for-sale and held-to-maturity investments .......... — 205,102 448,864
Accounts receivable, net (Trust Agreement –
COFIDE) ........................................................................ 3,144929 2,427,676 1,660,227
Other accounts receivable, net ............................................ 70,518 399,991 380,662
Derivative financial instruments ......................................... 5,753 10,061 252
Property, furniture and equipment, net ............................... 1,356 1,835 2,362
Deferred income tax ........................................................... 7,210 1,737 706
Other assets, net ..................................................................
3,234 3,166 8,467
Total assets ........................................................................
3,573,477 3,206,797 3,068,197

Liabilities

Obligations with the public ................................................. 10,083 11,058 275
Due to banks and correspondents........................................ — — —
Due to banks and financial obligations 215,597 — —
Derivative financial instruments ......................................... — 47 5,208
Other accounts payable ....................................................... 241,467 190,841 146,750
Provisions and other liabilities ............................................
11,392 2,221 2,739
Total liabilities ................................................................... 478,538 204,167 154,972

Shareholder’s equity

Capital stock ....................................................................... 2,968,160 2,889,344 2,831,257
Additional capital ................................................................ 34 34 34
Legal reserve ....................................................................... 34,117 25,815 19,361
Unrealized results ............................................................... 967 319 (5,864)
Retained earnings ................................................................
91,660 87,118 68,436
Total shareholder’s equity ...............................................
3,094,939 3,002,630 2,913,225

Total liabilities and shareholder’s equity ........................
3,573,477 3,206,797 3,068,197

For the years
ended December 31,
2012 2011 2010
STATEMENT OF CASH FLOWS (S/. in thousands)

Net cash from operating activities .......... 496,297 103,428 103,633
Net cash used in investment activities .... (166) (199) (1,985)
Net cash used in financing activities ......
(262,883) (53,657) (117,509)
Net increase (decrease) in cash and cash
equivalents ........................................ 233,247 49,572 (15,860)
Balance of cash and cash equivalents at
beginning of period............................
107,229 57,657 73,517
Balance of cash and cash equivalents at
beginning of period ...........................
340,476 107,229 57,657

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RISK FACTORS
Investing in the notes involves a high degree of risk. Before making any decision to invest, you should
carefully evaluate the risks described below, together with all of the other information included in these listing
particulars. If any of the following risks should occur, our business, financial condition and results of operations
could be adversely affected. As a result, the trading price of the notes could fall and investors could lose all or part
of their investment in the notes. Other risks that we are currently unaware of or that we currently consider
immaterial could possibly have a negative effect on us and the trading price of the notes.
Risks Relating to Peru
Economic, political and social developments in Peru could have a material adverse effect on our results of
operations and financial condition.
All of our operations, the intermediary financial institutions that place our loans and all of our final
borrowers are located in Peru. As a result, our results of operations and financial condition are dependent on
economic, political and social developments in Peru, and are affected by the economic and other policies of the
Peruvian government, including devaluation of the currency, currency exchange controls and inflation, and policies
designed to combat poverty and promote home ownership, as well as matters beyond the government’s control such
as economic downturns, political instability, social unrest and terrorism.
During the past several decades, Peru has experienced political instability that has included a succession of
regimes with differing economic policies. Previous governments have imposed controls on prices, exchange rates,
local and foreign investment and international trade, restricted the ability of companies to dismiss employees,
expropriated private sector assets and prohibited the remittance of profits to foreign investors. We cannot assure you
whether the Peruvian government, including the administration of President Ollanta Humala, who was inaugurated
in July 2011, will continue to pursue open market economic policies that are designed to foster and stimulate
economic growth and social stability.
During the 1980s and the early 1990s, Peru experienced severe terrorist activity targeted against, among
others, the government and the private sector. Despite the suppression of terrorist activity, we cannot assure you that
a resurgence of terrorism in Peru will not occur, or that if there is a resurgence, it will not disrupt the economy and
our business. In addition, Peru has, from time to time, experienced social and political turmoil, including riots,
nationwide protests, strikes and street demonstrations. Despite Peru’s ongoing economic growth and stabilization
over the past several years, the social and political tensions and high levels of poverty and unemployment continue.
Future government policies to preempt or respond to social unrest could include, among other things, expropriation,
nationalization, suspension of the enforcement of creditors’ rights and new taxation policies. These policies could
adversely and materially affect the Peruvian economy and our business.
A devaluation or depreciation of the nuevo sol could have a material adverse effect on our results of operations
and financial condition and consequently affect our ability to make payments on the notes.
A sudden and significant devaluation or depreciation of the nuevo sol could have a material adverse effect
on our financial condition and results of operations. As the Peruvian banking system is highly dollarized, with
49.7% of loans and 45.7% of assets denominated in US dollars as of December 31, 2012, devaluation or
depreciation of the nuevo sol against the US dollar could have a negative impact on the ability of borrowers to repay
loans, which could adversely affect the financial system as a whole. A severe devaluation or depreciation of the
nuevo sol may have an adverse effect on our financial condition, results of operations and cash flows in future
periods by, for example, increasing in nuevos soles terms the amount of our foreign currency-denominated
liabilities, particularly those related to the US$100 million we borrowed from Banco de la Nación and our
indebtedness under the notes offered hereby. Any significant devaluation or depreciation of the nuevo sol against
the US dollar could have a material adverse effect on our results of operations and financial condition, and could
adversely and materially affect our ability to make payments on the notes, or on our other indebtedness, which could
result in a cross default of the notes.

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Increased inflation in Peru could have an adverse effect on the Peruvian long-term credit market as well as the
Peruvian economy generally and, therefore, on our results of operations.
In the past, Peru has suffered through periods of high and hyper inflation, which has materially undermined
the Peruvian economy and the government’s ability to create conditions that would support economic growth. A
return to a high inflation environment would undermine Peru’s foreign competitiveness, with negative effects on the
level of economic activity and employment. A return to high inflation would also undermine confidence in Peru’s
banking system in general, which would negatively and materially affect our business volumes and limit our lending
activities. Additionally, in response to increased inflation, the Peruvian Central Bank, which sets the Peruvian basic
interest rate, may increase or decrease the basic interest rate in an attempt to control inflation or foster economic
growth. Increases in the basic interest rate could adversely affect our results of operations demand for credit,
increasing the cost of certain funds and increasing the risk of default by affecting the ability of our final borrowers
to incur mortgage loans.
The re-implementation by the Peruvian government of restrictive exchange rate policies and other laws could
have an adverse effect on our business, financial condition and results of operations.
Since 1991, the Peruvian economy has undergone a major transformation from a highly protected and
regulated system to a free-market economy. During this period, protectionist and interventionist laws and policies
have been dismantled gradually to create a liberal economy dominated by the private sector. Exchange controls and
restrictions on remittances of profits, dividends, and royalties have ceased. Prior to 1991, Peru exercised control
over the foreign exchange markets by imposing multiple exchange rates and placing restrictions on the possession
and use of foreign currencies. The Peruvian economy has responded to this transformation by growing at an average
annual rate of over 7% during the period from 2007 to 2011. Currently, foreign exchange rates are determined by
market conditions, with regular open-market operations by the Peruvian Central Bank in the foreign exchange
market to reduce volatility in the value of Peru’s currency against the US dollar.
We cannot assure you that the Peruvian government will not institute restrictive exchange rate policies in
the future. Any such restrictive exchange rate policy could have a material adverse effect on our business, financial
condition and results of operations and adversely affect our ability to repay debt or other obligations and therefore
restrict our access to international financing.
The stability of the Peruvian financial system depends on public confidence in Peruvian banking and financial
institutions.
The intermediary financial institutions that use our lines of credit to extend mortgage loans to our final
borrowers, depend on public confidence in the Peruvian financial system. If adverse developments arise that affect
Peru’s economic, political or social conditions or if a bank faces liquidity problems, depositors may withdraw
deposits and savings from the troubled bank or from banks generally, which could have the effect of precipitating a
liquidity crisis, as occurred in Peru in the late 1990s.
If depositors were to generally withdraw significant holdings from banks, including from the institutions
with whom we operate, there could be a substantial adverse impact on the manner in which intermediary financial
institutions conduct their business on their ability to operate and their financial condition, which would adversely
affect their ability to continue operating under our lines of credit. Moreover, if the number of intermediary financial
institutions were to decrease, or if the intermediary financial institutions that place our loans were to begin
defaulting on our loans, our lending programs would be adversely affected, and we would not be able to achieve the
social and economic development goals of our financing programs, which are at the core of our business. In
addition, we may be forced directly to assume substantial loan portfolios with distressed assets, thereby adversely
affecting our business, financial condition and results of operations.

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The Peruvian economy could be adversely affected by economic developments in regional or global markets.
Financial and securities markets in Peru are influenced, to varying degrees, by economic and market
conditions in regional or global markets. Although economic conditions vary from country to country, investors’
perceptions of the events occurring in one country may substantially affect capital flows into and securities from
issuers in other countries, including Peru. The Peruvian economy was adversely affected by the political and
economic events that occurred in several emerging economies in the 1990s, including in Mexico in 1994, which
impacted the market value of securities in many markets throughout Latin America. The crisis in the Asian markets
beginning in 1997 also negatively affected markets throughout Latin America. Similar adverse consequences
resulted from the economic crisis in Russia in 1998, the Brazilian devaluation in 1999 and the Argentine crisis in
2001. In addition, Peru continues to be affected by events in the economies of its major regional partners.
Furthermore, the Peruvian economy may be affected by events in developed economies that are trading partners or
that affect the global economy, such as the events that lead to the global financial crisis that began in 2008.
The 2008 global economic crisis, principally a result of the meltdown of the sub-prime mortgage market in
the United States, significantly affected the international financial system, including Peru’s securities market and
economy. Additionally, the current economic crisis in Europe, beginning with the financial crises in Greece, Spain,
Italy and Portugal, has reduced the confidence of foreign investors, which has caused volatility in the securities
markets and affected the ability of companies to obtain financing in the global capital markets. Moreover, the fiscal
problems in the United States due to difficulties and delays in increasing the government debt ceiling, culminating
in the downgrade of the US long term sovereign credit rating by Standard & Poor’s on August 6, 2011, has added to
an already high risk-averse environment. Renewed doubts about the pace of global growth have contributed to
already weak international growth in 2011 and the first nine months of 2012. An interruption in the recovery of the
developed economies, the continued effects of the current crisis in Europe, or a new economic and/or global
financial crisis, could affect Peru’s economy, and, consequently, materially adversely affect our business, economic
and financial condition or results of operations.
The recent market volatility generated by distortions in the international financial markets may affect the
Peruvian capital markets.
The international financial crises that commenced in 2008 and 2009, among other factors, increased the
volatility of the Lima Stock Exchange. The general index of the Lima Stock Exchange decreased by 60% in 2008,
increased by 101.0% in 2009, increased by 65.0% in 2010, decreased by 16.7% in 2011, and increased by 18.3% as
of September 30, 2012 (the last date for which information was available). In recent years, the Lima Stock
Exchange has experienced increased participation from retail investors that react rapidly to the effects from
international markets. Further volatility in the international markets may also adversely affect the Peruvian capital
markets. The Peruvian banking system has not experienced significant liquidity problems as a result of recent
prevailing international financial conditions, primarily because the major source of funds for local banks is
represented by their deposit base. Nevertheless, we may rely in the future on funding from the local capital markets
especially as we plan to lend only in nuevos soles and limited liquidity in those markets as a result of future market
volatility could adversely affect our ability to raise funds at the price or level we consider necessary to fund our
operations.
Risks Relating to Our Business and to the Peruvian Banking Industry
The banking sector is exposed to macroeconomic changes that may be negatively affected by the recent global
economic and financial crisis.
Our business and earnings will be affected by general business and economic conditions, and, accordingly,
our business and earnings could be further harmed if the recent global economic and financial crisis continues. The
global economic and financial crisis that began in late 2008 resulted in lower commodity prices during subsequent
years, which caused decreased export earnings and decreased external and fiscal accounts in Peru, and led to slower
economic growth in 2009, although the economy subsequently recovered in 2010, 2011 and 2012. Our business is
particularly sensitive to economic and market conditions that affect our target borrowers, the construction sector,
and the real estate sector, even though we generally pass two-thirds of the risk of default to the intermediary
financial institutions that place our loans. Economic contraction could adversely affect our final borrowers by

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limiting their access to jobs, the formal sector and reliable good-paying jobs, which could result in higher
delinquencies and reduce the number of borrowers who would be eligible for our loans. An increase in
delinquencies, for instance, could result in higher costs to us to place loans with participating intermediary financial
institutions, in addition to increasing our direct exposure to defaults in respect to the one-third of the risk we retain
on the portfolio of our mortgage loans. Any increase in the number of delinquencies or defaults would result in
higher levels of nonperforming assets and provisions for loan losses, which would adversely affect our results of
operations and financial condition.
As we are subject to extensive supervision and regulation, changes in the regulatory environment may adversely
affect our financial condition and results of operations.
We are subject to extensive supervision and regulation by the SBS and the Peruvian Central Bank. Peru’s
Constitution and Law No. 26702 (“Peruvian Banking Law”) grant the SBS authority to oversee and supervise
banks, insurance companies and other financial institutions, including us. Under these laws, all banking operations
in Peru require licensing by the SBS, and the SBS and the Peruvian Central Bank have general administrative
responsibilities over banks and other financial institutions like us, including authority to set loan loss provisions,
limits on fees, regulatory capital requirements and other minimum capital adequacy and reserve requirements. In
addition, financial institutions are required to periodically provide the SBS, sufficient information to evaluation of
the financial institution’s financial performance.
Changes in the supervision and regulation of financial institutions could adversely affect our results of
operations and financial condition. For example, the SBS and the Peruvian Central Bank have in the past changed
capital structure and reserve requirements, rules regarding provisions for loan losses and legal lending limits
applicable to Peruvian financial institutions. Although the regulatory agencies in Peru publish rules and regulations
for comment from the financial sector prior to adopting any significant measure, financial institutions may not have
similar concerns about these rules and regulations and may be unable to develop coordinated opposition to measures
that affect our business. We cannot predict whether and to what extent new laws and regulations, or changes to
existing laws and regulations, affecting our business will be adopted in the future, the timing of any such adoption
and what effect such events would have on our business, financial condition and results of operations.
Under certain circumstances, the SBS may intervene in our operations in order to prevent, control and reduce
the effects of a failure, which may limit remedies otherwise available to our creditors and extend the duration of
proceedings.
Under Peruvian Banking Law, the SBS may intervene in our operations upon the occurrence of any of the
following events:
 we suspend payment of our obligations or we are unable to pay our obligations as they come due;
 we breach any of our commitments to the SBS under a surveillance regime imposed by the SBS;
 our regulatory capital is less than 50% of the minimum regulatory capital required under Peruvian
Banking Law; and
 we experience a deficit or reduction of more than 50% of our regulatory capital during the preceding
12-month period.
Pursuant to an intervention, the SBS would have the power to institute restrictions, such as limiting the
decisions that could be taken by our sole shareholder, suspending our normal activities and segregating certain of
our assets and liabilities for transfer to third parties. Furthermore, the SBS has the power under Peruvian Banking
Law to declare the wind-up or liquidation of any financial institution if an intervention extends longer than 45 days,
which may be extended for another 45 days at the sole discretion of the SBS, and/or upon the occurrence of a wind-
up or liquidation pursuant to the Ley General de Sociedades (Peruvian General Corporations Law).

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Our recent rapid growth has posed operational challenges, which if not addressed, could negatively affect our
financial condition and results of operations.
Demand for credit and the construction sector in Peru have grown significantly in recent years, and as a
result our loan portfolio and our business have grown at a fast pace to satisfy the increased demand. Our total
outstanding loans increased from S/.1,680.3 million (approximately US$ 646.8 million) as of December 31, 2010 to
S/.3,181 million (approximately US$ 1,247.5 million) as of December 31, 2012. Partly as a result of our rapid
growth, we have encountered challenges in recruiting new personnel and in training and retaining our employees to
meet the demands imposed on our operations by the increased demand for mortgage loans during this period. As of
December 31, 2012, we had 94 employees, an increase of 64.91% from December 31, 2008, when the total size of
our workforce was 57 employees. Historically, our senior management team is replaced with each new presidential
administration. In addition, for the year ended December 31, 2012, we had a voluntary employee turnover ratio of
6.2% which is lower than our historical turnover ratio. Our sustained growth will require high quality systems and
talented employees and we may not be able to keep pace with continued rapid growth in demand for our products. If
we are unable to develop our systems and human resources quickly and effectively, the resulting strains on credit
quality and capacity for further growth may materially and adversely affect our financial condition and results of
operations.
We also depend substantially on the operations of the intermediary financial institutions that place our
mortgage loans as our portfolio continues to grow. If these institutions are not able to employ and retain qualified
employees to originate and service our mortgage loans, our business, financial condition and results of operations
could be adversely affected.
Our provisions for loan losses may increase in the future if we are required to increase loan placements through
microfinance lenders and as our portfolio of loans matures and becomes eligible for CRC coverage.
Peruvian Banking Law and SBS regulations limit our exposure to any single intermediary financial
institution based in Peru to 30% of our aggregate loan portfolio. Our current exposures to several of these
institutions is approaching 30%. See “Summary—Our loan products,” “Selected Statistical Information—Accounts
Receivable (Trust Agreement—COFIDE)” and “Regulatory—Supervision and Regulation—Lending Limits.”
Although these concentration limits do not take account of the portion of the risk we assume through our CRC
coverage, the SBS has not ruled on whether these concentration calculations should be recalculated to take account
of these coverages, which would effectively reduce the levels of concentration. To the extent we fund a higher
percentage of our loans through micro-finance entities, which have higher risk classifications and therefore require
greater provisioning than rated financial institutions, our overall levels of provisioning will increase.
These concentration limits may also require us to undertake credit operations similar to the one we
completed in 2012, whereby we sold to Banco de Crédito del Perú our right to collect 36 installments on a portfolio
of loans that was placed through them. This transaction was intended, in part, to reduce our credit exposure with
Banco de Crédito del Perú. We may be required to undertake similar transactions in the future on terms that may not
be as favorable, if at all.
In addition, we will have to increase our provisions relating to CRC coverage over time. At origination of a
mortgage loan, the intermediary financial institution that originates the loan retains 100% of the risk of default,
unless a mortgage has been duly registered on the underlying property. However, as our portfolio of loans matures –
principally our Nuevo Crédito MIVIVIENDA loans – completion of construction of the underlying properties will
result in higher registration of mortgages. At that stage, the loan becomes eligible for CRC coverage, and we
generally assume up to one-third of the risk of loss on default of the loan. As this trend continues, our associated
provisioning expense will increase.
Any significant future increase in provisions for loan losses could have a material adverse effect on our
business, financial condition and results of operations.

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We are susceptible to fraud, unauthorized transactions and operational errors.
As with other financial institutions, we are susceptible to, among other things, fraud by employees or
outsiders, unauthorized transactions by employees and other operational errors (including clerical or record keeping
errors and errors resulting from faulty computer or telecommunications systems). Although the number of
transactions involving our products at each intermediary financial institution is generally low and we monitor
transactions on a monthly basis, errors may go undetected and could be repeated or compounded before they are
discovered and remedied. While we maintain a system of internal controls designed to monitor and control
operational risk, there can be no assurance that our system of internal controls will be effective. Losses from the
failure of our system of internal controls to discover and rectify such matters could have a material adverse effect on
our business, financial condition and results of operations.
We are an instrumentality of Peruvian government development objectives and any change in governmental
policy could adversely affect our results of operations.
As part of our objective to promote economic and social development in Peru, and as an instrument for
execution of the Peruvian government’s policies to give greater portions of the population access to affordable
mortgage loans, we are occasionally requested by the Peruvian government, our sole shareholder, to perform special
functions on behalf of, or in cooperation with, the Peruvian government. In addition, as an instrumentality of
governmental policies, we take into consideration the economic and social development objectives of the Peruvian
government when making strategic decisions. We also manage the relative profitability of our specific operations to
achieve the government’s objectives when determining whether to invest or extend credit. While we generally
believe that these functions will be beneficial to our business over the long-term, our decisions may have the effect
of diverting resources away from the most profitable areas of our lending and investing businesses.
Our loan portfolio with intermediary financial institutions poses unique risks not generally associated with other
forms of lending.
Peruvian Banking Law provides that upon the occurrence of bankruptcy, intervention or extrajudicial
liquidation of an intermediary financial institution that places our loan, we will have a direct interest in the loan or
other assets, including the required collateral created as a result of the on-lending of our funds by the intermediary
financial institution to a final borrower. In those circumstances, we will have direct access to the assets pledged to
the intermediary financial institution as a result of placing our loans. Although our credit risk is limited to those
circumstances where there is a default by the intermediary financial institution, any significant rise in the level of
overdue loans by the final borrowers on loans due to intermediary financial institutions may, in turn, adversely
affect their the ability to repay such loans to us.
We cannot assure you that we will not be required to assume other loan portfolios from financially
distressed intermediary financial institutions that place our loans, resulting in levels of past due loans and
subsequent write-offs that in the future may be materially higher than our historical past due balances.
If the intermediary financial institutions through which we place our loans do not consider our mortgage
products attractive or if they choose to place mortgage loans to our target customers without using funding from
us, the growth of our mortgage loan portfolio may be limited.
The bulk of the growth in our loan portfolio in recent years has been driven primarily by our Nuevo
Crédito MIVIVIENDA product that we introduced in 2009. In prior periods, we experienced somewhat limited
growth, in part as a result of the economic viability of our products. If our current mortgage products, including our
Crédito MISMATERIALES, to be launched this year, and Crédito MICONSTRUCCION, do not continue to or are
unable to garner wide acceptance or are not economically viable, we may not be able to achieve further growth or
replicate historical returns in the future, which could adversely affect our business, financial condition and results of
operations.

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As a participant in the secondary mortgage market, we provide intermediate financing mainly to large
financial institutions, as well as municipal and rural banks. These banks and financial institutions then are able to
provide mortgage loans to individuals at fixed rates and with attractive maturities, focusing on lower- and middle-
income working families. Increased access to international capital markets, as well as the recent development of the
Peruvian capital markets may provide alternative funding opportunities for the intermediary financial institutions
that place our loans, reducing demand for our products. In addition, as we continue to prove the viability of our
business model, other financial institutions may offer similar products, and as a result, we may face more intense
competition from the traditional Peruvian banking system. Any such development could adversely affect our
business, financial condition and results of operations.
Our ability to grow our loan portfolio may be limited by our sources of funding.
We are a state-owned fund that does not take deposits from the public. As a result, we can expand our
business principally by incurring additional indebtedness, by capitalizing our annual net income, from government
grants and through direct capitalization undertaken by the Peruvian state. Pursuant to the terms of our bylaws
(estatuto social) and relevant provisions of Peruvian law, we automatically capitalize our net income for each fiscal
year and deploy it to develop our business, after meeting certain legal requirements.
If we are unable to obtain funding from our current sources or if are not able to develop new sources of
funding on favorable terms, our core business could be adversely affected.
The Peruvian government could in the future require us to make dividend payments to it without restrictions,
which reduce the funds available for us to pay interest and principal on the notes.
Pursuant to Law No. 28579 and our bylaws, we are required to capitalize all of our annual net income after
complying with certain legal reserve requirements, which allows us to fund our operations and expand our lending
capacity. However, we cannot assure you that in the future the Peruvian government will not modify existing laws
or our bylaws and require us to make distribute dividends to the government, thereby reducing the available funds to
pay interest and principal on the notes.
We depend to a significant extent on support from the Peruvian government and any decision to withdraw or
modify that support could materially and adversely affect us.
Principally because of our strong link to the economic and social development policies, the Peruvian
government provides us substantial support for our operations, including through the capitalization of our net
income in any fiscal year that is required by our bylaws and by applicable law. Over the past several years,
government policies have emphasized the need to reduce the housing deficit that primarily affects the lower
economic classes of the country. The administration of President Humala has announced a goal of reducing the
quantitative and qualitative housing deficit by the end of his term. However, if the Peruvian government, either
through policies of the current administration or any future president, modifies its social and economic policies to
focus on other aspects of the economy rather than the promotion of home ownership, our business, financial
condition or results of operations could be adversely affected.
Rapid loan growth and adverse economic conditions could have a material adverse impact on us by increasing
our loan default rate.
Rapid loan growth may also reduce the ratio of past due loans to total loans until growth slows or the
portfolio becomes more seasoned. Despite the global market crisis beginning in 2008, which reduced availability of
funds in the Peruvian market, the balance of our portfolio with intermediary financial institutions that place our
loans rose to S/.3,181.0 million as of December 31, 2012 from S/. 1,680.4 million as of December 31, 2010. Our
provisions for loan losses as a percentage of our total loan portfolio decreased to 1.53% as of December 31, 2012
from 1.74% as of December 31, 2010, due to an increase of S/.1,500.6 million in our mortgage loan portfolio.
Because many of our loans have long-term maturities, further increases in past due loans may develop as the loan
portfolio becomes seasoned. This may result in increases in provision for loan losses, charge-offs and the ratio of
past due loans to total loans. Although we believe our provisions for loan losses are adequate as of the date hereof

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for all known losses in our loan portfolio, as the quality of our loan portfolio is largely dependent on domestic and
international economic conditions, adverse economic conditions could have a material adverse impact on us by
increasing our loan default rate and requiring us to make larger provisions for loan losses and to negotiate or
refinance certain existing loans to distressed intermediary financial institutions or the final borrower.
The value of our loan portfolio is linked to some extent to the value of the homes that underlie each mortgage
loan originated under our lines of credit.
Our loan portfolio is linked to the value of the homes that guarantee each mortgage loan. These homes are
generally susceptible to a variety of risks, including the possibility of claims of title defects, the risk of loss of
employment by the underlying obligor, and the risk of total loss from unforeseen events such as fire, flooding or
seismic activity. In addition, currently, our loan portfolio is significantly concentrated in geographic regions such as
Lima, which represented approximately 65% of our loan portfolio at December 31, 2012. If a large proportion of
homes in this area were to experience a major seismic impact, for instance the value of the mortgages underlying
our loans could be materially and adversely affected. Any such occurrence could have an adverse impact on our
business, financial condition and results of operations, especially as the intermediary financial institutions that place
our loans and assume two-thirds of the risk of default could suffer a significant economic impact and could cease
placing our products.
We may be subject to disruptions in some of our information technology operations and other activities provided
by third-party service providers, which may adversely affect us.
Our information technology systems are essential for us to interact with our clients and conduct our
internal operations. We also have a wide network of third-party service providers for supplementary services, such
as information technology services, data processing and electronic recordkeeping. Any disruptions in our
information technology systems or platforms or in these outsourced services may have an adverse effect on us by
hindering our interaction with our clients and our normal internal operations. Such disruptions could be expensive to
resolve and damage our reputation.
Different disclosure and accounting principles that apply specifically to us may provide you with different or less
information about us than you would expect under IFRS or US GAAP.
Securities disclosure requirements in Peru differ from those applicable in the United States. Accordingly,
the information about us available to you may not be the same as the information available to security holders of a
US company. There may be less publicly available information about us than is regularly published about
companies in the U.S. and certain other jurisdictions. We are not subject to the periodic reporting requirements of
the Exchange Act and, therefore, are not required to comply with the information disclosure requirements that it
imposes.
We prepare our annual financial statements and other financial information in accordance with applicable
SBS GAAP, as such principles specifically apply to us. These principles differ in several significant respects from
US GAAP and IFRS. A discussion of some of the principal differences among SBS GAAP, US GAAP and IFRS as
they relate to us is included in Annex A. See also “Presentation of Financial and Certain Other Information.”
However, we have not quantified the effects of such differences and therefore cannot assure you that we have
identified all of the differences that are material.
Risks Relating to the Notes
Our obligations under the notes will be subordinated to certain statutory liabilities in the event of insolvency.
The notes will be our senior unsecured obligations and will be effectively subordinated in the event of
liquidation to (1) labor claims, (2) tax claims, (3) all of our future secured indebtedness to the extent of the assets
securing such indebtedness and (4) certain existing senior unsecured indebtedness incurred prior to the date of
issuance of the notes, including certain existing unsecured indebtedness with Banco de la Nación, all of which are
granted preferential treatment under Peruvian law. See “Regulatory—Intervention by the SBS and liquidation.”

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Under Peruvian Banking Law, future depositors, if any, would have priority of payment in the event of our
liquidation over the holders of the notes. In addition, we are not restricted under the indenture governing the notes
from incurring additional debt, including secured debt. The holders of any secured debt would have priority of
payment in the event of our liquidation over holders of the notes to the extent of the collateral securing such debt.
As of December 31, 2012, we had no secured indebtedness and (in addition to the notes issued hereby)
approximately S/. 213.7 million of unsecured indebtedness outstanding with Banco de la Nación, all of which by
operation of Peruvian Banking Law would have priority of payment in the event of our liquidation.
The notes constitute a new issue of securities for which there is no existing market, and we cannot assure you
that you will be able to sell your notes in the future.
The notes constitute a new issue of securities for which there is no existing market, and we cannot assure
you that in the future a market for the notes will develop, which may limit the ability of holders of notes to sell their
notes or reduce the price for which such holders may be able to sell their notes. Although application has been made
for the notes to be listed on the Luxembourg Stock Exchange for trading on the Euro MTF market, we cannot assure
you that a trading market for the notes will develop, or if a trading market does develop, that it will be maintained.
If such market were to develop, the notes could trade at prices that may be lower than the face value of the
notes, depending on many factors including some beyond our control. Furthermore, the liquidity of, and trading
market, if any, for the notes may be adversely affected by changes in interest rates and by volatility in the market for
similar securities as well as by any changes in our business, financial condition or results of operations.
The notes are subject to transfer restrictions.
The notes have not been registered under the Securities Act or any U.S. state securities laws or the laws of
any other jurisdiction (other than Peru). As a result, the notes may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and applicable state securities laws. Such exemption
includes offers and sales that occur outside the Unites States in compliance with Regulation S under the Securities
Act in accordance with any applicable securities laws of any other jurisdiction. In Peru, the notes are subject to
transfer and resale restrictions and shall not be transferred or resold except as permitted under SMV Resolution No.
079-2008-EF/94-01.1. For a discussion of certain restrictions on resale and transfer, see “Transfer Restrictions” and
“Plan of Distribution.”
We may be unable to satisfy our note purchase obligations upon a change of control.
Upon the occurrence of a change of control, each holder of the notes may require us to purchase all or a
portion of such holder’s notes at a purchase price equal to 101% of the aggregate principal amount of such holder’s
notes, together with accrued and unpaid interest, if any, to the date of purchase. In such event, we may not have the
financial resources sufficient to purchase all of the notes and our other indebtedness that might become payable
upon the occurrence of a change of control.
We may choose to redeem the notes and you may be unable to reinvest the proceeds at the same or a higher rate
of return.
We may redeem the notes, in whole but not in part, at any time, at a redemption price equal to the greater
of 100% of the outstanding principal amount of the notes and a “make-whole” amount, in each case plus accrued
and unpaid interest to the date of redemption. See “Description of the Notes—Optional Redemption—Make-whole
redemption.” Additionally, in the event of certain changes in tax laws, we will have the right to redeem the notes
prior to their maturity at a price equal to 100% of their outstanding principal amount plus accrued and unpaid
interest and additional amounts, if any. See “Description of the Notes—Optional Redemption—Tax redemption.”
We may choose to redeem the notes at times when prevailing interest rates may be relatively low. Accordingly, you
may not be able to reinvest the redemption proceeds in a comparable security with an effective interest rate as high
as that of the notes.

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Enforcing your rights as a holder of notes in Peru may be more difficult than in other jurisdictions.
Your rights under the notes will be subject to the insolvency and administrative laws of Peru and we cannot
assure you that you will be able to effectively enforce your rights in such bankruptcy, insolvency or similar
proceedings. In addition, the bankruptcy, insolvency, administrative and other laws of Peru may be materially
different from, or in conflict with, each other, including in the areas of rights of creditors, priority of government
entities and related-party creditors and ability to obtain post bankruptcy filing loans or to pay interest. The
application of these laws, or any conflict among them, could call into question what and how Peruvian laws should
apply. The laws of Peru may not be as favorable to your interests as the laws of jurisdictions with which you are
familiar. Such issues may adversely affect your ability to enforce your rights under the notes in Peru, as the case
may be, or limit any amounts that you may receive.
In addition, the ability of holders of notes to institute bankruptcy proceedings against us in Peru, where
almost all of our assets and operations are located, is currently not guaranteed by Peruvian law. Therefore, we
cannot assure you that the holders of notes will have the right directly (or indirectly through the trustee) to institute
bankruptcy proceedings against us in Peru if we default on the notes.
Our loan portfolio is held in a trust administered by COFIDE and noteholders may not have a direct claim over
such assets in the event of our bankruptcy.
Substantially all of our loans are placed through the COFIDE trust to intermediary financial institutions.
The related cash flow generated from these loan assets are administered through a trust structure, whereby COFIDE
acts as the trustee. Under Peruvian law, assets held in trust, such as our loans, are considered to be bankruptcy
remote. As a result, in the event of a bankruptcy proceeding involving us, our creditors, including holders of the
notes offered hereby, will not have a direct claim to the assets held by the COFIDE trust. The funds available in the
COFIDE trust will be used to amortize outstanding debts of the trust, first principal and then interest.
The perception of higher risk in other countries, especially in emerging economies, may adversely affect the
Peruvian economy, our business and the market price of Peruvian securities issued by Peruvian issuers,
including the notes.
Emerging markets like Peru are subject to greater risks than more developed markets, and financial turmoil
in any emerging market could disrupt business in Peru and adversely affect the price of the notes. Moreover,
financial turmoil in any important emerging market country may adversely affect prices in stock markets and prices
for debt securities of issuers in other emerging market countries as investors move their money to more stable,
developed markets. An increase in the perceived risks associated with investing in emerging markets could dampen
capital flows to Peru and adversely affect the Peruvian economy in general, and the interest of investors in the notes,
in particular in Peru. We cannot assure you that the value of the notes will not be negatively affected by events in
other emerging markets or the global economy in general.
We cannot assure you that the credit ratings for the notes will not be lowered, suspended or withdrawn by the
rating agencies.
The credit ratings of the notes may change after issuance. Such ratings are limited in scope, and do not
address all material risks relating to an investment in the notes, but rather reflect only the views of the rating
agencies at the time the ratings are issued. An explanation of the significance of such ratings may be obtained from
the rating agencies. We cannot assure you that such credit ratings will remain in effect for any given period of time
or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies, if, in the judgment
of such rating agencies, circumstances so warrant. Any lowering, suspension or withdrawal of such ratings may
have an adverse effect on the market price and marketability of the notes.

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USE OF PROCEEDS
The net proceeds from the sale of the notes were approximately US$ 494.4 million after deduction of
certain expenses (including deduction of fees and commissions payable to the initial purchasers). We intend to use
the net proceeds from this offering for general corporate purposes.

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EXCHANGE RATE INFORMATION
Peruvian law does not impose any restrictions on the ability of companies with operations in Peru to
transfer foreign currencies from Peru to other countries, to convert nuevos soles into any foreign currency or to
convert any foreign currency into nuevos soles. Companies may freely remit interest and principal payments abroad
and investors may repatriate capital from liquidated investments. Peruvian law in the past imposed restrictions on
the conversion of Peruvian currency and the transfer of funds abroad, however, we cannot assure you that Peruvian
law will continue to permit such payments, transfers, conversions or remittances without restrictions.
The following table sets forth the high, low, average and period-end exchange rates for the periods
indicated, expressed in nuevos soles per US dollar. Exchange rates are derived from the selling rate exchange rates
reported by the SBS for nuevos soles per US dollar.
Nuevos soles per US dollar
High Low Average Period-End
Year ended December 31,
2008 .............................................................. 3.157 2.693 2.924 3.140
2009 .............................................................. 3.259 2.852 3.012 2.890
2010 .............................................................. 2.883 2.787 2.825 2.809
2011 .............................................................. 2.833 2.694 2.755 2.696
2012 .............................................................. 2.709 2.550 2.639 2.550
August 2012 .................................................. 2.629 2.610 2.617 2.610
September 2012 ............................................ 2.611 2.594 2.603 2.598
October 2012 ................................................ 2.602 2.578 2.588 2.592
November 2012 ............................................ 2.616 2.579 2.599 2.579
December 2012 ............................................. 2.581 2.550 2.567 2.550
January 2013 (through January 15, 2013) .... 2.551 2.541 2.547 2.541

Source: SBS
On January 15, 2013, the exchange rate as reported by the SBS was S/.2.541 per US dollar.


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CAPITALIZATION
The following table sets forth our total capitalization as of December 31, 2012. This table should be read in
conjunction with “Selected Financial Information,” “Use of Proceeds,” “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and our financial statements and related notes included in these
listing particulars.

As of December 31, 2012



(S/. in
thousands) (US$ in thousands)
Borrowings:
Due to banks and correspondents .......................... 213,703 83,805
Notes offered hereby .............................................
1,275,000 500,000
Total borrowings.................................................. 1,488,703 583,805

Capital and reserves:
Capital Stock:
Paid-in capital ........................................................ 2,968,160 1,163,984

Retained earnings and reserves:
Legal reserves ........................................................ 34,117 13,379
General and specific allowances for accounts
receivable (Trust Agreement – COFIDE) .........
48,590 19,055
Total paid-in capital and reserves ......................
3,050,867 1,196,418
Total capitalization (1) ........................................
4,539,569 1,780,223

(1) Capitalization is calculated as total borrowings plus total paid-in capital and reserves.


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SELECTED FINANCIAL INFORMATION
The following tables set forth certain of our financial information, and should be read in conjunction with
our financial statements, including the notes thereto, prepared in accordance with SBS GAAP, which are included in
these listing particulars, as well as the information included in “Presentation of Financial and Certain Other
Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The
results included below and elsewhere in these listing particulars are not necessarily indicative of future performance.
The income statement data for the years ended December 31, 2012, 2011 and 2010, and the balance sheet
data as of December 31, 2012 and 2011 are derived from our audited financial statements and related notes, which
are included in these listing particulars. We prepare our annual financial statements and other financial information
in accordance with applicable SBS GAAP, as such principles specifically apply to us. These principles differ in
several significant respects from US GAAP and IFRS. A discussion of some of the principal differences among SBS
GAAP, US GAAP and IFRS as they relate to us is included in Annex A. See also “Presentation of Financial and
Certain Other Information.” However, we have not quantified the effects of such differences and therefore cannot
assure you that we have identified all of the differences that are material.

For the years
ended December 31,
2012
2012 2011 2010

(US$ in
thousands) (S/. in thousands)
STATEMENTS OF INCOME

Financial income ....................... 85,782 218,743 206,118 171,945
Financial expenses .....................
(20,619) (52,577) (60,505) (47,008)
Gross financial margin ............ 65,163 166,166 145,613 124,936
Allowance for doubtful accounts
(Trust Agreement-COFIDE)
(8,970) (22,874) (12,343) (13,300)
Net financial margin ................ 56,193 143,292 133,270 111,637
Financial services revenues ....... 688 1,754 2,695 2,248
Financial services expenses .......
(27) (69) (144) (245)
Operating margin .................... 56,854 144,977 135,820 113,640
Administrative expenses ............
(12,827) (32,710) (30,122) (33,252)
Net operating margin .............. 44,026 112,267 105,698 80,388
Depreciation of property, furniture
and equipment ....................... (207) (527) (590) (480)
Amortization of intangibles assets (59) (150) (234) (183)
Allowance for other doubtful
accounts ................................. (124) (317) (1,394) (343)
Other provisions ........................
(353) (901) (299) (409)
Operating income .................... 43,283 110,372 103,181 78,973
Other income, net ......................
7,053 17,985 10,161 8,406
Income before income tax ....... 50,336 128,357 113,342 87,379
Income tax .................................
(14,391) (36,697) (30,318) (18,713)
Net income ................................
35,945 91,660 83,023 68,666



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As of December 31,
BALANCE SHEET DATA
2012 2011 2010
(S/. in thousands)
Assets

Cash and due from banks:
Deposits in the Peruvian Central Bank ........................... 2 1,140 1,573
Deposits in domestic banks ............................................. 339,766 155,910 560,060
Accrued yields on cash and due from banks ................... 709 179 5,024
Other cash .......................................................................
— — —
Total cash and due from banks ........................................ 340,476 157,229 566,657
Available-for-sale and held-to-maturity investments .......... — 205,102 448,864
Accounts receivable, net (Trust Agreement –
COFIDE) ........................................................................ 3,144929 2,427,676 1,660,227
Other accounts receivable, net ............................................ 70,518 399,991 380,662
Derivative financial instruments ......................................... 5,753 10,061 252
Property, furniture and equipment, net ............................... 1,356 1,835 2,362
Deferred income tax ........................................................... 7,210 1,737 706
Other assets, net ..................................................................
3,234 3,166 8,467
Total assets ........................................................................
3,573,477 3,206,797 3,068,197

Liabilities

Obligations with the public ................................................. 10,083 11,058 275
Due to banks and correspondents........................................ — — —
Due to banks and financial obligations 215,597 — —
Derivative financial instruments ......................................... — 47 5,208
Other accounts payable ....................................................... 241,467 190,841 146,750
Provisions and other liabilities ............................................
11,392 2,221 2,739
Total liabilities ................................................................... 478,538 204,167 154,972

Shareholder’s equity

Capital stock ....................................................................... 2,968,160 2,889,344 2,831,257
Additional capital ................................................................ 34 34 34
Legal reserve ....................................................................... 34,117 25,815 19,361
Unrealized results ............................................................... 967 319 (5,864)
Retained earnings ................................................................
91,660 87,118 68,436
Total shareholder’s equity ...............................................
3,094,939 3,002,630 2,913,225

Total liabilities and shareholder’s equity ........................
3,573,477 3,206,797 3,068,197

For the years
ended December 31,
2012 2011 2010
STATEMENT OF CASH FLOWS (S/. in thousands)

Net cash from operating activities .......... 496,297 103,428 103,633
Net cash used in investment activities .... (166) (199) (1,985)
Net cash used in financing activities ......
(262,883) (53,657) (117,509)
Net increase (decrease) in cash and cash
equivalents ........................................ 233,247 49,572 (15,860)
Balance of cash and cash equivalents at
beginning of period............................
107,229 57,657 73,517
Balance of cash and cash equivalents at
beginning of period ...........................
340,476 107,229 57,657


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SELECTED STATISTICAL INFORMATION
The following information relating to us is included for analytical purposes and should be read in
conjunction with our financial statements appearing elsewhere in these listing particulars as well as with the
sections “Presentation of Financial Information and Certain Other Information,” “Selected Financial
Information,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Interest-earning Assets and Interest-bearing Liabilities
The table below sets forth, by currency of denomination, our average balances and, where applicable,
interest earned on interest-earning assets and interest paid on interest-bearing liabilities for the years ended
December 31, 2012, 2011 and 2010. Except as otherwise indicated, average balances, when used, have been
classified by currency (nuevos soles or US dollars), regardless of the domestic or international origin of the relevant
balances. The average balance information for the full fiscal year has been calculated as the sum of month-end
balances of any such year and the last-month end balance of the immediately preceding year divided by thirteen.
Nominal average interest rates have been calculated by dividing interest earned on assets or paid on liabilities by the
corresponding average balances on such assets or liabilities. In addition, accounts receivable (Trust Agreement –
COFIDE) are presented before deducting the allowance for doubtful accounts.

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For the year ended December 31,

2012 2011 2010

Average Balance Interest Earned/ Paid
Nominal
Average
Rate
Average
Balance
Interest
Earned/
Paid
Nominal
Average
Rate
Average
Balance
Interest
Earned/
Paid
Nominal
Average
Rate
(S/. in thousands, except for percentages)
Interest-earning assets
Cash and due from banks
Nuevos soles ............................................ 317,627 13,739 4.33% 390,634 16,168 4.14% 430,949 11,328 2.63%
Foreign currency .....................................
16,083 178 1.11% 7,114 42 0.59% 5,922 25 0.42%
Total .......................................................
333,710 13,918 4.17% 397,749 16,210 4.08% 436,871 11,353 2.60%
Available-for-sale and
held-to-maturity investments


Nuevos soles ............................................ 163,951 7,159 4.37% 279,007 7,655 2.74% 816,957 41,998 5.14%
Foreign currency .....................................
–– –– –– –– –– ––
Total .......................................................
163,951 7,159 4.37% 279,007 7,655 2.74% 816,957 41,998 5.14%
Accounts receivable (Trust
Agreement – COFIDE)


Nuevos soles ............................................ 2,358,023 137,748 5.84% 1,519,053 91,250 6.01% 748,971 46,836 6.25%
Foreign currency .....................................
479,553 22,206 4.63% 568,251 26,442 4.65% 650,996 30,318 4.66%
Total .......................................................
2,837,576 159,955 5.64% 2,087,304 117,692 5.64% 1,399,967 77,154 5.51%
Accounts receivable from CRC
and PBP trusts funds


Nuevos soles ............................................ 202,004 10,258 5.08% 379,754 20,628 5.43% 363,761 19,924 5.48%
Foreign currency .....................................
0 — — — — — —
Total .......................................................
202,004 10,258 5.08% 379,754 20,628 5.43% 363,761 19,924 5.48%
Other accounts receivable
Nuevos soles ............................................ 15,819 317 2.00% 16,560 481 2.91% 17,285 444 2.57%
Foreign currency .....................................
— — — — — —
Total .......................................................
15,819 317 2.00% 16,650 481 2.91% 17,285 444 2.57%
Total interest-earning assets
Nuevos soles ............................................ 3,057,423 169,222 5.53% 2,585,009 136,181 5.27% 2,377,922 120,530 5.07%
Foreign currency .....................................
495,636 22,385 4.52% 575,365 26,484 4.60% 656,919 30,342 4.62%
Total .......................................................
3,553,059 191,607 5.39% 3,160,374 162,666 5.15% 3,034,840 150,873 4.97%


Interest-bearing liabilities
Due to banks and correspondents
Nuevos soles ............................................ — — — — — —
Foreign currency .....................................
— — — — — —
Total .......................................................
— — — — — —
Total interest-bearing liabilities
Nuevos soles ............................................ — — — — — —
Foreign currency .....................................
245,209 4,973 2.21% — — — — — —
Total .......................................................
245,209
4,973
2.21%
— — — — — —

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Non-Interest-Earning Assets and Non-Interest-Bearing Liabilities
The following table sets forth, by currency of denomination, average balances for our non-interest-earning
assets and non-interest-bearing liabilities and shareholder’s equity for the years ended December 31, 2012, 2011 and
2010.

For the year ended December 31,

2012 2011 2010

Average Balance Average Balance Average Balance
(S/. in thousands)
Non-interest-earning assets
Provisions for doubtful accounts
receivable (Trust Agreement – COFIDE)
Nuevos soles ............................................. (22,372) (15,355) (8,186)
Foreign currency .......................................
(16,681) (16,702) (17,171)
Total .........................................................
(39,053) (32,056) (25,357)
Other non-interest-earning assets
Nuevos soles ............................................. 13,281 25,254 26,087
Foreign currency .......................................
731 762 636
Total .........................................................
14,012 26,016 26,722
Total non-interest-earning assets
Nuevos soles ............................................. (9,091) 9,899 17,900
Foreign currency .......................................
(15,950) (15,940) (16,535)
Total .........................................................
(25,041) (6,041) 1,365
Non-interest-bearing liabilities
Other liabilities
Nuevos soles ............................................. 242,369 207,213 149,397
Foreign currency .......................................
3,442 2,568 2,968
Total .........................................................
245,811 209,782 152,365
Shareholder’s equity
Nuevos soles ............................................. 3,039,096 2,944,551 2,883,840
Foreign currency .......................................
— — —
Total .........................................................
3,039,096 2,944,551 2,883,840
Total non-interest-bearing liabilities
and shareholder’s equity
Nuevos soles ............................................. 3,281,465 3,151,765 3,033,237
Foreign currency .......................................
3,442 2,568 2,968
Total .........................................................
3,284,907 3,154,333 3,036,206

Changes in Interest-Earning Assets and Interest-Bearing Liabilities
The following table sets forth, by currency of denomination, changes in our interest revenue and expenses
between changes in the average volume of interest-earning assets and interest-bearing liabilities and changes in their
respective nominal interest rates from December 31, 2012 compared to December 31, 2011 and December 31, 2011
compared to December 31, 2010. Volume and rate variances have been calculated based on movements in average
monthly balances and changes in nominal interest rates, average interest-earning assets and average interest-bearing
liabilities. The net change attributable to changes in both volume and rate has been allocated proportionately to the
change attributable to volume and the change attributable to rate.

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December 31,

2012 compared to December 31, 2011 2011 com
Increase (Decrease) Due to Changes in: Increase
Rate Volume Net Change Rate
Interest-earning assets (S/. in thousands)
Cash and due from banks
Nuevos soles ..................................................................... 730 (3,158) (2,428) 6,508
Foreign currency ..............................................................
37 100 137 10
Total .................................................................................
767 (3,059) (2,292) 6,518
Available-for-sale and held-to-maturity investments
Nuevos soles ..................................................................... 4,528 (5,024) (496) (19,585)
Foreign currency ..............................................................
0 0 0 —
Total .................................................................................
4,528 (5,024) (496) (19,585)
Accounts receivable (Trust Agreement – COFIDE)
Nuevos soles ..................................................................... (2,511) 49,010 46,499 (1,845)
Foreign currency ..............................................................
(128) (4,107) (4,236) (25)
Total .................................................................................
(2,640) 44,903 42,263 (1,870)
Accounts receivable from CRC-PBP trust funds
Nuevos soles ..................................................................... (1,343) (9,027) (10,370) (164)
Foreign currency ..............................................................
0 0 0 —
Total .................................................................................
(1,343) (9,027) (10,370) (164)
Other Accounts receivable
Nuevos soles ..................................................................... (150) (15) (164) 58
Foreign currency ..............................................................
0 0 0 —
Total .................................................................................
(150) (15) (164) 58
Total interest-earning assets
Nuevos soles ..................................................................... 1,254 31,786 33,040 (15,028)
Foreign currency ..............................................................
(91) (4,008) -4,099 (15)
Total .................................................................................
1,163 27,779 28,941 (15,043)
Interest-bearing liabilities
Due to banks and correspondents
Nuevos soles ..................................................................... —
Foreign currency ..............................................................

Total .................................................................................

Total interest-bearing liabilities
Nuevos soles .....................................................................
Foreign currency ..............................................................
0 4,973 4,973 —
Total .................................................................................
0 4,973 4,973 —

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Changes in Non-Interest Earning Assets and Non-Interest Bearing Liabilities
The following table sets forth, by currency of denomination, changes in average balances for our
non-interest earning assets and non-interest bearing liabilities as of December 31, 2012 compared to December 31,
2011 and December 31, 2010 compared to December 31, 2011.
December 31, December 31,

2012 compared to
December 31, 2011
2011 compared to
December 31, 2010

Changes in Average
Balance
Changes in Average
Balance
(S/. in thousands)
Non-interest earning assets
Provisions for doubtful accounts receivable
Nuevos soles ................................................................. (8,973) (7,168)
Foreign currency ...........................................................
263 469
Total .............................................................................
(8,709) (6,699)
Other non-interest earning assets
Nuevos soles ................................................................. (8,579) (833)
Foreign currency ...........................................................
2 126
Total .............................................................................
(8,576) (707)
Total non-interest-earning assets
Nuevos soles ................................................................. (17,552) (8,001)
Foreign currency ...........................................................
266 595
Total .............................................................................
(17,286) (7,406)


Other liabilities
Nuevos soles ................................................................. 61,155 57,816
Foreign currency ...........................................................
1,099 (400)
Total .............................................................................
62,255 57,416
Shareholder’s equity
Nuevos soles ................................................................. 106,774 60,711
Foreign currency ...........................................................
0 —
Total .............................................................................
106,774 60,711
Total non-interest-bearing liabilities and
shareholder’s equity
Nuevos soles ................................................................. 167,929 118,527
Foreign currency ...........................................................
1,099 (400)
Total .............................................................................
169,029 118,128


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Interest-Earning Assets: Net Interest Margin and Yield Spread
The following table sets forth for each of the periods indicated, by currency of denomination, our levels of
average interest-earning assets, net interest income, gross yield, net interest margin and yield spread, all on a
nominal basis.

For the year ended December 31,

2012 2011 2010
(S/. amounts in thousands)
Average interest-earning assets
Nuevos soles .................................. 3,057,423 2,585,009 2,377,922
Foreign currency ............................
495,636 575,365 656,919
Total .............................................. 3,553,059 3,160,374 3,034,840
Net interest income (1)
Nuevos soles .................................. 169,222 136,181 120,530
Foreign currency ............................
17,412 26,484 30,342
Total .............................................. 186,634 162,666 150,873
Gross yield (2)
Nuevos soles .................................. 7.4% 5.3% 5.1%
Foreign currency ............................
6.0% 4.6% 4.6%
Total .............................................. 5.4% 5.1% 5.0%
Net interest margin (3)
Nuevos soles .................................. 7.4% 5.3% 5.1%
Foreign currency ............................
4.7% 4.6% 4.6%
Total .............................................. 5.2% 5.1% 5.0%
Yield spread (4)
Nuevos soles .................................. 7.4% 5.3% 5.1%
Foreign currency ............................
5.9% 4.6% 4.6%
Total ..............................................
5.% 5.1% 5.0%

(1) Net interest income is defined as interest revenue earned less interest expense incurred.
(2) Gross yield is defined as interest income divided by average interest-earning assets.
(3) Net interest margin is defined as net interest income divided by average interest-earning assets.
(4) Yield spread, on a nominal basis, represents the difference between gross yield on average interest-earning assets and average cost of
interest-bearing liabilities.

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Investment Portfolio
The following table sets forth our available-for-sale and held-to-maturity investments by type as of the dates indicated. For more information on our investment
portfolio, see note 3 of the notes to our unaudited interim financial statements and note 3 of the notes to our audited financial statements included elsewhere in these listing
particulars.

As of December 31,

2012 2011 2010

(S/. in
thousands)

%
(S/. in
thousands)

%
(S/. in
thousands)

%
Available-for-sale investments
Peruvian sovereign bonds .......................................................................... - - 1,169 0.57 277,135 61.74
Corporate bonds ......................................................................................... - - 12,437 6.06 122,430 27.28
Negotiable bank certificates ...................................................................... - - — — 40,505 9.02
13,607 6.63 440,071 98.04
Held-to-maturity investments
Negotiable bank certificates issued by the Peruvian Central Bank ............ - - 190,232 92.75 — —
Accrued interest ......................................................................................
- - 1,263 0.62 8,792 1.96
Total investments .....................................................................................
- - 205,102 100.00 448,864 100.00


The weighted-average yield on our dividend-earning investment portfolio was 5.10% in 2010, 5.75% in 2011 and 0% in 2012 because we did not have any debt
instruments.

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The following tables set forth the maturities of our investments in securities by type as of December 31, 2012, 2011 and 2010.

As of December 31, 2012

1 – month
1 – 3
months
3 months –
1 year 1 – 5 years 5 – 10 years
After 10
years Total
(S/. in thousands)
Certificate of deposit (Peruvian Central Bank) ...........

Total ...........................................................................

Percentage of total .................................................... 100.00% 100.00%



As of December 31, 2011

1 – month
1 – 3
months
3 months –
1 year 1 – 5 years 5 – 10 years
After 10
years Total
(S/. in thousands)
Peruvian sovereign bonds ........................................... — — — — 1,173 1,172
Corporate bonds .......................................................... — 10,575 — — 2,043 — 12,618
Certificate of deposit (Peruvian Central Bank) ...........
114,865 54,702 21,745 — — — 191,312
Total ...........................................................................
114,865 65,277 21,745 — 3,215 — 205,102
Percentage of total .................................................... 56.00% 31.83% 10.60% — 1.57% — 100.00%



As of December 31, 2010

1 – month
1 – 3
months
3 months –
1 year 1 – 5 years 5 – 10 years
After 10
years Total
(S/. in thousands)
Peruvian sovereign bonds ........................................... — — — — 132,898 150,068 282,966
Corporate bonds .......................................................... 15,237 10,297 46,630 50,382 2,032 — 124,579
Certificate of deposit (Peruvian Central Bank) ...........
— — 41,318 — — — 41,318
Total ...........................................................................
15,237 10,297 87,948 50,382 134,930 150,068 448,864
Percentage of total .................................................... 3.40% 2.30% 19.59% 11.22% 30.06% 33.43% 100.00%







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Accounts receivable from CRC-PBP trusts

The following table sets forth the composition of the two CRC-PBP trusts, one denominated in nuevos soles and the other in US dollars on the dates indicated. For
more information regarding the trust funds, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
For the year ended December 31,
2012 2011 2010
CRC-PBP
Nuevos soles %
CRC-PBP
US Dollars %
CRC-PBP
Nuevos soles %
CRC-PBP
US Dollars %
CRC-PBP
Nuevos soles %
CRC-PBP
US Dollars %
(S/. and US$ amounts in thousands)

Cash and due from banks .................
3,338 10.63 9,883 27.52 54,956 17.58 36,647 43.80 56,617 19.23 41,617 52.91
Available-for-sale investments ........ 23,324 74.29 5,691 15.85 43,371 13.87 5,281 6.31 181,081 61.49 20,138 25.60
Held-to-maturity investments .......... 4,734 15.08 19,710 54.89 214,144 68.50 40,531 48.44 56,062 19.04 16,727 21.27
Derivative financial products ........... 623 1.74 — — 882 1.05 — — 170 0.22
Other accounts receivable ................
155 0.05 331 0.40 724 0.25 — —
Total .................................................
31,396 100.00 35,907 100.00 312,626 100.00 83,672 100.00 294,483 100.00 78,648 100.00

We have internal policies to undertake a quarterly review of the assets available in the CRC-PBP trusts and report our recommendations and analysis to our Risk
Committee. The calculations to establish the required asset value in the trusts is based on the present value of the net cash flows generated by the trusts. Net cash flows is
defined as the difference between commission income and the net payments made on the CRC coverage and the good payer award.
As of December 31, 2012, the portfolio of assets in the nuevos soles trust was mainly composed of bonds issued by private issuers, which represented 89.4% of the
total investment portfolio. The average return on the investment portfolio in the nuevos soles trust was 5.9% as of December 31, 2012, 0.08% higher than as of December 31,
2011. Likewise, the portfolio of assets in the US dollars trust was mainly composed of bonds issued by corporate issuers, which represented 70.7% of the total investment
portfolio. The average return of the investment portfolio in the dollar trust was 5.02% as of December 31, 2012, 0.99% higher than the 4.03% recorded as of December 31,
2011, as a result of higher held-to-maturity assets and marking-to-market of assets in such portfolio.

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Accounts receivable (Trust Agreement – COFIDE)
The following table sets forth our accounts receivable by product to the intermediary financial institutions
that originate our loans, at the dates indicated.
As of December 31,
2012 2011 2010
(S/. in
thousands) %
(S/.
in
thousands) %
(S/. in
thousands) %
Nuevo Crédito MIVIVIENDA .......................... 2,398,983 75% 1,555,029 63% 705,573 42%
MIVIVENDA Tradicional ................................. 475,378 15% 572,207 23% 669,971 40%
Crédito Proyecto MIHOGAR ............................ 152,523 5% 187,377 8% 201,132 12%
Crédito Complementario Techo Propio ............. 130,550 4% 116,934 5% 82,134 5%
MIVIVIENDA Estandarizado ........................... 17,820 1% 19,692 1% 21,564 1%
Crédito MICONSTRUCCION ...........................
5,752 0% — — — —
Total ..................................................................
3,181,006 100% 2,451,239 100% 1,680,374 100%


















Accounts receivable (Trust Agreement – COFIDE) by intermediary financial institution
The following table sets forth our accounts receivable by intermediary financial institution, at the dates
indicated.
As of December 31,
2012 2011 2010
(S/. in
thousands) %
(S/.
in
thousands) %
(S/. in
thousands) %
Banco Internacional del Perú – INTERBANK . 885,796 28 647,961 26% 406,593 24%
Banco de Crédito del Perú ................................ 805,475 25 632,944 26% 389,429 23%
Banco BBVA Continental ................................ 446,587 14 337,646 14% 203,347 12%
Scotiabank ........................................................ 286,202 9 252,000 10% 195,599 12%
Banco Financiero del Perú ................................ 218,776 7 187,374 8% 162,292 10%
Others ...............................................................
538,170 17 393,314 16% 323,114 19%
Total .................................................................
3,181,006 100% 2,451,239 100% 1,680,374 100%



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Accounts receivable (Trust Agreement – COFIDE) by maturity
The following table sets forth our accounts receivable by maturity as of December 31, 2012.
As of December 31, 2012
1 month 1-3 months 3-6 months 6 months - 1 year 1 - 5 years after 5 years Total
(S/. in
thousands) %
(S/. in
thousands) %
(S/. in
thousands) %
(S/. in
thousands) %
(S/. in
thousands) %
(S/. in
thousands) %
(S/. in
thousands) %
Nuevo Crédito MIVIVIENDA ............ 9,980 44.5 22,249 48.2 29,562 58.3 62,687 65.3 763,660 69.1 1,510,845 81.2 2,398,983 75.4
MIVIVENDA Tradicional ................... 10,447 46.6 19,697 42.7 15,172 29.9 21,679 22.6 204,756 18.5 203,627 10.9 475,378 14.9
MIHOGAR .......................................... 1,083 4.8 2,178 4.7 3,048 6.0 6,390 6.7 77,203 7.0 62,622 3.4 152,523 4.8
Crédito Complementario Techo
Propio ............................................... 731 3.3 1,592 3.4 2,163 4.3 4,425 4.6 49,162 4.4 72,478 3.9 130,550 4.1
MIVIVIENDA Estandarizado ............. 144 0.6 349 0.8 581 1.1 558 0.6 6,902 0.6 9,287 0.5 17,820 0.6
MICONSTRUCCION .........................
48 0.2 105 0.2 147 0.3 303 0.3 3,451 0.3 1,698 0.1 5,752 0.2
Total ....................................................
22,432 100.0 46,170 100.0 50,673 100.0 96,042 100.0 1,105,133 100.0 1,860,557 100.0 3181006 100.0

Accounts receivable (Trust Agreement – COFIDE) by currency
The following table sets forth the accounts receivable by currency as of the dates indicated.

As of December 31,

2012 2011 2010
(S/. in thousands)
In S/. In US$ Total In S/. In US$ Total S/. US$ Total
Nuevo Crédito MIVIVIENDA ................................................................ 2,398,983 — 2,398,983 1,555,029 — 1,555,029 705,573 — 705,573
MIVIVENDA Tradicional ....................................................................... 51,920 423,458 475,378 61,305 510,902 572,207 69,583 600,388 669,971
MIHOGAR .............................................................................................. 152,523 — 152,523 187,377 — 187,377 201,132 — 201,132
Crédito Complementario Techo Propio ................................................... 125,978 4,572 130,550 111,514 5,420 116,934 75,816 6,317 82,134
MIVIVIENDA Estandarizado ................................................................. 17,820 — 17,820 19,692 — 19,692 21,564 — 21,564
MICONSTRUCCION .............................................................................
5,752 — 5,752 — — — — — —
Total .........................................................................................................
2,752,976 428,030 3,181,006 1,934,917 516,322 2,451,239 1,073,668 606,705 1,680,374

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Accounts receivable (Trust Agreement – COFIDE) by type of interest rate
The following table sets forth our accounts receivable (Trust Agreement – COFIDE) by type of interest rate
as of the dates indicated.


As of December 31,

2012 2011 2010

(S/. in
thousands)
%
(S/. in
thousands)
%
(S/. in
thousands)
%

S/. Fixed interest rate ...................... 2,701,056 84.91 1,873,612 76.44 1,004,085 59.75
US$ fixed interest rate .................... 428,030 13.46 516,322 21.06 606,705 3.61
S/. Vac rate (1) ............................... 51,920 1.63 61,305 2.50 69,583 4.14
Total ............................................... 3,181,006 100.00 2,451,239 100.00 1,680,374 100.00
_____________________
(1) Interest rate is adjusted daily based upon the Daily Readjustment Index published by the Peruvian Central Bank.
Allowance for doubtful accounts
Our allowance for doubtful accounts is recorded in accordance with SBS regulations. See “Management’s
Discussion and Analysis of Financial Condition and Results of Operations––Critical Accounting Policies––
Allowance for doubtful accounts” for a description of the guidelines and procedures used in the review of our
accounts receivable portfolio and the calculation of our allowance for credit risk. The following table presents our
allowances for doubtful accounts.


As of December 31,

2012
2011 2010
(S/. in thousands) %
(S/. in
thousands) %
(S/. in
thousands) %
34,222

Balance at beginning of period ......................... 70.43 29,249 85.47 25,661 87.73
Allowance recognized as expense of the
period ............................................................. 22,874 47.08 12,343 36.07 13,300 45.47
Reversals ........................................................... (7,587) (15.61) (6,685) (19.53) (9,216) (31.51)
Net exchange difference ....................................
(920) (1.89)

(686) (2.01)

(496) (1.70)
Balance at end of period ....................................
48,590

100.00

34,222 100.00

29,249 100.00


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Allowance by product and Credit Risk Coverage
The tables below set forth information regarding the CRC coverage of all our mortgage loan products,
including certain products that have been discontinued. We initiate CRC coverage for our loans only upon
constitution of a valid mortgage on the underlying property being financed. Prior to our introduction of the Nuevo
Crédito MIVIVENDA product in 2009, our principal loan product was MIVIVIENDA Tradicional. As the homes
financed under this loan program are completed, the corresponding mortgages are registered as they become eligible
for CRC coverage. That explains why most of the balances of our MIVIVIENDA Tradicional loans have CRC
coverage. As our Nuevo Crédito MIVIVENDA loans are used to finance properties that are still in development, most
of the properties are not yet eligible for CRC coverage as they do not yet have the individualized title applicable to
each residential property. As such, the intermediary financial institution that originates the loan retains 100% of the
risk until the mortgage is recorded. This explains the discrepancy in relative CRC coverages that are reflected in the
tables below.
For the year ended December 31, 2012

Without
CRC With CRC Total
(S/. in thousands)
Nuevo Crédito MIVIVENDA .................. 20,313 3,779 24,092
MIVIVIENDA Tradicional ...................... 3,047 13,471 16,518
Crédito Complementario Techo Propio ... 2,984 1,497 4,481
MIHOGAR .............................................. 1,365 1,560 2,925
MIVIVIENDA Estandarizado ................. 101 201 302
Crédito MI CONSTRUCCION ................ 271 0 271
Total ......................................................... 28,081 20,508 48,589

For the year ended December 31, 2011
For the year ended
December 31, 2010

Without
CRC
With
CRC Total
Without
CRC
With
CRC Total
(S/. in thousands)
Nuevo Crédito MIVIVENDA .................. 11,556 818 12,374 5,844 77 5,921
MIVIVIENDA Tradicional ...................... 3,855 13,090 16,945 4,196 15,179 19,375
Crédito Complementario Techo Propio ... 1,675 494 2,169 1,394 122 1,516
MIHOGAR .............................................. 1,498 932 2,430 1,814 337 2,151
MIVIVIENDA Estandarizado ................. 118 186 304 136 150 286
Crédito MI CONSTRUCCION ................ — — — — — —
Total ......................................................... 18,702 15,520 34,222 13,385 15,864 29,249


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Allowance by intermediary financial institution

For the year ended December 31, 2012
Without CRC
With CRC
Total

(S/. in thousands)
Banco de Crédito del Perú ........................ 6,637 6,459 13,096
Banco Internacional del Perú –
INTERBANK ......................................... 5,524 4,546 10,070
Banco BBVA Continental ........................ 2,555 2,908 5,463
Scotiabank ................................................ 1,770 1,753 3,523
Banco Financiero del Perú ........................ 1,286 1,456 2,742
Other ......................................................... 10,309 3,386 13,695
Total ......................................................... 28,081 20,508 48,589


For the year ended
December 31, 2011

For the year ended
December 31, 2010

Without
CRC

With
CRC
Total
Without
CRC

With
CRC
Total

(S/. in thousands)
Banco de Crédito del Perú ...................... 3,808 4,954 8,762 2,342 5,360 7,702
Banco Internacional del Perú –
INTERBANK ....................................... 4,211 3,469 7,680 2,590 3,008 5,598
Banco BBVA Continental ...................... 2,072 2,101 4,173 1,146 2,435 3,581
Scotiabank .............................................. 1,729 1,684 3,413 1,222 2,114 3,336
Banco Financiero del Perú ...................... 1,299 986 2,285 1,072 1,010 2,082
Other ....................................................... 5,583 2,326 7,909 5,013 1,936 6,950
Total ....................................................... 18,702 15,520 34,222 13,385 15,864 29,249

Determination of the allowance for doubtful accounts receivable
The following table sets forth our determination of the allowance for doubtful accounts receivable at the
dates indicated.

As of December 31,

2012

2011

2010
(S/. in thousands)

Specific .................................................... 10,404 1,273 —
General provision ....................................
38,185

32,949

29,249
Total........................................................
48,589

34,222

29,249

In the year ended December 31, 2012, we increased loan placements with intermediary financial
institutions as well as with microfinance lenders. Financial institutions are generally rated risk category “A” and
require provisioning at a rate of 0.7% of the loan balances outstanding, as provided in applicable SBS regulation.
Microfinance lenders generally are rated risk category “B” and as a result require provisioning at a rate of 5% of the
loan balances outstanding. If a financial institution in either group has financial difficulties, provisions can increase
to 100% under SBS regulation and Peruvian Banking Law.

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Classification by Performance of Intermediary Financial Institution
The following table sets forth the classification of our loan portfolio by performance of each intermediary
financial institution, as of the dates indicated. See “Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Critical Accounting Policies—Allowance for doubtful accounts” and “Regulatory—
Supervision and Regulation—Loan loss reserves” for a description of our loan classification and risk management
policies.

2012
As of December 31,

2011

2010

(S/. in
thousands) %
(S/. in
thousands) %
(S/. in
thousands) %

A: Normal ............................... 2,981,355 93.7 2,357,357 96.2 1,602,854 95.4
B: With potential problems ..... 199,651 6.3 93,882 3.8 77,250 4.6
C: Substandard ........................ — — — — — —
D: Doubtful ............................. — — — — — —
E: Loss ....................................
— — — — — —
Total .......................................
3,181,006 100.0 2,451,239 100.0 1,680,373 100.0

Classification by Performance of Final Borrowers


2012


As of December 31,
2011 2010

(S/. in
thousands)
%
(S/. in
thousands)
%
(S/. in
thousands)
%

A: Normal ................................... 3,031,890 95.3 2,358,383 96.2 1,608,937 95.75
B: With potential problems .......... 43,200 1.4 24,978 1.0 20,569 1.22
C: Substandard ............................. 31,259 1.0 18,572 0.8 14,411 0.86
D: Doubtful .................................. 35,360 1.1 23,002 0.9 16,576 0.99
E: Loss ......................................... 39,298 1.2 26,304 1.1 19,881 1.18
Total ............................................
3,181,006

100.0

2,451,239

100.0

1,680,373

100.0

Total Indebtedness
In February 2012, we received a loan from Banco de la Nación (a financial institution owned by the
Peruvian state) of US$ 100.0 million (equivalent to approximately S/. 255.0 million at the date of the transaction).
This loan is due in February 2015 and accrues interest at an effective annual rate of 2.31%. The loan has no specific
guarantees nor does it specify a use of proceeds. As of December 31, 2012, the outstanding principal amount was S/.
213.7 million (US$ 83.8 million). During 2011 and 2010, there were no loans with banks and correspondents.

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Regulatory Capital
The following table sets forth our regulatory capital at the dates indicated. See “Management’s Discussion
and Analysis of Financial Condition and Results of Operations––Capital Adequacy (Regulatory Capital)” and
“Regulatory—Supervision and Regulation” for a description of regulatory capital guidelines.

As of December 31,

2012 2011 2010
(S/. in thousands)
Tier 1 Regulatory Capital
Paid-in capital .............................................................. 2,968,160 2,889,344 2,831,257
Legal and special reserves ........................................... 34,117 25,815 19,361
Accumulated losses (investments) ............................... — (24) (6,818)
Other ............................................................................
34 34 34
Total Tier 1 Regulatory Capital ............................... 3,002,311 2,915,170 2,843,835

Tier 2 Regulatory Capital .........................................
— — —
Total Regulatory Capital ..........................................
3,002,311 2,915,170 2,843,835
Risk-weighted assets and credits ..............................
3,239,913 2,385,225 2,057,361

Tier 1 capital as a percentage of risk-weighted
assets ......................................................................
88.35% 117.52% 138.23%


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion contains an analysis of our financial condition and results of operations for the
years ended December 31, 2012, 2011 and 2010. The following discussion should be read in conjunction with “Risk
Factors,” “Selected Financial Information,” “Statistical Information” and our audited financial statements and
unaudited interim financial statements, together with the notes thereto, included in these listing particulars. Our
financial statements have been prepared in accordance with SBS GAAP. See “Presentation of Financial and
Certain Other Information” and the notes to our financial statements.
Overview
We are a for-profit entity that is wholly-owned by the Peruvian state, established with the principal goal of
providing access to mortgage financing for lower- and middle-income working families and individuals who are
most likely to be part of the population most affected by the quantitative and qualitative housing deficit in Peru. We
are key to the state’s economic and social development policies, especially as the country seeks to continue
addressing an estimated deficit of 1.9 million housing units as of February 2012, according to reports published by
the MVCS. One of our key goals is to continue to provide innovative mortgage products and enhance our existing
loan programs to accomplish our joint goals of increasing the penetration of mortgage loan financing as a
percentage of GDP, which represented approximately 4.0% of Peru’s GDP in 2011, and to enable our borrowers to
become formal participants in the economy. By gaining access to our mortgage products, these historically un-
banked and under-banked households are able to develop a credit history, enhance their wealth through home
ownership, and generally improve their living conditions.
Our loan products are placed through intermediary financial institutions operating in Peru that in turn
originate mortgage loans designed to enable our target borrowers to purchase, expand or renovate their homes. The
intermediary financial institutions serve as our agents, enabling us to increase the size of our loan portfolio without
significant additional operating expenditure. In our business and operating model, we designate a maximum loan
balance for each intermediary financial institution. Each intermediary financial institution places and services
mortgage loans using our available credit lines and approves each mortgage loan application directly, using its and
our credit criteria.
Funding for our loan products is made available to intermediary financial institutions through a trust we
established with COFIDE in 1999. Pursuant to the terms of the trust agreement, COFIDE confirms the mortgage
loan complies with all our lending requirements, although we have final lending approval over each loan. COFIDE
executes a master agreement for each product with the intermediary financial institution. Upon completion of
procedural requirements, COFIDE disburses funds to the intermediary financial institution. Funds are then
disbursed on behalf of the final borrower by the intermediary financial institution to the seller or developer of the
property. Once the individual mortgage is duly filed and the loan documentation is executed, the loan becomes
eligible for CRC coverage.
Our lending activities are conducted on commercial terms that generate net income. Of the more than
76,000 loans we have financed since 1999, which have resulted in total loan disbursements of approximately
US$1.8 billion, only 367 have defaulted. Of the total defaulted loans, 24 have gone through court proceedings, of
which four resulted in an aggregate loss to us of approximately US$20,000. The remaining defaulted loans were
restructured prior to execution of the underlying mortgages. As of December 31, 2012, we had a total portfolio of
accounts receivable (Trust Agreement – COFIDE) of approximately S/.3,181 million.
For 2012 and 2011, our net income was S/.91.7 million and S/.83 million, respectively. As of December
31, 2012, our shareholder’s equity was S/.3,094.9 million. Additionally, the balance of our portfolio with
intermediary financial institutions that place our loans totaled S/.3,144.9 million as of December 31, 2012 and
S/.2,427.7 million as of December 31, 2011.

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Principal Trends Affecting Our Business
Peruvian economic environment
Macroeconomic trends
All of our operations are conducted in Peru. Accordingly, our results of operations and financial condition
are dependent on economic conditions prevailing in Peru, levels of construction activity that historically have grown
in conjunction with growth in Peru’s GDP, and levels of private investment. During the 1980s, Peru experienced a
severe economic crisis and periods of hyperinflation. Beginning in the 1990s, the Peruvian government
implemented a series of structural reforms targeted at stabilizing the economy, promoting GDP growth, reducing
rates of inflation, lowering interest rates, and stabilizing the value of the currency, while at the same time improving
public finances. In part as a result of these policies and aided by prevailing favorable commodity prices in the
international markets, based on data from the International Monetary Fund, the Peruvian economy was among the
fastest growing and most stable economies in Latin America in the period from 2000 to 2011. GDP grew at a
compound annual rate of 7.0% between 2006 and 2010. In 2011, GDP grew by 6.9% and is estimated to have
expanded by 5.5% in 2012.
The global economy experienced a period of significant financial instability in 2008 and 2009, propelled
by the worst global economic downturn in many decades. The Peruvian economy was affected but was one of the
few economies in Latin America that experienced growth in GDP in 2009—although at a rate of 0.9%—supported
in part by the Peruvian government’s implementation of fiscal stimulus measures designed to combat the effects of
the global crisis. The following sectors of production showed the greatest contribution to GDP in 2009: (i)
construction, (ii) agriculture and (iii) electricity and water. In 2010, GDP grew at a rate of 8.8% and 6.9% in 2011,
representing one of the highest rates of growth among Latin American economies. The high rate of GDP growth
during 2010 and 2011 was primarily a result of growth in exports, increased domestic demand, stronger public
investment, and increases in private investment and consumer spending. Private investment increased 7.8% in 2011
compared to 2010.
Additionally, Peru’s unemployment rate was 7.5% in 2011, down from 9.6% in 2005, as a result of
increased economic growth and demand for labor. Peru’s total investment and gross national savings as a
percentage of GDP were among the highest in the region. With regards to its banking system, Peru’s past due loan
ratio was also one of the lowest among Latin American countries.
As a result of its reductions in fiscal spending, the Peruvian government also built up significant foreign
exchange reserves which totaled approximately US$ 63.9 billion as of December 31, 2012, and represented 70.7%
of Peru’s annualized GDP and 128.24% of its external debt, an increase from US$ 48.8 billion in foreign exchange
reserves, representing 27.1% of Peru’s GDP and 241.6% of its external debt in 2011. In addition, the Peruvian
Central Bank has increased reserve requirements in domestic currency and foreign currency in order to keep credit
growth at a sustainable rate. The average reserve ratio requirements for banks were 2.25% higher at December 31,
2012 than at December 31, 2011. As reported by the Peruvian Central Bank, the average reserve levels in nuevos
soles and US dollars (18.8% and 41.2%, respectively) reflect higher levels of liquidity in the financial system,
which in the event of a severe liquidity crisis or global economic crisis, can alleviate the potential impact on Peru’s
economy.
The table below sets forth additional details regarding Peru’s recent economic performance as of the dates
indicated.
2012 2011 2010

Peruvian real GDP growth rate ........................................ 6.30% 6.90% 8.80%
Internal demand growth ................................................... 7.40% 7.20% 13.10%
Private investment (real growth) ...................................... 13.60% 11.70% 22.10%
Reference interest rate ...................................................... 4.25% 4.25% 3.00%
Fiscal surplus (deficit) (% of GDP) .................................. 2.15% 1.90% (0.30)%
CPI Index ......................................................................... 2.65% 4.70% 2.10%
Unemployment rate .......................................................... 6.80% 7.50% 7.90%

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Sources: Peruvian Central Bank, INEI and the MEF

Peru’s sustained economic and social development over the past decade, along with its stable political and
economic environment were key to Peru obtaining an investment grade sovereign credit rating from Standard &
Poor’s, Fitch Ratings and Moody’s. In general, the demand for banking products and services is positively affected
by the overall development of the Peruvian economy. Improved economic conditions increases borrowers’ ability to
acquire, expand and improve their homes, which enhances our ability to expand credit origination.
Growth in the Peruvian banking industry
Primarily as a result of increasing economic output, growing investments and higher consumer confidence,
the Peruvian banking industry experienced significant growth over the past two years. From December 31, 2010 to
September 30, 2012, direct loans in the Peruvian banking system have grown at an average annual rate of 14.9%
from S/.109.7 billion to S/.140.0 billion. Our loan portfolio experienced an average annual growth rate of 38.5%
during the period. These rates of growth led the Peruvian Central Bank to tighten monetary policy and the SBS to
strengthen regulation and increase provisioning requirements. In 2008, the SBS implemented measures designed to
prevent individuals from borrowing excessively and to ensure that provisioning for consumer loans remains high
during periods of significant growth.
The quality of the loan portfolio for the banking industry as a whole was adversely affected by the impact
of the global economic slowdown and by the resulting reduced rates of economic growth in the period since 2008.
The industry’s ratio of past due loans to total gross loans was 1.72% as of September 30, 2012 and 1.47% as of
December 31, 2011, compared to 1.49% as of December 31, 2010. The industry’s loan provisioning expense
increased 33.2% in the nine months ended September 30, 2012 compared to the corresponding period in 2011, and
11.9% in 2011 from 2010. Reserve coverage (provisions as a percentage of outstanding loans) remained strong at
4.0% as of September 30, 2012 and 3.8% as of December 31, 2011.
Because we account for our loan portfolio as accounts receivable (Trust Agreement – COFIDE) as our
borrowers are the intermediary financial institutions that place loans to the final borrowers, our provisions for loan
losses are generally lower than if we were fully exposed to the risk of default by the final borrowers. The provisions
related to the final borrowers are recorded by the intermediary financial institution in accordance with SBS
regulation, as provided in Resolution No. 11356-2008, and we provision for the risk related to the intermediary
financial institution. However, as we have increased our loan placements with both intermediary financial
institutions and with microfinance lenders (which generally require higher provisions) and as more of our loans
became eligible for CRC coverage as the mortgages on the underlying loans were recorded, our loan provisioning
expense increased 31.7% in the nine months ended September 30, 2012 compared to the comparable period in 2011
and 173.9% in 2011 compared to 2010.
The information set forth in this section has been provided as of the most recently available date.
Impact of the slowdown in the Peruvian economy in 2009 and Peruvian economic performance in 2010 and 2011
Peruvian GDP grew 8.8% during 2010, primarily as a result of a 12.8% increase in domestic demand
compared to a 2.8% decrease in domestic demand in 2009 versus 2008. The increase in domestic demand during
2010 was a result of the recovery in private consumption and investment that together grew 12.4%. Public
expenditures grew 16.4% in 2011 compared to 2010, primarily as a result of the anti-cyclical fiscal policy
implemented by the government.
The non-primary sector of the economy experienced the highest rate of growth in 2011, growing at a rate
of 7.4%. This sector includes industries such as construction, non-primary manufacturing and trade. Although there
was a decline in industries such as fishing and metals mining, primary sector production grew at a rate of 0.1%. The
primary sector includes industries such as agriculture, mining, forestry, farming, grazing, hunting and gathering,
fishing, and quarrying.

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According to the Peruvian Central Bank, GDP grew by 6.9% during 2011, principally as a result of a 7.5%
increase in domestic demand, 6.3% in private consumption and 12.0% private in investment. In 2012, GDP is
estimated to have grown by 6.5% compared to 2011.
As a result of the global economic and financial crisis, exports from and investment into Peru declined
during 2009, leading to a slowdown in GDP growth to 0.9%, and resulting in easing of monetary policy by the
Peruvian Central Bank. Growth in the banking industry also slowed, as a result of reduced consumer spending and
decline in private investments. Outstanding loans in the banking system remained stable in 2009, although our
portfolio of outstanding loans fell 24.9% compared to 2008 as a result of a significant slowdown in construction as
well as a restructuring of our products during the period.
As of December 31, 2011, approximately 0.87% of our final borrowers are past due on their loans (past
due loans and loans in legal collection), defined as being more than 90 days past due and undergoing legal
collection by the intermediary financial institution that placed the loans, which is higher than the Peruvian system as
a whole that averaged 0.85%, but lower than the 0.98% in past due loans we recorded as of December 31, 2010.
This figure increased to 0.93% for the nine months ended September 30, 2012. None of the intermediary financial
institutions that place our loans were past due on their payments to us as of September 30, 2012. Our net
provisioning for loan losses (as a percentage of past due loans) rose 17.4% in 2011 and 23.0% for the nine months
ended September 30, 2012 principally as a result of higher balance of loan placements, including loan placements to
microfinance entities that generally require higher provisions and must evaluated individually, as required by SBS
regulations.
Monetary policy
Since April 2010, as a result of significant economic growth, the Peruvian Central Bank has tightened
monetary policy, raising the reference interest rate and increasing reserve requirements. This tightening policy has
the goal of avoiding speculative capital, which could generate adverse effects on GDP growth and has resulted in
higher interest rates. For example, as of September 2012, the minimum legal reserve requirement for local and
foreign currency deposits was 9.0%, compared to 6.0% as of May 2010. As of September 2011, foreign currency
deposits collected from the general public are subject to a rate of 60% for reserve requirements compared to 30% as
of May 2010. Local currency deposits collected from the general public are subject to a rate of 25% for reserve
requirements as of April 7, 2011, compared to no marginal rate on local currency deposits as of May 2010. The
reference rate has been increasing, from 1.25% as of April 2010 to 4.25% as of September 2011, where it remains as
of September 30, 2012.
The information set forth in this section has been provided as of the most recently available date.
Inflation
Our performance may be impacted by the prevailing rates of inflation. During the 1980s, Peru experienced
hyperinflation, negative economic growth and substantial currency devaluation. Inflation rates in Peru began to
decrease in the 1990s and in the last five years have been among the lowest rates in Latin America, partly due to the
monetary policy implemented by the Peruvian Central Bank and to the conservative fiscal policy of the Peruvian
government. In 2002, in order to maintain low inflation rates, the Peruvian Central Bank established an annual
inflation target of 2.5% within a range of one percentage point. In 2007, the target was lowered to 2.0%. The
inflation rate in Peru, as measured by the consumer price index, which is published by the INEI, was 1.5% in 2002,
2.5% in 2003, 3.5% in 2004, 1.5% in 2005, 1.1% in 2006, 3.9% in 2007, 6.7% in 2008, 0.3% in 2009, 2.1% in 2010
and 4.7% in 2011. The annualized inflation rate during September 2012 was 3.7%.
The Peruvian Central Bank’s inflation target has not always been met and may not be met in the future. If
the Peruvian Central Bank fails to meet inflation targets, inflationary pressures could reduce our ability to access
foreign financial markets, reduce the value in real terms of our assets and lead to further government intervention in
the economy, including the introduction of policies that adversely affect the performance of the Peruvian economy
as a whole, and consequently, us.

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Exchange rate and fluctuations in the value of the nuevo sol
The nuevo sol floats freely against other currencies. Nevertheless, the Peruvian Central Bank participates in
the market (buying or selling nuevos soles) in an effort to mitigate the effects of significant fluctuations in the
exchange rate of the nuevo sol against foreign currencies, principally the US dollar. Although only a small portion
of our assets and liabilities are denominated in US dollars and our financial statements are prepared in nuevos soles,
the results reflected in our financial statements are affected by fluctuations in the exchange rate between the nuevo
sol and the US dollar, especially following the closing of the offering of the notes contemplated in these listing
particulars.
The nuevo sol has been subject to significant devaluation against the US dollar and other foreign currencies
in the past. However, over the last five years, the nuevo sol has appreciated against the US dollar and other foreign
currencies. If the nuevo sol continues to appreciate, our interest expense will decrease on our liabilities denominated
in or indexed to foreign currencies, such as US dollar-denominated debt and foreign currency loans, as a result of
the exchange gain of such liabilities when measured in nuevos soles. Conversely, if the nuevo sol depreciates, we
will have greater financial expense on our liabilities denominated in or indexed to foreign currencies, such as any
US dollar-denominated debt, including the notes offered hereby. Some of our borrowing and legacy on-lending
activities are denominated in foreign currency. Accordingly, these assets and liabilities are subject to the effects of
exchange rate variations.
The Peruvian government has adopted a policy to encourage the de-dollarization of the economy. This
policy includes promoting the development of a nuevo sol capital markets and local currency yield curves. In
addition, the government is promoting the nuevo sol-denominated components of government-sponsored mortgage
subsidy programs (including the Techo Propio subsidy that we administer on behalf of the state) to foster long-term
financing in local currency only, instead of also providing financing in dollars. To this end, since 2007, we have
reduced our exposure to foreign currency risk and promoted the government’s de-dollarization goals, by extending
credit only in nuevos soles. Prior to 2007, we also originated loans denominated in US dollars, a portion of which
remains on our balance sheet.
Our dollar position has been declining since 2008 due to the recommendation of the Peruvian government
that we reduce loan origination in foreign currency as part of its goal of de-dollarizing the economy committed to
with the International Monetary Fund. Consequently, we are less exposed to currency risk than we had been
historically.
Currently, we do not originate loans or extend lines of credit to any intermediary financial institution or to
any final borrower in foreign currency. We mitigate currency risk associated with the balance of accounts receivable
in dollars from our legacy portfolio by, among other measures, selling dollar-denominated assets, such as corporate
and Peruvian sovereign bonds, on the spot market and by entering into non-deliverable forward contracts to hedge
our foreign currency exposure. At December 31, 2012, our position in US dollar-denominated assets was 196% of
our liabilities denominated in US dollars.
The proportion of outstanding loans in the banking system denominated in US dollars has fallen from
65.5% in 2006 to 49.7% as of December 31, 2012, according to figures published by the Association of Peruvian
Banks (Asociación de Bancos del Perú). In addition, the percentage of deposits in the banking system denominated
in US dollars was approximately 63% as of December 2006 compared to 43% as of September 2012. We expect
that the ongoing de-dollarization of the economy will reduce our exposure to potential mismatches between US
dollar-denominated assets and liabilities and reduce Peru’s exposure to external economic shocks. The de-
dollarization of the Peruvian economy is also expected to stimulate further demand for loans denominated in nuevos
soles which should benefit our operations as we will continue to fund loans exclusively in nuevos soles.
Additionally, our monetary assets denominated in foreign currencies (currently limited to a historical
portfolio of US dollar-denominated mortgages with a principal balance of US$168 million at December 31,2012)
are naturally hedged by US dollar-denominated borrowings (namely our US$100 million loan from Banco de la
Nación) and through the use of derivative financial instruments, exclusively non-deliverable forwards. As a result,
we experience only small gains or losses caused by an appreciation or depreciation of the nuevo sol, as the value of
such assets increases or decreases (as measured in nuevos soles), as the case may be.

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Effect of fluctuations in prevailing rates of interest
In general, increases in prevailing interest rates generate more interest revenue on our loans. An increase in
prevailing interest rates may, however, adversely affect us as a result of reduced overall demand for loans from our
target borrowers and increasing risk of default, which would affect our financial performance as generally one-third
of all loan defaults are transferred to us by the intermediary financial institutions that place loans under our loan
programs. In addition, relatively high interest rates affect our funding costs, and can adversely affect spreads on our
loan portfolio if we are unable to pass through the increased funding costs to our clients, reducing our ability to
implement programs aimed at improving home ownership and improvement in our target market. On the other hand,
a decrease in interest rates can reduce the revenue we generate from our loan portfolio. This revenue decrease could
be offset by an increase in the volume of loans resulting from higher demand and/or a decrease in our funding costs.
In addition, changes in prevailing interest rates can affect the value of our investments portfolio and therefore our
results of operations.
Trends specific to our business
SBS regulations for provisions
SBS Resolution No. 11356-2008 (Reglamento para la evaluación y clasificación del deudor y la exigencia
de provisiones or the “Regulation for the evaluation and classification of debtors and loan loss provisions”), which
took effect on July 1, 2010, introduced certain changes to the classification of borrower provisioning requirements,
which are further described under “—Critical Accounting Policies—Allowance for doubtful accounts.” See also
note 3(d) to our audited financial statements included elsewhere in these listing particulars. These changes are
reflected beginning with our quarterly financial statements for the quarter ending September 30, 2011 and our
annual financial statements for the year ending December 31, 2010. These classifications have not, and we do not
expect that they will have, a material effect on our results of operations and financial condition.
Provisions for loan losses
Our provisions for loan losses as a percentage of gross loans have remained relatively constant since 2010.
This is a result of our operating model where our exposure is limited in two ways: (i) the intermediary financial
institutions that place our loans require relatively low provisions as they generally have investment grade ratings,
and (ii) our exposure to losses from our final mortgage borrowers is limited (generally one-third or less of principal
amount for loans with CRC coverage). For each risk category, we have historically experienced extremely limited
losses. As our portfolio of loans matures, our loan loss provisions will increase given that we provide CRC coverage
only on loans that have duly registered mortgages. As our portfolio of loans continues to grow in the future, the
balance of our provisions for loan losses could increase as well, especially as we plan to increase the maximum loan
value from approximately US$70,000 to US$100,000 beginning in January 2013, as part of our strategy to further
penetrate the market. In addition, our loan loss provisions will likely increase as we expand loan placements with
microfinance lenders that are rated risk category “B” and therefore require individual provisions that range from 5%
to 100% of the loan balance outstanding, depending on the specific entity.
The CRC-PBP Trusts
In June 2007, we established two CRC-PBP trusts, one in US dollars and one in nuevos soles. These trusts
were designed to comply with our obligations to make payments related to credit risk coverage (CRC) and the good
payer award due on our portfolio of loans that were discontinued as of May 2006, principally Crédito MIVIVIENDA
Tradicional. The loans originated under our legacy products were originated both in US dollars and nuevos soles by
the participating financial institutions directly with their own funds. Our goal was to promote loan originations to
our target market by making CRC coverage available and providing good payer award payments. Approximately
5,400 loans were funded under these legacy products and covered by the CRC-PBP trusts. We funded the trusts
directly in amounts required to cover all our obligations to make CRC coverage and good payer award payments on
our legacy portfolio.
With respect to the CRC-PBP trusts, upon disbursement of the loan proceeds, we record an entry in
“Accounts Receivable – Trusts” and recognize interest generated by the trust on an accrual basis in “financial

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income,” based on the preferential interest rates agreed with the intermediary financial institution that placed the
loan. We record the corresponding assets (due from banks, investments and accrued yields) and liabilities related to
these trusts as a net balance in “Other accounts receivable, net,” as required by SBS GAAP, as we act as both trustee
and beneficiary in both cases. Resulting surpluses and deficits of the trusts are recorded in “financial income” as
“attribution of income from trust” on our statements of income.
Accounting for these trusts is performed in accordance with the provisions of SBS Resolution 980-2006
“Regulation of Fondo MIVIVIENDA S.A.” (“Resolution No. 980-2006”) which is the single account in the balance
sheets included in our financial statements. See note 8 of the notes to our audited financial statements. Resolution
No. 980-2006 was issued by the SBS specifically for the regulation of the accounting treatment to be afforded the
trusts. For more information on accounting treatment of the trusts, see note 3 of the notes to our audited financial
statements. Pursuant to the provisions of SBS GAAP as it applies to us, the results of the trusts are reflected in
“Financial income” in our statements of income.
Funds available in the trusts are invested in sovereign bonds issued by the Peruvian government and in
securities issued by private issuers denominated in US dollars and nuevos soles. We recognize as financial income
interest generated on both these trusts on an accrual basis, with reference to the interest rates agreed with the
intermediary financial institution at the time the loans in the trust were originated.
We have internal policies to undertake a quarterly review of the assets available in the CRC-PBP trusts and
report our recommendations and analysis to our risk committee. The calculation to establish the required asset value
in the trusts is based on the present value of the net cash flows generated by the trusts. Net cash flows are defined as
the difference between commission income and the net payments made on the good payer award and the CRC
coverages.
In 2012, we requested a partial release of assets available for distribution from the CRC-PBP trusts that
cover our obligations under our legacy portfolio. We supported our request with a study performed by an
independent group of experts at Universidad ESAN, a local business school, as required by applicable regulation.
Once approved by the SBS, distributions of S/.290.0 million (in respect of the nuevos soles trust) and S/.50.7
million (in respect of the US dollar trust) were made to us from trust assets. See “Selected Statistical Information—
Accounts Receivable from CRC-PBP Trusts.” The amounts of these disbursements will be used to fund our
operations. In the future, as our obligations under the CRC-PBP trusts are reduced, we may seek further
disbursements of trust assets as a source of funding.
Risk sharing and treatment of defaulted loans
The intermediary financial institutions that place our mortgage products are required to make scheduled
payments on the loans even if the final borrower has not remitted payment on the subject loan, unless the financial
institution has previously notified us that the loan is in default. The intermediary financial institutions that place our
loans retain at least two-thirds of the risk of loss. In exchange for their assumption of this risk, the intermediary
financial institutions charge the final borrower a spread above the applicable rates paid to us on the loan portfolio.
As a result of this arrangement, we transfer a portion of the risk of collection on each loan originated under our lines
of credit to each originating institution. If a final borrower defaults on the applicable loan, the intermediary financial
institution will be responsible for collection and will be required to reimburse us for 100% of the outstanding
principal amount of the loan that is in default or undergoing collection, or the applicable percentage of the Crédito
Complementario Techo Propio loan. Loans that have CRC coverage will require us to pay up to one-third of the
outstanding principal amount of the loan or the defaulted amount, whichever is lower. Any significant increase in
the rates of default could directly increase our write-offs to the extent the loans remain uncollected or are deemed
uncollectible for any reason.
Credit Risk Coverage
All loans originated under our current loan programs are eligible for CRC coverage, once a mortgage on
the underlying property is duly registered. Prior to registration of the mortgage, the intermediary financial institution
retains 100% of the risk of loss. Our CRC coverage generally covers up to one-third of the risk of loss upon default

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of the covered loan. As our portfolio of current loans matures, a greater number of loans will become eligible for
CRC coverage which will require us to increase our provisions for loan losses related to these loans.
Good Payer Award and Good Payer Bonus
Borrowers under our Nuevo Crédito MIVIVIENDA loans are also eligible to have up to S/.12,500 of their
loan balances forgiven through our good payer program (programa del buen pagador) if they have timely paid
(taking into account grace periods) the previous six monthly installments due on their loans. At loan origination, we
book the entire balance of the loan outstanding as an account receivable (Trust Agreement – COFIDE). We group
monthly payments into six month segments and if the borrower timely pays each monthly payment in the segment,
they earn the award for that segment and we forgive a portion of the loan principal and recognize a net loss for the
corresponding amount. On eligible Nuevo Crédito MIVIVIENDA loans, the MVCS will assume up to S/.10,000 of
the cost of the award pursuant to a complementary benefit that we call the good payer bonus program (bono al buen
pagador). In those instances, we assume the remaining S/.2,500 of the good payer award. The full amount we
receive from the MVCS to cover the good payer bonus is recorded as a liability under the “Good Payer Bonus
(principal) received from the MVCS.” When a portion of a loan becomes eligible for the good payer bonus, we
identify the borrower to the MVCS and reclassify the bonus portion as “Good Payer Bonus – Assigned.” The
MVCS may, but is not required, to make contributions to us to defray the costs of the good payer program. Our final
borrowers are only eligible for this program once.
Crédito Complementario Techo Propio
At loan origination, we retain 100% of the risk of loss on loans originated under our Crédito
Complementario Techo Propio loan. This product is designed for borrowers who also qualify to receive the Techo
Propio subsidy that we administer on behalf of the MVCS. The intermediary financial institutions that place our
loans assume 10% of the risk after the second year, with such percentage increasing by an additional 10% every two
years until the fifteenth year, at which point our exposure remains fixed at 33% of the loan balance through
maturity. If we increase loan placements under this loan program, our provisioning expense will increase.
Limited sources of funding
Historically, we had limited liquidity requirements and have been able to rely on the capitalization of our
annual net income as our principal source of funding. Our ability to raise additional funds in the future will be
critical to our goal of continuing to increase our loan portfolio and to expand access of our loan products to a larger
proportion of the population. In February 2012, we incurred a dollar-denominated loan of US$100 million from
Banco de la Nación with a term of three years. This was our first ever incurrence of debt. We have also funded our
operations through credit operations such as the one we completed with Banco de Crédito del Perú in 2012, through
sales of our liquid securities and assets, and through the disposition of assets from the CRC-PBP trusts. See”—
Liquidity and Capital Resources—Sources of Funds.”
While we currently have a net asset position of loans in our portfolio that are US-dollar denominated of
US$92.1 million, this position will not be sufficient to hedge our expected capital requirements in US dollars,
especially as the outstanding principal amount of this portfolio will decline over time as the loans amortize and we
do not expect to generate future loans in any currency other than nuevos soles. Our ability to raise additional funds
may be limited as our pool of interest bearing liabilities grows over time, making it more difficult to continue
funding our loan portfolio as we have historically, in an environment where we essentially did not have any debt
outstanding. We may also explore the securitization of our loan exposures to the intermediary financial institutions
that place our loans as a future source of funding. This funding structure would also allow us to reduce the
concentration of our exposure to these financial institutions. In 2012, the Peruvian government, through the MEF,
authorized us among several institutions owned or controlled by the state, to issue certificates of deposit and money
market accounts to regional, municipal and local governments and companies owned or controlled by the Peruvian
state. Once we are formally approved by the SBS, which we expect will occur in the first half of 2013, we will be
able to take these deposits, which are expected to be short-term, providing us an additional source of funding.

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Results of Operations
Year Ended December 31, 2012 Compared to the Year Ended December 31, 2011
The table below provides a summary of our results of operations for the years ended December 31, 2012
and 2011.


Year ended December 31,
Change 2012 2011
(S/. in thousands)
(S/. in
thousands) %

Financial income ....................................................... 218,743 206,118 12,625 6%
Financial expenses .....................................................
(52,577) (60,505)
(7,928) (13%)
Gross financial margin ............................................ 166,166 145,613 20,553 14%
Allowance for doubtful accounts (Trust Agreement
– COFIDE) .............................................................
(22,874) (12,343)
(10,531) (85%)
Net financial margin ................................................ 143,292 133,270 10,022 8%
Financial services revenues ....................................... 1,754 2,695 (941) (35%)
Financial services expenses .......................................
(69) (144)
(75) (52%)
Operating margin .................................................... 144,977 135,820 9,157 7%
Administrative expenses ............................................
(32,710) (30,122)
(2,588) (9%)
Net operating margin .............................................. 112,267 105,698 6,569 6%
Depreciation of property, furniture and equipment ... (527) (590) (63) (11%)
Amortization of intangibles assets ............................. (150) (234) (84) (36%)
Allowance for other doubtful accounts ...................... (317) (1,394) (1,077) (77%)
Other provisions ........................................................
(901) (299)
(602) (201%)
Operating income .................................................... 110,372 103,181 7,191 7%
Other income, net ......................................................
17,985 10,161
7,824 77%
Income before income tax ....................................... 128,357 113,342 15,015 13%
Income tax .................................................................
(36,697) (30,318)
(6,379) (21%)
Net income ................................................................
91,660 83,023
8,637 10%

Financial income
The following table sets forth the components of our financial income for 2012 and 2011.

Year ended December 31,
Change 2012 2011
(S/. in thousands)
(S/. in
thousands) %

Financial income
Income from accounts receivable ............................... 160,341 118,175 42,166 35.68
Gain on derivatives ..................................................... 18,852 25,276 (6,424) (25.42)
Interest due from banks ............................................... 13,918 16,210 (2,292) (14.14)
Interest from available-for-sale and held-to-maturity
investments .............................................................. 7,107 15,817 (8,710) (55.07)
Other commissions ..................................................... 5,814 6,164 (350) (5.68)
Indexation readjustment .............................................. 1,515 2,983 (1,468) (49.21)
Other financial income ................................................ 938 865 73 8.44

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Year ended December 31,
Change 2012 2011
(S/. in thousands)
(S/. in
thousands) %

Attribution of income from trusts ...............................
10,258 20,628
(10,370) (50.27)
Total ..........................................................................
218,743 206,118
(12,625) (152.67)

Financial income increased by S/.12.6 million in 2012 to S/.218.7 million from S/.206.1 million in 2011,
primarily as a result of (i) the increase in income from accounts receivable of S/.42.2 million, (ii) a gain on
derivatives of S/.6.4 million and, (iii) to a lesser extent, a gain in interest due from banks of S/.2.3 million. These
were partially offset by a decrease of S/8.7 million in interest from available-for-sale and held-to-maturity
investments.
The increase in income from accounts receivable in 2012 to S/.160 million from S/.118 million in 2011,
was due to greater overall loan placements of our Nuevo Crédito MIVIVIENDA product, the balance of which
increased to S/.2,398 million as of December 31, 2012 from S/.1,555 million as of December 31, 2011. This
increase was primarily due to a reduction in the interest rate we charge the intermediary financial institutions that
place our loans, the benefit of which was passed on to the final borrower resulting in higher demand, an increase in
the principal loan balance of the good payer bonus, as well as increased efforts to market our Nuevo Crédito
MIVIVIENDA product to the intermediary financial institutions that place our loans. We also experienced gains
from our derivative operations in 2012 to S/. 25 million from S/. 18 million in 2011. With respect to our derivatives
portfolio, we held a short position in US dollar-denominated non-deliverable forward contracts, and due to an
increase in our coverage to 88.3% of our US dollar-denominated assets from 59.9% in January 2010, as well as the
strong depreciation of the US dollar against the nuevo sol during the year.
Interest from available-for-sale and held-to-maturity investments decreased by S/.8.7 million during 2012
to S/.7.1 million from S/.15.8 million in 2011, as we sold these investments to free up funds to increase our loan
placements, as discussed above. In tandem the income from accounts receivable grew by S/.42 million during 2012
to S/.160.3 million from S/.118.2 million in 2011. As a result of these dispositions of our securities and investments
during 2012, the balances of our investment portfolio decreased to S/.0 million as of December 31, 2012 compared
to S/.205 million as of December 31, 2011.
Financial expenses
The following table sets for the components of our financial expenses for 2012 and 2011.

Year ended December 31,
Change 2012 2011
(S/. in thousands)
(S/. in
thousands) %

Good payer award – own resources ........................... 32,726 29,127 3,599 12.32
Net loss of exchange rate difference .......................... 13,881 22,875 (8,994) (39.32)
Interest from debts and obligations ............................ 4,973 - 4,973 0.00
Net result of investments’ valuation .......................... 52 8,162 (8,110) (99.36)
Other financial expenses ............................................
945 341
604 177.13
Total ..........................................................................
52,577 60,505
(7,928) (13.10)

Financial expenses decreased by S/.7.9 million to S/.52.6 million in 2012 from S/.60.5 million in 2011
primarily as a result of (i) an increase in our loan placements and an increase in expenses related to the good payer
award of S/.3.6 million due to an increase from S/.29.1 million to S/.32.7 million in the aggregate amount of the

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award offered, (ii) an decrease in our net loss of exchange rate difference of S/.22.9 million that resulted from
greater depreciation of the US dollar to S/.13.9 per US dollar at December 31, 2012 from S/.2.697 per US dollar at
December 31, 2011, and (iii) a decrease in the valuation of investments of S/.8.1 million, principally to one loss
attributable to the marking-to-market of certain sovereign bonds held as available-for-sale investments, partially
offset by the reduction in the average balances of our investment portfolio during 2012. Our other financial
expenses increased by S/.0.6 million in 2012 principally due to expenses associated with the unwinding of the
National Housing Fund (Fondo Nacional de Vivienda, or “FONAVI”).
Gross financial margin
Gross financial margin increased by S/.20.6 million to S/.166.2 million in 2012 from S/.145.6 million in
2011 primarily due to the increase in income from accounts receivable on our portfolio of loans and the gain on
derivatives discussed above, which was partially offset by the S/.13.5 million increase in financial expenses
recorded in 2011.
Allowance for doubtful accounts (Trust Agreement – COFIDE)
The following table presents our allowance for doubtful accounts (Trust Agreement – COFIDE) at
December 31, 2012.
Total
(S/. in thousands)

Balance at December 31, 2011......................................... 34,222
Provisions for the year ....................................................... 22,874
Reversals of provisions ...................................................... (7,587)
Exchange difference ........................................................... (919)
Balance at December 31, 2012 ......................................... 48,590

The balance of our allowance for doubtful accounts (Trust Agreement – COFIDE) that was written off
increased S/.14,4 million to S/48,6 million as of December 31, 2012 from S/.34.2 million as of December 31, 2011,
primarily as a result of decreases in reversals of provisions in 2012 compared to 2011, as well as increases in the
allowance recognized as expenses for the year, which reflects the higher principal balance of loans placed in 2012
compared to 2011. The reversals of provisions of S/.7.6 million during 2012 resulted primarily from the normal
amortization of principal balances due on our existing loan portfolio.
Administrative expenses
The following table sets forth the components of our administrative expenses for 2012 and 2011.

Year ended December 31,
Change 2012 2011
(S/. in thousands)
(S/. in
thousands) %

Personnel and board of directors expenses .......... 18,073 15,269 2804 18.36
Services received from third parties (1) ............... 14,291 14,319 (28) (0.20)
Taxes and contributions .......................................
345 534
(188) (35.30)
Total ....................................................................
32,710 30,122
(2537) (17.14)

(1) Includes consulting services, advertising, rental of goods and property, maintenance and repair, protection services,
communications, insurance, courier services, office supplies, telemarketing and other expenses.
Administrative expenses increased by S/.2.6 million to S/. 32.7 million in 2012 from S/.30.1 million in
2011, primarily as a result of increased expenses from services received from third parties corresponding to

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advertising, telemarketing, among others. In addition, in 2012 we had a S/. 2.8 million increase in personnel and
board of directors expenses that was primarily due to a S/. 2.1 million increase in employees’ profit sharing and to a
S/. 0.4 million increase in employee salaries. These increases were partially due to an increase in our workforce as
we transferred certain of our third party workers onto our payroll.
Our efficiency ratio (operating expenses (administrative expenses plus depreciation and amortization)
divided by operating margin) was 20.1% for the year ended December 31, 2012 compared to 20.9% for the year
ended December 31, 2011, primarily due to relatively constant expenses and a significant increase in financial
income during 2012 as described above.
Depreciation of property, furniture and equipment
Depreciation of property, furniture and equipment decreased by S/. 0.1 million to S/. 0.5 million in 2012
compared to S/. 0.6 million in 2011 primarily as a result of the end of the useful life of certain fixed assets.
Operating income
Operating income increased by S/. 7.2 million to S/. 110.4 million in 2012 from S/.103.2 million in 2011,
primarily due to a S/. 12.7 million increase in financial income from S/. 206.1 million in 2011 to S/. 218.7 million in
2012 and to a S/. 7.9 million decrease in financial expenses from S/. 60.5 million in 2011 to S/. 52.6 million in
2012, that resulted in a S/. 10.0 million increase in financial margin during 2012.
Other income, net
The following table sets forth the components of our other income, net for 2012 and 2011.

Year ended December 31,
Change 2012 2011
(S/. in thousands)
(S/. in
thousands) %
Other income
Recoveries of allowances for bank in liquidation(1) .......... 10,337 - 10,337 100.00
Reversal of provisions for accounts receivable (COFIDE) 7,586 6,685 901 13.48
Deferred income tax .......................................................... - 1,480 (1,480) 100.00
Other minor income ...........................................................
442 2,318
(1,876) (80.93)
Total other income ...........................................................
18,365 10,483
7,882 75

Other expenses
Other minor expenses ........................................................
(380) (322)
(58) (18)
Total other expenses ........................................................
(380) (322)
(58) (18)
Total other income, net ....................................................
17,985 10,161
7,824 77.00

(1) Comprised mainly of recoveries of doubtful accounts (principally certificates of deposit and related accounts) from Banco Nuevo
Mundo, both of which were in liquidation, amounting to S/.9,805,382.
Other income, net increased S/.7.8 million to S/.18.0 million in 2012 from S/.10.2 million in 2011. This
increase was primarily due to increased recoveries on doubtful accounts and reversal of provisions for accounts
receivable, comprised principally of recoveries of amounts due from entities that underwent intervention by SBS,
including Banco República and Banco Nuevo Mundo, in respect of certificates of deposit and related accounts owed
to us.
Income before income tax
Income before income tax increased by S/.15.0 million to S/.128.4 million in 2012 from S/.113.3 million in
2011, principally as a result of the increase in financial income described above.

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Net income
As a result of the foregoing, net income increased by S/.8.6 million to S/.91.7 million in 2012 from S/.83.0
million in 2011. Our effective rate of income tax increased from 26.8% in 2011 to 28.6% in 2012.
Year Ended December 31, 2011 Compared to the Year Ended December 31, 2010
The table below provides a summary of our results of operations for the years ended December 31, 2011
and 2010.

Year ended December 31,
Change 2011 2010
(S/. in thousands)
(S/. in
thousands) %

Financial income ....................................................... 206,118 171,945 34,173 19.87
Financial expenses .....................................................
(60,505) (47,008)
(13,497) (28.71)
Gross financial margin ............................................ 145,613 124,936 20,676 16.55
Allowance for doubtful accounts (Trust Agreement
– COFIDE) .............................................................
(12,343) (13,300)
957 (7.20)
Net financial margin ................................................ 133,270 111,637 21,633 19.38
Financial services revenues ....................................... 2,695 2,248 447 19.88
Financial services expenses .......................................
(144) (245)
(101) (41.22)
Operating margin .................................................... 135,820 113,640 22,180 19.52
Administrative expenses ............................................
(30,122) (33,252)
(3,130) (9.41)
Net operating margin .............................................. 105,698 80,388 25,310 31.48
Depreciation of property, furniture and equipment ... (590) (480) 110 22.91
Amortization of intangibles assets ............................. (234) (183) 51 27.87
Allowance for other doubtful accounts ...................... (1,394) (343) 1,051 306.12
Other provisions ........................................................
(299) (409)
(110) (26.89)
Operating income .................................................... 103,181 78,973 24,208 30.65
Other income, net ......................................................
10,161 8,406
1,755 20.88
Income before income tax ....................................... 113,342 87,379 25,963 29.71
Income tax .................................................................
(30,318) (18,713)
11,606 62.02
Net income ................................................................
83,023 68,666
14,357 20.91

Financial income
The following table sets forth the components of our financial income for 2011 and 2010.

Year ended December 31,
Change 2011 2010
(S/. in thousands)
(S/. in
thousands) %

Financial income
Income from accounts receivable ............................... 118,175 77,154 41,021 53.17
Gain on derivatives ..................................................... 25,276 10,635 14,641 137.66
Interest due from banks ............................................... 16,210 11,353 4,857 42.78
Interest from available-for-sale and held-to-maturity
investments .............................................................. 15,817 43,981 (28,164) (64.04)
Other commissions ..................................................... 6,164 6,441 (277) (4.30)
Indexation readjustment .............................................. 2,983 1,666 1,318 79.10
Other financial income ................................................ 865 791 73 9.27

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Year ended December 31,
Change 2011 2010
(S/. in thousands)
(S/. in
thousands) %

Attribution of income from trusts ...............................
20,628 19,924
705 3.54
Total ..........................................................................
206,118 171,945
34,173 19.87


Financial income increased by S/.34.2 million in 2011 to S/.206.1 million from S/.171.9 million in 2010,
primarily as a result of (i) the increase in income from accounts receivable of S/.41.0 million, (ii) a gain on
derivatives of S/.14.6 million and, (iii) to a lesser extent, a gain in interest due from banks of S/.4.9 million. These
were partially offset by a decrease of S/.28.2 million in interest from available-for-sale and held-to-maturity
investments.
The increase in income from accounts receivable in 2011 to S/.118.2 million from S/.77.2 million in 2010,
was due to greater overall loan placements of our Nuevo Crédito MIVIVIENDA product, the balance of which
increased to S/.2,398 million as of December 31, 2011 from S/.1,555 million as of December 31, 2010. This
increase was primarily due to a reduction in the interest rate we charge the intermediary financial institutions that
place our loans, the benefit of which was passed on to the final borrower resulting in higher demand, an increase in
the principal loan balance of the good payer bonus, as well as increased efforts to market our Nuevo Crédito
MIVIVIENDA product to the intermediary financial institutions that place our loans. We also experienced gains
from our derivative operations in 2011 to S/.25.3 million from S/.10.6 million in 2010. With respect to our
derivatives portfolio, we held a short position in US dollar-denominated non-deliverable forward contracts, and due
to an increase in our coverage to 104.8% of our US dollar-denominated assets from 53.8% in January 2010, as well
as the strong depreciation of the US dollar against the nuevo sol during the year.
Interest from available-for-sale and held-to-maturity investments decreased by S/.28.2 million during 2011
to S/.15.8 million from S/.44.0 million in 2010, as we sold these investments to free up funds to increase our loan
placements, as discussed above. In tandem with that decrease, our interest and due from banks grew by S/.4.9
million principally as a result of increased deposits in more liquid bank accounts as the funds from liquidated
securities were held in deposit accounts awaiting disbursement. As a result of these dispositions of our securities
and investments during 2011, the balances of our investment portfolio decreased to S/.205.1 million as of December
31, 2011 compared to S/.448.9 million as of December 31, 2010.
Financial expenses
The following table sets for the components of our financial expenses for 2011 and 2010.

Year ended December 31,
Change 2011 2010
(S/. in thousands)
(S/. in
thousands) %

Good payer award – own resources ........................... 29,127 26,144 2,983 11.41
Net loss of exchange rate difference .......................... 22,875 18,858 4,017 21.30
Net result of investments’ valuation .......................... 8,162 1,983 6,180 311.69
Other financial expenses ............................................
341 23
318 1,371.39
Total ..........................................................................
60,505 47,008
13,497 28.71

Financial expenses increased by S/.13.5 million to S/.60.5 million in 2011 from S/.47.0 million in 2010
primarily as a result of (i) an increase in our loan placements and an increase in expenses related to the good payer
award of S/.3.0 million due to an increase from S/.26.1 million to S/.29.1 million in the aggregate amount of the

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award offered, (ii) an increase in our net loss of exchange rate difference of S/.4.0 million that resulted from greater
depreciation of the US dollar to S/.2.697 per US dollar at December 31, 2011 from S/.2.805 per US dollar at
December 31, 2010, and (iii) a decrease in the valuation of investments of S/.6.2 million, principally due to a S/.4.6
million loss attributable to the marking-to-market of certain sovereign bonds held as available-for-sale investments,
partially offset by the reduction in the average balances of our investment portfolio during 2011. Our other financial
expenses increased by S/.0.3 million in 2011 principally due to expenses associated with the unwinding of the
National Housing Fund (Fondo Nacional de Vivienda, or “FONAVI”), which we have overseen.
Gross financial margin
Gross financial margin increased by S/.20.7 million to S/.145.6 million in 2011 from S/.124.9 million in
2010 primarily due to the increase in income from accounts receivable on our portfolio of loans and the gain on
derivatives discussed above, which was partially offset by the S/.13.5 million increase in financial expenses
recorded in 2011.
Allowance for doubtful accounts (Trust Agreement – COFIDE)
The following table presents our allowance for doubtful accounts (Trust Agreement – COFIDE) at
December 31, 2011.
Total
(S/. in thousands)

Balance at December 31, 2010......................................... 29,249
Provisions for the year ....................................................... 12,343
Reversals of provisions ...................................................... (6,685)
Exchange difference ........................................................... (686)
Balance at December 31, 2011 ......................................... 34,222

The balance of our allowance for doubtful accounts (Trust Agreement – COFIDE) that was written off
increased S/.5.0 million to S/.34.2 million as of December 31, 2011 from S/.29.2 million as of December 31, 2010,
primarily as a result of decreases in reversals of provisions in 2011 compared to 2010, as well as increases in the
allowance recognized as expenses for the year, which reflects the higher principal balance of loans placed in 2011
compared to 2010. The reversals of provisions of S/.6.7 million during 2011 resulted primarily from the normal
amortization of principal balances due on our existing loan portfolio.
Administrative expenses
The following table sets forth the components of our administrative expenses for 2011 and 2010.

Year ended December 31,
Change 2011 2010
(S/. in thousands)
(S/. in
thousands) %

Personnel and board of directors expenses .......... 15,269 11,630 3,639 31.29
Services received from third parties (1) ............... 14,319 20,199 (5,880) (29.11)
Taxes and contributions .......................................
534 1,423
(889) (62.47)
Total ....................................................................
30,122 33,252
(3,129) (9.41)

(1) Includes consulting services, advertising, rental of goods and property, maintenance and repair, protection services,
communications, insurance, courier services, office supplies, telemarketing and other expenses.
Administrative expenses decreased by S/.3.1 million to S/.30.1 million in 2011 from S/.33.3 million in
2010, primarily as a result of reduced expenses from services received from third parties corresponding to decreases

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in overall headcount of third party workers. This decrease was partially offset by a S/.3.6 million increase in
personnel and board of directors expenses that was primarily due to a S/.2.1 million increase in employees’ profit
sharing and to a S/.1.5 million increase in employee salaries. These increases were partially due to an increase in our
workforce as we transferred certain of our third party workers onto our payroll.
Our efficiency ratio (operating expenses (administrative expenses plus depreciation and amortization)
divided by operating margin) was 20.9% for the year ended December 31, 2011 compared to 26.7% for the year
ended December 31, 2010, primarily due to relatively constant expenses and a significant increase in financial
income during 2011 as described above.
Depreciation of property, furniture and equipment
Depreciation of property, furniture and equipment increased by S/.0.1 million to S/.0.6 million in 2011
compared to S/.0.5 million in 2010 primarily as a result of depreciation expense recorded in 2011 related to a fleet
of vehicles we purchased in 2010.
Operating income
Operating income increased by S/.24.2 million to S/.103.2 million in 2011 from S/.79.0 million in 2010,
primarily due to the increase in net operating margin discussed above, as well as a decrease of S/.3.1 million in our
administrative expenses.
Other income, net
The following table sets forth the components of our other income, net for 2011 and 2010.

Year ended December 31,
Change 2011 2010
(S/. in thousands)
(S/. in
thousands) %
Other income
Reversal of provisions for accounts receivable .................. 6,685 9,216 (2,531) (27.46)
Reversal of other doubtful accounts ................................... 1,480 — 1,480 —
Other minor income ...........................................................
2,318 2,490
(172) (6.91)
Total other income ...........................................................
10,483 11,706
(1,223) (10.45)

Other expenses
Good payer award yield (1) ............................................... — (3,297) 3,297 —
Other minor expenses ........................................................
(322) (3)
319 10,633.33
Total other expenses ........................................................
(322) (3,300)
2,978 (90.24)
Total other income, net ....................................................
10,161 8,406
1,755 20.88

(1) Corresponds to gains on the trust that funds the good payer award program for our legacy portfolio of loans.
Other income, net increased S/.1.8 million to S/.10.2 million in 2011 from S/.8.4 million in 2010, primarily
due to a reversal of other accounts receivable corresponding to banks in liquidation, partially off-set by an increase
of S/.3.3 million in other expenses related to an adjustment in the good payer award recorded in “Other Accounts
Receivable” as of December 31, 2009 that were written-off in 2010 and to the S/.2.5 million in reversals of
provisions for accounts receivable (Trust Agreement – COFIDE).
Income before income tax
Income before income tax increased by S/.26.0 million to S/.113.3 million in 2011 from S/.87.4 million in
2010, principally as a result of the increase in financial income described above.

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Net income
As a result of the foregoing, net income increased by S/.14.4 million to S/.83.0 million in 2011 from
S/.68.7 million in 2010. Our effective rate of income tax increased from 21.4% in 2010 to 26.8% in 2011.
Liquidity and Capital Resources
Overview
We monitor market and liquidity risks based on the volatility of interest rates, currencies and securities
indices, as well as the prices of our loan and investment portfolios. As we expect to diversity our sources of funds in
the future, our funding policies will have to be modified to adapt to our evolving requirements. We believe that we
benefit from the fact that the Republic of Peru owns our capital stock, which both enhances our credit profile and
provides us access to potential sources of funding, if needed.
Sources of funds
We received substantially all of our funding from a S/.2.7 billion equity contribution in 2005 from the
Republic of Peru. Since then, we have met additional funding needs by reinvesting our net income annually into our
business, as required by our bylaws and by applicable Peruvian law. However, we have sought to diversify our
sources of funding. In February 2012 we entered into our first bank borrowing, a US$100.0 million unsecured loan
from Banco de la Nación, a Peruvian state-owned bank, which was used, in part, to place loans with intermediary
financial institutions. This loan matures in February 2015 and accrues interest at an annual rate of 2.31%. As of
December 31, 2012, our outstanding loan obligations denominated in US dollars were not hedged with swap
agreements, as we are able to mitigate the associated risk with assets denominated in US dollars that we inherited
from our predecessor entity.
We have total outstanding indebtedness, including accrued interest, of S/.215.6 million (US$ 84.6 million)
as of December 31, 2012 (not including debt due under the Notes), all of which is the unsecured Banco de la Nación
loan and all of which would have priority of payment over all other debt, including the notes, in the event of our
insolvency. As of December 31, 2012, we were in compliance with all financial ratios and other covenants
contained in the credit agreement.
We also believe that historically we have maintained adequate liquidity levels to finance our assets. For
example, we have historically had substantial holdings of investments that we have sold in recent years, including in
2012, to provide liquidity to fund the expansion of our lending activities. We had investments of S/. 0 million as of
December 31, 2012, compared to S/.205.1 million as of December 31, 2011 and S/.448.9 million as of December
31, 2010. As part of our diversification strategy, we are seeking additional sources of funding in order to continue
expanding our lending activities. See “—Principal Trends Affecting Our Business—Limited sources of funding.”

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Bank borrowings
Our balance of total borrowings, including accrued interest, totaled S/. 215.6 million (US$84.6 million) as
of December 31, 2012 (not including debt due under the Notes). This balance relates to the Banco de la Nación loan
we incurred in February 2012 in line with our strategy of diversification of our sources of funding. This loan
matures in February 2015 and accrues interest at an annual rate of 2.31%. We have drawn down the entire amount
of the loan, and began making biannual interest and principal payments on August 31, 2012.
The table below sets forth our current and noncurrent borrowings as of the dates indicated

As of December 31,

2012 2011 2010

(S/. in thousands)

Current portion ............................................................. 85,913 — —
Long-term .....................................................................
129,684
— —
Total Borrowings ...............................................
215,597
— —

Credit operation with Banco de Crédito del Perú
In 2012, we conducted a credit transaction with Banco de Crédito del Perú whereby we sold the next 36
principal and interest payments due on a S/.205.1 million loan portfolio and received S/.188.0 million as payment,
which is the approximate net present value of those payments. The remaining payments due on these loans were not
sold in the transaction and were retained by us. The loans in this portfolio continue to be booked as part of our loan
portfolio, remain eligible for CRC coverage and for payment of the good payer award. In accordance with SBS
rules, we recorded this transaction as a sale of installment payments, derecognizing the outstanding capital for the
amount received and deferring the gain obtained. The principal motivation for this transaction was to reduce risk
concentration with Banco de Crédito del Perú in terms of the principal amount of loans outstanding under our credit
lines to specific intermediary financial institutions that are limited by SBS and Peruvian Banking Law regulations to
30% of our total loan portfolio. For more information, see note 8 to our unaudited financial statements.
Disbursements from the CRC-PBP trusts
In 2012, we requested a partial release of assets available for distribution from the CRC-PBP trusts that
cover our obligations under our legacy portfolio. We supported our request with a study performed by an
independent group of experts at Universidad ESAN, a local business school, as required by applicable regulation.
Once approved by the SBS, distributions of S/.290.0 million (in respect of the nuevos soles trust) and S/.50.7
million (in respect of the US dollar trust) were made to us from trust assets. See “Selected Statistical Information—
Accounts Receivable from CRC-PBP Trusts.” The amounts of these disbursements will be used to fund our
operations. In the future, as our obligations under the CRC-PBP trusts are reduced, we may seek further
disbursements of trust assets as a source of funding.
Hedging policy
Currently, we enter into hedging arrangements exclusively to cover any mismatches in our portfolio of
assets and liabilities denominated in foreign currency. Consequently, our current hedging policy imposes a limit of
100% coverage. Our internal policy is to maintain minimum coverage of 80% of our exposure to foreign currency.
As we expand our sources of funds to local and international capital and credit markets and further incur
indebtedness in currencies other than the nuevo sol, we will be required to enter into hedging arrangements to
protect against the risk of fluctuations in the rate of exchange between nuevos soles and the US dollar, among other
currencies. We fund all our loans exclusively in nuevos soles. As we expand our funding in the international capital
markets in foreign currency, we will increase mismatches between our assets and liabilities. Pursuant to SBS
regulations, our maximum exposure to foreign exchange risk is 10% of our shareholder’s equity (without giving
effect to qualified hedging arrangements). In addition, SBS regulation provides, among other things, that (i) our net
position in financial derivatives in foreign currency may not exceed the greater of 20% of our shareholder’s equity

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and S/.300.0 million; and (ii) our net foreign currency position may not exceed 50% of our shareholder’s equity. As
a result, we will have to enter into hedging arrangements to cover our expected future exposure to foreign currencies
to manage our risk and comply with applicable regulations, in particular, we will be required to enter into hedging
arrangements in connection with the placement of the notes offered hereby. In any case, we will intend only to
hedge our foreign exchange risk and do not engage in speculative hedging.
Capital Adequacy (Regulatory Capital)
Banking regulations on capital adequacy in Peru incorporate the recommendations of the Basel
Committee. The SBS has issued guidelines for gradually adopting Basel II. Peruvian Banking Law
provides that regulatory capital must be equal to or greater than 40% of the total risk-weighted assets
since July 2012. Risk-weighted assets are the sum of (i) 10 times the regulatory capital allocated to cover
market risk; (ii) 10 times the regulatory capital allocated to cover operational risk; and (iii) the total
amount of credit risk-weighted assets and indirect loans. Such computation must include all balance
sheet exposures or assets in local or foreign currency. As of December 31, 2012, our ratio of regulatory
capital to total risk-weighted assets was 88.35%
The following table sets forth our regulatory capital as of the dates indicated.

As of December 31,

2012

2011 2010
(S/. in thousands)
Tier 1 Regulatory Capital
Paid-in capital ................................... 2,968,160 2,889,344 2,831,257
Legal and special reserves ................ 34,117 25,815 19,361
Accumulated losses (investments) .... - (24) (6,818)
Other .................................................
34

34 34
Total Tier 1 Regulatory Capital .... 3,002,311 2,915,170 2,843,835
Total Tier 2 Regulatory Capital ....


— —
Total Regulatory Capital ...............
3,002,311

2,915,170 2,843,835
Risk-weighted assets and credits ...
3,239,913

2,385,225 2,057,361
Tier 1 capital as a percentage of
risk-weighted assets ....................
88.35%

117.52% 138.23%


Lending
Lending policies
We have established policies and regulations to manage our credit risk. These policies help with the proper
identification, evaluation, monitoring, mitigation and reporting of all credit risks. In addition, there is a framework to
analyze, compare, approve, control and recover credit lines. These policies function independently of the type of
product or instrument. The general principles of these internal policies include the following:
 We assign risk categories to evaluate the level of risk of each transaction based on the assumed risk(s).
 We seek a balance between profitability and risk in all the loans allocated or marketed by the
intermediary financial institutions that place our loans.
Any process relating to the monitoring, recovery, liquidation or penalties for past due loans, of any type, is
executed in a consistent and standardized manner.

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Credit portfolio
The following table sets out the breakdown of our lending operations by type of financial product offered
as of December 31, 2012, 2011 and 2010.

As of December 31,

2012 2011 2010
(S/. in thousands)
Loan products
Nuevo Crédito MIVIVIENDA ............................ 2,398,983 1,555,029 705,573
MIVIVIENDA Tradicional ................................. 475,378 572,207 669,971
MIHOGAR ......................................................... 152,523 187,377 201,132
Crédito Complementario Techo Propio ............ 130,550 116,934 82,134
MIVIVIENDA Estandarizado ............................ 17,820 19,692 21,564
Crédito MICONSTRUCCION ...........................
5,752 — —
Total ..................................................................
3,181,006 2,451,239 1,680,374
Our clients are intermediary financial institutions, which have no past-due loans with us and we currently
have no pending claims against them. The final borrowers are clients of the intermediary financial institutions.
Consequently, any past-due loan of the final borrower are accounted for and provisioned by the intermediary
financial institution, and not directly by us; provided however that (i) we provision up to one-third of the risk of loss
on all loans with CRC coverage and (ii) we also provision as appropriate for all risk associated with our Crédito
Complementario Techo Propio loan, which reduces by 10% every two years and ultimately to 33% as of the eighth
anniversary of the loan through maturity.
Loans to intermediary financial institutions through the COFIDE trust destined for our final borrowers are
our primary use of funds and totaled 100% of our loan portfolio as of December 31, 2012. Past-due loans and loans
under legal collection proceedings with respect to our final borrowers totaled S/. 38.2 million as of December 31,
2012, an increase of 33.1% from the S/.27.7 million recorded as of December 31, 2011. Past-due loans totaled
S/.27.7 million as of December 31, 2011, an increase of 11.4% compared to S/.24.8 million as of December 31,
2010.
Lending limits
Our overall lending limit is set pursuant to Article 204 of the Peruvian Banking Law, which stipulates that
the total amount of direct and indirect credits and financings granted in favor of another person or institution may
not exceed 10% of the institution’s regulatory capital. However, such limit is increased to 30% for loans between
financial institutions, such as the lending between us and the intermediary financial institutions that place our loans.
Nevertheless, we approach this as an absolute maximum limit and further reduce our exposure to a single financial
institution based on our own internal analysis of the credit risk of such financial institution.
Once the groups are determined, there are different approval limits. The table below specifies the
percentage maximum legal amount that may be lent to any given financial institution based on the risk
classification.

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Risk Equivalence
Percent of maximum legal
amount we will lend
A+ Normal 100%
A Normal 100%
A- Normal 85%
B+ Normal 50%
B Normal 30%
B- Potential Problem 20%
C+ Potential Problem 0%
C Potential Problem 0%
C- Potential Problem 0%

Provisioning for non-performing loans, defined as loans more than 90 days past due, within the total loan
portfolio is based on the criteria and percentages established in SBS Resolution No. 11356-2008 (Reglamento para
la evaluación y clasificación del deudor y la exigencia de provisiones), which has been effective since July 1, 2010.
The SBS has established criteria to classify direct and contingent loan portfolios by type and category.
Loans are categorized by type based on the following categories: large companies, medium sized companies, small
companies and micro-enterprises, consumption and home mortgages. Borrowers are classified in the following
categories: normal, with potential problems, deficient, doubtful and loss.
Provisions for non-performing loans include a specific portion and a general portion. The specific portion
of the provisions for loans to corporate, large companies, medium sized companies, small companies and micro-
enterprises is calculated based on the percentages established by the SBS, which vary as a function of the
classification of the borrower and the type of guarantee that was received as part of the loan. In the case of
consumption loans and home mortgages, the specific portion of the provision is calculated based on the percentages
established by the SBS, depending on the borrower’s category and the number of past-due days.
The general portion of the provision includes a preventive measure for intermediary financial institutions
that are classified in the “normal” category according to the SBS classifications. In addition, our portfolio includes
voluntary general provisions. According to our internal policies, which are permitted by the SBS, we create general
voluntary provisions for our loan portfolio based on macroeconomic analysis and its potential impact on the
intermediary financial institutions that place our loans, in addition to some general voluntary (preventive) provisions
whenever we perceive that that the intermediary financial institution possesses additional risk. See “—Critical
Accounting Policies” and note 3 of the notes to our audited annual financial statements.
Risk Management
We have specific risk management policies and procedures designed to identify and manage (i) market risk,
(ii) operational risk, (iii) credit risk, (iv) foreign exchange risk, (v) liquidity risk, (vi) asset/liability risk and (vii)
structural risk.
Market risk
Market risk is the risk of loss due to variations in interest rates and prices in the financial markets,
including foreign exchange volatility or a change in the prices of investments. Market risk includes liquidity risk
which is caused by mismatches between assets and liabilities. Our risk committee, composed of two members of our
board of directors and one member of our senior management, sets policies that limit and monitor our market risk. In

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addition, our investment committee meets regularly (typically every two weeks) to monitor the evolution and risks
of our portfolio investments.
The main positions we currently hold in our trading portfolio are held in nuevos soles. Our principal assets
in foreign currency relate to our portfolio of legacy assets that are denominated in US dollars and the balance of
which has been significantly reduced since 2007, to an outstanding balance of US$163.6 million at December 31,
2012. The value at risk is the basic determinant for developing internal models. We calculate the risk by taking the
variations in risk factors as estimated by one or more independent market makers. Given our strategy to create a
market for various financial instruments and our ability to incur such risks, we have set alerts and limits that
consider such factors as the volatility of the sovereign bonds, exchange rate volatility and the relative value-at-risk
position, among others. We have approved the following control tools: (i) market risk policies, (ii) exchange rate
risk policies for trading positions, and (iii) interest rate risk policies for trading positions. Such policies incorporate
standardized methodologies of risk value and clearly defined product procedures, as well as stress testing.
Operational risk
In general terms, operational risk is represented by the potential loss resulting from human error,
deficiencies in information systems or internal control systems, including processing errors as well as those caused
by external factors. Operational risk also encompasses legal risk, which is defined as the potential loss resulting
from non-compliance with legal, administrative or contractual obligations.
We manage operational risk loss through quantitative and qualitative measures. We have adopted several
measures to manage and control operational risk, and we continue to improve our performance in this area. The
principal operational risk controls include: (i) segregating functions across different internal departments and
external organizations; (ii) allocating specific responsibilities to each area; (iii) organizing procedures aimed at
ensuring all approved operations or transactions are processed; (iv) internal reconciliation of positions, bank
accounts, and securities in custody; (v) daily calculation of results in order to detect unfavorable trends in
operations; (vi) compliance with strict security procedures when administering systems, so that an independent area
provides controlled access through inputting of passwords and user profiles; and (vii) continuity of operations
system designed to ensure the continuous operation of our systems and processes in the event of a disruption.
Furthermore, our risk committee periodically reviews our exposure to operational risk and prepares a monthly report
to our board of directors regarding our mitigation measures.
In addition, we also employ a practice that requires legal and tax advisors to perform regular operation
checks in order to ensure accurate compliance with appropriate regulations. Prior to commencing a new transaction,
we confirm that the operation and necessary legal documentation complies with our internal policies and manuals on
the prevention of money laundering and terrorism financing FMV’s Prevention of Money Laundering and Terrorism
Financing System (“SPLAFT”) include a full time officer, handbooks on policies and proceedings, computer
support tools and yearly trainings and workshops. We have implemented measures to collect operational risk data
and have been developing contingency plans to mitigate the effects of this risk. We also have invested in upgrading
our technology to improve security of our operations.
Credit risk
Credit risk represents the potential loss incurred by non-payment of a debtor, issuer or counterparty in
operations carried out with us as a result of their inability or unwillingness to pay back the credit extended. In order
to manage the risk of such potential loss, we have put in place credit procedures and policies to ensure credit risk is
appropriately managed.
We enforce a strict credit risk management process that includes: (i) using pre-determined parameters to
select intermediary financial institutions to place our loans as well as requiring the intermediary financial institutions
to incorporate our pre-determined parameters into their evaluation of a final borrower’s credit risk; (ii) preparation
and evaluation of qualitative and quantitative analysis; (iii) approval of credit proposals in accordance with approved
procedures and autonomy levels; (iv) monitoring adherence to limits and policies; (v) daily monitoring of changes in
our portfolio that may impact credit risk and use of an early warning system; and (vi) drafting a corresponding credit
risk report.

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In the case of securities (investments) and loans, we measure credit risk against 100% of the original value
of the transaction. However, in the case of money market transactions, counterpart settlement risk is estimated as the
difference between the price agreed and the market price of the instrument involved, representing the loss in the
event of default.
In the case of derivatives, we calculate risk as a fraction of the total operation equivalent to the cost of
closing a position that may be open at the time of default, taking into account the legal time period required for
closing the position, the time required to recuperate the collateral, as well as any price volatility.
Credit risk policies for the intermediary financial institutions that place our loans and the final borrowers as
well as policies governing counterpart and issuer risks contain the main approval tools for controlling risk. These
tools outline the rules for credit approval, oversight, collection and recovery, as well as the management of
guarantees. We employ specific procedures to evaluate and rate the intermediary financial institutions that place our
loans. In addition, an early warning system exists and functions independently from periodic checks.
Asset/Liability management
Asset/liability management risk represents the potential losses that could result from our management of
our loan portfolio and the investments of our portfolio of assets and of the resulting mismatches between our assets
and liability positions. We manage these risks by implementing several procedures to ensure these potential
mismatches are mitigated.
We undertake a complete analysis of the credit, market and operational risk associated with the proposed
financing of our loan products. Financing for these loans is derived from our shareholder’s equity that is invested in
liquid assets and with our recent borrowing from Banco de la Nación. In evaluating the risks inherent in our loan
products, we seek to minimize mismatches with our liabilities by (i) distributing balances by currency and by
concentration of assets and liabilities; (ii) adhering to and managing the 30% concentration of exposure to each
intermediary financial institution; (iii) measuring the impact of limits on structural interest rates on our balances (5%
of shareholder’s equity on regulatory capital and 20% of shareholder’s equity); (iv) regulatory limits on exposures to
foreign currencies; (v) limits on our net position from derivative instruments; and (vi) the impact of liquidity ratios.
Liquidity risk
Management of liquidity risk implies maintaining or developing a structure in the assets and liabilities
portfolios to diversify our sources of financing and staggered maturity dates between assets and liabilities. We
manage liquidity risk by considering an internal liquidity ratio, liquidity gaps and scenarios in the event of liquidity
stress. The scenarios are prepared in accordance with our internal guidelines and SBS requirements. If we were to
anticipate a liquidity risk, we have a contingency plan in which we can consider liquidating certain assets, issuing
debt or incurring loans.
As of December 31, 2012, 2011 and 2010, our assets and liabilities, from the balance sheet date to a
foreseeable contract maturity date, present the following evolution.

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As of December 31, 2012

Up to 1
month
1 to 2
months
2 to 3
months
3 to 6
months
6 to 12
months
More than
12 months Total
(S/. in thousands)
Assets
Cash and due from banks .................. 240,476 100,000 — — — — 340,476
Available-for-sale investment, net .... — — — — — — —
Accounts receivable, net (Trust
Agreement – COFIDE) ................. 17,792 17,311 18,233 51,934 104,433 2,935,226 3,144,929
Accounts receivable, net ................... — 4,543 1,210 — — 70,518 76,271
Other assets, net ................................ — — — — — 3,234 3,234

Liabilities
Due to banks and financial
obligations ....................................
— 43,663 — — 42,250 129,684 215,597
Other liabilities ................................. 9 — — — — 9,373 9,382

Gap (asset – liability) ......................
258,259 78,191 19,443 51,934 62,183 2,869,921 3,339,931

Cumulative gap ...............................
258,259 336,450 355,893 407,827 470,010 3,339,931


As of December 31, 2011

Up to 1
month
1 to 2
months
2 to 3
months
3 to 6
months
6 to 12
months
More than
12 months Total
(S/. in thousands)
Assets
Cash and due from banks .................. 67,229 5,000 45,000 40,000 — — 157,229
Available-for-sale investment, net .... 31 31 10,450 92 — 3,187 13,791
Accounts receivable, net (Trust
Agreement – COFIDE) ................. 15,730 8,214 8,262 25,083 51,526 2,318,861 2,427,676
Accounts receivable, net ................... 1,987 1,714 659 2,824 5,014 397,845 410,053
Other assets, net ................................ 1,862 –– –– 24 703 577 3,166

Liabilities
Due to banks and financial
obligations .................................... — — — — — — —
Other liabilities ................................. 40 — — — — 1,511 1,551

Gap (asset - liability) .......................
86,799 14,959 64,371 65,199 52,229 2,321,114 2,600,311

Cumulative gap ...............................
86,799 101,758 166,129 234,158 279,197 2,600,311








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As of December 31, 2010

Up to 1
month
1 to 2
months
2 to 3
months
3 to 6
months
6 to 12
months
More than
12 months Total
(S/. in thousands)
Assets
Cash and due from banks .................. 86,657 105,000 83,000 230,800 61,200 — 566,657
Available-for-sale investment, net .... 16,181 11,496 1,465 38,039 52,732 328,951 448,864
Accounts receivable, net (Trust
Agreement – COFIDE) ................. 11,865 5,749 5,783 17,556 36,054 1,583,220 1,660,227
Accounts receivable, net ................... 3,472 2,717 1,736 3,466 4,833 377,527 398,751
Other assets, net ................................ 184 — 7,323 33 292 635 8,467

Liabilities
Due to banks and financial
obligations .................................... — — — — — — —
Other liabilities ................................. — 310 — — 414 1,565 2,289

Gap (asset – liability) ......................
114,887 121,935 97,571 286,428 149,864 1,911,241 2,681,926

Cumulative gap ...............................
114,887 236,822 334,393 620,821 770,685 2,681,926


Exchange rate risk
We hedge our US dollar exposure, which totaled US$82.1 million at December 31, 2012, US$189.1
million at December 31, 2011, and US$213.1 at December 31, 2010. The coverage of our dollar position through
our non-delivery forward contracts was 88.3% at December 2012, 101.6% at December 2011 and 99.7% at
December 2010. We also have implemented methodologies and procedures, including value risk analyses, that
enable estimates of structural exposure to interest and exchange rate risks, as well as exposure to credit risks derived
from exchange rate risks for each group of counterparties.
We manage this risk based on an ongoing monitoring and our previous experience by detecting situations
that may have negative financial effects for us.
Structural and interest rate risk
Structural balance sheet risk represents the potential losses resulting from movement in interest rates,
exchange rates or the liquidity gap on the structural position of all assets and liabilities both on and off the balance
sheet, excluding the trading portfolio. Interest rate risk originates from the possibility that changes in interest rates
have an impact on future cash flows or in financial instrument values.
We have approved the following principal policies to control structural risks: (i) risk concentration; (ii)
liquidity; (iii) exchange rate; (iv) asset/liability management; and (v) structural interest rate risk policies. We are
currently developing our asset management policies. Currently, we rely on our investment management policies as a
proxy for a fulsome asset management manual.
Interest rate risk arises from the possibility that changes in interest rates may have an impact on future cash
flows or in the value of financial instruments. The interest rate risk of cash flows refers to the risk that future cash
flows of a financial instrument fluctuate due to changes in market interest rates. Interest margins may increase as a
result of such changes, but also they may decrease when unexpected downward fluctuations occur.
With respect to potential losses due to interest rate risk, we report the impact on net financial margin (profit
at risk within one year) monthly to the SBS per SBS methodologies.

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Remaining Maturity as of December 31, 2012

1 Month 1-3 Months
3 Months-
1 Year Over 1 Year Total
(S/. in thousands)

Interest-earning assets
Cash and due from banks .................... 240,476 100,000 — — 340,476
Available-for-sale-investment, net ...... — — — — —
Accounts receivable, net (Trust
Agreement – COFIDE) ................... 17,792 35,545 156,366 2,935,226 3,144,929
Total interest-earning assets ...........
258,268 135,545 156,366 2,935,226 3,485,405
% of total ...........................................
7% 4% 4% 84% 100%
Interest-bearing liabilities
Due to banks and financial
obligations ...................................... — 43,663 42,250 129,684 215,597
% of total ........................................... 0% 20% 20% 60% 100%



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Off-Balance Sheet Arrangements
The following table sets forth our off-balance sheet arrangements as of the dates indicated.

As of December 31,

2012 2011 2010
(S/. in thousands)
Contingent accounts:
Forwards (1) .......................................................... 184,875 517,632 596,912
Other contingencies (2) .......................................... — — —
Litigation and claims .............................................
— — —
Total contingent accounts.................................... 184,875 517,632 596,912

Off-balance sheet accounts:
Stand-by letters of credit received as
guarantees ........................................................... 583,753 379,699 483,652
CRC-PBP trust funds in local and foreign
currencies(3) ....................................................... 67,303 396,101 372,979
Employer contribution debt (4) .............................. 18,222 64,781 64,781
Uncollectible accounts written-off ......................... 28,146 28,018 28,018
Mortgage guarantees received ............................... 2,199 2,910 10,541
Ex-Coneminsa Portfolio - Judicial collection
and yield and other accounts receivable ............. 8,511 8,468 8,429
Securities in custody .............................................. 4,565 4,565 4,565
Existing contracts with suppliers ........................... 8,515 7,672 3,737
Funds received from Peruvian government
relating to housing subsidy ................................. 10,540 1,700 1,146
Other minor, net .....................................................
414 436 411
Total off-balance sheet accounts .........................
732,167 894,349 978,259

Trusts
Law 27677 Fund (5) .............................................. 830,208 816,204 769,060
CRC and PBP Trust(6) .......................................... 151,212 832,230 755,266
Las Garzas Trust(7) ............................................... 23,795 25,297 28,257
Total trusts ...........................................................
1,005,215 1,673,731 1,552,584

Total ......................................................................
1,922,258 3,085,711 3,127,755

(1) As of December 31, 2011 and 2010, corresponds to the commitment on the forward transactions in US dollars that we contracted to
hedge accounts receivables denominated in US dollars of US$192 million and US$212.5 million, respectively, at December 31,
2011 and 2010. As of December 31, 2012, our commitment on the forward transactions in US dollars was US$ 72.5 million.
(2) As of December 31, 2012, corresponds to the portion of the sale of installment payments from Banco de Crédito del Perú and the
loans are still subject to credit risk coverage. For more information, see “—Liquidity and Capital Resources—Sources of Funds—
Credit operation with Banco de Crédito del Perú.”
(3) For more information, see “Selected Statistical Information—Accounts receivable from CRC-PBP trusts.”
(4) As of December 31, 2011, corresponds to the collection of the contribution from FONAVI to us at the time of our constitution of
public sector entities and their employees (and related liabilities) dating to 1996 and 1997 and from January to August 1998, that
are pending final settlement by us with the MEF. The change corresponds to a S/.46,560 million set-off effectuated in February
2012, corresponding to tax credits held by the MEF related to tax solidarity agreed with SUNAT, that was applied for our benefit.
The remaining balance due to us by the MEF is represented by a loan agreement incurred pursuant to supplemental memorandum
No. 222-2012-FMV/GO, dated August 2, 2012.
(5) Corresponds to the value of the total net assets in the “Patrimonio Fondo Ley” trust established in 2002 that holds the assets
transferred to us in 2002 upon liquidation of FONAVI. We administer the assets transferred to the trust and seek recovery and
intermediation through participating financial institutions.
(6) Corresponds to the total equity value of the CRC-PBP trusts that we administer in US dollars and nuevos soles.
(7) Real estate trust for which we act as trustee. We assumed administration of the trust assets in 2010, after Banco del Comercio
resigned as trustee of the trust.

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Derivative Financial Instruments
We use non-deliverable forward contracts to hedge our currency exchange rate risk. The non-deliverable
forwards are a futures contract in which we settle the difference between the contracted rate and the prevailing spot
rate on a notional amount.

As of December 31, 2012 As of December 31, 2011

Asset Liability Net Asset Liability Net
(S/. in thousands)
Non-deliverable forwards US
dollars to Nuevo soles ............... 184,875 -184,875 — 517,632 (517,632)

As of December 31, 2012 and 2011, the effect of gains related to hedging derivatives amounted to S/.18.9
million and S/.25.3 million, respectively. These gains resulted principally from the effects of the fluctuation in the
rate of exchange between the nuevo sol and the US dollar on our non-deliverable forward foreign exchange
contracts during these periods. As the nuevo sol appreciated against the US dollar, we were able to generate a gain
on these transactions.
Critical Accounting Policies
Critical accounting principles and practices used in the preparation of our financial statements included in
these listing particulars are described below.
Basis for presentation and use of estimates
Our financial statements have been prepared from our accounting records, which are maintained in
nominal nuevos soles as of the dates of the transactions, in accordance with accounting principles prescribed by the
SBS specifically for us and SBS GAAP as of December 31, 2012, 2011 and 2010. In the absence of rules
promulgated by the SBS, our financial statements have been prepared in accordance with IFRS adopted in Peru
through resolutions issued by the CNC.
The preparation of financial statements requires us to make estimates that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the current period. Final results could differ from those
estimates. The most significant estimates with regard to our financial statements correspond to the allowance for
doubtful accounts, valuation of investments, valuation of derivative financial instruments and the calculation of
current and deferred income tax.
Allowance for doubtful accounts
We determine provisions for loan losses on our loans placed through the COFIDE Trust in accordance with
guidelines established in Resolution No. 980-2006. We separate each account receivable into two types of risk:
those with CRC coverage and those without CRC coverage. Then, pursuant to SBS procedures, we periodically
conduct a formal review and analysis, classifying our loan portfolio in one of the following risk categories: (i)
normal, (ii) with potential problem, (iii) substandard, (iv) doubtful or (v) loss. The classification is based primarily
on the risk of non-payment of each loan.

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For loans that do not have CRC coverage, we establish provisions based on the classification assigned to
the intermediary financial institution that places the loan. For loans with CRC coverage, the table below sets forth
our provisioning levels.


Risk category
Provision level (% of
principal of loan
outstanding)
Normal ................................................................ 0.7
With potential problem (CPP) ............................. 5.0
Substandard ......................................................... 25.0
Doubtful .............................................................. 60.0
Loss ..................................................................... 100.0
The calculation of the provisions for loan losses with respect to loans that are classified as “doubtful” or
“loss” for more than 36 months or 24 months, respectively, does not take into account the value of any collateral.
The provisioning with respect to such loans is calculated as if they were unsecured.
Other accounts receivable, net consists of payment-in-kind received from banks in liquidation, and other
accounts receivable that, due to ongoing litigation, do not bear interest. Any recoveries are recorded on a cash basis.
To determine the provisions for risk of loan losses for these accounts, we rank these assets according to SBS
Resolution No. 11356-2008.
For mortgage loans, the risk classification takes into consideration several factors, including (i) the
payment history of the loan, (ii) our relationship history with management of the intermediary financial institution,
(iii) the intermediary financial institution’s operating history, repayment capability and availability of funds, (iv) the
status of any collateral or guarantee received, and (v) the risk classification granted by other intermediary financial
institutions. For small-sized company, micro-business, consumer (revolving and non-revolving) and residential
mortgage loans, the risk classification is based on the length of overdue payments. The following table sets forth the
loan classification for small-sized companies, micro-enterprises, consumer loans, and residential mortgage loans:
Level of Risk Classification Past Due (in days) Reserve (in%)
Normal (Normal) 0-30 0.7
Potential Problem (Problema Potencial) 31-60 2.5
Substandard (Deficiente) 61-120 12.5
Doubtful (Dudoso) 121-365 30.0
Loss (Pérdida) more than 365 60.0

In accordance with applicable regulations, the calculation of the provision for loan loss is determined on
the basis of the intermediary financial institution’s classification and using specific percentages which vary
depending on whether the client’s debts are secured with preferred self-liquidating guarantees (cash deposits and
rights over letters of credit), preferred guarantees that may be readily liquidated (treasury bonds issued by the
Republic of Peru and marketable securities included in the Lima Stock Exchange Selective Index, among others) or
preferred guarantees (primary mortgages on real estate, primary pledges on certain financial instruments and easily
liquidated products and merchandise subject to warrants, among others), considered at their net realizable value as
determined by an independent appraisal. The calculation of the provision for loan is determined primarily on the
basis of its classification, the type of related collateral, its liquidity, and the ease of execution and its net realizable
value, as determined by an independent appraisal. The guarantor’s credit classification is also a factor in calculating
the provision when loans are made to subsidiaries of a finance or insurance company.

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Value of investments
Investments have been valued in accordance with SBS Resolution No. 10639-2008, issued on October 31,
2008, which establishes modifications in the classification and valuation of investments. These modifications were
made prospectively in accordance with the provisions set forth in SBS Resolution No. 10639-2008.
Recognition date of transactions
Transactions must be recorded using the trading date (i.e., the date on which the reciprocal obligations that
must be performed within the term established by regulations and market practice of operation).
Classification
Available-for-sale investments are held for an indefinite period and may be sold for purposes of liquidity or
changes in interest rates, exchange rates or cost of capital; or they may not be qualified to be classified as at fair
value through profit and loss or held-to-maturity. The estimated market value of available-for-sale investments is
determined primarily on the basis of market quotations or, lacking these, based on discounted cash flows using
market rates that reflect the credit rating quality and maturity of the investment.
Held-to-maturity investments are (i) acquired or reclassified for the purpose of holding them until their
maturity date, except for the cases where the sale, assignment or reclassification are allowed by the SBS, (ii) held by
companies having the financial capacity and the intent to hold investment instruments until their maturity, (iii) rated
or have risk classifications, as required by SBS regulation, and (iv) held by companies that assess their financial
capacity to hold such investments until their maturity at classification or at and the closing of each fiscal period.
When these investments are sold without complying with what is established in the SBS regulation and similar
financial instruments are again acquired from the same issuer, they may not be recorded as held-to-maturity without
authorization from the SBS.
Initial recognition
The initial recognition of available-for-sale and held-to-maturity investments is carried at fair value plus
transaction costs that are directly attributable to the acquisition of such investments.
Amortized cost
Any premium or discount is considered in computing the amortized cost by applying the effective interest
rate methodology, recognizing accrued interest in the “Income from available-for-sale and held-to-maturity
investments” account of the “Financial income” caption of the statements of income.
Valuation of investments available-for-sale
Valuation of investments available-for-sale is recorded at fair value and any unrealized gain or loss in
relation to the amortized cost is recognized in net equity.
When the instrument is sold or the gains or losses previously recognized as part of shareholder’s equity are
realized, they are transferred to the statements of income for the period. On the other hand, when we believe that the
decrease in fair value is permanent or if there is credit impairment, we create a provision and transfer the estimated
loss from equity. If the SBS considers it is necessary to provide some additional provisions for any type of
investment, such provision will be determined by the SBS based on each individual asset and then communicated to
us.
Valuation of investments held-to-maturity
Valuation of investments held-to-maturity is recorded at amortized cost and is not updated to fair value.
Impairments are recorded individually for negative changes in the credit capacity of the issuer or obligor in respect

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of the investment, analogous to the treatment of direct loans, directly affecting the results of the period. When these
investments are sold without complying with what is established in SBS regulations and similar financial
instruments are again acquired from the same issuer, they may not be recorded in this category without prior
authorization from the SBS.
Other classifications
The accounts receivable for the CRC-PBP trusts correspond to assets (due from banks, investments and
accrued yields) and liabilities. In accordance with SBS Resolution No. 980-2006 these accounts receivable must be
recorded as a net balance in the “other accounts receivable, net” line item because we act as both a trustee and
trustor of the trusts. Also, any surpluses or deficits generated by the trusts are recorded in the statements of income
in “attribution of income from trust” line item financial income.
Derivative financial instruments
SBS Resolution No. 1737-2006, “Regulations for Trading and Accounting of Derivatives for Financial
Institutions” and amendments establishes the criteria for accounting for hedging transactions.
Income tax
Income tax and employees’ profit sharing are calculated based on taxable income.
Deferred assets and liabilities are measured using the tax rates that are expected to be in force in the years
in which such temporary differences are expected to be recovered or settled. The measurement of deferred tax assets
and liabilities reflects the tax consequences that arise from the manner in which we expect, at the balance sheet
dates, to recover or settle the carrying amount of assets and liabilities.
Deferred tax assets and liabilities are recognized regardless of when the temporary differences are likely to
reverse. Deferred tax assets are recognized when it is probable that sufficient taxable income will be generated
against which the deferred tax assets can be offset. At each balance sheet date, we assess unrecognized deferred
assets and the balance of the recognized tax assets; thus recognizing a previously unrecognized deferred tax asset to
the extent that it may become probable that future taxable income will allow the deferred tax asset to be recovered
or reducing a deferred tax asset when it is no longer probable that sufficient future taxable income will be available
to allow the benefit related to the deferred tax asset to be used in part or in full.

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BUSINESS
Overview
We are a for-profit entity that is wholly-owned by the Peruvian state, established with the principal goal of
providing access to mortgage financing for lower- and middle-income working families and individuals who are
most likely to be part of the population most affected by the quantitative and qualitative housing deficit in Peru. We
are key to the state’s economic and social development policies, especially as the country seeks to continue
addressing an estimated deficit of 1.9 million housing units as of February 2012, according to reports published by
the MVCS. One of our key goals is to continue to provide innovative mortgage products and enhance our existing
loan programs to accomplish our joint goals of increasing the penetration of mortgage loan financing as a
percentage of GDP, which represented approximately 4.0% of Peru’s GDP in 2011, and to enable our borrowers to
become formal participants in the economy. By gaining access to our mortgage products, these historically un-
banked and under-banked households are able to develop a credit history, enhance their wealth through home
ownership, and generally improve their living conditions.
Our loan products are placed through intermediary financial institutions operating in Peru that in turn
originate mortgage loans designed to enable our target borrowers to purchase, expand or renovate their homes. The
intermediary financial institutions serve as our agents, enabling us to increase the size of our loan portfolio without
significant additional operating expenditure. In our business and operating model, we designate a maximum loan
balance for each intermediary financial institution. Each intermediary financial institution places and services
mortgage loans using our available credit lines and approves each mortgage loan application directly, using its and
our credit criteria.
Funding for our loan products is made available to intermediary financial institutions through a trust we
established with COFIDE in 1999. Pursuant to the terms of the trust agreement, COFIDE confirms the mortgage
loan complies with all our lending requirements, although we have final lending approval over each loan. COFIDE
executes a master agreement for each product with the intermediary financial institution. Upon completion of
procedural requirements, COFIDE disburses funds to the intermediary financial institution. Funds are then disbursed
on behalf of the final borrower by the intermediary financial institution to the seller or developer of the property.
Once the individual mortgage is duly filed and the loan documentation is executed, the loan becomes eligible for
CRC coverage.
The flowchart below depicts the structure of our loan origination and servicing model.

1. Final borrower signs sale contract.
2. Final borrower applies for loan on basis of sale contract and/or mortgage on property.
3. Financial institution reviews documentation and if qualified, approves loan application and sends to COFIDE for
review.
4. COFIDE verifies application and sends materials to us and we undertake a final review to confirm compliance
with our criteria.
5. Upon approval, funds for each loan are released to COFIDE.
6. COFIDE disburses funds to financial institution.
7. Once guarantee or mortgage (or both) is formalized and registered, funds are disbursed to seller, project developer
or supplier. These arrangements may also be structured through the constitution of a trust.

Trust Agreement
Master Agreements executed with
each financial institution
SELLER OR
PROJECT
DEVELOPER
MIVIVIENDA COFIDE
FINANCIAL
INSTITUTIONS
FINAL
BORROWER
  
 


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promissory note
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borrower in favor of
financial institution



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093330-2253-02253-Active.14188331.107/30/2013 11:44 AM
We believe that the use of our products serves as a conduit for a progressive transition of our final
borrowers to formal banking services that ultimately benefits the intermediary financial institutions that service our
loans as well as the Peruvian financial services industry overall. Based on recent estimates published by the MVCS,
over the past ten years an average of 142,000 families and individuals per year have become formalized into the
Peruvian economy, providing a source of new borrowers for our products. As a result of public policy initiatives
carried out by several Peruvian administrations, land and title registrations have increased substantially in Peru in
recent years, reaching an estimated 3.3 million new titles registered as of December 31, 2011, based on data
published by INEI. We believe increased title registrations will contribute to the expansion of mortgage lending in
Peru and provide a source of borrowers for our mortgage products.
The following table provides a breakdown of our loan portfolio by each intermediary financial institution
that places our loans as of the dates indicated, recorded as accounts receivable (Trust Agreement – COFIDE) on our
balance sheet.

As of December 31,
2012 2011 2010

International ratings in
US dollars
(Moody’s/S&P/Fitch)
(S/. in
thousands) %
(S/. in
thousands)
%
(S/. in
thousands) %

Banco Internacional del
Perú - INTERBANK .....
Baa3/BBB/BBB-
885,796 28% 647,961 26% 406,593 24%
Banco de Crédito del
Perú ...............................
Baa2/BBB/BBB+
805,475 25% 632,944 26% 389,429 23%
Banco BBVA
Continental ....................
— /BBB/BBB+
446,587 14% 337,646 14% 203,347 12%
Banco Scotiabank ........... Baa2/BBB/BBB+ 286,202 9% 252,000 10% 195,599 12%
Banco Financiero del
Perú ...............................

218,776 7% 187,374 8% 162,292 10%
Others (1) ........................ — 538,170 17% 393,314 16% 323,114 19%
Total ................................
— 3,181,006 2,451,239 1,680,374

(1) Includes 29 financial institutions that have less than 5% concentration.
Relationship with the Peruvian state
The Peruvian state holds 100% of our equity through the Fondo Nacional de Financiamiento de la
Actividad Empresarial del Estado (Peruvian National Fund for the Financing of Business Activities of the State, or
“FONAFE”), which is responsible for managing Peru’s corporate and business affairs. One of the state’s principal
goals is to promote home ownership for a sector of the population that has traditionally not been served by the
private financial industry. Our role in that effort is to design mortgage products that can be efficiently channeled
through financial intermediaries and enable lower- and middle-income working families to access mortgage loans at
attractive fixed rates of interest and with long-term maturities. Though we are a for-profit entity, applicable law and
our bylaws (estatuto social) require that we invest our annual net income in the development of our business.
Our board of directors acts independently from the Peruvian government for our day-to-day affairs,
however, all five members of our board of directors are designated by FONAFE three of which are independent,
meaning they are not affiliated with or employed by the Republic of Peru or any agency of the Peruvian state. The
members of FONAFE’s board of directors are the ministers of the MEF, the MVCS, the Ministry of
Communications and Transportation (Ministerio de Transportes y Comunicaciones), the Ministry of Energy and
Mines (Ministerio de Energia y Minas) and the Presidency of the Council of Ministers (Presidencia Consejo de
Ministros).

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We are an independent organization that adheres to the general policies of the MVCS. We administer the
Techo Propio subsidy on behalf of the MVCS. We are also a participant in the Sistema Financiero Nacional
(National Financial System), which is composed of a number of private and public sector banks, financial
institutions, development organizations and state entities.
Funding
Our initial source of funding came from a capital contribution made by the Peruvian state through
FONAFE in 2005 of approximately S/.2.7 billion by means of a contribution of assets. Pursuant to Peruvian Law
No. 28579 and our bylaws, we are required to capitalize all our annual net income after complying with certain legal
reserve requirements. Our net income was S/.91.7 million, S/.83.0 million and S/.68.6 million in 2012, 2011 and
2010, respectively. We currently source a portion of our ongoing funding needs from the capitalization of our net
income and have accessed alternative sources of funding only on a limited basis in the past. However, as part of our
strategy of diversifying our sources of funding, in February 2012 we incurred a US dollar-denominated US$100
million loan from Banco de la Nación. We have also obtained funding through credit operations with intermediary
financial institutions whereby we have sold our right to receive future installments due on our loan portfolio. Our
most recent transaction was in 2012 with Banco del Crédito Perú. In 2012, we also liquidated certain investments
and obtained authorization for partial release of excess assets held in the CRC-PBP trusts and used the proceeds
received to expand our lending activities. We will seek to continue to diversify our funding sources by raising
capital in nuevos soles or US dollar-denominated transactions in the local and international capital markets, the bank
lending markets or through other financial transactions.
The CRC-PBP Trusts
We established two CRC-PBP trusts, one in nuevos soles and the other in US dollars. These trusts cover
our obligations to pay CRC coverage and the good payer award under our legacy portfolio related to our loan
programs that were discontinued from 2005 to 2009, principally Crédito MIVIVIENDA Tradicional. The
approximately 5,400 loans covered by these trusts were funded by participating financial institutions directly from
their own funds in both US dollars and nuevos soles. As with our current loan products, our CRC coverage covers
up to one-third of the principal balance of the covered loan or one-third of the defaulted amount, whichever is
lower, for eligible loans with a duly constituted and registered mortgage. We charge a commission for the CRC
coverage for loans covered by these trusts calculated as a percentage of the balance disbursed on the loan and
deposit commission proceeds in the trust to cover resulting defaults. Any payment due on those covered loans (in
the event of default) is drawn from available funds.
The trusts also cover our obligations to pay the good payer award due on loans in the trusts to borrowers
who have made timely payments on their loans for at least six consecutive months. We charge the intermediary
financial institutions that place our loans a monthly commission for administration and support services provided in
respect of the good payer award and deposit the proceeds in the trusts.
We act as fiduciary of the trusts. Funds in the trusts are invested in securities available in the market,
including Peruvian sovereign bonds, corporate bonds and similar securities denominated in both US dollars and
nuevos soles. In 2012, we requested a partial release of assets available for distribution from the CRC-PBP trusts
that cover our obligations under our legacy portfolio. We supported our request with a study performed by an
independent group of experts at Universidad ESAN, a local business school, as required by applicable regulation.
Once approved by the SBS, distributions of S/.290.0 million (in respect of the nuevos soles trust) and S/.50.7
million (in respect of the US dollar trust) were made to us from trust assets. See “Selected Statistical Information—
Accounts receivable from CRC-PBP trusts” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Accounting for CRC-PBP Trusts.”
Investment Considerations
We are an essential component of the Peruvian state’s economic and social development strategy. We
are wholly-owned by the Peruvian state and our sole corporate purpose is aligned with public policies that seek to
reduce the housing deficit by targeting lower- and middle-income working families. The Peruvian state’s historical
support of our operations and our central role as an instrument of economic development make it likely that we will

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have continued strong support from our sole shareholder, if needed. We administer the Peruvian state’s Techo
Propio subsidy that is financed through the MVCS. However, we do not subsidize any of the loan products we
deliver. In addition, our products receive no direct subsidy from the Peruvian government, with the exception of the
good payer bonus we offer under our Nuevo Crédito MIVIVIENDA program in which certain qualified buyers are
eligible to have up to S/.10,000 of the cost of the good payer award rebated by the MVCS, once it receives the
related funding from the government. Historically, the Peruvian government has not interfered directly in our
operations, enabling us to develop sound lending policies that are tailored to the commercial realities of our lending
environment rather than prevailing political prerogatives.
We are a key participant in the historically underserved Peruvian mortgage loan segment for lower- and
middle-income working families with strong potential for measured growth. Mortgage loans for working lower-
and middle-income families are not readily available or accessible in the Peruvian market. We are the most
important participant in this market, providing a substantial percentage of the aggregate loans to eligible borrowers
at fixed rates of interest and with long maturities, which are especially important in a market with limited sources of
such financing. As of December 31, 2012, 30% of the total number of residential mortgage loans outstanding were
represented by our products. Given the persistently low penetration of mortgage lending to our target borrowers, the
ease with which we can increase further lending without incurring substantial costs and prevailing macroeconomic
factors in Peru, we believe we have strong potential for continued growth. The innovative features of our loan
products and the continued consistent expansion of the lower- and middle-income working segment of the
population in recent years, have made it possible for us to continue growing our portfolio of loans. We also enable
our final borrowers to develop or enhance their formal banking experience. As a result, intermediary financial
institutions see us as a partner in creating a new pool of customers to whom they can cross-sell other products. We
have developed new mortgage products such as Crédito MICONSTRUCCION and Crédito MISMATERIALES and
have increased the maximum loan value of the Nuevo Crédito MIVIVIENDA loans from approximately US$70,000
to US$100,000 as a means to further penetrate the market, continue reducing the housing deficit and foster
formalization of un-banked and under-banked communities. Our average loan disbursement for these products as of
December 31, 2012 was S/ 108,995 for Nuevo Crédito MIVIVIENDA and S/31,293 for Crédito
MICONSTRUCCION. We expect to launch Crédito MISMATERIALES later this year.
We have strong risk management processes and policies that are complemented by those of the
intermediary financial institutions that place our loans. Our loan origination policies are designed to ensure the
orderly development of a portfolio of mortgage loans to our target borrowers, through a diversified pool of banks
and financial institutions operating throughout Peru. We are subject to regulation and are supervised by the SBS, the
MEF, FONAFE, the Peruvian Central Bank and the Comptroller of the Republic. In addition, the banks and other
intermediary financial institutions that sell our mortgage products must also comply with applicable banking
regulation, giving our portfolio of loans an additional layer of regulatory protection and supervision. Furthermore,
we conduct periodic reviews of all the intermediary financial institutions in our portfolio and a representative
sample of the loan portfolio of final borrowers at each intermediary financial institution at least once a year as
required by the risk committee of our board of directors, SBS regulations and our internal regulations.
Our high quality loan portfolio has a low incidence of default. The majority of our loans are placed
through the largest intermediary financial institutions in Peru, which in turn lend the funds to our final borrowers.
Pursuant to our agreements with each intermediary financial institution, payments must be remitted when due
regardless of whether the final borrower is current on his or her obligations with the intermediary financial
institution. All credit risk not assumed by us is borne by the intermediary financial institution, typically two-thirds
or more. As of December 31, 2012, our portfolio of loans had a low loan-to-value ratio of approximately 63% at
origination, which in our experience subsequently improves as the value of the mortgaged property increases with
the borrowers’ investment of the loan proceeds. In 2010 and 2011, none of the intermediary financial institutions
that operate with us had defaulted on our loans. Our loan portfolio has demonstrated very strong performance over
time, generating only US$20,000 in losses from defaults from a total portfolio of approximately US$1.8 billion
since 1999. In addition, our portfolio of non-performing loans historically has been approximately half the rate for
the Peruvian banking system as a whole, or 0.91% of our total portfolio of loans as of December 31, 2012.
We have strong financial performance metrics. We have low leverage, sustained profitability and strong
margins, supported by low operating expenses in line with our business model. We have benefited from the strong
expansion of our loan portfolio in recent years, with an average annual growth rate of 45.8% from 2010 to 2011.

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Our return on average equity of 3.0% for 2012 compares favorably to other development entities throughout Latin
America (including COFIDE), while our return on average assets was 2.6% at the same date. Our efficiency ratio
(defined as operating expenses (administrative expenses plus depreciation and amortization) divided by operating
margin) was 20.1% for 2012 compared to 20.9% for 2011 and 26.7% for 2010.
Easily scalable business model allows us to increase mortgage lending with minimal additional
operating expenditures. The intermediary financial institutions that place our mortgage loans are primarily
responsible for originating and servicing the mortgage loans that are offered under our loan programs, though we
have internal processes in place to ensure appropriate compliance with our lending criteria. Subject to our credit
limits, we are able to increase the amount of credit we make available through the COFIDE trust and thereby
increase the number of loans originated without incurring significant additional administrative costs. We believe our
target market is currently underserved. Intermediary financial institutions in Peru continue to participate in our loan
programs because our loans are cost-effective, generate reliable revenue and enable them to develop a base of
borrowers who can subsequently become reliable customers to whom banks can cross-sell other financial and
banking products.
Strong corporate governance complemented by an experienced board of directors and management
team. We have developed a culture of strong corporate governance, collaborating with institutions such as the
Andean Development Corporation (Corporación Andina de Fomento) to help us develop best corporate governance
practices based on international standards. In addition, our board of directors, composed of five members, is
appointed by the FONAFE board following a thorough vetting selection process designed to identify the most
experienced and highly qualified members possible, who are appointed for renewable terms of three years. We
believe three-year terms give our board of directors continuity and independence. In particular, we believe we are
strengthened by the independence and experience of our chief executive officer and other members of our senior
management team who are highly experienced in the financial sector and independent from the state. Certain
members of our senior management have worked with us since 2004 giving continuity to our operations. Our board
also has established internal risk and audit committees, each of which includes members of our board of directors
and management team working together to help reinforce and monitor our risk policies.
Our Strategies
Adapt products and banking platforms to increase home ownership. We will continue to focus on our key
mission of expanding homeownership in Peru by expanding our loan portfolio and adapting our product offerings to
market requirements. The Peruvian mortgage market continues to be under-penetrated. As the housing deficit
continues to be significant, we will focus on adapting our existing products to the expanding lower- and middle-
income working class population. We seek to develop new and innovative products designed to assist our target
borrowers. This year, we will launch our Crédito MISMATERIALES and Crédito MICONSTRUCCION products
that target property owners who need to finance construction costs and the purchase of building materials for their
home improvement projects. We will also develop mortgage products tailored to home buyers who are seeking to
purchase used homes. We believe this will add liquidity and mobility to the market by allowing current borrowers
the ability to sell their existing homes and to acquire larger properties or as they move regionally. We will also seek
to offer complementary products such as mortgage insurance that will make interest payments on mortgages if a
borrower loses his or her source of income. As the market becomes more sophisticated, we believe we will be able
to offer a broader range of products to suit our target borrowers’ evolving needs.
Improve our operations. We will seek to improve our operating performance. Our efficiency ratio was
20.1% for 2012 compared to 20.9% for 2011 and 26.7% for 2010. This is mainly due to increases in our financial
income as a result of our efforts to increase good payer award payments and to reduce mortgage interest rates, while
maintaining operating expenses constant. We are focused on improving this metric and believe our ability to
increase our loan placements while maintaining relatively constant expenses will lead to greater efficiencies and
further improved performance.
Diversify our portfolio of loans geographically. Part of our strategy relies on expanding our product
offerings to historically under-served regions of Peru. We believe that geographic diversification not only will allow
us to more faithfully fulfill our primary mission of providing resources to lower- and middle-income working
families throughout the country, but also mitigate the risk that concentration of our loan portfolio could pose. While

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a large proportion of real estate development in recent years has occurred in Lima, we believe there is significant
need for new affordable housing developments in provinces throughout Peru. We have recently initiated a
nationwide marketing campaign to promote our products and the related benefits for our target borrowers. We plan
to cover the principal provinces throughout Peru by 2013 by sponsoring MIVIVIENDA information fairs jointly
with some of our financial intermediaries.
Promote new housing developments. We will seek to work with municipal and local governments to
promote development of new and emerging urban areas in conjunction with private developers seeking to develop
new housing stock. These initiatives will be targeted at communities that have evolving zoning areas that are being
auctioned to developers for construction of affordable and mixed-use housing. Specifically, we will work with local
governments to identify suitable areas for development, evaluate projects and create proposals, administer the
bidding process and work with intermediary financial institutions that will place our loans to design viable loan
programs. In this regard, we have a pilot project in Pucallpa where the local government has transferred a 100-acre
plot to a land trust for sale to a developer for construction of new homes. We will seek to provide lines of credit
through intermediary financial institutions for eligible borrowers who will purchase homes under construction, with
payments to be disbursed on a construction progress basis. We are exploring other similar projects in four other
municipalities, namely Cajamarca, Tumbes, Moquegua and Trujillo. We believe these projects will allow us to
promote development of new housing in underserved communities throughout Peru.
Diversify our sources of funding. While we are able to rely on our income generation capacity for our
existing funding needs, we seek to explore other sources of reliable funding at lower costs to continue expanding
our mortgage loan portfolio as we did in 2012 with our loan from Banco de la Nación. We will also seek to
consummate sales of future loan payments due on our portfolio to both raise capital for our funding needs and to
reduce our concentration exposure to specific intermediary financial institutions, similar to a recent transaction we
completed with Banco de Crédito del Perú. We will also seek to deploy available assets in the CRC-PBP trusts as a
source of funding, as we did in 2012. We will explore opportunities to fund our operations in nuevos soles and US
dollars both through the local and international capital and credit markets. We are also seeking formal approval
from the SBS to issue certificates of deposit to state-owned entities in 2013 as an alternative source of funding. We
are one of the few public financial institutions in Peru that has been given the authority to issue those certificates of
deposit. We believe this additional source of funding will allow us a meaningful opportunity to further expand our
loan portfolio and provide long-term capital at fixed rates.
Implement retention measures for our employees. We believe our employees are one of our key resources
and will seek to develop retention and promotion initiatives to further reduce turnover. These measures may include
developing career plans, providing educational stipends and career-enhancing courses, and developing specific
promotion opportunities based on defined performance metrics. We believe these initiatives will enhance the quality
and experience of our employees and serve as a strong resource for our future expansion strategies.
The Peruvian banking industry
During the period from 1998 to 2004, the overall quality of the Peruvian loan portfolio decreased
according to figures published by the SBS; however, consistent improvement in general banking industry indicators
in Peru began in 2002. Loan portfolio quality in the Peruvian financial system has improved significantly, with past
due loans decreasing from 9.0% of total gross loans as of December 31, 2001 to 1.5% as of December 31, 2011 and
to 1.72% as of September 30, 2012, and reserves for loan losses over past due loans increased from 118.9% as of
December 31, 2001 to 251.1% as of December 31, 2011 and to 226.6% as of September 30, 2012 according to
figures published by the SBS and ASBANC. Profitability also improved significantly with efficiency, as measured
by cost-to-income ratio, improving from 71.7% for the year ended December 31, 2001 to 52.6% for the year ended
December 31, 2011, and to 53.2% for the first nine months of 2012.
Return on average equity in the system increased from 4.3% for the year ended December 31, 2001 to
24.5% for the year ended December 31, 2011, and to 23.0% for the first nine months of 2012, in each case
according to figures published by the SBS and ASBANC.
In 2005, together with a steady and sustained improvement in Peru’s macroeconomic indicators, credit
began to expand again, with performing loans growing 25.2% in 2005, 18.0% in 2006, 34.7% in 2007 and 38.2% in

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2008, remaining flat in 2009, growing 18.9% in 2010 and 17.1% in 2011 according to figures published by the SBS
and ASBANC. Nonetheless, the percentage of total loans as a percentage of GDP in Peru has only recently
approached 1998 levels, reaching 26.4% as of December 31, 2011, according to figures published by the SBS,
which is still significantly lower than that of other countries in the region.
For additional information regarding the Peruvian banking industry, see “Management’s Discussion and
Analysis of Financial Condition and Results of Operation—Principal Trends affecting our business—Peruvian
economic environment.”
The information set forth in this section has been provided as of the most recently available date.
The Peruvian mortgage sector
The mortgage loan sector in Peru, though still in a nascent state, has experienced strong and dynamic
growth in recent years. The residential mortgage loan sector has grown at a compounded annual rate of
approximately 18% from 2006 to 2011. Total residential mortgage loan placements were S/. 24 534 million, of
which full service banks had originated an estimated S/.23 604 million at December 31, 2012, in both nuevos soles
(S/.12 820 million) and US dollars (US$ 4 229 million). Full service banks originated 96,2 % of all residential
mortgage loans currently outstanding in 2012. The remaining balance was originated by municipal banks,
microfinance institutions and finance companies, among others. Mortgage loan placements increased 22,7 % from
December 31, 2011 to December 31, 2012, while direct loans increased 12,5 % over the same period. The total
number of residential mortgage loans at the same date was 188 751, of which 170 198 had been originated by full
service banks..
The table below illustrates the growth trend in Peruvian mortgage lending over the period indicated.

Because the Peruvian mortgage market remains relatively small, mortgage loans must be designed to suit
Peruvian needs. As consumer spending and disposable income has increased in recent years, living standards have
risen and working families tend to have greater need for mortgage financing. The existing housing deficit is also a
major factor that contributes to continued strong growth of this market. There is an estimated qualitative deficit of
1.5 million housing units as of February 2012, according to reports published by the MVCS, and an additional
quantitative deficit of 400,000 housing units, according to data published by the INEI.
The expansion of mortgage lending has also been driven by the attractiveness of mortgage loan financings
that generally consist of smaller loans with very low incidence of default (0.8%) compared to micro-lending (4.3%),
credit cards (4.1%) and loans to small enterprises (5.7%), in each case, as of December 31, 2012. Based on findings
in the National Peruvian Consumer Study 2011 conducted by Arellano Marketing, housing costs are the second
highest household expenditures, 27% of Peruvians invest in their homes once their income increases, and
approximately 90% of Peruvians own their residence, as opposed to renting.
24,534 
 ‐
 5,000
 10,000
 15,000
 20,000
 25,000
 30,000
Dic‐06 Dic‐07 Dic‐08 Dic‐09 Dic‐10 Dic‐11 Dic‐12
Mortage Loans in the Peruvian Financial System
(en millones de nuevos soles)

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Description of Products and Services
We have four principal products: Nuevo Crédito MIVIVIENDA (New Credit MIVIVIENDA), Crédito
Complementario Techo Propio, which is designed to complement the Techo Propio subsidy we administer on
behalf of the Peruvian government, Crédito MICONSTRUCCION, and Crédito MISMATERIALES, which we expect
to launch this year. All of our current products are denominated in nuevos soles, placed and serviced through
intermediary financial institutions and ultimately secured by a mortgage on the property. The table below sets out
the general features of each of our products, as of December 31, 2012.

As of December 31, 2012

Nuevo Crédito
MIVIVIENDA
Crédito
Complementario
Techo Propio
Crédito
MICONSTRUCCION
Number of loans outstanding ..................................... 26,783 8,574 187
Amount outstanding (in thousands of S/.) .................. 2,398,983 130,550 5,752
Average disbursed amount at origination (in S/.)....... 108,995 20,180 31,293
Interest charged to financial institution ...................... 6.6% 6.0% 7.5% - 9.0%
Interest charged to final borrower .............................. 9.85% 12.57% 13.16%
Approximate average term (in months) ..................... 183 179 93
Our portion of the credit risk .....................................
1
/
3
before eight
years,

1
/
6
after eight years
100%, decreasing
10% every two years
1
/
3
after 14th year
1
/
3
for duration of loan

Nuevo Crédito MIVIVIENDA
Introduced in June 2009, Nuevo Crédito MIVIVIENDA is designed to finance the purchase or improvement
of homes that cost between S/.51,100 and S/.255,500. It is our most popular product, representing 75.42% of the
outstanding balance of our loan portfolio as of December 31, 2012. We charge the intermediary financial
institutions that place our Nuevo Crédito MIVIVIENDA loans a fixed annual interest of 6.6%, which generally
translates into an average 9.85% rate to the final borrower.
Borrowers under our Nuevo Crédito MIVIVIENDA loans are eligible to have up to S/.12,500 of their loan
balances forgiven if they have timely paid (taking into account grace periods) the previous six monthly installments
due on their loans through our good payer program (programa del buen pagador). We refer to this benefit as the
good payer award (premio al buen pagador). On eligible Nuevo Crédito MIVIVIENDA loans, the MVCS may
assume up to S/.10,000 of the cost of the award pursuant to a complementary benefit that we call the good payer
bonus program (bono al buen pagador). In those instances, we assume the remaining S/.2,500 of the good payer
award. The MVCS may, but is not required, to make contributions to us to defray the costs of the good payer
program from proceeds it receives from the state.
For our Nuevo Crédito MIVIVIENDA and subject to the aforementioned S/.12,500 cap, we take 80% of
loan value and schedule regular monthly installments through maturity. The remaining 20% of the loan is divided
into additional installments due every six months. We review every sixth regular monthly installment. If the final
borrower paid the previous six regular monthly installments on time, we forgive the additional installment and
recognize the resulting amount as a loss. If the borrower did not pay on time, the additional installment becomes due
and the amount of the installment is paid over the following six regular monthly payments.
Another feature of this product is the CRC coverage we offer the financial institutions that place our loans,
which covers up to one-third of the loss of default in the first eight years and up to one-sixth of that risk in
subsequent years. CRC coverage is available once a mortgage on the underlying property is duly registered. Prior to
registration of the mortgage, the intermediary financial institution retains 100% of the risk of loss.
Between the mortgage we obtain on the property and the average 23% down payment required, we believe
at the outset we have strong collateral supporting our loans. The value of the collateral generally continues to
improve over time as the principal is paid down and the value of the property increases.
Though the intermediary financial institutions that place our loans are free to add additional criteria or
more stringent requirements for evaluating final borrowers, we require that any borrower for a Nuevo Crédito

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MIVIVIENDA loan (i) has not previously benefited from housing programs offered through us, FONAVI or other
public entities, (ii) does not have any other home, (iii) will not need to spend more than 40% of his or her monthly
income on monthly installments due on the loan, (iv) has savings or other sources of funds to make a downpayment
that ranges between 10% and 30% of the value of the property, (v) seeks to finance at least 70% of the cost of the
home or residence and (vi) will have a loan disbursement of at least S/.35,770.
Crédito Complementario Techo Propio
The Crédito Complementario Techo Propio program was introduced in 2003. It is designed to enable
lower-income borrowers to purchase or improve homes that cost between S/.20,075 and S/.51,100. The program is
offered in conjunction with the Techo Propio subsidy we administer on behalf of the MVCS. It is the second most
popular product among our current offerings, representing 4.1% of our outstanding loan portfolio as of December
31, 2012.
We charge 6.0% annual interest to each intermediary financial institution that places this loan product,
which generally translates to an approximate average 12.6% annual interest rate for the final borrower. This
program is available exclusively to lower-income borrowers, considered as those who generally have household
income of S/.1,642.50 per month or less. The maximum amount available under the Techo Propio subsidy is 5 UITs
(S/.18,500 in 2013). An eligible borrower must also have sufficient funds available to pay at least 10% of the down
payment. We provide CRC coverage for this product that reduces over time, whereby we assume up to 100% of the
risk of default during the first two years that reduces by 10% every two years until the 15th year, at which point its
coverage remains at one-third through maturity. The intermediary financial institution that places the loan under this
program assumes the remaining portion of the risk.
Though the intermediary financial institutions that place our loans are free to add additional criteria or
more stringent requirements for evaluating borrowers, we require that any borrower for this credit (i) does not have
own any other home or residence, (ii) has not previously benefited from housing programs offered through us,
FONAVI or other public entities and (iii) will not need to spend more than 40% of his or her monthly income on
monthly installments due on the loan. We apply a maximum loan-to-value of 80% of the mortgaged property and
require a minimum down payment of 10% of the cost of the relevant residence, although all of the Crédito
Complementario Techo Propio loans in our portfolio have loan-to-value of 50% or less.
Crédito MICONSTRUCCION
Crédito MICONSTRUCCION was launched as a pilot program in 2012 and will be widely available in
2013. This product is part of our effort to reduce the qualitative housing deficit. This product allows borrowers who
own a property the opportunity to build, expand or improve their home or residence. Loans disbursed will range
from S/.10,950 to S/.91,250.
We charge annual interest of 7.5% to the intermediary financial institutions that place this loan product if it
opts not to obtain CRC coverage, or 9.0% with CRC coverage. This generally translates to an approximate average
13.4% annual interest rate for the final borrower. For intermediary financial institutions that elect CRC coverage,
we assume up to one-third of the risk of default by the final borrower.
Though the intermediary financial institutions that place our loans are free to add additional criteria or
more stringent requirements for evaluating borrowers, we require that any borrower for this credit (i) own a duly
registered home with at least basic services and utilities and an unencumbered title to the property, (ii) not have any
current liens or mortgages on the home or residence and (iii) will not need to spend more than 30% of his or her
income on monthly installment payments on the subject loan. We obtain a mortgage on the entire home until the
loan balance is paid, making loan-to-value of this product generally very low.
Crédito MISMATERIALES
Crédito MISMATERIALES was created in 2012 and is in the process of being rolled out for official launch
in 2013. It too is designed to reduce the qualitative housing deficit and allows borrowers to purchase materials from
an authorized provider for construction, expansion or improvement of a home or residence owned by the borrower.
Loans can have a maximum outstanding balance of S/.15,000 and will be disbursed through a prepaid card similar
to a debit card.

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The features of the Crédito MISMATERIALES product are still under development. However, we expect to
charge the intermediary financial institutions that will place this loan a similar rate compared to our other products.
In order to prevent fraud, the product will be linked to a prepaid card that will only work at certain vendors pre-
selected by the intermediary financial institution. The card will be electronically restricted to purchase specific
materials and we will require photos of the materials being delivered to the construction site. We will obtain a
mortgage on the entire home until the loan is paid off, which we believe will add an additional layer of fraud
protection. We expect to offer credit risk coverage on this product.
Discontinued Legacy Products
As part of our strategy to serve greater numbers of borrowers, from 2006 to 2009 we discontinued the
following products (i) Crédito MIVIVIENDA Estandarizado, (ii) Crédito MIHOGAR, and (iii) Crédito
MIVIVIENDA Tradicional. These loans were originated in both US dollars and in nuevos soles and funded directly
by the intermediary financial institutions with their own funds. In addition, we no longer offer the Crédito
Complementario Techo Propio in US dollars. Though discontinued, we continue to carry existing balances due on
these loan products on our balance sheets. We expect these legacy products to be largely paid off by 2024.
For each of these products, we operated using a different business model in which we did not fund loans.
Instead, intermediary financial institutions issued qualifying loans using their own funds. We enhanced these loans
with two products:
 credit risk coverage (or CRC Coverage), in which we agree to assume up to one-third of the unpaid balance
of the loan or one-third of the loss upon default, whichever is lower; and
 good payer award, in which we incentivize borrowers to pay on time by paying an installment for those
who do so. When a borrower makes six on-time payments during a specified period, we pay the next
installment to the intermediary financial institution, up to a total of S/.12,500.
To fund and administer the legacy CRC Coverage and good payer award, we established two trusts in June
2007, one in nuevos soles and one in US dollars. We set the regulations for these programs as well as administer any
payments due. To fund the program, we charge the intermediary financial institutions an additional commission at
the time the CRC Coverage is incurred, which occurs when a duly registered mortgage is issued in favor of the
intermediary financial institution. These commissions are deposited into the trusts, which we manage and use solely
for funding CRC Coverage and good payer award expenses.
The table below sets forth the commissions we charge through the CRC-PBP trusts for credit risk coverage
and the good payer award on these legacy products.


Range of years
Commission - CRC US dollars

Commission - CRC Nuevos soles

% amount disbursed % amount disbursed
16 -20 years 0.0175% 0.0175%
11 - 15 years 0.0135% 0.0135%
10 years 0.0070% 0.0070%



Range of year
Commission - Good Payer Award
(US dollars)

Commission – Good Payer Award
(Nuevos soles)

% of installment for the good payer
award tranche

% of installment for the good payer
award tranche

20 years 16.5830% 12.4380%
10-19 years 16.5830% 16.5830%

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For further details regarding CRC-PBP trusts See “Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Principal Trends Affecting Our Business—Accounting for CRC and PBP
Trusts.” As with our current products, we believe these loans are supported by strong collateral.
Relationship with COFIDE and the Intermediary Financial Institutions that Place our Products
COFIDE administers our relationship with all of the intermediary financial institutions that place our loans
pursuant to a trust agreement with us dated March 25, 1999. Pursuant to the agreement, we established a trust with
COFIDE, who acts as the trustee and administers funds provided through the trust. We establish the overall policies
for funds disbursed under our programs, approve the minimum criteria that intermediary financial institutions must
use to screen borrowers and establish how and under what conditions funds are to be made available to intermediary
financial institutions for disbursement to the final borrower. COFIDE does not assume any risk pursuant to our
arrangement and receives a 0.25% commission at loan origination and an additional 0.25% effective annual interest
rate in funded loan balances for its services. Pursuant to the terms of the trust agreement, COFIDE is responsible for:
 executing master agreements with intermediary financial institutions that place our loans;
 ensuring overall compliance with applicable laws and regulations;
 verifying that the relevant intermediary financial institution is in compliance with terms (including
credit approval policies) imposed by us;
 monitoring disbursement of funds provided by each program;
 commissioning audits and submitting reports;
 establishing further rules and regulations for financial institutions, as necessary; and
 pursuing or settling legal claims regarding funds administered through the program.
COFIDE is a party to master agreements with each intermediary financial institution that places our loans
under each of our products. These agreements cover the procedures the intermediary financial institution must
follow as well as minimum requirements for evaluation of the final borrower. The intermediary financial institutions
sign loan agreements with the borrower, and the promissory note is written in favor of the relevant financial
institution. Though these are ultimately assigned to COFIDE for our benefit, we believe the perception among our
borrowers that the loan is coming from the intermediary financial institution rather than a state-owned entity
elevates the importance of the obligation to repay and has contributed to our low default rate.
Operational Overview
Our existing products are funded through lines of credit we make available to intermediary financial
institutions through the COFIDE trust. Per the terms of the trust agreement, COFIDE confirms the mortgage loan
complies with all our requirements, although we have final lending approval over each loan. COFIDE executes a
master agreement for each product with the intermediary financial institution and also makes funds under our lines
of credit available for the final borrower. Funds are disbursed by the intermediary financial institution once the
mortgage is duly filed and the loan documentation is executed.
Approval Procedures
The first step in any loan origination occurs when potential borrower submits an application to an
intermediary financial institution that offers our products. Pursuant to the agreement between the intermediary
financial institution and COFIDE, the final borrower is required to submit certain documentation as part of the
credit application. The intermediary financial institution may apply more stringent criteria than we stipulate, or
impose additional requirements or limitations. In addition, we do not impose or suggest interest rates to be charged
to final borrowers – each financial institution sets rates in accordance with prevailing market rates.
Once the financial institution has completed its review and approved the application, it is sent to COFIDE
which processes the loan application and determines if all requirements imposed by us have been met. In general, if
an applicant is determined to meet the minimum requirements he or she is approved, based on our objective
qualification criteria. Upon COFIDE’s approval, each loan application is subject to our final approval. In all cases,
we certify that the final borrower complies with our internal credit criteria.

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Disbursement Procedures
Once we have approved a borrower, we disburse the funds to COFIDE, which has three business days to
disburse the funds to the intermediary financial institution placing the loan. The final borrower must execute a loan
agreement and promissory note in favor of the intermediary financial institution placing the loan, although under the
agreement between the financial institution and COFIDE, both the loan agreement and the promissory note are
assigned to COFIDE for our benefit. Funds are only disbursed by the financial institution when a mortgage or other
guarantee, such as a letter of credit, is executed by the final borrower. At that point, the financial institution has five
business days to disburse the loan to the project developer or seller. The final borrower never receives any funds,
except for Crédito MISMATERIALES, in which we expect the intermediary financial institution to disburse funds to
a prepaid card.
Repayment Procedures
Final borrowers are required to begin repayment upon disbursement of the loan, depending on the loan
product. This occurs regardless of whether the funds have been released to the seller or project developer and
regardless of whether the final borrower’s home or project is complete. The borrower pays the intermediary
financial institution in equal installments according to a schedule developed at disbursement. Payments from the
intermediary financial institutions to us are processed through COFIDE by automatic wire transfer. COFIDE, acting
pursuant to irrevocable instructions, debits the intermediary financial institution’s account at the Peruvian Central
Bank for any amount owed. This occurs regardless of whether the final borrower has remitted payment and comes
from any available funds in the intermediary financial institution’s name, unless the financial institution has
previously notified COFIDE and us that the borrower is in default under the terms of the loan. Once the debit is
successful, COFIDE instructs the Peruvian Central Bank to transfer the funds to a bank we have designated.
Loan monitoring
We continuously monitor both the intermediary financial institutions that place our loans as well as the
final borrowers. We regularly visit the intermediary financial institution and conduct a review of select groups of
credit agreements and records or other documents. Our agreements with the intermediary financial institutions
contain a clause that allows us to withdraw our portfolio from the intermediary financial institution without penalty
if specified events occur or if we, at our own discretion, decide to do so. While generally used sparingly and only as
a last resort, we have invoked this clause in the past when we felt a intermediary financial institution’s deteriorating
financial situation made such action prudent. This was the case early in 2012, when we removed our portfolio of
loans from a microfinance institution because of concern that it had too much exposure to the fishing industry,
which had been experiencing certain disruptions. In those cases, we will place the portfolio with another
intermediary financial institution.
Screening Procedures for Intermediary Financial Institutions that Place our Loans
When considering whether to accept a new intermediary financial institution or approve a new product for
an existing one, we screen our intermediary financial institutions using the following a six-step process: (i)
background evaluation, (ii) quantitative evaluation; (iii) qualitative evaluation; (iv) document analysis; (v) risk
analysis and (vi) financial indicators and other criteria. After we disburse funds to an intermediary financial
institution, we monitor both the financial institution and the individual final borrowers on an ongoing basis.
Quantitative evaluation
At this step, we consider:
 the overall liquidity situation of the intermediary financial institution, as well any restrictions that
might be imposed by the SBS or other regulators;
 the quality of the assets of the intermediary financial institution, including doubtful accounts,
overall trends in the portfolio, concentrations in the portfolio, the overall quality of borrowers in

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the portfolio, any credit ratings per SBS guidelines of the portfolio and the amount of coverage
provided by provisions;
 the profitability of the intermediary financial institution, including its retained earnings, net
operational margin, return on equity, return on assets and return on sales; and
 the intermediary financial institution’s solvency, encompassing equity commitments, the on-
lender’s structure, its leverage, structure of loans by type of currency and exposure to exchange
rate risks and any open lines of credit with other intermediary financial institutions.
Qualitative evaluation
At this step, we consider:
 ratings agency reports regarding the subject financial institution;
 the overall status and historical performance of our loans;
 the results of our annual audit;
 our credit risk policies;
 our investment limits and guidelines to determine our maximum risk tolerance and investment
sublimit, in compliance with our risk policies and applicable SBS regulations and Peruvian
Banking Law; and
 the mix of our products the intermediary financial institution intends to offer.
Documentation analysis
For this step, we review the intermediary financial institution’s documentation, including:
 the financial institution’s credit application;
 annual reports containing audited financial statements and notes for the prior two years;
 financial statements for the most recently available interim period;
 information regarding the potential pool of final borrowers;
 details of funding sources of the intermediary financial institution;
 a summary of the financial institution’s shareholders, board of directors and current management
staff;
 a report on the intermediary financial institution’s housing projects, including their location,
approximate number of units, average price, etc., as well as which builders the intermediary
financial institution expects to work with in the coming months; and
 any external risk evaluations conducted.
Risk analysis
Our risk department conducts its own analysis, which reviews the areas described above as well as:
 market developments, which evaluate the overall position of loans in the Peruvian financial
system as well as considering relevant factors of the intermediary financial institution (for instance
is it a start up, number of branches or market share);
 the financial capacity of the intermediary financial institution’s shareholders and the management
skills of its managers, based on their professional development and experience gained in the
management of other companies, as well as their credit reports;
 the availability of funding sources to raise funds when needed;
 a determination of what our maximum permitted exposure should be to the intermediary financial
institution;
 an evaluation the intermediary financial institution’s liquidity and ability to meet short-term
obligations;
 an evaluation of the quality of the intermediary financial institution’s assets;

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 an evaluation of the intermediary financial institution’s solvency over the medium and long term,
particularly its ability to withstand increased competition or economic downturn; and
 the intermediary financial institution’s profitability, particularly during economic downturns or
periods of increased competitive pressure.
Financial indicators and other criteria
Aside from holistic reviews of an intermediary financial institution, we use financial indicators both as part
of the initial evaluation and its ongoing evaluation. We focus on four areas of assessment: liquidity, asset quality,
solvency and profitability, as set forth below.
 Liquidity: for intermediary financial institutions the adjusted liquidity ratio (which is liquid assets
adjusted for borrowed resources divided by short-term liabilities adjusted for borrowed funds) should
be greater than 8% with respect to nuevos soles and 20% for foreign currency.

 Asset quality:
o for high risk portfolios, which includes portfolios that are refinanced, restructured, past due in
bankruptcy, net collections should be at least 8%; and
o for risky portfolios, including loans classified as substandard, doubtful or write-offs, mortgage
collections should be greater than or equal to 10%.
 Profitability:
o retained earnings over the last in 12 months plus or minus return on investment should be greater
than zero; and
o net operating margin over the last 12 months should be greater than zero.
 Solvency:
o coverage provisions for doubtful accounts should be greater than or equal to comparable averages
in the industry;
o the equity commitment ratio, which is used to assess the relationship between potential for losses
without provisions compared to equity; and
o the loss ratio tolerance, which is the percentage of assets the on-lender can lose without affecting
its solvency, should be greater than zero.
Information Technology
Our IT infrastructure is supported by a data center hosted and managed by IBM in a facility designed to
withstand earthquakes. We have, in addition, a backup data center also hosted and managed by IBM ten kilometers
from our main datacenter. We have an open technology platform supported by the Oracle 11g database and
Microsoft IIS as a webserver.
Our infrastructure is broken down into the following four categories:
 Communications: Contains applications and processes for our stakeholders, such as the website, the
transparency portal and intranet.

 Control: Contains applications and processes for risk management, SBS reports, anti money-
laundering efforts and audits.

 Operations: Contains applications and processes for:
o Loans and recoveries through the COFIDE operations control system.

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o Investment management systems for our investments and monitoring programs of financial
information sources, such as Bloomberg, Reuters, Datatec.
o Techo Propio: an integrated program of granting Techo Propio loans that identifies and records
the beneficiary, and all steps through, including the processes of allocation and registration of real
estate projects.
o Commercial, with customer systems, care and follow-up claims to real estate.
 Back office: Contains enterprise resource management software that manages the entire procurement
flow, our budget, human resources functions, and treasury and accounting.
We are in the process of updating our IT platform to deploy modern technology to support critical and non-
critical processes. The approximately US$1.0 million IT infrastructure improvement program is expected to be
completed by the end of this year and includes:
 improvements to our IT platform with upgrades to wires and switches;
 new asset and liability management software for optimal management of our investments and
accounts receivable;
 new software to optimize the Techo Propio subsidy we administer on behalf of the Peruvian state,
and
 a new platform aimed at microfinance institutions that do not have the appropriate technology for
the placement of our loan products.
Facilities
We lease our headquarters, located at Av. Paseo de la República 3121, San Isidro-Lima, Peru. We have not
acquired other properties that would be material to our business and financial condition. At some point in the future,
we are planning to acquire a new property that will be used as our headquarters.
Employees
As of December 31, 2012, we had 94 full-time employees. We conduct our hiring process independently, in
accordance with FONAFE’s administrative guidelines. As part of our strategy to continuously improve our
long-term competitiveness, we emphasize investment in human resources. Our employees are not unionized, are not
a party to collective bargaining agreements and have not been involved in a strike or work stoppage.
We believe our employees are key to our business and in helping us successfully achieve our objectives.
We focus our investments in human resources on providing continual, high-quality training to our employees. We
encourage all of our employees to complete at least one training program per year that are sponsored by us.
Competition
As a participant in the mortgage market, we provide intermediate financing mainly to larger Peruvian
financial institutions, as well as municipal and rural financial institutions. These intermediary financial institutions
ultimately provide mortgage loans to individuals, focusing on lower- and middle income working families, and can
determine if they will place our products or not. Increased access to international capital markets, as well as the
recent development of the Peruvian capital markets may provide alternative funding opportunities for the
intermediary financial institutions that place our loans, reducing demand for our products. In addition, as we
continue to prove the viability of our business model, other intermediary financial institutions may offer similar
products, and as a result, we may face more intense competition from the traditional Peruvian banking system.
Legal Proceedings
We are a party to a number of legal proceedings in the ordinary course of our business. We are also party to
a number of legal proceedings that relate to labor disputes involving former employees. These proceedings are not
likely to have a material adverse effect on our financial condition and results of operations.

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REGULATORY
General Overview
Comptroller General of the Republic
We are subject to the supervision of the Comptroller General of the Republic (the “Comptroller General”).
Under Peruvian Law, any entity in which the Republic of Peru holds an equity interest is subject to the supervision
of the Comptroller General.
The Comptroller General is the regulatory authority of the National Control System (Sistema Nacional de
Control), which is responsible for supervising the systems and proceedings of the government and its affiliates in
order to ensure the correct, efficient and transparent use and management of the government’s resources and assets,
and the activities and roles of public officers.
Ministry of Housing, Construction and Sanitation (MVCS)
Pursuant to Law No. 28579 (Ley de Conversión del Fondo Hipotecario de Promoción de la Vivienda –
Mivivienda a Fondo MIVIVIENDA S.A.), we are part of the MVCS umbrella and must follow their general policies.
The MVCS is the regulatory authority in charge of the approval, execution and supervision of the public policies in
connection with housing, urban matters, construction, infrastructure and sanitation projects.
FONAFE
Pursuant to Law No. 28579 (Ley de Conversión del Fondo Hipotecario de la Promoción de la Vivienda –
Mivivienda a Fondo MIVIVIENDA S.A.), we are wholly owned by FONAFE, a Peruvian state-owned company that
is responsible for managing the Peruvian government’s corporate affairs.
FONAFE is responsible for, among other things (i) making the Peruvian government’s capital contributions
to Peruvian state-owned companies, (ii) making budget allocations as determined by the Peruvian government to
finance its business activities, and (iii) making other allocations from the profits generated from Peruvian state-
owned companies.
FONAFE’s resources are comprised of: (i) the annual contributions made by the Peruvian Public Treasury,
(ii) 100% of all distributable profits obtained from all Peruvian state-owned companies, and (iii) any income
FONAFE may generate from its own operations. Such resources are mainly allocated to capital contributions to new
or existing entities owned by the Peruvian government.
General Overview of the Peruvian Banking Regulatory Framework
According to SBS Resolution No. 980-2006, we are deemed part of the Peruvian National Financial System
and, as such, we are subject to the Peruvian Banking Law and SBS’s regulations. The regulatory framework for the
operation of the institutions that are part of the Peruvian national financial system and for investments that the
Republic of Peru holds in COFIDE, Banco de la Nación, Banco Agropecuario and Fondo MIVIVIENDA, is set
forth in the Peruvian Banking Law, which was enacted in December 1996.
In June 2008, as a way to facilitate the adoption process to the Basel II principles, the Peruvian Banking
Law was amended by Legislative Decree No. 1028 and Legislative Decree No. 1052, to comply with the
international standards. The changes introduced have been designed to be implemented progressively. The SBS has
issued several regulations that seek to adapt the Peruvian financial system to the new Basel Capital Accord.
Peruvian banks and other regulated institutions owned by the Republic of Peru, such as us, are principally regulated
by the SBS.

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SBS
The SBS is the regulatory authority responsible for the implementation and enforcement of the Peruvian
Banking Law and, more generally, for the supervision and regulation of all banks and other financial institutions in
Peru. Since July 2005, the SBS has also been responsible for supervising the Peruvian private pension funds and us.
The purpose of the SBS is to: (i) protect the public interest; (ii) safeguard the financial stability of the
institutions over which it has authority; and (iii) penalize violations of its rules and regulations.
The responsibilities of the SBS include the following: (i) reviewing and approving, with the assistance of
the Peruvian Central Bank, the establishment, organization and operations of the institutions it regulates and their
subsidiaries; (ii) overseeing mergers, dissolutions and reorganization of banks, financial institutions and insurance
companies; (iii) supervising financial, insurance and related companies from which information on an individual or
consolidated basis is required, through changes in ownership and management control; (iv) reviewing the by-laws
and related amendments of these companies; (v) setting forth criteria governing the transfer of bank shares, when
permitted by law, valuing assets and liabilities for purposes of establishing minimum capital requirements; (vi)
controlling the Bank Risk Assessment Center (Central de Riesgos), to which all regulated financial institutions are
legally required to provide information regarding all business and individuals with whom they deal regardless of the
credit risk (the information provided is made available to all banks and other regulated institutions to allow them to
monitor individual borrowers’ overall exposure to Peru’s financial system); and (vii) supervising the anti-money
laundering system through its financial intelligence unit.
The SBS enforces the Peruvian Banking Law on an ongoing basis through periodic resolutions. The
Peruvian Banking Law provides for strict loan loss reserve standards, aligns asset risk weighing with the Basel
Committee on Banking Supervision guidelines and includes the supervision of holding companies of financial
institutions by the SBS.
Similar to other financial institutions in Peru subject to the supervision of the SBS, we are required to
provide to the SBS, on a periodic basis, our audited financial statements, board of directors’ reports, auditor’s
reports and any other reports which reflect the operation of our business.
The SBS also conducts an annual on-site examination to ensure compliance with the Peruvian Banking
Law and the rules and regulations thereunder.
The SBS has the power to impose administrative sanctions on institutions subject to its supervision,
including their directors and employees, as a result of any violation of the Peruvian financial system rules. Sanctions
vary from monetary fines to revoking licenses. The SBS may also sanction directors and other officers of the
institutions that are subject to its supervision for breaching SBS regulations.
SMV
The Peruvian Capital Markets Superintendency (Superintendencia de Mercado de Valores or the “SMV”)
is the Peruvian securities market regulatory authority. Its main purpose is to promote, supervise and regulate the
securities market, the transactions of individuals and institutions participating in the capital markets and enforce
compliance of the Peruvian Securities Market Law and its regulations.
In addition, under our organizational documents, we may act as the grantor, trustee or beneficiary of
mortgage securitization transactions for the purpose of financing housing projects. In the event that we act in such
capacity, we will be required to comply with certain specific regulations issued by the SMV in connection with such
transactions.

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Supervision and Regulation
Financial institutions’ regulations on capital adequacy in Peru take into account the recommendations of
the Basel Committee. The SBS has taken into account the principles and guidelines of Basel II and Base III in
implementing local regulations. Accordingly, the SBS has been gradually increasing the minimum regulatory capital
requirement.
Implementation of Basel II principles
To carry out the implementation of Basel II, the SBS has approved a schedule of two phases: a first
mandatory phase and a second voluntary phase. During the first phase, which started in 2008 and ended in June
2009, the SBS performed quantitative impact studies and drafted the most important regulations. On June 22, 2008,
Legislative Decree No. 1028 was issued, which contains certain amendments to the current Peruvian Banking Law,
most of which were aimed to adapt the banking regulations to Basel II standards.
In order to conform to Basel II standards, the methodology for measuring credit, market and operational
risks has been amended to allow both standardized and internal model-based methods for measuring market and
credit risks. All Peruvian financial institutions should have implemented the standardized approach methodology by
June 2009. Financial institutions are able to request validation and approval to implement the internal rating-based
(“IRB”) methodology. Only those financial institutions that apply to use the IRB methodology will follow the
second phase of implementation of Basel II standards.
The second phase consists of a validation process of the IRB methodology by the SBS and its subsequent
approval. Once the IRB methodology has been validated and approved by the SBS, the relevant financial institution
will use regulatory capital floors to calculate their capital requirements. The amount of required capital may not be
less than the percentage of capital requirements obtained under the methodology.

First Year Second Year Third Year
Basic IRB and Internal Models
of Credit Risk ........................................................... 95% 90% 80%
Advanced Models of Credit Risk
and/or Operational Risk ....................................... 90% 80% –
Implementation of Basel III Principles
In order to implement the Basel III principles, in July 2011 the SBS approved Resolution No. 8425, which
requires additional regulatory capital based on the risk profile of each financial institution in accordance with the
guidelines approved by the SBS. The new resolution also includes capital requirements based on the Basel III
principles related to capital conservation in order to mitigate the following risks: (a) economic cycle risk, (b)
business concentration risk (by individual industry and/or region), (c) market concentration risk, (d) banking book
risk and (e) other risks. The new regime will be implemented in phases over time as follows:
Implementation Date
Percentage Required of Additional
Capital Requirement
July 2012 ....................................................................... 40%
July 2013 ....................................................................... 55%
July 2014 ....................................................................... 70%
July 2015 ....................................................................... 85%
July 2016 ....................................................................... 100%

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As of the date of these listing particulars, we are in compliance with the additional capital requirement
applicable to the period from July 2012 through July 2013.
Legal reserve requirements
Pursuant to Article 67 of the Peruvian Banking Law, all financial institutions are required to have a legal
reserve. A financial institution under the jurisdiction of the Peruvian Banking Law must allocate 10% of its net
income to its legal reserve until its legal reserve is equal to 35% of its paid-in capital. Any subsequent increases in
paid-in capital will imply a corresponding increase in the required level of the legal reserves to be funded as
described above.
Lending limits
Under Article 204 of the Peruvian Banking Law, the total amount of credits and financings granted by a
financial institution to another financial institution may not exceed 30% of such financial institution’s regulatory
capital. There are other limits that require banks or any other regulated institution to diversify their portfolio with
counterparties other than financial institutions through different types of assets, giving preference to liquid and low-
risk assets.
Lending to related parties
The Peruvian Banking Law regulates and limits transactions with related parties and affiliates of financial
institutions. In 1997, the SBS and the SMV enacted regulations containing definitions of indirect ownership, related
parties and economic groups, which serve as the basis for determining limits on transactions with related parties and
affiliates. These regulations also provide the basis for the subsequent development of specific supervision standards
of financial institutions and conglomerates formed by financial institutions.
Additionally, pursuant to Article 202 of the Peruvian Banking Law, the aggregate amount of loans to
related- party borrowers may not exceed 30% of a bank’s or any other regulated institution’s regulatory capital. For
purposes of this test, related-party borrowers include any person or an affiliate of that person, holding, directly or
indirectly, 4% or more of a bank’s or any other regulated institution’s capital stock or having significant influence
on the bank’s or any other regulated institution’s management.
All loans to related parties must be made on an arm’s-length basis with terms no more favorable than the
terms that we would offer to the public.
In addition, under Article 201 of the Peruvian Banking Law, the total amount of loans extended to
directors, officers, employees or close relatives of any such persons may not exceed 7% of a bank’s or any other
regulated institution’s regulatory capital. All loans made to a single related-party borrower may not exceed 0.35% of
a bank’s or any other regulated institution’s regulatory capital (i.e., 5% of the overall 7% limit) per each person,
including such person’s spouse and relatives. In addition, the Peruvian Banking Law generally provides that banks
and the other regulated institutions may not extend credit to or guarantee the obligations of employees or members
of the board of directors, except for home mortgage loans to employees and directors.
Classification of the loan portfolio
We classify our loan portfolio in accordance with SBS regulations. In accordance with SBS Resolution No.
11356-2008, as of July 1, 2010, we must classify our loan portfolio partly as a “Corporate loan” (créditos
corporativos), with respect to the risk we undertake with financial institutions, and partly as a residential mortgage
loans, with respect to the risk we undertake with the final borrowers, although we only grant loans to Peruvian
financial institutions.

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Loan loss reserves
Procedures relating to loan loss reserves are set forth in regulations issued by the SBS. Banks and the other
regulated institutions, such as us, are required to classify its borrowers in one of the following categories:
 Normal (Normal): Borrowers that fall in this category are no more than 30 days behind their
payments.
 Potential Problem (Problema Potencial): Borrowers are 31 to 60 days behind their payments.
 Substandard (Deficiente): Borrowers in this category are 61 to 120 days behind their payments.
 Doubtful (Dudoso): Loans or credits included in this category are known as doubtful credits.
Borrowers are 121 to 365 days behind their payments.
 Loss (Pérdida): Borrowers that fall in this category are at least 365 days behind their payments.
Our direct borrowers, Peruvian financial institutions, are classified as Normal and Potential Problem. Our
loan portfolio placed by the financial institution has all five classifications.
SBS regulations require Peruvian banks and other regulated institutions to maintain two types of loan loss
reserves: (a) general loan loss reserves (provisiones genéricas) on their total direct and indirect loan portfolio that is
classified as “Normal” (Normal), with an allowance rate of a minimum of 0.7% for corporate loans, large- sized
business loans and residential mortgage loans, and (b) specific reserves (provisiones específicas) on their total direct
and indirect loan portfolio classified under the Potential Problem, Substandard, Doubtful and Loss categories, at an
allowance rate of 5%, 25%, 60% and 100%. These percentages may be reduced if the loans are secured with certain
types of collateral and for certain special types of loans, provided that certain requirements are satisfied.
As of December 31, 2008, banks and other regulated institutions, such as us, were required to make
dynamic loan loss reserves (provisiones procíclicas) based on the behavior of Peru’s annualized average GDP over
the last 30 months, as determined and published by the Peruvian Central Bank. On September 10, 2009, the SBS,
through Circular No. B-2181-2009, suspended the pro-cyclical requirements. The suspension is generally lifted
when the annualized average change in GDP over the last thirty (30) months is equal to or higher than 5%. The
suspension was lifted in September 2010, through Circular No. B-2193-2010.
We must report loan classifications on a monthly basis to the SBS. The worst classification assigned to a
single person by any bank or other regulated institution, such as us, affects classification and provisioning
requirements for all other banks and the other regulated institutions, which means that all banks and the other
regulated institutions by the SBS are bound by the worst classification that is assigned to any given debtor by any
bank and the other regulated institution in the Peruvian banking system.
Corporate loans are, among others, those granted to companies with annual sales of more than S/.200
million during the last two years, accordingly to their latest audited financial statements. Large-sized company loans
are those granted to companies: (a) with annual sales of more than S/.20 million but less than S/.200 million during
the last two years, accordingly to their latest financial statements; or (b) having outstanding debt instruments in the
capital market in the last year. Medium-sized company loans are those extended to companies that have outstanding
loans with local financial institutions during the last six months, in an amount greater than S/.300,000, but that do
not meet the requirements to be classified as “corporate” or “large-sized company.” Small-sized company loans are
those extended to finance the production and sale of goods and services of companies or individuals which, during
the last six months, had outstanding loans with local financial institutions (other than residential mortgage loans) in
an amount greater than S/.20,000 but less than S/.300,000. Micro-business loans are those extended to finance the
production and sale of goods and services of companies or individuals which, during the last six months, had
outstanding loans with local financial institutions (other than residential mortgage loans) of less than S/.20,000.
Revolving consumer loans are revolving credits extended to individuals to pay for goods, services or expenses, not
related to business activities. Non-revolving consumer loans are non-revolving credits extended to individuals to pay

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for goods, services or expenses, not related to business activities. Residential mortgage loans are loans extended to
individuals for the purchase, construction, remodeling, subdivision or improvement of the individual’s own home, in
each case secured by a mortgage. The classification of a loan determines the amount of allowance that should be
recorded in the event that the borrower defaults in its payments.
Risk of over-leveraged consumers
According to SBS Resolution No. 6941-2008, as amended, banks and other regulated institutions, such as
the financial institutions that place our loans, must adopt a system to manage the risk of over-indebtedness that (a)
mitigates such risk before and after making the loan, (b) constantly monitors the portfolio to identify over-leveraged
borrowers and (c) periodically evaluates control mechanisms used and any corrective actions or improvements
required, as the case may be.
The board of directors of banks and other regulated institutions, such as the financial institutions that place
our loans, are responsible for (i) establishing and reviewing the policies and proceedings for the identification,
measurement, treatment, control, reporting and monitoring of the risk from the level of indebtedness of its consumer
banking customers and (ii) causing management to adopt the necessary measures to monitor and control such risks.
We do not directly undertake these activities as we lend exclusively to financial institutions. In addition, the board of
directors must cause the bank or the regulated institution to have an organizational structure that guarantees total
independence between the risk and the commercial divisions and that the incentive schemes for employees’
performance do not cause a conflict of interest with risk management policies.
Integral Risk Management
SBS Resolution No. 37-2008, enacted in January 2008, contains guidelines for integral risk management of
financial institutions. Integral risk management is a process intended to identify potential events that can affect
banks or other regulated institutions and to manage those events according to its nature and risk level. This new
regulation covers all kinds of risks that could affect a banking operation, such as operational, market, credit,
strategic, liquidity, legal and reputational risks.
Investments in financial instruments
Investment in financial instruments by Peruvian banks and other regulated institutions, such as us, is
restricted to those financial instruments listed in the Peruvian Banking Law, such as equity instruments traded on a
stock exchange, debt instruments (to the extent that certain requirements are satisfied), sovereign debt instruments
and shares in mutual and investment funds, among others.
Pursuant to SBS Resolution No. 7033-2012, which became effective on January 1, 2013, investments in
financial instruments by Peruvian banks and other regulated institutions, such as us, must be classified into any of
the following categories: (a) investments at fair value with changes in results (short-term), (b) investments available
for sale, (c) investments held to maturity (long-term) and (d) investments in subsidiaries, affiliates and joint
ventures.
Financial instruments are valued at their market value, provided that there is an active market for them. If
there is no active market for a financial instrument, then such financial instrument will be valued pursuant to
methodologies and models that allow the determination of the fair value of such financial instruments or, as
approved by the SBS, pursuant to valuations made by valuation institutions or other sources of information that
publish or sell market prices.
Banks and other regulated institutions, such as us, will evaluate, on a quarterly basis, if there is evidence
that a financial instrument in which it has invested has lost value and will make the corresponding provisions. For
such purposes, a bank and other regulated institutions will lower the value of a financial instrument to its
recoverable value if there is objective evidence of a deterioration of such financial instruments as a consequence of
an event occurring after its initial registration on the bank’s balance sheet, to the extent that such event has a
negative impact (that can be measured with confidence) on the future cash flows of the financial instrument.

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Credit risk
According to the Peruvian Banking Law, banks and other regulated institutions are allowed to use the
internal rating-based (“IRB”) methodology instead of the standardized methodology for calculating their regulatory
capital requirement for credit risk, after receiving prior approval from the SBS.
Under SBS Resolution No. 14354-2009, banks and other regulated institutions are allowed to use the
standardized methodology and, with the prior approval of the SBS, IRB methodologies for calculating their
regulatory capital requirement for credit risk. We have decided not to request approval from the SBS to adopt the
IRB methodology. At the moment we use the standardized methodology.
In addition, according to SBS Resolution No. 3780-2011, banks and other regulated institutions are
required to implement an organizational structure and certain procedures in connection with control on interests
management and strategic needs procedures in order to adequately manage credit risk.
Market risk
Regulations for the supervision of market risk, enacted in May 1998, require banks and other regulated
institutions to establish internal policies and procedures to monitor market risk, as well as market risk exposure
limits. Regulations define market risk as the probability of loss derived from exposure to various classes of
commodities, securities, foreign exchange, derivative operations or commercial assets that banks and the other
regulated institutions may hold in their portfolio, which may, or may not, be accounted for in their balance sheets.
Since July 1, 2009, banks and other regulated institutions have been allowed to use the IRB methodology
(subject to prior approval by the SBS) in substitution of the standardized methodology.
Operational risk
SBS Resolution No. 2115-2009, enacted in April 2009, sets forth the methodology to be applied, and the
requirements to be satisfied by banks and other regulated institutions, including us, to calculate their regulatory
capital requirement for operational risk under the IRB methodology, the alternative standardized methodology and
the advanced methodologies. The IRB methodology uses a bank’s gross operational margin as an “exposure
indicator” and its application does not require the prior approval by the SBS. Application of the alternative
standardized methodology or the advanced methodologies requires compliance with certain provisions included in
SBS Resolution No. 2115-2009 and prior approval from the SBS.
SBS Resolution No. 2116-2009, enacted in April 2009, which approves the guidelines for managing
operational risk, defines “operational risk” as the possibility of suffering losses due to inadequate procedures,
failures of personnel, information technology or external events, including, without limitation, legal risks (but
excluding strategic and reputational risk). It also establishes that a bank’s board of directors is responsible for
designing the general policies to manage operational risk and that a bank’s and other regulated institutions’
management is in charge of implementing such policies. Finally, it provides that each bank is obligated to create a
database of all of such bank’s losses due to operational risk, classifying such losses by event.
Integral Risk Management
SBS Resolution No. 37-2008, enacted in January 2008, contains guidelines for integral risk management of
financial institutions. Integral risk management is a process intended to identify potential events that can affect
banks or other regulated institutions and to manage those events according to its nature and risk level. This
regulation covers all kinds of risks that could affect a banking operation, such as operational, market, credit,
strategic, liquidity, legal and reputational risks.

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Anti-Money Laundering Rules
Money laundering is considered a criminal act in Peru. A special legal framework was established in April
2002, which follows the 40 recommendations of the Financial Action Task Force on Money Laundering, or
“FATF,” established by the G-7. Since then, this legal framework has been amended in order to improve and
increase the efficiency of the Peruvian anti-money laundering system.
Money laundering includes a wide range of serious offenses such as tax evasion, terrorism, drug
trafficking, corruption and other criminal activities. A special set of anti-money laundering rules applies specifically
to banks and other regulated institutions, which include specific rules for customer and employee due-diligence and
record-keeping. In March 2008, the SBS enacted additional anti-money laundering provisions, pursuant to which,
among other things, banks and other regulated institutions, including us, must establish a set of policies and
procedures specifically aimed to prevent asset laundering and the financing of terrorist activities. In November 2008,
the SBS modified the anti-money laundering provisions to include, among other changes, the obligations of
Peruvian banks to verify that their branches and foreign subsidiaries comply with the anti-money laundering and
terrorism financing provisions enacted by the SBS and with the recommendations of the FATF.
The government agency responsible for supervising the anti-money laundering system is the Peruvian
financial intelligence unit, which was made part of the SBS in July 2007. The chairman of this agency is appointed
by the chairman of the SBS.
On February 17, 2011, the SBS modified current anti-money laundering provisions through SBS
Resolution No. 2108-2011, in order to adapt these provisions to international standards established by the Financial
Action Task Force of South America (Grupo de Acción Financiera de Sudamérica, or “GAFISUD”).
Intervention by the SBS and Liquidation
Pursuant to the Peruvian Banking Law, the SBS has the power to halt the operations of a financial
institution under its supervision in order to prevent it from, or to control and reduce the effects of, the failure of a
financial institution. Accordingly, the SBS may intervene in a financial institution’s business by adopting either a
temporary surveillance regime (“Surveillance”) or a definitive intervention regime (“Intervention”) depending on
how critical the situation is deemed to be by the SBS. Either of these actions, depending on the event, must be
adopted upon the occurrence of certain events, including (a) suspension of payments; (b) repeated failure to comply
with instructions from the SBS or the Peruvian Central Bank; (c) repeated violations of the Peruvian Banking Law
or the financial institution’s by-laws; (d) unauthorized or unsound management; or (e) deficit of regulatory capital
(to the extent that if it is in excess of 50%, then an Intervention is mandatory). Less drastic measures, such as (i)
placing additional requirements, (ii) ordering a capital increase or an asset divesture, or (iii) imposing a financial
restructuring plan, may be adopted by the SBS when the situation allows for them.
An Intervention may suspend a financial institution’s operations for up to 45 days, which may be extended
for a second period of up to 45 additional days, during which time the SBS may institute measures such as (a)
canceling losses by reducing reserves, capital and subordinated debt; and (b) segregating certain assets and liabilities
for transfer to another financial institution. After an Intervention, the SBS will proceed to dissolve and liquidate the
financial institution unless it merges with another acquiring institution or another recovery measure is adopted.
Beginning on the date on which a resolution of the SBS subjecting a financial institution to an Intervention
regime is issued, and continuing until such Intervention is concluded (which period ends when the liquidation
process begins), the Peruvian Banking Law prevents any creditor of the financial institution from: (a) initiating any
judicial or administrative procedure for the collection of any amount owed by the financial institution, (b) enforcing
any judicial decision rendered against the financial institution to secure payment of any of its obligations, (c)
constituting a lien or attachment over any of the assets of the financial institution to secure payment of any of its
obligations, or (d) making any payment, advance or netting payment obligations or assuming any obligation on
behalf of the financial institution, with the funds or assets that may belong to it and are held by third parties, except
for: (i) the netting of payment obligations that are made between regulated institutions of the Peruvian financial
system and insurance systems, and (ii) under certain circumstances, the netting of payment obligations arising from

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repurchase agreements and derivatives transactions entered into with local or foreign financial and insurance
institutions.
In a liquidation proceeding, claims filed by creditors of a financial institution rank as follows:
First order - Labor claims:
1st. Employee compensation.
2nd. Social benefits, contributions to the private and public pension system and other labor claims against
the financial institution accrued until the date when the dissolution is declared, retirement pensions or the capital
required to redeem those pensions or to secure them by purchasing annuities.
Second order – If applicable, claims for financial institution deposits and other types of saving instruments
provided under the Peruvian Banking Law, in the portion not covered by the Deposit Insurance Fund, as well as any
claims of the Deposit Insurance Fund with respect to its contributions.
Third order - Taxes:
1st. Claims by the Peruvian social security administration (EsSalud) related to health care benefits for
which the financial institution is responsible as employer.
2nd. Taxes.
Fourth order - Unsecured and non-privileged claims:
1st. All unsecured and non-privileged claims against the financial institution rank (unless otherwise agreed
in such instances among creditors) on the basis of the date they were assumed or incurred by the financial
institution, whereby obligations assumed or incurred on an earlier date shall rank senior in right of payment to
obligations assumed or incurred by the financial institution at a later date. Obligations assumed or incurred by the
financial institution on a date that cannot be determined shall rank junior in right of payment to all the obligations
assumed or incurred on a determinable date and pari passu among themselves.
2nd. The legal interests on the financial institution’s obligations that may accrue during the liquidation.
3rd. Subordinated debt.
Except for unsecured and non-privileged claims (unless otherwise agreed in such instances amongst
creditors), all claims within an order will be ranked pari passu among themselves. Each category of creditors will
collect in the order indicated above, whereby distributions in one order will be subject to completing full distribution
in the prior order.
Any security interest created before the issuance of the resolution declaring the financial institution’s
dissolution and the initiation of the liquidation process shall subsist in order to guarantee the obligations it secures.
The secured creditors shall retain the right to collect from the proceeds of the sale of the collateral, on a preferred
basis (except with respect to labor claims and savings, which are privileged claims), subject to certain rules
established under Article 119 of the Peruvian Banking Law.
Peruvian financial institutions, such as us, are not subject to the regime of insolvency and bankruptcy
otherwise applicable to Peruvian corporations in general.

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MANAGEMENT
Board of Directors
Our board of directors consists of five members, all of whom are independent as defined under applicable
law in Peru. The business address of each director is Fondo MIVIVIENDA S.A. – Av. Paseo de la República 3121,
San Isidro, Lima 27, Peru. Set forth below are the names, positions, dates of appointment, expiration of appointment
and brief biographical descriptions of the members of our board of directors as of the date hereof. Each director is
appointed for a term of three years of service.
Name Position
Date of
Appointment
Expiration of
Appointment
Luis Piazzon Gallo Chairman September 27, 2011 September 26, 2014
Daniel Eduardo Hiromoto Osaki Director September 27, 2011 September 26, 2014
Lydia Aurora Arbaiza Fermini Director September 27, 2011 September 26, 2014
Hernando Wilson Jara Facundo Director December 12, 2011 December 12, 2014
Juan Cristobal Castellano Tataje Director December 12, 2011 December 12, 2014

Luis Angel Piazzon Gallo has served as the chairman of our board of directors since September 27, 2011.
He is a professor of finance and President of the Technology Committee at ESAN University, a member of the
board of Red Científica Peruana, and has served as director of several state owned companies such as Electroperu
S.A. and Essalud. Mr. Piazzon Gallo received a civil engineering degree from Universidad Nacional de Ingeniería
(UNI), a master in business administration from ESAN University and Ph.D. with a mention in Business
Administration, from Pennsylvania State University.
Daniel Eduardo Hiromoto Osaki has served as a director since September 27, 2011. Mr. Hiromoto Osaki is
chief operating officer of the division of consumer products at Medifarma S.A., decisions system vice president at
Equifax Peru S.A., production manager at Laboratorios Abeefe S.A. and chief financial officer at the Instituto
Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual (INDECOPI). Mr. Hiromoto
Osaki received an engineering degree from Universidad de Lima and a master degree in business administration
from ESAN University.
Lydia Aurora Arbaiza Fermini has served as a director since September 27, 2011. Ms. Arbaiza Fermini is a
professor of business administration and human resources at the Universidad de E.S.A.N. She has previously served
as consultant for Proinversión, vice president of human resources at GME S.A., and chief of internal control at Artes
Industriales S.A. Ms. Arbaiza Fermini is an associate professor and head of the business administration academic
section at Universidad Esan and a human resources consultant. Ms. Arbaiza Fermini received a industrial
engineering degree from Universidad de Lima, a master in business administration from Universidad ESAN and
Ph.D. in economic science with a mention in Organizational theory from Wissenschaftliche Hochschule für
Unternehmensführung (WHU).
Hernando Wilson Jara Facundo has served as a director since December 12, 2011. He is a management
consultant at the Instituto Nacional de Defensa Civil (Risk and Disasters National Institute) and financial consultant
to private companies. He previously served as financial manager at the Scharff Group (a local transportation
logistics company and the Peruvian franchisee of Federal Express) from 2003 to 2011, ARAMSA Contratistas
Generales from 1995 to 2001, and Manufacturas Record S.A. from 1991 to 1995, and as financial manager,
operating manager and economic studies chief at the Caja de Ahorros de Lima from 1985 to 1991. Mr. Jara Facundo
received an industrial engineering degree from Universidad Nacional de Ingeniería, a master in business
administration from Universidad San Ignacio de Loyola and Fullerton University, with a specialization in planning,
organization and administration.
Juan Cristobal Castellano Tataje has served as a director since December 12, 2011. In addition, Mr.
Castellano Tataje is the chief financial officer of Electronorte. He previously served as chief operating and financial
officer at Incot Contratistas Generales and has previously served as treasurer at PMP Holding and head of finance at
PromPerú. Mr. Castellano Tataje received a degree in economics from Universidad de Lima and a master degree in
business administration from Universidad San Ignacio de Loyola.

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Executive Officers
We are currently managed by seven executive officers. Our executive officers are appointed by the board of
directors for indefinite terms of office. The business address of each executive officer is Fondo MIVIVIENDA S.A.
– Av. Paseo de la República 3121, San Isidro, Lima 27, Peru. Set forth below are the names, positions, dates of
appointment and brief biographical descriptions of each executive officer as of the date hereof.
Name Position
Gerardo Carlos Rinhold Freiberg Puente Chief executive officer
José Andrés Olivares Canchari Chief financial officer
Carlos Manuel Zapata Paulini Chief risk officer
Cecilia Del Carmen Sobrino Ampuero Chief administrative officer
Rodolfo Rafael Santa María Razzeto Vice-president-real estate development
Gustavo Miguel Eduardo González de Otoya La Torre Vice president – sales
Víctor Eduardo Mendoza Arana Vice-president – operations
Mauricio Miguel Gustín De Olarte Chief legal officer

Gerardo Freiberg Puente has served as our chief executive officer since February 28, 2012. Mr. Freiberg
Puente previously served as chief executive officer of Differential Transactional Vision S.A.C. from February 2010,
and as chief executive officer of Michell y Cia S.A. from November 2007 to January 2010. Previously, Mr. Freiberg
Puente was chief financial officer of Agrícola Las Llamozas S.A. Mr. Freiberg Puente received a degree in industrial
engineering from Universidad de Lima and a master degree in business administration with a concentration in
finance from Universidad Esan.
Jose Olivares Canchari has served as our chief financial officer since January 27, 2012. Prior to assuming
his current role, he was director of financing and investment since March 2009. Mr. Olivares Canchari previously
served as head investment trader at COFIDE and as a supervisor at the SBS. Mr. Olivares Canchari received a
degree in economics from Universidad del Pacífico, a master degree in banking and financial law from Pontificia
Universidad Católica del Perú, and a master degree in financial engineering from Universidad de Alcalá de Henares.
Carlos Zapata Paulini has served as our chief risk officer since October 15, 2008. Mr. Zapata Paulini
previously worked in various bank capacities in the banking industry, including in the areas of business, risk,
recovery and process engineering, at BIF Bank, Banco de Comercio, Banco Financiero, and Banco Continental. Mr.
Zapata Paulini received a degree in industrial engineering from Universidad Mayor de San Marcos and a masters
degree in business administration from Universidad Esan.
Cecilia Del Carmen Sobrino Ampuero has served as our chief administrative officer since September 18,
2012. Prior to assuming her current role, Ms. Sobrino Ampuero served as our logistics director. Ms. Sobrino
Ampuero held several positions in EsSalud (the Peruvian social security system) since 1999 and at Fondo
MIVIVIENDA since 2004. Ms. Sobrino Ampuero received a degree in business administration from the Pontificia
Universidad Católica del Perú, and a master in business administration from Universidad del Pacífico.
Rodolfo Rafael Santa María Razzeto has served as our vice president-real estate development since
December 19, 2011. Mr. Santa María Razzeto has served in different positions with us since 2007. Mr. Santa María
Razzeto was professor at the Universidad Antenor Orrego and has 15 years of experience in the public sector,
having worked between 1998 and 2007 in local government in Trujillo and Chimbote, Peru. Mr. Santa María
Razzeto received a degree in architecture from the Universidad Antenor Orrego, completed a master program on
environmental-urban management and received several post graduate diplomas at Erasmus University, Inwent –
Furtwagen Universitat, the Blekinge Institute of Technology, the Lincoln Institute of Land Policy and Dresden
University of Technology.
Víctor Eduardo Mendoza Arana has served as our operations manager since October 2009. Prior to
assuming his current position, Mr. Mendoza Arana was director of portfolio management and recoveries since 2007.
Mr. Mendoza Arana has experience working in the public sector, having served in accounting, financial and
supervisory roles since 1970 for Emadi Peru, at the Unidad Técnica Especializada del Fondo Nacional de Vivienda,
at the Comisión Liquidadora del FONAVI – MEF and with us. Mr. Mendoza received a bachelor degree in
accounting sciences from the Universidad San Martin de Porres and postgraduate degrees in accounting and finance
from Universidad del Pacífico and Universidad ESAN.

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Gustavo Miguel Eduardo González de Otoya La Torre has served as our vice president of sales since
September 3, 2012. Mr. González De Otoya La Torre previously served as a professor, academic manager and
project manager at the Universidad del Pacífico and the Universidad ESAN. He has also worked for the Peruvian
Ministry of Foreign Commerce y Tourism (Ministerio de Comercio Exterior y Turismo), Banco Nuevo Mundo and
Asset Peru S.A. Mr. Universidad received a degree in economics from the Universidad de Lima and a master in
business administration from Universidad ESAN.
Mauricio Miguel Gustín De Olarte has served as our chief legal officer since August 21, 2012. Mr. Gustín
De Olarte previously served as Legal Manager at the Office of Legal Counsel of Essalud, from 2011 to 2012, as
Legal Counselor at the Office of Legal Counsel of the Presidency of the Council of Ministers of Peru from 2008 to
2011, and as Chief of the Legal and Human Resources Department of Mapfre Perú Insurance Company from 1999
to 2000. Mr. Gustín De Olarte has received a degree in law from the Pontificia Universidad Católica del Perú. In
addition, he has taught courses on insurance law and private international law at the Pontificia Universidad Católica
del Perú and Universidad San Martín de Porres.
Compensation
Compensation of our directors is set annually by FONAFE. Our directors receive a fixed payment per
meeting. In 2011, annual compensation to our board members totaled S/.94,500 in the aggregate and annual
compensation for our executive officers totaled S/.1.3 million in the aggregate.
Committees
We have four committees composed of members of our board of directors and two executive officer
committees.
Board Committees
Marketing Strategy Ad Hoc Committee: We are implementing a committee that will create our annual
marketing strategy as well as develop and implement our marketing materials.
Risk committee: The risk committee, composed of one director and two members of our senior management
team, approves our risk-related policies as well as our risk assessment structure. The committee also makes
recommendations on the allocation of our assets to the intermediary financial institutions that place our loans.
Internal audit committee: The audit committee, composed of two directors and one member of our senior
management team, monitors our accounting processes and financial reporting to ensure they are appropriate for our
business operations. This committee keeps the board of directors apprised of changing policies or reviews being
conducted internally.
Ethics Committee: We are implementing an ethics committee that will propose our internal ethics-related
guidelines to avoiding money laundering, financing of terrorist organizations and discrimination in the work
environment. The committee may be tasked with conducting investigations into allegations of unethical conduct and
creating an annual report to the board of directors on compliance to internal policies.
Executive Officer Committees
Management committee: The management committee supervises our compliance with periodic disclosure
obligations imposed by the SBS or by other regulators, as well responding to requests made by these entities. In
addition, the committee approves proposals made by our management that may require input from various internal
departments. The committee works to represent executive offices and maintain open dialogue with the board of
directors on the matters of mutual interest.
Internal control committee: The internal control committee overviews the training on our internal controls,
reviews our internal controls on an ongoing basis and proposes changes to our internal controls.

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SOLE SHAREHOLDER
Our only outstanding voting securities are our common shares. As of December 31, 2012, our capital stock
was of S/. 2,968,159,573 which was distributed among 2,968,159,573 common shares outstanding of par value S/.
1.00 each. Our capital stock is fully subscribed and paid in.
As of December 31, 2012, 100% of our outstanding common shares were held by FONAFE, a Peruvian
public company dependent of the MEF, and responsible for regulating and coordinating the business activities of
entities owned by the Peruvian government. We have not issued other classes of shares nor any kind of security
convertible into common stock or otherwise granting the right to subscribe shares of our capital stock.


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RELATED-PARTY TRANSACTIONS
The Peruvian Banking Law regulates and limits transactions with related parties and affiliates of financial
institutions. In 1997, the SBS and the SMV enacted regulations containing definitions of indirect ownership, related
parties and economic groups, which serve as the basis for determining limits on transactions with related parties and
affiliates. These regulations also provide the basis for the subsequent development of specific regulation standards
of financial institutions and conglomerates formed by financial institutions.

Pursuant to Article 202 of the Peruvian Banking Law, the aggregate amount of loans to related party
borrowers may not exceed 30% of a bank’s regulatory capital. For purposes of this test, related party borrowers
includes any person or an affiliate of that person, holding directly or indirectly, 4% or more of a bank’s capital stock,
or directors, certain of the bank’s principal executives officers or other persons in more junior positions affiliated
with the bank’s management. All loans to related parties must be made on an arm’s-length basis with terms no more
favorable than the best terms offered to non-related parties.

In addition, under Article 201 of the Peruvian Banking Law, the total amount of loans extended to
directors, officers, employees or close relatives of any such persons may not exceed 7% of a bank’s regulatory
capital. All loans made to such related party borrower may not exceed 0.35% of a bank’s regulatory capital (i.e., 5%
of the overall 7% limit) per each person, including her spouse and relatives. In addition the Peruvian Banking Law
generally provides that bank’s may not extend credit to or guarantee the obligations of employees or members of the
board of directors, except for home loans to employees or directors.

We do not have any related party transactions.

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DESCRIPTION OF THE NOTES

The notes offered pursuant to the offering memorandum dated January 24, 2013 were issued in accordance
to an indenture dated January 31, 2013 entered into by us, Citibank, N.A., as trustee and Banque Internationale à
Luxembourg SA, as Luxembourg paying agent and transfer agent. Under the indenture, we appointed a registrar,
paying agents and transfer agents, which are identified on the inside back cover page of these listing particulars. A
copy of the indenture will be available free of charge for inspection during normal business hours at the offices of
the trustee and any other paying agents. You should refer to the indenture for more detailed information of the terms
and conditions of the notes and the indenture, including our obligations and your rights.

You will find the definitions of capitalized terms used in this section under “—Definitions”.
General
The notes:
● will be our senior unsecured obligations;
● will initially be limited to an aggregate principal amount of US$500 million;
● will mature on January 31, 2023;
● will not be subject to redemption at our option prior to maturity, except as described under “—
Optional Redemption—Make-whole redemption” and “—Tax redemption”;
● will be issued in denominations of US$150,000 and integral multiples of US$1,000 in excess thereof;
and
● will be represented by registered notes in global form and may be exchanged for notes in certificated
form only in limited circumstances.
Interest on the notes:
● will accrue on their outstanding principal amount at the rate of 3.50% per year;
● will accrue from the date of issuance or from the most recent interest payment date;
● will be payable in cash semi-annually in arrears on January 31 and July 31 of each year, commencing
on July 31;
● will be payable to the holders of record on the January 15 and July 15 immediately preceding the
related interest payment dates (whether or not a business day); and
● will be computed on the basis of a 360-day year comprised of twelve 30-day months.
We may, from time to time, without notice or consent of the holders of the notes, create and issue an
unlimited principal amount of additional notes having the same terms and conditions (except for issue date, issue
price and, if applicable, the first payment date) as, and forming a single series with, the notes initially issued in
this offering. Any additional notes will be part of the same issue as the notes issued hereby, but may be
represented by a different CUSIP or ISIN number (and will be required to be represented by a different CUSIP or
ISIN number if they are not fungible with the notes issued hereby for U.S. federal income tax purposes), and will
vote on all matters as a single series with the notes issued hereby.
The indenture does not include any debt covenants or other provisions which afford holders of the notes
protection in the event of a highly leveraged transaction.

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Ranking
The notes will constitute our direct, senior unsecured obligations, except as provided below. Except as
provided below, our obligations under the notes will rank at all times pari passu in right of payment to all our future
unsecured and unsubordinated obligations. The notes will be effectively subordinated to (i) all of our future secured
indebtedness to the extent of the assets securing such indebtedness and (ii) certain other obligations that in the event
of our liquidation are granted preferential treatment under Peruvian law. See “Regulatory” and “Risk Factors – Risks
Relating to the Notes – Our obligations under the notes will be subordinated to certain statutory liabilities in the
event of insolvency”.

As of December 31, 2012, we had no secured indebtedness outstanding and approximately S/.213.7 million
(US$ 83.8 million) of unsecured indebtedness (not including debt due in respect of the Notes) outstanding with
Banco de la Nación, all of which, by operation of Peruvian Banking Law, would have priority of payment in the
event of our liquidation.


Optional Redemption
Make-whole redemption
The notes will be redeemable at our option in whole but not in part, at any time at a redemption price
equal to the greater of (1) 100% of the outstanding principal amount of the notes, and (2) the sum of the present
values of the remaining scheduled payments of principal and interest on the notes discounted to the date of
redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Rate plus 25 basis points, in each case plus accrued and unpaid interest to the date of
redemption.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the notes that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the notes.
“Comparable Treasury Price” means, with respect to the redemption date, (1) the average of five
Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest Reference
Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers reasonably designated
by us.
“Reference Treasury Dealer” means Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner
and Smith Incorporated or their affiliates which are primary United States government securities dealers and not
less than three other leading primary United States government securities dealers in New York City reasonably
designated by us; provided that if any of the former cease to be a primary United States government securities
dealer in New York City (a “Primary Treasury Dealer”), we will substitute therefor another Primary Treasury
Dealer.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and a
redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices
for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Independent Investment Banker by such Reference Treasury Dealer at or about 3:30 p.m., New
York City time, on the third business day preceding such redemption date.
“Treasury Rate” means, with respect to a redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to

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the Comparable Treasury Price for the redemption date.
Tax redemption
The notes will be redeemable at our option, in whole but not in part, at 100% of their outstanding
principal amount plus accrued and unpaid interest to the date of redemption and any Additional Amounts (as
defined under “—Additional Amounts”) payable with respect thereto, only if:
(1) on the next interest payment date we would, for reasons outside of our control, (i) be obligated to pay
Additional Amounts in excess of the Additional Amounts that we would pay if payments in respect of
the notes were subject to deduction or withholding at a rate of 4.99% generally (excluding any value
added taxes) or (ii) be obligated to make a payment to indemnify any holder or any other person in
respect of value added taxes, or be directly liable for value added taxes in respect of the notes,
determined in each case without regard to any interest, fees, penalties or other additions to tax, as a
result of any change in, or amendment to, the laws or regulations of any Taxing Jurisdiction (as
defined under “—Additional Amounts”) or any authority or agency thereof or therein having power to
tax, or any change in, or a pronouncement by competent authorities of the relevant Taxing
Jurisdiction with respect to, the official application or official interpretation of such laws or
regulations, which change, amendment or pronouncement occurs after the date of the indenture (or, in
the case of any withholding taxes imposed by the jurisdiction of the paying agent, after the date of
appointment of such paying agent); and
(2) such obligation cannot be avoided by us taking reasonable measures available to us; provided that for
this purpose reasonable measures shall not include any change in our jurisdiction of organization or
location of our principal executive office. For the avoidance of doubt, reasonable measures may
include a change in the jurisdiction of the paying agent, provided that such change shall not require us
to incur material additional costs or legal or regulatory burdens.
No such notice of redemption will be given earlier than 60 days prior to the earliest date on which we
would be obligated to pay such Additional Amounts or value added taxes if a payment in respect of the notes
were then due.
Prior to the giving of any notice of redemption of the notes as described under “—Notices”, we must
deliver to the trustee an officers’ certificate confirming that we are entitled to exercise such right of redemption.
We will also deliver an opinion of legal counsel of recognized standing stating that we would be obligated to pay
such Additional Amounts or value added taxes due to the changes in tax laws or regulations or changes in, or
pronouncements with respect to, the official application or official interpretation of such laws or regulations. The
trustee will accept this certificate and opinion as conclusive evidence of the satisfaction of the conditions
precedent set forth in clauses (1) and (2) above, and, upon delivery thereof to the trustee, it will be conclusive and
binding on the holders.
Redemption procedures
We will give a notice of redemption to the trustee and each holder (which, in the case of global notes,
will be The Depository Trust Company (“DTC”)) in accordance with the procedures described under “—Notices”
at least 30 days and not more than 60 days prior to the redemption date. A notice of redemption will be
irrevocable.
Unless we default in the payment of the redemption price, interest will cease to accrue on the notes on
and after the redemption date.
Open market purchases
We or any of our Affiliates may at any time purchase notes in the open market or otherwise at any price.
Change of Control Offer

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Upon the occurrence of a Change of Control (as defined below), unless we have exercised our option to
redeem the notes as described above under “Optional Redemption—Make-whole redemption”, we will be
required to make an offer (the “Change of Control Offer”) to each holder to repurchase all or any part (residual if
any equal to US$150,000 or any integral multiple of US$1,000 in excess thereof) of that holder’s notes at a
purchase price equal to 101.0% of the aggregate principal amount of notes repurchased plus accrued and unpaid
interest to the date of repurchase (the “Change of Control Payment”).
Within 30 days following the date upon which the Change of Control occurred, or, at our option, prior to
any Change of Control but after public announcement of the transaction that constitutes or may constitute the
Change of Control, a notice will be given to holders of the notes (with a copy to the trustee) describing the
transaction that constitutes or may constitute the Change of Control offering such holders to repurchase the notes
on the date specified in the notice (the “Change of Control Payment Date”), which date will be no earlier than 30
days and no later than 60 days from the date such notice is given or, if the notice is given prior to the Change of
Control, no earlier than 30 days and no later than 60 days from the date on which the Change of Control occurs.
The notice will, if given prior to the date of consummation of the Change of Control, state that the offer to
purchase is conditioned on the Change of Control occurring on or prior to the Change of Control Payment Date.
On the Change of Control Payment Date, we will, to the extent lawful:
(a) accept for payment all notes or portions of notes properly tendered pursuant to the Change of Control
Offer;
(b) deposit with the paying agents an amount equal to the Change of Control Payment in respect of all
notes or portions of notes properly tendered; and
(c) deliver or cause to be delivered to the trustee the notes properly accepted together with an officers’
certificate stating the aggregate principal amount of notes or portions of notes being repurchased.
We will publicly announce the results of the Change of Control Offer on or as soon as possible after the
Change of Control Payment Date.
“Change of Control” means if the Peruvian government ceases to (a) be the beneficial owner (as defined
in Rules 13d-3 and 13d-5 under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”)), directly or
indirectly, of more than 50.0% of our outstanding Voting Stock or (b) possess, directly or indirectly, the power to
direct or cause the direction of our management and policies, whether through the ownership of voting securities,
by contract or otherwise, in each case, including, without limitation, as a result of a consolidation or merger or
conveyance, transfer or lease of assets.
We will not be required to make a Change of Control Offer upon the occurrence of a Change of Control
if a third party makes such an offer in the manner, at the time and otherwise in compliance with the requirements
for an offer made by us and the third party purchases all notes properly tendered and not withdrawn under its
offer.
We will comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act,
and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable
in connection with the repurchase of the notes as a result of a Change of Control. To the extent that the provisions
of any such securities laws or regulations conflict with the Change of Control Offer provisions of the notes, we
will comply with those securities laws and regulations and will not be deemed to have breached our obligations
under the Change of Control Offer provisions of the notes by virtue of any such conflict.
Payments
We will make all payments on the notes exclusively in the currency of the United States as at the time of
payment will be legal tender for the payment of public and private debts.
We will make payments of principal, premium, if any, and interest on the notes to the paying agents.
The trustee will initially act as a paying agent with respect to the notes. So long as the notes are listed on the

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Luxembourg Stock Exchange, we will also maintain a paying agent in Luxembourg.
We will pay interest on the outstanding principal amount of the notes to the Persons in whose name the
notes are registered on the relevant record date (which, in the case of global notes, will be DTC) and will pay
principal and premium, if any, on the notes to the Persons in whose name the notes are registered on the due date
for payment (which, in the case of global notes, will be DTC). Payments of principal, premium, if any, and
interest in respect of each note will be made by the paying agents by wire transfer to the U.S. dollar account
specified by such Person or, if no such account is specified, by U.S. dollar check drawn on a bank in New York
City and mailed to the Person entitled thereto at its registered address. We will make payments of principal and
premium, if any, upon surrender of the relevant notes at the applicable corporate trust office of the trustee or any
of the paying agents.
Under the terms of the indenture, payment by us of any amount payable under the notes to the paying
agents in accordance with the indenture will satisfy our obligation to make such payment. We have agreed in the
indenture to indemnify the holders in the event that there is subsequent failure by the trustee or any paying agent
to pay any amount due in respect of the notes in accordance with the indenture as will result in the receipt by the
holders of such amounts as would have been received by them had no such failure occurred.
All payments will be subject in all cases to any applicable tax or other laws and regulations, but without
prejudice to the provisions of “—Additional Amounts”. No fees or expenses will be charged to the holders in
respect of such payments.
Subject to applicable law, the trustee and the other paying agents will pay to us upon written request any
monies held by them for the payment of principal, premium, if any, or interest that remains unclaimed for two
years, and, thereafter, holders entitled to such monies must look to us for payment as general creditors. After the
return of such monies by the trustee or the other paying agents to us, neither the trustee nor the other paying
agents will be liable to the holders in respect of such monies.
Form, Denomination and Title
The notes will be issued in fully registered form without coupons attached in minimum denominations
of US$150,000 and integral multiples of US$1,000 in excess thereof.
Notes sold in offshore transactions in reliance on Regulation S will be represented by one or more
permanent global notes in fully registered form without coupons deposited with a custodian for and registered in
the name of a nominee of DTC. Notes sold in reliance on Rule 144A will be represented by one or more
permanent global notes in fully registered form without coupons deposited with a custodian for and registered in
the name of a nominee of DTC. Beneficial interests in the global notes will be shown on, and transfers thereof
will be effected only through, records maintained by DTC and its direct and indirect participants, including
Euroclear and Clearstream. Except in certain limited circumstances, definitive registered notes will not be issued
in exchange for beneficial interests in the global notes. See “Form of the notes—global notes.”
Title to the notes will pass by registration in the register. The holder of any note will (except as
otherwise required by law) be treated as its absolute owner for all purposes (whether or not it is overdue and
regardless of any notice of ownership, trust or any interest in it, writing on, or theft or loss of, the definitive note
issued in respect of it) and no Person will be liable for so treating the holder.
Transfer of Notes
Notes may be transferred in whole or in part in an authorized denomination upon the surrender of the
note to be transferred, together with the form of transfer endorsed on it duly completed and executed, at the
applicable corporate trust office of the registrar or any transfer agent. Transfer of beneficial interests in the global
notes will be effected only through records maintained by DTC and its participants. See “Form of the notes”.
Notes will be subject to certain restrictions on transfer as more fully set out in the indenture. See “Transfer
restrictions.”

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The trustee will initially act as the registrar and as a transfer agent with respect to the notes. So long as
the notes are listed on the Luxembourg Stock Exchange, we will also maintain a transfer agent in Luxembourg.
Transfer will be effected without charge by or on behalf of us, the registrar or the transfer agents, but
upon payment, or the giving of such indemnity as the registrar or the relevant transfer agent may require, in
respect of any tax or other governmental charges which may be imposed in relation to it. The trustee (and any
registrar or transfer agents) may require a holder, among other things, to furnish appropriate endorsements and
transfer documents.
We are not required to transfer or exchange any note selected for redemption. No holder may require the
transfer of a note to be registered during the period of 15 days ending on the due date for any payment of
principal, premium, if any, or interest on that note.
Additional Amounts
All payments in respect of the notes will be made free and clear of and without any withholding or
deduction for or on account of any present or future Taxes (as defined below), unless the withholding or
deduction of such Taxes is required by law or the official interpretation thereof, or by the administration thereof.
If the applicable withholding agent is so required by any law of any Taxing Jurisdiction (as defined below) to
withhold or deduct any Taxes from or in respect of any sum payable under the notes, we will (a) pay such
additional amounts (“Additional Amounts”) as may be necessary in order that the net amounts receivable by
holders of any notes after such withholding or deduction equals the respective amounts which would have been
receivable by such holder in the absence of such withholding or deduction, (b) make such withholding or
deduction, and (c) pay the full amount withheld or deducted to the relevant tax or other authority in accordance
with applicable law, except that no such Additional Amounts will be payable in respect of any note:
(i) to the extent that such Taxes are imposed or levied by reason of such holder (or the beneficial
owner) having some connection with the Taxing Jurisdiction other than the mere holding (or
beneficial ownership) of such note or receiving principal or interest payments on the notes
(including but not limited to citizenship, nationality, residence, domicile, or existences of a
business, permanent establishment, a dependent agent, a place of business or a place of
management present or deemed present in the Taxing Jurisdiction);
(ii) to the extent that any Tax is imposed other than by deduction or withholding from payments of
principal, premium, if any, or interest on the notes;
(iii) in respect of any Tax that would not have been so withheld but for the failure by the holder (or
beneficial owner) to comply with any certification, identification or other reporting requirement
concerning nationality, residence, identity or connection with the Taxing Jurisdiction if (1)
compliance is required by applicable law, regulation, administrative practice or treaty as a
precondition to exemption from all or part of the Taxes, (2) the holder (or beneficial owner) is able
to comply with these requirements without undue hardship and (3) we have given the holders (or
beneficial owners) at least 30 calendar days prior notice that they will be required to comply with
such requirement;
(iv) in the event that the holder fails to surrender (where surrender is required) its note for payment
within 30 days after we have made available a payment of principal or interest, provided that we
will pay Additional Amounts to which a holder would have been entitled had the note been
surrendered on the last day of such 30-day period;
(v) to the extent that such Taxes are imposed by reason of an estate, inheritance, gift, personal
property, value added, use or sales tax or any similar taxes, assessments or other governmental
charges;
(vi) where such Taxes are imposed on a payment and are required to be made pursuant to European
Council Directive 2003/48/EC or any other Directive on the taxation of savings implementing the
conclusions of the European Council of Economic and Finance Ministers (ECOFIN) meeting of

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26 and 27 November 2000 or any law implementing or complying with, or introduced in order to
conform to, such Directive;
(vii) to or on behalf of a holder who would have been able to avoid such Taxes by presenting the
relevant note to another paying agent in a member state of the European Union; or
(viii) any combination of items (i) through (vii) above.
Furthermore, no Additional Amounts will be paid to a holder that is a fiduciary or a partnership or not
the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such fiduciary,
a member of such partnership or such beneficial owner would not have been entitled to receive the Additional
Amounts had such beneficiary, settlor, member or beneficial owner been the holder.
Notwithstanding the above, for Peruvian law purposes, we will be treated as assuming the obligation of
any Taxes and any Additional Amounts in respect thereof, subject to the conditions and exclusions described
above.
“Taxes” means, with respect to payments on the notes, all taxes, withholdings, duties, assessments or
governmental charges in the nature of a tax imposed or levied by or on behalf of Peru or, in the event that we
appoint paying agents outside of Peru, the jurisdiction of any such paying agents (including, for the avoidance of
doubt, Luxembourg) or, in each case, any political subdivision thereof (each, a “Taxing Jurisdiction”) or any
authority or agency therein or thereof having power to tax.
We will provide the trustee with the official acknowledgment of the relevant taxing authority (or, if such
acknowledgment is not available, other reasonable documentation) evidencing any payment of any Taxes in
respect of which we have paid any Additional Amounts. Copies of such documentation will be made available to
the holders of the notes or the paying agents, as applicable, upon request therefor.
In addition, we will pay any stamp, issue, excise, property, registration, documentary or other similar
taxes and duties, including interest and penalties, imposed by a Taxing Jurisdiction in respect of the creation,
issue, offering, execution, delivery, enforcement or registration of the notes, the indenture or any other document
or instrument in relation thereof. We will also pay and indemnify the trustee and the holders from and against all
court taxes or other taxes and duties, including interest and penalties, imposed by a Taxing Jurisdiction and paid
by any of them in any jurisdiction in connection with any action permitted to be taken by the holders to enforce
our obligations under the notes. In addition, notwithstanding the language in items (ii) and (v) above, we will pay
and indemnify the holders against any Peruvian value added tax that is imposed on a payment of interest on the
notes, except to the extent that such Peruvian value added tax is described in (or Additional Amounts would not
be paid pursuant to) items (i), (iii), (iv), (vi) or (vii) above (or any combination thereof).
All references in these listing particulars to principal, premium, if any, and interest on the notes will
include any Additional Amounts payable by us in respect of such principal, premium, if any, and interest.
If we are or will become obligated to pay Additional Amounts under or with respect to any payment made
on the notes, at least 30 days prior to the date of such payment, we will deliver to the trustee an officer’s certificate
stating the fact that Additional Amounts will be payable and the amount so payable and such other information
necessary to enable the trustee (or any paying agent) to pay Additional Amounts to holders of notes on the relevant
payment date.

Covenants
The indenture contains the following covenants:
Limitation on consolidation, merger or transfer of assets
We will not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of
our assets to, any Person, unless:

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(1) the successor Person (if not us) is a Person organized and existing under the laws of Peru, and
expressly assumes, by a supplemental indenture to the indenture, executed and delivered to the trustee,
all of our obligations under the indenture and the notes;
(2) immediately prior to such transaction and immediately after giving effect to such transaction, no
Default or Event of Default will have occurred and be continuing; and
(3) we deliver to the trustee an officers’ certificate and an opinion of counsel of recognized standing, each
stating that such transaction and such supplemental indenture, if any, comply with the indenture.
In case of any such consolidation, merger, conveyance or transfer, such successor Person will succeed to and be
substituted for us as obligor on the notes with the same effect as if it had issued the notes. Upon the assumption of
our obligations by any such successor Person in such circumstances, subject to certain exceptions, we will be
discharged from all obligations under the indenture and the notes.

Ranking

We covenant that the notes offered hereby will at all times rank pari passu with any future senior unsecured
indebtedness.

Reporting requirements
We will provide or cause to be provided to the trustee any financial statements which we may file with
the SMV, or which are otherwise made available to the public in such language or form as such financial
statements are prepared. In addition to the foregoing (and without duplication), we will cause to be provided to
the trustee (i) in English (or accompanied by an English translation thereof) as soon as available and in any case
within 60 days after the end of each fiscal quarter (other than the fourth quarter), our consolidated (to the extent
applicable) unaudited balance sheet, statement of income, statement of changes in stockholders’ equity and
statements of cash flow calculated in accordance with SBS GAAP, or such other accounting standards as may
from time to time be required for or applicable to us pursuant to applicable law and SBS regulations and (ii) in
English (or accompanied by an English translation thereof) as soon as available and in any case within 90 days
after the end of each fiscal year, our consolidated (to the extent applicable) audited balance sheet, statement of
income, statement of changes in stockholders’ equity and statement of cash flow calculated in accordance with
SBS GAAP, or such other accounting standards as may from time to time be required for or applicable to us
pursuant to applicable law and SBS regulations and accompanied by a report thereon by an independent public
accountant of recognized international standing; in all cases under (i) and (ii) together with a management
description and analysis of our financial condition and results of operations substantially in the form set forth
under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in these listing
particulars.
For as long as the notes are “restricted securities” within the meaning of Rule 144(a)(3) under the
Securities Act, we will furnish to any holder of notes issued under Rule 144A, or to any prospective purchaser
designated by such holder of notes, upon request of such holder of notes, financial and other information
described in paragraph (d)(4) of Rule 144A (as amended from time to time and including any successor provision)
with respect to us to the extent required in order to permit such holder of notes to comply with Rule 144A with
respect to any resale of its note, unless, at the time of such request, we are subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act, or exempt from reporting pursuant to Rule 12g3-2(b) under the
Exchange Act.
Delivery of reports, information and documents to the trustee is for informational purposes only and its
receipt of such reports shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including our or any other Persons’ compliance with any of its covenants under
the indenture or the notes (as to which the trustee is entitled to rely exclusively on officer’s certificates).

The trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, our or any
other Person’s compliance with the covenants described herein or with respect to any reports or other documents
filed under the indenture.

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Maintenance of approvals
We will obtain and maintain in full force and effect all governmental approvals, consents or licenses of
any governmental authority under the law of Peru or any other jurisdiction having jurisdiction over us, except to
the extent that the failure to so maintain does not have a material adverse effect on our business, operation or
financial condition or our ability to comply with our obligations under the indenture or the notes our business or
the transactions contemplated herein, as well as of any third party under any agreement to which we may be
subject, in connection with our execution, delivery and performance of the transaction documents related to this
offering or the validity or enforceability thereof.
Listing
In the event that the notes are admitted to listing on the Luxembourg Stock Exchange, we will use our
reasonable best efforts to maintain such listing, provided that if, as a result of the Directive 2004/39/EC (the
“Markets in Financial Instruments Directive” or “MiFID” ) or any legislation implementing the MiFID we could
be required to publish financial information either more regularly than we otherwise would be required to or
according to accounting principles which are materially different from the accounting principles which we would
otherwise use to prepare our published financial information, or we determine that it is unduly burdensome to
maintain a listing on the Luxembourg Stock Exchange, we may delist the notes from the Luxembourg Stock
Exchange and seek an alternative admission to listing, trading and/or quotation for the notes on a different section
of the Luxembourg Stock Exchange or by such other listing authority, stock exchange and/or quotation system
inside or outside the European Union as we may decide. Although we cannot assure you as to the liquidity that
may result from a listing on the Luxembourg Stock Exchange, delisting the notes from the Luxembourg Stock
Exchange may have a material effect on the ability of holders of the notes to resell the notes in the secondary
market.
Events of Default
An “Event of Default” occurs if:
(1) we default in any payment of interest (including any related Additional Amounts) on any note when
the same becomes due and payable, and such default continues for a period of 30 days;
(2) we default in any payment of principal (including premium, if any, and any related Additional
Amounts) of any note when the same becomes due and payable upon its stated maturity, redemption,
repurchase or otherwise;
(3) we fail to comply with any of our covenants or agreements in the notes or the indenture (other than
those referred to in clauses (1) and (2) above), and such failure continues for 60 days after the notice
specified below;
(4) we default with respect to any of our Debt (whether such Debt now exists or is created after the date
of the indenture), which default (a) is caused by failure to pay principal of or premium, if any, or
interest on such Debt after giving effect to any grace period provided in such Debt on the date of such
default (“Payment Default”) or (b) results in the acceleration of such Debt prior to its stated maturity
and, in each case, the principal amount of any such Debt, together with the principal amount of any
other such Debt under which there has been a Payment Default or the maturity of which has been so
accelerated, totals US$10.0 million (or the equivalent thereof at the time of determination) or more in
the aggregate;
(5) one or more final judgments or decrees for the payment of money of US$10.0 million (or the
equivalent thereof at the time of determination) or more in the aggregate are rendered against us and
are not paid (whether in full or in installments in accordance with the terms of the judgment) or
otherwise discharged and, in the case of each such judgment or decree, either (a) an enforcement
proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed
within 30 days following commencement of such enforcement proceedings or (b) there is a period of

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60 days following such judgment during which such judgment or decree is not discharged, waived or
the execution thereof stayed;
(6) certain events subjecting us to a special management regime under the law of Peru, certain events of
bankruptcy, intervention, dissolution, winding-up or insolvency with respect to us or certain events
which under the laws of Peru have an analogous effect; or
(7) any material provision of the indenture or the notes ceases to be in full force and effect or binding and
enforceable against us or it becomes unlawful for us to perform any material obligation under the
indenture or the notes, or we contest the enforceability of any of the indenture or the notes or deny
that we have any liability under the indenture or the notes.
A Default under clause (3) above will not constitute an Event of Default until the trustee or the holders
of at least 25% in aggregate principal amount of the notes outstanding notify us (and the trustee if given by the
holders) of the Default and we do not cure such Default within the time specified after receipt of such notice.
If an Event of Default (other than an Event of Default specified in clauses (6) and (7) above) occurs and
is continuing, the trustee or the holders of not less than 25% in aggregate principal amount of the notes then
outstanding may declare all unpaid principal of and accrued interest on all notes to be due and payable
immediately, by a notice in writing to us (and the trustee if given by the holders), and upon any such declaration
such amounts will become due and payable immediately. If an Event of Default specified in clauses (6) and (7)
above occurs and is continuing, then the principal of and accrued interest on all notes will become and be
immediately due and payable without any declaration or other act on the part of the trustee or any holder.
The trustee will be under no obligation to exercise any of its rights or powers under the indenture at the
request or direction of any of the holders, unless such holders will have offered to the trustee indemnity
satisfactory to the trustee. Subject to such provision for the indemnification of the trustee and certain other
conditions set forth in the indenture, the holders of a majority in aggregate principal amount of the outstanding
notes will have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the trustee or exercising any trust or power conferred on the trustee.
We are required to deliver to the trustee, within 90 days after the end of each fiscal year ending after the
issue date, a certificate indicating whether the signers thereof know of any Default or Event of Default that occurred
during the previous year. We are also required to deliver to the trustee, within 30 business days after the occurrence
thereof, written notice of any events which would constitute a Default or Event of Default, their status and what
action we are taking or proposing to take in respect thereof.

Defeasance
We may at any time terminate all of our obligations with respect to the notes (“defeasance”), except for
certain obligations, including those regarding any trust established for a defeasance and obligations to register the
transfer or exchange of the notes, to replace mutilated, destroyed, lost or stolen notes and to maintain agencies in
respect of notes. We may at any time terminate our obligations under certain covenants set forth in the indenture,
and any omission to comply with such obligations will not constitute a Default or an Event of Default with
respect to the notes issued under the indenture (“covenant defeasance”). In order to exercise either defeasance or
covenant defeasance, we must irrevocably deposit in trust, for the benefit of the holders of the notes, with the
trustee money or U.S. government obligations, or a combination thereof, in such amounts as will be sufficient, in
the opinion of an internationally recognized firm of independent accountants expressed in a written certificate
delivered to the trustee, without consideration of any reinvestment, to pay the principal of, the premium, if any,
and interest on the notes to redemption or stated maturity and comply with certain other conditions, including the
delivery of opinions of Peruvian and U.S. counsel as to certain tax matters (including that holders will not
recognize income, gain or loss for U.S. federal income tax purposes as a result of such defeasance or covenant
defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such defeasance or covenant defeasance, as the case may be, had not
occurred.) In the case of defeasance, such an opinion must be based on a ruling by the U.S. Internal Revenue
Service or a change in the applicable U.S. federal income tax law.

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Amendment, Supplement, Waiver
Subject to certain exceptions, the notes and the indenture may be amended or supplemented with the
written consent of the holders of at least a majority in aggregate principal amount of the notes then outstanding,
and any Default or Event of Default and its consequences may be waived with the consent of the holders of at
least a majority in aggregate principal amount of the notes then outstanding. However, without the consent of
each holder of an outstanding note affected thereby, no amendment, supplement or waiver may:
(1) reduce the rate of or extend the time for payment of interest on any note;
(2) reduce the principal of or change the stated maturity of any note;
(3) reduce the amount payable upon the redemption or repurchase of any note or change the time at which
any note may be redeemed or must be repurchased;
(4) change the currency for payment of principal of, premium, if any, or interest on, any note;
(5) impair the right to institute suit for the enforcement of any payment on or with respect to any note;
(6) waive a Default or Event of Default in the payment of principal of, premium, if any, and interest on the
notes;
(7) reduce the principal amount of notes whose holders must consent to any amendment, supplement or
waiver; or
(8) make any change in the amendment, supplement or waiver provisions which require each holder’s
consent.
The holders of the notes will receive prior notice as described under “—Notices” of any proposed
amendment, supplement or waiver to the notes or the indenture described in this section. After an amendment,
supplement or waiver described in the preceding paragraph becomes effective, we are required to give to the
holders a notice briefly describing such amendment, supplement or waiver. However, the failure to give such
notice to all holders of the notes, or any defect therein, will not impair or affect the validity of the amendment,
supplement or waiver.
The consent of the holders of the notes is not necessary to approve the particular form of any proposed
amendment, supplement or waiver. It is sufficient if such consent approves the substance of the proposed
amendment, supplement or waiver.
We and the trustee may, without notice to or the consent of any holder of the notes, amend or
supplement the notes or the indenture for the following purposes:
(1) to cure any ambiguity, omission, defect or inconsistency (including, without limitation, any
inconsistency between the text of the indenture or the notes and the description of the indenture and the
notes contained in these listing particulars);
(2) to comply with the covenant described under “––Covenants––Limitation on consolidation, merger or
transfer of assets”;
(3) to add guarantees or collateral with respect to the notes;
(4) to add to our covenants for the benefit of holders of the notes;
(5) to surrender any right conferred by the indenture upon us;
(6) to evidence and provide for the acceptance of an appointment by a successor trustee;
(7) to provide for the issuance of additional notes; or
(8) to make any other change that does not materially and adversely affect the rights of any holder of the
notes.

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Any notes owned by us or any of our Affiliates will be disregarded for purposes of determining whether
holders of the requisite principal amount of notes outstanding have given any request, demand, authorization,
direction, consent or waiver under the indenture.
Notices
For so long as notes in global form are outstanding, notices to be given to holders will be given to DTC,
in accordance with its applicable policies as in effect from time to time. If notes are issued in individual definitive
form, notices to be given to holders will be deemed to have been given upon the mailing by first class mail,
postage prepaid, of such notices to holders of the notes at their registered addresses as they appear in the register
maintained by the registrar, regardless of whether the addressee receives such notice. In addition, so long as the
notes are listed on the Luxembourg Stock Exchange and the rules of such exchange so require, notices will also
be published in a leading newspaper having general circulation in Luxembourg (which is expected to be
Luxembourger Wort) or on the website of the Luxembourg Stock Exchange (www.bourse.lu). Any such notice
will be deemed to have been delivered on the date of first publication.
Trustee
Citibank, N.A. is the trustee under the indenture.
The indenture contains provisions for the indemnification of the trustee and for its relief from
responsibility. The obligations of the trustee to any holder are subject to such immunities and rights as are set
forth in the indenture. The indenture also contains provision for the replacement of the trustee by us.
Except during the continuance of an Event of Default, the trustee needs to perform only those duties that
are specifically set forth in the indenture and no others, and no implied covenants or obligations will be read into
the indenture against the trustee. In case an Event of Default has occurred and is continuing, the trustee shall
exercise those rights and powers vested in it by the indenture, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs. No provision of the indenture will require the trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of its duties thereunder, or in the exercise of its rights or powers, unless
it receives indemnity satisfactory to it against any loss, liability or expense.
We may from time to time enter into normal banking and trustee relationships with the trustee.
The trustee may hold notes in its own name.
Registrar, Transfer Agent and Paying Agents
The trustee will initially act as registrar for the notes. The trustee will also act as transfer agent and
paying agent for the notes. We have the right at any time to change or terminate the appointment of the registrar,
any paying agents or any transfer agents and to appoint a successor registrar or additional or successor paying
agents or transfer agents in respect of the notes. Registration of transfers of the notes will be effected without
charge, but upon payment (with the giving of such indemnity as we may require) in respect of any tax or other
governmental charges that may be imposed in relation to it. We will not be required to register or cause to be
registered the transfer of notes after all the notes have been called for redemption.
For so long as the notes are listed on the Luxembourg Stock Exchange, we will maintain a paying agent
and transfer agent in Luxembourg. We have initially Banque Internationale à Luxembourg SA as Luxembourg
paying agent and transfer agent. To the extent that the Luxembourg paying agent is obliged to withhold or deduct
tax on payments of interest or similar income, we will maintain an additional paying agent in a Member State of
the European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive
2003/48/EC or any other Directive on the taxation of savings implementing the conclusions of the European
Council of Economic and Finance Ministers (ECOFIN) meeting of 26 and 27 November 2000 or any law
implementing or complying with, or introduced in order to conform to, such Directive.

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Governing law, Submission to Jurisdiction and Claims
The notes and the indenture will be governed by, and construed in accordance with, the laws of the State
of New York.
We will submit to the jurisdiction of the U.S. Federal and New York state courts located in the Borough
of Manhattan, New York City for purposes of all legal actions and proceedings instituted in connection with the
notes and the indenture. We have appointed CT Corporation System, as our authorized agent upon which process
may be served in any such action.
According to the laws of the State of New York, claims against us for the payment of principal of and
premium, if any, and interest on the notes must be made within six years from the due date for payment thereof.
Waiver of Immunities
To the extent that we may claim for ourselves or our assets immunity from a suit, execution, attachment,
whether in aid of execution, before judgment or otherwise, or other legal process in connection with the notes or
the indenture and to the extent that in any jurisdiction there may be immunity attributable to us or our assets,
whether or not claimed, we, for the benefit of the holders of the notes, irrevocably waive and agree not to claim
such immunity to the fullest extent permitted by law.
Currency Indemnity
U.S. dollars are the sole currency of account and payment for all sums payable by us under or in
connection with the notes, including damages. Any amount received or recovered in a currency other than dollars
(whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the
winding-up or dissolution of us or otherwise) by any holder of a note in respect of any sum expressed to be due to
it from us will only constitute a discharge of us to the extent of the dollar amount which the recipient is able to
purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery
(or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).
If that dollar amount is less than the dollar amount expressed to be due to the recipient under any note, we will
indemnify such holder against any loss sustained by it as a result. In any event, we will indemnify the recipient
against the cost of making any such purchase.
For the purposes of the preceding paragraph, it will be sufficient for the holder of a note to certify in a
satisfactory manner (indicating the sources of information used) that it would have suffered a loss had an actual
purchase of dollars been made with the amount so received in that other currency on the date of receipt or
recovery (or, if a purchase of dollars on such date had not been practicable, on the first date on which it would
have been practicable; it being required that the need for a change of date be certified in the manner mentioned
above). These indemnities constitute a separate and independent obligation from the other obligations of ours,
will give rise to a separate and independent cause of action, will apply irrespective of any indulgence granted by
any holder of a note and will continue in full force and effect despite any other judgment, order, claim or proof
for a liquidated amount in respect of any sum due under any note.
Definitions
The following is a summary of certain defined terms used in the indenture. Reference is made to the
indenture for the full definition of all such terms.
“Affiliate” means, with respect to any specified Person, any other Person which, directly or indirectly, is
in control of, is controlled by or is under common control with such specified Person. For purposes of this
definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the
management and policies of such Person whether by contract or otherwise and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.
“Debt” means, with respect to any Person, without duplication:

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(a) indebtedness for money borrowed and premium, if any, and accrued interest in respect thereof;
(b) liabilities under or in respect of any acceptance or credit;
(c) the principal and premium, if any, and any accrued and unpaid interest in respect of any bonds, notes,
debentures, certificates of deposit or other securities (whether issued for cash or in whole or in part for
consideration other than cash);
(d) all obligations issued or assumed as the deferred purchase price of property, all conditional sale
obligations and all obligations under any title retention agreement (but excluding trade accounts
payable in the ordinary course of business);
(e) guarantees and other contingent obligations in respect of Debt referred to in clauses (a) through (d)
above; and
(f) any other obligations of such Person which are required to be, or are in such Person’s financial
statements, recorded or treated as indebtedness under SBS GAAP.
“Default” means any event which is, or after notice or passage of time or both would be, an Event of
Default.
“guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Debt or other obligation of any Person and any obligation, direct or indirect, contingent or
otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Debt or other obligation of such Person (whether arising by virtue of partnership arrangements, or by
agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise) or (b) entered into for purposes of assuring in any other manner the obligee of
such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part); provided that the term “guarantee” will not include endorsements for collection or deposit in
the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning.
“holder” means the Person in whose name a note is registered in the register.
“IFRS” means the International Financial Reporting Standards as adopted by the International
Accounting Standards Board.
“Person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political
subdivision thereof or any other entity.
“Peruvian Banking Law” means the Peruvian General Law of the Financial and Insurance Systems and
Organic Law of the Superintendency of Banking and Insurance (Ley General del Sistema Financiero y del
Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros), or any successor laws thereto, as in
effect from time to time.
“Peruvian government” means the governing authority in effective control of all or a substantial part of
the territory of Peru or any political subdivision or agency thereof (including, without limitation, Fondo Nacional
de Financiamiento de la Actividad Empresarial del Estado (FONAFE)).
“SBS” means the Peruvian Superintendency of Banks, Insurance and Pension Funds (Superintendencia
de Banca, Seguros y Administradoras de Fondos de Pensiones), or any successor thereto.
“SBS GAAP” means accounting principles prescribed by the SBS for us (which includes accounting
principles of general application to Peruvian financial entities and specific accounting rules promulgated by the
SBS specifically for us).
“SEC” means the U.S. Securities and Exchange Commission, or any successor thereto.

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“Share Capital” means, with respect to any Person, any and all shares of stock, interests, rights to
purchase, warrants, options, participations or other equivalents of or interests in (however designated, whether
voting or non-voting) such Person’s equity (including any preferred stock, but excluding any debt securities
convertible into or exchangeable for such Share Capital).
“SMV” means the Peruvian Superintendency of Capital Markets (Superintendencia del Mercado de
Valores), or any successor thereto.
“stated maturity” means, with respect to any security, the date specified in such security as the fixed date
on which any principal of such security is due and payable, including pursuant to any mandatory redemption or
purchase provision (but excluding any provision providing for the purchase of such security at the option of the
holder thereof upon the happening of any contingency unless such contingency has occurred).
“Voting Stock” means, with respect to any Person, securities of any class of Share Capital of such
Person entitling the holders thereof to vote in the election of members of the board of directors or equivalent
governing body of such Person.
Form of the Notes
Notes sold pursuant to Regulation S will be represented by a global note in fully registered form without
interest coupons (the “Regulation S Global Note”) and will be registered in the name of a nominee of DTC and
deposited with a custodian for DTC. Notes sold pursuant to Rule 144A will be represented by a global note in
fully registered form without interest coupons (the “Rule 144A Global Note” and, together with the Regulation S
Global Note, the “global notes”) and will be deposited with a custodian for DTC and registered in the name of a
nominee of DTC.
The notes are being offered and sold in this initial offering in the United States solely to “qualified
institutional buyers” under Rule 144A under the Securities Act and in offshore transactions to persons other than
U.S. persons, as defined in Regulation S under the Securities Act, in reliance on Regulation S. Following this
offering, the notes may be sold:
● to qualified institutional buyers under Rule 144A;
● to non-U.S. persons outside the United States pursuant to Regulation S; and
● under other exemptions from, or in transactions not subject to, the registration requirements of the
Securities Act, as described under “Transfer Restrictions.”
Prior to the 40th day after the date of original issuance of the notes, any resale or transfer of beneficial
interests in the Regulation S Global Note to U.S. persons will not be permitted unless such resale or transfer is
made pursuant to Rule 144A.
Exchanges between the global notes
Transfers by an owner of a beneficial interest in a Regulation S Global Note to a transferee, who takes
delivery of that interest through a note offered and sold in the United States to qualified institutional buyers
pursuant to a Rule 144A Global Note, will be made only in accordance with applicable procedures and upon
receipt by the trustee of a written certification from the transferee of the beneficial interest in the form provided
in the indenture to the effect that the transfer is being made to a qualified institutional buyer within the meaning
of Rule 144A in a transaction complying with the requirements of Rule 144A. Transfers by an owner of a
beneficial interest in a Rule 144A Global Note to a transferee who takes delivery of the interest through a
Regulation S Global Note will be made only upon receipt by the trustee of a certification from the transferor that
the transfer is being made to a non-U.S. person in accordance with Regulation S.

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Any beneficial interest in one of the global notes that is transferred to a person who takes delivery in the
form of an interest in another global note will, upon transfer, cease to be an interest in that global note and
become an interest in the other global note and, accordingly, will then be subject to any transfer restrictions and
other procedures applicable to beneficial interests in the other global note.
Global notes
Upon receipt of the Regulation S Global Note and the Rule 144A Global Note, DTC will credit, on its
internal system, the respective principal amount of the individual beneficial interests represented by such global
note to the accounts of persons who have accounts with DTC. Such accounts initially will be designated by or on
behalf of the initial purchasers. Ownership of beneficial interests in a global note will be limited to persons who
have accounts with DTC (“DTC Participants”) or persons who hold interests through DTC Participants.
Ownership of beneficial interests in the global notes will be shown on, and the transfer of that ownership will be
effected only through, records maintained by DTC or its nominee (with respect to interests of DTC Participants)
and the records of DTC Participants (with respect to interests of persons other than DTC Participants).
So long as DTC, or its nominee, is the registered owner or holder of a global note, DTC or such nominee,
as the case may be, will be considered the sole owner or holder of the notes represented by such global note for
all purposes under the indenture and the notes. Except as described in “Certificated Notes,” owners of beneficial
interests in a global note will not be entitled to have any portions of such global note registered in their names,
will not receive or be entitled to receive physical delivery of notes in certificated form and will not be considered
the owners or holders of the global note (or any notes represented thereby) under the indenture or the notes. In
addition, no beneficial owner of an interest in a global note will be able to transfer that interest except in
accordance with DTC’s applicable procedures (in addition to those under the indenture referred to herein and, if
applicable, those of Euroclear Bank S.A./N.V., as operator of Euroclear System (“Euroclear”) and Clearstream
Banking, société anonyme (“Clearstream”)).
Investors may hold interests in the global notes through Euroclear or Clearstream, if they are
participants in such systems. Euroclear and Clearstream will hold interests in the global notes on behalf of their
account holders through customers’ securities accounts in their respective names on the books of their respective
depositaries, which, in turn, will hold such interests in the global notes in customers’ securities accounts in the
depositaries’ names on the books of DTC.
Payments of the principal of and interest on global notes will be made to DTC or its nominee as the
registered owner thereof. None of us, any initial purchaser, the trustee or any paying agent will have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests in the global notes or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests. We anticipate that DTC or its nominee, upon receipt of any payment of principal
or interest in respect of a global note representing any notes held by its nominee, will credit DTC Participants’
accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount
of such global note as shown on the records of DTC or its nominee. We also expect that payments by DTC
Participants to owners of beneficial interests in such global note held through such DTC Participants will be
governed by standing instructions and customary practices, as is now the case with securities held for the
accounts of customers registered in the names of nominees for such customers. Such payments will be the
responsibility of such DTC Participants.
Transfers between DTC Participants will be effected in accordance with DTC’s procedures. The laws of
some jurisdictions require that certain persons take physical delivery of securities in certificated form.
Consequently, the ability to transfer beneficial interests in a global note to such persons may be limited. Because
DTC can only act on behalf of DTC Participants, who in turn act on behalf of indirect participants and certain
banks, the ability of a person having a beneficial interest in a global note to pledge such interest to persons or
entities that do not participate in the DTC system, or otherwise take actions in respect of such interest, may be
affected by the lack of a physical certificated note in respect of such interest. Transfers between accountholders
in Euroclear and Clearstream will be effected in the ordinary way in accordance with their respective rules and
operating procedures.

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Subject to compliance with the transfer restrictions applicable to the notes described above, cross market
transfers between DTC participants, on the one hand, and directly or indirectly through Euroclear or Clearstream
account holders, on the other hand, will be effected in DTC in accordance with DTC rules on behalf of Euroclear
or Clearstream, as the case may be, by its respective depositary; however, such cross-market transactions will
require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such
system in accordance with its rules and procedures and within its established deadlines. Euroclear or Clearstream,
as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its respective
depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global
notes in DTC, and making or receiving payment in accordance with normal procedures for same day funds
settlement applicable to DTC. Euroclear and Clearstream account holders may not deliver instructions directly to
the depositaries for Euroclear or Clearstream.
Because of time zone differences, the securities account of a Euroclear or Clearstream account holder
purchasing an interest in a global note from a DTC Participant will be credited during the securities settlement
processing day (which must be a business day for Euroclear or Clearstream, as the case may be) immediately
following the DTC settlement date and such credit of any transactions in interests in a global note settled during
such processing day will be reported to the relevant Euroclear or Clearstream accountholder on such day. Cash
received in Euroclear or Clearstream as a result of sales of interests in a global note by or through a Euroclear or
Clearstream account holder to a DTC Participant will be received for value on the DTC settlement date but will
be available in the relevant Euroclear or Clearstream cash account only as of the business day following
settlement in DTC.
DTC has advised that it will take any action permitted to be taken by a holder of notes (including the
presentation of notes for exchange as described below) only at the direction of one or more DTC Participants to
whose account or accounts with DTC interests in the global notes are credited and only in respect of such portion
of the aggregate principal amount of the notes as to which such DTC Participant or DTC Participants has or have
given such direction. However, in the limited circumstances described below, DTC will exchange the global
notes for certificated notes (in the case of notes represented by the Rule 144A Global Note, bearing a restrictive
legend), which will be distributed to its participants. Holders of indirect interests in the global notes through DTC
Participants have no direct rights to enforce such interests while the notes are in global form.
The giving of notices and other communications by DTC to DTC Participants, by DTC Participants to
persons who hold accounts with them and by such persons to holders of beneficial interests in a global note will
be governed by arrangements between them, subject to any statutory or regulatory requirements as may exist
from time to time.
DTC has advised as follows: DTC is a limited purpose trust company organized under the laws of the
State of New York, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the
Uniform Commercial Code and a “Clearing Agency” registered pursuant to the provisions of Section 17A of the
Exchange Act. DTC was created to hold securities for DTC Participants and to facilitate the clearance and
settlement of securities transactions between DTC Participants through electronic book-entry changes in accounts
of DTC Participants, thereby eliminating the need for physical movement of certificates. DTC Participants
include security brokers and dealers, banks, trust companies and clearing corporations and may include certain
other organizations. Indirect access to the DTC system is available to others such as banks, brokers, dealers and
trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or
indirectly (“indirect participants”).
Although DTC, Euroclear and Clearstream have agreed to the foregoing procedures in order to facilitate
transfers of interests in the global notes among participants and accountholders of DTC, Euroclear and
Clearstream, they are under no obligation to perform or continue to perform such procedures, and such
procedures may be discontinued at any time. Neither we nor the initial purchasers will have any responsibility for
the performance of DTC, Euroclear or Clearstream or their respective participants, indirect participants or
accountholders of their respective obligations under the rules and procedures governing their operations.

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Certificated notes
If (1) DTC or any successor to DTC is at any time unwilling or unable to continue as a depositary for a
global note and a successor depositary is not appointed by us within 90 days, (2) any of the notes has become
immediately due and payable in accordance with “Description of the notes—Events of default” or (3) if we, at
our sole discretion, determine that the global notes will be exchangeable for certificated notes and we notify the
trustee thereof, we will issue certificated notes in registered form in exchange for the Regulation S Global Note
and the Rule 144A Global Note, as the case may be. In the event of the occurrence of any clauses (1), (2) or (3)
above, we will use our best efforts to make arrangements with DTC for the exchange of interests in the global
notes for certificated notes and cause the requested certificated notes to be executed and delivered to the registrar
in sufficient quantities and authenticated by the trustee for delivery to holders. Persons exchanging interests in a
global note for certificated notes will be required to provide the registrar with (a) written instruction and other
information required by us and the registrar to complete, execute and deliver such certificated notes and (b)
certification that such interest is being transferred in compliance with the Securities Act. In all cases, certificated
notes delivered in exchange for any global note or beneficial interests therein will be registered in the names, and
issued in any approved denominations, requested by DTC.
Certificated notes will not be eligible for clearing and settlement through DTC, Euroclear or Clearstream.



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TAXATION
The following discussion summarizes certain Peruvian and U.S. federal income tax consequences of
acquiring, holding and disposing of the notes.
This discussion is not a comprehensive discussion of all the tax considerations that may be relevant to a
decision to purchase our notes and is not applicable to all categories of investors, some of which may be subject to
special rules, and does not specifically address all of the Peruvian and U.S. federal income tax considerations
applicable to any particular holder. It is based upon the tax laws of Peru and the United States as in effect on the date
of these listing particulars, which are subject to change, possibly with retroactive effect, and to differing
interpretations. Each prospective purchaser is urged to consult its independent tax advisor about the particular
Peruvian and U.S. federal income tax consequences that would affect it due to an investment in the notes.
Peruvian Tax Considerations
The following summary of certain Peruvian tax matters is describing the principal tax consequences of an
investment in the offered notes by a person who is not a resident of Peru and does not hold the notes or a beneficial
interest therein in connection with the conduct of a trade or business through a permanent establishment in Peru
(“non-Peruvian holder”). This summary is not intended to be a comprehensive description of all of the tax
considerations that may be relevant to a decision to make an investment in the notes. This summary does not
describe any tax consequences (a) arising under the laws of any taxing jurisdiction other than Peru or (b) applicable
to a resident of Peru or to a person with a permanent establishment in Peru.
For Peruvian tax purposes, a legal entity is deemed to be domiciled in Peru if it has been incorporated in
Peru or it is a permanent establishment in Peru of a foreign entity. All entities incorporated in Peru are subject to
Peruvian income tax on their worldwide income, whereas permanent establishments of non-domiciled legal entities
and all non-domiciled legal entities are only liable for the Peruvian income tax on their Peruvian source income.
As a general rule, a non-Peruvian individual is deemed domiciled in Peru for tax purposes if such
individual has resided or has stayed in Peru for more than 183 calendar days during any 12 month period. An
individual domiciled in Peru is liable for Peruvian income tax on worldwide income, while a non-domiciled
individual is only liable for Peruvian income tax on Peruvian source income.
Income tax
Payment of interest
Interest on bonds or other debt instruments is subject to Peruvian Income Tax, as Peruvian income, if funds
are placed, or economically used, in Peru, or if the payor of such interest is domiciled in Peru.
Peruvian source income from foreign financial transactions, such as issuance of bonds, granted by a
non-domiciled individual or entity, is subject to a withholding tax of 4.99%, unless the issuer and the holder are
related parties, in which case the withholding tax rate is 30%. Also, if the holder is a non-domiciled individual, a
withholding tax rate of 30% will apply if the transaction originates from or passes through a tax haven. A financing
transaction is deemed to be originated from or passed through a tax haven if the financing comes from or is made
through a tax haven.
We are required to act as withholding agent for any income tax due with respect to interest paid on the
notes. We have agreed, subject to specific exceptions and limitations, to pay additional amounts to the holders of the
notes in respect of the Peruvian income tax mentioned above. See “Description of the Notes—Additional Amounts.”
Sale of the notes
Proceeds received by a non-Peruvian holder on a sale, exchange or disposition of a beneficial interest in the
global notes held through a clearing system will not be subject to any Peruvian withholding or capital gains tax. In

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the event that the beneficial interests in the global notes are exchanged for definitive notes, any capital gain arising
from the sale, exchange or other disposition of these notes by non-Peruvian holders would be subject to Peruvian
income tax with a 5% rate, only if these two requirements are satisfied: (i) the notes are registered in the Securities
Public Registry and (ii) the notes are negotiated in a Peruvian Stock Market. Otherwise, capital gains will be taxable
at a 30% rate.
Capital gains are defined as the positive difference between the price at which the notes are sold and the
holder’s tax basis on the notes (i.e., the acquisition value). The acquisition value has to be certified by the Peruvian
Tax Administration through a form presented by the seller. This certification is not needed in case the sale is made
through the Peruvian Centralized Stock Market and in case of early redemptions made by the issuer.
Prospective purchasers should discuss with their own tax advisors the application of any income tax
described herein to their particular situations.
Value Added Tax (VAT)
Interest paid on the notes will be exempted from VAT. The Law for Promotion of Capital Markets in Peru
(Law No. 30050) has introduced paragraphs t) and u) to Section 2 of the Amended and Restated Law on Value
Added Tax (approved by Supreme Decree No. 055-99-EF) in accordance to which interest payments made with
respect of: (i) securities place either through a public offering or a private offering by entities incorporated or based
in Peru; and (ii) negotiable instruments placed privately (to the extent they were purchased through a centralized
trading mechanism), will be exempted from VAT. This exemption from VAT has been effective since July 1
st
, 2013.
The VAT is not applicable in the case of sale or exchange of the notes.
Financial transaction tax
Additionally, it is important to mention that in Peru there is a Financial Transactions Tax (“FTT”) with a
0.005% rate on debits and credits made in a Peruvian bank or other financial institution account, either in national or
foreign currency. If the issue price paid for the notes is deposited in a Peruvian Financial System (Sistema
Financiero Peruano or “PFS”) bank account, such credit will also be levied at the corresponding FTT rate. The
taxpayer of the FTT is the holder of the PFS bank account.
United States Federal Income Tax Considerations For United States Persons
To ensure compliance with Internal Revenue Service Circular 230, you are hereby notified that any
discussion of tax matters set forth in these listing particulars was written in connection with the promotion or
marketing of the transactions or matters addressed herein and was not intended or written to be used, and
cannot be used by any prospective investor, for the purpose of avoiding tax-related penalties under federal,
state or local tax law. Each prospective investor should seek advice based on its particular circumstances
from an independent tax advisor.
The following is a summary of certain United States federal income tax consequences of the purchase,
ownership and disposition of notes as of the date hereof. Except where noted, this summary deals only with notes
that are held as capital assets by a U.S. holder (as defined below) who acquired our notes upon original issuance at
their initial offering price.
A “U.S. holder” means a person that is for United States federal income tax purposes any of the following:
 an individual citizen or resident of the United States;
 a corporation (or any other entity treated as a corporation for United States federal income tax
purposes) created or organized in or under the laws of the United States, any state thereof or the
District of Columbia;

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 an estate the income of which is subject to United States federal income taxation regardless of its
source; or
 a trust if it (1) is subject to the primary supervision of a court within the United States and one or
more United States persons have the authority to control all substantial decisions of the trust or
(2) has a valid election in effect under applicable United States Treasury regulations to be treated
as a United States person.
This summary is based upon provisions of the Internal Revenue Code of 1986, as amended (the “Code”),
and regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps
retroactively, so as to result in United States federal income tax consequences different from those summarized
below. This summary does not address all aspects of United States federal income taxes and does not deal with
foreign, state, or local or other tax considerations that may be relevant to U.S. holders in light of their particular
circumstances. In addition, it does not represent a detailed description of the United States federal income tax
consequences applicable to you if you are subject to special treatment under the United States federal income tax
laws. For example, this summary does not address:
 tax consequences to holders who may be subject to special tax treatment, such as dealers in
securities or currencies, traders in securities that elect to use the mark-to-market method of
accounting for their securities, financial institutions, regulated investment companies, real estate
investment trusts, partnerships or other pass-through entities for United States federal income tax
purposes, tax-exempt entities or insurance companies;
 tax consequences to persons holding the notes as part of a hedging, integrated, constructive sale
or conversion transaction or a straddle;
 tax consequences to holders of the notes whose “functional currency” is not the United States
dollar;
 alternative minimum tax consequences, if any; or
 any state, local or foreign tax consequences.
If a partnership holds our notes, the tax treatment of a partner will generally depend upon the status of the
partner and the activities of the partnership. If you are a partner of a partnership holding our notes, you should
consult your tax advisors.
If you are considering the purchase of notes, you should consult your own tax advisors concerning
the particular United States federal income tax consequences to you of the purchase, ownership and
disposition of the notes, as well as the consequences to you arising under the laws of any other taxing
jurisdiction.
Payments of Interest
Interest on a note will generally be taxable to you as ordinary income at the time it is paid or accrued in
accordance with your method of accounting for tax purposes. In addition to interest on the notes (which includes any
Peruvian tax withheld from the interest payments you receive), you will be required to include in income any
Additional Amounts paid in respect of such Peruvian tax withheld. You may be entitled to deduct or credit this tax,
subject to certain limitations (including that the election to deduct or credit foreign taxes applies to all of your
foreign taxes for a particular tax year). Interest income (including any Additional Amounts) on a note generally will
be considered foreign source income and, for purposes of the United States foreign tax credit, generally will be
considered passive category income. You will generally be denied a foreign tax credit for foreign taxes imposed
with respect to the notes where you do not meet a minimum holding period requirement during which you are not
protected from risk of loss. The rules governing the foreign tax credit are complex. You are urged to consult your
tax advisors regarding the availability of the foreign tax credit under your particular circumstances.

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Sale, Exchange, Retirement or other Taxable Disposition of Notes
Your tax basis in a note will, in general, be your cost for that note. Upon the sale, exchange, retirement or
other taxable disposition of a note, you will recognize gain or loss equal to the difference between the amount you
realize upon the sale, exchange, retirement or other taxable disposition (less an amount equal to any accrued but
unpaid interest, which will be taxable as interest income to the extent not previously included in income)

and the
adjusted tax basis of the note. Such gain or loss will be capital gain or loss and will generally be treated as United
States source gain or loss. Consequently, you may not be able to claim a credit for any Peruvian tax imposed upon a
disposition of a note unless such credit can be applied (subject to applicable limitation) against tax due on other
income treated as derived from foreign sources. Capital gains of non-corporate U.S. holders (including individuals)
derived in respect of capital assets held for more than one year are eligible for reduced rates of taxation. The
deductibility of capital losses is subject to limitations.
Backup Withholding and Information Reporting
Generally, information reporting requirements will apply to all payments we make to you and the proceeds
from a sale of a note paid to you, unless you are an exempt recipient. Additionally, if you fail to provide your
taxpayer identification number, or in the case of interest payments, fail either to report in full dividend and interest
income or to make certain certifications, you may be subject to backup withholding.
Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against
your United States federal income tax liability provided the required information is timely furnished to the Internal
Revenue Service (the “IRS”).
Foreign Financial Asset Reporting
Certain U.S. holders are required to report information relating to an interest in the notes, subject to certain
exceptions (including an exception for notes held in accounts maintained by certain financial institutions), by
attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each
year in which they hold an interest in the notes. You are urged to consult your own tax advisors regarding
information reporting requirements relating to your ownership of the notes.
The above description is not intended to constitute a complete analysis of all tax consequences
relating to the ownership of notes. Prospective purchasers of notes should consult their own tax advisors
concerning the tax consequences of their particular situations.

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PLAN OF DISTRIBUTION
Subject to the terms and conditions set forth in a purchase agreement among us and the initial purchasers,
we agreed to sell to the initial purchasers named below, and each of the initial purchasers agreed, severally and not
jointly, to purchase from us, the principal amount of notes (offered pursuant to the offering memorandum dated
January 24, 2013) set forth opposite its name below.
Initial purchaser
Principal
Amount of Notes

Citigroup Global Markets Inc. ...................................................................... US$250,000,000
Merrill Lynch, Pierce, Fenner & Smith
Incorporated ...................................................................................... US$250,000,000
Total .............................................................................................................. US$500,000,000

Subject to the terms and conditions set forth in the purchase agreement, the initial purchasers agreed,
severally and not jointly, to purchase all of the notes sold under the purchase agreement.
We agreed to indemnify the initial purchasers and their controlling persons against certain liabilities in
connection with this offering, including liabilities under the Securities Act, or to contribute to payments the initial
purchasers may be required to make in respect of those liabilities.
The initial purchasers have offered the notes, subject to prior sale, subject to approval of legal matters by
their counsel, including the validity of the notes, and other conditions contained in the purchase agreement, such as
the receipt by the initial purchasers of officer’s certificates and legal opinions. The initial purchasers have reserved
the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.
Commissions and Discounts
The initial purchasers advised us that they propose initially to offer the notes at the offering price set forth
on the cover page of these listing particulars. After the initial offering, the offering price or any other term of the
offering may be changed.
Notes Are Not Being Registered
The notes have not been registered under the Securities Act or any state securities laws. The initial
purchasers propose to offer the notes for resale in transactions not requiring registration under the Securities Act or
applicable state securities laws, including sales pursuant to Rule 144A and Regulation S. The initial purchasers will
not offer or sell the notes except to persons they reasonably believe to be qualified institutional buyers or pursuant to
offers and sales to non-U.S. persons that occur outside of the United States within the meaning of Regulation S. In
addition, until 40 days following the commencement of this offering, an offer or sale of notes within the United
States by a dealer (whether or not participating in the offering) may violate the registration requirements of the
Securities Act unless the dealer makes the offer or sale in compliance with Rule 144A or another exemption from
registration under the Securities Act. Each purchaser of the notes will be deemed to have made acknowledgments,
representations and agreements as described under “Notice to Investors.”
New Issue of Notes
The notes are a new issue of securities with no established trading market. We do not intend to apply for
listing of the notes on any national securities exchange or for inclusion of the notes on any automated dealer
quotation system. We have been advised by the initial purchasers that they presently intend to make a market in the
notes after completion of the offering. However, they are under no obligation to do so and may discontinue any
market-making activities at any time without any notice. We cannot assure the liquidity of the trading market for the
notes. If an active trading market for the notes does not develop, the market price and liquidity of the notes may be
adversely affected. If the notes are traded, they may trade at a discount from their initial offering price, depending on

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prevailing interest rates, the market for similar securities, our operating performance and financial condition, general
economic conditions and other factors.
Settlement
We expect that delivery of the notes will be made to investors on or about January 31, 2013. (such
settlement being referred to as “T+5”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the
secondary market are required to settle in three business days, unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade notes prior to the delivery of the notes hereunder will be
required, by virtue of the fact that the notes initially settle in T+5, to specify an alternate settlement arrangement at
the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to
their date of delivery hereunder should consult their advisors.
No Sales of Similar Securities
We have agreed that we will not, for a period of 90 days after the date of these Listing Particulars, without
first obtaining the prior written consent of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global
Markets Inc., directly or indirectly, issue, sell, offer to contract or grant any option to sell, pledge, transfer or
otherwise dispose of, any debt securities or securities exchangeable for or convertible into debt securities, except for
the notes sold to the initial purchasers pursuant to the purchase agreement and nuevo-sol denominated debt securities
issued or sold in the local Peruvian market.
Short Positions
In connection with the offering, the initial purchasers may purchase and sell the notes in the open market.
These transactions may include short sales and purchases on the open market to cover positions created by short
sales. Short sales involve the sale by the initial purchasers of a greater principal amount of notes than they are
required to purchase in the offering. The initial purchasers must close out any short position by purchasing notes in
the open market. A short position is more likely to be created if the initial purchasers are concerned that there may
be downward pressure on the price of the notes in the open market after pricing that could adversely affect investors
who purchase in the offering.
Similar to other purchase transactions, the initial purchasers’ purchases to cover the syndicate short sales
may have the effect of raising or maintaining the market price of the notes or preventing or retarding a decline in the
market price of the notes. As a result, the price of the notes may be higher than the price that might otherwise exist
in the open market.
Neither we nor any of the initial purchasers make any representation or prediction as to the direction or
magnitude of any effect that the transactions described above may have on the price of the notes. In addition, neither
we nor any of the initial purchasers make any representation that the initial purchasers will engage in these
transactions or that these transactions, once commenced, will not be discontinued without notice.
Other Relationships
Some of the initial purchasers and their affiliates have engaged in, and may in the future engage in,
investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They
have received, or may in the future receive, customary fees and commissions for these transactions.
In addition, in the ordinary course of their business activities, the initial purchasers and their affiliates may
make or hold a broad array of investments and actively trade debt and equity securities (or related derivative
securities) and financial instruments (including bank loans) for their own account and for the accounts of their
customers. Such investments and securities activities may involve securities and/or instruments of ours or our
affiliates. Certain of the underwriters or their affiliates that have a lending relationship with us routinely hedge their
credit exposure to us consistent with their customary risk management policies. Typically, such underwriters and
their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit

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default swaps or the creation of short positions in our securities, including potentially the notes offered hereby. Any
such short positions could adversely affect future trading prices of the notes offered hereby. The initial purchasers
and their affiliates may also make investment recommendations and/or publish or express independent research
views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire,
long and/or short positions in such securities and instruments.
Notice to Prospective Investors in the European Economic Area
In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a “Relevant Member State”), with effect from and including the date on which the Prospectus
Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”) no offer of notes
may be made to the public in that Relevant Member State other than:
A. to any legal entity which is a qualified investor as defined in the Prospectus Directive;
B. to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the
2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the
Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the
initial purchasers; or
C. in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of notes shall require the Company or the initial purchasers to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive.
These Listing Particulars has been prepared on the basis that any offer of notes in any Relevant Member
State will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a
prospectus for offers of notes. Accordingly any person making or intending to make an offer in that Relevant
Member State of notes which are the subject of the offering contemplated in these Listing Particulars may only do so
in circumstances in which no obligation arises for the Company or any of the initial purchasers to publish a
prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither the Company nor the
initial purchasers have authorized, nor do they authorize, the making of any offer of notes in circumstances in which
an obligation arises for the Company or the initial purchasers to publish a prospectus for such offer.
For the purpose of the above provisions, the expression “an offer to the public” in relation to any notes in
any Relevant Member State means the communication in any form and by any means of sufficient information on
the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the
notes, as the same may be varied in the Relevant Member State by any measure implementing the Prospectus
Directive in the Relevant Member State and the expression “Prospectus Directive” means Directive 2003/71/EC
(including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member States) and
includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending
Directive” means Directive 2010/73/EU.
Notice to Prospective Investors in the United Kingdom
In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and
any offer subsequently made may only be directed at persons who are “qualified investors” (as defined in the
Prospectus Directive) (i) who have professional experience in matters relating to investments falling within Article
19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”)
and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated)
falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”).
This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. In
the United Kingdom, any investment or investment activity to which this document relates is only available to, and
will be engaged in with, relevant persons.

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Notice to Prospective Investors in Switzerland
These listing particulars do not constitute an issue prospectus pursuant to Article 652a or Article 1156 of
the Swiss Code of Obligations and the notes will not be listed on the SIX Swiss Exchange. Therefore, these listing
particulars may not comply with the disclosure standards of the listing rules (including any additional listing rules or
prospectus schemes) of the SIX Swiss Exchange. Accordingly, the notes may not be offered to the public in or from
Switzerland, but only to a selected and limited circle of investors who do not subscribe to the notes with a view to
distribution. Any such investors will be individually approached by the initial purchasers from time to time.
Notice to Prospective Investors in the Dubai International Financial Centre
These listing particulars relate to an Exempt Offer in accordance with the Offered Securities Rules of the
Dubai Financial Services Authority (“DFSA”). These listing particulars are intended for distribution only to persons
of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any
other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt
Offers. The DFSA has not approved these listing particulars nor taken steps to verify the information set forth herein
and has no responsibility for these listing particulars. The notes to which these listing particulars relate may be
illiquid and/or subject to restrictions on their resale. Prospective purchasers of the notes offered should conduct their
own due diligence on the notes. If you do not understand the contents of these listing particulars you should consult
an authorized financial advisor.
Notice to Prospective Investors in Peru
In Peru, this offering will be considered a public offering directed exclusively to “institutional investors”
under CONASEV Resolution No. 079-2008-EF/94.01.1, as amended. The notes and the relevant offering
memorandum have been registered with the Peruvian Superintendency of the Securities Market (Superintendencia
del Mercado de Valores, or “SMV”) in accordance with the procedure set forth in SMV Resolution No. 004-2011-
EF/94.01.1, as amended, applicable to U.S. offerings in reliance of Rule 144A under the Securities Act with a
Peruvian component. In order to purchase the notes, “institutional investors” in Peru must sign a statement
representing that they (a) are “institutional investors” (as such term is defined under the Seventh Final Disposition of
CONASEV Resolution No. 141-98-EF/94.10.1, as amended), and (b) understand (i) the differences which exist
among the accounting and tax treatment in Peru and the country or countries where the notes will be traded, and (ii)
the terms and conditions of the notes.
Notice to Prospective Investors in Chile
The notes will not be registered under Law 18,045, as amended, of Chile with the Superintendencia de
Valores y Seguros (Chilean Securities Commission) and, accordingly, they cannot and will not be offered or sold to
persons in Chile except in circumstances which have not resulted and will not result in a public offering under
Chilean law.
Notice to Prospective Investors in Colombia
The notes will not be authorized by the Superintendencia Financiera de Colombia (Colombian
Superintendency of Finance) and will not be registered under the Registro Nacional de Valores y Emisores
(Colombian National Registry of Securities and Issuers), and, accordingly, the notes will not be offered or sold to
persons in Colombia except in circumstances which do not result in a public offering under Colombian law.

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TRANSFER RESTRICTIONS
The notes have not been registered and will not be registered under the Securities Act, any U.S. state
securities laws or the laws of any other jurisdiction (other than Peru), and may not be offered or sold except pursuant
to an effective registration statement or pursuant transactions exempt from, or not subject to, registration under the
Securities Act and the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold
only:
 in the United States to qualified institutional buyers (as defined in Rule 144A) in reliance on
Rule 144A under the Securities Act; and
 outside of the United States, to certain persons, other than U.S. persons, in offshore transactions
meeting the requirements of Rule 903 in reliance on Regulation S under the Securities Act.
The notes are being offered in Peru only to “institutional investors” (as such term is defined in the Seventh
Final Disposition of CONASEV Resolution No. 141-98-EF/94.10.1, as amended).
Purchasers’ Representations and Restrictions on Resale and Transfer
Each purchaser of notes (other than the initial purchasers in connection with the initial issuance and sale of
notes) and each owner of any beneficial interest therein will be deemed, by its acceptance or purchase thereof, to
have represented and agreed as follows:
(1) it is purchasing the notes for its own account or an account with respect to which it exercises sole
investment discretion and it and any such account is either (a) a qualified institutional buyer and is aware that the
sale to it is being made pursuant to Rule 144A or (b) a non-U.S. person that is outside the United States;
(2) it acknowledges that the notes have not been registered under the Securities Act or with any
securities regulatory authority of any U.S. state or any other jurisdiction (other than Peru) and may not be offered or
sold within the United States or to, or for the account or benefit of, U.S. persons except as set forth below;
(3) it understands and agrees that notes initially offered in the United States to qualified institutional
buyers will be represented by a global note and that notes offered outside the United States pursuant to Regulation S
will also be represented by a global note;
(4) it will not resell or otherwise transfer any of such notes except (a) to us, (b) within the United
States to a qualified institutional buyer in a transaction complying with Rule 144A under the Securities Act,
(c) outside the United States in compliance with Rule 903 or 904 under the Securities Act, (d) pursuant to another
exemption from registration under the Securities Act (if available) or (e) pursuant to an effective registration
statement under the Securities Act;
(5) it agrees that it will give to each person to whom it transfers the notes notice of any restrictions on
transfer of such notes;
(6) it acknowledges that prior to any proposed transfer of notes (other than pursuant to an effective
registration statement or in respect of notes sold or transferred either pursuant to (a) Rule 144A or (b) Regulation S)
the holder of such notes may be required to provide certifications relating to the manner of such transfer as provided
in the indenture;
(7) it acknowledges that the trustee, registrar or transfer agent for the notes will not be required to
accept for registration the transfer of any notes acquired by it, except upon presentation of evidence satisfactory to
us that the restrictions set forth herein have been complied with;
(8) it acknowledges that we, the initial purchasers and other persons will rely upon the truth and
accuracy of the foregoing acknowledgements, representations and agreements and agrees that if any of the

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acknowledgements, representations and agreements deemed to have been made by its purchase of the notes are no
longer accurate, it will promptly notify us and the initial purchasers; and
(9) if it is acquiring the notes as a fiduciary or agent for one or more investor accounts, it represents
that it has sole investment discretion with respect to each such account and it has full power to make the foregoing
acknowledgements, representations and agreements on behalf of each account.
Representations and Restrictions on Resale and Transfer of Peruvian Purchasers
The notes are being offered in Peru only to institutional investors (as such term is defined in the Seventh
Final Disposition of CONASEV Resolution No. 141-98-EF/94.10.1, as amended), and each owner of any beneficial
interest therein will be deemed, by its acceptance or purchase thereof, to have represented and agreed to comply
with the transfer and resale restrictions set forth under CONASEV Resolution No. 079-2008-EF/94.01.1, as
amended.
Legends
The following is the form of restrictive legend which will appear on the face of the Rule 144A global note,
and which will be used to notify transferees of the foregoing restrictions on transfer:
“This note has not been registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), or any U.S. state securities laws. The holder hereof, by purchasing this note, agrees for the
benefit of the issuer that this note or any interest or participation herein may be offered, resold,
pledged or otherwise transferred only (1) to the issuer, (2) so long as this note is eligible for resale
pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a person who the seller reasonably
believes is a qualified institutional buyer (as defined in Rule 144A) in accordance with Rule 144A,
(3) in an offshore transaction in accordance with Rule 903 or 904 of Regulation S under the
Securities Act, (4) pursuant to an exemption from registration under the Securities Act (if available)
or (5) pursuant to an effective registration statement under the Securities Act, and in each of such
cases in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction. The holder hereof, by purchasing this note, represents and agrees that it
shall notify any purchaser of this note from it of the resale restrictions referred to above.
This legend may be removed solely at the discretion and at the direction of the issuer.”
The following is the form of restrictive legend which will appear on the face of the Regulation S global
note and which will be used to notify transferees of the foregoing restrictions on transfer:
“This note has not been registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), or any U.S. state securities laws. The holder hereof, by purchasing this note, agrees that
neither this note nor any interest or participation herein may be offered, resold, pledged or
otherwise transferred in the absence of such registration unless such transaction is exempt from, or
not subject to, such registration and in accordance with any applicable securities laws of any other
applicable jurisdiction.
For further discussion of the requirements (including the presentation of transfer certificates) under the
indenture to effect exchanges or transfers of interest in global notes and certificated notes, see “Description of the
Notes.”


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LEGAL MATTERS
The validity of the notes have been passed upon for us by Simpson Thacher & Bartlett LLP, our U.S.
counsel, and by Estudio Echecopar, our Peruvian counsel, and for the initial purchasers by Shearman & Sterling
LLP, U.S. counsel for the initial purchasers, and by Miranda & Amado Abogados, Peruvian counsel for the initial
purchasers.
INDEPENDENT AUDITORS
Our financial statements as of and for the years ended December 31, 2012, 2011 and 2010 included in these
listing particulars have been audited by Medina, Zaldívar, Paredes & Asociados, a member firm of Ernst & Young
Global, as set forth in their report included in these listing particulars.

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LISTING AND GENERAL INFORMATION
1. The issuance of the notes has been authorized by resolutions of our board of directors at meetings held
on August 17, 2012, November 16, 2012 and January 14, 2013. Under Peruvian law, we are not required to obtain
the approval of our shareholder in order to issue the notes.
2. Except as disclosed herein, there are no litigation or arbitration proceedings against or affecting us or
any of our assets, nor are we aware of any pending or threatened proceedings, which are or might reasonably be
expected to be material in the context of the issuance of the notes.
3. Except as disclosed herein, there has been no adverse change, or any development reasonably likely to
involve an adverse change, in the condition (financial or otherwise) or our general affairs since December 31, 2012
(the end of the most recent fiscal period for which financial statements have been prepared) that is material in the
context of the issuance of the notes.
4. For so long as any notes remain outstanding, copies of the indenture under which the notes have been
issued may be inspected free of charge during normal business hours at the offices of each of the Luxembourg
listing agent and our principal office, at the addresses listed on the inside back cover page of these listing particulars.
5. For so long as any notes remain outstanding, copies of the following documents (together, where
necessary, with English translations thereof) may be obtained free of charge during normal business hours, at our
principal office, at the address listed on the inside back cover page of these listing particulars, or at the offices of the
Luxembourg Listing Agent – Banque Internationale à Luxembourg SA, which address may also be found on the
inside back cover page of these listing particulars:
 our latest published unaudited interim financial statements, which are published on a
quarterly basis, and audited year-end financial statements; and
 our estatutos sociales (by-laws).
6. To the best of our knowledge, the information contained in these listing particulars is in accordance
with the facts and does not omit anything likely to affect the import of such information. Accordingly, we accept
responsibility.
7. The global notes representing the notes have been accepted into the systems used by DTC and for
clearing and settlement in Euroclear & Clearstream. The CUSIP and ISIN numbers, as applicable, for the notes are
as follows:
Rule 144A Note CUSIP: Rule 144A Note ISIN: Rule 144A Common Code:
344593AA6 US344593AA60 088325656
Regulation S Note CUSIP: Regulation S Note ISIN: Regulations S Common Code:
P42009AA1 US P42009AA12 088284372



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ANNEX A – PRINCIPAL DIFFERENCES AMONG SBS GAAP, US GAAP AND IFRS
(AS ADOPTED BY THE IASB)
Our financial statements have been prepared in accordance with SBS GAAP. The SBS has stated that in
case situations unforeseen by applicable standards arise, provisions set forth in Generally Accepted Accounting
Principles in Peru shall be applied. All references to “IFRS” in this Appendix refer to IFRS as adopted by the IASB.
SBS GAAP differs in several significant respects from IFRS and US GAAP. We have not undertaken
efforts to prepare a quantitative reconciliation of specific differences among SBS GAAP, IFRS and US GAAP. Had
such an effort been undertaken, other potentially significant differences might have been identified and disclosed
herein.
The following paragraphs summarize the areas in which we considerer that differences among SBS GAAP,
IFRS and US GAAP could be significant to our results of operations and financial position as of and for the years
ended on December 31, 2012, 2011 and 2010. We have not prepared financial statements in accordance with IFRS
or US GAAP and, accordingly, cannot offer any assurances that all existing differences have been identified and that
the differences described below could, in fact, be the largest differences between our financial statements and those
prepared under IFRS or US GAAP. In addition, we cannot estimate the net effect that applying IFRS or US GAAP
would have on our result of operations or financial position or any component thereof, in any of the presentations of
individually or in aggregate, material, and in particular, as a result of such, it may be that the total shareholder’s
equity, prepared on the basis of SBS GAAP would be materially different from the shareholder’s equity reported
under IFRS or US GAAP. Differences in the presentation of the financial statements as well as differences in the
information provided in the footnotes to the financial statements have not been reported. Furthermore, the
differences discussed below represent the differences based on the effects of standards that were in effect as of
December 31, 2012 and does not consider the effects of standards previously issued that will become effective in the
future.
Highlights of certain differences among SBS GAAP, IFRS and US GAAP
Content and format of financial statements
Under SBS GAAP, the presentation and content of the accounts included in the financial statements are
detailed in the regulation issued by the SBS for us and supplementary in the “Accounting Manual for Financial
Entities.” Under IFRS, specifically IAS 1, IAS 32, IAS 39, and IFRS 7, include generic principles about the
presentation and disclosure in the financial statements for financial entities. Under US GAAP, the SEC has
established detailed rules about the form and content of the financial statements for banks in its S-X regulation.
Cash flow statements
Under SBS GAAP, the cash flow statement is presented in accordance with the “Accounting Manual for
Financial Entities” issued by the SBS that contain significant presentational differences in respect of cash flow
statement according to IFRS (IAS 7) and US GAAP (ASC 230).
The format of a cash flow statement prepared under IAS 7 is essentially the same as a cash flow statement
prepared under ASC 230. Both standards require cash flows to be classified into three broad categories: operating
activities; investing activities; and financing activities. However, presentation differences can arise due to
differences between IFRS and US GAAP in respect of the definition of cash, and the classification of specific items.
Consolidation and investment in special purpose entities
We do not have investments in subsidiaries or associates but we have interests in Special Purpose Vehicles
(“SPEs”). SBS GAAP does not require consolidating SPEs, but requires accounting them using the equity method.
These accounts are denominated “Accounts receivable from Trusts” and are included in the “Other accounts
receivable, net” caption in the balance sheet. Income and expenses arising from transactions between the Fund and
the SPEs are not eliminated in their respective captions; however, such balances are being eliminated indirectly

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through the equity method applied to the Fund’s interest in such SPEs. Other balances and transactions are not being
eliminated.
Under both IFRS and US GAAP, the determination of whether or not entities are consolidated by a
reporting enterprise is based on control, although differences exist in the definition of control. Under IFRS, the
concept of power to control is the parent’s ability to govern the financial and operating policies of an entity to obtain
benefits. Control is presumed to exist if the parent owns more than 50% of the votes, and potential voting rights
must be considered. Under US GAAP, there are two different models for determining whether consolidation is
appropriate. Under the risk and rewards model, consolidation is based on which interest holder absorbs a majority of
the risks and rewards of a Variable Interest Entity (or “VIE”). If a reporting entity has an interest in another entity
that is not considered a VIE or that is not within the scope of the VIE model, the voting interest model must be
applied. Under this model, consolidation is based on whether the reporting entity has a controlling financial interest
in the entity.
Under IFRS (IAS 27 and SIC-12), a reporting entity must consider the indicators of control in both IAS 27
and SIC-12 to determine whether consolidation is appropriate. Under this model, a reporting entity should consider
which party controls an entity on the basis of an evaluation of both governance indicators (IAS 27) and economic
indicators (SIC-12). An enterprise is required to consolidate special purpose entities, or SPEs, when the substance of
the relationship between them indicates that the enterprise controls the SPE.
Impairment – Long lived assets
SBS GAAP, IFRS (IAS 36) and US GAAP (ASC 350 and 360) require that specific and clearly detailed
tests be carried out to adjust the carrying value of certain assets (long-lived assets) when indicators of potential
impairment exist.
Impairments under SBS GAAP and IFRS are based on discounted cash flows. Under US GAAP, only if an
asset’s estimated undiscounted future cash flows are below its carrying amount is a determination required of the
amount of any impairment based on discounted cash flows. There is no undiscounted test under SBS GAAP and
IFRS.
Under SBS GAAP and IFRS, impairment of long-lived assets is calculated by comparing the recoverable
amount (the higher of fair value less costs to sell or value in use) to the carrying amount. Under US GAAP,
impairment is measured by a company’s fair value to carry amount.
Under SBS GAAP and IFRS impairment losses are reversed when there has been a change in economic
conditions or in the expected use of the asset. Under US GAAP impairment losses cannot be reversed for assets to
be held and used, as the impairment loss results in a new cost basis for the asset. Subsequent revisions to the
carrying amount of an asset to be disposed of are reported as adjustments to the asset’s carrying amount, but limited
by the carrying amount at the date on which the decision to dispose of the asset is made.
Debt and equity securities, including those within the Trusts
Under SBS GAAP, SBS Resolution 10639-2008, investments at fair value through profit or loss (formerly
recorded as trading securities) are initially recognized at cost (excluding acquisitions costs, which are recorded as
expenses) and subsequently remeasured at fair value. Available-for-sale investments and held-to-maturity
investments are initially recognized at cost including acquisition costs and available-for-sale investments are
subsequently remeasured at fair value, while held-to-maturity investments are valued at amortized cost using the
effective interest rate method. Additionally, the aforementioned resolution established an additional category:
Investments in subsidiaries for equity instruments acquired with the purpose of having: (i) an equity participation,
(ii) control, as defined by IAS 27, and/or (iii) significant influence, as defined by IAS 28. Their initial recognition is
at fair value, including transaction costs that are directly attributable to the acquisition, and thereafter, are recorded
following the equity participation method.

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Subsequent measurement of investments is based upon the valuation principles of the portfolios they are
classified in at the time of purchase, as described below:
 Trading securities, in all cases, are re-measured at fair value and all related realized and unrealized
gains or losses are recognized in income.
 Held-to-maturity securities (HTM) are carried at amortized cost using the effective yield method
less any impairment in value. Gains or losses are recognized in income when the investments are
derecognized or impaired, as well as through the amortization of premiums and accretion of
discounts. Sale or reclassification of held-to-maturity securities to other categories triggers
reclassification of such securities outside the held-to-maturity portfolio.
 Available-for-sale securities (AFS), under IFRS and US GAAP are carried at fair value. Gains or
losses on remeasurement to fair value are recognized as a separate component of equity, or other
comprehensive income, net of income taxes, until investment is sold, collected or otherwise
disposed of or until the investment is determined to be impaired, at which time the cumulative
gain or loss previously reported in equity is included in income.
Under SBS GAAP and IFRS, foreign exchange gains and losses on the amortized cost, of all financial
instruments, are recognized in the income statement, except for available-for-sale equity investments. Foreign
exchange gains and losses on available-for-sale equity investments are recognized in equity. US GAAP (ASC 830)
establishes that the foreign exchange gains and losses related to the amortized cost of debt securities classified as
available-for-sale must be recognized in other comprehensive income.
The accounting principles applied by the trusts for accounting their debt and equity securities, which are the
basis for the application of the equity accounting, are the same as those applied by the Fund, and therefore these
differences listed above apply to the trusts as well.
Impairment of debt and equity securities
A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there
is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the
asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial
asset or group of financial assets that can be reliably estimated. Under SBS GAAP credit default is one of the
evidence factors that the management should analyze. The impairment loss is measured as the difference between
the debt instrument’s amortized cost basis and its fair value. For an AFS equity investment, an impairment is
recognized in the income statement when there is objective evidence that the AFS equity instrument is impaired, and
that the cost of the investment in the equity instrument may not be recovered. The impairment is measured as the
difference between the equity instrument’s cost basis and its fair value. A significant and prolonged decline in fair
value of an equity investment below its cost is considered objective evidence of an impairment.
Under SBS GAAP and IFRS, impairment losses recognized through the income statement for AFS equity
securities cannot be reversed through the income statement for future recoveries. However, impairment losses for
debt instruments classified as AFS may be reversed through the income statement if the fair value of the asset
increases in a subsequent period and the increase can be objectively related to an event occurring after the
impairment loss was recognized.

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Under US GAAP, declines in fair value below cost may result in an impairment loss being recognized in
the income statement on an AFS debt instrument due solely to a change in interest rate (risk-free or otherwise) if the
entity has the intent to sell the debt instrument or it is more likely than not that it will be required to sell the debt
instrument before its anticipated recovery. The impairment loss is measured as the difference between the debt
instrument’s amortized cost basis and its fair value. When a credit loss exists, but the entity does not intend to sell
the debt instrument, nor is it more likely than not that the entity will be required to sell the debt instrument before
the recovery of the remaining cost basis, the impairment is separated into (i) the amount representing the credit loss
and (ii) the amount related to all other factors. The amount of the total impairment related to the credit loss is
recognized in the income statement and the amount related to all other factors is recognized in other comprehensive
income, net of applicable taxes.
Under US GAAP, for an AFS equity instrument, an impairment is recognized in the income statement, as
the difference between the equity instrument’s amortized cost basis and its fair value, if the equity instrument’s fair
value is not expected to recover sufficiently in the near-term to allow a full recovery of the entity’s cost basis. An
entity must have the intent and ability to hold an impaired security until such near-term recovery, otherwise an
impairment loss must be recognized in the income statement. When an impairment loss is recognized in the income
statement, a new cost basis in the investment is established equal to the previous cost basis minus the impairment
recognized in earnings. Impairment losses cannot be reversed for any future recoveries.
Under SBS GAAP and IFRS, the impairment loss of an held to maturity investment is measured as the
difference between the carrying amount of the investment and the present value of estimated future cash flows
discounted at the financial asset’s original effective interest rate. The carrying amount of the financial asset is
reduced either directly or through the use of a provision account. The amount of impairment loss is recognized in the
income statement. However, the carrying amount of an HTM investment or a loan or receivable cannot exceed what
the amortized cost of that investment would have been, had the original impairment not been recognized.
Under US GAAP, the impairment loss of an HTM is measured as the difference between its fair value and
amortized cost basis. When the entity does not intend to sell the debt instrument and it is not more likely than not
that the entity will be required to sell the debt instrument before recovery of its amortized cost basis, the amount of
the total impairment related to the credit loss is recognized in the income statement and the amount related to all
other factors is recognized in other comprehensive income.
Under US GAAP, the carrying amount of an HTM investment after the recognition of an impairment is the
fair value of the debt instrument at the date of the impairment. The new cost basis of the debt instrument is equal to
the previous cost basis minus the impairment recognized in earnings. The impairment recognized in other
comprehensive income is accreted to the carrying amount of the HTM instrument over its remaining life.
Under SBS GAAP, as described in SBS Resolution 10639-2008, when the SBS considers it necessary to
establish any additional provision for any type of investment, this provision will be determined on the basis of each
individual investment, and must be recorded in the statements of income for which the SBS requires such provision.
Provisions for accounts receivable (Trust Agreement – COFIDE)
Under SBS GAAP, provisions for accounts receivable are provided for in accordance with SBS Resolution
No. 980-2006, which provides the calculation of the allowance based upon the criteria established in SBS
Resolution No. 11356-2008, as detailed in note 3(d) of our audited annual financial statements included elsewhere in
these listing particulars.
Under IFRS (IAS 39) and US GAAP (ASC 450 and ASC 310-10-35), if there is objective evidence that all
amounts due (principal and interest) according to original contractual terms of the loan will not be collected, such
loans are considered impaired and the amount of the loss is measured as the difference between the loan’s carrying
amount and the present value of expected future cash flows discounted at the loan’s original effective interest rate or
as the difference between the carrying value of the loan and fair value of the collateral, if the loan is collateralized
and foreclosure is probable. Impairment and uncollectibility are measured and recognized individually for loans and
receivables that are individually significant and on a portfolio basis for a group of similar loans and receivables that
are not individually identified as impaired if a loss is probable and quantifiable.

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Under SBS GAAP, recoveries are recorded in the same line of provisions for loan losses in the income
statement. Charge-offs are recorded directly as provision for loan losses in the income statement. Under IFRS and
US GAAP, recoveries and charge-offs would be recorded in the provisions for loan losses in the balance sheet.
Accounts receivable (Trust Agreement – COFIDE)
Under SBS GAAP, accounts receivable are recorded at nominal value when the disbursements of funds
through COFIDE are made in favor of the intermediary financial institutions.
Under IFRS and US GAAP, accounts receivable are measured at amortized cost using the effective interest
rate method, less impairment. Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the effective interest rate.
Accounts receivable – Advance payments from intermediary financial institutions
Under SBS GAAP, the prepayment of accounts receivable from intermediary financial institutions,
received at fair value, are recorded as follows: a) the principal and unearned interest included in the installments, as
shown in the original payment schedule, shall be discounted using the same rate used to establish the fair value of
the advance payments received; b) the difference between the nominal and discounted amounts shall be recorded as
income or loss of the year; c) the discounted amount assigned to principal, as mentioned above, shall be reduced
from the “Accounts receivable, net (Trust Agreement – COFIDE) in the balance sheet; and d) the discounted
unearned interest shall be recorded in the “Deferred income” caption of the balance sheet, and subsequently
recognized as income in the “Financial income” caption in the income statement.
Under IFRS, IAS 39 the prepayments must be recorded based upon the transfer of the risks and rewards of
ownership, as result and based on the characteristics of the advance received, such amounts must not be
derecognized. Under US GAAP (ASC 860), derecognition of financial assets occurs when effective control over the
financial asset has been surrendered. Both IFRS and US GAAP have very strict guidelines for such transactions to
qualify for sales accounting and derecognition from the balance sheet..
Income tax
Under SBS GAAP, IFRS (IAS 12) and US GAAP (ASC 740), deferred taxes should be recorded for the tax
effect of temporary differences between the tax and accounting bases of assets and liabilities as well as tax loss carry
forwards. IFRS and SBS GAAP measures deferred taxes using the tax rate enacted, or substantially enacted, where
US GAAP measures deferred taxes only on the enacted tax rate. Under IFRS and SBS GAAP, deferred tax assets are
recognized when recovery is probable. Under US GAAP, deferred tax assets are recognized (i.e., no valuation
provision) to the extent that they are more likely than not to be recovered. Under US GAAP, IFRS and SBS GAAP,
deferred tax in respect of temporary differences on subsidiaries, associates and joint ventures is not recognized in
some circumstances. Under US GAAP, such differences on equity method investments, other than certain foreign
corporate ventures, are recognized in full.
In relation to uncertain tax position, SBS GAAP and IFRS do not have specific guidance. IAS 12 indicates
tax assets/liabilities should be measured at the amount expected to be paid. In practice, the recognition principles in
IAS 37 on provisions and contingencies are frequently applied. US GAAP (ASC 740) requires a two-step process,
separating recognition from measurement. A benefit is recognized when it is “more likely than not” to be sustained
based on the technical merits of the position. The amount of benefit to be recognized is based on the largest amount
of tax benefit that is greater than 50% likely of being realized upon ultimate settlement.
On its November 2010 session, the International Financial Reporting Interpretations Committee (“IFRIC”),
agreed that employees’ profit sharing must be recorded following IAS 19 “Employees’ benefits” and not IAS 12
“Income tax.” Consequently, an entity must only recognize a liability when the employee has rendered a service;
therefore, the deferred employees’ profit sharing should not be calculated by temporary differences; given that these
differences would be attributable to future services that must not be considered as obligations or rights under IAS
19. In Peru, the standard practice was to calculate and record employees’ profit sharing on the financial statements.

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On January 21, 2011, the SBS issued the Multiple Official Letter No. 4049-2011, which establishes the accounting
treatment of employees’ profit sharing; the SBS new accounting treatment agrees to the standard established by the
IFRIC. The new accounting treatment was mandatory since January 2011.
Derivative financial instruments
Under SBS GAAP, IFRS (IAS 32 and 39) and US GAAP (principally ASC 320 and ASC 815) derivative
financial instruments are initially and subsequently recognized at fair value. Derivative transactions that do not
qualify for hedge accounting are treated as derivatives held for trading and any gains and losses arising from
changes in fair value are taken directly to income.
The US GAAP literature is far more detailed than SBS GAAP and IFRSs as it has been developed over a
longer period and, often, in response to specific financial instruments. Consequently, there are many differences in
the scope of standards under SBS GAAP, IFRSs and US GAAP in regards to derivative financial instruments,
embedded derivatives and hedge accounting.
Accounts receivable related to the Credit Risk Coverage (CRC) and Good Payer Award (PBP) Trusts
Under SBS GAAP, SBS Resolution No. 980.2006 “Fund Regulation,” the accounts receivable related to
the CRC-PBP trusts corresponds to the net assets or net liabilities of the trusts. Likewise, in accordance with such
resolution, the income or net loss arising from the trusts is included in the “Financial Income” or “Financial
Expense” in the income statement as “Attributions from trusts.”
Under IFRS and US GAAP, the Fund should likely consolidate the trusts as described in the “Consolidation
and investment in Special Purpose Entities” above mentioned.
Revenue recognition – Interest recognition
Under SBS GAAP, interest income and expenses are recorded in the statement of income in the period in
which they accrue, depending on the lifetime of the operations that generate them and the nominal interest rates
established. Because the Fund grants credit loans to intermediary financial institutions to intermediate its resources,
which disbursement is made through COFIDE Trust, instead of loans to the borrower, in accordance to the SBS’s
Accounting Manual for Financial Entities, the yield generated in said operations are recorded on an accrual basis
and in-suspense interests are not recognized.
Under IFRS (IAS 18) and US GAAP (ASC 835), recognition of interest on loans is generally discontinued
when, in the opinion of management, there is an assessment that the borrower will likely be unable to meet all
contractual payments as they become due. As a general practice, this occurs when loans are 90 days or more
overdue. When a loan is placed on non-accrual status, unpaid interest credited to income in the current year is
reversed and unpaid interest accrued in prior years is charged against the provision for credit losses.
Revenue recognition – Bonuses and Prizes for Good Payers
Under SBS GAAP, the interests of the forgiven installments to the final beneficiaries of the loans
corresponding to the bonus for good payers (bono del buen pagador) are recorded when such beneficiaries have
meet the on-time payment of six monthly consecutive payments, such amounts are recorded as an expenses
offsetting the “Income from accounts receivable” item included in the “Financial income” caption of the income
statement. Likewise, the principal forgiven corresponding to bonuses and prizes for good payers is recorded as
expenses in the “Financial expense” caption in the income statement.
Under IFRS (IAS 39) and US GAAP, the forgiven installments should be recognized as part of the
effective interest rate using the amortized cost methodology and, as result, should be recorded as interest in the
income statement during the term of the loan, recognizing non-compliance cases as a change in the estimation of the
payments.

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Provision for risks and charges
Under SBS GAAP and IFRS (IAS 37), a provision should only be made when: (a) an enterprise has a
present obligation (legal or constructive) as a result of a past event, (b) it is probable (more likely than not) that a
future outflow of economic benefits will be required to settle the obligation and (c) a reliable estimate of the amount
of the obligation can be made. The entity must discount the anticipated cash flows expected to be required to settle
the obligation if the impact is material.
The treatment of loss contingencies under US GAAP (ASC 450) is similar to IFRS. However, “Probable”
is defined as likely, which is a higher threshold than “more likely than not” and if a range of estimates for the
obligation is determined and no amount in the range is more likely than any other amount in the range, the
“minimum” (rather than the mid-point as in IFRS) amount must be used to measure the liability. The entity must
discount the anticipated cash flows expected to be required to settle the obligation if the impact is material.
Under US GAAP, losses on firmly committed onerous contracts are usually not recognized. Under IFRS, if
an entity has a contract that is onerous (e.g., an operating lease), the present obligation under the contract should be
recognized as a liability.

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INDEX TO FINANCIAL STATEMENTS


Audited Financial Statements of Fondo MIVIVIENDA as of December 31, 2012 and 2011
and for the years ended December 31, 2012 and 2011

Independent Auditors’ Report ................................................................................................................................... F-4
Balance Sheets ........................................................................................................................................................... F-6
Statement of Income ................................................................................................................................................. F-7
Statement of Changes in Shareholder’s Equity ......................................................................................................... F-8
Statement of Cash Flows ........................................................................................................................................... F-9
Notes to the Financial Statements ............................................................................................................................ F-11

Audited Financial Statements of Fondo MIVIVIENDA as of December 31, 2011 and 2010
and for the years ended December 31, 2011 and 2010

Independent Auditors’ Report ................................................................................................................................. F-71
Balance Sheets ......................................................................................................................................................... F-73
Statement of Income ............................................................................................................................................... F-74
Statement of Changes in Shareholder’s Equity ....................................................................................................... F-75
Statement of Cash Flows ......................................................................................................................................... F-76
Notes to the Financial Statements ............................................................................................................................ F-78

Unaudited Interim Financial Statements of Fondo MIVIVIENDA as of March 31, 2013 and for the three
month periods ended March 31, 2013 and 2012

Balance Sheets ....................................................................................................................................................... F-131
Statement of Income ............................................................................................................................................. F-132
Statement of Changes in Shareholder’s Equity ..................................................................................................... F-133
Statement of Cash Flows ....................................................................................................................................... F-134
Notes to the Financial Statements .......................................................................................................................... F-135






Translation of independent auditors’ report and financial statements
originally issued in Spanish - Note 26

Fondo MIVIVIENDA S.A.
Financial statements as of December 31, 2012 and 2011
together with Independent Auditors’ Report


F-2


Translation of independent auditors’ report and financial statements
originally issued in Spanish - Note 26



Fondo MIVIVIENDA S.A.
Financial statements as of December 31, 2012 and 2011
together with Independent Auditors’ Report

Content

Independent auditors’ report

Financial statements

Balance sheets
Statements of income
Statements of changes in shareholder’s equity
Statements of cash flows
Notes to the financial statements


F-3




Translation of independent auditors’ report originally issued in
Spanish - Note 26

Independent Auditors’ Report


Miembro de Ernst & Young Global Inscrita en la partida 11396556 del Registro
de Personas Jurídicas de Lima y Callao
To the Shareholder and Directors of Fondo MIVIVIENDA S.A.

We have audited the accompanying financial statements of Fondo MIVIVIENDA S.A. (hereafter “the
Fund”), which comprise the balance sheets as of December 31, 2012 and 2011, and the related
statements of income, changes in shareholder’s equity and cash flows for the years then ended, and
a summary of significant accounting policies and other explanatory notes.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting standards prescribed by the Superintendence of Banking, Insurance
and Pension Funds Administrators (“SBS” by its acronym in Spanish), and for such internal control
as management determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with generally accepted auditing standards in Peru for financial
entities. Those standards require that we comply with ethical requirements and plan and perform
the audits to obtain a reasonable assurance about whether the financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence on the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditors consider internal control relevant to the
Fund’s preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.


F-4




Translation of independent auditors’ report originally issued in
Spanish - Note 26
Independent Auditors’ Report (continued)

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.

Opinion

In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of Fondo MIVIVIVENDA S.A. as of December 31, 2012 and 2011, and the results
of its operations and its cash flows for the years then ended, in accordance with accounting
principles prescribed by the Superintendence of Banking, Insurance and Pension Funds
Administrators for the Fund, Note 3.


Lima, Peru,
March 15, 2013


Countersigned by:





Elizabeth Fontenla
C.P.C.C. Register No. 25063
F-5
Translation of financial statements originally issued in Spanish - Note 26

The accompanying notes are an integral part of this balance sheet.
Fondo MIVIVIENDA S.A.
Balance sheet
As of December 31, 2012 and 2011
Note 2012 2011
S/. S/.

Assets
Cash and due from banks - 5
Deposits in the Peruvian Central Bank 1,760 1,140,025
Deposits in domestic banks 339,765,712 155,910,397
Accrued yields on cash and due from banks 708,973 178,666
______________ ______________
340,476,445 157,229,088

Available-for-sale and held-to-maturity investments 6 - 205,101,797
Accounts receivable, net (Trust Agreement – COFIDE) 7 3,144,928,900 2,427,676,487
Other accounts receivable, net 8 70,518,124 399,991,105
Derivative financial instruments 12 5,752,935 10,061,020
Property, furniture and equipment, net 9 1,355,803 1,834,740
Deferred income tax 15 7,210,468 1,737,001
Other assets, net 10 3,233,935 3,165,952
______________ ______________


Total assets 3,573,476,610 3,206,797,190
______________ ______________



Contingent and off-balance sheet accounts 16
Contingent assets 363,384,459 685,856,180
Off-balance sheet assets accounts 732,167,944 894,348,612
Trusts and trust commissions receivable 1,005,215,295 1,673,730,742
______________ ______________

2,100,767,698 3,253,935,534
______________ ______________













Note 2012 2011
S/. S/.

Liabilities
Obligations with the public 14 10,082,500 11,058,204
Due to banks and financial obligations 17(b) 215,596,640 -
Derivative financial instruments 12 - 46,831
Other accounts payable 11 241,467,018 190,840,627
Provisions and other liabilities 11 11,391,677 2,221,058
______________ ______________
Total liabilities 478,537,835 204,166,720


Shareholder’s equity 13
Capital stock 2,968,159,573 2,889,343,941
Additional capital 34,247 34,247
Legal reserve 34,117,484 25,815,191
Unrealized results 967,036 319,166
Retained earnings 91,660,435 87,117,925
______________ ______________

Total shareholder’s equity 3,094,938,775 3,002,630,470
______________ ______________


Total liabilities and shareholder’s equity 3,573,476,610 3,206,797,190
______________ ______________

Contingent and off-balance sheet accounts 16
Contingent liabilities 363,384,459 685,856,180
Off-balance sheet liabilities accounts 732,167,944 894,348,612
Trusts and trust commissions payable 1,005,215,295 1,673,730,742
______________ ______________


2,100,767,698 3,253,935,534
______________ ______________
F-6
Translation of financial statements originally issued in Spanish -
Note 26


The accompanying notes are an integral part of this statement.
Fondo MIVIVIENDA S.A.
Statement of income
For the years ended December 31, 2012 and 2011
Note 2012 2011
S/. S/.


Financial income 17 218,743,275 206,118,069
Financial expenses 17 (52,577,263) (60,505,024)
____________ ____________
Gross financial margin 166,166,012 145,613,045

Allowance for doubtful accounts (Trust Agreement –
COFIDE) 7(f) (22,874,492) (12,343,352)
____________ ____________
Net financial margin 143,291,520 133,269,693

Financial services revenues 18 1,754,766 2,695,016
Financial services expenses (69,282) (144,419)
____________ ____________
Operating margin 144,977,004 135,820,290

Administrative expenses 19 (32,709,521) (30,122,403)
____________ ____________
Net operating margin 112,267,483 105,697,887

Depreciation of property, furniture and equipment 9(a) (527,083) (589,997)
Amortization of intangible assets 10(b) (149,962) (233,980)
Allowance for other doubtful accounts 8(f) (317,012) (1,394,291)
Other provisions 20 (900,914) (299,108)
____________ ____________
Operating income 110,372,512 103,180,511

Other income and expenses 21 17,985,342 10,160,828
____________ ____________
Income before income tax 128,357,854 113,341,339

Income tax 15(b) (36,697,419) (30,318,405)
____________ ____________

Net income 91,660,435 83,022,934
____________ ____________
F-7
Translation of financial statements originally issued in Spanish - Note 26


The accompanying notes are an integral part of this statement.
Fondo MIVIVIENDA S.A.
Statement of changes in shareholder’s equity
For the years ended December 31, 2012 and 2011

Number
of shares
Capital
stock
Additional
capital
Legal
reserve
Unrealized
results
(Note 13 (c))
Retained
earnings Total
S/. S/. S/. S/. S/. S/.


Balance as of January 1, 2011 2,831,257,473 2,831,257,473 34,247 19,361,139 (5,863,993) 68,435,821 2,913,224,687
Capitalization of earnings, Note 13(a) 58,086,468 58,086,468 - - - (58,086,468) -
Transfer to legal reserve, Note 13(b) - - - 6,454,052 - (6,454,052) -
Net change in unrealized results on available-for-sale
investments of the Fund - - - - 4,686,825 - 4,686,825
Net change in unrealized results on available-for-sale
investments of the CRC-PBP trusts - - - - 1,496,334 - 1,496,334
Change in accounting policies, Note 3(a) (II.1) - - - - - 199,690 199,690
Net income - - - - - 83,022,934 83,022,934
______________ ______________ __________ ____________ ____________ ______________ ______________

Balance as of December 31, 2011 2,889,343,941 2,889,343,941 34,247 25,815,191 319,166 87,117,925 3,002,630,470
______________ ______________ __________ ____________ ____________ ______________ ______________

Capitalization of earnings, Note 13(a) 78,815,632 78,815,632 - - - (78,815,632) -
Transfer to legal reserve, Note 13(b) - - - 8,302,293 - (8,302,293) -
Net change in unrealized results on available-for-sale
investments of the Fund - - - - (20,749) - (20,749)
Net change in unrealized results on available-for-sale
investments of the CRC-PBP trusts - - - - 668,619 - 668,619
Net income - - - - - 91,660,435 91,660,435
______________ ______________ __________ ____________ ____________ ______________ ______________

Balance as of December 31, 2012 2,968,159,573 2,968,159,573 34,247 34,117,484 967,036 91,660,435 3,094,938,775
______________ ______________ __________ ____________ ____________ ______________ ______________


F-8
Translation of financial statements originally issued in Spanish -
Note 26



Fondo MIVIVIENDA S.A.
Statement of cash flows
For the years ended December 31, 2012 and 2011
2012 2011
S/. S/.


Reconciliation of net income to cash from operating activities:
Net income 91,660,435 83,022,934

Adjustments to net income
Plus (less)
Allowance for accounts receivable (Trust Agreement – COFIDE),
net of reversals and exchange difference 14,368,182 4,972,321
Depreciation, amortization and other 973,457 1,316,863
Allowance for other accounts receivable, net of reversals (10,336,501) (176,966)
Deferred income tax (5,473,467) (1,030,505)
Results from valuation of investments (337,195) (6,506,354)

Charges and credits for net changes in assets and liabilities
Decrease (increase) in other accounts receivable 340,081,643 (12,945,676)
Decrease in accrued yields 2,039,374 5,973,413
Increase in other accounts payable, allowances and other liabilities 59,059,348 43,772,385
Increase (decrease) in derivative financial instruments 4,261,254 (14,970,641)
_____________ _____________
Net cash from operating activities 496,296,530 103,427,774
_____________ _____________

Cash flows from investing activities
Purchase of property, furniture and equipment (113,345) (81,143)
Purchase of intangible assets (52,700) (117,582)
_____________ _____________

Net cash used in investing activities (166,045) (198,725)
_____________ _____________

F-9
Translation of financial statements originally issued in Spanish -
Note 26


The accompanying notes are an integral part of this statement.
Statement of cash flows (continued)



2012 2011
S/. S/.


Cash flows from financing activities
Net increase in accounts receivable (Trust Agreement - COFIDE) (729,766,417) (770,865,779)
Net decrease in investments 254,155,065 706,425,714
Net increase in due to banks and financial obligations 213,703,928 -
Net increase in obligations with the public (975,704) 10,783,159
_____________ _____________
Net cash used in financing activities (262,883,128) (53,656,906)
_____________ _____________
Net increase in cash 233,247,357 49,572,143
Balance of cash at the beginning of the year 107,229,088 57,656,945
_____________ _____________

Balance of cash at the end of the year, Note 5 340,476,445 107,229,088
_____________ _____________

F-10
Translation of financial statements originally issued in Spanish -
Note 26



Fondo MIVIVIENDA S.A.
Notes to the financial statements
As of December 31, 2012 and 2011
1. Business activity
Fondo MIVIVIENDA S.A. (hereafter “the Fund” or “Fondo MIVIVIENDA”) is a state-owned company under
private law and is governed by Law N°28579 and its by-laws. The Fund falls under the purview of the
Peruvian National Fund for the Financing of Business Activities of the State (Fondo Nacional de
Financiamiento de la Actividad Empresarial del Estado or “FONAFE” by its acronym in Spanish) under the
Ministry of Housing, Construction and Sanitation (“MVCS” by its acronym in Spanish). The
aforementioned Law N°28579 provided for the conversion of the former Mortgage Fund for the
Promotion of Housing (Fondo Hipotecario de Promoción de la Vivienda – Fondo MIVIVIENDA) into a
corporation called Fondo MIVIVIENDA S.A.

The Fund’s objective are the promotion and financing of the acquisition, improvement and construction
of homes, especially those of social interest, promotion of activities to invest into the home lending
market, participation in the primary and secondary market for mortgage loans, and contributing to the
development of the Peruvian capital market. All the Fund’s activities are regulated by the
Superintendence of Banking, Insurance and Pension Funds Administrators (Superintendencia de Banca,
Seguros y AFP or “SBS” by its acronym in Spanish), SBS Resolution N°980-2006 “Regulations for Fondo
MIVIVIENDA S.A.”

The legal address of the Fund is Avenida Paseo de la República 3121, San Isidro, Lima, Peru.

As of the date of these financial statements, the Fund manages the following programs and financial
resources:

(i) MIVIVIENDA Program.
(ii) Techo Propio Program – Management of the Household Housing Bonus (Bono Familiar
Habitacional, or “BFH” by its acronym in Spanish), as commissioned by the Ministry of Housing,
Construction and Sanitation - MVCS.
(iii) Resources of the Fund, Law N°27677, as commissioned by the Ministry of Economy and Finance
(hereafter “MEF” by its acronym in Spanish).

The characteristics of each program are the following:

(i) MIVIVIENDA Program -
The Fund through a Trust Agreement with COFIDE channels resources to the Peruvian financial
system to grant mortgage loans. Among its characteristics are the Good Payer Award (Premio al
Buen Pagador or “PBP” by its acronym in Spanish) and the Credit Risk Coverage (Cobertura de
Riesgo Crediticio or “CRC” by its acronym in Spanish), see note 2.

F-11
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



2
This program includes the following products:

- Nuevo Crédito MIVIVIENDA
- Crédito MICONSTRUCCIÓN
- Crédito MIVIVIENDA Estandarizado (*)
- Crédito MIHOGAR (*)
- Crédito MIVIVIENDA Tradicional (*)
- Crédito Complementario Techo Propio (Complementary financing to the Household
Housing Bonus – BFH)
- Servicio de Cobertura de Riesgo Crediticio y Premio al Buen Pagador (fondeo de las
Instituciones Financieras Intermediarias) - Service of Credit Risk Coverage and Good Payer
Award (Funding to Intermediary Financial Institutions, hereafter “IFI”) (*)

(*) As of December 31, 2012, these loans have been discontinued and outstanding receivable
balances remain, Note 7. CRC-PBP services and Crédito MIVIVIENDA Estandarizado were
discontinued in November 2009, Crédito MIHOGAR was discontinued in August 2009, as well
as Crédito MIVIVIENDA Tradicional in May 2006.

(ii) Techo Propio Program – Management of the Household Housing Bonus (BFH) -
These loans are granted in three modalities: (i) acquisition of a new home (AVN); (ii) construction
on owned lot (CSP); and (iii) house renovations (MV). In all modalities, mortgage loan financing
within this program comprises the participation of up to three components: (i) a subsidy
channeled by the Fund with resources from the government – the aforementioned Household
Housing Bonus (BFH); (ii) household savings and (iii) when necessary, complementary financing
to BFH (Techo Propio Program) which must be granted by an IFI.

According to the Third Transitional Provision of Law N°28579, upon ending the year 2005, the
Fund was engaged by the Government to manage the BFH and the Techo Propio Program
resources, by signing an agreement with the MVCS.

On April 28, 2006, the Fund, the MVCS and FONAFE signed the “Agreement on Management of
the Household Housing Bonus and the Funds of the Techo Propio Program”, under which the
Fund is responsible for managing both the BFH and the Techo Propio Program resources,
including the promotion, registration, recording and verification of information, the qualification
of applications, allocation and transfer of the BFH funds to the developer, seller-builder or the
respective technical unit. This agreement establishes that FONAFE shall allocate to the Fund the
resources to meet the costs and expenses of managing the Program.


F-12
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



3
(iii) Fund Law N°27677 -
Additionally, the Fund is the administrator of the fund created by Law N°27677, established with
proceeds from the liquidation of the National Housing Fund (Fondo Nacional de la Vivienda, or
”FONAVI” by its acronym in Spanish). Said Law provides that these funds shall be used to
finance the construction of affordable housing, house renovation and loans for the expansion of
single-family houses, and that the Fund should be in charge of the management, collection and
channeling of said resources.

Likewise, the Fund constituted the CRC-PBP trusts, both in nuevos soles and US Dollars, to cover the
Fund’s obligations to provide PBP payments and CRC in an amount equivalent to one-third (1/3) of the
total registered by each intermediary financial institution that contracts such service. It should be noted
that these trusts are governed by SBS Resolution N°980-2006 “Regulations for Fondo MIVIVIENDA
S.A.”.

Under the service contracts with the CRC-PBP trusts, the Fund provides the intermediary financial
institutions with the following services:

- Credit Risk Coverage (CRC service), as defined by Article 21 of the CRC and PBP Regulation, is a
guarantee the Fund provides to the intermediary financial institution for either up to one third of
the unpaid balance of the covered loan or one-third of the loss, whichever the lower. Said amount
shall be duly notified by the IFI to the Fund, on terms and conditions provided for in the
Regulation.

- Good Payer Award (PBP service), as defined in Article 24 of the CRC and PBP Regulation, is the
service to the IFI for which the Fund assumes payment of the installments corresponding to the
concessional part (the amount of the Good Payer Award) for covered loan whose beneficiaries
have promptly paid the installments corresponding to the non-concessional part of the loan. This
award is aimed to settle – every six months – the amount of the installment payable in the
corresponding period for the concessional part of the MIVIVIENDA loans.

The accompanying financial statements as of December 31, 2012 and 2011 and for the years then
ended, were approved by the Fund’s Management on February 6, 2013 and will be submitted for
approval to the Board of Directors Meeting and the General Shareholders Meeting. In Management´s
opinion, these financial statements will be approved without modifications within the term prescribed by
law.


F-13
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



4
2. Trust Agreement – Corporación Financiera de Desarrollo (COFIDE)
On March 25, 1999, a Trust Agreement was signed between the Mortgage Fund for Housing Promotion
(Fondo Hipotecario de Promoción de la Vivienda – MIVIVIENDA), now Fondo MIVIVIENDA S.A. and
Corporación Financiera de Desarrollo S.A. (COFIDE). Its purpose was the creation of a trust through
which COFIDE receives the resources from the Fund and performs as the executing agency thereof, in
order to channel the funding for loans to final borrowers through the intermediary financial institutions
(IFIs) that are required to use the funds provided to finance the acquisition, expansion or improvement
of homes and residences, in accordance with Article 12 of Supreme Decree N°001-99-MTC “Regulation
on the Fondo Hipotecario de Promoción de la Vivienda – Fondo MIVIVIENDA”.

The main duties of COFIDE are the following:

- Compliance with articles 241 to 274 of the General Law of the Financial and Insurance System
and Organic Law of the SBS – Law N°26702 and its amendments.
- Verify compliance with requirements and conditions of the IFI according to Supreme Decree
N°001-99 –MTC.
- Sign the agreement on resources intermediation with the IFI that have fulfilled the corresponding
requirements and conditions.
- Monitor the use of resources, according to the provisions of the Fund’s Regulation and the
agreement on resources intermediation.
- Collect the loans granted to the IFI
- Contract the necessary audits on the Fund.
- Periodically submit reports on the development of the aforementioned trusts, as well as
recommendations for exposure limits of the IFI (*).
- Establish operating procedures necessary for the proper administration of the Fund.
- Other duties necessary to ensure the normal development of the objectives and functions of both
the Trust and the Fund.

(*) On May 18, 2012, the Fund signed Addendum N°01 to the Trust Agreement by which annulled the
obligation of COFIDE to issue recommendations on exposure limits of the IFI with the Fund, because
the Fund is a corporation supervised by the SBS.

The main duties of the Fund are the following:

- Establish the policies for the management and use of the Fund’s resources.
- Approve the eligibility criteria of the IFI that will receive resources from the Fund for use in
financing house purchases and borrowing limits for each of them.
- Establish the terms and conditions under which the Fund will make resources available to the
intermediary financial institutions, and the modalities of placing them.
F-14
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



5
COFIDE is entitled to the following:

- Intermediate and monitor the Fund’s resources, being able to enter into and sign all deeds and
documents necessary, public and private, for that purpose.
- Require that the IFI constitute guarantees on behalf of the beneficiaries.
- Exercise all the powers contained in articles 74 and 75 of the Civil Procedure Code necessary for
carrying out the assignment given as trustee. Consequently, COFIDE may sue, counterclaim,
answer complaints and counterclaims, desist processes or claims, agree to claims, reconcile,
settle and to arbitrate the claims at issue in the process.
- It is stated that COFIDE is not responsible for the solvency of the IFI.

Regarding the fees generated by services provided by COFIDE, it was authorized to deduct -from the
amounts disbursed by the IFI - a one-time 0.25 percent commission on the amount of each loan, as well
as an annual commission of 0.25 percent on the outstanding balances of loans, which is assumed by the
IFI and will be collected when installments of loans granted are paid. These amounts are recorded as
revenues by COFIDE.

The term of this Agreement is 5 years and is automatically renewed if neither party expresses its
willingness to terminate it.

3. Significant accounting principles and practices
(a) Basis of presentation and changes in accounting policies -
(i) Basis of presentation:
The accompanying financial statements have been prepared from the Fund’s accounting
records, which are maintained in nominal nuevos soles, in accordance with SBS
regulations for the Fund in force as of December 31, 2012 and 2011. Additionally, when
SBS regulations are not in force in Peru, with the International Financial Reporting
Standards (IFRS) adopted in Peru through resolutions from the Peruvian National
Accounting Standards Board (Consejo Normativo de Contabilidad, or “CNC” by its acronym
in Spanish).

Certain accounting practices applied by the Fund that conform to accounting standards
prescribed by the SBS differ from generally accepted accounting principles in other
countries.

The preparation of financial statements requires the Fund’s Management to make
estimates that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the current period. Final results could differ
from those estimates. The most significant estimates with regard to the accompanying
F-15
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



6
financial statements correspond to the allowance for doubtful accounts, valuation of
investments, valuation of derivative financial instruments and the calculation of current
and deferred income tax, whose accounting criteria are described in this note.

The financial statements have been prepared using uniform accounting principles for the
years 2012 and 2011, except as specified in paragraph (ii) below.

(ii) Changes in accounting policies:
Principles applicable since the financial year 2011
On its November 2010 session, the International Financial Reporting Interpretations
Committee (IFRIC) agreed that employees’ profit sharing must be recorded in accordance
with IAS 19 "Employee Benefits”, and not IAS 12 "Income Taxes”. Accordingly, an entity
is only required to recognize a liability when the employee has rendered services;
therefore, deferred employees’ profit sharing should not be calculated based on
temporary differences as this concept will correspond to future services which must not
be considered as obligations or rights under IAS 19. In Peru, the regular practice was to
calculate and record any deferred employees’ profit sharing on the financial statements.

On January 21, 2011, the SBS issued Multiple Official Letter N°4049-2011 adopting the
Committee’s interpretation starting January 2011. This change was applied prospectively
without affecting the 2010 financial statements. The treatment set out by the SBS for this
change was to eliminate the balance as of December 31, 2010 corresponding to
employee´s profit sharing from deferred tax asset and liability accounts affecting the
respective equity captions for S/.199,690.

(b) Financial instruments -
Financial instruments are classified as assets, liabilities or equity according to the substance of
the contractual agreement that originated them. Interests, dividends, gains and losses generated
by a financial instrument classified as assets or liabilities are recorded as income or expense.
Financial instruments are offset when the Fund has a legal enforceable right to offset them and
Management has the intention to settle them on a net basis or to realize the asset and settle the
liability simultaneously. Likewise, please refer to Note 3(e) for accounting policy related to the
CRC-PBP trusts.

Financial asset and liabilities presented on the balance sheet correspond to cash and due from
banks, accounts receivable, other receivables, available-for-sale investments, obligations with
the public, other payables and other liabilities in general, except for the deferred asset for
employees’ profit sharing and Income Tax. Likewise, all derivatives are considered financial
instruments.

Accounting policies on recognition and valuation of these items are described below in this note.
F-16
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



7
(c) Recognition of revenues and expenses -
(c.1) Interest income and expenses –
Interest income and expenses are recorded in the statement of income in the period in
which they accrue, depending on the lifetime of the operations that generate them and
the interest rates established. Because the Fund grants credit lines to the intermediary
financial institutions to channel its resources, which disbursement is made through the
COFIDE Trust, instead of loans to the borrower, in accordance with the SBS’s Accounting
Manual for Financial Companies, the yields generated by said operations are recorded on
an accrual basis; consistent with SBS rules for the Fund, in-suspense interest income is
not recognized.

(c.2) Bonuses and Awards for Good Payers-
In accordance with the accounting treatment accepted by SBS for the Fund, the Good
Payer Bonus and the Good Payer Award, including their interests, are recognized as
follows:

(i) The Good Payer Bonus (Bono al Buen Pagador, or “BBP” by its acronym in Spanish)
was created in compliance with Law N°29033, issued on June 7, 2007, as a non-
repayable direct assistance payable to eligible final borrowers in a maximum of
S/.12,500 starting April 22, 2010 (S/.10,000 before April 22, 2010) which is
granted to borrowers who have complied with promptly cancellation of six
consecutive monthly installments of the concessional tranche of Nuevo Crédito
MIVIVIENDA. For these purposes, the Fund divides the total amount of Nuevo
Crédito MIVIVIENDA plus its related interest into 2 schedules:

- A half-annual schedule called "concessional section" corresponding to the
amount of the BBP (principal and interest); and

- A monthly schedule called "non-concessional section" corresponding to the
amount owed less the amount of the concessional section (principal and
interest).

In these cases, the BBP is received from the MVCS (to the extent the MVCS has
funds available) at the request of the Fund and it is recorded for financial reporting
and control as a liability in the "Good Payer Bonus - Received" caption, Note 11.

Upon being granted, the total amount disbursed on the Crédito MIVIVIENDA is
recorded as placement in the "Accounts receivable (Trust Agreement - COFIDE)"
caption and generates the 2 aforementioned schedules.
The interests of both schedules are recognized on an accrual basis, based on the
preferential rates agreed with intermediary financial institutions with which
F-17
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



8
agreements have been signed. The resulting interest is recognized as financial
income.

Subsequently, the Fund sends to the MVCS the list of BBP beneficiaries,
reclassifying each bonus due to eligible borrowers from the caption “Good Payer
Bonus – received” to the caption “Good Payer Bonus – assigned”, Note 11.

(ii) In the cases where the BBP is directly assumed by the Fund (when the
requirements of Law N°29033 and its amendments are not met; for instance,
where the value of the house to purchase is greater than 25 tax units or when the
BBP is granted with the Fund’s own resources, among others), it is called "Good
Payer Award".

(iii) In both cases, the bonus/award is earned by the timely compliance with six
installments of the payment schedule of the concessional section; said amount
varies depending on the type of loan granted.

(iv) When the BBP is made effective, provided the recipient has complied with the
timely payment of six consecutive monthly installments, the Fund credits the
accounts receivable (principal) of the concessional section and charges it to the
liability on the account "Good Payer Bonus - assigned”. Interest on such amounts of
the concessional section are recognized as an expense of the Fund and is presented
net of the "Income from accounts receivable (Trust Agreement – COFIDE)" item
included in the “Financial income” caption of the statement of income.

(v) When the Good Payer Award is made effective (paragraph (ii) above, in example,
when the BBP is assumed directly by the Fund) provided the fulfillment of the
conditions by the beneficiary, the Fund record such amounts as expenses; through
the decrease of the accounts receivable (principal) of the installments of the
concessional section and records the amount in the "Financial expenses" caption,
while interest, as in the previous case, is recognized as expense and presented net
of the "Income from accounts receivable (Trust Agreement – COFIDE)" item
included in the “Financial income” caption of the statement of income.

(c.3) Commissions for trust administration services provided to the CRC-PBP trusts, among
other trusts, are recognized as income when received.

(c.4) Other income and expenses are recognized in the period in which they accrue.
F-18
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



9
(d) Accounts receivable (Trust Agreement - COFIDE) and allowance for doubtful accounts -
Accounts receivable are recorded when conducting the disbursement of funds through COFIDE to
the intermediary financial institutions that channels the Fund’s resources for the placement of
the MIVIVIENDA product portfolio.

According to the Fund’s Regulation, enacted through SBS Resolution N°980-2006 issued on
August 14, 2006, calculating the allowance is performed based on the criteria established by the
SBS in the Regulation on evaluation and classification of debtor and allowance requirements, as
established in SBS Resolution N°11356-2008, in accordance with the following methodology
approved by SBS:

- Each account receivable is separated into 2 types of risk: with credit risk coverage
(hereafter "With CRC") and without credit risk coverage (hereafter "Without CRC"):

(i) With CRC: Corresponds to those accounts that have been secured by mortgages
constituted in favor of the IFI, which have been duly informed and supported to the
Fund. On average, the CRC amount corresponds to 1/3 of the total account
receivable for each final borrower during the first 8 years of the loan’s term and
1/6 of the unpaid balance of the loan for the remaining term (except for the
Crédito Complementario Techo Propio and Crédito MIHOGAR, whose CRC rates
depend on the loan terms and the amount granted).

(ii) Without CRC: Corresponds to those accounts receivable that the Fund has with the
intermediary financial institutions through the Trust Agreement – COFIDE, that do
not have the aforementioned credit risk coverage and are not guaranteed by
mortgages.

Once the Fund’s accounts receivable are classified to the appropriate risk category,
allowances are calculated according to the parameters set by the SBS, which are the
following:

- With CRC: For purposes of calculating the allowances, the loan is divided into two
portions:

(i) Portion covered by CRC: The allowance is determined based on the final
borrower's risk category reported in their consolidated credit report (RCC)
and the outstanding debt reported by COFIDE, for which Table 1 of SBS
Resolution N°11356-2008 applies:

F-19
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



10
Risk category Table 1
%

Normal 0.70
With potential problem (CPP) 5.00
Substandard 25.00
Doubtful 60.00
Loss 100.00

(ii) Portion not-covered by CRC: The allowance is based on the classification
that the Fund assigns to the intermediary financial institution, based on SBS
risk classification described below.

The amount of the allowance corresponds to the sum of the two portions.

- Without CRC: The Fund has determined that the type of loan that corresponds to
the IFI is similar to loans to corporate and large companies (formerly commercial
credits) and because the IFI are in the Normal and CPP risk categories, the Fund
has established a 0.70 percent and 5.0 percent, respectively, allowance in
accordance with Table 1.

To determine the risk classification for each IFI, the Fund has established a table
of allowances equivalent to the risk category established by SBS, as follows:

Risk classification per financial institution
_________________________________________________________________________
Table 1 Table 2
___________________________________ ___________________________________
Risk Equivalence Risk Equivalence

A + Normal B- Potential problem
A Normal C+ Potential problem
A- Normal C Potential problem
B + Normal C- Potential problem
B Normal Not classified Potential problem

Allowances for doubtful accounts receivable are presented reducing the related asset’s
balance.

(e) Accounts receivable related to CRC-PBP trusts -
Includes the assets of the CRC-PBP trusts, which correspond to assets (due from banks,
investments and accrued yields) and liabilities of the Fund, but that in accordance with SBS
regulation (SBS Resolution N°980-2006, the Fund’s Regulation), they must be recorded as a net
balance in the “Other accounts receivable, net” caption on the balance sheet, since the Fund
F-20
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



11
acts like both trustee and trustor. The assets and liabilities included in such trusts are valued
according to the criteria of the Fund for similar items, as described in this note.

Also, the surpluses (deficits) generated by the aforementioned trusts are recorded in the “Gain
on trusts participation” item within the “Financial income” caption of the statement of income,
Note 17.

The CRC-PBP trusts were established in 2007 to ensure that sufficient resources are available to
meet the Fund’s obligations that come from the contracts to provide with CRC and PBP coverage,
signed with certain IFI; as well as to manage the resources efficiently.

(f) Other accounts receivable, net -
Includes assets received in lieu of payment related to banks in liquidation, and other accounts
receivable that, since they are under litigation, do not accrue interest. Any related recovery is
recorded on a cash basis.

To determine the allowances for risk of loan losses of these accounts, the Fund performs a
grading according to SBS Resolution N°11356-2008.

The allowance for the classification of the portfolio is performed based on the review which
Management regularly conducts in order to classify it into the categories of “Normal”, “With
potential problem”, “Substandard”, “Doubtful” or “Loss”, depending on the degree of each
borrower’s risk of failure to pay. Guarantees received are considered by the Fund only to the
extent they are registered in the Public Registry without observations or annotations.

Allowances for borrowers classified as doubtful or loss for over 36 and 24 months, respectively,
are determined without considering the value of the guarantees.

Details of the rates by risk category are set forth in Note 3(d), paragraph (i), corresponding to
the CRC accounts receivable.

(g) Foreign currency transactions -
According to SBS regulation, the Fund performs its operations using the nuevo sol as its
functional and presentation currency. Assets and liabilities in foreign currencies are recorded at
the exchange rate of the transaction date. Assets and liabilities denominated in foreign
currencies are converted to nuevos soles at the end of each month using the exchange rate set
by the SBS, Note 4. Gains or losses arising from restatement of assets and liabilities denominated
in foreign currency at the exchange rates prevailing at the balance sheet date are recorded in the
statement of income.

F-21
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



12
Exchange difference from the CRC-PBP trust in US Dollars is included as part of the “Gain on
trusts participation” item within the “Financial income” caption of the statement of income.

Non-monetary assets and liabilities acquired in foreign currencies are recorded in nuevos soles at
the exchange rate of the date of acquisition.

(h) Derivative financial instruments -
Trading derivative financial instruments are initially recognized in the Fund’s balance sheet at
cost and subsequently are remeasured at fair value. Derivatives are carried as assets when the
fair value is positive and as liabilities when the fair value is negative. Derivatives are recorded as
off-balance sheet accounts at the reference (notional) amount of the currency involved, Note 16.

Fair values are estimated based on prevailing market exchange and interest rates. Gains and
losses arising from changes in the fair value of derivatives are recorded in the statement of
income.

As of December 31, 2012 and 2011, Management considers that the Fund holds economic
hedging derivatives for administrative purposes, however these derivatives are recorded as
trading, recognizing gains and losses arising from their measurement at fair value in the
statement of income. Likewise, as of these dates, the Fund does not hold any embedded
derivatives.

(i) Available-for-sale and held-to-maturity investments -
The initial registration and subsequent measurement of available-for-sale and held-to-maturity
investments are carried out in accordance with SBS Resolution N°10639-2008 "Rules of
classification and valuation of investments of companies in the financial system" and its
amendments.

Classification -
(i.1) Available-for-sale investments
Designated as such because they are held for an indefinite period and may be sold for
purposes of liquidity or changes in interest rates, exchange rates or cost of capital; or are
not qualified to be classified as at fair value through profit and loss or held-to-maturity.

The estimated market value of available-for-sale investments is determined primarily on
the basis of market quotations or, lacking these, based on discounted cash flows using
market rates that reflect the credit quality and maturity of said investments.


F-22
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



13
(i.2) Held-to-maturity investments
Investment instruments classified in this category, must meet the following requirements:

- Acquired or reclassified for the purpose of holding them until their maturity date;
except for the cases when sale, assignment or reclassification are allowed by the
SBS.

- Companies must have the financial capacity and the intent to hold investment
instruments until their maturity.

- They must have risk classifications as required by the SBS.

- In order to classify their investments in this category, companies must assess
whether they have the financial capacity to maintain such investment instruments
until their maturity, when they decide to classify one instrument and at the closing
of each annual period.

Recording date of the transaction -
Transactions related to available-for-sale and held-to-maturity investments must be recorded on
their trading date; that is, the date at which the reciprocal obligations must be fulfilled within the
term established by regulations and practices in the market in which the operation takes place.

Initial recognition -
The initial recognition of available-for-sale and held-to-maturity investments are carried at fair
value plus transaction costs that are directly attributable to the acquisition of such investments.

Amortized cost -
Any premium or discount related to these investments is considered in determining the
amortized cost using the effective interest rate method, recognizing the accrued interest in the
"Interest on available-for-sale and held-to-maturity investments” item within the “Financial
income” caption of the statement of income.

Valuation -
(i.1) Available-for-sale investments
The valuation is carried at fair value and unrealized gains and losses in relation to the
amortized cost recognized in net equity.

When the instrument is sold or gains or losses previously recognized as part of the net
equity are realized, such gains or losses are transferred to the statement of income. On
the other hand, when Management believes that the decline in market value is permanent
or is caused by credit impairment, it takes the respective allowances and transfers the
estimated loss from equity to profit and loss.
F-23
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



14
In any of the aforementioned cases, if the SBS considers it necessary to provide some
additional allowance for any type of investment, such provision will be determined by the
SBS based on each individual asset and then communicated to the Fund, and it is recorded
in the statement of income.

(i.2) Held-to-maturity investments
These investments are recorded at amortized cost, and are not updated to fair value.

Impairments are recorded individually for negative changes in the credit capacity of the
issuer, analogous to the treatment of direct loans, directly affecting the results of the
period.

When these investments are sold without complying with the requirements of the SBS
regulation and similar financial instruments are again acquired from the same issuer, they
may not be recorded in this category without authorization from the SBS.

(j) Property, furniture and equipment -
Assets in the property, furniture and equipment item are recorded at acquisition cost, less
accumulated depreciation.

Depreciation is calculated on a straight-line basis using the following estimated useful lives:

Years

Installations 10
Buildings 25
Miscellaneous equipment 10
Computer equipment 4
Furniture and fixtures 10
Vehicles 5

Maintenance and repair costs are charged to the results of the period; all renewals and
improvements are capitalized only when disbursements improve the condition of the asset and
increase its useful life beyond the time originally estimated. The cost and related accumulated
depreciation of assets sold or retired are eliminated from the respective accounts and the gain or
loss generated is included in the statement of income.

(k) Intangible assets –
Intangible assets, included in the "Other assets" caption on the balance sheet, comprise
development and licensing of computer software used in the Fund’s operations. Software licenses
purchased by the Fund are capitalized on the basis of costs incurred to acquire and bring to use
the specific program. These intangible assets are amortized on a straight-line basis over the
estimated useful life of 4 years.
F-24
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



15
The estimated useful life and amortization method are periodically reviewed to ensure they are
consistent with the expected economic pattern of benefits of such assets.

As of December 31, 2012 and 2011, the Fund does not hold any intangible assets with indefinite
useful lives.

(l) Impairment of long-lived assets –
When events or economic changes indicate that the value of a long-lived asset may not be
recoverable, Management reviews the value of the Fund’s property, furniture and equipment and
intangible assets in order to verify that there is no permanent impairment in value. When the
book value of the asset exceeds its recoverable amount, an impairment loss shall be recognized
in the statement of income for the items of property, furniture and equipment and intangible
assets held at cost. An asset’s recoverable amount is the highest between the net selling price
and its value in use. The net selling price is the amount that can be obtained from the sale of an
asset in a free market, while the value in use is the present value of future expected cash flows
from the continued use of an asset and its disposal at the end of its useful life. In Management’s
opinion, there is no evidence of impairment in the value of such assets as of December 31, 2012
and 2011.

(m) Assets received as payments and assets seized through legal actions –
Assets received as payment and assets seized through legal actions are initially recorded at the
value of judicial adjudication, extrajudicial, market value or debt outstanding value, the lowest;
recognizing in turn a provision equivalent to 20 percent of the seized or recovered value of the
asset and can be maintained for this purpose the provision that was made by the related credit.

Additional provisions should be recorded using the following guideline:

- Assets that are not real state – a uniform monthly provision in a term of twelve months,
until providing for one hundred percent of the net seized or recovered value.

- Real estate - uniform monthly provisions over the net book value obtained at the twelfth
month. In addition, SBS Resolution N°1535-2005 allows a term extension of six months,
in such case, a uniform monthly provision must be made over the net book value obtained
in the eighteenth month. On both situations, provisions must be made until providing for
one hundred percent of the net book value in a term of three and a half years, starting the
date monthly provisions began to be provided.

The annual update of these assets’ fair value, determined by an independent appraiser, involves,
if necessary, the constitution of an impairment provision.


F-25
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



16
(n) Income tax and employees’ profit sharing –
Current income tax and employees’ profit sharing -
Current income tax and employees’ profit sharing payable are calculated on the basis of the
taxable income determined for tax purposes.

Deferred income tax -
Deferred tax is provided using the liability method on temporary differences at the reporting date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realized or the liability is settled. The measurement of
deferred assets and deferred liabilities reflects the tax consequences that arise from the manner
in which the Fund expects, as of the date of the balance sheet, to recover or settle the carrying
amount of its assets and liabilities.

Deferred tax assets and liabilities are recognized regardless of when the timing differences are
likely to reverse. Deferred tax assets are recognized to the extent that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered. As of the date of the
balance sheet, the Fund’s Management reassess the unrecognized deferred tax assets and the
carrying amount of the recognized deferred tax assets; thus recognizing a previously
unrecognized deferred tax asset to the extent that it has become probable that future taxable
profits will allow the deferred tax asset to be recovered or reducing a deferred tax asset to the
extent that is no longer probable that sufficient taxable profits will be available to allow all or part
of the deferred tax asset to be utilized.

In accordance with accounting standards, the Fund measures its deferred tax at the tax rate
applicable to its non-distributed earnings; any additional tax on dividend distributions is recorded
on the date a liability is recognized.

(o) Provisions –
Provisions are recognized when the Fund has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the best
estimation based on current information. When the effect of the time value of money is material,
the amount of the provision is equal to the present value of the future payments required to
settle the obligation.

(p) Deferred income –
Deferred income arises from the difference between book value and market value of financial
instruments transferred for the constitution of the CRC- PBP trusts in local currency and foreign
currency at the time of transfer (2007).
F-26
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



17
In accordance with SBS Resolution N°0084-2000, and the standards for the Accounting
Treatment of the Trust and the Commissions of Trust, if the trustee’s rights are greater than the
assets transferred to the trust, it will recognize a deferred gain, which shall be accrued according
to the amortization, realization and/or expiration of those rights.

(q) Contingencies -
Contingent liabilities are not recognized in the financial statements. They are disclosed in notes,
unless the possibility of an outflow of resources is remote.

Contingent assets are not recorded in the financial statements; they are disclosed if it is probable
that an inflow of economic benefits will be realized.

(r) Cash and cash equivalents -
Cash presented in the statements of cash flows includes cash and due from banks balances with
original maturities of 91 days or less, excluding due from banks included in the trusts, Note 8(c).
In the accompanying financial statements, the Fund changed its presentation of the balance of
cash and cash equivalents of year 2011 in relation to the financial statements submitted
previously to local regulators to comply with the accounting definition included in this paragraph.

(s) Subsequent events –
Subsequent events to the end of the year that provide additional information about the financial
position of the Company at the date of the statement of financial position (adjustment events)
are included in the financial statements. Important subsequent events that are not adjustment
events are presented in notes to the financial statements.

(t) Standards issued by the SBS as part of harmonization process to International Financial
Reporting Standards –
As part of the harmonization process of accounting standards issued by the SBS with IFRS, on
September 19, 2012, the SBS issued Resolution N°7036-2012, establishing amendments to the
Accounting Manual for financial entities. The main amendments are as follows:

- Establishes the option to depreciate the fixed assets of separate elements. Furthermore,
it is only allowed the cost model and installations in leased properties under contract
terms longer than one year must comply with the guidelines of IAS 16.

- The opening balances for the year 2013 must be adjusted to the new accounting policies,
recording such effect on retained earnings in January 2013.


F-27
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



18
- For purposes of the presentation of the 2013 annual financial information, disclosure in
notes will be comparatively with the previous year, to the extent practicable. Also, as one
of the notes to the annual financial statements must be compared to the ending balances
as of December 31, 2012 determined based on previous accounting principles to financial
statements adjusted for new accounting policies.

Also, on November 30, 2012, the SBS issued Official Letter N°45311-2012, requiring financial
entities to prepare an implementation plan for compliance with the deadlines included in SBS
Resolution N°7036-2012 and amendments; the plan must include a schedule of activities for
adapting accounting processes and computer systems. On December 19, 2012, the Fund
presented to the SBS the implementation plan.

Management is assessing the impact of the requirements included in SBS Resolution N°7036-2012 in
its financial statements.

On the other hand, on September 19, 2012, SBS issued Resolution N°7033-2012, effective since
January 1, 2013. Consequently, the Regulation on Classification and Valuation of Investments
approved by SBS Resolution N°10639-2008 was repealed.

The main amendment in such Resolution is the inclusion of a standard methodology for identification
of impairment on financial instruments classified as available for sale investments and held-to-
maturity investments. Such methodology includes two filter analysis. The first filter refers to a
significant decrease in fair value (up to below 50 percent of the cost) and a consecutive decrease
during the last 12 months, of at least 20 percent. The second filter refers to qualitative aspects of the
issuer.

In Management’s opinion, the adoption of SBS Resolution N°7033-2012, will not have a significant
effect on its financial statements.


F-28
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



19
4. Foreign currency transactions and exchange risk exposure
Transactions in foreign currency are carried out using exchange rates prevailing in the market. As of
December 31, 2012, the weighted average exchange rates in the market as published by the SBS for
transactions in US Dollars were S/.2.549 per US$1 bid and S/.2.551 per US$1 ask (S/.2.696 per US$1
bid and S/.2.697 per US$1 ask, as of December 31, 2011). As of December 31, 2012, the exchange
rate established by SBS to record assets and liabilities in foreign currency was S/.2.550 per US$1
(S/.2.696 per US$1 as of December 31, 2011). The table below presents a detail of the Fund’s assets
and liabilities stated in US Dollars:

2012 2011
US$ US$
Assets
Cash and due from banks 3,711,904 2,002,398
Accounts receivable (Trust Agreement – COFIDE) 163,611,544 187,661,895
Other accounts receivable, net (*) 6,514,742 19,257,140
Other assets 216,813 -
____________ ____________
174,055,003 208,921,433
____________ ____________

Liabilities
Due to banks and financial obligations 84,547,702 -
Other accounts payable 413,397 405,799
Other liabilities 707,190 470,157
____________ ____________
85,668,289 875,956
____________ ____________
Net sale position - Forwards (72,500,000) (192,000,000)
Net sale position - CRC-PBP trusts forwards in US Dollars (7,000,000) (11,000,000)
____________ ____________
Net asset position 8,886,714 5,045,477
____________ ____________

(*) As of December 31, 2012 and 2011, this caption includes US$ 6,249,395 and US$18,984,342 from net
equity of the CRC-PBP trusts in US Dollars, mainly comprised of available-for-sale investments.

The net sale position of derivative transactions from forwards contracts as of December 31, 2012,
corresponds to sales operations of US Dollars whose amounts of reference approximately amounted to
US$72,500,000, equivalent to S/.184,875,000 (US$192,000,000, equivalent to S/.517,632,000 as of
December 31, 2011), Note 12.

During 2012, the Fund recorded a loss on exchange difference amounting to S/.13,880,634, which is
presented under the "Financial expenses" caption of the statement of income (a loss amounting to
S/.22,875,182 in 2011), excluding the effects on the trusts, Note 17.

F-29
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



20
Also, the Fund has recorded a gain on negotiable derivative transactions that amounted to S/.
18,851,657 during 2012 (S/.25,275,947 during 2011), which is presented in the "Financial expenses"
caption of the statement of income excluding the effects on the trusts, Note 17.

5. Cash and due from banks
This item is made up as follows:


2012 2011

S/. S/.
Peruvian Central Bank (a) 1,760 1,140,025
Demand and savings accounts (b) 194,765,712 65,910,397
Time deposits (c) 145,000,000 40,000,000
Accrued yields 708,973 178,666

______________ ______________
Cash and cash equivalent 340,476,445 107,229,088
Plus:
Time deposits with original maturities over 91 days (c) - 50,000,000

______________ ______________
Total cash and due from banks 340,476,445 157,229,088

______________ ______________

(a) These accounts in nuevos soles and US Dollars are mainly used for transactions with COFIDE
under the Trust Agreement the Fund signed with this entity.

(b) Corresponds to accounts denominated in nuevos soles and US Dollars that earn interest at
market rates and are unrestricted.

(c) Corresponds to time deposits in domestic banks in nuevos soles, unrestricted and earning
interest at market rates. As of December 31, 2012, these time deposits amounted to
S/.145,000,000 with original maturities of 91 days or less (S/.50,000,000 with original
maturities over 91 days and S/.40,000,000 with original maturities of 91 days or less, as of
December 31, 2011, respectively).
F-30
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



21
6. Available-for-sale and held-to-maturity investments
(a) This caption is made up as follows:

2011
________________________________________________________
Unrealized result
_____________________________

Amortized
cost Gains Losses
Book
value (*)
S/. S/. S/. S/.

Available-for-sale investments
Peruvian sovereign bonds (b) 1,142,862 26,411 - 1,169,273
Corporate bonds (c) 12,443,049 18,174 (23,836) 12,437,387
____________ _____________ ____________ ____________
Total 13,585,911 44,585 (23,836) 13,606,660
____________ _____________ ____________ ____________


Held-to-maturity investments
Negotiable certificates of deposit issued
by the Peruvian Central Bank (d) 190,231,959 190,231,959
____________ ____________

Plus -
Accrued interest from available-for-sale
and held-to-maturity investments 1,263,178
____________

Total 205,101,797
____________

(*) The book value corresponds to fair value of available-for-sale investments and amortized cost of
held-to-maturity investments.

(b) As of December 31, 2011, Peruvian sovereign bonds are denominated in nuevos soles and
comprise a bond whose maturity was on August 12, 2020, and earned interest at annual interest
rate of 7.84 percent, such investments were sold during 2012 in order to use these resources in
granting new loans. During 2012, the Fund recognized interest income and a gain on the sale of
S/.90,158 and S/.318,385, respectively, which were included in the captions "Interest from
available-for-sale and held-to-maturity investments" and "Other financial income" respectively,
included under "Financial income" caption in the statement of income (interest income of
S/.9,380,482 as of December 31, 2011), see note 17.


F-31
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



22
(c) As of December 31, 2011, it corresponded to corporate bonds with AAA credit rating issued by
Scotiabank Peru S.A.A. and COFIDE, whose fair values amounted to approximately
S/.10,419,213 and S/.2,018,174, respectively, these bonds were denominated in nuevos soles,
with maturities between March 2012 and July 2017, and earned interest at annual interest rates
between 5.69 and 5.90 percent, these investments were sold during 2012 in order to use these
resources in granting new loans. During 2012, the Fund recognized interest income and a gain on
the sale of S/.155,068 and S/.18,810, respectively, which were included in the captions
"Interest from available-for-sale and held-to-maturity investments" and "Other financial income"
respectively, included under "Financial income" caption in the statement of income (interest
income of S/.3,485,479 as of December 31, 2011), Note 17.

(d) As of December 31, 2011, it corresponded to certificates of deposits issued by the Peruvian
Central Bank (CDN-BCRP by its acronym in Spanish), denominated in nuevos soles with maturities
between January and May 2012, and earned interest at annual effective interest rate between
3.96 and 4.42 percent. During 2012 and 2011, the Fund recognized an interest income of
S/.6,861,763 and S/.2,951,235, respectively, which are included in the caption "Interest from
available-for-sale and held-to-maturity investments", included under “Financial income” caption
in the statement of income, Note 17.

(e) As of December 31 2011, the Fund´s Management estimated the market value of available-for-
sale investments on the basis of available market quotations or, when they do not exist, by
discounting the expected cash flows with an interest rate reflecting the risk classification of the
asset.

The Fund’s Management has determined that the unrealized losses as of December 31, 2011 are
not originated by credit deterioration of the issuers but mainly due to changes in risk free rates
that were incorporated into their valuations. Consequently, there is no impairment in the
available-for-sale investments according to the accounting standards that must be recognized as
of each balance sheet date.


F-32
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



23
7. Accounts receivable, net (Trust Agreement - COFIDE)
(a) This caption is made up as follows:


2012 2011

S/. S/.
Nuevo Crédito MIVIVIENDA 2,398,982,859 1,555,029,041
Crédito MIVIVIENDA Tradicional 475,377,726 572,207,069
Crédito MIHOGAR 152,523,168 187,377,341
Crédito Complementario Techo Propio 130,550,358 116,934,259
Crédito MIVIVIENDA Estandarizado 17,820,169 19,691,728
Crédito MICONSTRUCCIÓN 5,751,575 -

______________ ______________

3,181,005,855 2,451,239,438
Plus (less)
Accrued yields from accounts receivable 11,775,086 10,658,570
Allowance for doubtful accounts (f) (47,852,041) (34,221,521)

_______________ _______________
Total 3,144,928,900 2,427,676,487

_______________ _______________

As of December 31, 2012 and 2011, the number of borrowers is 66,106 and 56,700,
respectively. There is no significant concentration of credit risk due to the type of lending that
the Fund holds.

All these resources have been intermediated by the Fund through COFIDE under the Trust
Agreement that the Fund has with this entity. COFIDE receives the Fund’s resources to
intermediate them through intermediary financial institutions, which use them for mortgage loan
financing in accordance with Article 12 of Supreme Decree N°001-99-MTC.


F-33
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



24
(b) The composition of accounts receivable according to the characteristics of loans promoted by the
Fund is as follows:


2012

_____________________________________________________________
Products
With Credit Risk
Coverage
Without Credit Risk
Coverage Total

S/. S/. S/.


Nuevo Crédito MIVIVIENDA 357,193,932 2,041,788,927 2,398,982,859
Crédito MIVIVIENDA Tradicional 400,543,364 74,834,362 475,377,726
Crédito MIHOGAR 87,648,232 64,874,936 152,523,168
Crédito Complementario Techo Propio 23,554,447 106,995,911 130,550,358
Crédito MIVIVIENDA Estandarizado 15,044,744 2,775,425 17,820,169
Crédito MICONSTRUCCIÓN - 5,751,575 5,751,575

______________ ______________ ______________



883,984,719 2,297,021,136 3,181,005,855

______________ ______________ ______________


2011

_____________________________________________________________
Products
With Credit Risk
Coverage
Without Credit Risk
Coverage Total

S/. S/. S/.


Nuevo Crédito MIVIVIENDA 107,469,251 1,447,559,789 1,555,029,040
Crédito MIVIVIENDA Tradicional 464,210,736 107,996,333 572,207,069
Crédito MIHOGAR 59,016,941 128,360,400 187,377,341
Crédito Complementario Techo Propio 9,712,034 107,222,226 116,934,260
Crédito MIVIVIENDA Estandarizado 15,737,095 3,954,633 19,691,728

______________ ______________ ______________



656,146,057 1,795,093,381 2,451,239,438

______________ ______________ ______________

(c) Accounts receivable are classified by risk according to SBS standards in effect as of December
31, 2012 and 2011. As discussed in Note 3(d), the allowance for doubtful accounts is
determined based on the classification of both the final borrower and the IFI.

F-34
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



25
The table below details the classification of accounts receivable according to the final borrowers’
consolidated credit report (RCC by its acronym in Spanish):


As of December 31, 2012 As of December 31, 2011

_______________________________ ______________________________
Risk category Total % Total %

S/.

S/.


Normal 3,031,889,966 95.29 2,358,383,415 96.21
With potential problem 43,200,116 1.36 24,977,600 1.02
Substandard 31,258,552 0.99 18,571,847 0.76
Doubtful 35,359,720 1.12 23,002,119 0.94
Loss 39,297,501 1.24 26,304,457 1.07

______________ _______ ______________ _______


Total 3,181,005,855 100.00 2,451,239,438 100.00

______________ _______ _____________ _______

Approximately S/.5,984,000 and S/.5,217,000 of the loans with CRC, as of December 31,2012
and 2011, respectively, corresponds to loans for which the IFI have requested reimbursement
according to the guarantee provided.

The table below presents accounts receivable by IFI originating MIVIVIENDA loans classified by
risk category:


As of December 31, 2012 As of December 31, 2011

_______________________________ ______________________________
Risk category Total % Total %

S/.

S/.


Normal 2,981,354,592 93.72 2,357,586,289 96.18
With potential problem (*) 199,651,263 6.28 93,653,149 3.82

______________ _______ ______________ _______


Total 3,181,005,855 100.00 2,451,239,438 100.00

______________ _______ ______________ _______

(*) As of December 31, 2012, the increase is mainly explained by the change of classification risk of an
IFI.


F-35
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



26
(d) Interest rates applied to the products correspond to fixed rates established for the purpose of
promoting the granting of each type of loan:


2012 2011

% %
Nuevo Crédito MIVIVIENDA
6.60 6.60
Crédito MIVIVIENDA Tradicional
7.75 7.75
Crédito MIHOGAR 7.60 7.60
Crédito Complementario Techo Propio 6.00 6.00
Crédito MIVIVIENDA Estandarizado 6.90 and 7.30 6.90 and 7.30
Crédito MICONSTRUCCIÓN 7.50 and 9.00 -

(e) The table below presents the portfolio of accounts receivable as of December 31, 2012 and
2011 classified by maturity dates:

2012 2011
S/. S/.

Outstanding
Due within 1 month 12,385,269 9,465,450
From 1 to 3 months 28,427,425 31,631,109
From 3 months to 1 year 119,750,881 131,426,113
From 1 to 3 years 344,276,649 445,377,920
More than 3 years 2,676,165,631 1,833,338,846
_________________ ________________

3,181,005,855 2,451,239,438
________________ ________________

(f) Changes in the allowance for doubtful accounts, as determined by the classification and
percentages indicated in Note 3(d), are shown below:

2012 2011
S/. S/.

Balance at the beginning of the year 34,221,521 29,249,201
Plus (less)
Allowance recognized as expense of the year 22,874,492 12,343,352
Reversals, Note 21 (7,586,641) (6,684,803)
Exchange difference (919,669) (686,229)

____________ ____________

Balance at the end of the year (*) 48,589,703 34,221,521
____________ ____________

(*) The balance of the allowance for doubtful accounts includes the allowance for credit risk coverage for
guaranteed loans to the IFI without direct debts with the Fund. The total amount of the allowance
F-36
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



27
amounts to S/.7,006,331 and S/.6,366,606, as of December 31, 2012 and 2011, respectively, from
which S/.737,662 as of December 31, 2012, are presented in the caption "Provisions and other
liabilities", Note 11(a).

In Management’s opinion, the allowance for doubtful accounts recorded as of December 31,
2012 and 2011, complies with SBS regulations for the Fund in effect as of those dates.

(g) On August 20, 2012, the Fund received a prepayment of 36 quotas of the accounts receivable of
a financial entity; maintained the credit risk coverage over such quotas. The amount received
from BCP amounted to S/.188,036,933 corresponding to the fair value of the 36 monthly
installments as of August 20, 2012.

According to the requirements of SBS, this transaction was recorded as a sale, in this regard, the
Fund has determined that the paid principal that was decreased of the accounts receivable by
this transaction amounted to S/.179,797,318. The Fund has decreased its accounts receivable
by this amount. As a consequence, the Fund recorded a gain on the sale for S/.8,239,616, which
according to SBS rules, was recorded as a deferred income in the caption “Provision and other
liabilities”, which will be recognized on a straight line basis over 36 months. As of December 31,
2012, the deferred gain from this transaction amounted to S/.7,933,831, Note 11(a).

Also, in accordance with SBS regulations, the Fund recorded a liability for the credit risk
coverage applicable to the loans that were subject to the BCP transaction on the third of the
outstanding principal receivable amount to S/.53,791,688, as of December 31 2012, Note 16(l).
As of December 31, 2012, the provision amounted to S/.737,662, Note 11(a).


F-37
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



28
8. Other accounts receivable, net
(a) This caption is made up as follows:

2012 2011
S/. S/.

Accounts receivable from banks in liquidation (b) 109,238,301 119,645,220
Accounts receivable from CRC-PBP Trusts in nuevos soles
and US Dollars (c) 67,303,153 396,100,836
Accounts receivable from Ex–CONEMINSA portfolio (d) 15,501,167 16,178,516
Recoveries from COFIDE – pending distribution (e) 1,442,997 1,560,740
Accrued interest in the acquisition of investments - 27,483
Other accounts receivable 443,239 225,544
____________ ____________
193,928,857 533,738,339
____________ ____________
Less – Allowance for doubtful accounts (f)
Banks in liquidation (b) (109,238,301) (119,645,220)
Ex–CONEMINSA Portfolio (d) (13,890,376) (13,958,967)
Other accounts receivable (282,056) (143,047)
____________ ____________
(123,410,733) (133,747,234)
____________ ____________

Total 70,518,124 399,991,105
____________ ____________

(b) Corresponds to accounts receivable generated by time deposits, certificates of deposit, among
others, held by the Fund’s predecessor (Note 1) with certain financial institutions that later went
into liquidation.


F-38
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



29
The detail of accounts receivable balances and their respective allowance, as of December 31,
2012 and 2011, is as follows:

2012 2011
S/. S/.
Capital
Banco Nuevo Mundo, in liquidation (i) 59,163,872 68,961,244
Banco República, in liquidation (i) 39,992,678 40,000,688
Banco Banex, in liquidation – in lieu of payment 8,037,381 8,576,168
Banco República, in liquidation – in lieu of payment (i) 2,044,370 2,107,120
____________ ____________
109,238,301 119,645,220
Less: Allowance for loan losses
Banco Nuevo Mundo, in liquidation (i) (59,163,872) (68,961,244)
Banco República, in liquidation (i) (39,992,678) (40,000,688)
Banco Banex, in liquidation – in lieu of payment (8,037,381) (8,576,168)
Banco República, in liquidation – in lieu of payment (i) (2,044,370) (2,107,120)
____________ ____________
(109,238,301) (119,645,220)
____________ ____________

Net - -
____________ ____________

(i) During the liquidation process, conducted under the supervision and intervention of SBS, the Fund has
received property assets, real estate, and collection of loans as part payment of these debts, paragraph
(f) below.

Management recorded an allowance for 100 percent of the main portfolio of Banco Nuevo Mundo,
Banco República and Banco Banex, all of them under liquidation processes, and recognizes the
recoveries received based on their realization. During 2012, the Funds has received in cash from Banco
Nuevo Mundo in liquidation and Banco Republica in liquidation amounts to S/.9,797,372 and S/.8,010,
respectively, as part of fully provisioned receivable accounts.

Management believes that the allowance for loan losses recorded as of December 31, 2012 and
2011 sufficiently covers the risk of collectability of other accounts receivable.

(c) As of December 31, 2012, includes the balances of total assets net of liabilities of the trusts
under management (total equity and surplus (deficit) net): one CRC-PBP trust in nuevos soles
amounting to S/.31,395,820, and one CRC-PBP trust in US Dollars amounting to S/.35,907,333
(S/.312,428,719 and S/.83,672,117, respectively, as of December 31, 2011).


F-39
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



30
Through constitutional acts signed in June 2007 by the Fund as trustee and trustor
simultaneously, both CRC-PBP trusts were constituted for the purpose of allowing the availability
of resources to fulfill the obligations of the Fund arising from the service contracts CRC and PBP
(Credit Risk Coverage - CRC and payment of the Good Payer Award - PBP) signed with certain
intermediary financial institutions, as well as allowing those resources to be managed efficiently,
according to the provisions established by the Regulation and Manual of policies and processes of
the PBP-CRC trusts; as well as the Manual of policies and procedures of investment that are part
of the appendixes of the constitutive acts.

Accounting for these trusts is performed in accordance with the provisions of SBS Resolution
N°980-2006 "Regulations for Fondo MIVIVIENDA S.A.", that is, in a single account in the Fund’s
balance sheet (Note 3(e)) while separate accounts are kept for control purposes as shown as
follows as of December 31, 2012 and 2011:

CRC-PBP trust 2012 2011
Nuevos soles
S/. S/.

Balance sheet
Assets
Cash and due from banks 3,338,196 54,956,284
Available-for-sale financial investments, (*) 23,323,460 43,370,648
Held-to-maturity investments (**) 4,734,164 214,144,027
Accounts receivable - 154,869
______________ ______________

Total assets 31,395,820 312,625,828
______________ ______________
Liabilities
Accounts payable - 197,109
______________ ______________
Total liabilities - 197,109
______________ ______________

Net equity and surplus
Initial equity - 237,975,000
Surplus from collections, net 1,707,547 1,481,541
Unrealized results 426,676 (191,645)
Retained earnings 29,261,597 73,163,823
______________ ______________

Total net equity and surplus 31,395,820 312,428,719
______________ ______________

Total liabilities, net equity and surplus 31,395,820 312,625,828
______________ ______________

(*) As of December 31, 2012, the decrease in available-for-sale investments corresponds to the sales of
bonds made in the first quarter of 2012, amounting to approximately S/.17,000,000 (nominal value).

F-40
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



31
(**) Decrease in held-to-maturity investments is explained by the maturity of negotiable certificates of
deposits until November 2012. As of December of 31, 2011, CRC-PBP trust funds in nuevos soles
maintained negotiable certificates of deposit issued by the Peruvian Central Bank amounting to
S/.188,387,509.

CRC-PBP trust 2012 2011
Nuevos soles
S/. S/.

Statement of income
Income
Interest income 6,960,722 16,974,752
Valuation of investments, net 2,133,005 706,065
Other financial income 12 -
__________ __________
Total income 9,093,739 17,680,817
__________ __________
Expenses
Management fee (932,206) (1,786,010)
Tax for financial transactions (24,969) (95,382)
Miscellaneous expenses for financial services (13,790) (20,108)
__________ __________
Total expenses (970,965) (1,901,500)
__________ __________

Net surplus 8,122,774 15,779,317
__________ __________

CRC-PBP trust
US Dollars



Balance sheet
Assets
Cash and due from banks 9,883,055 36,647,164
Available-for-sale financial investments, net 5,691,309 5,280,770
Held-to-maturity investments (*) 19,710,414 40,531,154
Derivative financial instruments, net 616,164 881,900
Accounts receivable 6,391 331,129
____________ ____________
Total assets 35,907,333 83,672,117
____________ ____________


Equity and net surplus
Initial equity 21,012,905 71,687,200
Surplus from collections, net 5,969,499 5,241,478
Unrealized results 540,360 494,540
Retained earnings 8,384,569 6,248,899
____________ ____________
Total equity and net surplus 35,907,333 83,672,117
____________ ____________
F-41
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



32

CRC-PBP trust 2012 2011
US Dollars
S/. S/.

Statement of income
Income
Interest income 2,423,960 4,847,077
Foreign currency derivatives 1,860,463 3,463,329
Other operating income 129,378 -
__________ __________
Total income
4,413,801 8,310,406
__________ __________

Expenses
Exchange difference, net (559,815) (897,426)
Valuation of investments, net (**) (1,364,565) (2,056,004)
Management fee (345,760) (482,350)
Tax for financial transactions (2,885) (20,553)
Miscellaneous expenses for financial services (4,814) (5,067)
Other financial expenses (292) -
__________ __________
Total expenses (2,278,131) (3,461,400)
__________ __________

Net surplus 2,135,670 4,849,006
__________ __________

(*) Decrease in held-to-maturity investments is explained, mainly, by the maturity of negotiable
certificates of deposits. As of December 31, 2011, the CRC-PBP trust in US Dollars maintained
negotiable certificates of deposit issued by the Peruvian Central Bank amounting to S/.18,445,367.

(**) Corresponds mainly to the exchange loss on investments amounting to S/.856,241 and loss on
investments’ valuation amounting to S/.508,324 (S/.1,791,907 on exchange loss and S/.264,097
loss on investments’ valuation as of December 31, 2011).

The Board of Directors meeting N°010-2012 held on April 27, 2012, approved the transfer to
the Fund of the surplus assets held in the trusts CRC-PBP nuevos soles and CRC-PBP US Dollars,
amounting to S/.290,000,000 and US$19,000,000, respectively, in order to be used for new
loans granted by the Fund. Such amounts were obtained from the sale of the certain available-
for-sale investments and the redemption of certain held-to-maturity investments, and
represented a decrease in initial equity and retained earnings.

(d) Corresponds to the portfolio of accounts receivable of mortgage loans granted by Compañía de
Negociaciones Mobiliarias e Inmobiliarias S.A. – CONEMINSA, which was received by the Fund
under a payment-in-kind contract signed on December 30, 2003 for its administration and
recovery.
F-42
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



33
(e) As of December 31, 2012 and 2011, corresponds to the net effect of the adjustments and
reversals resulting from the monthly reconciliations between COFIDE balances, which are
regularized in the following months.

(f) The changes in the allowance for other doubtful accounts, as determined by the criteria
described in Note 3(f), are presented below:

2012 2011
S/. S/.

Balance at the beginning of the year 133,747,234 133,924,200
Plus (less)
Allowance of the year 317,012 1,394,291
Reversals, Note 8(b) (10,653,513) (1,571,257)

____________ ____________

Balance at the end of the year 123,410,733 133,747,234
____________ ____________

In Management’s opinion, the allowance for other doubtful accounts recorded as of December
31, 2012 and 2011, is in accordance with the standards established by SBS in effect as of those
dates.

F-43
Translation of financial statements originally issued in Spanish - Note 26

Notes to the financial statements (continued)



34
9. Property, furniture and equipment, net
(a) The movement of property, furniture and equipment for the years 2012 and 2011 is as follows:

Land Buildings Installations
Furniture
and fixtures
Computer
equipment
Miscellaneous
equipment Vehicles
2012
Total
2011
Total
S/. S/. S/. S/. S/. S/. S/. S/. S/.

Cost
Balance as of January 1 103,241 35,515 218,228 719,857 2,201,210 931,599 677,196 4,886,846 5,443,350
Additions - - - 7,538 78,766 27,041 - 113,345 81,143
Disposals and other adjustments - - (149,773) - (345,281) (1,767) (30,487) (527,308) (637,647)
__________ __________ __________ __________ __________ __________ __________ __________ __________
Balance as of December 31 103,241 35,515 68,455 727,395 1,934,695 956,873 646,709 4,472,883 4,886,846
__________ __________ __________ __________ __________ __________ __________ __________ __________

Accumulated depreciation
Balance as of January 1 - 3,404 129,758 526,183 1,708,016 463,676 221,069 3,052,106 3,081,125
Depreciation of the year - 1,776 13,086 59,509 229,493 91,338 131,881 527,083 589,997
Disposals and other adjustments - - (99,848) - (343,544) (1,440) (17,277) (462,109) (619,016)
__________ __________ __________ __________ __________ __________ __________ __________ __________

Balance as of December 31 - 5,180 42,996 585,692 1,593,965 553,574 335,673 3,117,080 3,052,106
__________ __________ __________ __________ __________ __________ __________ __________ __________

Net book value 103,241 30,335 25,459 141,703 340,730 403,299 311,036 1,355,803 1,834,740
__________ __________ __________ __________ __________ __________ __________ __________ __________

(b) Financial institutions established in Peru are prohibited from pledging their fixed assets.

(c) In Management’s opinion, there is no evidence of impairment of fixed assets held by the Fund as of December 31, 2012 and 2011. As of December31, 2012, the Fund maintains fully depreciated assets for
S/.1,326,879 (S/.1,395,462 as of December 31, 2011); however, some of these assets are still in use.

(d) The Fund maintains insurance policies on its key assets in accordance with policies established by Management. In this sense, as of December 31, 2012 and 2011, the Fund has hired an insurance policy against all
covered risks that covers the value of the Fund's net assets. In Management’s opinion, its insurance policies are consistent with the usual practices in the industry.


F-44
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



35
10. Other assets, net
(a) This caption is made up as follows:

2012 2011
S/. S/.


Assets received as payment and seized through legal
actions, net 673,307 904,520
Intangible assets, net (b) 325,821 423,082
Other (c) 2,234,807 1,838,350
__________ __________

Total 3,233,935 3,165,952
__________ __________

(b) The intangible assets item comprises software and licenses for the use of computer equipment
whose total cost as of December 31, 2012 amounted to S/. 3,534,515 while its cumulative
amortization amounted to S/.3,208,694 (approximated cost of S/.3,481,814 and approximated
cumulative amortization of S/.3,058,732 as of December 31, 2011). During 2012 and 2011,
acquisitions of intangible assets were mainly related to software and licenses in the amount of
S/.52,700 and S/.117,582, respectively. Such intangible assets are amortized by applying the
straight-line method based on useful lives estimated by Management, Note 3(k).

(c) Through Executive Resolution N°046-2009/ DE-FONAFE the “Plan of TIC corporate governance
for companies within the scope of FONAFE” was approved. This resolution defines the
implementation of Shared Service Center Information Technology and Communications of
FONAFE. As of December 31, 2011, this balance mainly includes the prepayment for this service
amounting to S/. 1,142,997 and S/.1,346,407. Management estimates that the service will be
rendered during 2013.



F-45
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



36
11. Other accounts payable, provisions and other liabilities
(a) This caption is made up as follows:

2012 2011
S/. S/.

Other accounts payable
Contributions from FONAVI (b) 132,811,235 105,196,565
Good Payer Bonus (principal) assigned to COFIDE (c) 77,727,830 64,143,372
BFH to transfer to technical entities (d) 10,539,718 1,699,556
Employees’ profit sharing payable 7,399,864 5,241,650
Good Payer Bonus (principal) received from MVCS (e) 6,638,256 9,932,188
Eligible Household Savings transferred to technical
entities (f) 3,807,666 2,099,735
Suppliers payable 780,509 936,401
Resources to transfer for executed stand-by letters of
guarantee 950,160 828,211
Vacation and settlement of social benefits payable 719,806 683,053
Other 91,974 79,896
____________ ____________

Total 241,467,018 190,840,627
____________ ____________

Provisions and other liabilities
Deferred income for advance BCP flows, Note 7(g) 7,933,831 -
Deferred income (g) 1,439,704 1,510,122
Provision for contingencies (h) 1,271,535 670,506
Allowance for credit risk coverage for advance of BCP
flows, note 7(f) and 7(g) 737,662 -
Operations in process 8,945 40,430
____________ ____________

Total 11,391,677 2,221,058
____________ ____________


F-46
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



37
(b) As of December 31, 2012 and 2011, this item is made up as follows:

2012 2011
S/. S/.

FONAVI collections according to Law N°26969 (i) 125,538,662 96,754,139
FONAVI contributions pending transfer to the MEF (i) 6,988,963 8,156,186
Refund of not collected FONAVI checks (ii) 283,610 286,240
____________ ____________

Total 132,811,235 105,196,565
____________ ____________

(i) Mainly corresponds to the amounts assigned to the Fund from the proceeds received by the National
Superintendence of Tax Administration (Superintendencia Nacional de Administración Tributaria, or
“SUNAT” by its acronym in Spanish), related to contributions made to FONAVI by tax payers in
accordance with Law N°26969 for approximately S/.125,538,662 (S/.96,754,139 as of December
31, 2011). Also includes S/.6,988,963 (S/.8,156,186 as of December 31, 2011) as FONAVI
contributions pending transfer to the MEF related to contributions made to FONAVI by tax payers who
enjoy tax stability under Law N°27071.

The changes in the balance of this caption are shown below:

2012 2011
S/. S/.

Balance at the beginning of the year 96,754,139 81,032,293
Plus (less)
Collection of the year 30,016,892 18,981,232
Contributions pending transfer to MEF - (3,112,644)
Returns of FONAVI contributions (1,232,369) (146,742)

____________ ____________

Balance at the end of the year 125,538,662 96,754,139
____________ ____________

(ii) Corresponds to checks issued from 1999 to 2012 pending of collection by the beneficiaries. These
checks were issued as reimbursement of FONAVI contributions according to SUNAT communications,
which is the entity responsible for the collection of these resources.

F-47
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



38
(c) Corresponds to the funds disbursed to COFIDE to be applied to the loans originated by IFI
(Crédito MIHOGAR and Nuevo Crédito MIVIVIENDA), upon the review of compliance with the
requirements of the respective regulations. Subsequently, COFIDE reports the semiannual
installments that have been applied to the final borrowers for prompt payment of their
installments under the terms of the respective program. The changes in the balance of this
caption are shown below:

2012 2011
S/. S/.

Balance at the beginning of the year 64,143,372 38,047,325
Plus (less)
BBP allocation to accounts receivable of trusts to loans
disbursed 17,770,000 28,340,000
Adjustment to prior years - BBP allocation (900,000) -
Adjustment to prior years - BBP application 201,126 290,645
Application of BBP installments of Crédito MIHOGAR (1,271,318) (1,216,200)
Application of BBP installments of Nuevo Crédito
MIVIVIENDA (2,215,350) (1,318,398)

____________ ____________

Balance at the end of the year 77,727,830 64,143,372
____________ ____________

(d) Corresponds to the balance payable to technical institutions (builders) for the financing of the
BFH of households that accessed to the Techo Propio Program, received from the MVCS.

(e) Corresponds to the balance of funds received from MVCS, pending allocation to beneficiaries
applying for the Fund’s products. The Fund performs the allocation of these resources through
COFIDE when disbursements are authorized to intermediary financial institutions for loans
approved. During 2012 and 2011 the amounts allocated totaled S/. 16,870,000 and
S/.28,340,000, respectively.

The changes in the balance of this caption are shown below:

2012 2011
S/. S/.

Balance at the beginning of the year 9,932,188 11,710,000
Plus (less)
Resources received from MVCS during the year 13,576,068 26,562,188
BBP disbursement to COFIDE for loans allocation (16,870,000) (28,340,000)

____________ ____________

Balance at the end of the year 6,638,256 9,932,188
____________ ____________
F-48
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Note 26

Notes to the financial statements (continued)



39
(f) Corresponds to the balance payable to technical institutions on behalf of eligible households who
has accessed to the Techo Propio Program, for the total amount of savings deposited by the
household in the Fund’s accounts and the Fund for Police Housing (Fondo de Vivienda Policial, or
“FOVIPOL” by its acronym in Spanish) savings accounts. As of December 31, 2012 and 2011, the
total number of households whose savings were pending to be transferred to technical entities
was 5,793 and 1,776, respectively; such deposits were regularized mostly during the first quarter
of 2012 and 2011, respectively.

(g) Mainly corresponds to the deferred income generated when the CRC-PBP trusts were established
in 2007, Note 3(p). As of December 31, 2012 and 2011, the remaining deferred income amounts
to S/.1,409,368 and S/.1,478,011, respectively. During 2012, the Fund did not recognize this
revenue; during 2011, the Fund recognized revenue for the realization of the deferred gain
amounting to S/.647,124.

(h) Corresponds to provisions recorded for claims related to lawsuits and probable labor
contingencies. In Management’s opinion and its legal advisors, the recorded provision is sufficient
to cover the risk of loss for such contingencies as of December 31, 2012 and 2011.

12. Accounts receivable and payable for derivative financial instruments
(a) The following table shows the fair value of derivative financial instruments recorded as assets or
liabilities (excluding the effects of trusts), together with their notional amounts (nominal). The
notional amount is the nominal amount of the underlying asset of the derivative and is the basis
upon which changes in value of derivatives are measured. The notional amounts indicate the
volume of transactions outstanding at the end of the year and are not an indicator of market risk
or credit risk, Note 22.

2012
__________________________________________________
Fair value
________________________________
Assets Liabilities
Notional
amount
S/. S/. S/.

Financial derivatives (b) 5,752,935 - 184,875,000
__________ __________ ____________

2011
__________________________________________________
Fair value

________________________________

Assets Liabilities
Notional
amount
S/. S/. S/.

Financial derivatives (b) 10,061,020 46,831 517,632,000
__________ __________ ____________

F-49
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Note 26

Notes to the financial statements (continued)



40
(b) Financial derivatives correspond to forward contracts in foreign currency. During 2012, net gains
on currency forward contracts amounted to S/.18,851,657 (net gains amounted to
S/.25,275,947 in 2011), and were recorded in the “Financial income” caption of the statement
of income, excluding the effects of trusts, Note 17.

13. Equity
(a) Capital stock -
As of December 31, 2012 and 2011, the Fund's capital stock was represented by 2,968,159,573
and 2,889,343,941 common shares entirely subscribed and paid, respectively, whose nominal
value is S/.1.00 per share. Its sole shareholder is FONAFE.

On March 26, 2012, the Fund’s General Shareholder Meeting agreed to capitalize S/.78,815,632
corresponding to the profits generated in 2011.

On September 2, 2011, the Fund's General Shareholder Meeting agreed to capitalize
S/.58,086,468 corresponding to the profits generated in 2010.

(b) Legal reserve -
Pursuant to the legislation in force, the Fund must comply with a legal reserve of not less than 35
percent of its paid-in capital. This reserve is constituted through the annual transfer of at least
10 percent of the Fund’s net income and may be used only to cover accumulated losses.

(c) Unrealized results -
Includes the unrealized gain (loss) generated by the valuation of available-for-sale investments of
the Fund and the CRC-PBP Trusts, as detailed below:

Unrealized results 2012 2011
S/. S/.


CRC–PBP trusts 967,036 298,417
Fondo MIVIVIENDA S.A., Note 6(a) - 20,749
____________ ____________

967,036 319,166
____________ ____________

(d) Shareholder’s equity for legal purposes (regulatory capital) -
In June 2008, by means of Legislative Decree N°1028, the Banking Law was amended. The
amendments established that the regulatory capital of financial entities must be equal to or more
than 10 percent of the total risk-weighted assets and contingent operations, represented by the
sum of: (i) the regulatory capital requirement for market risk multiplied by 10, (ii) the regulatory
capital requirement for operational risk multiplied by 10, and (iii) the weighted assets and
contingent credits by credit risk. This calculation must include all balance sheet exposures or
assets in local or foreign currency. This ratio would be gradually implemented until July 2011,
F-50
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Note 26

Notes to the financial statements (continued)



41
considering the percentages and deadlines established by said Legislative Decree. As of
December 31, 2012 and 2011, the minimum requirement is 10 and 9.8 percent, respectively.
The Legislative Decree N°1028 also distinguishes, starting in 2009, between basic equity (Level
1) and supplementary equity (Level 2), depending on the definitions and limits therein
established. In Management’s opinion, these modifications are being considered in its plans and
will not have any significant impact on the Fund’s operations.

As of December 31, 2012 and 2011, pursuant to Legislative Decree N°1028, the Fund holds the
following amounts related to risk weighted assets and contingent credits by credit risk and
shareholder’s equity for legal purpose (regulatory capital basic and supplementary), expressed in
nuevos soles:

2012 2011
S/. S/.

Total risk-weighted assets and credits 3,239,912,750 2,385,225,179
Total regulatory capital 3,002,311,303 2,915,169,542
Basic regulatory capital (Tier 1) 3,002,311,303 2,915,169,542
Supplementary regulatory capital (Tier 2) - -
Basic regulatory capital as a percentage of risk-weighted
assets and credits (%)

88.35

117.52

Furthermore, during 2009, the SBS issued the Resolutions N°2115-2009, N°6328-2009 and
N°14354-2009, Regulations for Regulatory Capital Requirements for Operational Risk, Market
Risk and Credit Risk, respectively, and amendments; which went into effect starting in July 2009,
with the exception of the resolution regarding Credit Risk, which had an adjustment period until
June 30, 2010. These resolutions established, mainly, the methodologies to be used by financial
entities to calculate the risk-weighted assets and credits for each type of risk. As of December
31, 2012 and 2011, the Fund has complied with the requirements of said resolutions.

On July 20, 2011, the SBS issued Resolution N°8425-2011, which states that in determining the
level of additional regulatory capital, financial institutions must have a process to assess the
adequacy of its regulatory capital based on their risk profile, which must follow the methodology
described in such Resolution. The requirement of additional regulatory capital shall equal the
sum of regulatory capital requirements calculated for each of the following components:
economic cycle, concentration risk, market concentration risk, interest rate risk, and others.
Financial institutions have a period of five years from July 2012 to bring their regulatory capital
to the required level.

In Management’s opinion, the Fund has complied with the requirements seth forth in the
aforementioned resolution and will be willing to continue to comply therewith because the equity
represented by the Fund cover such requirements.
F-51
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Note 26

Notes to the financial statements (continued)



42
14. Tax situation
(a) The Fund is subject to the Peruvian Tax System. As of December 31, 2012 and 2011, the
statutory income tax rate is 30 percent on taxable income, after calculating the employees’ profit
sharing, which according to prevailing standards is computed as a 5 percent of the taxable
income.

(b) Since 2011, the Income Tax Law was amended by Law N°29645, stating that interests and other
income generated by foreign loans granted to the national public sector, are included as an item
exempted from the income tax. In addition, with regards to unaffected interests in development
credits, such operations are those intended to fund projects or programs for development Peru’s
public infrastructure and public services as well as to finance credits for micro businesses,
according to SBS Resolution N°11356-2008 or any posterior replacing regulation.

(c) The Tax Authority is entitled to review and, if applicable, amend the income tax calculated by the
Fund up to four years after the tax return was filed. According to this, the income tax and value
added tax returns for the years 2008 to 2012 are pending review by the Tax Authority. Due to
the interpretations likely to be given by the Tax Authority on current legal regulations, it is not
possible to determine whether the reviews to be conducted will result or not in liabilities for the
Fund, therefore, any increased tax or surcharge that could arise from possible tax reviews will be
applied to the results of the year in which is determined.

(d) As of December 31, 2012, the Fund shows a balance of income tax payable for the year 2012
amounting to S/.9,571,818 (S/.10,683,537 as of December 31, 2011), included in the caption
“Obligations with the public” of the balance sheet.

15. Deferred income tax
(a) The following are the components that originate the deferred income tax as of December 31,
2012 and 2011:

2012 2011
S/. S/.
Deferred asset
Generic allowance for doubtful accounts 3,513,026 675,926
Deferred income for advance from BCP 2,380,149 -
Other 1,621,452 1,213,447
__________ ___________
7,514,627 1,889,373
__________ ___________
Deferred liabilities
Other (304,159) (152,372)
__________ ____________
(304,159) (152,372)
__________ ____________
Net deferred asset 7,210,468 1,737,001
__________ ____________
F-52
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Note 26

Notes to the financial statements (continued)



43
In Management’s opinion, the deferred asset for income tax will be recovered through taxable
income generated by the Fund in the future periods.

(b) The income tax composition in the statement of income for the years ended December 31, 2012
and 2011 is as follows:

Income Tax
_______________________________________
2012 2011
S/. S/.


Current 31,223,952 29,869,065
Deferred 5,473,467 449,340
_____________ _____________

Total 36,697,419 30,318,405
_____________ _____________

(c) Below is the reconciliation of the effective rate of income tax with the prevailing tax rate:

2012 2011
_____________________________ _____________________________
S/. % S/. %


Income before Income tax 128,357,854 100.00 113,341,339 100.00
___________ ________ ___________ _______
Theoretical tax 38,507,356 30.00 34,002,402 30.00
Add (less)
Net effect of permanent items (1,919,710) (1.50) (4,314,722) (3.81)
Other 109,773 0.09 630,725 0.56
___________ _______ ___________ _______

Income tax 36,697,419 28.59 30,318,405 26.75
___________ _______ ___________ _______


F-53
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



44
16. Contingent and off-balance sheet accounts
(a) This caption is made up as follows:

2012 2011
S/. S/.
Contingent
Forwards (b) and Note 12 184,875,000 517,632,000
Principal Contingent – Guarantees granted (l) 178,509,459 168,224,180
______________ ______________

Total contingent 363,384,459 685,856,180
______________ ______________

Off-balance sheet accounts
Stand-by letters of credit and surety bonds received as
guarantee (c) 583,753,164 379,698,703
CRC-PBP trusts in nuevos soles and US Dollars (d) 67,303,153 396,100,836
Uncollectible accounts written-off (e) 28,146,095 28,018,368
Employer contribution debt (f) 18,221,507 64,781,307
Funds received from MVCS – BFH 10,539,718 1,699,556
Existing contracts signed with suppliers 8,514,901 7,672,403
Ex-CONEMINSA Portfolio – judicial collection and yields and
other accounts receivables (g) 8,511,352 8,467,502
Securities in custody 4,564,684 4,564,684
Mortgage guarantees received (h) 2,199,375 2,909,640
Other minors, net 413,995 435,613
_____________ ______________
Total off-balance sheet accounts 732,167,944 894,348,612
______________ ______________
Trusts
Fund Law N°27677 (i) 830,208,922 816,204,055
CRC-PBP trusts (j) 151,211,736 832,230,093
Las Garzas trust (k) 23,794,637 25,296,594
______________ ______________
Total trusts 1,005,215,295 1,673,730,742
______________ ______________

Total off-balance sheet accounts 2,100,767,698 3,253,935,534
______________ ______________

(b) As of December 31, 2012 and 2011, corresponds to the commitment on the forward
transactions of US Dollars sales contracted by the Fund in order to economically hedge its
accounts receivable in US Dollars, which amounted to US$ 72,500,000 and US$192,000,000,
respectively.


F-54
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



45
(c) Correspond to the stand-by letters of credit and surety bonds received as guarantee from the
Technical Agencies under the contracts signed by the Techo Propio Program over the BFH and
the Household Savings product, as well as letters of guarantee for the compliance of purchase of
goods and services contracts.

(d) As of December 31,2012, corresponds to the recognition of the rights acquired in connection
with the establishment of the CRC-PBP in nuevos soles and US Dollars for total amounts to
S/.31,395,820 and S/.35,907,333, respectively (S/.312,428,719 and S/.83,672,117 as of
December 31, 2011, respectively), see Note 8(c).

(e) As of December 31, 2012 and 2011, corresponds mainly to the written-off of balances
receivable (principal and interest) from Banco Banex and Banco Orion, both undergoing
liquidation, for S/.23,576,946 and S/.4,441,422, which were recorded in the “Other accounts
receivable” caption as of December 31, 2009, respectively, according to a Management
agreement signed in July 2010.

(f) As of December 31, 2012 and 2011, corresponds to a claim the Fund filed with the MEF on
contributions to FONAVI - Employer Contributions, as provided by Law N°26969 – FONAVI
Liquidation Law, which were considered that should have been granted to the Fund.

(g) As of December 31, 2012 and 2011, corresponds to the accrued interest of overdue portfolio of
Ex-CONEMINSA and "Other accounts receivable".

(h) As of December 31, 2012 and 2011, corresponds to mortgage guarantees received from two
financial institutions undergoing liquidation for the loan portfolio that the Fund maintained with
them.

(i) As of December 31, 2012 and 2011, correspond to the value of total net assets of the Fund Law
N°27677 which includes the results of the period that amount to a gain of S/.12,131,283 and
S/.16,809,416, respectively. The Fund Law N°27677 was constituted by Public Deed dated
February 13, 2002, with the resources transferred to the Fund from the liquidation of FONAVI,
for their administration, recovery and intermediation through the IFI.


F-55
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



46
(j) As of December 31, 2012 and 2011, corresponds to the assets, liabilities, equity (without net
income), expenses and gains of the trusts under administration which are called CRC-PBP trusts
in nuevos soles and US Dollars, as indicated in the accounting manual prescribed by the SBS. This
caption in made up as follows:

2012 2011
S/. S/.


Assets 67,303,153 396,297,945
Liabilities - 197,109
Equity (without net income) 57,044,709 375,472,512
Gains 18,561,159 40,445,425
Expenses 8,302,715 19,817,102
_____________ _____________

Total 151,211,736 832,230,093
_____________ _____________

(k) Real estate trust in which Banco de Comercio acted as trustee since its inception in 2006 until
October 6, 2010. Through minute issued on October 7, 2010, Banco de Comercio waived its role
as trustee and transferred to the Fund the trust equity and resigned from its role as trustee.
Thus, starting at that date the Fund is responsible for keeping the accounting records as part of
its fiduciary role.

(l) As of December 31, 2012 and 2011, corresponds to the guarantees granted to the final
customer loans with the Fund’s resources. The debts of the IFI were prepaid; but the guarantee
is still in force until the payment of the debt by the final customer to the IFI.


F-56
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



47
17. Financial income and expenses
(a) This caption is made up as follows:

2012 2011
S/. S/.

Financial income
Income from accounts receivable (Trust Agreement –
COFIDE) 159,954,578 117,691,752
Gain on derivatives, Note 12(b) 18,851,657 25,275,947
Interest from cash and due from banks 13,917,908 16,209,523
Gain on trusts participation 10,258,444 20,628,323
Interest from available-for-sale and held-to-maturity
investments, Note 6 7,106,989 15,817,197
Other commissions 5,813,950 6,164,263
Indexation readjustment 1,515,480 2,983,389
Other financial income 1,324,269 1,347,675
_____________ _____________
Total 218,743,275 206,118,069
_____________ _____________
Financial expenses
Good Payer Award – own resources (32,715,815) (29,126,800)
Net loss of exchange difference (13,880,634) (22,875,182)
Interest from due to banks and financial obligations (b) (4,973,230) -
Net result on investments’ valuation (51,910) (8,162,488)
Other financial expenses (955,674) (340,554)
_____________ _____________
Total (52,577,263) (60,505,024)
_____________ _____________

Gross financial margin 166,166,012 145,613,045
_____________ _____________

(b) On February 15, 2012, the Fund received a financing from the Banco de la Nacion for
US$100,000,000 (equivalent to approximately S/.268,500,000 at the transaction date), at an
annual effective interest rate of 2.31 percent and with maturity on February 15, 2015. During
2012, the Fund has recognized an interest expense amounting to S/.4,973,230; also, as of
December 31, 2012, maintained an outstanding principal amounting to US$83,805,462
(equivalent to approximately S/.213,703,928) and interest amounting to US$742,240
(equivalent to approximately S/.1,892,712), which are presented in the caption "Due to banks
and financial obligations" of the balance sheet. This loan was settled on February 1, 2013.


F-57
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



48
18. Financial services revenues
Correspond mainly to commissions charged by the Fund for the administration of the assets in the
trusts, mainly from the CRC-PBP trusts, for which the Fund receives from the IFI a monthly commission
equivalent to 0.05 percent of the trusts’ net equity at the end of each month which is charged to the
CRC-PBP trusts. During 2012, decrease is due to lower equity trusts registered, basis on which fees are
calculated, Note 8(c).

19. Administrative expenses
(a) This caption is made up as follows:

2012 2011
S/. S/.

Personnel and Board of Directors expenses (b) 18,073,292 15,269,430
Services received from third parties (c) 14,290,879 14,319,189
Taxes and contributions 345,350 533,784
___________ ___________

Total 32,709,521 30,122,403
___________ ___________

(b) The composition of the “Personnel and Board of Directors expenses” caption is presented below:

2012 2011
S/. S/.

Salaries 7,055,157 6,698,699
Employees’ profit sharing 7,398,401 5,240,187
Gratuities 1,162,028 1,095,497
Severance indemnities 676,379 638,317
Payroll taxes 659,191 606,435
Vacation 583,110 568,152
Training 176,624 164,526
Other 362,402 257,617
____________ ____________

18,073,292 15,269,430
____________ ____________

The average number of employees for the years 2012 and 2011 was 97 and 89, respectively.
According to legal regulation in force, the Fund distributes 5 percent of taxable income as
employees’ profit sharing.


F-58
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



49
(c) The composition of the “Services received from third parties” caption is presented below:

2012 2011
S/. S/.

Consulting services 5,338,369 5,892,446
Advertisement 1,799,193 2,714,937
Renting of goods and property 1,403,784 1,165,423
TIC project expenses, Note 10(c) 1,164,832 -
Repair and maintenance 803,642 640,673
Guarding and protection 550,935 580,338
Communications 364,847 510,524
Mobility 290,106 279,238
Insurance 277,190 308,123
Travel expenses 213,996 198,033
Public services 161,145 164,036
Courier services 188,529 179,185
Office supplies 158,981 267,065
Cleaning services 128,758 125,299
Telemarketing services 83,951 151,734
Other expenses 1,362,621 1,142,135
___________ ___________

Total 14,290,879 14,319,189
___________ ___________

20. Other provisions
Corresponds to the allowance for assets received as payment and seized through legal actions according
to regulations issued by the SBS and provisions for litigation and claims.

F-59
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



50
21. Other income and expenses
This caption is made up as follows:

2012 2011
S/. S/.

Other income
Recoveries of allowances for banks in liquidation, Note 8(b) 10,336,501 -
Reversal of provisions for COFIDE accounts receivable, Note 7(f) 7,586,641 6,684,803
Deferred income tax - 1,479,845
Other minor income 442,311 2,317,988
___________ ___________
18,365,453 10,482,636
___________ ___________
Other expenses
Other minor expenses (380,111) (321,808)
___________ ___________
(380,111) (321,808)
___________ ___________

Total other income and expenses 17,985,342 10,160,828
___________ ___________

22. Risk assessment
The Fund's activities are mainly related to the placement of its resources to generate mortgage loans to
natural persons through domestic intermediary financial institutions, which evaluates and assigns long-
term credit lines. It also participates in promotion of the construction and acquisition of homes, and
manages funds received from the state (such as Household Housing Bonus) as well as its own funds,
investing primarily in fixed income investments, in order to monetize and preserve its value in time, thus
ensuring sufficient liquidity to meet its obligations and credit activities.

In this sense, the Fund is exposed to various risks such as, credit risk, liquidity risk interest rate risk,
foreign exchange risk, investment risk, operational risk, among others. The Fund has established a Risk
Office to manage these risks through a process of identifying, measuring and continuously monitoring,
subject to risk limits and other controls established by the Board. This risk management process is
critical to the continued profitability of the Fund and each person within the Fund is responsible for the
risk exposures relating to their duties.

Market risk -
The Fund is exposed to market risk, which is the risk that the fair value or the cash flows of a financial
instrument fluctuate adversely due to changes in market prices. Market risk arises from the balance
sheet positions assigned to interest rates and currency risk. The latter risk remains even when the Fund
does not grant loans in US Dollars, because it still has a remaining balance of loans granted in that
currency under the MIVIVIENDA Tradicional product.

F-60
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



51
The Fund applies the "Value at Risk - VAR" methodology to calculate the maximum expected loss that
might occur on the positions subject to interest rate risk and foreign exchange risk. Fund’s Board sets
the value at risk limits that are acceptable, which are monitored daily by the Risk Office

The Fund establishes policies and procedures to control market risk and liquidity risk, as well as setting
limits on certain credit operations, investment and hedging with derivatives to improve their process of
balance return / risk.

Liquidity risk -
The Fund is exposed to liquidity risk, arising from the opportunity to have resources available for
placement credit, payment of payroll, taxes, suppliers and settlements of derivative hedges, and due to
bank services obligations or other liabilities, although these risk are minimal, the Fund does not maintain
cash resources to meet all of these needs, as experience shows that a minimum level of reinvestment of
maturing funds can be predicted with a high level of certainty. The Fund sets limits on the minimum
amount of funds available to cover the payment of obligations with which there must be to cover
liquidity requirements levels, and daily monitors the liquidity requirements based on these limits and
cash flow prepared by the Treasury area.

The procedure of matching and controlling mismatches of the maturities and interest rates of assets and
liabilities is essential to the Fund’s management. It is unusual for financial institutions to be fully
matched, as transacted business is often based on uncertain terms and several types of transactions
performed. An open position in the terms could potentially increase profitability, but it also increases
the risk of losses.

The liquidity ratio of the Fund is an operating indicator because the average loans that are
intermediated to the domestic financial institutions through COFIDE are considered as obligations. As of
December 31, 2012 and 2011, the Fund has no financial liabilities or obligations, however, has
implemented the control of its liquidity ratio under the considerations of the ability to meet the demands
of granting loans, in addition to payments of payroll, suppliers, tax and settlements of hedging
derivatives.

The notes to the financial statements include an analysis of relevant assets of the Fund grouped
according to their contractual maturity.

Cash flow risk and fair value of interest rate changes -
The cash flow interest rate risk is the risk that the cash flows of a financial instrument fluctuate due to
changes in market interest rates. The risk of fair value interest rates is the risk that the value of a
financial instrument may fluctuate due to changes in market interest rates.


F-61
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



52
The control and monitoring of interest rates risks of the investment portfolio in fixed income is
performed by calculating the value at risk (VAR) and ensuring that the VAR does not exceed the internal
limit established as a percentage of the Fund’s regulatory capital. Additionally, the Risk Office controls
that the indicators of "Stop Loss" and "Take Profit" of the debt instruments are settled. These
instruments are valued daily and reported to the appropriate areas of the Fund.

The Risk Office measures the sensitivity of the Fund’s balance to interest rate risk through the
regulatory appendices required monthly by the SBS, such as the calculation of gaps and sensitivity
analysis of gaps to changes in interest rates. The distribution of balance accounts aimed to prepare the
appendixes is made under assumptions of distribution according to maturities. These assumptions are
contained in an internal methodology approved by the Risk Committee. In addition, the Fund has
internal limits on risk equity that seeks limit the risk of interest rate balance.

The Fund keeps positions that are affected by the effects of fluctuations in the levels of market interest
rates on its financial position and cash flows. Interest margins may increase as a result of such changes
but may reduce or create losses in case of unexpected fluctuations. Management sets limits on the level
of mismatch to changes in interest rates that can be assumed, which are monitored daily by the Risk
Office. It should be noted that the Fund only since early 2012 has operations or financial liabilities
(Banco de la Nación).

Resources to fund lending operations correspond mainly to own resources. It should be noted that the
Fund managed resources of MVCS intended for subsidy to families that apply to ”Techo Propio”
program. Accounts receivable and accounts payable are subject to risks from fluctuations in interest
rates. The characteristics of maturity and interest rates of the main relevant contractual financial
instruments are indicated in the respective notes to the financial statements.

Exchange rate risk -
The Fund is exposed to the effects of fluctuations in foreign currency exchange prevailing on its
financial position and cash flows. The Fund sets limits on levels of exposure by currency and total daily
operations which are monitored daily by the Risk Office.

Active operations of existing products and liabilities (the latter according to the market situation and
availability), are preferably made in local currency. Foreign currency transactions (liability transactions)
are made at rates of supply and demand. The Fund’s exchange risk is primarily related to MIVIVIENDA
Tradicional loans denominated in US Dollars; this product was discontinued; however there are still
outstanding balances according to the original amortization schedules of the loans. In order to mitigate
exchange rate risk exposure, the Fund performs non-delivery forward (NDF) transactions to manage its
exchange rate risk. The Risk Office values and monitores daily operations and establishes situations of
Stop Loss and / or Take Profit in coordination with the Financial Management of the Fund.

F-62
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



53
As of December 31, 2012 and 2011, the Fund's assets and liabilities in foreign currency are presented
in Note 4.

Operational risk -
It is caused by aspects related to human resources, processes and procedures, information technology
and external aspects.

The operational risk is managed by each of the managers and/or offices of the Fund in coordination with
the Risk Office, which establishes the operational risk methodologies to be applied and determines a
qualitative and quantitative risks and controls. Also, they regularly report to the Board the main risks
and their corresponding mitigation. The Fund has designed and operates a database of operational risk
losses for the orderly records and analysis of the entity’s risk causing events.

Finally, the Fund manages the System of Information Security Management, for which has policies and
security plan information continuously updated; also, it has a Management Business Continuity System,
and performs annual testing of Business Continuity Plan, such that we can guarantee the operation of
our alternate data center, and that the institution does not disrupt (beyond a reasonable time) their
activities as a result of some sinister.

Credit risk -
The Fund intermediates its resources for mortgage lending through COFIDE, placing credit lines to
intermediary financial institutions who originate mortgage loans, which are evaluated by the Risk Office
and approved by a Risk Committee.

The individual exposure and risk for each intermediary financial institution, including loans placements
and investments, is established by sub-limits per product, so that credit risk exposures are monitored
and reviewed regularly.

Credit lines granted by the Fund are managed through established and developed criteria assessments,
focusing on liquidity, solvency, asset quality and affordability of financial institutions, among others.

Also, Risk Office realize a permanently follow up of indicators and economic and financial situation of
financial institutions, in order to monitor their performance and take prudential measures in case of
impairment. Also, visits are made annually for review loan portfolio of the IFI, in order to ensure the
adequate credit origination performed with the Fund´s resources.

As of December 31, 2012 and 2011, Management has estimated that the maximum amount of credit
risk that the Fund is exposed to represents the book value of financial assets that have a potential credit
risk and are mainly bank deposits that earn interest, accounts receivable (Trust Agreement – COFIDE)
and other monetary assets.

F-63
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



54
23. Contingencies
As of December 31, 2012 and 2011, the Fund has the following contingencies:

(a) Several labor proceedings relating to lawsuits for payment of profits and repayment of employee
benefits for S/.1,885,564 (S/.1,007,060 as of December 31, 2011), recording a provision of S/.
S/.213,967 as of December 31, 2012 (S/.233,576 as of December 31, 2011). The Fund also
has civil actions for S/.30,647 (S/.32,499 as of December 31, 2011).

(b) Several constitutional proceedings (writs of shelter) related to labor rights restitution to former
employees of the Fund. Also, proceedings caused by discrimination in the right to participate in
tender and procurement processes, and cancellation of the registration of technical institutions
due to infringements committed.

(c) Administrative proceeding commenced by the Consortium DHMONT & CG & M S.A.C. challenging
an administrative decision, in which the plaintiff seeks the invalidation of the communication
letter where the Fund denied the return of the letter of guarantee issued in its favor to guarantee
and to comply with the requirement to file appeal in the tender (Collique Airfield project)
convened by the Fund and in which the consortium participated. The amount of the claim
amounts to S/.4,869,754. The judge ordered the return of US$250,000, approximately
S/.604,434.

In Management’s opinion and its legal advisors, these proceedings will not result in significant liabilities
additional to those recorded in the accompanying financial statements.

24. Fair value
Fair value is defined as the amount for which an asset could be exchanged or a liability settled between
knowledgeable willing parties in an arm’s length transaction, on an on-going basis.

When a financial instrument is traded in an active and liquid market, its quoted market price in an actual
transaction provides the best evidence of its fair value. When a quoted market price is not available, or
may not be indicative of the fair value of the financial instrument, other estimation techniques may be
used to determine such fair value, including the current market value of another financial instrument
that is substantially similar, discounted cash flow analysis or other techniques applicable thereto, all of
which are significantly affected by the assumptions used. Although Management uses its best judgment
in estimating the fair value of these financial instruments, there are inherent weaknesses in any
estimation technique. As a result, the fair value may not be indicative of the net realizable or settlement
value of said instruments.

A significant portion of the assets and liabilities of the Fund are short-term financial instruments, with a
remaining maturity of less than one year. Therefore, these short-term financial instruments are
considered to have a fair value equivalent to their book value at the balance sheet dates, except for
those that are traded in an active market.
F-64
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



55
The methodologies and assumptions used depend on the terms and risk characteristics of the various
financial instruments as detailed below:

- Cash and due from banks represent cash and short-term deposits that do not represent
significant credit risk; as result, their book value is equivalent to their estimated market value.

- Available-for-sale investments are recorded at their estimated market value; thus, their book and
fair values are the same.

- As of December 31, 2011, held-to-maturity investments are classified as current assets, because
they maturity was between January and May 2012; thus, it is estimated that their book values do
not differ significantly from their respective market values.

- Accounts receivable has long-term nature and pay interest rate based on the range of products
maintained by the Fund, through which grants credit lines with the IFI. In Management´s opinion,
the market value of the accounts receivable is similar to their book values.

- The market value of obligations whit the public is similar to their book values due, mainly, to their
current maturities because this account includes mainly the income tax payable.

- The market value of due to banks and financial obligations is similar to their book value mainly,
due to their current maturity because they were canceled during the first quarter of the following
year.

- Other accounts payable, provisions and other liabilities do not bear interest. As a result, it is
estimated that their book values do not differ significantly from their market values.

- The Fund records its transactions with derivative financial instruments at their estimated market
value, and thus there is no difference with their book value.

Based on said analysis, Management considers that as of December 31, 2012 and of 2011, the
estimated values of the financial instruments of the Fund do not differ significantly from their book
values.

25. Subsequent events
On January 24, 2013, The Fund made a bond issuance under Rule 144 or regulation S of the securities
act in the international market. The issue was for a nominal amount of US$500,000,000, which
maturity is 10 years, was placed under par at a price of 99.15 percent, at a coupon rate of 3.50 percent
with semiannual interest and amortization at maturity.


F-65
Translation of financial statements originally issued in Spanish -
Note 26

Notes to the financial statements (continued)



56
26. Additional explanation for English version
The Spanish version of the accompanying financial statements was approved by Fund´s Management
(see Note 1). The financial statements are presented on the basis of accounting principles generally
accepted in Peru for the Fund. Certain accounting practices applied by the Fund that comply with
accounting principles generally accepted in Peru for financial entities may differ in certain aspects to
generally accepted accounting principles in other countries. In the event of a discrepancy, the Spanish
language version prevails.

F-66
F-67


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F-68

F-28

Fondo MIVIVIENDA S.A.
Financial statements as of December 31, 2011 and 2010
together with Independent Auditors’ Report


F-69

F-29


Fondo MIVIVIENDA S.A.
Financial statements as of December 31, 2011 and 2010
together with Independent Auditors’ Report

Content

Independent auditors’ report

Financial statements

Balance sheets
Statements of income
Statements of changes in shareholder’s equity
Statements of cash flows
Notes to the financial statements


F-70
Independent Auditors’ Report
F-30


Miembro de Ernst & Young Global Inscrita en la partida 11396556 del Registro
de Personas Jurídicas de Lima y Callao
To the Shareholder and Directors of Fondo MIVIVIENDA S.A.

1. We have audited the accompanying financial statements of Fondo MIVIVIENDA S.A. (“the Fund”),
which comprise the balance sheets as of December 31, 2011 and 2010, and the related statements
of income, changes in shareholder’s equity and cash flows for the years then ended, and a summary
of significant accounting policies and other explanatory notes.

Management’s responsibility for the financial statements

2. Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting standards prescribed by the Superintendence of Banking,
Insurance and Pension Funds Administrators (SBS by its acronym in Spanish), and for such internal
control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with generally accepted auditing standards in Peru for financial
entities. Those standards require that we comply with ethical requirements and plan and perform
the audits to obtain a reasonable assurance about whether the financial statements are free from
material misstatements.

An audit involves performing procedures to obtain audit evidence on the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditors consider internal control relevant to the
Fund’s preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.


F-71
Independent Auditors’ Report (continued)
F-31

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.

Opinion

4. In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of Fondo MIVIVIVENDA S.A. as of December 31, 2011 and 2010, and the results
of its operations and its cash flows for the years then ended, in accordance with accounting
principles prescribed by the SBS for the Fund, Note 3.

Emphasis paragraph

5. Our audit report on the Fund’s financial statements as of December 31, 2010 and for the year
then ended, dated June 30, 2011, expressed a qualified opinion. The Fund recorded income tax
and employees’ profit sharing expenses in excess of S/.4,663,966 and S/.777,327, respectively.
As result, total liabilities were overstated and net shareholder’s equity and net income were
understated in such amounts. During 2011, the Fund amended its 2010 financial statements to
correct the effects included in our audit report. Therefore, our opinion of the 2010 financial
statements, as presented in this report, does not express the aforementioned qualification.


Lima, Peru,
December 6, 2012


Countersigned by:





Juan Paredes
C.P.C.A. Register No. 22220
F-72
F-73

The accompanying notes are an integral part of this statement.
F-33

Fondo MIVIVIENDA S.A.
Statement of income
For the years ended December 31, 2011 and 2010
Note 2011 2010
S/. S/.

Revised,
Note 3(s)

Financial income 17 206,118,069 171,944,587
Financial expenses 17 (60,505,024) (47,008,284)
____________ ____________
Gross financial margin 145,613,045 124,936,303

Allowance for doubtful accounts (Trust Agreement –
COFIDE) 7(f) (12,343,352) (13,299,702)
____________ ____________
Net financial margin 133,269,693 111,636,601

Financial services revenues 18 2,695,016 2,248,175
Financial services expenses (144,419) (244,510)
____________ ____________
Operating margin 135,820,290 113,640,266

Administrative expenses 19 (30,122,403) (33,251,797)
____________ ____________
Net operating margin 105,697,887 80,388,469

Depreciation of property, furniture and equipment 9(a) (589,997) (480,354)
Amortization of intangible assets 10(b) (233,980) (183,162)
Allowance for other doubtful accounts 8(f) (1,394,291) (342,529)
Other provisions 20 (299,108) (409,077)
____________ ____________
Operating income 103,180,511 78,973,347

Other income, net 21 10,160,828 8,405,765
____________ ____________
Income before income tax 113,341,339 87,379,112
Income tax 15(b) (30,318,405) (18,712,857)
____________ ____________
Net income 83,022,934 68,666,255
____________ ____________
F-74
F-75

F-35

Fondo MIVIVIENDA S.A.
Statement of cash flows
For the years ended December 31, 2011 and 2010
2011 2010
S/. S/.

Revised,
Note 3(s)

Reconciliation of net income to cash from operating activities
Net income 83,022,934 68,666,255

Adjustments to net income
Plus (less)
Allowance for accounts receivable (Trust Agreement – COFIDE),
net of reversals and exchange difference 4,972,321 3,588,074
Depreciation, amortization and others 1,316,863 898,588
Allowance for other accounts receivable, net of reversals (176,966) (1,282,908)
Deferred income tax (1,030,505) (3,842,147)
Results from valuation of investments (6,506,354) 1,982,662

Charges and credits for net changes in assets and liabilities
Increase in other accounts receivable (12,945,676) (10,246,750)
Decrease in accrued yields 5,973,413 1,326,861
Increase in other accounts payable, allowances and other liabilities 43,772,385 37,010,929
Increase (decrease) in derivative financial instruments, net (14,970,641) 5,531,769
_____________ _____________
Net cash from operating activities 103,427,774 103,633,333
_____________ _____________

Cash flows from investing activities
Purchase of property, furniture and equipment (81,143) (1,442,503)
Purchase of intangible assets (117,582) (542,178)
_____________ _____________

Net cash used in investing activities (198,725) (1,984,681)
_____________ _____________

F-76

The accompanying notes are an integral part of this statement.
F-36

Statement of cash flows (continued)



2011 2010
S/. S/.

Revised,
Note 3(s)
Cash flows from financing activities
Net increase in accounts receivable (Trust Agreement - COFIDE) (770,865,779) (499,032,083)
Net decrease in investments 706,425,714 381,487,578
Net increase in obligations with the public 10,783,159 35,452
_____________ _____________
Net cash used in financing activities (53,656,906) (117,509,053)
_____________ _____________
Net increase (net decrease) in cash 49,572,143 (15,860,401)
Balance of cash at the beginning of the year 57,656,945 73,517,346
_____________ _____________

Balance of cash at the end of the year, Note 5 107,229,088 57,656,945
_____________ _____________

F-77

F-37

Fondo MIVIVIENDA S.A.
Notes to the financial statements
As of December 31, 2011 and 2010
1. Business activity
Fondo MIVIVIENDA S.A. (hereafter “the Fund” or “Fondo MIVIVIENDA”) is a state-owned company under
private law and is governed by Law N°28579 and its by-laws. The Fund falls under the purview of the
Peruvian National Fund for the Financing of Business Activities of the State (Fondo Nacional de
Financiamiento de la Actividad Empresarial del Estado, or “FONAFE” by its acronym in Spanish) under
the Ministry of Housing, Construction and Sanitation (“MVCS” by its acronym in Spanish). The
aforementioned Law N°28579 provided for the conversion of the former Mortgage Fund for the
Promotion of Housing (Fondo Hipotecario de Promoción de la Vivienda – Fondo MIVIVIENDA) into a
corporation called Fondo MIVIVIENDA S.A.

The Fund’s objective are the promotion and financing of the acquisition, improvement and construction
of homes, especially those of social interest, promotion of activities to invest into the home lending
market, participation in the primary and secondary market for mortgage loans, and contributing to the
development of the Peruvian capital market. All the Fund’s activities are regulated by the
Superintendence of Banking, Insurance and Pension Funds Administrators (Superintendencia de Banca,
Seguros y AFP, or “SBS” by its acronym in Spanish), SBS Resolution N°980-2006 “Regulations for
Fondo MIVIVIENDA S.A.”

The legal address of the Fund is Avenida Paseo de la República 3121, San Isidro, Lima, Peru.

As of the date of these financial statements, the Fund manages the following programs and financial
resources:

(i) MIVIVIENDA Program.
(ii) Techo Propio Program – Management of the Household Housing Bonus (Bono Familiar
Habitacional, or “BFH” by its acronym in Spanish), as commissioned by the Ministry of Housing,
Construction and Sanitation - MVCS.
(iii) Resources of the Fund, Law N°27677, as commissioned by the Ministry of Economy and Finance
(hereafter “MEF” by its acronym in Spanish).

The characteristics of each program are the following:

(i) MIVIVIENDA Program
The Fund through a Trust Agreement with COFIDE channels resources to the Peruvian financial
system to grant mortgage loans. Among its characteristics are the Good Payer Award (Premio al
Buen Pagador, or “PBP” by its acronym in Spanish) and the Credit Risk Coverage (Cobertura de
Riesgo Crediticio, or “CRC” by its acronym in Spanish), additional information in Note 2.

F-78
Notes to the financial statements (continued)



F-38

This program includes the following products:

- Nuevo Crédito MIVIVIENDA
- Crédito MIVIVIENDA Estandarizado (*)
- Crédito MIHOGAR (*)
- Crédito MIVIVIENDA Tradicional (*)
- Crédito Complementario Techo Propio (Financiamiento Complementario al Bono Familiar
Habitacional – BFH)
- Servicio de Cobertura de Riesgo Crediticio y Premio al Buen Pagador (fondeo de las
Entidades Financieras Intermediarias) - Service of Credit Risk Coverage and Good Payer
Award (Funding to Intermediary Financial Institutions) (*)

(*) As of December 31, 2011, these loans have been discontinued and outstanding receivable
balances remain, Note 7. CRC-PBP services and Crédito MIVIVIENDA Estandarizado were
discontinued in November 2009, Crédito MIHOGAR was discontinued in August 2009, as well
as Crédito MIVIVIENDA Tradicional in May 2006.

(ii) Techo Propio Program – Management of the Household Housing Bonus - BFH
These loans are granted in three modalities: (i) acquisition of a new home (AVN); (ii) construction
on owned lot (CSP); and (iii) house renovations (MV). In all modalities, mortgage loan financing
within this program comprises the participation of up to three components: (i) a subsidy
channeled by the Fund with resources from the government – the aforementioned Household
Housing Bonus (BFH); (ii) household savings and (iii), when necessary, complementary financing
to BFH –Techo Propio Program – which must be granted by an intermediary financial entity.

According to the Third Transitional Provision of Law N° 28579, upon ending the year 2005, the
Fund was engaged by the Government to manage the BFH and the Techo Propio Program
resources, by signing an agreement with the MVCS.

On April 28, 2006, the Fund, the MVCS and FONAFE signed the “Agreement on Management of
the Household Housing Bonus and the Funds of the Techo Propio Program”, under which the
Fund is responsible for managing both the BFH and the Techo Propio Program resources,
including the promotion, registration, recording and verification of information, the qualification
of applications, allocation and transfer of the BFH funds to the developer, seller-builder or the
respective technical unit. This agreement establishes that FONAFE shall allocate to the Fund the
resources to meet the costs and expenses of managing the Program.

(iii) Fund Law N°27677
Additionally, the Fund is the administrator of the fund created by Law N°27677, established with
proceeds from the liquidation of the National Housing Fund (Fondo Nacional de la Vivienda, or
”FONAVI” by its acronym in Spanish). Said Law provides that these funds shall be used to
finance the construction of affordable housing, house renovation and loans for the expansion of
single-family houses, and that the Fund should be in charge of the management, collection and
channeling of said resources.
F-79
Notes to the financial statements (continued)



F-39

Likewise, the Fund constituted the CRC-PBP trusts, both in nuevos soles and US Dollars, to cover the
Fund’s obligations to provide PBP payments and CRC in an amount equivalent to one-third (1/3) of the
total registered by each intermediary financial institution that contracts such service. It should be noted
that these trusts are governed by SBS Resolution N°980-2006 (“Regulations for Fondo MIVIVIENDA
S.A.”.

Under the service contracts with the CRC-PBP trusts, the Fund provides the intermediary financial
institutions with the following services:

- Credit Risk Coverage (CRC service), as defined by Article 21 of the CRC and PBP Regulation, is a
guarantee the Fund provides to the intermediary financial institution for either up to one third of
the unpaid balance of the covered loan or one-third of the loss, whichever the lower. Said amount
shall be duly notified by the intermediary financial institution to the Fund, on terms and
conditions provided for in the Regulation.

- Good Payer Award (PBP service), as defined in Article 24 of the CRC and PBP Regulation, is the
service to the intermediary financial institution for which the Fund assumes payment of the
installments corresponding to the concessional part (the amount of the Good Payer Award) for
covered loan whose beneficiaries have promptly paid the installments corresponding to the non-
concessional part of the loan. This award is aimed to settle – every six months – the amount of
the installment payable in the corresponding period for the concessional part of the MIVIVIENDA
loans.

The accompanying financial statements as of December 31, 2011 and 2010 and for the years then
ended, were approved by the Fund’s Management on December 6, 2012 and will be submitted for
approval to the Board of Directors Meeting that will occur within the period established by law; in
Management’s opinion, they will be approved without modifications.

2. Trust Agreement – Corporación Financiera de Desarrollo (COFIDE)
On March 25, 1999, a Trust Agreement was signed between the Mortgage Fund for Housing Promotion
(Fondo Hipotecario de Promoción de la Vivienda – MIVIVIENDA), now Fondo MIVIVIENDA S.A. and
Corporación Financiera de Desarrollo S.A. (COFIDE). Its purpose was the creation of a trust through
which COFIDE receives the resources from the Fund and performs as the executing agency thereof, in
order to channel the funding for loans to final borrowers through the intermediary financial institutions
(IFIs) that are required to use the funds provided to finance the acquisition, expansion or improvement
of homes and residences, in accordance with Article 12 of Supreme Decree N°001-99-MTC “Regulation
on the Fondo Hipotecario de Promoción de la Vivienda – Fondo MIVIVIENDA”.

The main duties of COFIDE are the following:
- Compliance with articles 241 to 274 of the General Law of the Financial and Insurance System
and Organic Law of the SBS – Law N°26702 and its amendments.
- Verify compliance with requirements and conditions of the intermediary financial institutions
according to Supreme Decree N°001-99 –MTC.
F-80
Notes to the financial statements (continued)



F-40

- Sign the agreement on resources intermediation with the intermediary financial institutions that
have fulfilled the corresponding requirements and conditions.
- Monitor the use of resources, according to the provisions of the Fund’s Regulation and the
agreement on resources intermediation.
- Collect the loans granted to the intermediary financial institutions.
- Contract the necessary audits on the Fund.
- Periodically submit reports on the development of the aforementioned trusts, as well as
recommendations for exposure limits of the intermediary financial institutions.
- Establish operating procedures necessary for the proper administration of the Fund.
- Other duties necessary to ensure the normal development of the objectives and functions of both
the Trust and the Fund.

The main duties of the Fund are the following:
- Establish the policies for the management and use of the Fund’s resources.
- Approve the eligibility criteria of the intermediary financial institutions that will receive resources
from the Fund for use in financing house purchases and borrowing limits for each of them.
- Establish the terms and conditions under which the Fund will make resources available to the
intermediary financial institutions, and the modalities of placing them.

COFIDE is entitled to the following:
- Intermediate and monitor the Fund’s resources, being able to enter into and sign all deeds and
documents necessary, public and private, for that purpose.
- Require that the intermediary financial institutions constitute guarantees on behalf of the
beneficiaries.
- Exercise all the powers contained in articles 74 and 75 of the Civil Procedure Code necessary for
carrying out the assignment given as trustee. Consequently, COFIDE may sue, counterclaim,
answer complaints and counterclaims, desist processes or claims, agree to claims, reconcile,
settle and to arbitrate the claims at issue in the process.
- It is stated that COFIDE is not responsible for the solvency of the intermediary financial
institutions.

Regarding the fees generated by services provided by COFIDE, it was authorized to deduct -from the
amounts disbursed by the intermediary financial institutions- a one-time 0.25 percent commission on
the amount of each loan, as well as an annual commission of 0.25 percent on the outstanding balances
of loans, which is assumed by the intermediary financial institutions and will be collected when
installments of loans granted are paid. These amounts are recorded as revenues by COFIDE.

The term of this Agreement is 5 years and is automatically renewed if neither party expresses its
willingness to terminate it.


F-81
Notes to the financial statements (continued)



F-41

3. Significant accounting principles and practices
Significant accounting principles used in the preparation of the Fund’s financial statements are set out
below and were consistently applied to all of the years presented.

(a) Basis of presentation and changes in accounting policies -
(i) Basis of presentation
The accompanying financial statements have been prepared from the Fund’s accounting
records, which are maintained in nominal nuevos soles, in accordance with SBS
regulations for the Fund in force as of December 31, 2011 and 2010. Additionally, when
SBS regulations are not in force in Peru, with the International Financial Reporting
Standards (IFRS) adopted in Peru through resolutions from the Peruvian National
Accounting Standards Board (Consejo Normativo de Contabilidad, or “CNC” by its acronym
in Spanish).

Certain accounting practices applied by the Fund that conform to SBS GAAP differ in
several significant respects from generally accepted accounting principles in other
countries.

The preparation of financial statements requires the Fund’s Management to make
estimates that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the current period. Final results could differ
from those estimates. The most significant estimates with regard to the accompanying
financial statements correspond to the allowance for doubtful accounts, valuation of
investments, valuation of derivative financial instruments and the calculation of current
and deferred income tax, whose accounting criteria are described in this note.

(ii) Changes in accounting policies –
Principles applicable since the financial year 2011
(ii.1) On its November 2010 session, the International Financial Reporting
Interpretations Committee (IFRIC) agreed that employees’ profit sharing must be
recorded in accordance with IAS 19 "Employee Benefits”, and not IAS 12 "Income
Taxes”. Accordingly, an entity is only required to recognize a liability when the
employee has rendered services; therefore, deferred employees’ profit sharing
should not be calculated based on temporary differences as this concept will
correspond to future services which must not be considered as obligations or rights
under IAS 19. In Peru, the regular practice was to calculate and record any
deferred employees’ profit sharing on the financial statements.


F-82
Notes to the financial statements (continued)



F-42

On January 21, 2011, the SBS issued Multiple Official Letter N°4049-2011
adopting the Committee’s interpretation starting January 2011. This change was
applied prospectively without affecting the 2010 financial statements. The
treatment set out by the SBS for this change is as follows:

- Accumulated deferred tax assets and liabilities balance from employees’
profit sharing as of December 31, 2010 were eliminated, affecting equity
captions for S/.199,690.
- For comparison with the 2011 financial information, the expense for
employees’ profit sharing was included as personnel expense in the
"Administrative expenses" caption of the statement of income. Likewise, in
the 2010 balance sheet, for comparative purposes, the Fund reclassified the
deferred tax assets and liabilities balances relating to employees’ profit
sharing to "Other assets and liabilities" captions, as appropriate.

Principles applicable since the financial year 2010
(ii.2) On November 19, 2008, the SBS issued Resolution N°11356-2008 “Regulation on
evaluation and classification of debtor and allowance requirements”, which became
effective July 1, 2010.

The main change introduced by this Resolution applicable to the Fund was the new
allowance rate for loans classified as normal, paragraph (d) in this note.

Also, this Resolution provides pro-cyclical provisioning requirement which aims to
increase the general allowance for loans classified as normal, based on the
behavior of certain macroeconomic variables in Peru. In the case of the Fund, the
pro-cyclical rule does not apply, according the SBS regulations.

(b) Financial instruments -
Financial instruments are classified as assets, liabilities or equity according to the substance of
the contractual agreement that originated them. Interests, dividends, gains and losses generated
by a financial instrument classified as assets or liabilities are recorded as income or expense.
Financial instruments are offset when the Fund has a legal enforceable right to offset them and
Management has the intention to settle them on a net basis or to realize the asset and settle the
liability simultaneously. Likewise, please refer to Note 3(e) for accounting policy related to the
CRC-PBP trusts.

Financial asset and liabilities presented on the balance sheet correspond to cash and due from
banks, accounts receivable, other receivables, available-for-sale investments, obligations with
the public, other payables and other liabilities in general, except for the deferred asset for
employees’ profit sharing and Income Tax. Likewise, all derivatives are considered financial
instruments.

Accounting policies on recognition and valuation of these items are described below in this note.
F-83
Notes to the financial statements (continued)



F-43


(c) Recognition of revenues and expenses -
(c.1) Interest income and expenses are recorded in the statement of income in the period in
which they accrue, depending on the lifetime of the operations that generate them and
the interest rates established. Because the Fund grants credit lines to the intermediary
financial institutions to channel its resources, which disbursement is made through the
COFIDE Trust, instead of loans to the borrower, in accordance with the SBS’s Accounting
Manual for Financial Companies, the yields generated by said operations are recorded on
an accrual basis; consistent with SBS rules for the Fund, in-suspense interest income is
not recognized.

(c.2) Bonuses and awards for good payers
In accordance with the accounting treatment accepted by SBS for the Fund, the Good
Payer Bonus and the Good Payer Award, including their interests, are recognized as
follows:

(i) The Good Payer Bonus (Bono al Buen Pagador, or “BBP” by its acronym in Spanish)
was created in compliance with Law 29033, issued on June 7, 2007, as a non-
repayable direct assistance payable to eligible final borrowers in a maximum of
S/.12,500 starting April 22, 2010 (S/.10,000 before April 22, 2010) which is
granted to borrowers who have complied with promptly cancellation of six
consecutive monthly installments of the concessional tranche of Nuevo Crédito
MIVIVIENDA. For these purposes, the Fund divides the total amount of Nuevo
Crédito MIVIVIENDA plus its related interest into 2 schedules:

- A half-annual schedule called "concessional section" corresponding to the
amount of the BBP (principal and interest); and
- A monthly schedule called "non-concessional section" corresponding to the
amount owed less the amount of the concessional section (principal and
interest).

In these cases, the BBP is received from the MVCS (to the extent the MVCS has
funds available) at the request of the Fund and it is recorded for financial reporting
and control as a liability in the "Good Payer Bonus - Received" caption, Note 11.

Upon being granted, the total amount disbursed on the Nuevo Crédito MIVIVIENDA
is recorded as placement in the "Accounts receivable (Trust Agreement - COFIDE"
caption and generates the 2 aforementioned schedules.

The interests of both schedules are recognized on an accrual basis, based on the
preferential rates agreed with intermediary financial institutions with which
agreements have been signed. The resulting interest is recognized as financial
income.

F-84
Notes to the financial statements (continued)



F-44

Subsequently, the Fund sends to the MVCS the list of BBP beneficiaries,
reclassifying each bonus due to eligible borrowers from the caption “Good Payer
Bonus – received” to the caption “Good Payer Bonus – assigned”, Note 11.

(ii) In the cases where the BBP is directly assumed by the Fund (when the
requirements of Law N°29033 and its amendments are not met; for instance,
where the value of the house to purchase is greater than 25 tax units or when the
BBP is granted with the Fund’s own resources, among others), it is called "Good
Payer Award".

(iii) In both cases, the bonus/award is earned by the timely compliance with six
installments of the payment schedule of the concessional section; said amount
varies depending on the type of loan granted.

(iv) When the BBP is made effective, provided the recipient has complied with the
timely payment of six consecutive monthly installments, the Fund credits the
accounts receivable (principal) of the concessional section and charges it to the
liability on the account "Good Payer Bonus" assigned by MVCS. Interest on such
amounts of the concessional section are recognized as an expense of the Fund and
is presented net of the "Income from accounts receivable (Trust Agreement –
COFIDE)" item included in the “Financial income” caption of the statement of
income.

(v) When the Good Payer Award is made effective (paragraph (ii) above, in example,
when the BBP is assumed directly by the Fund) provided the fulfillment of the
conditions by the beneficiary, the Fund record such amounts as expenses; through
the decrease of the accounts receivable (principal) of the installments of the
concessional section and records the amount in the "Financial expenses" caption,
while interest, as in the previous case, is recognized as expense and presented net
of the "Income from accounts receivable (Trust Agreement – COFIDE)" item
included in the “Financial income” caption of the statement of income.

(c.3) Commissions for trust administration services provided to the CRC-PBP trusts, among
other trusts, are recognized as income when received.

(c.4) Other income and expenses are recognized in the period in which they accrue.

(d) Accounts receivable (Trust Agreement - COFIDE) and allowance for doubtful accounts -
Accounts receivable are recorded when conducting the disbursement of funds through COFIDE to
the intermediary financial institutions that channels the Fund’s resources for the placement of
the MIVIVIENDA product portfolio.

According to the Fund’s Regulation, enacted through SBS Resolution N°980-2006 issued on
August 14, 2006, calculating the allowance is performed based on the criteria established by the
SBS in the Regulation on evaluation and classification of debtor and allowance requirements, as
F-85
Notes to the financial statements (continued)



F-45

established in SBS Resolution N°11356-2008, in accordance with the following methodology
approved by SBS:

- Each account receivable is separated into 2 types of risk: with credit risk coverage
(hereafter "With CRC") and without credit risk coverage (hereafter "Without CRC"):

(i) With CRC: Corresponds to those accounts that have been secured by mortgages
constituted in favor of the intermediary financial institutions, which have been duly
informed and supported to the Fund. On average, the CRC amount corresponds to
1/3 of the total account receivable for each final borrower during the first 8 years
of the loan’s term and 1/6 of the unpaid balance of the loan for the remaining term
(except for the Crédito Complementario Techo Propio and Crédito MIHOGAR,
whose CRC rates depend on the loan terms and the amount granted).

(ii) Without CRC: Corresponds to those accounts receivable that the Fund has with the
intermediary financial institutions through the Trust Agreement – COFIDE, that do
not have the aforementioned credit risk coverage and are not guaranteed by
mortgages

Once the Fund’s accounts receivable are classified to the appropriate risk category,
allowances are calculated according to the parameters set by the SBS, which are the
following:

- With CRC: For purposes of calculating the allowances, the loan is divided into two
portions:
(i) Portion covered by CRC: The allowance is determined based on the final
borrower's risk category reported in their consolidated credit report (RCC)
and the outstanding debt reported by COFIDE, for which Table 1 of SBS
Resolution N°11356-2008 applies:

Risk category Table 1
%

Normal 0.70
With potential problem (CPP) 5.00
Substandard 25.00
Doubtful 60.00
Loss 100.00

(ii) Portion not-covered by CRC: The allowance is based on the classification
that the Fund assigns to the intermediary financial institution, based on SBS
risk classification described below.

The amount of the allowance corresponds to the sum of the two portions.

F-86
Notes to the financial statements (continued)



F-46

- Without CRC: The Fund has determined that the type of loan that corresponds to
the intermediary financial institutions is similar to loans to corporate and large
companies (formerly commercial credits) and because the intermediary financial
institutions are in the Normal and CPP risk categories, the Fund has established a
0.70 percent and 5.0 percent, respectively, allowance in accordance with Table 1.

To determine the risk classification for each intermediary financial institution, the
Fund has established a table of allowances equivalent to the risk category
established by SBS, as follows:

Risk classification per financial institution
_________________________________________________________________________
Table 1 Table 2
___________________________________ ___________________________________
Risk Equivalence Risk Equivalence

A + Normal B- Potential problem
A Normal C+ Potential problem
A- Normal C Potential problem
B + Normal C- Potential problem
B Normal Not classified Potential problem

Allowances for doubtful accounts receivable are presented reducing the related
asset’s balance.

(e) Accounts receivable related to CRC-PBP trusts -
Includes the assets of the CRC-PBP trusts, which correspond to assets (due from banks,
investments and accrued yields) and liabilities of the Fund, but that in accordance with SBS
regulation (SBS Resolution N°980-2006, the Fund’s Regulation), they must be recorded as a net
balance in the “Other accounts receivable, net (Trust Agreement – COFIDE)” caption on the
balance sheet, since the Fund acts like both trustee and trustor.

Also, the surpluses (deficits) generated by the aforementioned trusts are recorded in the
“Attribution of income from trusts” item within the “Financial income” caption of the statement
of income, Note 16.

The CRC-PBP trusts were established in 2007 to ensure that sufficient resources are available to
meet the Fund’s obligations that come from the contracts to provide with CRC and PBP coverage,
signed with certain intermediary financial institutions; as well as to manage the resources
efficiently.

(f) Other accounts receivable, net -
Includes assets received in lieu of payment related to banks in liquidation, and other accounts
receivable that, since they are under litigation, do not accrue interest. Any related recovery is
recorded on a cash basis.

F-87
Notes to the financial statements (continued)



F-47

To determine the allowances for risk of loan losses of these accounts, the Fund performs a
grading according to SBS Resolution N°11356-2008.

The allowance for the classification of the portfolio is performed based on the review which
Management regularly conducts in order to classify it into the categories of normal, with
potential problem, substandard, doubtful or loss, depending on the degree of each borrower’s
risk of failure to pay. Guarantees received are considered by the Fund only to the extent they are
registered in the Public Registry without observations or annotations.

Allowances for borrowers classified as doubtful or loss for over 36 and 24 months, respectively,
are determined without considering the value of the guarantees.

Details of the rates by risk category are set forth in Note 3(d), paragraph (i), corresponding to
the CRC accounts receivable.

(g) Foreign currency transactions -
According to SBS regulation, the Fund performs its operations using the nuevo sol as its
functional and presentation currency. Assets and liabilities in foreign currencies are recorded at
the exchange rate of the transaction. Assets and liabilities denominated in foreign currencies are
converted to nuevos soles at the end of each month using the exchange rate set by the SBS, Note
4. Gains or losses arising from restatement of assets and liabilities denominated in foreign
currency at the exchange rates prevailing at the balance sheet date are recorded in the
statement of income.

Exchange difference from the CRC-PBP trust in US Dollars is included as part of the “Attribution
of income from trusts” item within the “Financial income” caption of the statement of income.

Non-monetary assets and liabilities acquired in foreign currencies are recorded in nuevos soles at
the exchange rate of the date of acquisition.

(h) Derivative financial instruments -
Trading derivative financial instruments are initially recognized in the Fund’s balance sheet at
cost and subsequently are remeasured at fair value. Derivatives are carried as assets when the
fair value is positive and as liabilities when the fair value is negative. Derivatives are recorded as
off-balance sheet accounts at the reference (notional) amount of the currency involved, Note 16.

Fair values are estimated based on prevailing market exchange and interest rates. Gains and
losses arising from changes in the fair value of derivatives are recorded in the statement of
income.

As of December 31, 2011 and 2010, Management considers that the Fund holds economic
hedging derivatives for administrative purposes, however these derivatives are recorded as
trading, recognizing gains and losses arising from their measurement at fair value in the
statement of income. Likewise, the Fund does not hold any embedded derivatives.

F-88
Notes to the financial statements (continued)



F-48

(i) Available-for-sale and held-to-maturity investments -
The initial registration and subsequent measurement of available-for-sale and held-to-maturity
investments are carried out in accordance with SBS Resolution N°10639-2008 "Rules of
classification and valuation of investments of companies in the financial system" and its
amendments.

Classification
(i.1) Available-for-sale investments
Designated as such because they are held for an indefinite period and may be sold for
purposes of liquidity or changes in interest rates, exchange rates or cost of capital; or are
not qualified to be classified as at fair value through profit and loss or held-to-maturity.

The estimated market value of available-for-sale investments is determined primarily on
the basis of market quotations or, lacking these, based on discounted cash flows using
market rates that reflect the credit quality and maturity of said investments.

(i.2) Held-to-maturity investments
Investment instruments classified in this category, must meet the following requirements:

- Acquired or reclassified for the purpose of holding them until their maturity date;
except for the cases when sale, assignment or reclassification are allowed by the
SBS.

- Companies must have the financial capacity and the intent to hold investment
instruments until their maturity.

- They must have risk classifications as required by the SBS.

- In order to classify their investments in this category, companies must assess
whether they have the financial capacity to maintain such investment instruments
until their maturity, when they decide to classify one instrument and at the closing
of each annual period.

Recording date of the transaction
Transactions related to available-for-sale and held-to-maturity investments must be recorded on
their trading date; that is, the date at which the reciprocal obligations must be fulfilled within the
term established by regulations and practices in the market in which the operation takes place.

Initial recognition
The initial recognition of available-for-sale and held-to-maturity investments are carried at fair
value plus transaction costs that are directly attributable to the acquisition of such investments.


F-89
Notes to the financial statements (continued)



F-49

Amortized cost
Any premium or discount related to these investments is considered in determining the
amortized cost using the effective interest rate method, recognizing the accrued interest in the
"Interest on available-for-sale and held-to-maturity investments” item within the “Financial
income” caption of the statement of income.

Valuation
(i.1) Available-for-sale investments
The valuation is carried at fair value and unrealized gains and losses in relation to the
amortized cost recognized in net equity.

In both cases, when the instrument is sold or gains or losses previously recognized as part
of the net equity are realized, such gains or losses are transferred to the statement of
income. On the other hand, when Management believes that the decline in market value is
permanent or is caused by credit impairment, it takes the respective allowances and
transfers the estimated loss from equity to profit and loss.

In any of the aforementioned cases, if the SBS considers it necessary to provide some
additional allowance for any type of investment, such provision will be determined by the
SBS based on each individual asset and then communicated to the Fund, and it is recorded
in the statement of income.

(i.2) Held-to-maturity investments
These investments are recorded at amortized cost, and are not updated to fair value.

Impairments are recorded individually for negative changes in the credit capacity of the
issuer, analogous to the treatment of direct loans, directly affecting the results of the
period.

When these investments are sold without complying with the requirements of the SBS
regulation and similar financial instruments are again acquired from the same issuer, they
may not be recorded in this category without authorization from the SBS.

(j) Property, furniture and equipment -
Assets in the property, furniture and equipment item are recorded at acquisition cost, less
accumulated depreciation.

Depreciation is calculated on a straight-line basis using the following estimated useful lives:

2011 2010
Installations 10 10
Buildings 25 25
Miscellaneous equipment 10 10
Computer equipment 4 4
Furniture and fixtures 10 10
Vehicles 5 5
F-90
Notes to the financial statements (continued)



F-50

Maintenance and repair costs are charged to the results of the period; all renewals and
improvements are capitalized only when disbursements improve the condition of the asset and
increase its useful life beyond the time originally estimated. The cost and related accumulated
depreciation of assets sold or retired are eliminated from the respective accounts and the gain or
loss generated is included in the statement of income.

(k) Intangible assets –
Intangible assets, included in the "Other assets" caption on the balance sheet, comprise
development and licensing of computer software used in the Fund’s operations. Software licenses
purchased by the Fund are capitalized on the basis of costs incurred to acquire and bring to use
the specific program. These intangible assets are amortized on a straight-line basis over the
estimated useful life of 4 years.

The estimated useful life and amortization method are periodically reviewed to ensure they are
consistent with the expected economic pattern of benefits of such assets.

As of December 31, 2011 and 2010, the Fund does not hold any intangible assets with indefinite
useful lives.

(l) Impairment of long-lived assets –
When events or economic changes indicate that the value of a long-lived asset may not be
recoverable, Management reviews the value of the Fund’s property, furniture and equipment and
intangible assets in order to verify that there is no permanent impairment in value. When the
book value of the asset exceeds its recoverable amount, an impairment loss shall be recognized
in the statement of income for the items of property, furniture and equipment and intangible
assets held at cost. An asset’s recoverable amount is the highest between the net selling price
and its value in use. The net selling price is the amount that can be obtained from the sale of an
asset in a free market, while the value in use is the present value of future expected cash flows
from the continued use of an asset and its disposal at the end of its useful life. In Management’s
opinion, there is no evidence of impairment in the value of such assets as of December 31, 2011
and 2010.

(m) Assets received as payments and assets seized through legal actions –
Assets received as payments were received prior to the Fund’s conversion into a corporation.
Said assets were subject to the respective allowance given the immediate realizable value
indicated in appraisals. In 2006, when the Fund became supervised by the SBS, allowances were
updated according to the provisions set out in SBS Resolution N°1535-2005.

Thereafter, additional provisions should be recorded using the following guideline:

- Assets that are not real state – a uniform monthly provision in a term of twelve months,
until providing for one hundred percent of the net seized or recovered value.

- Real estate - uniform monthly provisions over the net book value obtained at the twelfth
month. In addition, SBS Resolution N°1535-2005 allows a term extension of six months,
F-91
Notes to the financial statements (continued)



F-51

in such case, a uniform monthly provision must be made over the net book value obtained
in the eighteenth month. On both situations, provisions must be made until providing for
one hundred percent of the net book value in a term of three and a half years, starting the
date monthly provisions began to be provided.

The annual update of these assets’ fair value, determined by an independent appraiser, involves,
if necessary, the constitution of an impairment provision.

(n) Income tax and employees’ profit sharing –
Income tax and employees’ profit sharing payable (current) are calculated on the basis of the
taxable income determined for tax purposes.

Deferred tax is provided using the liability method on temporary differences at the reporting date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realized or the liability is settled. The measurement of
deferred assets and deferred liabilities reflects the tax consequences that arise from the manner
in which the Fund expects, as of the date of the balance sheet, to recover or settle the carrying
amount of its assets and liabilities.

Deferred tax assets and liabilities are recognized regardless of when the timing differences are
likely to reverse. Deferred tax assets are recognized to the extent that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered. As of the date of the
balance sheet, the Fund’s Management reassess the unrecognized deferred tax assets and the
carrying amount of the recognized deferred tax assets; thus recognizing a previously
unrecognized deferred tax asset to the extent that it has become probable that future taxable
profits will allow the deferred tax asset to be recovered or reducing a deferred tax asset to the
extent that is no longer probable that sufficient taxable profits will be available to allow all or part
of the deferred tax asset to be utilized.

In accordance with accounting standards, the Fund measures its deferred tax at the tax rate
applicable to its non-distributed earnings; any additional tax on dividend distributions is recorded
on the date a liability is recognized.

(o) Provisions –
Provisions are recognized when the Fund has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the best
estimation based on current information. When the effect of the time value of money is material,
the amount of the provision is equal to the present value of the future payments required to
settle the obligation.


F-92
Notes to the financial statements (continued)



F-52

(p) Deferred income –
Deferred income was generated when the CRC-PBP trusts were established in 2007, and it
mainly corresponds to the differences between the book and market value of the financial
instruments transferred by the Fund.

In accordance with SBS Resolution N°0084-2000, and the standards for the Accounting
Treatment of the Trust and the Commissions of Trust, if the trustee’s rights are greater than the
assets transferred to the trust, it will recognize a deferred gain, which shall be accrued according
to the amortization, realization and/or expiration of those rights.

(q) Contingencies -
Contingent liabilities are not recognized in the financial statements. They are disclosed in notes,
unless the possibility of an outflow of resources is remote. Contingent assets are not recorded in
the financial statements; they are disclosed if it is probable that an inflow of economic benefits
will be realized.

(r) Cash and cash equivalents -
Cash presented in the statements of cash flows includes cash and due from banks balances with
original maturities of 91 days or less, excluding due from banks included in the trusts, Note 8(b).
In the accompanying financial statements, the Fund changed its presentation of the balance of
cash and cash equivalents in relation to the financial statements submitted previously to local
regulators to comply with the accounting definition included in this paragraph.


F-93
Notes to the financial statements (continued)



F-53

(s) Revised financial statements and reclassifications –
Management has reviewed and made some reclassification and adjustments to the financial
statements as of December 31, 2010, as follows:


Reported
balances as of
12.31.2010
Reclassifications
for employees’
profit sharing,
Note 3(a)(ii.1) Adjustments
Revised
balances as of
12.31.2010
S/. (1) S/. (2) S/. (2) S/.

Balance sheet
Cash and due from banks 566,656,945 - -
566,656,945
Available-for-sale and held-to-
maturity investments, net 448,863,624 - -
448,863,624
Accounts receivable, net (Trust
Agreement - COFIDE) 1,660,227,148 - -
1,660,227,148
Other accounts receivable, net 380,661,953 - -
380,661,953
Derivate financial instruments 251,991 - -
251,991
Property, furniture and
equipment, net 2,362,225 - -
2,362,225
Deferred income tax 506,806 199,690 -
706,496
Other assets, net 3,802,808 - 4,663,967
8,466,775
_____________ _____________ _____________ _____________
Total assets 3,063,333,500 199,690 4,663,967 3,068,197,157
_____________ _____________ _____________ _____________
Total liabilities (154,004,114) (199,690) (768,666) (154,972,470)
_____________ _____________ _____________ _____________
Shareholder’s equity (2,909,329,386) - (3,895,301) (2,913,224,687)
_____________ _____________ _____________ _____________
Statement of income
Financial income 171,944,587 - - 171,944,587
Financial expenses (45,692,725) - (1,315,559) (47,008,284)
Administrative expenses (30,132,987) (3,896,137) 777,327 (33,251,797)
Other income and expenses (4,305,394) - - (4,305,394)
Employees’ profit sharing (3,896,137) 3,896,137 - -
Income tax (23,376,824) - 4,663,967 (18,712,857)
_____________ _____________ _____________ _____________
Net income 64,540,520 - 4,125,735 68,666,255
_____________ _____________ _____________ _____________

(1) Financial statements as reported in the 2010 period, without reclassifications and adjustments.


F-94
Notes to the financial statements (continued)



F-54

(2) Adjustments to the Fund’s balances as of December 31, 2010 and for the year then ended resulting
from:
Effects in retained
earnings
S/.

Excess provision of 2010 income tax 4,663,967
Excess provision of employees’ profit sharing 777,327
Understatement of interest expenses relating to the PBP trust
assumed by the Fund

(1,545,993) (*)
____________
3,895,301
____________

(*) Includes interest of S/.230,434 for the opening balance adjustment as of December 31, 2009.


Effects in profit
and loss
S/.

Excess provision of 2010 income tax 4,663,967
Excess provision of employees’ profit sharing 777,327
Understatement of interest expenses relating to the PBP trust
assumed by the Fund (1,315,559)
____________
4,125,735
____________

As authorized by the SBS, the Fund’s Management revised its 2010 financial statements
to adjust the excess of recorded expenses of income tax and employees’ profit sharing in
the amount of S/.4,663,966 and S/.777,327, respectively. The 2010 excess in
provisions resulted in overstatement of the corresponding liability and net equity
captions, and understatement of net income in such amounts.

Additionally, as of December 31, 2009, the Fund adjusted the retained earnings balance
as of that date, due to an error in the PBP trust’s interest expense amounting to
S/.230,434.

4. Foreign currency transactions and exchange risk exposure
Transactions in foreign currency are carried out using exchange rates prevailing in the market. As of
December 31, 2011, the weighted average exchange rates in the market as published by the SBS for
transactions in US Dollars were S/.2.696 per US$ 1.00 bid and S/.2.697 per US$ 1.00 ask (S/.2.808
per US$ 1.00 bid and S/.2.809 per US$ 1.00 ask, as of December 31, 2010). As of December 31, 2011,
the exchange rate established by SBS to record assets and liabilities in foreign currency was S/.2.696
per US$ 1.00 (S/.2.809 per US$ 1.00 as of December 31, 2010).


F-95
Notes to the financial statements (continued)



F-55

The table below presents a detail of the Fund’s assets and liabilities stated in US Dollars:

2011 2010
US$ US$
Assets
Cash and due from banks 2,002,398 2,101,935
Accounts receivable (Trust Agreement – COFIDE) 187,661,895 211,743,980
Other accounts receivable, net (*) 19,257,140 28,120,854
____________ ____________
208,921,433 241,966,769
____________ ____________
Liabilities
Accounts payable 405,799 405,155
Other liabilities 470,157 594,300
____________ ____________
875,956 999,455
____________ ____________
Net sale position - Forwards (192,000,000) (212,500,000)
Net sale position - CRC-PBP trusts forwards in US Dollars (11,000,000) (27,000,000)
____________ ____________
Net asset position 5,045,477 1,467,314
____________ ____________

(*) As of December 31, 2011 and 2010, this caption includes US$18,984,342 and US$27,885,233 from net
equity of the CRC-PBP trusts in US Dollars, mainly comprised of available-for-sale investments.

The net sale position of derivative transactions from forwards contracts as of December 31, 2011,
corresponds to sales operations of US Dollars whose amounts of reference approximately amounted to
US$192,000,000, equivalent to S/.517,632,000 (US$212,500,000, equivalent to S/.596,912,500 as
of December 31, 2010), Note 12.

During 2011, the Fund recorded a loss on exchange difference amounting to S/.22,875,182, which is
presented under the "Financial expenses" caption of the statement of income (a loss amounting to
S/.18,858,411 in 2010), Note 17. Also, the Fund has recorded a gain on negotiable derivative
transactions that amounted to S/.25,275,947 during 2011 (S/.10,635,232 during 2010), which is
presented in the "Financial expenses" caption of the statement of income, Note 17.

5. Cash and due from banks
This caption includes two accounts held at the Peruvian Central Bank, one in nuevos soles and another
in US Dollars, which are mainly used for transactions with COFIDE under the Trust Agreement the Fund
signed with this entity. Such accounts amount to S/.1,140,025 and S/.1,573,383 as of December 31,
2011 and 2010, respectively.

Also includes time deposits in domestic banks in nuevos soles, unrestricted and earning interest at
market rates. As of December 31, 2011, these deposits amounted to S/.40,000,000 with original
maturities of 91 days or less and S/.50,000,000 with original maturities over 91 days (nil and
S/.509,000,000 as of December 31, 2010, respectively).

F-96
Notes to the financial statements (continued)



F-56

Likewise, the Fund keeps demand and savings accounts in domestic banks, in nuevos soles and US
Dollars, unrestricted and earning interest at market rates. As of December 31, 2011, those demand and
savings accounts amount to S/.65,910,397 (S/.51,059,609 as of December 31, 2010).

As of December 31, 2011 and 2010, cash and due from banks is made up as follows:


2011 2010

S/. S/.
Peruvian Central Bank 1,140,025 1,573,383
Demand and savings accounts 65,910,397 51,059,609
Time deposits 40,000,000 -
Accrued yields 178,666 5,023,953

______________ ______________
Cash and cash equivalent 107,229,088 57,656,945
Plus:
Time deposits with original maturities over 91 days 50,000,000 509,000,000

______________ ______________
Total cash and due from banks 157,229,088 566,656,945

______________ ______________
F-97
F-98
Notes to the financial statements (continued)



F-58

(c) As of December 31, 2011, correspond to corporate bonds issued by financial institutions and
local companies denominated in nuevos soles, which have maturities between March 2012 and
July 2017 (between January 2011 and July 2017 as of December 31, 2010) and earn annual
interest rates between 5.69 and 5.90 percent (between 3.5 and 7.68 percent annually as of
December 31, 2010).

As of December 31, 2011 and 2010, those financial institutions are under the following range of
risk ratings issued by major rating agencies in the country authorized by SBS:

2011 2010
Risk rating S/. S/.

AAA 12,437,387 91,394,194
AA+ - 14,289,122
AA - 2,031,652
AA- - -
A+ - 14,715,421
_____________ ____________

Total 12,437,387 122,430,389
_____________ ____________

The detail of the estimated fair value of corporate bonds as of December 31, 2011 and 2010 is
the following:

2011 2010
S/. S/.

Scotiabank Perú S.A.A. 10,419,213 10,566,495
Corporación Financiera de Desarrollo - COFIDE 2,018,174 14,684,332
Telefónica del Perú S.A.A. - 41,965,410
Telefónica Móviles S.A. - 20,193,138
Banco Ripley Perú S.A. - 14,715,422
Cementos Lima S.A.A. - 14,289,122
Banco de Crédito del Perú - 3,984,819
Gloria S.A. - 2,031,651
_____________ ____________

Total 12,437,387 122,430,389
_____________ ____________

(d) As of December 31, 2010, corresponds to negotiable certificates of deposit issued by domestic
financial institutions denominated in nuevos soles with maturities between May and July 2011,
which accrue effective annual interest rates between 3.29 and 4.12 percent.

(e) As of December 31, 2011, correspond to certificates of deposit issued by the Peruvian Central
Bank denominated in nuevos soles with maturities between January and May 2012, which accrue
effective annual interest rates between 3.96 and 4.42 percent.

F-99
Notes to the financial statements (continued)



F-59

(f) The balance of available –for- sale and held-to- maturity investments as of December 31, 2011
and 2010, classified by maturity, is presented below:

2011 2010
S/. S/.

Due within 1 month 114,864,523 15,237,461
From 1 to 3 months 39,767,747 10,297,280
From 3 months to 1 year 47,254,833 89,980,879
From 1 year to 5 years 2,042,864 48,349,577
From 5 years to 10 years 1,171,830 134,930,784
More than 10 years - 150,067,643
____________ _____________

205,101,797 448,863,624
____________ ____________

(g) As of December 31, 2011 and 2010, Management has estimated the market value of available-
for-sale investments on the basis of available market quotations or, when they do not exist, by
discounting the expected cash flows with an interest rate reflecting the risk classification of the
asset.

During 2011 and 2010, revenues from recognized yields from sovereign bonds, corporate bonds,
negotiable certificates of deposit and certificates issued by the Peruvian Central Bank, are
included in the "Financial income" caption of the statement of income, Note 17.

The Fund’s Management has determined that the unrealized losses as of December 31, 2011 and
2010 are not originated by credit deterioration of the issuers but mainly due to changes in risk
free rates that were incorporated into their valuations. Consequently, there is no impairment in
the available-for-sale investments according to the accounting standards that must be
recognized as of each balance sheet date.


F-100
Notes to the financial statements (continued)



F-60

7. Accounts receivable, net (Trust Agreement - COFIDE)
(a) This caption is made up as follows:


2011 2010

S/. S/.
Nuevo Crédito MIVIVIENDA 1,555,029,041 705,572,716
Crédito MIVIVIENDA Tradicional 572,207,069 669,971,256
Crédito MIHOGAR 187,377,341 201,132,353
Crédito Complementario Techo Propio 116,934,259 82,133,601
Crédito MIVIVIENDA Estandarizado 19,691,728 21,563,732

______________ ______________

2,451,239,438 1,680,373,658

______________ ______________

Plus (less):
Accrued yields from accounts receivable 10,658,570 9,102,691
Allowance for doubtful accounts (f) (34,221,521) (29,249,201)

_______________ _______________
Total 2,427,676,487 1,660,227,148

_______________ _______________

As of December 31, 2011 and 2010, the number of borrowers is 56,700 and 47,269,
respectively. There is no significant concentration of credit risk due to the type of lending that
the Fund holds.

All these resources have been intermediated by the Fund through COFIDE under the Trust
Agreement that the Fund has with this entity. COFIDE receives the Fund’s resources to
intermediate them through intermediary financial institutions, which use them for mortgage loan
financing in accordance with Article 12 of Supreme Decree N°001-99-MTC.

(b) The composition of accounts receivable according to the characteristics of loans promoted by the
Fund is as follows:


2011

_____________________________________________________________
Products
With Credit Risk
Coverage
Without Credit Risk
Coverage Total

S/. S/. S/.


Nuevo Crédito MIVIVIENDA - 1,555,029,042 1,555,029,042
Crédito MIVIVIENDA Tradicional 5,064,461 567,142,607 572,207,068
Crédito MIHOGAR 120,178 187,257,163 187,377,341
Crédito Complementario Techo Propio 32,383 116,901,876 116,934,259
Crédito MIVIVIENDA Estandarizado - 19,691,728 19,691,728

______________ ______________ ______________



5,217,022 2,446,022,416 2,451,239,438

______________ ______________ ______________


F-101
Notes to the financial statements (continued)



F-61


2010

_____________________________________________________________
Products
With Credit Risk
Coverage
Without Credit Risk
Coverage Total

S/. S/. S/.


Nuevo Crédito MIVIVIENDA - 705,572,716 705,572,716
Crédito MIVIVIENDA Tradicional 5,067,156 664,904,099 669,971,255
Crédito MIHOGAR 65,401 201,066,952 201,132,353
Crédito Complementario Techo Propio - 82,133,602 82,133,602
Crédito MIVIVIENDA Estandarizado - 21,563,732 21,563,732

______________ ______________ ______________



5,132,557 1,675,241,101 1,680,373,658

______________ ______________ ______________

(c) Accounts receivable are classified by risk according to SBS standards in effect as of December
31, 2011 and 2010. As discussed in Note 3(d), the allowance for doubtful accounts is
determined based on the classification of both the final borrower and the intermediary financial
institution.

The table below details the classification of accounts receivable according to the final borrowers’
consolidated credit report (RCC by its acronym in Spanish):


As of December 31, 2011 As of December 31, 2010

________________________ _________________________
Risk category Total % Total %

S/.

S/.


Normal 2,358,383,415 96.21 1,608,936,678 95.75
With potential problem 24,977,600 1.02 20,568,860 1.22
Substandard 18,571,847 0.76 14,410,526 0.86
Doubtful 23,002,119 0.94 16,576,355 0.99
Loss 26,304,457 1.07 19,881,239 1.18

_______________ _______ ______________ _______


Total 2,451,239,438 100.00 1,680,373,658 100.00

_______________ _______ ______________ _______

The classification of accounts receivable by intermediary financial institution originating
MIVIVIENDA loans is as follows:


As of December 31, 2011 As of December 31, 2010

________________________ _________________________
Risk category Total % Total %

S/.

S/.


Normal 2,357,586,289 96.18 1,602,853,842 95.40
With potential problem 93,653,149 3.82 77,519,816 4.60

______________ _______ ______________ _______


Total 2,451,239,438 100.00 1,680,373,658 100.00

______________ _______ ______________ _______


F-102
Notes to the financial statements (continued)



F-62

(d) Interest rates applied to the products correspond to fixed rates established for the purpose of
promoting the granting of each type of loan:


2011 2010

% %
Nuevo Crédito MIVIVIENDA
6.60 6.60
Crédito MIVIVIENDA Tradicional

Crédito MIHOGAR 7.75 7.75
Crédito Complementario Techo Propio 7.60 7.60
Crédito MIVIVIENDA Estandarizado 6.00 6.00
Nuevo Crédito MIVIVIENDA 6.90 and 7.30 6.90 and 7.30

(e) The table below presents the portfolio of accounts receivable as of December 31, 2011 and
2010 classified by maturity dates:

2011 2010
S/. S/.

Outstanding
Due within 1 month 9,465,450 10,381,673
From 1 to 3 months 31,631,109 29,077,168
From 3 months to 1 year 131,426,113 54,712,258
From 1 to 3 years 445,377,920 376,051,500
More than 3 years 1,833,338,846 1,210,151,059
_________________ ________________

2,451,239,438 1,680,373,658
________________ ________________

(f) Changes in the allowance for doubtful accounts, as determined by the classification and
percentages indicated in Note 3(d), are shown below:

2011 2010
S/. S/.

Balance at the beginning of the year 29,249,201 25,661,127
Plus (less):
Allowance recognized as expense of the year 12,343,352 13,299,702
Reversals, Note 21(a) (6,684,803) (9,215,691)
Net exchange difference (686,229) (495,937)

____________ ____________

Balance at the end of the year 34,221,521 29,249,201
____________ ____________

In Management’s opinion, the allowance for doubtful accounts recorded as of December 31,
2011 and 2010, complies with SBS regulations for the Fund in effect as of those dates.


F-103
Notes to the financial statements (continued)



F-63

8. Other accounts receivable, net
(a) This caption is made up as follows:

2011 2010
S/. S/.

Accounts receivable from CRC-PBP trusts in nuevos soles
and US Dollars (b) 396,100,836 372,978,545
Accounts receivable from banks in liquidation (c) 119,645,220 122,133,393
Accounts receivable from Ex–CONEMINSA portfolio (d) 16,178,516 16,880,083
Recoveries from COFIDE – pending distribution (e) 1,560,740 805,913
Other accounts receivable 225,544 326,920
Accrued interest in the acquisition of investments 27,483 1,461,299
____________ ____________
533,738,339 514,586,153
____________ ____________
Less – Allowance for doubtful accounts (f) -
Banks in liquidation (c) (119,645,220) (119,857,894)
Ex–CONEMINSA Portfolio (d) (13,958,967) (14,064,901)
Other accounts receivable (143,047) (1,405)
____________ ____________
(133,747,234) (133,924,200)
____________ ____________

Total 399,991,105 380,661,953
____________ ____________

(b) As of December 31, 2011, includes the balances of total assets net of liabilities of the trusts
under management (total equity and surplus (deficit) net): one CRC-PBP trust in nuevos soles
amounting to S/.312,428,719, and one CRC-PBP trust in US Dollars amounting to
S/.83,672,117 (S/.294,482,870 and S/.78,495,675, respectively, as of December 31, 2010).

Through constitutional acts signed in June 2007 by the Fund as trustee and trustor
simultaneously, both CRC-PBP trusts were constituted for the purpose of allowing the availability
of resources to fulfill the obligations of the Fund arising from the service contracts CRC and PBP
(Credit Risk Coverage - CRC and payment of the Good Payer Award - PBP) signed with certain
intermediary financial institutions, as well as allowing those resources to be managed efficiently,
according to the provisions established by the Regulation and Manual of policies and processes of
the PBP-CRC trusts; as well as the Manual of policies and procedures of investment that are part
of the appendixes of the constitutive acts.


F-104
Notes to the financial statements (continued)



F-64

Accounting for these trusts is performed in accordance with the provisions of SBS Resolution
N°980-2006 "Regulations for Fondo MIVIVIENDA S.A.", that is, in a single account in the Fund’s
balance sheet (Note 3(e)) while separate accounts are kept for control purposes as shown as
follows as of December 31, 2011 and 2010:

CRC-PBP trust - Nuevos soles 2011 2010
S/. S/.

Balance sheet
Assets
Cash and due from banks 54,956,284 56,616,603
Available-for-sale financial investments, net (*) 43,370,648 181,080,530
Held-to-maturity investments (**) 214,144,027 56,061,953
Accounts receivable 154,869 723,784
______________ ______________

Total assets 312,625,828 294,482,870
______________ ______________
Liabilities
Accounts payable 197,109 -
______________ ______________
Total liabilities 197,109 -
______________ ______________

Net equity and surplus
Initial equity 237,975,000 237,975,000
Surplus from collections, net 1,481,541 1,254,260
Unrealized results (191,645) (2,130,896)
Retained earnings 73,163,823 57,384,506
______________ ______________

Total net equity and surplus 312,428,719 294,482,870
______________ ______________

Total liabilities, net equity and surplus 312,625,828 294,482,870
______________ ______________

(*) As of December 31, 2011, the decrease in available-for-sale investments corresponds to the sales of
bonds made from July 2011, amounting to S/.119,316,000 (nominal value).

(**) Increase in held-to-maturity investments corresponds to larger investments in negotiable certificates
of deposit. As of December of 31, 2011, CRC-PBP trust funds in nuevos soles keep negotiable
certificates of deposit issued by the Peruvian Central Bank amounting to S/.188,387,509.



F-105
Notes to the financial statements (continued)



F-65

CRC-PBP trust - Nuevos soles 2011 2010
S/. S/.
Statement of income
Income
Interest income 16,974,752 15,776,394
Valuation of investments, net 706,065 4,709,139
Revenue from sale of investments - 127,795
__________ __________
Total income 17,680,817 20,613,328
__________ __________
Expenses
Management fee (1,786,010) (1,715,098)
Tax for financial transactions (95,382) (131,440)
Miscellaneous expenses for financial services (20,108) (13,632)
__________ __________
Total expenses (1,901,500) (1,860,170)
__________ __________

Net surplus 15,779,317 18,753,158
__________ __________

CRC-PBP trust - US Dollars 2011 2010
S/. S/.
Balance sheet
Assets
Cash and due from banks 36,647,164 41,616,601
Available-for-sale financial investments, net (*) 5,280,770 20,137,505
Held-to-maturity investments (**) 40,531,154 16,727,478
Derivative financial instruments, net 881,900 166,058
Accounts receivable 331,129 -
____________ ____________
Total assets 83,672,117 78,647,642
____________ ____________

Non-current liabilities
Accounts payable - 151,967
____________ ____________
Total liabilities - 151,967
____________ ____________

Equity and net surplus
Initial equity 71,687,200 71,687,200
Surplus from collections, net 5,241,478 4,471,125
Unrealized results 494,540 937,457
Retained earnings 6,248,899 1,399,893
____________ ____________
Total equity and net surplus 83,672,117 78,495,675
____________ ____________

Total liabilities, equity and net surplus 83,672,117 78,647,642
____________ ____________

F-106
Notes to the financial statements (continued)



F-66


CRC-PBP trust - US Dollars 2011 2010
S/. S/.
Statement of income
Income
Interest revenues 4,847,077 3,060,219
Foreign currency derivatives 3,463,329 166,058
Other operating revenues - 31,504
__________ __________
Total income
8,310,406 3,257,781
__________ __________

Expenses
Exchange rate difference, net (897,426) (1,001,206)
Valuation of investments, net (***) (2,056,004) (588,204)
Management fee (482,350) (461,383)
Tax on financial transactions (20,553) (31,310)
Miscellaneous expenses for financial services (5,067) (5,056)
__________ __________
Total expenses (3,461,400) (2,087,159)
__________ __________

Net surplus 4,849,006 1,170,622
__________ __________

(*) Decrease in available –for- sale investments as of December 31, 2011 is explained by the maturity of
bonds issued by Corporación José R. Lindley in December 2011, for approximately US$5,000,000.

(**) Increase in held-to-maturity investments corresponds to greater investments in negotiable
certificates of deposit. As of December 31, 2011, the CRC-PBP trust in US Dollars maintains
negotiable certificates of deposit issued by the Peruvian Central Bank amounting to S/.18,445,367.

(***) Corresponds mainly to the exchange loss on investments amounting to S/.1,791,907 and loss on
investments’ valuation amounting to S/.264,096 (S/.551,715 on exchange gain and S/.1,139,920
loss on investments’ valuation as of December 31, 2010).

(c) Corresponds to accounts receivable generated by time deposits, certificates of deposit, among
others, held by the Fund’s predecessor (Note 1) with certain financial institutions that later went
into liquidation.


F-107
Notes to the financial statements (continued)



F-67

The detail of accounts receivable balances and their respective allowance, as of December 31,
2011 and 2010, is as follows:

2011 2010
S/. S/.
Capital
Banco Nuevo Mundo, in liquidation (i) 68,961,244 69,838,055
Banco República, in liquidation (i) 40,000,688 40,017,248
Banco Banex, in liquidation – in lieu of payment (ii) 8,576,168 10,093,469
Banco República, in liquidation – in lieu of payment (i) 2,107,120 2,184,621
____________ ____________
119,645,220 122,133,393
Less: Allowance for loan losses
Banco Nuevo Mundo, in liquidation (i) (68,961,244) (69,838,055)
Banco República, in liquidation (i) (40,000,688) (40,017,248)
Banco Banex, in liquidation – in lieu of payment (ii) (8,576,168) (7,818,522)
Banco República, in liquidation – in lieu of payment (i) (2,107,120) (2,184,069)
____________ ____________
(119,645,220) (119,857,894)
____________ ____________

Net - 2,275,499
____________ ____________

(i) During the liquidation process, conducted under the supervision and intervention of SBS, the Fund has
received property assets, real estate, and collection of loans as part payment of these debts.

Management recorded an allowance for 100 percent of the main portfolio of Banco Nuevo Mundo,
Banco República and Banco Banex, all of them under liquidation processes, and recognizes the
recoveries received based on their realization.

(ii) In previous years, the Fund received portfolios of accounts receivable from Banco Banex loans, mainly
corresponding to Corporación Transcontinental, that amounted to S/. 8,272,202. As of December 31,
2011, it has been performed a cumulative collection of the Corporación Transcontinental portfolio
which amounts to S/.3,938,428, while a balance of S/.4,333,774 was fully provisioned, since that
entity presents a doubtful credit rating according to what SBS establishes. Also, the balance includes
the portfolio of accounts receivable of other five loans that amount to S/. 356,856 and US$1,441,223
as of December 31, 2011, which has been fully provisioned (six credits per S/.4,416,646 with a
provision of S/.4,412,428 as of December 31, 2010).

Management believes that the allowance for loan losses recorded as of December 31, 2011 and
2010 sufficiently covers the risk of collectability of other accounts receivable.

(d) Corresponds to the portfolio of accounts receivable of mortgage loans granted by Compañía de
Negociaciones Mobiliarias e Inmobiliarias S.A. – CONEMINSA, which was received by the Fund
under a payment-in-kind contract signed on December 30, 2003 for its administration and
recovery.

F-108
Notes to the financial statements (continued)



F-68

(e) As of December 31, 2011 and 2010, corresponds to the net effect of the adjustments and
reversals resulting from the monthly reconciliations between COFIDE balances, which are
regularized in the following months.

(f) The changes in the allowance for other doubtful accounts, as determined by the criteria
described in Note 3(f), are presented below:

2011 2010
S/. S/.

Balance at the beginning of the year 133,924,200 158,784,054
Plus (less):
Allowance of the year 1,394,291 342,529
Write-offs - (23,576,946)
Reversals (1,571,257) (1,625,437)

____________ ____________

Balance at the end of the year 133,747,234 133,924,200
____________ ____________

In Management’s opinion, the allowance for other doubtful accounts recorded as of December
31, 2011 and 2010, is in accordance with the standards established by SBS in effect as of those
dates.

F-109
F-110
Notes to the financial statements (continued)



F-70

10. Other assets, net
(a) This caption is made up as follows:

2011 2010
S/. S/.
Revised, Note 3(s)

Assets received as payment and seized through legal
actions, net 904,520 555,766
Intangible assets, net (b) 423,082 522,813
Others (c) 1,838,350 74,469
Payment of income tax and ITAN installments (d) - 7,313,727
__________ __________

Total 3,165,952 8,466,775
__________ __________

(b) The intangible assets item comprises software and licenses for the use of computer equipment
whose total cost as of December 31, 2011 amounted to S/.3,481,814 while its cumulative
amortization amounted to S/.3,058,732 (approximated cost of S/.3,364,235 and approximated
cumulative amortization of S/.2,841,419 as of December 31, 2010). During 2011 and 2010,
acquisitions of intangible assets were mainly related to software and licenses in the amount of
S/.117,582 and S/.542,178, respectively. Such intangible assets are amortized by applying the
straight-line method based on useful lives estimated by Management, Note 3(k).

(c) Through Executive Resolution N°046-2009/ DE-FONAFE the “Plan of TIC corporate governance
for companies within the scope of FONAFE” was approved. This resolution defines the
implementation of Shared Service Center Information Technology and Communications of
FONAFE. As of December 31, 2011, this balance mainly includes the prepayment for this service
amounting to S/.1,346,407. Management estimates that the service will be rendered beginning
the first quarter of 2012.

(d) The Fund obtained the ITAN refund in October 2011 amounting to S/.5,470,474. The difference
was used against the income tax prepayments of 2011.


F-111
Notes to the financial statements (continued)



F-71

11. Other accounts payable, provisions and other liabilities
(a) This caption is made up as follows:

2011 2010
S/. S/.
Revised, Note 3(s)

Other accounts payable
Contributions from FONAVI (b) 105,196,565 86,337,148
Good Payer Bonus (principal) assigned to COFIDE (c) 64,143,372 38,047,325
Good Payer Bonus (principal) received from MVCS (d) 9,932,188 11,710,000
Employees’ profit sharing payable 5,241,650 3,840,314
Eligible Household Savings transferred to technical
entities (e) 2,099,735 3,086,874
BFH to transfer to technical entities (f) 1,699,556 1,164,345
Suppliers payable 936,401 1,087,053
Resources to transfer for executed stand-by letters of
guarantee 828,211 862,925
Vacation and settlement of social benefits payable 683,053 545,754
BFH in return to transfer to MVCS and others 79,896 68,130
____________ ____________

Total 190,840,627 146,749,868
____________ ____________

Provisions and other liabilities
Deferred income (g) 1,510,122 2,277,497
Provision for contingencies (h) 670,506 450,088
Operations in process 40,430 11,529
____________ ____________

Total 2,221,058 2,739,114
____________ ____________

(b) As of December 31, 2011 and 2010, this item is made up as follows:

2011 2010
S/. S/.

FONAVI collections according to Law N°26969 (i) 96,754,139 81,032,293
FONAVI contributions pending transfer to the MEF (i) 8,156,186 5,043,542
Refund of not collected FONAVI checks (ii) 286,240 261,313
____________ ____________

Total 105,196,565 86,337,148
____________ ____________

(i) Mainly corresponds to the amounts assigned to the Fund from the proceeds received by the National
Superintendence of Tax Administration (Superintendencia Nacional de Administración Tributaria, or
“SUNAT” by its acronym in Spanish), related to contributions made to FONAVI by tax payers in
accordance with Law N°26969 for approximately S/.96,754,139 (S/.81,032,293 as of December 31,
F-112
Notes to the financial statements (continued)



F-72

2010). Also includes S/.8,156,186 (S/.5,043,542 as of December 31, 2010) as FONAVI contributions
pending transfer to the MEF related to contributions made to FONAVI by taxpayers who enjoy tax
stability under Law N°27071.

The changes in the balance of this caption are shown below:

2011 2010
S/. S/.

Balance at the beginning of the year 81,032,293 75,959,788
Plus (less):
Collection of the year 18,981,232 17,332,106
Contributions pending transfer to MEF (3,112,644) (5,043,542)
Returns of FONAVI contributions (146,742) -
Offset with interest receivable - (7,165,566)
Others - (50,493)

____________ ____________

Balance at the end of the year 96,754,139 81,032,293
____________ ____________

(ii) Corresponds to checks issued from 1999 to 2011 pending of collection by the beneficiaries. These
checks were issued as reimbursement of FONAVI contributions according to SUNAT communications,
which is the entity responsible for the collection of these resources.

(c) Corresponds to the funds disbursed to COFIDE to be applied to the loans originated by
intermediary financial institutions (Crédito MIHOGAR and Nuevo Crédito MIVIVIENDA), upon the
review of compliance with the requirements of the respective regulations. Subsequently, COFIDE
reports the semiannual installments that have been applied to the final borrowers for prompt
payment of their installments under the terms of the respective program.

The changes in the balance of this caption are shown below:

2011 2010
S/. S/.
Revised, Note 3(s)

Balance at the beginning of the year 38,047,325 27,866,101
Plus (less):
BBP allocation to accounts receivable of trusts to loans
disbursed 28,340,000 11,770,000
BBP allocation to accounts receivable of trusts to loans
disbursed with resources of the Fund 290,645 (40,213)
Application of BBP installments of Crédito MIHOGAR (1,216,200) (1,149,596)
Application of BBP installments of Nuevo Crédito
MIVIVIENDA (1,318,398) (398,967)

____________ ____________

Balance at the end of the year 64,143,372 38,047,325
____________ ____________

F-113
Notes to the financial statements (continued)



F-73

(d) Corresponds to the balance of funds received from MVCS, pending allocation to beneficiaries
applying for the Fund’s products. The Fund performs the allocation of these resources through
COFIDE when disbursements are authorized to intermediary financial institutions for loans
approved. During 2011 and 2010 the amounts allocated totaled S/.28,340,000 and
S/.11,770,000, respectively.

The changes in the balance of this caption are shown below:

2011 2010
S/. S/.

Balance at the beginning of the year 11,710,000 2,770,000
Plus (less):
Resources received from MVCS during the year 26,562,188 20,710,000
BBP disbursement to COFIDE for loans allocation (28,340,000) (11,770,000)

____________ ____________

Balance at the end of the year 9,932,188 11,710,000
____________ ____________

(e) Corresponds to the balance payable to technical institutions on behalf of eligible households who
has accessed to the Techo Propio Program, for the total amount of savings deposited by the
household in the Fund’s accounts and the Fund for Police Housing (Fondo de Vivienda Policial, or
“FOVIPOL” by its acronym in Spanish) savings accounts. As of December 31, 2011 and 2010, the
total number of households whose savings were pending to be transferred to technical entities
was 1,776 and 2,650, respectively; such deposits were regularized mostly during the first quarter
of 2012 and 2011, respectively.

(f) Corresponds to the balance due to technical institutions for the financing of the BFH, of
households that accessed to the Techo Propio Program, received from the MVCS.

(g) Mainly corresponds to the deferred income generated when the CRC-PBP trusts were established
in 2007, Note 3(p). As of December 31, 2011 and 2010, the remaining deferred income
amounts to S/.1,478,011 and S/.2,190,260, respectively. During 2011 and 2010, the Fund
recognized revenue for the realization of the deferred gain amounting to S/.647,124 and
S/.285,402, respectively.

(h) Corresponds to provisions recorded for claims related to lawsuits and probable labor
contingencies. In Management’s opinion and its legal advisors, the recorded provision is sufficient
to cover the risk of loss for such contingencies as of December 31, 2011 and 2010.


F-114
Notes to the financial statements (continued)



F-74

12. Accounts receivable and payable for derivative financial instruments
(a) The following table shows the fair value of derivative financial instruments recorded as assets or
liabilities, together with their notional amounts (nominal). The notional amount is the nominal
amount of the underlying asset of the derivative and is the basis upon which changes in value of
derivatives are measured. The notional amounts indicate the volume of transactions outstanding
at the end of the year and are not an indicator of market risk or credit risk, Note 22.

2011
__________________________________________________
Fair value
________________________________
Assets Liabilities
Notional
amount
S/. S/. S/.

Financial derivatives (b) 10,061,020 46,831 517,632,000
__________ __________ ____________

2010
__________________________________________________
Fair value

________________________________

Assets Liabilities
Notional
amount
S/. S/. S/.

Financial derivatives (b) 251,991 5,208,443 596,912,500
__________ __________ ____________

(b) Financial derivatives correspond to forward contracts in foreign currency. During 2011, net gains
on currency forward contracts amounted to S/.25,275,947 (net gains amounted to
S/.10,635,232 in 2010), and were recorded in the “Financial income” caption of the statement
of income, Note 17.

13. Equity
(a) Capital stock -
As of December 31, 2011 and 2010, the Fund's capital stock was represented by 2,889,343,941
and 2,831,257,473 common shares entirely subscribed and paid, respectively, whose nominal
value is S/.1.00 per share. Its sole shareholder is FONAFE.

On September 2, 2011, the Fund's General Shareholder Meeting agreed to capitalize
S/.58,086,468 corresponding to the profits generated in 2010.

On April 16, 2010, the Fund’s General Shareholder Meeting agreed to capitalize S/.39,265,977
corresponding to the profits generated in 2009.

(b) Legal reserve -
Pursuant to the legislation in force, the Fund must comply with a legal reserve of not less than 35
percent of its paid-in capital. This reserve is constituted through the annual transfer of at least
10 percent of the Fund’s net income and may be used only to cover accumulated losses.


F-115
Notes to the financial statements (continued)



F-75

(c) Unrealized results -
Includes the unrealized gain (loss) generated by the valuation of available-for-sale investments of
the Fund and the CRC-PBP trusts, as detailed below:

Unrealized results 2011 2010
S/. S/.


CRC–PBP trusts 298,417 (1,197,917)
Fondo MIVIVIENDA S.A., Note 6(a) 20,749 (4,666,076)
____________ ____________

319,166 (5,863,993)
____________ ____________

(d) Shareholder’s equity for legal purposes (regulatory capital) -
In June 2008, by means of Legislative Decree N°1028, the Banking Law was amended. The
amendments established that the regulatory capital of financial entities must be equal to or more
than 10 percent of the total risk-weighted assets and contingent operations, represented by the
sum of: (i) the regulatory capital requirement for market risk multiplied by 10, (ii) the regulatory
capital requirement for operational risk multiplied by 10, and (iii) the weighted assets and
contingent credits by credit risk. This calculation must include all balance sheet exposures or
assets in local or foreign currency. This ratio would be gradually implemented until July 2011,
considering the percentages and deadlines established by said Legislative Decree. As of
December 31, 2011 and 2010, the minimum requirement is 10 and 9.8 percent, respectively.
The Legislative Decree N°1028 also distinguishes, starting in 2009, between basic equity (Level
1) and supplementary equity (Level 2), depending on the definitions and limits therein
established. In Management’s opinion, these modifications are being considered in its plans and
will not have any significant impact on the Fund’s operations.

As of December 31, 2011 and 2010, pursuant to Legislative Decree N°1028, the Fund holds the
following amounts related to risk weighted assets and contingent credits by credit risk and
shareholder’s equity for legal purpose (regulatory capital basic and supplementary), expressed in
nuevos soles:

2011 2010
S/. S/.

Total risk-weighted assets and credits 2,385,225,179 2,057,361,158
Total regulatory capital 2,915,169,542 2,843,835,226
Basic regulatory capital (Tier 1) 2,915,169,542 2,843,835,226
Supplementary regulatory capital (Tier 2) - -
Basic regulatory capital as a percentage of risk-weighted
assets and credits (%)

117.52

138.23

In 2009, the SBS issued the Resolutions N°2115-2009, 6328-2009 and 14354-2009,
Regulations for Regulatory Capital Requirements for Operational Risk, Market Risk and Credit
Risk, respectively, and amendments; which went into effect starting in July 2009, with the
exception of the resolution regarding Credit Risk, which had an adjustment period until June 30,
F-116
Notes to the financial statements (continued)



F-76

2010. These resolutions established, mainly, the methodologies to be used by financial entities
to calculate the risk-weighted assets and credits for each type of risk. As of December 31, 2011
and 2010, the Fund has complied with the requirements of said resolutions.

On July 20, 2011, the SBS issued Resolution N°8425-2011, which states that in determining the
level of additional regulatory capital, financial institutions must have a process to assess the
adequacy of its regulatory capital based on their risk profile, which must follow the methodology
described in such Resolution. The requirement of additional regulatory capital shall equal the
sum of regulatory capital requirements calculated for each of the following components:
economic cycle, concentration risk, market concentration risk, interest rate risk, and others.
Financial institutions have a period of five years from July 2012 to bring their regulatory capital
to the required level.

14. Tax situation
(a) The Fund is subject to the Peruvian Tax System. As of December 31, 2011 and 2010, the
statutory income tax rate is 30 percent on taxable income, after calculating the employees’ profit
sharing, which according to prevailing standards is computed as a 5 percent of the taxable
income.

(b) Since January 1, 2010, only interests and capital gains resulting from bonds issued by the
Republic of Peru and from certificates of deposit issued by the Peruvian Central Bank used for
monetary regulation purposes are exempted from the income tax. Likewise, only interests and
capital gains resulting from bonds issued before March 11, 2007 are also exempted.

Within this context, the Income Tax Law establishes that, in order to determine the capital gain
derived from the disposal of securities acquired prior to January 1, 2010, the tax basis will be
the higher of the market price at the end of 2009 and the acquisition cost. This regulation is
applicable to legal persons when securities are sold through or outside a centralized negotiation
market in Peru.

Since 2011, the Income Tax Law was amended by Law N°29645, stating that interests and other
income generated by foreign loans granted to the national public sector, are included as an item
exempted from the income tax. In addition, with regards to unaffected interests in development
credits, such operations are those intended to fund projects or programs for development Peru’s
public infrastructure and public services as well as to finance credits for micro businesses,
according to SBS Resolution N°11356-2008 or any posterior replacing regulation.

(c) For income tax and value added tax purposes, the transfer prices agreed in transactions between
related parties and with entities residing in territories with little or no taxation must be
substantiated with documentation and information on the valuation methods used and the criteria
considered for their determination. Based on the analysis of the Fund’s operations, in
Management’s opinion, no significant contingencies will result for the Fund as of December 31,
2011 and 2010.


F-117
Notes to the financial statements (continued)



F-77

(d) The Tax Authority is entitled to review and, if applicable, amend the income tax calculated by the
Fund up to four years after the tax return was filed. According to this, the income tax and value
added tax returns for the years 2007 to 2011 are pending review by the Tax Authority. Due to
the interpretations likely to be given by the Tax Authority on current legal regulations, it is not
possible to determine whether the reviews to be conducted will result or not in liabilities for the
Fund, therefore, any increased tax or surcharge that could arise from possible tax reviews will be
applied to the results of the year in which is determined.

(e) As of December 31, 2011, the Fund shows a balance of income tax payable for the year 2011
amounting to S/.10,683,537, included in the “Obligations with the public” caption of the balance
sheet.

15. Deferred income tax
(a) The following are the components that originate the deferred income tax as of December 31,
2011 and 2010:

2011 2010
S/. S/.
Revised, Note 3(s)

Deferred asset
Generic allowance for doubtful accounts 675,926 5,994,322
Provision for vacation and others 1,213,447 506,929
__________ ___________
1,889,373 6,501,251
__________ ___________
Deferred liabilities
Reversal of provisions for assets received as payment and
seized through legal actions - (4,495,577)
Other (152,372) (1,299,178)
__________ ____________
(152,372) (5,794,755)
__________ ____________

Net deferred asset 1,737,001 706,496
__________ ____________

In Management’s opinion, the deferred asset for income tax will be recovered through taxable
income generated by the Fund in the future periods.


F-118
Notes to the financial statements (continued)



F-78

(b) The income tax composition in the statement of income for the years ended December 31, 2011
and 2010 is as follows:

Income Tax
_______________________________________
2011 2010
S/. S/.
Revised, Note 3(s)

Current 29,869,065 21,834,963
Deferred 449,340 (3,122,106)
_____________ _____________

Total 30,318,405 18,712,857
_____________ _____________

(c) Below is the reconciliation of the effective rate of income tax with the prevailing tax rate:

2011 2010
_____________________________ _____________________________
S/. % S/. %


Revised,
Note 3(s)

Income before Income tax 113,341,339 100.00 87,379,112 100.00
___________ ________ ___________ _______
Theoretical tax 34,002,402 30.00 26,213,734 30.00
Add (less)
Net effect of permanent items (4,314,722) (3.81) (4,653,396) (5.33)
Others 630,725 0.56 (2,847,481) (3.26)
___________ _______ ___________ _______
Income tax 30,318,405 26.75 18,712,857 21.41
___________ _______ ___________ _______


F-119
Notes to the financial statements (continued)



F-79

16. Contingent and off-balance sheet accounts
(a) This caption is made up as follows:

2011 2010
S/. S/.
Contingent
Forwards (b), Note 12 517,632,000 596,912,500
Litigation and claims - -
______________ ______________

Total contingent 517,632,000 596,912,500
______________ ______________

Off-balance sheet accounts
Stand-by letters of credit and surety bonds received as
guarantee (c) 379,698,703 483,652,440
CRC-PBP trusts in nuevos soles and US Dollars (d), Note
8(b) 396,100,836 372,978,545
Employer contribution debt (e) 64,781,307 64,781,307
Uncollectible accounts written-off (f) 28,018,368 28,018,368
Mortgage guarantees received (g) 2,909,640 10,540,938
Ex-CONEMINSA Portfolio – judicial collection and yields and
other accounts receivables (h) 8,467,502 8,428,765
Securities in custody 4,564,684 4,564,684
Existing contracts signed with suppliers 7,672,403 3,737,035
Funds received from MVCS – BFH 1,699,556 1,146,344
Other minors, net 435,613 410,670
_____________ ______________
Total off-balance sheet accounts 894,348,612 978,259,096
______________ ______________
Trusts
Fund Law N°27677 (i) 816,204,055 769,060,364
CRC-PBP trusts (j), Note 8 832,230,093 755,266,169
Las Garzas trust (k) 25,296,594 28,257,080
______________ ______________
Total trusts 1,673,730,742 1,552,583,613
______________ ______________

Total off-balance sheet accounts 3,085,711,354 3,127,755,209
______________ ______________

(b) As of December 31, 2011 and 2010, corresponds to the commitment on the forward
transactions of US Dollars sales contracted by the Fund in order to economically hedge its
accounts receivable in US Dollars, which amounted to US$192,000,000 and US$212,500,000,
respectively.

(c) As of December 31, 2011 and 2010, correspond to the stand-by letters of credit and surety
bonds received as guarantee from the Technical Agencies under the contracts signed by the
Techo Propio Program over the BFH and the Household Savings product, as well as letters of
guarantee for the compliance of purchase of goods and services contracts.

F-120
Notes to the financial statements (continued)



F-80

(d) Corresponds to the recognition of the rights acquired in connection with the establishment of the
CRC-PBP trusts in 2007, that had total asset values of S/.312,428,719 and S/.83,672,117,
respectively, as of December 31, 2011 (S/.294,482,870 and S/.78,495,675 as of December 31,
2010, respectively), Note 8(b).

(e) As of December 31, 2011 and 2010, corresponds to a claim the Fund filed with the MEF on
contributions to FONAVI - Employer Contributions, as provided by Law N°26969 – FONAVI
Liquidation Law, which were considered that should have been granted to the Fund.

(f) As of December 31, 2011, corresponds mainly to the written-off of balances receivable (principal
and interest) from Banco Banex and Banco Orión, both undergoing liquidation, for
S/.23,576,946 and S/.4,441,422, which were recorded in the “Other accounts receivable”
caption as of December 31, 2009, respectively, according to a Management agreement signed in
July 2010.

(g) As of December 31, 2011 and 2010, corresponds to mortgage guarantees received from
financial institutions undergoing liquidation for the loan portfolio that the Fund maintained with
them.

(h) As of December 31, 2011 and 2010, corresponds to the accrued interest of overdue portfolio of
Ex-CONEMINSA and "Other accounts receivable".

(i) As of December 31, 2011 and 2010, correspond to the value of total net assets of the
"Patrimonio Fondo Ley" which includes the results of the period that amount to a gain of
S/.16,809,416 and a loss of S/.13,753.309, respectively. The Fund Law N°27677 was
constituted by Public Deed dated February 13, 2002, with the resources transferred to the Fund
from the liquidation of FONAVI, for their administration, recovery and intermediation through the
intermediary financial institutions. Both trusts under administration were constituted through
Public Deed dated June 11, 2007, in order to allow the availability of resources to meet the
obligations of the Fund arising from service contracts of the CRC and PBP which were entered
into with certain financial institutions as well as to allow those resources to be efficiently
managed.


F-121
Notes to the financial statements (continued)



F-81

(j) As of December 31, 2011, corresponds to the assets, liabilities, equity (without net income),
expenses and gains of the trusts under administration which are called CRC-PBP trusts in nuevos
soles and US Dollars, as indicated in the accounting manual prescribed by the SBS. This caption in
made up as follows:

2011 2010
S/. S/.
Revised,
Note 3(s)

Assets 396,297,945 373,134,040
Liabilities 197,109 155,495
Equity (without net income) 375,472,512 353,054,766
Expenses 19,817,102 4,499,044
Gains 40,445,425 24,422,824
_____________ _____________
Total 832,230,093 755,266,169
_____________ _____________

(k) Real estate trust in which Banco de Comercio acted as trustee since its inception in 2006 until
October 6, 2010. Through minute issued on October 7, 2010, Banco de Comercio waived its role
as trustee and transferred to the Fund the trust equity and resigned from its role as trustee.
Thus, starting at that date the Fund is responsible for keeping the accounting records as part of
its fiduciary role.

17. Financial income and expenses
This caption is made up as follows:

2011 2010
S/. S/.
Revised, Note 3(s)

Financial income
Income from accounts receivable (Trust Agreement – COFIDE) 117,691,752 77,153,611
Gain on derivatives, Note 12 25,275,947 10,635,232
Gain on trusts participation 20,628,323 19,923,780
Interest from cash and due from banks 16,209,523 11,352,742
Interest from available-for-sale and held-to-maturity investments 15,817,197 43,981,016
Other commissions 6,164,263 6,440,981
Indexation readjustment 2,983,389 1,665,736
Other financial income 1,347,675 791,489
_____________ _____________
Total 206,118,069 171,944,587
_____________ _____________
Financial expenses
Good Payer Award – own resources (29,126,800) (26,144,066)
Net loss of exchange rate difference, Note 12 (22,875,182) (18,858,411)
Net result on investments’ valuation (8,162,488) (1,982,662)
Other financial expenses (340,554) (23,145)
_____________ _____________
Total (60,505,024) (47,008,284)
_____________ _____________
Gross financial margin 145,613,045 124,936,303
_____________ _____________

F-122
Notes to the financial statements (continued)



F-82

18. Financial services revenues
Correspond mainly to commissions charged by the Fund for the administration of the assets in the
trusts, mainly from the CRC-PBP trusts, for which the Fund receives from the intermediary financial
institutions a monthly commission equivalent to 0.05 percent of the trusts’ net equity at the end of each
month which is charged to the CRC-PBP trusts.

19. Administrative expenses
(a) This caption is made up as follows:

2011 2010
S/. S/.
Revised, Note 3(s)

Personnel and Board of Directors expenses (b) 15,269,430 11,630,353
Services received from third parties (c) 14,319,189 20,198,453
Taxes and contributions 533,784 1,422,991
___________ ___________

Total 30,122,403 33,251,797
___________ ___________

(b) The composition of the “Personnel and Board of Directors expenses” caption is presented below:

2011 2010
S/. S/.

Salaries 6,793,199 5,245,506
Employees’ profit sharing 5,240,187 3,118,810
Gratuities 1,095,497 903,284
Severance indemnities 638,317 535,173
Payroll taxes 606,435 510,000
Vacation 568,152 456,841
Training 164,526 196,648
Other 163,117 664,091
____________ ____________
15,269,430 11,630,353
____________ ____________

The average number of employees for the years 2011 and 2010 was 89 and 68, respectively.
According to legal regulation in force, the Fund distributes 5 percent of taxable income as
employees’ profit sharing.


F-123
Notes to the financial statements (continued)



F-83

(c) The composition of the “Services received from third parties” caption is presented below:

2011 2010
S/. S/.

Consulting services 5,892,446 8,007,193
Advertisement 2,714,937 7,126,474
Renting of goods and property 1,165,423 892,152
Repair and maintenance 640,673 642,019
Guarding and protection 580,338 504,014
Communications 510,524 394,635
Insurance 308,123 311,573
Courier services 267,065 110,551
Office supplies 179,185 148,648
Telemarketing services 151,734 95,625
Other expenses 1,908,741 1,965,569
___________ ___________
Total 14,319,189 20,198,453
___________ ___________

20. Other provisions
Corresponds to the allowance for assets received as payment and seized through legal actions according
to regulations issued by the SBS and provisions for litigation and claims.

21. Other income, net
(a) This caption is made up as follows:

2011 2010
S/. S/.

Other income
Reversal of provisions for accounts receivable (Trust
Agreement – COFIDE)
6,684,803 9,215,691
Deferred income tax 1,479,845 -
Other minor income 2,317,988 2,490,199
___________ ___________
Total 10,482,636 11,705,890
___________ ___________
Other expenses
PBP yield (b) - (3,297,416)
Other minor expenses (321,808) (2,709)
___________ ___________
Total (321,808) (3,300,125)
___________ ___________

Total other income, net 10,160,828 8,405,765
___________ ___________

(b) In 2010, corresponds to the yields from the Good Payer Award related to the Crédito MIHOGAR
product (discontinued in 2009) accumulated as of December 31, 2009, which were recorded as
"Other accounts receivable”.

F-124
Notes to the financial statements (continued)



F-84

22. Risk assessment
The Fund's activities are mainly related to the placement of its resources to generate mortgage loans
through domestic intermediary financial institutions, which evaluates and assigns long-term credit lines.
It also participates in promotion of the construction and acquisition of homes, and manages funds
received from the state as well as its own funds, investing primarily in fixed income investments, in
order to monetize and preserve its value in time, thus ensuring sufficient liquidity to meet its obligations
and credit activities.

In this sense, the Fund is exposed to various risks such as operational risk, credit risk, liquidity risk and
market risk, among others. The Fund has established a Risk Office to manage these risks through a
process of identifying, measuring and continuously monitoring, subject to risk limits and other controls.
This risk management process is critical to the continued profitability of the Fund and each person
within the Fund is responsible for the risk exposures relating to their duties.

Market risk
The Fund is exposed to market risk, which is the risk that the fair value or the cash flows of a financial
instrument fluctuate due to changes in market prices. Market risk arises from the balance sheet
positions assigned to interest rates and currency risk. The latter risk remains even when the Fund does
not grant loans in US Dollars, because it still has a remaining balance of loans granted in that currency
under the Traditional MIVIVIENDA product.

The Fund applies the "Value at Risk - VAR" methodology to calculate the maximum expected loss that
might occur, based on assumptions for a variety of changes in market conditions. Management sets the
value at risk limits that are acceptable, which are monitored daily.

The Fund establishes policies and procedures to control market risk and liquidity risk, as well as setting
limits on certain operations to improve their overall management process.

Liquidity risk
The Fund is exposed to daily withdrawal of its available cash resources from demand accounts, loans
and other withdrawals. The Fund does not maintain cash resources to meet all of these needs, as
experience shows that a minimum level of reinvestment of maturing funds can be predicted with a high
level of certainty. Management sets limits on the minimum proportion of funds that need to be available
to meet the payment of obligations and to cover unexpected levels of withdrawals; and daily monitors
the liquidity requirements based on these limits.

The procedure of matching and controlling mismatches of the maturities and interest rates of assets and
liabilities is essential to the Fund’s management. Nevertheless, it is unusual for financial institutions to
be fully matched, as transacted business is often based on uncertain terms and several types of
transactions performed. An open position in the terms could potentially increase profitability, but it also
increases the risk of losses.


F-125
Notes to the financial statements (continued)



F-85

The liquidity ratio of the Fund is an operating indicator because the average loans that are
intermediated to the domestic financial institutions through COFIDE are considered as obligations. As of
December 31, 2011 and 2010, the Fund has no financial liabilities or obligations, but has implemented
the control of its liquidity ratio under the considerations of the ability to meet the demands of granting
loans to final borrowers through intermediary financial institutions using its own funds.

The notes to the financial statements include an analysis of relevant assets of the Fund grouped
according to their contractual maturity.

Cash flow risk and fair value of interest rate changes
The cash flow interest rate risk is the risk that the cash flows of a financial instrument fluctuate due to
changes in market interest rates. The risk of fair value interest rates is the risk that the value of a
financial instrument may fluctuate due to changes in market interest rates.

Control and monitoring of interest rates risks of the investment portfolio in fixed income is performed by
calculating the value at risk (VAR) and ensuring that the VAR does not exceed the internal limit
established as a percentage of the Fund’s regulatory capital. Additionally, the Risk Office controls that
the indicators of "Stop Loss" and "Take Profit" of the debt instruments are settled.

The Risk Office measures the sensitivity of the Fund’s balance to interest rate risk through the
regulatory appendices required monthly by the SBS, such as the calculation of gaps and sensitivity
analysis of gaps to changes in interest rates. The distribution of balance accounts aimed to prepare the
appendixes is made under assumptions of distribution according to maturities. These assumptions are
contained in an internal methodology approved by the Risk Committee. In addition, the Fund has
internal limits on risk equity that seeks limit the risk of interest rate balance.

The Fund keeps positions that are affected by the effects of fluctuations in the levels of market interest
rates on its financial position and cash flows. Interest margins may increase as a result of such changes
but may reduce or create losses in case of unexpected fluctuations. Management sets limits on the level
of mismatch to changes in interest rates that can be assumed, which are monitored daily; however, it is
important to consider that the Fund presents no financing.

Resources to fund lending operations are derived from the Fund’s own resources and, in some products,
from transfers from state-owned entities. Accounts receivable and accounts payable are subject to risks
from fluctuations in interest rates. The characteristics of maturity and interest rates of the main
relevant contractual financial instruments are indicated in the respective notes to the financial
statements.

Exchange rate risk
The Fund is exposed to the effects of fluctuations in foreign currency exchange prevailing on its
financial position and cash flows. Management sets limits on levels of exposure by currency and total
daily operations which are monitored daily.


F-126
Notes to the financial statements (continued)



F-86

Most assets and liabilities are maintained in local currency. Foreign currency transactions are performed
at prevailing market rates. The Fund’s exchange risk is primarily related to MIVIVIENDA Tradicional
loans denominated in US Dollars; this product was discontinued; however there are still outstanding
balances according to the original amortization schedules of the loans. In order to mitigate exchange
rate risk exposure, the Fund performs forward exchange transactions to manage its exchange rate risk.

As of December 31, 2011 and 2010, the Fund's assets and liabilities in foreign currency are presented
in Note 4.

Operational risk
It is caused by aspects related to human resources, processes and procedures, information technology
and external aspects.

The operational risk is managed by each of the managers and/or offices of the Fund in coordination with
the Risk Office, which establishes the operational risk methodologies to be applied and determines a
qualitative and quantitative risks and controls. Also, they regularly report to the Board the main risks
and their corresponding mitigation. The Fund has designed and operates a database of operational risk
losses for the orderly records and analysis of the entity’s risk causing events. Finally, the Fund manages
the System of Information Security Management and the System Business Continuity Management.

Credit risk
The Fund intermediates its resources for mortgage lending through COFIDE, placing credit lines to
intermediary financial institutions who originate mortgage loans, which are evaluated by the Risk Office
and approved by a Risk Committee.

The individual exposure and risk for each intermediary financial institution, including loans placements
and investments, is established by sub-limits per product, so that credit risk exposures are monitored
and reviewed regularly.
Credit lines granted by the Fund are managed through established and developed criteria assessments,
focusing on liquidity, solvency, asset quality and affordability of financial institutions, among others.

The Fund also takes positions subject to credit risk, which is the risk that a debtor and an intermediary
financial institution cannot meet all payments at maturity, for which the Fund records provisions for
losses that have been incurred at the balance sheet date. Significant changes in the economy or in the
situation of a particular industry segment that represents a concentration of the portfolio (real estate
and construction), could cause losses different from those recorded at the balance sheet date, so that
Management continuously monitors the Fund’s exposure to credit risk.

The Fund structures levels of credit risk it assumes by establishing funding amounts in accordance with
its credit policies and parameters, in relation with the debtor and the intermediary financial institutions.
Such risks are constantly monitored and subject to frequent review.


F-127
Notes to the financial statements (continued)



F-87

The Fund’s exposure to credit risk is managed through the continuous analysis of the ability of
borrowers and intermediary financial institutions to make payments of interest and principal on their
obligations and by changing lending limits when appropriate. In the calculation of provisions and
monitoring and review of loan portfolio, Management monitors up to the final beneficiary or direct client
of the IFI.

As of December 31, 2011 and 2010, Management has estimated that the maximum amount of credit
risk that the Fund is exposed to represents the book value of financial assets that have a potential credit
risk and are mainly bank deposits that earn interest, accounts receivable (Trust Agreement – COFIDE)
and other assets that represent financial instruments.

23. Contingencies
As of December 31, 2011 and 2010, the Fund has the following contingencies:

(a) Several labor proceedings relating to lawsuits for payment of profits and repayment of employee
benefits for S/.1,007,060 (S/.533,952 as of December 31, 2010), recording a provision of
S/.233,576 as of December 31, 2011. The Fund also has civil actions for S/.32,499 (S/.61,580
as of December 31, 2010).

(b) Several constitutional proceedings (writs of amparo) related to labor rights restitution to former
employees of the Fund. Also, proceedings caused by discrimination in the right to participate in
tender and procurement processes, and cancellation of the registration of technical institutions
due to infringements committed.

(c) Administrative proceeding commenced by the Consortium DHMONT & CG & M S.A.C. challenging
an administrative decision, in which the plaintiff seeks the invalidation of the communication
letter where the Fund denied the return of the letter of guarantee issued in its favor to guarantee
and to comply with the requirement to file appeal in the tender (Collique Airfield project)
convened by the Fund and in which the consortium participated. The amount of the claim
amounts to S/.4,869,754.

In Management’s opinion and its legal advisors, these proceedings will not result in significant liabilities
additional to those recorded in the accompanying financial statements.

24. Fair value
Fair value is defined as the amount for which an asset could be exchanged or a liability settled between
knowledgeable willing parties in an arm’s length transaction, on an on-going basis.

When a financial instrument is traded in an active and liquid market, its quoted market price in an actual
transaction provides the best evidence of its fair value. When a quoted market price is not available, or
may not be indicative of the fair value of the financial instrument, other estimation techniques may be
used to determine such fair value, including the current market value of another financial instrument
that is substantially similar, discounted cash flow analysis or other techniques applicable thereto, all of
which are significantly affected by the assumptions used. Although Management uses its best judgment
in estimating the fair value of these financial instruments, there are inherent weaknesses in any
F-128
Notes to the financial statements (continued)



F-88

estimation technique. As a result, the fair value may not be indicative of the net realizable or settlement
value of said instruments.

A significant portion of the assets and liabilities of the Fund are short-term financial instruments, with a
remaining maturity of less than one year. Therefore, these short-term financial instruments are
considered to have a fair value equivalent to their book value at the balance sheet dates, except for
those that are traded in an active market.

The methodologies and assumptions used to determine fair values depend on the terms and risk
characteristics of the various financial instruments as detailed below:

- Cash and due from banks represent cash and short-term deposits that do not represent
significant credit risk; as result, their book value is equivalent to their estimated market value.

- Available-for-sale investments are recorded at their estimated market value; thus, their book and
fair values are the same.

- Held-to-maturity investments are classified as current assets, since they mature between
January and May 2012; thus, it is estimated that their book values do not differ significantly
from their respective market values.

- The estimated market value of accounts receivable, net (Trust Agreement – COFIDE) results from
applying an interest rate of approximately 5.37 percent as of December 31, 2011 (5.34 percent
as of December 31, 2010) on their gross book values, Note 7.

- The market value of obligations is similar to their book values due, mainly, to their current
maturities and interest rates, which are comparable to other similar liabilities at the date of the
balance sheet.

- Other accounts payable, provisions and other liabilities do not bear interest. As a result, it is
estimated that their book values do not differ significantly from their market values.

- The Fund records its transactions with derivative financial instruments at their estimated market
value, and thus there is no difference with their book value.

Based on said analysis, Management considers that as of December 31, 2011 and of 2010, the
estimated values of the financial instruments of the Fund do not differ significantly from their book
values, except for the case of certain financial instruments as it is explained in the previous paragraphs.
F-129


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