inPERU London roadshow 2012

1. Lilian Rocca Carbajal
CHAIRMAN
Superintendency of the Securities Market – SMV
April 2012
Peru, Financing/Investment
Opportunities in the Capital Markets
ROAD SHOW – LONDON 2012

2. Peru´s Capital Market: A competitive and attractive market with
investment and financing opportunities
Attractive
Capital
Market
Continuity in
macroeconomic
policy and
political stability
Strong
economic
growth
Exchange
rates and
price stability
Appropriate
and flexible
regulatory
framework
Integration
with other
markets in
the region
The growth of the capital market has aided not only to fulfill the increasing financing needs of
the Peruvian entrepreneurial sector but also to offer attractive investment alternatives
that allow for portfolio diversification

3. Agriculture
2.0%
Banking and
financialservices
56.1%
Electricity
8.8%
Retail
6.0%
Insurance
4.0%
Communications
5.5%
Securitization
15.0%
Other
2.5%
Public Offerings by Economic Sectors
A more dynamic alternative source of financing for companies in Peru
The Peruvian Capital Market: Public Offerings
More than 60 companies have
outstanding debt instruments
Single issuances of more than US$ 400
million or with maturities up to 25 years
2,000
3,000
4,000
5,000
6,000
7,000
2002 2004 2006 2008 2010 Feb.2012
US$million
Outstanding Debt (Public Offering)
US$6,300
million
Last year public offerings contributed
to finance activities in diverse
economic sectors
Some companies financed their
operations with very low interest rates
(from 2.3% to 5.0%)Three companies has raised capital through the
issuance of shares in the market (IPO) by more
than US$ 150 million in the last five years

4. New flexible schemes to reduce the time of registration
Public Offerings: Main advances
E-prospectus
Automatic registration of short-term
debt instruments
(electronic prospectus and
issuance agreements)
Rule 144 A
Automatic registration of international
offers issued under the Rule 144 A and
partially placed within the national
territory
Public offerings through Rule 144-A
US$ 1,100 million in 2012
Public offerings through e-prospectus
US$ 528 million in 2011
This year several companies has raised capital from international markets:
Volcan issued Senior Notes to raise US$ 600 million
COFIDE issued Senior Notes to raise US$ 500 million
Cementos Pacasmayo issued ADSs to raise US$ 256 million

5. The Peruvian Capital Market: Secondary Market
Lima Stock Exchange (BVL):
Average annual rate of return in
the last 10 years = 32%
Market Capitalization has almost
reached US$ 140,000 million
(>70% GDP)
BVL provides diversification benefits to investors coming from developed countries.
The BVL offers greater returns than other
stock exchanges in the region
The solid fundamentals of the economy
and the favorable outlook for Peruvian
companies generate good perspectives for
the development of trading volumes in
the secondary market
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
-
5,000
10,000
15,000
20,000
25,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
US$Million
IGBVL(Dec1991=100)
Lima Stock Exchange
Market Cap
IGBVL
IGBVL
(Peru)
IPSA
(Chile)
BOVESPA
(Brasil)
MERVAL
(Argentina)
IPC
(Mexico)
S&P 500
(USA)
19.8%
11.3%
13.2%
7.9%
4.8%
10.9%
AccumulatedReturns
January - March 2012

6. 0.0
3.0
6.0
9.0
Chile in
Colombia
Chile in
Peru
Colombia
in Chile
Colombia
in Peru
Peru in
Chile
Peru in
Colombia
US$Million
Tradedamounts in MILA
May 2011 - February 2012
80
85
90
95
100
01/01/2012
08/01/2012
15/01/2012
22/01/2012
29/01/2012
05/02/2012
12/02/2012
19/02/2012
26/02/2012
04/03/2012
11/03/2012
18/03/2012
S&PMILA40(30May=100)
MILA Index
MILA Market
GREAT POTENTIAL FOR
DEVELOPMENT
The MILA is the Latin America’s largest
trading venue by numbers of listings
(550) and second largest by market cap
(US$ 706 million)
The good performance of all the three
markets that comprises the MILA has
led to an increase of 18.5% in the S&P
MILA 40, despite the global economic
uncertainty
Three Countries, One Market

7. 0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
jun-08
ago-08
oct-08
dic-08
feb-09
abr-09
jun-09
ago-09
oct-09
dic-09
feb-10
abr-10
jun-10
ago-10
oct-10
dic-10
feb-11
abr-11
jun-11
ago-11
oct-11
dic-11
feb-12
IGBVL IBGC
Secondary Market: Main advances
The Office of the
Investment
Ombudsman
Investors’
Complaints and
Claims
Responsibilities
of the Market
Director
Market Abusive
Practices
Build investors´ confidence to encourage liquidity and deepening
Percentage increase of the
Good Corporate Governance
Index (IBGC) versus IGBVL
(Base: June 2008)
As of march 2012, the IBGC has a spread of
21.2% over the IGBVL
Corporate
Governance
Code

8. The Peruvian Capital Market: Mutual Funds
Important investment option for retail investors
To date, 56 different mutual funds
operate in our capital market.
These mutual funds offer different
alternatives for investors according to
their risk profiles
0
50,000
100,000
150,000
200,000
250,000
300,000
0
1,000
2,000
3,000
4,000
5,000
6,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Numberofunitholders
NetAssetValue(MillionUS$)
Mutual Funds
NAV Unit Holders
IMPRESSIVE GROWTH OF MUTUAL FUNDS
Total Net Asset Value exceeds
US$ 5,300 million
More than 270,000 unit holders in
December 2011
In the last 10 years, Mutual Funds has increased at
an average annual growth rate of 16%
Mutual funds are primarily invested in
debt instruments (almost 90%)
Shortterm
46.3%
International
0.3%
Debt
39.5%
Mixed
9.4%
Equity
4.6%
Mutual Funds' Portfolio
March 2012

9. -
1,000
2,000
3,000
4,000
5,000
6,000
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
NumberofMembers(inthounsands)
PensionFunds(InUS$Million)
Private Pension Funds
Fund Value
Members
The Peruvian Capital Market: Private Pension Funds
Average annual growth of Pension Funds
reached 26% over the last decade
Major institutional investors in the Peruvian capital market
Pension Funds are primarily
invested in securities issued by
the private sector (40%)
Net Asset Value surpasses US$ 30,000
million (8 times the amount registered
ten years ago)
Almost 5 million members participate
in the Private Pension System
Public Sector,
17.0%
Financial
System, 14.4%
Private Sector,
40.1%
Foreign
securities,
28.5%
Pension Funds' Portfolio
December 2011
A solid base of institutional investors, including Mutual Funds, Pension Funds, Banks and
Insurances (more than 30% of GDP) has been the catalyst for the development of the
Peruvian capital market

10. The Peruvian Capital Market: Future actions by the SMV
 “My first Public Offering” Program
 Special regulation for Small and Medium Enterprises (SME) offerings
 Listing of State-Owned Enterprises
 Promoting e-prospectus for long-term debt instruments
Next steps in the Primary Market
 Alternative trading market for securities issued by Small and Medium Enterprises
 Direct Market Access
 Strengthening of the MILA
 On-line supervision of Broker-Dealers
 Regulation of Takeovers
 Regulation of short-term profits realized by Directors and Managers
Next steps in the Secondary Market

11. Final Remarks
 Peru’s main macroeconomic indicators denote sound fundamentals.
 The Peruvian capital market offers interesting investment opportunities
and financing alternatives.
 Major local institutional investors play a fundamental role and provide for
stability in our market.
 The SMV will continue to work on promoting public offerings as well as a
greater degree of liquidity and deepening in the secondary market.