In order to obtain a full license as a financial entity, a licensing process that comprises two successive approval procedures must be followed:

• Organization licensing

The first approval procedure is organization licensing, which comprises a screening of the shareholders and organizers of the financial entity to be incorporated, as well as an analysis of the business plan of such financial entity. This screening and analysis are carried out through the review of a series of documents by the SBS and the Peruvian Central Bank and through meetings with the SBS. The first approval procedure ends with granting the organization license by the SBS, which authorizes the beginning of the second approval procedure.

• Operating licensing

The second approval procedure, which ends in granting the business license by the SBS, focuses on the operational aspects of the future financial entity. During this stage, the SBS will evaluate: (i) the operational capacity of the future financial entity; and (ii) the credentials of the directors and principal officers. Accordingly, before filing, the future financial entity should have retained its principal officers, implemented the necessary infrastructure, and completed the policy and operational manuals. Once the business license has been obtained, the financial entity may start operating.