In addition to what is established in Article 10 of Law 27245, the Law of Fiscal Prudence and Transparency, the multi-annual macroeconomic setting shall contain the following information: 1. An analysis of fiscal risks of substantial variation in the supposed macroeconomics, containing an indication on the contingent ways to deal with these. 2. A complete record of exonerations, subsidies and other types of Tax Expense (Gasto Tributario) maintained by the public sector including an estimated fiscal cost for each item, as well as a total cost estimate for each region and social and economic sector, according to its character. Article 29 The Consistency of the Multi-annual Macroeconomic Framework with Budgets and Other Annual Laws 1. The explanation behind the Annual Budget Law shall include a chart consistent with the Multiannual Macroeconomic Framework, disaggregated investments, expenses and the economic result for the combined entities under the sphere of influence of the Annual Budget Law of the rest of the entities that make up the Consolidated Public Sector. 2. The explanation behind the Annual Debt Law shall include the sustainability of its compatibility with the deficit and the consequent increase in debt predicted by the Multiannual Macroeconomic Framework. Article 30 Responsibility with Respect to the Multi-annual Macroeconomic Framework 1. The Declaration of Principles for Fiscal Policy that is referred to in Article 10 of Law 27245 shall be approved by the Minister of the Economy and Finance, in accordance with the Ministerial Resolution. 2. All modification to the Multi-annual Macroeconomic Framework that implies alteration to the established parameters of Law 27245 should be completed in conformity to what is established in Article 5 of the aforementioned Law and subject to previously adopted ways to make corrections. Article 31 The Transfer of Accounts of the Annual Budget and Debt Laws 1. Before the last business day of the month of March of every year the Central Reserve Bank of Peru shall send to the General Comptroller of the State and the Minister of Economics and Finance the evaluation for the completion of the jobs outlined in the Macroeconomic Framework of the previous year, covering the macro fiscal rules established in Law 27245. This report, in conjunction with the evaluation of the budget referred to in Law 27209, shall be sent to Congress by the last day of April. 2. Within fifteen days of sending the report, the Minister of Economics and Finance shall defend before all of Congress the Declaration of Completion in accordance with what is established in Law 27245. The Declaration shall contain an analysis of increases in gross debt and variations on deposits while making explicit the evolution of endorsements, debt exchange and pension obligations as well as the deviation in rates of the previous record. 3. At the same time, the Minister shall report on the completion of the budget’s allocations, emphasizing the functional classifications and all sources of indebtedness, as well as the grants endorsed by the Republic. Article 32 Pre-Election Report At least three months before the established general elections date, the President of the Cabinet shall publish a review of what was accomplished during his or her administration and shall provide predictions on the financial, economic and social situation of the next five years. The review shall contain an analysis of future investments already guaranteed as well as other financial obligations, whether or not they are contingent and/or included in the budget. 10

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