Republic of Peru

IMPORTANT NOTICE

IMPORTANT:  You must read the following disclaimer before continuing.  The following disclaimer applies to this Offer Document, whether received by e-mail or otherwise received as a result of electronic communication, and you are therefore advised to read this disclaimer page carefully before reading, accessing or making any other use of the attached document. In accessing this Offer Document, you agree to be bound by the following terms and conditions, including any modifications made to them from time to time, each time you receive any information from Peru or the Dealer Managers. Capitalized terms used but not otherwise defined in this disclaimer shall have the meaning given to them in this Offer Document.

This Offer Document should not be forwarded or distributed to any other person and should not be reproduced in any manner whatsoever. Failure to comply with these instructions may result in a violation of the applicable laws and regulations of the United States or other jurisdictions.

Confirmation of your representation:  By accessing this Offer Document you shall be deemed to have represented to Peru, and to the Dealer Managers and the Information Agent and the Billing and Delivery Banks, that:

(i)           you are a holder or a beneficial owner of the Bonds;

(ii)          you are not a person to whom it is unlawful to send this Offer Document or make the Offer to under applicable laws and regulations including, without limitation, those outlined in the section entitled “Jurisdictional Restrictions”;

(iii)        you have made all the representations in this Offer Document (see “Holders’ Representations, Warranties and Undertakings”);

(iv)         you are not located or resident in the United Kingdom or, if you are located or resident in the United Kingdom, you are a person who has 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”), a person falling within Article 49(2)(a) to (d) of the Order (“high net worth companies, unincorporated associations etc.”) of the Order, a person falling within Article 43, or a person to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) may otherwise lawfully be communicated or caused to be communicated; and

(v)          you consent to delivery of this Offer Document by electronic transmission to you.

This Offer Document has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission and consequently none of Peru, the Dealer Managers, the Billing and Delivery Banks, D.F. King & Co., Inc. (the “Information Agent”) or or any person who controls, or is a director, officer, employee or agent, of any of them, or any affiliate of any such person, accepts any liability or responsibility whatsoever in respect of any difference between this Offer Document distributed to you in electronic format and the hard copy version available to you on request from the Information Agent at the address specified on the back cover of the Offer Document.

You are reminded that this Offer Document has been delivered to you on the basis that you are a person into whose possession the Offer Document may lawfully be delivered in accordance with the laws of the jurisdiction in which you are located or resident and you may not, nor are you authorized to, deliver, transmit, forward or otherwise distribute the Offer Document, directly or indirectly, to any other person.

The materials relating to the offering to which the Offer Document relates do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and one of the Dealer Managers, the Billing and Delivery Banks or any of their affiliates is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by such Dealer Manager, such Billing and Delivery Bank or affiliate on behalf of Peru in that jurisdiction.

Nothing in this electronic transmission or in this Offer Document constitutes an offer to buy or the solicitation of an offer to sell securities in any jurisdiction in which such offer or solicitation would be unlawful. Securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United States will be made by means of a prospectus. In particular, the New Bond Offering will be made solely by means of an offering memorandum. This Offer Document does not constitute an offer to sell or the solicitation of an order to buy the New Bonds. The New Bonds, including in the form of GDNs, will be offered only to QIBs in reliance on Rule 144A under the Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act.

The Bonds are not being offered to the public within the meaning of Directive 2003/71/EC (as amended, the “Prospectus Directive”) and the Offer is not subject to the obligation to publish a prospectus under the Prospectus Directive.

This document is for distribution only to persons who (i) have professional experience in matters relating to investments falling within the Order, (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order, (iii) are persons falling within Article 43 of the Order, (iv) are outside the United Kingdom, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.

YOU MUST COMPLY WITH ALL LAWS THAT APPLY TO YOU IN ANY PLACE IN WHICH YOU POSSESS THIS OFFER DOCUMENT. YOU MUST ALSO OBTAIN ANY CONSENTS OR APPROVALS THAT YOU NEED IN ORDER TO ACCEPT THIS OFFER AND TENDER BONDS. NONE OF PERU, THE DEALER MANAGERS, THE BILLING AND DELIVERY BANKS OR THE INFORMATION AGENT IS RESPONSIBLE FOR YOUR COMPLIANCE WITH THESE LEGAL REQUIREMENTS. IT IS IMPORTANT THAT YOU READ “JURISDICTIONAL RESTRICTIONS” BEGINNING ON THE NEXT PAGE.

I have read and agree to the Terms and Conditions