Having just been through this a couple of weeks ago, I'd highly recommend just taking the Peruvian driving test as opposed to applying for exoneration on the basis of your home country driving license. I had the problem of changing requirements each time we spoke to someone for the exoneration, and decided in the end it was quicker to just take the exam.
I needed the Medical exam, Certificado Domicilario (go to a notary with a utility bill showing your address, and your CE/DNI, cost was about S/.40 ), a copy of my university degree with authorised translation (and a copy of the translation), copy of my CE (and original), receipts from Banco de la Nación and Scotiabank (see the Touring website for details). Then I went to Touring in Lince, presented that lot and took the theory exam (doing the actual theory exam only took me 6 minutes, and yes I passed). Make sure you practise the theory exam online on the Touring website, makes it very easy. Following day I went to Conchan and took the actual driving test, quite big queues as was a Saturday. Go straight up to the window in Sala 3 (the two Windows on the right), they will take your paperwork and give you a ticket. You then go and join the queue.
NOTE: Practise both circuits, the guys directing the queues do not let you choose which circuit you want.
When you've done that and passed, wait to get your paperwork saying you passed (left window in Sala 3), you can then go to the MTC counter across the car park, You need to queue at the left window first to get a form. Fill in the form and queue for the windows 2nd/3rd from the left. They will take the form and the rest of your docs, then you sit and wait for them to come back out with your shiny new Peruvian license.