<SEC-DOCUMENT>0001144204-12-059253.txt : 20130321
<SEC-HEADER>0001144204-12-059253.hdr.sgml : 20130321
<ACCEPTANCE-DATETIME>20121102173050
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-059253
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20121102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDICORP LTD
		CENTRAL INDEX KEY:			0001001290
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		CLARENDON HOUSE, 2 CHURCH STREET
		STREET 2:		P.O. BOX HM 666,
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM CX
		BUSINESS PHONE:		5113135140

	MAIL ADDRESS:	
		STREET 1:		CLARENDON HOUSE, 2 CHURCH STREET
		STREET 2:		P.O. BOX HM 666,
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM CX
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; width: 35%; font-style: normal">Gregory Harrington</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; font-style: normal">(202) 942-5082</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; font-style: normal">(202) 942-5999 Fax</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">555 Twelfth Street, NW</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">Washington, DC 20004-1206</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 2, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Assistant Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">United States Securities and
Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Washington, D.C. 20549</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Credicorp Ltd<BR>
Form 20-F for the Fiscal Year Ended December 31, 2011<BR>
Filed April 30, 2012<BR>
File No. 001-14014</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">Dear Ms. Hayes:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Credicorp Ltd. (&ldquo;Credicorp&rdquo;
or the &ldquo;Company&rdquo;), we are responding to the letter of the Staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;)
dated September 28, 2012, regarding the above-referenced filing of Credicorp on Form 20-F. We set forth below Credicorp&rsquo;s
response to the comments in the letter. For ease of reference, we have included the Staff&rsquo;s comments in their entirety in
bold preceding the corresponding responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Form 20-F for the fiscal year ended
December 31, 2011</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 3(D). Risk Factors, page 9</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                                                               note
                                                                                                                               from
                                                                                                                               </B></FONT><B>your
                                                                                                                               disclosure
                                                                                                                               on
                                                                                                                               page
                                                                                                                               37
                                                                                                                               that
                                                                                                                               proprietary
                                                                                                                               trading
                                                                                                                               has
                                                                                                                               become
                                                                                                                               an
                                                                                                                               increasingly
                                                                                                                               important
                                                                                                                               part
                                                                                                                               of
                                                                                                                               BCP&rsquo;s
                                                                                                                               business.
                                                                                                                               Please
                                                                                                                               include
                                                                                                                               a
                                                                                                                               risk
                                                                                                                               factor
                                                                                                                               in
                                                                                                                               future
                                                                                                                               filings
                                                                                                                               that
                                                                                                                               quantifies
                                                                                                                               your
                                                                                                                               proprietary
                                                                                                                               trading
                                                                                                                               business
                                                                                                                               and
                                                                                                                               describes
                                                                                                                               the
                                                                                                                               risks
                                                                                                                               associated
                                                                                                                               with
                                                                                                                               that
                                                                                                                               activity.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In future filings, the Company will include
the information required below to quantify its proprietary trading business and describe the risks associated with that position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, trading securities
totaled US$75.6 million, which represented 0.25% of Credicorp&rsquo;s total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, as of December 31, 2011,
available-for-sale investment securities totaled US$5,915 million, which represented 19.25% of Credicorp&rsquo;s total assets.
Approximately US$3,071 million are financial instruments rated in Peru, of which around 67.1% correspond to Peruvian Central Bank
(Peruvian Government&rsquo;s current rating is BBB in both domestic and foreign currency, according to Moody&rsquo;s) and approximately
20% have local ratings equal to or above A-. On the other hand, approximately US$2,844 million are financial instruments rated
abroad, of which 76.34% hold international ratings equal to or above BBB-. From another perspective, 64.9% of total available-for-sale
securities are exposed to Peru country risk; and 15.87% o are exposed to United States country risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Recent legislation regarding the
financial services industry&hellip;, page 15</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Please
                                                                                      expa</B></FONT><B>nd this risk factor in
                                                                                      future filings to describe how the government
                                                                                      measures you refer to are likely to increase
                                                                                      your costs and explain what aspects of your
                                                                                      business you will be required to change.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In future filings, the Company will include
specific details related to any material increase to costs that have resulted from Government measures to regulate the financial
industry, including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) and the Foreign Account
Tax Compliance Act (FATCA) of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 4. Information on the Company,
page 16</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>(B)(1) Business Overview &ndash;
Introduction &ndash; Review of 2011, page 18</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Banking segment, page 19</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                                                               note
                                                                                                                               your
                                                                                                                               disclosure
                                                                                                                               that
                                                                                                                               the
                                                                                                                               increase
                                                                                                                               in
                                                                                                                               provisions
                                                                                                                               in
                                                                                                                               2011
                                                                                                                               did
                                                                                                                               not
                                                                                                                               indicate
                                                                                                                               a
                                                                                                                               deterioration
                                                                                                                               of
                                                                                                                               portfolio
                                                                                                                               quality,
                                                                                                                               but
                                                                                                                               instead
                                                                                                                               reflected
                                                                                                                               the
                                                                                                                               determination
                                                                                                                               of
                                                                                                                               provisions
                                                                                                                               requirements
                                                                                                                               based
                                                                                                                               on
                                                                                                                               the
                                                                                                                               upper
                                                                                                                               limit
                                                                                                                               of
                                                                                                                               the
                                                                                                                               range
                                                                                                                               d</B></FONT><B>efined
                                                                                                                               by
                                                                                                                               IFRS
                                                                                                                               compliant
                                                                                                                               internal
                                                                                                                               modeling
                                                                                                                               of
                                                                                                                               reserves.
                                                                                                                               We
                                                                                                                               further
                                                                                                                               note
                                                                                                                               that
                                                                                                                               in
                                                                                                                               your
                                                                                                                               discussion
                                                                                                                               of
                                                                                                                               your
                                                                                                                               second
                                                                                                                               quarter
                                                                                                                               2012
                                                                                                                               results
                                                                                                                               in
                                                                                                                               your
                                                                                                                               Form
                                                                                                                               6-K
                                                                                                                               filed
                                                                                                                               on
                                                                                                                               August
                                                                                                                               8,
                                                                                                                               2012
                                                                                                                               you
                                                                                                                               attributed
                                                                                                                               the
                                                                                                                               significant
                                                                                                                               increase
                                                                                                                               in
                                                                                                                               provisions
                                                                                                                               to
                                                                                                                               your
                                                                                                                               conservative
                                                                                                                               policies
                                                                                                                               for
                                                                                                                               coverage
                                                                                                                               of
                                                                                                                               expected
                                                                                                                               losses
                                                                                                                               and
                                                                                                                               explained
                                                                                                                               that
                                                                                                                               given
                                                                                                                               that
                                                                                                                               you
                                                                                                                               are
                                                                                                                               concentrating
                                                                                                                               on
                                                                                                                               penetrating
                                                                                                                               untapped
                                                                                                                               low-income
                                                                                                                               sectors
                                                                                                                               of
                                                                                                                               the
                                                                                                                               population,
                                                                                                                               you
                                                                                                                               decided
                                                                                                                               to
                                                                                                                               move
                                                                                                                               towards
                                                                                                                               the
                                                                                                                               full
                                                                                                                               coverage
                                                                                                                               of
                                                                                                                               the
                                                                                                                               high
                                                                                                                               end
                                                                                                                               of
                                                                                                                               the
                                                                                                                               range
                                                                                                                               of
                                                                                                                               the
                                                                                                                               expected
                                                                                                                               losses
                                                                                                                               determined
                                                                                                                               using
                                                                                                                               your
                                                                                                                               internal
                                                                                                                               models.
                                                                                                                               Please
                                                                                                                               address
                                                                                                                               the
                                                                                                                               following:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Clarify whether your IFRS allowance methodology
is based on an incurred loss or expected loss model.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company confirms that its
IFRS allowance methodology is based on an incurred loss model and is aligned to requirements of IAS39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;&nbsp;</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>To the extent that the allowance for loan losses
recorded in your IFRS financial statements are based on incurred losses, please clarify the statements made in your August 8,
2012 Form 6-K with respect to providing high coverage (95%) of expected losses within your allowance for loan losses.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has built internal
models to estimate expected losses and its statement made in its August 8, 2012 Form 6-K intended to demonstrate that the level
of expected-losses is adequately covered by the allowance loan losses. However, Credicorp confirms that the level of provisions
for loan losses on the financial statements corresponds to the requirements of IFRS and that is based on an incurred loss model.
The Company clarifies that its August 8, 2012 Form 6-K was furnished to, not filed with, the Securities and Exchange Commission,
for purposes of Section 18 of the Securities Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>You also state in your August 8, 2012 Form 6-K
that loan loss provisions were increased above those required by your regulator, which already included additional provisions
for alignment to cover deterioration in the system. Please clarify for us the differences between your allowance model under IFRS
and that required by your regulator.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The main differences between
Credicorp&rsquo;s allowance model under IFRS and the requirements from our local regulator are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The regulator defines a percentage that must be applied
on every transaction and that depends on the type of borrower (e.g. corporate, SME, Consumer), the loan risk category of the borrower
(e.g. Normal, Potential Problem, Substandard, Doubtful and Loss), the existence of collateral and the type of collateral. As a
result, the calculations provide a specific amount of provisions required for the loan portfolio. This is further detailed on
page 79 of the Company&rsquo;s Form 20-F filed on April 30, 2012.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The regulator&rsquo;s methodology does not consider
scenario analysis therefore its methodology does not define a &ldquo;reasonable range&rdquo; as the one obtained with Credicorp&rsquo;s
allowance model under IFRS (AG paragraph 86 of IAS 39).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The regulator has an additional requirement (system
alignment) based on the loan risk category that the borrower has with other financial institutions. Each financial institution
must rate its clients and the loan risk category of the borrower can have a maximum difference of one notch considering the worst
category granted by an institution that holds 20% of more of the total debt. If a client has a better rating with the Company,
then additional provisions are required when considering the borrower&rsquo;s category with another institution.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The regulator has an additional pro-cyclical requirement
that is triggered when the GDP growth rate surpasses a certain threshold.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Revise your accounting policy disclosure in future
filings to provide a more detailed description of your allowance model, particularly with respect to your collectively assessed
allowance, and how qualitative factors are considered in the overall determination of your allowance. Please also explain how
your allowance model produces a range of losses and how you determine which point in the range reflects your best estimate of
probable incurred losses. Refer to paragraph AG86 of IAS 39.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U STYLE="text-decoration: none">&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In future filings Credicorp
will provide a more detailed explanation of its allowance model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Credicorp&rsquo;s Allowance
Model is a Loss Estimation Model and comprises a number of methodologies. Depending on the portfolio analyzed, each methodology
takes into account collateral recovery, debt due, maturity and qualitative aspects that reinforce the estimation. Some examples
of qualitative aspects are the complexity of the recovery process, sector trends, and recovery officer&rsquo;s judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The methodology includes three
estimation scenarios: Base, Upper Threshold, and Lower Threshold. These scenarios are generated modifying some assumptions, such
as collateral recovery and adverse effects due to changes in the political-economic environment. The process to choose the best
estimate within the range is based on management&rsquo;s best judgment, supplemented by historical loss experience, expert judgment
and the Company&rsquo;s strategy (e.g. penetration in new segments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Ensure that your disclosure in future filings related
to your allowance calculation reflects your accounting model under IFRS. In this regard, to the extent that you continue to refer
to models based on expected losses or regulatory required provisions in future filings (including Forms 6-K), clarify the basis
on which this information is being provided and reconcile these amounts to those calculated under IFRS.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">To avoid misunderstanding, in
future filings Credicorp will refer specifically to provisions for loan losses calculated under IFRS allowance models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company respectfully advises
the Staff that the level of provisions for loan losses that Credicorp records is defined based on its incurred-losses internal
models with which the Company calculates not only the base case but also, knowing that it is not possible to calculate the exact
amount of incurred losses, a reasonable range in which the level of such provisions would likely fall into. The Company&rsquo;s
incurred losses internal models are fully aligned to IAS 39 requirements and management closely monitors whether Credicorp remains
in compliance with that norm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>(B)(12)(iii) Business Overview &ndash;
Selected Statistical Information &ndash; Loan Portfolio, page 73</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Classification of the Loan Portfolio
Based on the Borrower&rsquo;s Payment Performance, page 81</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                                                               note
                                                                                                                               your
                                                                                                                               </B></FONT><B>disclosure
                                                                                                                               on
                                                                                                                               page
                                                                                                                               81
                                                                                                                               that
                                                                                                                               you
                                                                                                                               consider
                                                                                                                               loans
                                                                                                                               to
                                                                                                                               be
                                                                                                                               past
                                                                                                                               due
                                                                                                                               depending
                                                                                                                               on
                                                                                                                               their
                                                                                                                               type,
                                                                                                                               and
                                                                                                                               that
                                                                                                                               the
                                                                                                                               trigger
                                                                                                                               for
                                                                                                                               past
                                                                                                                               due
                                                                                                                               classification
                                                                                                                               can
                                                                                                                               be
                                                                                                                               anywhere
                                                                                                                               from
                                                                                                                               15
                                                                                                                               days
                                                                                                                               to
                                                                                                                               90
                                                                                                                               days
                                                                                                                               past
                                                                                                                               due.
                                                                                                                               We
                                                                                                                               also
                                                                                                                               note
                                                                                                                               that
                                                                                                                               for
                                                                                                                               consumer,
                                                                                                                               mortgage
                                                                                                                               and
                                                                                                                               leasing
                                                                                                                               loans,
                                                                                                                               you
                                                                                                                               only
                                                                                                                               recognize
                                                                                                                               payments
                                                                                                                               as
                                                                                                                               past
                                                                                                                               due
                                                                                                                               installments
                                                                                                                               if
                                                                                                                               the
                                                                                                                               loan
                                                                                                                               is
                                                                                                                               less
                                                                                                                               than
                                                                                                                               90
                                                                                                                               days
                                                                                                                               past
                                                                                                                               due,
                                                                                                                               but
                                                                                                                               that
                                                                                                                               the
                                                                                                                               entire
                                                                                                                               amount
                                                                                                                               of
                                                                                                                               the
                                                                                                                               loan
                                                                                                                               is
                                                                                                                               considered
                                                                                                                               past
                                                                                                                               due
                                                                                                                               if
                                                                                                                               any
                                                                                                                               amount
                                                                                                                               is
                                                                                                                               past
                                                                                                                               due
                                                                                                                               more
                                                                                                                               than
                                                                                                                               90
                                                                                                                               days,
                                                                                                                               as
                                                                                                                               required
                                                                                                                               by
                                                                                                                               SBS
                                                                                                                               regulatory
                                                                                                                               guidance.
                                                                                                                               Please
                                                                                                                               address
                                                                                                                               the
                                                                                                                               following:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Given that you refer to past due loans (PDLs) in
various disclosures throughout your Form 20-F, and provide a significant amount of focus on your PDLs and PDL ratios in your discussion
of your second quarter 2012 results included in your Form 6-K filed on August 8, 2012, please revise future filings to provide
more clarity around your definition of past due loans for each loan type and ensure that your disclosures of PDLs and related
ratios are made on a consistent basis.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In future filings, the Company
will provide more clarity with respect to its definition of past due loans for each loan type and ensure that its disclosures of
PDLs and related ratios are made on a consistent basis in all its reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Credicorp considers loans to
be past due depending on their type. As such, the Company considers loans past due for corporate, large business and medium business
loans after 15 days; for small and micro business loans after 30 days; and overdrafts after 30 days. In the case of consumer, mortgage
and leasing loans, which have installments, from 30 to 90 days Credicorp considers only the past due installments and after 90
days the Company considers the outstanding balance of the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Clarify whether there are any loans overdue by
16 days or more that are not included in the tabular disclosure on page 82. For example, would a mortgage loan that is overdue
by more than 16 days but not more than 90 days be included in the table? If not, please tell us how you determined that this presentation
of past due loans presents meaningful information to investors as it does not appear to accurately depict the actual delinquency
characteristics of your loan portfolio.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company confirms that all
overdue loans, following the definition included on page 81, are included in the tabular disclosure on page 82. Following the
example provided in the Staff letter, in the case of a mortgage overdue by more than 16 days but not more than 90 days, the Company
would have included the overdue installments under &ldquo;Past due 16-119&rdquo; and the remaining principal balance under &ldquo;Current&rdquo;.&nbsp;
After 90 days, if the installments are still unpaid, the entire principal amount would be classified as &ldquo;Past due 16-119&rdquo;.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Further with respect to your tabular disclosure
on page 82, it would appear, based on your policy, that the amount disclosed as overdue 120 days or more represents the full balance
of loans for which payments are overdue by more than 120 days, while the amount disclosed as overdue 16-119 days includes a combination
of both past due installments (for loans less than 90 days past due) and full loan balances (for loans 90-119 days past due).
In the interest of providing more meaningful and consistent disclosure under IFRS guidance, please revise your PDLs and related
ratios in future filings to reflect the full amount of the loan for which payments are past due. To the extent that SBS regulations
require that only the actual installments past due for certain loan categories be disclosed, consider providing this information
in a footnote to your tabular disclosure(s).</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In future filings, the Company
will provide a slightly different tabular disclosure that should give greater clarity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><IMG SRC="image_001.gif" ALT="" STYLE="height: 106px; width: 520px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) The amount would increase
to US$, if the outstanding balance of consumer, mortgage and leasing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">loans overdue
to 90 days or less are included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>We note your disclosure of past due and impaired
loans per IFRS 7 guidance on page F-98. Please explain how the SBS regulatory guidance related to recording and monitoring past
due installment amounts versus entire loan balance past due amounts differs from the past due loan guidance in IFRS 7 for each
loan type. Further, if a variance continues to exist between the past due loan amounts as disclosed on page 82 (or in various
other disclosures throughout your filing) and the past due and impaired loan amounts as disclosed on page F-98, please revise
your future filings to explain and/or reconcile between those two disclosures</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Credicorp discloses past due
and impaired loans on page 82 in accordance with SBS rules. The term to consider past due installments and entire loan balances
as past due in accordance with  SBS rules is described in response to the first bullet point of Comment 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The entire loan balance under
IFRS 7 is considered past due when debtors have failed to make a payment when contractually due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In future filings, Credicorp
will explain the difference between past due loans disclosed on page 82 and F-98 of our Form 20-F filed on April 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Please
                                                                                                                                                      tell
                                                                                                                                                      </B></FONT><B>us
                                                                                                                                                      how
                                                                                                                                                      you
                                                                                                                                                      have
                                                                                                                                                      complied
                                                                                                                                                      with
                                                                                                                                                      the
                                                                                                                                                      disclosures
                                                                                                                                                      guidance
                                                                                                                                                      set
                                                                                                                                                      forth
                                                                                                                                                      in
                                                                                                                                                      Item
                                                                                                                                                      III.C.1
                                                                                                                                                      of
                                                                                                                                                      Industry
                                                                                                                                                      Guide
                                                                                                                                                      3
                                                                                                                                                      with
                                                                                                                                                      respect
                                                                                                                                                      to
                                                                                                                                                      your
                                                                                                                                                      nonaccrual,
                                                                                                                                                      past
                                                                                                                                                      due
                                                                                                                                                      and
                                                                                                                                                      restructured
                                                                                                                                                      loans.
                                                                                                                                                      In
                                                                                                                                                      this
                                                                                                                                                      regard,
                                                                                                                                                      please
                                                                                                                                                      address
                                                                                                                                                      the
                                                                                                                                                      following:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>We note from your disclosure that you suspend interest
income when collection of loans is doubtful, when loans are overdue by more than 90 days, or when a borrower or securities issuer
defaults earlier than 90 days. Please revise your disclosure in future filings to clarify whether you have any loans that are
overdue by more than 90 days but are still accruing interest and disclose the amount of such loans pursuant to Item III.C.1 of
Industry Guide 3.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company respectfully advises
the Staff that Credicorp does not have any loans that are overdue by more than 90 days but that are still accruing interest. The
Company will provide a statement to that effect in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>We note that you disclose a measure of nonperforming
loans in your Form 6-K filed on August 8, 2012; however, we did not note similar disclosure in your Form 20-F, nor could we locate
a definition of what you consider to be a nonperforming loan. Please revise your future filings to clearly define what you consider
to be a nonperforming loan and disclose the amount of such loans pursuant to Item III.C.1 of Industry Guide 3.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In future filings, Credicorp
will provide the definition on nonperforming loans, which include past due loans plus refinanced and restructured loans that are
reported in the Company&rsquo;s Form 6-K and 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2011 past
due loans reached US$258.3 million and refinanced and restructured loans totaled US$96 million, as per the Company&rsquo;s disclosure
in its Form 20-F, page 19. Therefore, nonperforming loans (past due and refinanced &amp; restructured loans) amounted to US$354.3
million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In terms of ratios, as of December
31, 2011 the delinquency ratio (past due loan ratio) reached 1.47% and the past due, refinance and restructured loans over total
loans (nonperforming loan ratio) was 1%, as per the Company&rsquo;s disclosure in its Form 20-F, page 48.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 5. Operating and Financial Review
and Prospects, page 87</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>(A)(2) Operating Results &ndash;
Historical Discussion and Analysis, page 98</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Insurance Premiums and Claims on
Insurance Activities, page 102</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                      note your discussion of insurance premiums
                                                                                      on page 103 and that general insurance premiums
                                                                                      (which consist of various types of property
                                                                                      and casualty insurance) accounted for 43.4%
                                                                                      of total premiums. In the interest of providing
                                                                                      increased transparency into the significance
                                                                                      of your various insurance activities, please
                                                                                      revise your future filings to provide a
                                                                                      breakdown of your insurance premiums by
                                                                                      insurance type and ensure that premiums
                                                                                      from significant property and casualty insurance
                                                                                      products are separately disclosed. Consider
                                                                                      providing this information in a tabular
                                                                                      format.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credicorp will clarify in future filings
the breakdown of general insurance gross premiums for each period disclosing the significant property and casualty insurance products.
For instance, for 2011 this breakdown would be: Automobile, Fire and allied lines, Technical lines, Third party liability and Mandatory
automobile line. This information will be included in a tabular format.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>(B) Liquidity and Capital Resources, page 106</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                      note your disclosure that your average daily
                                                                                      ratios of liquid assets as a percentage
                                                                                      of short-term liabilities significantly
                                                                                      exceeded SBS requirements, demonstrating
                                                                                      your continuing excess liquidity. To supplement
                                                                                      this discussion and provide increased transparency
                                                                                      into your liquidity position, please consider
                                                                                      providing tabular disclosure in your future
                                                                                      filings of your available sources of excess
                                                                                      liquidity, including liquid assets and available
                                                                                      borrowing capacity.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credicorp will include this tabular disclosure
in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 11. Quantitative and Qualitative
Disclosures About Market Risk, page 128</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Trading Book, page 130</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>In
                                                                                                                               your
                                                                                                                               disclosure
                                                                                                                               on
                                                                                                                               pages
                                                                                                                               130
                                                                                                                               through
                                                                                                                               132,
                                                                                                                               you
                                                                                                                               refer
                                                                                                                               to
                                                                                                                               the
                                                                                                                               fact
                                                                                                                               that
                                                                                                                               you
                                                                                                                               calculate,
                                                                                                                               backtest
                                                                                                                               and
                                                                                                                               stress
                                                                                                                               test
                                                                                                                               VaR
                                                                                                                               on
                                                                                                                               a
                                                                                                                               Group,
                                                                                                                               or
                                                                                                                               consolidated,
                                                                                                                               basis.
                                                                                                                               However,
                                                                                                                               we
                                                                                                                               note
                                                                                                                               your
                                                                                                                               statement
                                                                                                                               on
                                                                                                                               page
                                                                                                                               131
                                                                                                                               that,
                                                                                                                               for
                                                                                                                               disclosure
                                                                                                                               purposes,
                                                                                                                               you
                                                                                                                               estimate
                                                                                                                               minimum,
                                                                                                                               maximum
                                                                                                                               and
                                                                                                                               average
                                                                                                                               VaR
                                                                                                                               for
                                                                                                                               only
                                                                                                                               BCP&rsquo;s
                                                                                                                               trading
                                                                                                                               book,
                                                                                                                               which
                                                                                                                               represents
                                                                                                                               80%
                                                                                                                               of
                                                                                                                               the
                                                                                                                               total
                                                                                                                               Group
                                                                                                                               trading
                                                                                                                               risk.
                                                                                                                               We
                                                                                                                               also
                                                                                                                               note
                                                                                                                               your
                                                                                                                               statement
                                                                                                                               on
                                                                                                                               page
                                                                                                                               132
                                                                                                                               that
                                                                                                                               BCP
                                                                                                                               recorded
                                                                                                                               one
                                                                                                                               backtesting
                                                                                                                               exception
                                                                                                                               during
                                                                                                                               2011.
                                                                                                                               Please
                                                                                                                               address
                                                                                                                               the
                                                                                                                               following:</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Clarify in future filings whether the disclosure
information included on pages 130 through 132 addresses your VaR calculation for the entire consolidated Group or for only the
BCP subsidiary, including the tabular disclosure of VaR by type of asset and VaR by risk type on page 131.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The information disclosed on
pages 130 to 132 addresses the VaR calculation for the entire consolidated Group. However, as the Company stated on page 131, minimum,
maximum and average VaR, and backtesting, are estimated for BCP&rsquo;s trading book.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>If your disclosure does relate to the entire consolidated
Group, please revise future filings to address why you present the minimum, maximum and average VaR for only the BCP subsidiary.
Also, please disclose how you incorporate this information into your consolidated VaR results. Similarly, revise future filings
to address why you disclose the number of backtesting exceptions for only the BCP subsidiary, and whether you perform backtesting
procedures on the remaining 20% of your portfolio that is exposed to trading risk.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Although, for reporting purposes,
the trading book positions for the entire Group are consolidated once a year in order to calculate a VaR, Credicorp calculates
VaR on a daily basis only for BCP and is in the process to replicate the methodology in the rest of its subsidiaries. In the meantime,
the Company uses other risk controls for these other subsidiaries. Credicorp will include in future filings a similar discussion
to explain why the Company presents calculations only for BCP, and why the Company does not perform backtesting procedures on the
remaining 20% of the portfolio exposed to trading risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>If your disclosure relates only to the VaR calculation
performed for the BCP subsidiary, please revise future filings to describe how you evaluate trading risk for the remaining 20%
of your portfolio. In addition, explain how you aggregate the BCP VaR information with the remaining 20% in order to determine
a consolidated Group VaR.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s disclosure
does relate to the entire consolidated Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>You disclose that your VaR model incorporates 17
market risk factors. Please revise future filings to discuss the limitations of using such a small number of market risk factors
in your analysis. Refer to Item 11(a)(4) of Form 20-F for guidance</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, Credicorp will
include, in future filings, a discussion about the number of market risk factors included in the VaR calculation. However, the
Company believes the 17 market risk factors incorporated into Credicorp&rsquo;s VaR model are adequate to measure the market risk
to which the Group&rsquo;s trading book is exposed, considering that it is mainly composed by Peruvian government bonds in both
Peruvian Nuevos Soles and US Dollars, USD/PEN forward contracts, interest rate swaps and USD/PEN cross currency swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 18. Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Report of Independent Registered
Public Accounting Firm, page F-3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                                                               refer
                                                                                                                               you
                                                                                                                               to
                                                                                                                               your
                                                                                                                               October
                                                                                                                               4,
                                                                                                                               2011
                                                                                                                               response
                                                                                                                               to
                                                                                                                               our
                                                                                                                               prior
                                                                                                                               comment
                                                                                                                               7,
                                                                                                                               in
                                                                                                                               which
                                                                                                                               you
                                                                                                                               indicated
                                                                                                                               that
                                                                                                                               you
                                                                                                                               would
                                                                                                                               include
                                                                                                                               a
                                                                                                                               dated
                                                                                                                               and
                                                                                                                               signed
                                                                                                                               report
                                                                                                                               from
                                                                                                                               your
                                                                                                                               independent
                                                                                                                               auditor
                                                                                                                               in
                                                                                                                               future
                                                                                                                               filings.
                                                                                                                               Please
                                                                                                                               amend
                                                                                                                               this
                                                                                                                               filing
                                                                                                                               to
                                                                                                                               include
                                                                                                                               the
                                                                                                                               dated
                                                                                                                               and
                                                                                                                               signed
                                                                                                                               report
                                                                                                                               of
                                                                                                                               your
                                                                                                                               independent
                                                                                                                               auditor.
                                                                                                                               Refer
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               2-02(a)
                                                                                                                               of
                                                                                                                               Regulation
                                                                                                                               S-X
                                                                                                                               and
                                                                                                                               Item
                                                                                                                               302
                                                                                                                               of
                                                                                                                               Regulation
                                                                                                                               S-T.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credicorp will re-file Item 18 to the Form 20-F filed on April
30, 2012 to include the audit report with the signature of the independent auditor (Medina, Zald&iacute;var, Paredes &amp; Asociados
S.C.R.L).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Notes to the consolidated financial
statements, page F-12</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 11. Other assets and liabilities,
page F-55</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                                                                note
                                                                                                                                your
                                                                                                                                rollforward
                                                                                                                                of
                                                                                                                                your
                                                                                                                                provision
                                                                                                                                for
                                                                                                                                sundry
                                                                                                                                risks
                                                                                                                                provided
                                                                                                                                on
                                                                                                                                page
                                                                                                                                F-57.
                                                                                                                                Please
                                                                                                                                tell
                                                                                                                                us
                                                                                                                                and
                                                                                                                                revise
                                                                                                                                your
                                                                                                                                future
                                                                                                                                filings
                                                                                                                                to
                                                                                                                                clarify
                                                                                                                                the
                                                                                                                                types
                                                                                                                                of
                                                                                                                                provisions
                                                                                                                                included
                                                                                                                                in
                                                                                                                                this
                                                                                                                                balance
                                                                                                                                and
                                                                                                                                tell
                                                                                                                                us
                                                                                                                                how
                                                                                                                                you
                                                                                                                                considered
                                                                                                                                the
                                                                                                                                guidance
                                                                                                                                in
                                                                                                                                paragraph
                                                                                                                                87
                                                                                                                                of
                                                                                                                                IAS
                                                                                                                                37
                                                                                                                                in
                                                                                                                                determining
                                                                                                                                that
                                                                                                                                the
                                                                                                                                nature
                                                                                                                                of
                                                                                                                                these
                                                                                                                                items
                                                                                                                                was
                                                                                                                                sufficiently
                                                                                                                                similar
                                                                                                                                to
                                                                                                                                warrant
                                                                                                                                aggregation
                                                                                                                                of
                                                                                                                                them
                                                                                                                                into
                                                                                                                                a
                                                                                                                                single
                                                                                                                                class.
                                                                                                                                In
                                                                                                                                addition,
                                                                                                                                please
                                                                                                                                tell
                                                                                                                                us
                                                                                                                                whether
                                                                                                                                you
                                                                                                                                have
                                                                                                                                any
                                                                                                                                other
                                                                                                                                classes
                                                                                                                                of
                                                                                                                                provisions
                                                                                                                                for
                                                                                                                                which
                                                                                                                                disclosure
                                                                                                                                is
                                                                                                                                required
                                                                                                                                under
                                                                                                                                paragraphs
                                                                                                                                84-85
                                                                                                                                of
                                                                                                                                IAS
                                                                                                                                37
                                                                                                                                and
                                                                                                                                if
                                                                                                                                so,
                                                                                                                                where
                                                                                                                                such
                                                                                                                                disclosures
                                                                                                                                are
                                                                                                                                located.
                                                                                                                                For
                                                                                                                                example,
                                                                                                                                it
                                                                                                                                would
                                                                                                                                appear
                                                                                                                                that
                                                                                                                                your
                                                                                                                                allowance
                                                                                                                                for
                                                                                                                                indirect
                                                                                                                                loan
                                                                                                                                losses
                                                                                                                                (which
                                                                                                                                is
                                                                                                                                classified
                                                                                                                                within
                                                                                                                                other
                                                                                                                                liabilities)
                                                                                                                                would
                                                                                                                                appear
                                                                                                                                to
                                                                                                                                meet
                                                                                                                                the
                                                                                                                                definition
                                                                                                                                of
                                                                                                                                a
                                                                                                                                provision
                                                                                                                                under
                                                                                                                                IAS
                                                                                                                                37,
                                                                                                                                however
                                                                                                                                it
                                                                                                                                does
                                                                                                                                not
                                                                                                                                appear
                                                                                                                                that
                                                                                                                                you
                                                                                                                                have
                                                                                                                                provided
                                                                                                                                separate
                                                                                                                                disclosure
                                                                                                                                of
                                                                                                                                this
                                                                                                                                provision
                                                                                                                                but
                                                                                                                                instead
                                                                                                                                have
                                                                                                                                included
                                                                                                                                it
                                                                                                                                within
                                                                                                                                your
                                                                                                                                allowance
                                                                                                                                for
                                                                                                                                loan
                                                                                                                                losses
                                                                                                                                disclosure
                                                                                                                                which
                                                                                                                                you
                                                                                                                                presented
                                                                                                                                in
                                                                                                                                the
                                                                                                                                aggregate
                                                                                                                                for
                                                                                                                                both
                                                                                                                                direct
                                                                                                                                (on-balance
                                                                                                                                sheet)
                                                                                                                                and
                                                                                                                                indirect
                                                                                                                                (off-balance
                                                                                                                                sheet)
                                                                                                                                loans.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total provision for sundry risks includes
mainly provisions for civil cases, labor cases and guarantees to clients. Given the nature of the items and the total amount of
the provision (representing 0.1% of total liabilities), Credicorp considers that no further detail is necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a banking practice, the allowance for
indirect loans is included within the allowance for loan losses disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 14. Technical reserves, insurance
claims reserves and reserves for unearned premiums, page F-62</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Your
                                                                                       disclosure on pages F-23 and F-24 indicates
                                                                                       that your insurance contract liabilities
                                                                                       are comprised of claims reserves (including
                                                                                       an estimate of IBNR) as well as provisions
                                                                                       for unearned premiums and unexpired risks.
                                                                                       Your tabular disclosure on pages F-62 and
                                                                                       F-63, however, segregates your insurance
                                                                                       contract liabilities into claims reserves
                                                                                       (direct and assumed) and technical reserves,
                                                                                       which do not appear to align with your
                                                                                       definition of technical reserves disclosed
                                                                                       on page 45. Please revise your future filings
                                                                                       to more clearly link these disclosures,
                                                                                       and provide more clarity around what constitutes
                                                                                       a claims reserve versus a technical reserve
                                                                                       for each type of insurance. Please also
                                                                                       more clearly explain the activity in your
                                                                                       rollforward of technical reserves on page
                                                                                       F-63.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In future filings, Credicorp will include
the following paragraph in the notes to the consolidated financial statements (for our Form 20-F filed on April 30, 2012), after
the third paragraph of note 14 (a), page F-62 to be aligned with the definition of the technical reserves on page 45:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Technical reserves comprise reserves
for future benefit obligation under its in-force life and accident insurance policies and the unearned premium reserves in respect
of the portion of premiums written that is allocable to the unexpired portion of the related policy periods.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 29.7. Financial risk management
&ndash; Fair value, page F-120</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                                                                                                                note
                                                                                                                                that
                                                                                                                                a
                                                                                                                                significant
                                                                                                                                amount
                                                                                                                                of
                                                                                                                                your
                                                                                                                                fair
                                                                                                                                value
                                                                                                                                measurements
                                                                                                                                are
                                                                                                                                classified
                                                                                                                                within
                                                                                                                                Level
                                                                                                                                2
                                                                                                                                of
                                                                                                                                the
                                                                                                                                fair
                                                                                                                                value
                                                                                                                                hierarchy.
                                                                                                                                We
                                                                                                                                also
                                                                                                                                note
                                                                                                                                that
                                                                                                                                you
                                                                                                                                provide
                                                                                                                                a
                                                                                                                                brief,
                                                                                                                                high
                                                                                                                                level
                                                                                                                                discussion
                                                                                                                                of
                                                                                                                                the
                                                                                                                                valuation
                                                                                                                                techniques
                                                                                                                                used
                                                                                                                                to
                                                                                                                                value
                                                                                                                                such
                                                                                                                                instruments
                                                                                                                                on
                                                                                                                                page
                                                                                                                                F-123.
                                                                                                                                Given
                                                                                                                                the
                                                                                                                                different
                                                                                                                                types
                                                                                                                                of
                                                                                                                                financial
                                                                                                                                instruments
                                                                                                                                carried
                                                                                                                                at
                                                                                                                                fair
                                                                                                                                value
                                                                                                                                and
                                                                                                                                the
                                                                                                                                varying
                                                                                                                                degrees
                                                                                                                                of
                                                                                                                                complexity
                                                                                                                                associated
                                                                                                                                with
                                                                                                                                valuing
                                                                                                                                such
                                                                                                                                instruments,
                                                                                                                                please
                                                                                                                                revise
                                                                                                                                your
                                                                                                                                future
                                                                                                                                filings
                                                                                                                                to
                                                                                                                                disclose
                                                                                                                                the
                                                                                                                                valuation
                                                                                                                                methods
                                                                                                                                and
                                                                                                                                assumptions
                                                                                                                                used
                                                                                                                                in
                                                                                                                                determining
                                                                                                                                the
                                                                                                                                fair
                                                                                                                                value
                                                                                                                                for
                                                                                                                                each
                                                                                                                                class
                                                                                                                                of
                                                                                                                                financial
                                                                                                                                instrument
                                                                                                                                pursuant
                                                                                                                                to
                                                                                                                                the
                                                                                                                                guidance
                                                                                                                                in
                                                                                                                                paragraph
                                                                                                                                27
                                                                                                                                of
                                                                                                                                IFRS
                                                                                                                                7.
                                                                                                                                Consideration
                                                                                                                                should
                                                                                                                                also
                                                                                                                                be
                                                                                                                                given
                                                                                                                                to
                                                                                                                                providing
                                                                                                                                this
                                                                                                                                disclosure
                                                                                                                                on
                                                                                                                                a
                                                                                                                                more
                                                                                                                                granular
                                                                                                                                level
                                                                                                                                (e.g,
                                                                                                                                by
                                                                                                                                product
                                                                                                                                type).</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In future filings, Credicorp will disclose
the fair value hierarchy by type of product of financial instrument and the related valuation methods and assumptions used in determining
their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, financial assets
classified within Level 2 of the fair value hierarchy mainly comprised Peruvian Central Bank (BCRP) certificates of deposit and
corporate bonds, 50.6% and 25.9% of the total, respectively. BCRP certificates of deposit and corporate bonds are mainly valued
considering observable current market transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These valuations are performed calculating
the Net Present Value (NPV) for each BCRP certificate of deposit and corporate bond, through discounted cash flows, using appropriate
zero coupon rate curves for discounting cash flows in the appropriate currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company hereby acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company is responsible for the adequacy and accuracy
of the disclosure in the filing;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Staff comments or changes to disclosure in response
to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company may not assert Staff comments as a defense
in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please do not hesitate to contact me at (202) 942-5082 to discuss
this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Gregory Harrington</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Arnold &amp; Porter LLP</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Mr. Alvaro Correa</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Credicorp Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
