<SEC-DOCUMENT>0001140361-22-013788.txt : 20220408
<SEC-HEADER>0001140361-22-013788.hdr.sgml : 20220408
<ACCEPTANCE-DATETIME>20220408160926
ACCESSION NUMBER:		0001140361-22-013788
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20220407
FILED AS OF DATE:		20220408
DATE AS OF CHANGE:		20220408

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14014
		FILM NUMBER:		22817078

	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>6-K
<SEQUENCE>1
<FILENAME>brhc10036247_6k.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using EDGARfilings PROfile 8.2.0.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
  <div>
    <div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 6-K</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Report of Foreign Private Issuer</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Pursuant to Rule 13a-16 or 15d-16 under the</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Securities Exchange Act of 1934</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the month of April 2022</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Commission File Number: 001-14014</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">CREDICORP LTD.</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">(Translation of registrant&#8217;s name into English)</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Of our subsidiary</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Banco de Credito del Peru:</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Calle Centenario 156</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">La Molina</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Lima 12, Peru</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">(Address of principal executive office)</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Form 20-F &#9746; Form 40-F &#9744;</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">&#160;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">&#160;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</div>
      <div><br>
      </div>
      <div>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zdabae8451ded46df9f078f8143e754a0">

            <tr>
              <td style="width: 100.00%;"><img src="image00001.jpg"></td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">April 7, 2022</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Securities and Exchange Commission - SEC</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Re.: MATERIAL EVENT</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Dear Sirs:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">We hereby notify you as a Material Event that Fitch Ratings has affirmed the credit rating of Credicorp Ltd. (Credicorp) at &#8216;BBB&#8217; and the outlook at stable.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The information in this Form 6-K regarding the rating of Fitch Ratings has been disclosed in Peru in conformity with Peruvian law (Article 28 of the Capital Markets Law, approved by Supreme Decree 093-2002-EF, and by
        the Regulation of the Disclosure of Material Events and Reserved Information approved by Resolution 005-2014-SMV/01 of the Peruvian Capital Markets Superintendency). The ratings of Fitch Ratings do not necessarily represent the opinion of
        Credicorp, nor should they be seen as a recommendation to buy shares or any other securities of Credicorp. Credicorp accepts no liability for the completeness, timeliness, accuracy or selection of such information.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The information in this Form 6-K (including any exhibit hereto) shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &#8216;Exchange Act&#8217;) or otherwise subject to the
        liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Sincerely,</div>
      <div><br>
      </div>
      <div style="text-align: justify;">/s/ <u>Miriam B&#246;ttger</u></div>
      <div style="text-align: justify;">Authorized Representative</div>
      <div style="text-align: justify;">Credicorp Ltd.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="part_1_2_1"></a>SIGNATURE</div>
      <div><br>
      </div>
      <div style="text-indent: 29.7pt; color: rgb(0, 0, 0);">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
      <div><br>
      </div>
      <div style="text-indent: 29.7pt; color: rgb(0, 0, 0);">Date: April 7, 2022</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z0ab25f44807a4ff980014516b6895118" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.62%; vertical-align: top;"><br>
            </td>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">CREDICORP LTD.</div>
              <div style="color: rgb(0, 0, 0);">(Registrant)</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Miriam B&#246;ttger</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Miriam B&#246;ttger</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Authorized Representative</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50%;" rowspan="1">&#160;</td>
                <td style="width: 50%; text-align: right;" rowspan="1"><img src="image00002.jpg"></td>
              </tr>
              <tr>
                <td style="width: 50%;" rowspan="1">&#160;</td>
                <td style="width: 50.00%;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%;" rowspan="1">
                  <div style="text-align: left;">07 APR 2022</div>
                </td>
                <td style="width: 50.00%;" rowspan="1">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
        <div style="font-weight: bold;">Fitch Affirms Banco de Credito del Peru at &#8216;BBB&#8217;; Outlook Stable</div>
        <div>&#160;</div>
        <div>Fitch Ratings - New York - 07 Apr 2022: Fitch Ratings has affirmed Banco de Credito Del Peru S.A.&#8217;s (BCP) Viability Rating (VR) and Long-Term Issuer Default Ratings (IDRs) at &#8216;bbb&#8217; and &#8216;BBB&#8217;, respectively. The Rating Outlook for the Long-Term
          IDRs is Stable. At the same time, Fitch Ratings has affirmed its holding company Credicorp Ltd IDR at &#8216;BBB&#8217; with a Stable Outlook.</div>
        <div>&#160;</div>
        <div>Fitch is also withdrawing BCP&#8217;s Support Rating and Support Rating Floor as they are no longer relevant to the agency&#8217;s coverage following the publication of Fitch&#8217;s updated Bank Rating Criteria on Nov. 12, 2021. In line with the updated
          criteria, Fitch has assigned a Government Support Rating (GSR) of &#8216;bbb-&#8217; to BCP.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Key Rating Drivers</div>
        <div>&#160;</div>
        <div>BCP</div>
        <div>&#160;</div>
        <div>VR, IDRS AND SENIOR DEBT</div>
        <div><br>
        </div>
        <div>BCP&#8217;s IDRs are driven by its VR of &#8216;bbb&#8217;, which is in line with the implied VR. Fitch believes the operating environment factor influences BCP ratings. The bank&#8217;s leading franchise and well diversified business profile, as well as its sound
          financial profile, underpin BCP&#8217;s ratings. BCP&#8217;s ratings are constrained to the sovereign level due to limited geographic diversification outside of Peru and material exposure to foreign currency.</div>
        <div>&#160;</div>
        <div>The Stable Outlook on the Long-Term IDRs reflects Fitch&#8217;s view that BCP&#8217;s core financial metrics have sufficient headroom to maintain its current ratings, even if economic conditions are moderately weaker than Fitch&#8217;s base case because of
          external shocks or ongoing political and policy uncertainty.</div>
        <div>&#160;</div>
        <div>BCP is the largest bank in the Peruvian financial system. It is the main subsidiary of Credicorp Ltd, the largest financial holding in Peru. At YE 2021, BCP&#8217;s consolidated numbers show a market share of 30.3% by loans and 29.9% by deposits. It
          enjoys leadership in all major segments and products.</div>
        <div>&#160;</div>
        <div>BCP&#8217;s consolidated loan quality ratios were impacted by the maturity of loans related to Reactiva program after the grace period that started to finish in June 2021, as expected by Fitch. In consequence, some clients present delays in their
          payments and some other asked for refinancing. The bank&#8217;s consolidated PDL greater than 90 days slightly deteriorated to 3.06% at YE 2021 from 2.96% at YE 2020.</div>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div>However, even with this deterioration, BCP&#8217;s asset quality is well within the benchmarks for its rating category. Loan impairment charges as a proportion of average gross loans ratio returned to pre- pandemic levels at YE 2021 (1.44%)
          following a sharp increase in 2020 due to the pandemic.</div>
        <div> <br>
        </div>
        <div>Consolidated reserve coverage is beginning to revert to historical levels (YE 2021: 199.8%; 2017-2019 average: 186.5%), but it still remains high and sufficient to cover expected losses.</div>
        <div>&#160;</div>
        <div>BCP&#8217;s capital position benefits from conservative internal solvency limits, recurrent profitability, moderate asset growth, and conservative dividend policy. BCP&#8217;s FCC ratio stood at 12.48% at YE 2021, reflecting higher risk-weight average
          (RWA) density (risk weighted assets to total assets ratio). BCP&#8217;s regulatory capital ratio was 14.9% as of December 2021, remaining above the minimum expected regulatory ratio, including buffers, of 9.47%. Fitch expects improving profitability to
          support BCP&#8217;s FCC ratio at an adequate level in 2022, and when considered with material excess reserve coverage of impaired loans, will remain consistent with its current rating.</div>
        <div>&#160;</div>
        <div>Historically, profitability has been a strength relative to domestic peers and is at the higher end of the benchmark range for its rating category. Lower loan impairment charges positively affected profitability, with net income close to 2019
          levels. In addition, a positive impact came from liability management during 2021. On the other hand, operational expenses increased due to the bank&#8217;s digitalization strategy, including new infrastructure and new positions as well as the impact
          resulted from the branches&#8217; adaptation.</div>
        <div>&#160;</div>
        <div>The bank&#8217;s operating profit to risk weighted assets ratio increased significantly to 2.71% at YE 2021 (YE 2020: 0.67%. 2016-2019 average: 3.70%). Though this remains below pre-pandemic levels, Fitch expects profitability to recover to this
          level in the next 18 months. Gradual change of the business mix in favor of retail lending different to those from the Reactiva program should slightly pressure provision expenses upward.</div>
        <div>&#160;</div>
        <div>BCP benefits from a well-diversified and low-cost deposit base consisting predominantly of demand and savings deposits, which comprised about 80% of customer deposits at YE 2021 BCP has the highest deposit market share in the country across
          all major products (32%) and has historically benefited from flight to quality in times of stress. BCP&#8217;s loan to deposit ratio was 101.9% at YE 2021, slightly below the ratio from 2020 when liquidity from Reactiva and the pension funds
          withdrawals were present in the system. Fitch expects this ratio to return to historical levels in 2022 as loan growth recovers in segments not related to government programs.</div>
        <div>&#160;</div>
        <div>BCP&#8217;s senior unsecured bonds are rated at the same level as the bank&#8217;s IDRs, considering the absence of credit enhancement or any subordination feature.</div>
        <div>&#160;</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="font-weight: bold;">Rating Sensitivities</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Factors that could, individually or collectively, lead to negative rating action/ downgrade:</div>
        <div>&#160;</div>
        <div>BCP</div>
        <div><br>
        </div>
        <div>VR, IDRs AND SENIOR DEBT</div>
        <div> <br>
        </div>
        <div>--BCP IDRs are sensitive to a material deterioration in the local operating environment or a negative sovereign rating action;</div>
        <div>&#160;</div>
        <div>--BCP&#8217;s VRs could be negatively affected if the banks&#8217; asset quality deteriorates significantly and causes a sustained decline in the banks&#8217; operating profits to RWA ratio to below 2.5% and in the bank&#8217;s FCC/ adjusted RWA ratio to less than
          10% (assuming the maintenance of excess reserves and non-core loss absorbing capital) for more than four consecutive quarters;</div>
        <div>&#160;</div>
        <div>--The ratings could also be pressured by a material deterioration of asset quality and profitability metrics due to the disruption of economic activity as a result of to the political turmoil;</div>
        <div>&#160;</div>
        <div>--BCP&#8217;s senior debt ratings would move in line with its Long-Term IDR.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Factors that could, individually or collectively, lead to positive rating action/upgrade:</div>
        <div>&#160;</div>
        <div>--There is limited upside potential for BCP&#8217;s ratings given the sovereign&#8217;s current rating and Outlook and under the light of the increasingly challenging operating environment;</div>
        <div>&#160;</div>
        <div>--Over the medium term, ratings could be upgraded by the confluence of an improvement of the operating environment and the bank&#8217;s financial profile;</div>
        <div>&#160;</div>
        <div>--BCP&#8217;s senior debt ratings would move in line with its Long-Term IDR. <font style="font-weight: bold;"></font></div>
        <div><font style="font-weight: bold;"> <br>
          </font></div>
        <div><font style="font-weight: bold;">OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS </font></div>
        <div> <br>
        </div>
        <div>GOVERNMENT SUPPORT RATING</div>
        <div>&#160;</div>
        <div>Given its size and systemic importance, BCP is likely to receive support from the Peruvian government, should it be required, underpinning its GSR of &#8216;bbb&#8217;. The sovereign&#8217;s ability to provide support is reflected in its &#8216;BBB&#8217;/Stable IDR, which
          is underpinned by its sound financial position, ample international reserves and low debt levels. BCP&#8217;s 30% market share in deposits and its outsized presence in all business segments make it a crucial part of Peru&#8217;s financial sector.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Factors that could, individually or collectively, lead to negative rating action/ downgrade:</div>
        <div>&#160;</div>
        <div>--BCP&#8217;s GSR would be affected if Fitch negatively changes its assessment of the government&#8217;s ability and/or willingness to support the bank.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Factors that could, individually or collectively, lead to positive rating action/upgrade:</div>
        <div>&#160;</div>
        <div>--BCP&#8217;s GSR would be affected if Fitch positively changes its assessment of the government&#8217;s ability and/or willingness to support the bank.</div>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="font-weight: bold;">SUBSIDIARIES &amp; AFFILIATES: KEY RATING DRIVERS</div>
        <br>
        <div>CREDICORP LTD</div>
        <div><br>
        </div>
        <div>IDRS AND SENIOR DEBT</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Credicorp&#8217;s IDRs are driven primarily by the IDR of its main subsidiary, BCP, which has a strong business and financial profile. Credicorp&#8217;s Foreign Currency Long-Term IDR of &#8216;BBB&#8217; with Stable Outlook is equalized
          to BCP&#8217;s rating.</div>
        <div>&#160;</div>
        <div>The equalization is mainly driven by Credicorp&#8217;s low double leverage and its strong liquidity management. Double leverage is low and reached 101.8% (similar to that of YE 2020, 100.32%). There is a long track record of significant dividend
          flows that provide the bulk of Credicorp&#8217;s liquidity</div>
        <div>&#160;</div>
        <div style="text-align: justify;">Credicorp is a non-operating holding company that maintains an integrated business platform composed of leading Peruvian and Bolivian banking, insurance, pension, and asset and wealth management companies.</div>
        <div>&#160;</div>
        <div>The capital structure of Credicorp&#8217;s benefits from its subsidiaries profitability, which allows Credicorp to maintain consistent dividend flows. Asset quality ratios on a consolidated basis were: 90-days impaired loans to total loan ratio at
          YE 2021 was at 2.85% (YE 2020: 2.78%) and reserve coverage was 201.7% (YE 2020: 258.2%).</div>
        <div>&#160;</div>
        <div>Consolidated profitability is improving but still far from pre-pandemic levels (ROAE and ROAA at YE 2021: 14.26% and 1.50% respectively).</div>
        <div>&#160;</div>
        <div>The senior global debt rating is at the same level as Credicorp&#8217;s Long-Term IDRs of &#8216;BBB+&#8217;, as the likelihood of default of the notes is the same as that of Credicorp.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-weight: bold;">SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Factors that could, individually or collectively, lead to negative rating action/ downgrade:</div>
        <div>&#160;</div>
        <div>CREDICORP LTD</div>
        <div><br>
        </div>
        <div>IDRS AND SENIOR DEBT</div>
        <div>&#160;</div>
        <div>--Credicorp&#8217;s IDRs would remain at the same level as BCP&#8217;s and would move in tandem with any rating actions on its main operating subsidiary. However, the relativity between these two entities&#8217; ratings could also be affected and the holding
          company downgraded, in the event of a material and sustained increase in Credicorp&#8217;s double-leverage metrics (above 1.2x), and if Fitch perceives a material weakening of the holding company&#8217;s liquidity position and its management;</div>
        <div>&#160;</div>
        <div>--Additionally, a change in the dividend flows from the operating companies or debt levels at the holding company that affects its debt coverage ratios could also be detrimental to its ratings;</div>
        <div>&#160;</div>
        <div>--The ratings for Credicorp&#8217;s senior unsecured debt would move in line with Credicorp&#8217;s Long-Term IDR.</div>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="font-weight: bold;">Factors that could, individually or collectively, lead to positive rating action/upgrade:</div>
        <div>&#160;</div>
        <div>Factors that could, individually or collectively, lead to positive rating action/upgrade:</div>
        <div><br>
        </div>
        <div>--Credicorp Ltd&#8217;s ratings would move in tandem with positive rating actions on its main operating subsidiary, BCP.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">VR ADJUSTMENTS</div>
        <div>&#160;</div>
        <div>--The Operating Environment score has been assigned above the implied score due to the following adjustment reason: Sovereign Rating (positive);</div>
        <div>&#160;</div>
        <div>--The Capitalization and Leverage score has been assigned above the implied score due to the following adjustment reason: Reserve coverage and asset valuation (positive).</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Best/Worst Case Rating Scenario</div>
        <div>&#160;</div>
        <div>International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a
          three-year rating horizon; and a worst-case rating downgrade&#160;&#160; scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario
          credit ratings for all&#160; &#160; rating categories ranges from &#8216;AAA&#8217; to &#8216;D&#8217;. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used&#160; to&#160; determine&#160; sector- specific best- and
          worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/ 10111579</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING</div>
        <div>&#160;</div>
        <div>The principal sources of information used in the analysis are described in the Applicable Criteria.</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Public Ratings with Credit Linkage to other ratings</div>
        <div>&#160;</div>
        <div>The ratings of Credicorp Ltd are linked to Banco de Credito del Peru ratings as it is its main subsidiary.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">ESG Considerations</div>
        <div>&#160;</div>
        <div>Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of &#8216;3&#8217;. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in
          which they are being managed by the entity. For more information on Fitch&#8217;s ESG Relevance Scores, visit www.fitchratings.com/esg</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Fitch Ratings Analysts</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Robert Stoll</div>
        <div>Director</div>
        <div>Primary Rating Analyst</div>
        <div>+1 212 908 9155</div>
        <div>Fitch Ratings, Inc. Hearst Tower 300 W. 57th Street New York, NY 10019</div>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="font-weight: bold;">Andres Marquez</div>
        <div>Senior Director </div>
        <div>Secondary Rating Analyst</div>
        <div>+57 601 484 6771</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Veronica Chau</div>
        <div>Senior Director</div>
        <div> Committee Chairperson</div>
        <div>+52 81 4161 7069</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Media Contacts</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Sandro Scenga</div>
        <div>New York</div>
        <div>+1 212 908 0278</div>
        <div>sandro.scenga@thefitchgroup.com</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Rating Actions</div>
        <div> <br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z0cd0769e7b704b1e89c1a260f8e9c8f1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 19%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ENTITY/DEBT</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">RATING</div>
                  </td>
                  <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="text-align: center; color: rgb(0, 0, 0);">&#160;</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 15.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">RECOVERY</div>
                  </td>
                  <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">PRIOR</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Credicorp Ltd.</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">LT IDR</div>
                  </td>
                  <td style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">BBB&#160;</div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image00003.jpg"></td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#160;</div>
                  </td>
                  <td style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">BBB&#160;</div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image00003.jpg"></td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">ST IDR</div>
                  </td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">F2</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#160;</div>
                  </td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">F2</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#8226;&#160; senior unsecured</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">LT</div>
                  </td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">BBB</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">BBB</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Banco de Credito del Peru S.A.</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">LT IDR</div>
                  </td>
                  <td style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">BBB&#160;</div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image00003.jpg"></td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">BBB&#160;</div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image00003.jpg"></td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#160;</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">ST IDR</div>
                  </td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">F2</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#160;</div>
                  </td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">F2</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#160;</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">LC LT IDR</div>
                  </td>
                  <td style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">BBB&#160;</div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image00003.jpg"></td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#160;</div>
                  </td>
                  <td style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">BBB&#160;</div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image00003.jpg"></td>
                </tr>

            </table>
          </div>
          <br>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageFooter"></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            <div id="DSPFPageHeader"></div>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z4eb5b8782aa944ed8a82b8a17a799709" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
                  </td>
                  <td style="width: 19%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;">ENTITY/DEBT</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">RATING</font></td>
                  <td style="width: 15.56%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 15.56%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 15.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">RECOVERY</div>
                  </td>
                  <td style="width: 15.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">PRIOR</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div><br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;<br>
                      <br>
                    </div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>LC ST IDR</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>F2</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 15.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>F2</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div><br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;<br>
                    </div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Viability</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>bbb</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 15.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>bbb</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;<br>
                    </div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Support</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>WD</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Withdrawn</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 15.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>2</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div>&#160; <br>
                    </div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div>Support Floor</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div>WD</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div>Withdrawn</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </td>
                  <td style="width: 15.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">BBB-</td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div>&#160; <br>
                    </div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div>Government Support</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">bbb-<br>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">New Rating</td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </td>
                  <td style="width: 15.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1">
                    <div><br>
                    </div>
                    &#160;</td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div style="color: rgb(0, 0, 0);">&#8226;&#160; senior unsecured</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">LT</td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">BBB</td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div>Affirmed</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </td>
                  <td style="width: 15.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">BBB</td>
                </tr>

            </table>
            <div>&#160;</div>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z256087188a8247f5bb087a024bd49d7c">

              <tr>
                <td style="width: 15%; font-weight: bold;">RATINGS KEY</td>
                <td style="width: 15%; font-weight: bold;">OUTLOOK</td>
                <td style="width: 70%; font-weight: bold;">WATCH</td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 70%; font-weight: bold;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">POSITIVE</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1">
                  <div style="text-align: left;"><img width="17" border="0" height="17" src="image00004.jpg"></div>
                </td>
                <td style="width: 70%; font-weight: bold;" rowspan="1"><img width="17" border="0" height="17" src="image00007.jpg"></td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 70%; font-weight: bold;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">NEGATIVE</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1">
                  <div style="text-align: left;"><img width="17" border="0" height="17" src="image00005.jpg"></div>
                </td>
                <td style="width: 70%; font-weight: bold;" rowspan="1">
                  <div style="text-align: left;"><img width="17" border="0" height="17" src="image00008.jpg"></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 70%; font-weight: bold;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">EVOLVING</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1">
                  <div style="text-align: left;"><img width="17" border="0" height="17" src="image00006.jpg"></div>
                </td>
                <td style="width: 70%; font-weight: bold;" rowspan="1">
                  <div style="text-align: left;"><img width="17" border="0" height="17" src="image00009.jpg"></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1">&#160;</td>
                <td style="width: 70%; font-weight: bold;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 15%; font-weight: bold;" rowspan="1">STABLE</td>
                <td style="width: 15%; font-weight: bold;" rowspan="1"><img width="16" border="0" height="16" src="image00003.jpg"> </td>
                <td style="width: 70%; font-weight: bold;" rowspan="1">&#160;</td>
              </tr>

          </table>
          <br>
          <div>
            <div style="font-weight: bold;">Applicable Criteria</div>
            <div>&#160;</div>
            <div>Bank Rating Criteria (pub.12 Nov 2021) (including rating assumption sensitivity)</div>
            <div>&#160;</div>
            <div>Future Flow Securitization Rating Criteria (pub.04 May 2021) (including rating assumption sensitivity)</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Additional Disclosures</div>
            <div>&#160;</div>
            <div>Solicitation Status</div>
            <div><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageFooter"></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div id="DSPFPageHeader"></div>
            </div>
            <div style="font-weight: bold;">Endorsement Status</div>
          </div>
        </div>
        <br>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z27127167aa6741e9b9967431da93293e">

              <tr>
                <td style="width: 30%;">
                  <div>Banco de Credito del Peru S.A.</div>
                </td>
                <td style="width: 70%;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td style="width: 30%;" rowspan="1">&#160;</td>
                <td style="width: 70%;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 30%;" rowspan="1">Credicorp Ltd.</td>
                <td style="width: 70%;" rowspan="1">EU Endorsed, UK Endorsed</td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Disclaimer &amp; Copyright</div>
        <div>&#160;</div>
        <div>All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/ understandingcreditratings. In addition, the
          following https://www.fitchratings.com/rating- definitions-document details Fitch&#8217;s rating definitions for each rating scale and rating categories, including definitions relating to default. Published ratings, criteria, and methodologies are
          available from this site at all times. Fitch&#8217;s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the Code of Conduct section of this site.
          Directors and shareholders&#8217;&#8482; relevant interests are available at https://www.fitchratings.com/site/regulatory. Fitch may have provided another permissible or ancillary service to the rated entity or its related third parties. Details of
          permissible or ancillary service(s) for which the lead analyst is based in an ESMA- or FCA-registered Fitch Ratings company (or branch of such a company) can be found on the entity summary page for this issuer on the Fitch Ratings website.</div>
        <div>&#160;</div>
        <div>In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch
          conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are
          available for a given security or in a given jurisdiction. The manner of Fitch&#8217;s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the
          requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the
          availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of
          independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch&#8217;s ratings and reports should understand that
          neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be acc+u+rate and complete. Ultimately, the issuer and its advisers are
          responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with
          respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that
          by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or
          affirmed.</div>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div>The information in this report is provided &#8220;as is&#8221; without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the
          report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and
          reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is
          specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated
          therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection
          with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any
          security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers,
          insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues
          issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment,
          publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and
          Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days
          earlier than to print subscribers.</div>
        <div>&#160;</div>
        <div>For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings
          information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.</div>
        <div> <br>
        </div>
        <div>Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the &#8220;NRSRO&#8221;). While certain of the NRSRO&#8217;s credit rating subsidiaries are listed on Item 3 of Form
          NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the &#8220;non-NRSROs&#8221;) and therefore credit ratings
          issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.</div>
        <div><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div>Copyright &#169; 2022 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is
          prohibited except by permission. All rights reserved.</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Endorsement policy</div>
        <div>&#160;</div>
        <div>Fitch&#8217;s international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA
          Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch&#8217;s approach to endorsement in the EU and the UK can be found on Fitch&#8217;s Regulatory Affairs page on Fitch&#8217;s website. The endorsement
          status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.</div>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  Q 4$# 2(  A$! Q$!_\0
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M]]45\=^-/@WXX^&%B_B?PIXJNK]+)1)<&$/#*B Y)*;F#H, D$],Y& :]^^
MOC^3XB> XM2O5C34[>4VUVJ$89P 0X'8,".#W!H ]&HHHH ^2/VK)G\0_&#P
MEX5EDDAM2L*;@<@&>;86"^H"CZU]7:986VF:?;6-A$L-I;1K#%&O1548 KY:
M_:ZTN[T'QUX6\<6<?F)&T<1W\H)87,B*0,=1GOSM/3%?2O@_Q)IWBWP[9:UH
MTZS6=R@88/*-W1AV8'@B@#9HHHH *^6/VG_^2V?#S_>A_P#2D5]3U\L?M/\
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MCX5"?J%)'LPH ]HKY"_:J_Y+QX0_Z]+7_P!*I*^O:^0OVJO^2\>$/^O2U_\
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( !1110!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image00002.jpg
<TEXT>
begin 644 image00002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  I )T# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#Z@OM0L]/C
MWW]W;VJ8)W32J@P.O)/O5:/7M(EA$L6JV#Q$9#K<(0?QS6;\2/\ D0]=_P"O
M1_Y5F?"^ZCL_A;I5Q-GRXX78X_WVJ;ZV.V&&B\-[?6_-RV^5SJK;5M.NK,W=
MM?VDUJ&V&:.960'TW XS5WKTKC]<\):+=Z;?Z=J,ZVMG>78O56.01E7VJ&QG
MCD@G\:L^)/$NG>%K73;,RQFXN)(K>WB9LG:2%+GV [T7MN3]7C4:C0NV^ENG
MK]]SIZ1F"*68A5 R23@ 4R*>&6'S8I8WBY^=6!''7FB&>*;_ %,L<G&?E8&J
M.6S(+#4[#46E73[ZUNC"=L@@E5]A]#@\=#UJTQ"J2Q  &23VKS'X7S1P>*?'
MTD\B1QC4>6=@ /FD[FO2K:Y@NHO-M9HYH\XWQL&'YBIB[HZL9AOJ]5PCJM/Q
M2?ZE+^WM',_D?VKI_G8SY?VE-V/IG-6;2_L[QG6TN[>=D^\(I Q7ZX-><Q_\
MEZE_Z\A_Z *=X]@EN/B)X9.A#_B9(Q:Z>+JL.Y<;_;&_K6ECBN>FT4R66.%=
MTKI&N<98X%1&^M1:/=?:8?LR EI=XV@#KD]*DHL5''-%)(Z1R(SQG#JK E?J
M.U8GA7Q-9^(;>XGMY8Q&L[QQ L S(N/FQUYY/TIF@:'I&G:QJNIZ=<&6XO6W
MS_O@ZIR3P!TYSUIBN=%1587]H8WD%U;E$^^PD&%^I[5-#-'/$)()$DC;HR,&
M!_$4ACZ*A>Z@23RWGB63CY2X!YZ<4"[MR)2)XB(CB3#CY#[^E $U%1PSPSJ&
M@ECD4]"C C]*DH YOXD?\B'KO_7H_P#*N7\$^&[76?A9I*%7%P8_,1O-8 ,L
MA(XSCMZ5V_B72GUO2;C3_M(@AN(VBE/E[FP?3D8_6HO">B-X>T>WTU;K[1;6
MZ[8R8]K=2>3GGK4-7E<]*EBE2PG)"5I<U^NUK',_',#_ (5[=G R)8L'T^<5
M0^)RJ;3P1E0<ZE;@\=L"NP\:>'/^$IT=M-ENC;V[LK.5CW,2#D8.>*BUWPNN
MLZ;IL%Q=;;G3YX[B"98^-R= RYY&.O(I2BVV:X7%TJ4*2D]I2;^:21S_ ,2K
MN;_A)/".B)E+"^O-]PJC E"%<(?4<\COQ73:EH;W/BC2=634'MXK%)(S;*OR
MR[QCDY^G8]!3]8\/1:Q;6WVZ9OMMK,MQ!<Q+M,4@Z%02>..0<YJV;&XFE22Z
MNDD,7S1HL6U0^,;B,DG&>F0/TJK:ZF#Q$?9PC!V:4D]-[]?NT[Z'G7PNLHIO
M'7CBXF4.8[XJ@;D*2TF3CUXQGZU;^&_[GX@^.;:+"0+<1N(UX4$[LD"NB\,>
M%#H.J:M>Q7YF;4I3-,K0@ -DD;>>GS&ET'PJVD>(-4U9+_S9=28-,AAP 1G&
MWGCK[U*BU8ZL1C*51UK2TE&*6^ZY?\F<E)!%<_':6.XC25#9#Y7&1]P5H7U^
M_ACXD:7IMBH72]5C_>6X'RI)DC<OIVR.G6ME?"3CQ:WB'^T!]M:+RBGD?)C&
M.F[.?QJ[XB\-6^LWVFW_ )K6]_I\GF0RJH8'GE6!ZBMKH\.S*FN2VJ>,=)8W
M5Q->I#((]/A0,&!ZR,3PN,=21TK%\%2,WQ \90^68H28G,)((#;>3QQDUN7G
MA>67Q%!KEKJ36U^L/V>8B$,DJYS]TGC\^PI^C^%ETKQ)?ZK;7;N+Y5\^*5-Q
M+#N&SQD]L?2BX:W,/X)HO_"&EMJ[OM4HSCZ4WP& /B#XV  QYL7'_?5='X:\
M._\ "/V\UI9W6;-I6F1&C^92W8MGD#Z"HM%\-/I6N:GJ:7OF2Z@0TR&' !&<
M;>>.OO1?<+;'-^ [6.3XA^,Y77/E3QA%/09W<X]>.ON:G^&TCKXF\:6JG$,=
M]O1.REB^<?D*WM#\-/I.L:IJ*7OF2:BP>93#@ @'&WGCK[U4M/#!T9O$%\FJ
M;&U)7DFD:/:(FPV&4YX W9[]*+A8Y73%FC^'OBFTU &76I;B974#>\KG 4K_
M 'AGICICVK3CTG4]$\*:9=6&GV\^N9CDO;=S@W(5& '7EER#]1GFH-)N_B -
M-M196&AR6HB412$LN],<-C<,9'/0=:Z33H]1UVS@DU3.FZMI]RP/V<AT9MGO
MG*E7Z9_&A@BGX,UE-5UR[^W:-<Z/K @&^.0?++&&^\#@9P3C\17:52M;.1;K
M[5=S+-<!#&I2/8JJ2"<#)/) []A5VDQH****0PHHHH **** "BBB@ HHHH *
M*** "BBB@ J*Z@BNK:6WN$#PRH8W4]&4C!%2T4 8NFZ3>Z;8Q65KJ*M:PKLB
H,L&Z14'0;@P!P.Y6M.RM4M(/+C+-DEF=CEG8]2?>IZ* "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image00003.jpg
<TEXT>
begin 644 image00003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  6 !8# 2(  A$! Q$!_\0
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K** /I_X2_#31_AKH<EEI9>XN[@A[N]E4!YF'08'11DX7MD]2<T444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image00004.jpg
<TEXT>
begin 644 image00004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  7 !<# 2(  A$! Q$!_\0
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CKX7Z9\,]">WM7^UZG=8:\O67:9",X51V49.!^)HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image00005.jpg
<TEXT>
begin 644 image00005.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  7 !<# 2(  A$! Q$!_\0
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"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image00006.jpg
<TEXT>
begin 644 image00006.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  7 !<# 2(  A$! Q$!_\0
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"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image00007.jpg
<TEXT>
begin 644 image00007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  7 !<# 2(  A$! Q$!_\0
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;TZQ@L[""*WM($$<4,2A510,  #H**** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image00008.jpg
<TEXT>
begin 644 image00008.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  7 !<# 2(  A$! Q$!_\0
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4WM($$<4,2A510,  #H**** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image00009.jpg
<TEXT>
begin 644 image00009.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  7 !<# 2(  A$! Q$!_\0
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6((K>T@01Q0Q*%5% P  .@HHHH __V0$!

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