<SEC-DOCUMENT>0001140361-22-038937.txt : 20221031
<SEC-HEADER>0001140361-22-038937.hdr.sgml : 20221031
<ACCEPTANCE-DATETIME>20221031060301
ACCESSION NUMBER:		0001140361-22-038937
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20221028
FILED AS OF DATE:		20221031
DATE AS OF CHANGE:		20221031

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:		221343672

	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>brhc10043456_6k.htm
<DESCRIPTION>6-K
<TEXT>
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      <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;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 6-K</div>
      <font style="font-size: 18pt;"> </font>
      <div style="text-align: center;"><font style="font-size: 18pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Report of Foreign Private Issuer</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Pursuant to Rule 13a-16 or 15d-16 under the</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Securities Exchange Act of 1934</div>
      <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">For the month of October 2022</div>
      <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Commission File Number: 001-14014</div>
      <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></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); font-size: 10pt;">(Translation of registrant&#8217;s name into English)</div>
      <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Of our subsidiary</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Banco de Credito del Peru:</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Calle Centenario 156</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">La Molina</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Lima 12, Peru</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">(Address of principal executive office)</div>
      <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">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><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Form 20-F &#9746; Form 40-F &#9744;</div>
      <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="color: rgb(0, 0, 0); font-size: 10pt;">&#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><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="color: rgb(0, 0, 0); font-size: 10pt;">&#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><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
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      <div style="font-size: 10pt;"><img src="image02.jpg"></div>
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      <div style="font-size: 10pt;">October 28, 2022</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">Securities and Exchange Commission &#8211; SEC</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">Re.: MATERIAL EVENT</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">Dear Sirs:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; font-size: 10pt;">We hereby notify you as a Material Event that the company Fitch Ratings has confirmed the credit rating of Credicorp Ltd. (Credicorp) at &#8216;BBB&#8217; and revised the outlook to negative from stable.&#160; Fitch
        Ratings decided to communicate this and other actions to a group of Peruvian financial institutions after having confirmed Peru&#8217;s long-term sovereign risk ratings at &#8216;BBB&#8217; and having changed the outlook to negative from stable.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; font-size: 10pt;">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 style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; font-size: 10pt;">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 style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">Sincerely,</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">
        <table cellspacing="0" cellpadding="0" border="0" id="zf7c624ddfdba4c799f4eaa52ae5a9d56" style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td style="width: 100%;">
                <div style="font-size: 10pt;">/s/ <u>Miriam B&#246;ttger</u></div>
              </td>
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              <td style="width: 100%;">
                <div style="font-size: 10pt;">Authorized Representative</div>
              </td>
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                <div style="font-size: 10pt;">Credicorp Ltd.</div>
              </td>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">SIGNATURE</div>
      <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-indent: 29.7pt; color: rgb(0, 0, 0); font-size: 10pt;">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>
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              <div style="color: rgb(0, 0, 0);">Date: October 28, 2022</div>
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              <div style="color: rgb(0, 0, 0); font-size: 10pt;">CREDICORP LTD.</div>
              <div style="color: rgb(0, 0, 0); font-size: 10pt;">(Registrant)</div>
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              <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); font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">/s/ Miriam B&#246;ttger</div>
            </td>
            <td style="width: 15%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
          </tr>
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            </td>
            <td style="width: 5%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Miriam B&#246;ttger</div>
            </td>
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            </td>
            <td style="width: 5%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Authorized Representative</div>
            </td>
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        <div style="font-size: 10pt;">28 OCT 2022</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Fitch Takes Actions on Peruvian FIs following Sovereign and OE Outlook Revision to Negative</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">Fitch Ratings - Monterrey - 28 Oct 2022: Fitch Ratings has taken selected actions on Peruvian Financial Institutions (FI) following the sovereign&#8217;s Rating Outlook revision to Negative (see, &#8220;Fitch Revises Peru&#8217;s
          Outlook to Negative from Stable; Affirms at &#8216;BBB''', dated Oct. 20, 2022 available on www.fitchratings.com). The review also follows Fitch's Outlook adjustment on its 'bbb-' Operating Environment (OE) assessment for Peruvian banks to Negative
          from Stable.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Fitch revised the Outlook on the sovereign's Long-Term (LT) Issuer Default Ratings (IDR) to Negative as a deterioration in political stability and government effectiveness has increased downside risks to Peru's
          ratings. In the agency's view, weaker governance poses greater downside risks to investment and economic growth.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Fitch also revised the Outlook on the OE score to negative as a slowdown in economic and loan growth, an increase in borrowing costs and persistent political uncertainty are detracting from Peruvian&#160; banking sector
          activity. However, sustained capitalization, improving profitability and lower loan impairment charges provide sufficient resilience to face stress from political uncertainty and external shocks.</div>
        <div style="font-size: 10pt;"><br>
          This review includes Peruvian FIs with Viability Ratings (VR) and IDRs rated at the same level, or one or two notches below the sovereign as these ratings are sensitive to OE deterioration, or further sovereign rating actions. Furthermore, the
          agency will not rate Peruvian FIs higher than the sovereign rating, based on their current intrinsic credit profiles, except for those with highly rated parents. Fitch has affirmed all of the ratings for the Peruvian FIs included in this review.</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Key Rating Drivers</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Corporacion Financiera de Desarrollo S.A. (Cofide)</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">Cofide's LT and Short-Term (ST) IDRs are fully aligned with the sovereign, reflecting Fitch's assessment of the government's willingness and capacity to provide timely support if needed. In Fitch's view, Cofide is a
          key policy bank for the government, as it is critical in implementing economic and social development policies. Peru's ability to offer support is reflected in its sovereign rating (BBB/Negative). Although the government does not extend an
          explicit guarantee, ratings are equalized given that the state is the majority shareholder and the bank has operational and financial synergies with the public administration.</div>
        <div style="font-size: 10pt;"><br>
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        <div style="font-size: 10pt;">In Fitch's opinion, the bank's Government Support Rating (GSR) of 'bbb', in line with the sovereign, reflects the high propensity of the Peruvian government to support, given the bank's ownership structure and policy
          role.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">PRIVATE SECTOR BANKS</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">BCP, INTERBANK &amp; BANBIF</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Banco de Credito del Peru S.A. (BCP), Banco Internacional del Peru S.A.A. (Interbank), and Banco Interamericano de Finanzas S.A. (Banbif)'s VRs drive their IDRs, and therefore, are sensitive to a change in either the
          OE or the sovereign's IDRs. The Negative Outlook revision on the IDRs mirrors the revision of the Outlook on Peru's ratings, as these banks are constrained by the sovereign's ratings based on their current intrinsic credit profiles.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Banco BBVA Peru (BP)</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">After the change in the sovereign Outlook and the consequent revision of the OE, BP's IDRs became support-driven and are rated one notch below its parent, Banco Bilbao Vizcaya Argentaria (BBVA S.A.; BBB+/Stable), given
          Fitch's "higher of" approach. As a result, the Outlook on BP's 'BBB' LT IDRs remains Stable, in line with its parent's Outlooks. The Peruvian operations are part of BBVA's presence in Latin America, and Fitch believes that BP is of strategic
          importance to the BBVA Group's business dynamics, underpinning the bank's Shareholder Support Rating (SSR) of 'bbb'. Therefore, Fitch anticipates support from the parent should be forthcoming, if required.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">South America is considered a key market for BBVA globally, becoming an important part of revenues. Peru is strategic for BBVA in Spain as it is the second largest bank in the country and the largest among foreign
          banks. BBVA S.A. owns 46.12% of BP. A one-notch downgrade on the Peruvian sovereign&#180;s ratings would not lead to a similar action on BP's IDRs and its SSR and subordinated debt rating as they are not capped by the sovereign.</div>
        <div style="font-size: 10pt;"><br>
          SCOTIABANK PERU S.A.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">Scotiabank Peru S.A. (SBP)'s IDRs are based on expected support from its parent. Based on the subsidiary's role in the group and its integration with the parent, Fitch considers SBP a strategically important subsidiary
          for Bank of Nova Scotia (BNS; AA-/Stable), underpinning the bank's SSR of 'bbb+'. SBP's LT FC IDR is capped by the country risks related to transfer and convertibility reflected in the Country Ceiling of 'BBB+' and constrains Fitch's assessment
          of the ability of the shareholder to support its subsidiary. SBP's Local Currency (LC) IDR is consistent with a maximum uplift of two notches above Peru's sovereign rating. The Outlook revision to Negative on SBP's LT Foreign Currency (FC) and LC
          IDRs mirrors the Outlook revision on the sovereign's LT IDRs.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">CREDICORP LTD.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">Credicorp Ltd (Credicorp)'s IDRs are driven primarily by the IDRs of its main subsidiary, BCP, which has a strong business and financial profile. The LT IDR and Outlook are equalized to BCP's due to the low double
          leverage at the holding company, strong liquidity management at Credicorp, 97% subsidiary ownership of BCP, and the long track record of significant dividend flows that provide the bulk of Credicorp's liquidity. The senior global debt rating is
          at the same level as Credicorp's LT IDRs, as the likelihood of a default of the notes is the same as Credicorp's. The ST IDRs were affirmed at 'F2', aligned to those of BCP, as Fitch believes liquidity is highly fungible among Credicorp and BCP.</div>
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        <div style="font-size: 10pt;">INTERCORP FINANCIAL SERVICES INC. (IFS)</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">The ratings assigned to Intercorp Financial Sevices Inc. (IFS) reflect the business and financial profile of its main operating subsidiary, Interbank. The LT IDRs were affirmed at one notch below those of Interbank,
          reflecting IFS's separate jurisdiction (Panama), the lack of regulatory focus on IFS on a consolidated basis, and the potential for regulatory restriction of liquidity upstreaming to IFS in the event of solvency pressures at Interbank. The
          Outlook on the LT IDRs was revised to Negative from Stable, in line with Interbank's Outlook.</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Rating Sensitivities</div>
        <div style="font-size: 10pt; font-weight: bold;"><br>
          Factors that could, individually or collectively, lead to negative rating action/ downgrade:</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">COFIDE</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Cofide's ratings will mirror any potential negative change in Peru's sovereign ratings;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Although not a baseline scenario, Cofide's ratings could change if Fitch perceives a decrease in the bank's strategic importance to the government's public policies.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">PRIVATE SECTOR BANKS</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">BCP, INTERBANK &amp; BANBIF</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--BCP, Interbank and BanBif's IDRs are sensitive to a material deterioration in the local OE or a negative sovereign rating action;</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--The ratings of these banks 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 style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--BCP's VRs could be negatively affected if the banks' asset quality deteriorates significantly and causes a sustained decline in the banks' operating profits to risk-weighted asset (RWA) ratio to below 2.5% and in the
          bank'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 style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--Interbank's VR could be downgraded if the bank's asset quality deteriorates significantly causing a sustained decline of the bank's operating performance to less than 2.0% of RWA, and if Interbank's loss absorption
          capacity is further pressured, either in the form of an FCC ratio below 10% or a relevant decline in reserve coverage for more than four consecutive quarters;</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--Banbif's ratings could be downgraded if the FCC ratio falls consistently below 8%, especially considering the bank's tighter internal capital generation (i.e. retained earnings);</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
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        </div>
        <div style="font-size: 10pt;">--BCP, Interbank and Banbif's GSR would be affected if Fitch negatively changes its assessment of the government's ability and/or willingness to support the bank. Banbif's GSR also could be downgraded if the bank loses
          material market share in terms of loans and customer deposits.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Banco BBVA Peru</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--BP's IDR and Outlook will remain one notch below its parent, BBVA S.A. IDR or equivalent to its VR, whichever is higher, but subject to sovereign rating and Country Ceiling considerations;</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--A negative rating action on BBVA SA would result in a similar action on BP;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Any negative rating action on the sovereign or in Fitch's OE assessment would also lead to a similar action on BP's VR;</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--BP's VR could be negatively affected if the bank's asset quality deteriorates significantly causing a sustained decline of the bank's operating performance and capital cushions (a sustained decline in the bank's
          FCC/adjusted RWA ratio to less than 10% assuming the maintenance of excess reserves and non-core loss absorbing capital or operating profit to RWA below 2.5%);</div>
        <div style="font-size: 10pt;"><br>
          Scotiabank Peru</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Under Fitch's current support assessment and a multiple notch downgrade scenario from BNS, SBP's IDRs will likely remain at the level determined by its own VR or one notch below its parent's IDR, whichever is higher,
          but subject to sovereign rating and Country Ceiling considerations.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--Pressure on SBP's VR could arise from a significant asset quality or profitability deterioration that erodes SBP's reserve and capital cushion, specifically, operating profit/RWA sustained below its historical
          average of 2.0% and an FCC ratio below 10%.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Credicorp</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Credicorp's IDRs would remain at the same level as BCP's and would move in tandem with any rating actions on its main operating subsidiary. However, the relativity between these two entities' ratings could also be
          affected and the holding company downgraded, in the event of a material and sustained increase in Credicorp's double-leverage metrics (above 1.2x), and if Fitch perceives a material weakening of the holding company's liquidity position and its
          management;</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--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 Credicorp's ratings.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">IFS</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--IFS's ratings are sensitive to a change in Interbank's ratings;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--A reduction on the importance of Interbank's role in the group or increase in the complexity of the group's structure;</div>
        <div style="font-size: 10pt;"><br>
        </div>
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        </div>
        <div style="font-size: 10pt;">--A material and consistent increase in IFS's common equity double leverage above 120% or deterioration in its standalone liquidity profile.</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Factors that could, individually or collectively, lead to positive rating action/upgrade:</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Cofide</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--An upgrade is highly unlikely in the near future as the IDRs are constrained by the sovereign rating;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Positive Rating actions on Cofide will mirror any potential positive change in Peru's sovereign rating.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">PRIVATE SECTOR BANKS</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">BCP, INTERBANK &amp; BANBIF</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--BCP, Interbank and BanBif's IDRs currently have a Negative Outlook, which makes an upgrade highly unlikely over the rating horizon as the banks' IDRs are constrained by the sovereign rating.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--Over the medium term, BCP, Interbank and BanBif's ratings could be upgraded by the confluence of an improvement of the OE and the banks' financial profiles;</div>
        <div style="text-align: justify; font-size: 10pt;"> <br>
        </div>
        <div style="text-align: justify; font-size: 10pt;">--Positive rating actions could occur if BanBif demonstrates a capacity to sustain improvements in earnings and asset quality metrics, while also maintaining an FCC ratio greater than 10% amid the
          relatively faster loan growth that the bank could have within a better OE.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Banco BBVA Peru</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">-BP's IDR will likely remain at the level determined by its own VR, or one notch below the parent's IDR subject to sovereign rating and Country Ceiling considerations, whichever is higher. Upside potential for the VR
          is limited in the near future, as reflected by the OE assessment and Outlook.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Scotiabank Peru</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--A rating upgrade of SBP's LT LC IDR is unlikely over the rating horizon. Over the medium term, this rating could be upgraded if the parent's ratings are upgraded, or if Fitch's support assessment of SBP changes to an
          equalization of its IDRs with those of the parent, but it is subject to constraints on the maximum uplift above the sovereign rating.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--While unlikely in the current OE, SBP's LT FC IDR would be upgraded if Peru's sovereign rating and Country Ceiling are upgraded.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Credicorp</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Credicorp's ratings are sensitive to a change in BCP's ratings;<br>
        </div>
        <div style="font-size: 10pt;"><br>
        </div>
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        </div>
        <div style="font-size: 10pt;"> IFS</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--IFS's ratings are sensitive to a change in Interbank's ratings;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">SENIOR AND SUBORDINATED DEBT</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">Fitch affirmed the senior debt issuances at the same level as its LT IDRs, as the notes' likelihood of default is the same as Cofide's.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Cofide's plain vanilla subordinated bonds are rated two notches below its IDR to reflect a higher loss in case of default and no additional notches for non-performance as Fitch views the probability of non- performance
          as equivalent to that of Cofide's senior bonds.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">BCP, BP, Interbank, Credicorp and IFS senior debt were affirmed at the same level as its LT IDRs, as the notes' likelihood of default is the same as the respective entity.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">BCP and Interbank's subordinated debt were affirmed two notches below the VR, reflecting the baseline notching for loss severity.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">SBP's subordinated debt was affirmed one notch below what Fitch considers the appropriate anchor rating, the bank's own support-driven LT FC IDR.</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">BP's subordinated debt was affirmed two notches below what Fitch considers the appropriate anchor rating, the bank's own support-driven LT FC IDR.</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--The Senior and Subordinated notes' ratings are sensitive to any changes in Cofide's IDRs.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--BCP, BP, Interbank, Credicorp and IFS's senior debt ratings would move in line with their respective LT IDRs;</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--BCP and Interbank's subordinated debt ratings will mirror any action on the banks' respective VRs;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--SBP and BP subordinated debt ratings would move in line with their respective anchor rating, the banks' support-driven LT FC IDRs.</div>
        <div style="font-size: 10pt; font-weight: bold;"><br>
          VR ADJUSTMENTS</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">BCP</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">The OE score has been assigned above the implied score due to the following adjustment reason: Sovereign Rating (positive);</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">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 style="font-size: 10pt;"><br>
        </div>
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        </div>
        <div style="font-size: 10pt;">BP</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">The OE score has been assigned above the implied score due to the following adjustment reason: Sovereign Rating (positive);</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">The Capitalization and Leverage score has been assigned above the implied score due to the following adjustment reason: Capital Flexibility and Ordinary Support (positive);</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">SBP</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">The OE score has been assigned above the implied score due to the following adjustment reason: Sovereign Rating (positive);</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Interbank</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">The OE score has been assigned above the implied score due to the following adjustment reason: Sovereign Rating (positive);</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">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 style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Banbif</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">The OE score has been assigned above the implied score due to the following adjustment reason: Sovereign Rating (positive).</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Best/Worst Case Rating Scenario</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">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 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 rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector- specific
          best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/ 10111579</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING</div>
        <div style="font-size: 10pt;"><br>
          The principal sources of information used in the analysis are described in the Applicable Criteria.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Public Ratings with Credit Linkage to other ratings</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">--BBVA Peru ratings are support driven by Banco Bilbao Vizcaya Argentaria S.A.;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Scotiabank Peru ratings are support by BNS;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Cofide's ratings are support driven by Peru;</div>
        <div style="font-size: 10pt;"><br>
        </div>
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        </div>
        <div style="font-size: 10pt;">--Credicorp Ltd ratings are support driven by Banco de Credito del Peru;</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">--Intercorp Financial Services Inc are support driven by Interbank.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">ESG Considerations</div>
        <div style="font-size: 10pt;"> <br>
        </div>
        <div style="font-size: 10pt;">Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, due to either their
          nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Fitch Ratings Analysts</div>
        <div style="font-size: 10pt; font-weight: bold;"><br>
          Ricardo Aguilar</div>
        <div style="font-size: 10pt;">Director</div>
        <div style="font-size: 10pt;">Primary Rating Analyst</div>
        <div style="font-size: 10pt;">+52 81 4161 7086</div>
        <div style="font-size: 10pt;">Fitch Mexico S.A. de C.V. Prol. Alfonso Reyes No. 2612, Edificio Connexity, Piso 8, Col. Del Paseo Residencial, Monterrey 64920</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Robert Stoll</div>
        <div style="font-size: 10pt;">Director</div>
        <div style="font-size: 10pt;">Primary Rating Analyst</div>
        <div style="font-size: 10pt;">+1 212 908 9155</div>
        <div style="font-size: 10pt;">Fitch Ratings, Inc. Hearst Tower 300 W. 57th Street New York, NY 10019</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Andres Marquez</div>
        <div style="font-size: 10pt;">Senior Director</div>
        <div style="font-size: 10pt;">Secondary Rating Analyst</div>
        <div style="font-size: 10pt;">+57 601 241 3254</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Sergio Pena</div>
        <div style="font-size: 10pt;">Director</div>
        <div style="font-size: 10pt;">Secondary Rating Analyst</div>
        <div style="font-size: 10pt;">+57 601 241 3233</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Larisa Arteaga</div>
        <div style="font-size: 10pt;">Director</div>
        <div style="font-size: 10pt;">Secondary Rating Analyst</div>
        <div style="font-size: 10pt;">+57 601 241 3270</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;"><font style="font-weight: bold;">Theresa Paiz-Fredel</font></div>
        <div style="font-size: 10pt;">Senior Director</div>
        <div style="font-size: 10pt;">Committee Chairperson</div>
        <div style="font-size: 10pt;">+1 212 908 0534</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
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        </div>
        <div style="font-size: 10pt; font-weight: bold;">Media Contacts</div>
        <div style="font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="font-size: 10pt; font-weight: bold;">Elizabeth Fogerty</div>
        <div style="font-size: 10pt;">New York</div>
        <div style="font-size: 10pt;">+1 212 908 0526</div>
        <div style="font-size: 10pt;">elizabeth.fogerty@thefitchgroup.com<br>
          <br>
        </div>
        <div style="font-size: 10pt;">
          <div style="font-weight: bold;">Rating Actions</div>
          <div style="font-weight: bold;"> <br>
          </div>
          <div>
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                <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> <br>
                    </div>
                    <div> <br>
                    </div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Banco</div>
                    <div>Interamericano</div>
                    <div>de Finanzas</div>
                    <div>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);">BB+ <br>
                    </div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                    </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="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">BB+ <br>
                    </div>
                  </td>
                  <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div> <br>
                    </div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </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">B</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">B</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<br>
                    <br>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LC LT IDR<font class="TRGRRTFtoHTMLTab"><br>
                    </font></td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BB+</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                    </div>
                  </td>
                  <td rowspan="1" 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 rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BB+</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div><br>
                      </div>
                    </div>
                    &#160;</td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LC ST IDR</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">B<br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">B<br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Viability</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bb+</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bb+</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;<br>
                    </div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Government Support</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bb-</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bb-</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><br>
                    </div>
                    &#160;</td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Credicorp </div>
                    <div>Ltd.</div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT IDR</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB<br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">ST IDR</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F2</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F2</td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div> <br>
                    </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</div>
                    <div style="color: rgb(0, 0, 0); margin-left: 9pt;">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> <br>
                      <div><br>
                      </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 BBVA</div>
                    <div style="color: rgb(0, 0, 0);">Peru<br>
                    </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);">
                    <div>
                      <div><img width="16" border="0" height="16" src="image09.jpg"></div>
                    </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="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);"><img width="16" border="0" height="16" src="image09.jpg"></td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div> <br>
                    </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>

            </table>
          </div>
          <br>
        </div>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" 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>
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                <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 colspan="2" style="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 colspan="2" style="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 rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" 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 rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB<br>
                </td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Affirmed</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB<br>
                </td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><br>
                  </div>
                  <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 colspan="2" style="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 colspan="2" style="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 colspan="2" style="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 colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>bbb</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Shareholder Support</td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>bbb</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>bbb</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#8226; subordinated<font class="TRGRRTFtoHTMLTab"><br>
                  </font></td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BB+</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BB+</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;<br>
                  <br>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Corporacion</div>
                  <div>Financiera de</div>
                  <div>Desarrollo</div>
                  <div>S.A. (COFIDE)</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>LT IDR</div>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" 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 rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: rgb(0, 0, 0);">F2</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: rgb(0, 0, 0);">F2</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" 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 rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>LC ST IDR</div>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">F2</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">F2</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Government Support</div>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>bbb</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>bbb</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: rgb(0, 0, 0);">&#8226;&#160; senior</div>
                  <div style="color: rgb(0, 0, 0); margin-left: 9pt;">unsecured</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#8226;&#160; subordinated</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BB+</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BB+</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Intercorp</div>
                  <div>Financial</div>
                  <div>Services Inc</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>LT IDR</div>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB-</td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div>&#160;<img width="17" border="0" height="17" src="image04.jpg"></div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB-</td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>

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          <font style="font-size: 10pt;"><br>
          </font> </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
          <div class="BRPFPageBreak" 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>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" 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="vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
                <td style="width: 15.56%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-weight: bold;"><br>
                  </div>
                </td>
                <td style="width: 15.56%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div style="font-weight: bold;">RECOVERY</div>
                  </div>
                </td>
                <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center; font-weight: bold;">
                    <div style="font-weight: bold;">PRIOR</div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">ST IDR</div>
                  </div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F3<br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Affirmed</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F3</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" 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 rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB-</td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div>&#160;<img width="17" border="0" height="17" src="image04.jpg"></div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Affirmed</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB-</td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><br>
                  </div>
                  <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="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div>F3</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="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div>F3</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: rgb(0, 0, 0);">&#8226;&#160; senior</div>
                  <div style="color: rgb(0, 0, 0); margin-left: 9pt;">unsecured</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BBB-</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BBB-</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;<br>
                  <br>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div style="margin-top: 7.65pt;">Banco<br>
                    </div>
                    <div> Internacional</div>
                    <div>del Peru<br>
                      <div style="margin-top: 2.1pt;">S.A.A. -</div>
                      <div>Interbank</div>
                    </div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>LT IDR</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" 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 rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="color: rgb(0, 0, 0);">F3</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="color: rgb(0, 0, 0);">F3</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" 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 rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>LC ST IDR</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F3</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F3</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Viability</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bbb</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bbb</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Government Support</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div>bbb-</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div>bbb-</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: rgb(0, 0, 0);">&#8226;&#160; senior</div>
                  <div style="color: rgb(0, 0, 0); margin-left: 9pt;">unsecured</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div>BBB</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div>BBB</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#8226;&#160; subordinated</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BB+</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BB+</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>&#160;</div>
                  <div> <br>
                  </div>
                </td>
                <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Banco de<br>
                  </div>
                  <div>Credito del</div>
                  <div>Peru S.A.</div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>LT IDR</div>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB</td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                  </div>
                </td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB</td>
                <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
              </tr>

          </table>
        </div>
        <div> <font style="font-size: 10pt;"><br>
          </font> </div>
        <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <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; 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="vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
                  <td style="width: 15.56%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;"><br>
                    </div>
                  </td>
                  <td style="width: 15.56%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="font-weight: bold;">RECOVERY</div>
                    </div>
                  </td>
                  <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="text-align: center; font-weight: bold;">
                      <div style="font-weight: bold;">PRIOR</div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">ST IDR</div>
                    </div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F2<br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Affirmed</div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F2</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" 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 rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB</td>
                  <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Affirmed</div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">BBB</td>
                  <td rowspan="1" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div><br>
                    </div>
                    <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="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <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="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div>F2</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">Viability</td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">bbb</td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">Affirmed</td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" 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">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </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="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">
                    <div>bbb-</div>
                  </td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">Affirmed</td>
                  <td style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                  </td>
                  <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">
                    <div>bbb-</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">&#8226;&#160; senior</div>
                    <div style="color: rgb(0, 0, 0); margin-left: 9pt;">unsecured</div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BBB</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BBB</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;<br>
                    <br>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="margin-top: 7.65pt;">Scotiabank
                        <div>Peru S.A.A. </div>
                      </div>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>LT IDR</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>BBB+</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div>&#160;<img width="17" border="0" height="17" src="image04.jpg"></div>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>BBB+</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<img width="16" border="0" height="16" src="image09.jpg"></td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" 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 rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">F1</div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="color: rgb(0, 0, 0);">F1</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" 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 rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">A-</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div><img width="17" border="0" height="17" src="image04.jpg"></div>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>A-</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><img width="16" border="0" height="16" src="image09.jpg"></td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>LC ST IDR</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F1</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">F1</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Viability</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bbb</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">bbb</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Shareholder Support</div>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div>bbb+</div>
                  </td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div>bbb+</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>&#160;</div>
                    <div> <br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 19%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#8226;&#160; subordinated</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">LT</td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BBB</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">Affirmed</td>
                  <td rowspan="1" style="width: 15.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">BBB</td>
                </tr>

            </table>
          </div>
        </div>
        <div> <font style="font-size: 10pt;"><br>
          </font></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: 12%; font-weight: bold;">RATINGS KEY</td>
                <td style="width: 12%; font-weight: bold; text-align: center;">OUTLOOK</td>
                <td style="width: 12%; font-weight: bold; text-align: center;">WATCH</td>
                <td style="width: 64%; font-weight: bold; text-align: left;" colspan="1"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 12%; font-weight: bold;">&#160;</td>
                <td rowspan="1" style="width: 12%; font-weight: bold;">&#160;</td>
                <td rowspan="1" style="width: 12%; font-weight: bold;">&#160;</td>
                <td rowspan="1" style="width: 64%; font-weight: bold; text-align: left;" colspan="1"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 12%; font-weight: bold;">POSITIVE</td>
                <td rowspan="1" style="width: 12%; font-weight: bold;">
                  <div style="text-align: center;"><img width="17" border="0" height="17" src="image03.jpg"></div>
                </td>
                <td rowspan="1" style="width: 12%; font-weight: bold; text-align: center;"><img width="17" border="0" height="17" src="image06.jpg"></td>
                <td rowspan="1" style="width: 64%; font-weight: bold; text-align: left;" colspan="1"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 12%; font-weight: bold;">&#160;</td>
                <td rowspan="1" style="width: 12%; font-weight: bold; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 12%; font-weight: bold; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 64%; font-weight: bold; text-align: left;" colspan="1"><br>
                </td>
              </tr>
              <tr>
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                <td rowspan="1" style="width: 12%; font-weight: bold;">
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      <div style="font-size: 10pt; font-weight: bold;">Applicable Criteria</div>
      <div style="font-size: 10pt; font-weight: bold;"> <font style="color: rgb(0, 0, 0);"><br>
        </font></div>
      <font style="color: rgb(0, 0, 0); font-size: 10pt;"> </font>
      <div style="color: rgb(0, 0, 0); font-size: 10pt;">Bank Rating Criteria (pub.07 Sep 2022) (including rating assumption sensitivity)</div>
      <font style="color: rgb(0, 0, 0); font-size: 10pt;"> </font>
      <div style="font-size: 10pt;"><font style="color: rgb(0, 0, 0);"><br>
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      <font style="color: rgb(0, 0, 0); font-size: 10pt;"> </font>
      <div style="font-size: 10pt;"><font style="color: rgb(0, 0, 0);"><br>
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      <font style="color: rgb(0, 0, 0); font-size: 10pt;"> </font>
      <div style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">Additional Disclosures</div>
      <div style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"> <br>
      </div>
      <font style="color: rgb(0, 0, 0); font-size: 10pt;"> </font>
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      <font style="color: rgb(0, 0, 0); font-size: 10pt;"> </font>
      <div style="font-size: 10pt;"><font style="color: rgb(0, 0, 0);"><br>
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      <font style="color: rgb(0, 0, 0); font-size: 10pt;"> </font>
      <div style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">Endorsement Status</div>
      <div style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
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              </tr>
              <tr>
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                <td rowspan="1" style="width: 60%;">&#160;</td>
              </tr>
              <tr>
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                <td rowspan="1" style="width: 60%;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">&#160;</td>
                <td rowspan="1" style="width: 60%;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">Banco Interamericano de Finanzas S.A.</td>
                <td rowspan="1" style="width: 60%;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;"><br>
                </td>
                <td rowspan="1" style="width: 60%;"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">Banco Internacional del Peru S.A.A. - Interbank</td>
                <td rowspan="1" style="width: 60%;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;"><br>
                </td>
                <td rowspan="1" style="width: 60%;"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">Corporacion Financiera de Desarrollo S.A. (COFIDE)</td>
                <td rowspan="1" style="width: 60%;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;"><br>
                </td>
                <td rowspan="1" style="width: 60%;"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">Credicorp Ltd.</td>
                <td rowspan="1" style="width: 60%;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;"><br>
                </td>
                <td rowspan="1" style="width: 60%;"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">Intercorp Financial Services Inc</td>
                <td rowspan="1" style="width: 60%;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">&#160;</td>
                <td rowspan="1" style="width: 60%;"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%;">Scotiabank Peru S.A.A.</td>
                <td rowspan="1" style="width: 60%;">EU Endorsed, UK Endorsed</td>
              </tr>

          </table>
        </div>
      </div>
      <font style="color: rgb(0, 0, 0); font-size: 10pt;"></font><font style="font-size: 10pt;"><br>
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<FILENAME>image04.jpg
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begin 644 image05.jpg
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<FILENAME>image06.jpg
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begin 644 image06.jpg
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<FILENAME>image07.jpg
<TEXT>
begin 644 image07.jpg
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<FILENAME>image08.jpg
<TEXT>
begin 644 image08.jpg
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<FILENAME>image09.jpg
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begin 644 image09.jpg
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