EQUITY RESEARCH | Update August 15th, 2014

Alberto Arispe Marco Contreras Financial Industry Fair Value Head of Research Senior Analyst (511) 630 7500 (511) 630 7528 USD 165.00 [email protected] [email protected] Credicorp Ltd. HOLD

Credicorp Ltd. (BVL: BAP) Upside already internalized by market

Equity's Fair Value (USD MM) 13,160.43 Kallpa Securities SAB updates the valuation model of Credicorp Ltd. Share's Fair Value (USD) 165.00 (Credicorp), with a hold recommendation. Our USD 165.00 new fair value Previous Fair Value (Aug-13) 155.00 (FV) per share (higher than our previous FV of USD 155.00) is 5.8% above Recommendation Hold the USD 156.00 market price as of the closing of August 13th, 2014. Market Capitalization (USD MM) 12,442.79 Share's Market Price (USD) 156.00 We updated our Credicorp model to include the company’s new financial Shares Outstanding (MM) 79.76 results as of 2Q2014, and we provide a new fair value for 2015. We valued Upside 5.8% Credicorp using a Dividend Discount Model with constant growth. We ADTV - LTM (USD 000') 645.49 estimate a P / BV ratio for 2015 of 2.37x, which is higher than the current Range 52 weeks 118.84 - 159.00 market P / BV for 2015 of 2.24x. YTD Change 21.0% Dividend Yield - LTM 1.2% What changed in our model? Trading NYSE, BVL We used the equity estimated for Credicorp for 2015 in our valuation. ADTV: Average Daily Traded Volume LTM: Last Twelve Months We kept unchanged our average ROE of 18.7% for the next five Source: Bloomberg, Kallpa SAB years (2015-2019).

Financial Ratios 2013 2014e 2015e 2Q2014’s results, without considering the acquisition of Mibanco, show a continuous growth in loans (+16.4% YoY) and the net interest income Loans/Deposits 0.94 0.94 0.95 (+19.7% YoY). Also, the following stood out in the contribution to the net NIM 4.9% 5.6% 5.5% income: i) a better performance of the insurance business (+26.3% YoY); Efficiency Ratio 45.3% 43.1% 41.6% and ii) extraordinary income for PEN 48.4 MM in Prima AFP and Atlantic EPS (PEN) 19.29 29.65 33.85 Security Bank. ROE 13.9% 18.5% 18.5% ROA 1.4% 1.9% 1.9% Without considering the extraordinary income, operating income would have P / E 22.64 14.73 12.91 been only 0.7% above our estimates. However, there were marked P / BV 2.94 2.54 2.24 differences in the main income and expenses accounts (mainly, the higher net interest margin and a strong increase in operating expenses) due to the

NIM: Net Interest Margin inclusion of Mibanco.

Net Interest Income / (Funds + Investments + Loans) Efficiency: OPEX / ( NII + Fees + Insurance Premiums and Med. Services) Therefore, we made adjustments to our model, reducing the EPS for 2014 Source: SMV, Kallpa SAB and 2015 by 0.5% and 2.7%, respectively. This did not cause significant changes in our estimated 18.7% ROE for the following five years (2015- Chart Nº 1: BAP vs. INCA 2019). Nevertheless, as we are using the equity expected for 2015 USD Pts. (previously we used the one for 2014), we have increased our FV from USD 170 BAP INCA 100 155.00 to USD 165.00 with a hold recommendation.

160 95 150

140 90

130 85

120 80 110

100 75

Jul-14

Oct-13 Apr-14

Jan-14 Jun-14

Mar-14

Feb-14

Aug-13 Sep-13 Nov-13 Dec-13 Aug-14 May-14

Source: Bloomberg Financial | Credicorp Ltd.

Company's Financial Summary

INCOME STATEMENT (PEN MM) 2013 2014e 2015e BALANCE SHEET (PEN MM) 2013 2014e 2015e Interest Income 7,024 8,480 9,707 Cash and Due from Banks 21,763 29,419 33,891 Interest Expenses -2,059 -2,143 -2,428 Investments 19,711 20,465 21,262 Net Interest Income 4,965 6,337 7,279 Net Loans 62,098 75,107 85,320 Net Provisions for Loan Losses -1,238 -1,769 -2,074 Property, Plant and Equipment, Net 2,020 2,314 2,568 Net Income After Provisions 3,726 4,568 5,206 Intangible Assets 2,071 2,087 2,107 Non Financial Income 2,982 3,381 3,757 Other Assets 6,431 7,071 7,632 Insurance Services Technical Result 384 437 496 Total Assets 114,094 136,464 152,780 Medical Services Technical Result 64 85 98 Deposits and Obligations 68,407 83,486 94,073 Operating Expenses -4,537 -5,206 -5,815 Due to Banks and Correspondents 7,173 8,754 9,864 Operating Income 2,619 3,265 3,742 Reserves for Claims 4,985 4,985 4,985 Translation Result -284 -0 - Bonds and Subordinated Debt 14,134 17,249 19,437 Income Tax -778 -839 -973 Other Liabilities 7,053 7,723 8,213 Net Income 1,558 2,425 2,769 Total Liabilities 101,751 122,197 136,572 Minority Interest 19 61 69 Equity Attributable to Credicorp 11,832 13,694 15,566 Attributable to Credicorp 1,539 2,365 2,700 Minority Interest 512 572 642 Shares outstanding - Average (MM) 80 80 80 Net Equity 12,343 14,266 16,208 Earnings per share - EPS (PEN) 19.29 29.65 33.85 Total Liabilities + Equity 114,094 136,464 152,780

GROWTH RATES (%) 2013e 2014e 2015e CASH FLOW (PEN MM) 2013e 2014e 2014e Loans' Growth 17.5% 21.9% 13.8% Net income 1,539 2,365 2,700 Deposits' Growth 11.5% 22.0% 12.7% Non Cash Expenses 832 1,423 953 Net Interest Income's Growth 17.0% 27.7% 14.9% Changes in Assets and Liabilities -952 1,859 44 Provisions' Growth 24.6% 42.9% 17.2% Operating Cash Flow 1,419 5,647 3,697 Operating Income's Growth 0.8% 24.6% 14.6% Investment Cash Flow -889 -665 -654 Net Income's Growth -26.0% 53.7% 14.2% Financing Cash Flow 1,615 2,674 1,429 Free Cash Flow 2,145 7,656 4,472

FINANCIAL RATIOS 2013e 2014e 2015e CHART N° 2: SHAREHOLDERS Net Interest Margin (NIM) 4.9% 5.6% 5.5% PDL Ratio 2.2% 2.6% 2.7%

NPL Ratio 2.8% 3.3% 3.4% 14% Cedefast Coverage for PDL 157.5% 160.5% 163.1% 2% Atlantic Security Holding Coverage for NPL 125.3% 127.0% 128.9% 12% Pension Funds Efficiency Ratio 45.3% 43.1% 41.6% Loans / Deposits 0.94 0.94 0.95 56% Urigeler International

Payout Ratio 37.7% 32.6% 35.0% Others 15% Dividends per Share (USD) 7.27 6.30 10.38 ROE 13.1% 18.5% 18.5% ROA 1.4% 1.9% 1.9%

VALUATION 2013e 2014e 2015e CHART N° 3: BCP LOANS - 2Q2014 P / E 22.64 14.73 12.91

P / BV 2.94 2.54 2.24 Corporate 5% 4% Medium sized companies 5% MANAGEMENT 30% SME Walter Bayly CEO 8% Small Businesses Fernando Dasso CFO Mortgages Álvaro Correa Insurance Manager Consumption 16% José Esposito Auditing Manager Credit cards Edyficar Aida Kleffmann IRO 4% 17% 11% Others

Source: Credicorp, SMV, Kallpa SAB

www.kallpasab.com Update 2 Financial | Credicorp Ltd.

Chart Nº 4: PEN and USD Loans 2Q2014: Extraordinary revenues boosted results above our PEN USD expectations 36,000 PEN USD 11,900

34,000 11,700 Credicorp reported results as of 2Q2014, registering earnings per share

32,000 (EPS) of PEN 7.33, higher than our PEN 6.84 estimate and the PEN 1.83 11,500 registered in 2Q2013. 30,000 11,300 28,000 11,100 The main differences with our estimates were caused by the following 26,000 factors: 10,900 24,000

22,000 10,700 i. Net interest income after provisions was 7.5% higher than expected. This was caused by a 12.7% higher than estimated net 20,000 10,500 2Q13 3Q13 4Q13 1Q14 2Q14 interest income (NII), due to the inclusion of the results of Mibanco Source: SBS, Kallpa SAB and lower funding costs. This was partially offset by higher provisions than expected (+27.3%), caused mainly by the inclusion of Mibanco’s Chart Nº 5: Past due loans by segment provisions. 12% 2Q13 2Q14 ii. 10.8% higher than expected operating expenses (counteracting 10% the effect of the higher NII), due to the inclusion of Mibanco’s 8% operating expenses.

6% iii. Extraordinary revenues of PEN 48.4 MM, result of: a) PEN 40.8

4% MM of revenues received by Atlantic Security Bank from reinsurers compensation of claims related to losses incurred during the 2008 2% crisis; and, b) PEN 6.6 MM for the profit of the sale of a property and the reversion of tax provisions in Prima AFP. Without this 0% SME Credit Cards Edyficar Consumption Mortgage extraordinary revenues, operating income would have been in line

Source: Credicorp with our estimates (0.7% higher).

Chart Nº 6: PDL vs. Coverage Ratios Below are the quarter’s most relevant points (see details in Page 5): PDL* Cobertura 2.8% PDL Ratio Coverage Ratio 170% Net interest income increased 34.3% YoY, supported by: i) a 24.7% 165% 2.6% YoY increase in interest income, caused by a 23.7% YoY growth 160% 2.4% (+16.4% YoY excluding Mibanco) in the loan portfolio; and, ii) a 2.7% 155% 2.2% YoY increase in interest expenses, as the lower funding costs offset 150% 2.0% the 15.3% YoY increase in deposits. 145% 1.8% 140% 1.6% Loans in domestic currency from BCP increased 33.5% YoY, while a 135% foreign currency loans rose 0.8% YoY. This was caused by the de- 1.4% 130% dollarization process in loans. 1.2% 125%

1.0% 120% 2Q13 3Q13 4Q13 1Q14 2Q14 Net interest margin (NIM) showed a significant increase by Source: Credicorp registering 5.71% (5.23% in 1Q2014 and 4.88% in 2Q2013). This was caused by the improvements in the funding costs and the Table N° 1: Contribution of subsidiaries to Credicorp's incorporation of Mibanco’s net interest income (if not considered, NIM net income would have been 5.36%). 2Q2014 2Q2013 Subsidiaries PEN MM % PEN MM % PDL ratio increased to 2.64% from 2.59% in 1Q2014 and 2.11% in BCP 422.95 72.3% 89.86 61.5% 2Q2013. This was the result of higher delinquencies in BCP's SME PGA 46.43 7.9% 14.50 9.9% portfolio, which was 10.69% as of the closing of 2Q2014 (10.20% in ASB 80.07 13.7% 35.37 24.2% 1Q2014 and 7.56% in 2Q2013). The latter, along with the Prima 40.79 7.0% 37.74 25.8% incorporation of Mibanco’s PDL portfolio, caused the 53.6% YoY Credicorp Capital 12.11 2.1% 3.97 2.7% increase in provisions. Holding -8.71 -1.5% -32.81 -22.5% Others -8.96 -1.5% -2.52 -1.7% Total 584.68 146.10 Source: Credicorp

www.kallpasab.com Update 3 Financial | Credicorp Ltd.

Chart Nº 7: Efficiency Ratio Operating income registered a 45.3% YoY progress. This is due to 46% the following reasons: 43.9% 43.7% 43.9% 44% 42.0% i. A 24.6% YoY increase in non financial income, caused 42% 40.8% mainly by: i) a PEN 56.1 MM gain in the sale of securities, 40% higher than the PEN 35.0 MM loss of 2Q2013; and, ii)

38% extraordinary income of PEN 48.4 MM, explained previously.

36% ii. A 26.3% YoY rise in insurance services' technical result, 34% due to the combined effect of a 0.9% YoY increase in the net

32% premiums earned and a 5.4% YoY decrease in net claims incurred. 30% 2Q13 3Q13 4Q13 1Q14 2Q14 Source: Credicorp iii. Medical services’ technical result grew 44.0% YoY due to the higher amount of services in hospitals and the higher Chart Nº 8: LTM ROE vs. ROA average ticket. ROE ROA ROE ROA 20% 18.5% 2.5% iv. Operating expenses increased 17.2% YoY. This was the 18% 16.5% 15.1% 15.3% result of a 21.5% YoY rise in remunerations and social 16% 2.1% 13.9% benefits, and of 21.2% YoY in the depreciation and 14% amortization expenses. The strong increase was caused by the 12% 1.9% 1.7% inclusion of Mibanco’s expenses. Without considering them, 10% 1.7% operating expenses would have grown only 6.7% YoY. 1.5% 1.5% 8% 1.3% 1.4% 6% v. Efficiency ratio was of 43.9%, remaining the same as the one 4% 0.9% registered in 2Q2014. However, without considering Mibanco, 2% the ratio would have improved, reaching 42.7%. 0% 0.5% 2Q13 3Q13 4Q13 1Q14 2Q14 Net income increased 300.2% YoY before: i) a PEN 0.6 MM translation gain was registered, compared with the PEN 213.0 MM loss of 2Q2013; and, ii) a 25.5% effective tax rate, lower than the 34.9% rate of 2Q2013.

www.kallpasab.com Update 4 Financial | Credicorp Ltd.

2Q2014's Results

INCOME STATEMENT (PEN MM) 2Q2014 2Q2013 YoY 1Q2014 QoQ Cum. 2014 Cum. 2013 YoY Interest Income 2,144.7 1,719.4 24.7% 1,876.2 14.3% 4,020.9 3,386.1 18.7% Interest Expenses -534.2 -520.4 2.7% -474.5 12.6% -1,008.7 -1,022.5 -1.4% Net Interest Income 1,610.5 1,198.9 34.3% 1,401.7 14.9% 3,012.2 2,363.6 27.4% Net Provisions for Loan Losses -480.7 -313.0 53.6% -364.6 31.9% -845.3 -558.0 51.5% Net Income After Provisions 1,129.8 885.9 27.5% 1,037.1 8.9% 2,166.9 1,805.5 20.0% Non Financial Income 873.6 701.0 24.6% 884.4 -1.2% 1,758.0 1,430.3 22.9% Insurance Services Technical Results 104.2 82.5 26.3% 97.1 7.3% 201.3 174.8 15.2% Medical Services Technical Results 25.2 17.5 44.0% 20.7 21.9% 46.0 31.8 44.4% Operating Expenses -1,328.8 -1,133.7 17.2% -1,128.2 17.8% -2,457.0 -2,174.8 13.0% Operating Income 804.0 553.2 45.3% 911.1 -11.8% 1,715.1 1,267.6 35.3% Translation Result 0.6 -213.0 n.s. -1.0 n.s. -0.4 -261.1 -99.8% Income Tax -204.9 -193.2 6.1% -230.8 -11.2% -435.7 -380.3 14.6% Net Income 599.7 147.0 308.1% 679.3 -11.7% 1,279.0 626.2 104.2% Minority Interest 15.0 0.9 n.s. 17.2 -12.5% 32.2 10.9 194.5% Attributable to Credicorp 584.7 146.1 300.2% 662.1 -11.7% 1,246.8 615.3 102.6% Shares Outstanding - Average (MM) 79.8 79.8 0.0% 79.8 0.0% 79.8 79.8 0.0% Earnings per share - EPS (PEN) 7.33 1.83 300.2% 8.30 -11.7% 15.63 7.71 102.6%

2Q2014's Results vs. Kallpa SAB's estimates

INCOME STATEMENT (PEN MM) 2Q2014 2Q2014e Var. 2014e - P 2014e - N 2015e - P 2015e - N Interest Income 2,144.7 1,987.3 7.9% 8,101.8 8,480.3 9,216.7 9,706.9 Interest Expenses -534.2 -558.5 -4.3% -2,224.1 -2,142.9 -2,492.2 -2,427.8 Net Interest Income 1,610.5 1,428.8 12.7% 5,877.6 6,337.4 6,724.5 7,279.2 Net Provisions for Loan Losses -480.7 -377.5 27.3% -1,547.3 -1,769.5 -1,802.6 -2,073.6 Net Income After Provisions 1,129.8 1,051.2 7.5% 4,330.3 4,567.9 4,921.9 5,205.6 Non Financial Income 873.6 770.5 13.4% 3,298.2 3,380.5 3,683.9 3,756.8 Insurance Services Technical Results 104.2 109.2 -4.6% 439.2 436.9 499.5 496.4 Medical Services Technical Results 25.2 19.0 32.9% 80.2 85.0 92.3 98.3 Operating Expenses -1,328.8 -1,199.6 10.8% -4,886.0 -5,205.8 -5,382.7 -5,815.0 Operating Income 804.0 750.4 7.1% 3,261.9 3,264.5 3,814.8 3,742.0 Translation Result 0.6 - n.s. -1.0 -0.4 - - Income Tax -204.9 -195.1 5.0% -842.0 -838.6 -991.9 -972.9 Net Income 599.7 555.3 8.0% 2,418.9 2,425.5 2,823.0 2,769.1 Minority Interest 15.0 10.1 48.1% 41.3 60.9 48.2 69.5 Attributable to Credicorp 584.7 545.2 7.2% 2,377.6 2,364.6 2,774.7 2,699.6 Shares Outstanding - Average (MM) 79.8 79.8 79.8 79.8 79.8 79.8 Earnings per share - EPS (PEN) 7.33 6.84 7.2% 29.81 29.65 34.79 33.85 n.s.: non significant

P: Previous Estimates

N: New Estimates

Source: Credicorp, Kallpa SAB

www.kallpasab.com Update 5 Financial | Credicorp Ltd.

Multiple Analysis

Market Cap. P/E P/E Dividend Company Country P/BV NIM ROE ROA (USD MM) 12M 2014 Yield Credicorp Ltd. Peru 12,443 16.1 14.7 2.72 5.7% 18.5% 1.9% 1.2% Itau Unibanco Holding SA Brazil 82,677 9.6 10.2 2.16 5.9% 22.3% 1.8% 2.4% Banco Bradesco SA Brazil 65,181 10.9 10.1 1.89 3.9% 18.7% 1.5% 3.0% Banco do Brasil SA Brazil 34,733 4.9 7.7 1.09 3.7% 24.0% 1.2% 8.4% Grupo Financiero Inbursa SAB Mexico 21,524 15.5 20.3 3.27 4.5% 21.9% 5.0% 4.4% Grupo Financiero Banorte SAB Mexico 19,413 16.9 16.1 2.21 5.9% 14.6% 1.5% 0.9% Bancolombia SA Colombia 14,622 14.3 14.2 1.76 5.5% 13.2% 1.5% 2.6% Banco Santander Chile Chile 11,996 12.0 13.7 2.86 5.7% 25.3% 2.2% 3.8% Banco de Chile Chile 11,958 12.0 12.0 2.90 5.2% 25.3% 2.3% 4.7% Banco de Bogota SA Colombia 11,466 14.7 13.7 2.18 6.2% 15.9% 1.6% 3.4% Banco Davivienda SA Colombia 7,654 13.2 13.4 2.28 7.3% 18.2% 2.0% 2.8% Banco de Credito e Inversiones Chile 6,077 10.0 11.2 2.12 4.5% 22.5% 1.8% 3.9% BBVA Banco Continental SA Peru 5,705 13.2 n.d. 3.28 6.0% 29.2% 2.4% 4.1% Corpbanca SA Chile 4,060 12.4 12.1 1.53 4.2% 13.5% 1.1% 3.8% Sociedad Matriz Banco de Chile Chile 4,059 22.8 n.d. 2.42 5.0% 9.4% 0.4% 2.0% Scotiabank Perú Peru 3,340 10.3 n.d. 2.31 10.1% n.d. n.d. 3.7% Intercorp Financial Services Peru 3,038 11.6 11.8 2.89 8.6% 25.0% 2.2% 4.9% Average 18,820 13.0 12.9 2.34 5.8% 19.8% 1.9% 3.5% Source: Bloomberg, Kallpa SAB

Chart Nº 9: P/E vs. P/BV Chart Nº 10: ROE vs. ROA P/BV Market ROA Market 3.2 2.6% Banco de Chile Santander Chile Banco de Chile 2.4% IFS 2.8 2.2% IFS Credicorp Davivienda Santander Chile 2.4 2.0% BCI Credicorp 1.8% Davivienda Bancolombia 2.0 Banorte 1.6% BCI

1.4% 1.6 Bradesco Bancolombia Banorte 1.2% Bradesco

1.2 P/E 1.0% ROE 8 10 12 14 16 18 2014 12% 14% 16% 18% 20% 22% 24% 26% 28% Source: Bloomberg, Kallpa SAB Source: Bloomberg, Kallpa SAB

Sensitivity Analysis

Table Nº 2: FV's Sensitivity to COK and perpetual growth (g)

COK \ g 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50%

12.79% 114.07 116.60 119.43 122.62 126.25 130.42 135.25

11.79% 127.84 131.57 135.82 140.69 146.33 152.95 160.83

10.79% 145.38 150.96 157.42 165.00 174.01 184.90 198.34

9.79% 168.50 177.04 187.19 199.46 214.60 233.73 258.68

8.79% 200.37 214.02 230.85 252.13 279.88 317.58 371.77

Source: Kallpa SAB

www.kallpasab.com Update 6 Financial | Credicorp Ltd.

Appendix – Disclaimer

Analyst certification

The analyst that prepared this report hereby certifies that: i) the opinions and views expressed in this valuation report, in regard with the issuer and with the company’s overview, reflected his/her personal opinion and ii) No part of his/her salary compensation was, is or will be related directly or indirectly to the recommendations expressed in this report.

The economic compensation of the analyst that prepared this report is based in several factors, including but not limited to Kallpa Securities SAB’s profitability and the profits generated by its different areas, including investment banking. In addition, the analyst does not receive any kind of economic compensation from the companies he/she covers.

This valuation report was prepared by Kallpa Securities SAB’s employees that maintain the position of Analyst. Persons involved in the elaboration of this report are authorized to maintain shares.

Share prices in this report are based on market prices as of closing of the day prior to the publication of this report, unless it is strictly stated.

General statement

This document is for informative purposes only. Under no circumstances it should be used / be considered as an offer of sale or an application of purchase of shares or any other securities mentioned in this document. The information herein has been obtained from sources which are believed to be reliable, but Kallpa Securities SAB does not guarantee the trustfulness or accuracy of the content of this report, or the future market values of shares or other securities mentioned in this document. The views and opinions expressed in this document constitute our opinion at the time of this report and are subject to change without any notice. Kallpa Securities SAB does not guarantee analysis updates before any change in the circumstances of the market. The products referred in this document may not be available for purchase in some countries.

Kallpa Securities SAB has reasonably designed policies to prevent or to control the exchange of non-public information used by areas such Research and Investment, Capital Markets, among others.

Definition of qualification ranges

Kallpa Securities SAB has 5 qualification ranges: Buy +, Buy, Hold, Sell and Sell - . The analyst will assign the coverage one of these ranges.

Sell - < - 30% > + 30% Buy + Sell - -30% to -15% +15% to +30% Buy Hold -15% to 0% 0% to +15% Hold

The range assigned to each company covered by the analyst in these reports is based on the analysis/monitoring Kallpa Securities SAB has been developing for the company. In some cases, the analyst can express his/her short-term points of view to traders, vendors and some Kallpa Securities SAB’s clients but this point of view may differ in time by market volatility and other factors.

The fair value calculated by Kallpa SAB is based in one or more valuation methodologies commonly used by financial analysts, including but not limited to discounted cash flows, In Situ valuations or any other applicable methodology. It should be noted that the publication of a fair value does not imply any guarantee that the value will be achieved.

www.kallpasab.com Update 7 Financial | Credicorp Ltd.

KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA

MANAGEMENT

Alberto Arispe CEO (511) 630 7500 [email protected]

COMMERCIAL CORPORATE FINANCE

Enrique Hernández Ricardo Carrión Manager Manager (51 1) 630 7515 (51 1) 630 7500 [email protected] [email protected]

EQUITY RESEARCH

Marco Contreras Edder Castro Humberto León Sebastian Cruz Stacy Arciniega Senior Analyst Analyst Analyst Analyst Assistant (51 1) 630 7528 (51 1) 630 7529 (51 1) 630 7527 (51 1) 630 7533 (51 1) 630 7500 [email protected] [email protected] [email protected] [email protected] [email protected]

TRADING

Eduardo Fernandini Jorge Rodríguez Eduardo Macpherson Head Trader Trader Trader (51 1) 630 7516 (51 1) 630 7518 (51 1) 630 7520 [email protected] [email protected] [email protected]

SALES - CHACARILLA OFFICE SALES - MIRAFLORES OFFICE

Hernando Pastor Daniel Berger Gilberto Mora Walter León Representative Representative Representative Representative (51 1) 630 7511 (51 1) 630 7513 (51 1) 630 7510 (51 1) 243 8024 [email protected] [email protected] [email protected] [email protected]

SALES - AREQUIPA OFFICE

Jesús Molina Ricky García Representative Representative (51 54) 272 937 (51 54) 272 937 [email protected] rgarcí[email protected]

ASSET MANAGEMENT

Javier Frisancho Rafael Sánchez-Aizcorbe Portfolio Manager Commercial Manager (51 1) 630 7517 (51 1) 630 7500 [email protected] [email protected]

OPERATIONS IT

Alan Noa Mariano Bazán Ramiro Misari Head of Operations Analyst - Treasury Head of IT (51 1) 630 7523 (51 1) 630 7522 (51 1) 630 7500 [email protected] [email protected] [email protected]

INTERNAL CONTROL ACCOUNTING

Elizabeth Cueva Mireya Montero Controller Chief Accountant (51 1) 630 7521 (51 1) 630 7524 [email protected] [email protected]

www.kallpasab.com Update 8