Fixed Income Presentation Fourth Quarter 2017 Disclaimer The - - PowerPoint PPT Presentation

Fixed Income Presentation

Fourth Quarter 2017

Disclaimer

2

The information contained herein has been prepared by Banco de Crédito del Perú (“BCP”) solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment or other advice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this presentation are subject to change without notice and BCP is under no obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is qualified in its entirety by reference to more detailed information appearing elsewhere, if

• any. BCP and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this

material. This presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based on current expectations and projections about future events and trends that may affect BCP’s business. You are cautioned that any such forward-looking statements are not guarantees of future performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control.

Investment Highlights

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Disciplined and Conservative Capital Management Peru: Strong Macroeconomic Fundamentals and Underpenetrated Financial System Leading Financial Institution in Latin America and Peru Solid Growth and Profitability with Strong Efficiency Levels Solid Asset Quality and Stable Funding Base Comprehensive Business Strategy with Strong Governance Focus

1 2 3 5 6 4

Macroeconomic Outlook

Latam & Peru

Rating Scale Peru Brazil Chile Colombia México AA- / Aa3 *+7 Moody's (negative) A+ / A1 *+6 S&P (stable) A / A2 *+5 Fitch (stable) A- / A3 *+4 Moody's (stable) Moody's (negative) BBB+ / Baa1 *+3 S&P (stable) Fitch (stable) S&P (stable) Fitch (stable) BBB / Baa2 *+2 Moody's (stable) Fitch (stable) BBB- / Baa3 *+1 S&P (stable) BB+ / Ba1 *-1 BB / Ba2 *-2 Moody's (stable) Fitch (negative) BB- / Ba3 *-3 S&P (stable)

5

Peru: a brief introduction 1

Peru at a glance LatAm: CDS to 5 years (As of Feb 14th) Sovereign Ratings

Sources: Bloomberg, BCRP, INEI, BCP Economic Research

Economic Indicators (2016) GDP (Billions) USD 195.7 Exports (Billions) USD 37.0 Copper USD 10.2 Gold USD 7.4 Agriculture USD 5.6 Imports (Billions) USD 35.1 Gas and Fuels USD 3.8 Credit / GDP (%) 40.9% Socio-Demographic Indicators (2016) Population 31.5 million Urban Population (%, 2015) 76.7% Rural Population (%, 2015) 23.3% Economically Active Population (EAP) 16.5 million Urban EAP 12.6 million GDP per Capita USD 6,205 GDP per Capita (ppp) USD 12,913 Poverty Rate (%) 20.7%

164 108 107 81 54 20 40 60 80 100 120 140 160 180 Brazil Mexico Colombia Peru Chile

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Peru’s economic performance and outlook remain above LatAm peers’ 1

*Forecasts by BCP Economic Research as of February, 2018. Sources: BCP, IMF, BCRP, LatinFocus (Jan-18) and Bloomberg. e: estimates

GDP Growth (real, %) Inflation (%) Fiscal Balance (% GDP) International Reserves (% GDP) Public Debt (% GDP) Current Account Balance (% of GDP)

3.5 2004 2006 2008 2010 2012 2014 2016 2018e Peru Chile Colombia Mexico Brazil 3.2 1.4 2.5

• 5

5 10 15 2004 2006 2008 2010 2012 2014 2016 2018e Peru Chile Colombia Mexico Brazil

• 0.9
• 10.0
• 5.0

0.0 5.0 10.0 2004 2006 2008 2010 2012 2014 2016 2018e Peru Chile Colombia 1.4

• 0.5
• 3.0

0.5

• 1.5
• 2.7
• 1.7
• 1.9
• 3.5
• 3.4
• 2.9
• 2.1
• 2.6
• 6.4
• 8.3

2010 - 2012 2013 - 2015 2016 - 2018e Peru Chile Colombia Mexico Brazil 31 32 30 15 15 15 10 13 15 12 15 15 14 16 19 2010 - 2012 2013 - 2015 2016 - 2018e Peru Chile Colombia Mexico Brazil 23 21 26 11 15 23 43 46 52 43 50 55 62 65 83 2010 - 2012 2013 - 2015 2016 - 2018e Peru Chile Colombia Mexico Brazil

Some tailwinds:  Favorable international environment.  Counter-cyclical monetary and fiscal policies. Some headwinds:  Further deter of business and consumer expectations due to political tensions and the outcome of the “Construction Club” scandal

Solid macroeconomic fundamentals persist 1

Peru will still out-perform the main economies of the region (Brazil, Mexico, Argentina, Colombia and Chile) We lowered our GDP growth forecast from 4.2% to 3.5% due to political uncertainty and risks in the construction sector. Local headwinds will stop Peru from growing close to 5% (in line with the average growth of the past 25 years).

• 5.0

0.0 5.0 10.0 15.0 20.0 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 GDP Domestic Demand 3.5 3.2 2.5 2.3 2.3 1.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Peru Chile Argentina Colombia Mexico Brazil GDP and Domestic Demand Growth (% change) GDP Growth forecast for 2018 (% change) 7

Source: BCP Economic Research, IMF (Jan-18), Credicorp Capital, BCRP

Average 1993-2018: GDP 4.9% DD: 5.0%

Favorable international environment 1

2018 will be a better year for GDP and Domestic Demand… Commodity price change (% change Jan-18 vs Jan-16)

 The IMF recently made upwards revision to the world GDP growth forecast for 2018 from 3.7% to 3.9% (third consecutive upward revision and highest expansion in 7 years).  Price of copper stands around USD/lb. 3.20%, almost 60% above the observed two year ago. Moreover, the price of zinc stands close to a 10-year high.  Despite political turmoil, demand for Peru from foreign investors remains robust due to the strong macroeconomic fundamentals (Sovereign yields have fallen, on average, 165bps in the past year). 121 55 20 20 40 60 80 100 120 140 Zinc Copper Gold 8

Source: Bloomberg

Changes in Sovereign yields and UST (% change y/y in basic points, as of 14-Feb-18)

• 212
• 189
• 177
• 166
• 148
• 138
• 100

93 43

• 250
• 200
• 150
• 100
• 50

50 100 150 Sov 2020 Sov 2023 Sov 2024 Sov 2026 Sov 2028 Sov 2031 Sov 2032 UST2Y UST10Y

Fiscal Policy 1

The Ministry of Finance faces important short and medium-term challenges… Public Investment of the General Government in real terms (% change y/y) Fiscal Revenues in emerging markets with investment grade in 2017 (% of GDP)  The fiscal deficit closed 2017 at 3.2% of GDP, the highest print in 17 years. Fiscal Revenues represented 18.0% of GDP, the lowest print in 14 years.  The main challenges for the Ministry of Finance in the short and medium term are:  Ensuring Public Investment grows at two-digit rates (1H17: -10% y/y).  Substantially increasing fiscal revenues (VAT Peru: 18%, VAT Chile & Colombia: 18-19%).  Complying with the commitment from the Government to narrow the fiscal deficit from 3.5% in 2018 to 1.0% by 2021.  Notable improving the quality of public spending, as well as prioritizing public investment projects and Public-Private Partnerships (PPP’s).  Several years of subdued growth and persistent inability to comply with fiscal targets could trigger a change in the sovereign credit rating to negative in 2018-2019. 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0

Poland Russia South Africa China Colombia Chile Thailand Mexico Panama India Malaysia Peru Indonesia

• 20.0
• 15.0
• 10.0
• 5.0

0.0 5.0 10.0 15.0 20.0 25.0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Jan-18 9

Source: BCRP, IMF

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Headline Inflation Core Inflation

Monetary Policy 1

The Central Bank has lowered its policy rate 125bps since Apr-17 Inflation forecast (%) BCRP vs FED key rate spread (basic points)  In Jan-18 headline inflation stood at 1.3% y/y, below the mid-point of the target range (1-3%), and the lowest print in 8 years. Core inflation stood at 2.0% y/y (Dec-17: 2.2%), the lowest print in 5 years.  We expect annual inflation to stand below 1.0% y/y in temporarily during March. Thereafter it will gradually accelerate and close the year close to 2.5%  We expect a new 25bps rate cut from the BCRP (current: 3.00% and -125bps since Apr-17) due to the decrease of annual inflation and a negative output gap which narrows at a slower pace. We see this rate cut occurring in March. However, currently we can not discard further rate cuts.  As the Central Bank lowers the policy rate and the FED hikes its policy rate, the key rate spread will narrow

• 200
• 100

100 200 300 400 500 600 700 Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Oct-07 Jul-08 Apr-09 Jan-10 Oct-10 Jul-11 Apr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 10

Source: INEI, BCRP, Fed, BCP Economic Research

FX and External Accounts 1

Strong Trade Surplus in 2018 and PEN appreciation pressures… Trade and Current Account Balance (% of GDP, 4-quarters-rolling) Latam Currencies (Jan-13=100)  This year we expect the trade surplus to reach its highest print in 7 years as the price of copper stands around USD/lb. 3.20 (+60% compared to two- years ago) and the price of zinc stands close to a 10-year high.  We expect the exchange rate to close 2018 between the range USDPEN 3.20-3.25, with the balance of risks pointing towards PEN appreciation.  Central Bank intervention will be key this year after in 2017 it made net purchases for USD 5,248 million, the highest since 2012.  Nonetheless, the towards the end of year depreciation pressures could emerge as the FED raises its monetary policy rate.

• 6.0
• 4.0
• 2.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0 1Q02 4Q02 3Q03 2Q04 1Q05 4Q05 3Q06 2Q07 1Q08 4Q08 3Q09 2Q10 1Q11 4Q11 3Q12 2Q13 1Q14 4Q14 3Q15 2Q16 1Q17 Trade Balance Current Account Balance 80 100 120 140 160 180 200 220 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 PEN CLP COP MXN BRL 11

Source: BCRP, Bloomberg, BCP Economic Research,

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1 Growth Potential

Expected GDP Growth 2018-2021 (Var. % y/y) Financial Penetration 2016 (%) (1) Real GDP Per Capita (1975=100) Favorable demographic structure

Source: BCRP, IMF, JPMorgan, LatinFocus (Jan-18), BCP Economic Research (1) Loans to the Private Sector/ GDP. .

3.8 3.7 3.2 3.0 3.1 3.0 2.7 2.5 1.6

• 2.1
• 3.0
• 2.0
• 1.0

0.0 1.0 2.0 3.0 4.0 5.0 PER BOL ARG COL URU CHI BRA MEX ECU VEN 89 48 46 41 10 20 30 40 50 60 70 80 90 100 CHI BRA COL PER 20 40 60 80 100 120 140 160

19501954195819621966197019741978198219861990199419982002200620102014

1975 GDP per Capita similar to 2006 level 81.9 91.1 48.4 53.0 6.3 24.6 75.8 28.4 10 20 30 40 50 60 70 80 90 100 1950 1958 1966 1974 1982 1990 1998 2006 2014 2022 2030 2038 2046 Total Dependency Ratio Elderly Dependency Ratio Youth Dependency Ratio

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1 Infrastructure Investment

Infrastructure investment projects Investment in transport infrastructure (USD Millions)

*Amazonian Hydroid. Source: Apoyo Consultoría, BCRP, Cosapi, MEF, MINAGRI, MINEM, Proinversión, Plan Nacional de Infraestructura 2016-2025, media

Project Investment (US$ Millions) Reconstruction – El Niño 7,000 Line 2 of Lima’s Metro 5,400 Extension of Refinery Talara 5,400 Periferical Roadway Ring of Lima 2,000 Chancay Port 1,850 Jorge Chavez Airport – Expansion 1,500 Northern Pier 730 Chavimochic III 630 Panamerican Games 550 Majes Siguas II 540 San Gabán III 500 L.T. Moyobamba-Iquitos 500 Longitudinal de la Sierra Road Project (Section 4) 464 Sol Highway (Trujillo-Sullana) 398 Expansion of Road Network 6 294 Road Network 4 (Northern Roadway) 286 San Martin’s Portuary Terminal 250 Longitudinal de la Sierra Road Project (Section 2) 249 Chilca Uno Expansion 140 Expansion of Road Network 5 138 IIRSA Center (Section 2) 127 Transmission Line Azángaro – Puno 70 Total 29,016

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1

Source: The Economist – Intelligence Unit: Quantifying market opportunities in Latin America’s cities (feb-17)

Growing Middle Class

Size – Number of people earning over USD 15k per annum (thousands, metropolitan areas) Growth – Number of people earning over USD 15k per annum (thousands, metropolitan areas) Geography Rank 2016 2030 % change Absolute Change Mexico: Mexico City 1 3,772.3 9,440.6 150% 5,668.3 Brazil: Sao Paulo 2 3,220.8 8,025.4 149% 4,804.6 Argentina: Buenos Aires 3 3,844.7 6,709.2 75% 2,864.5 Brazil: Rio de Janeiro 4 2,193.9 5,591.6 155% 3,397.7 Chile: Santiago 5 1,238.8 3,470.6 180% 2,231.8 Peru: Lima 6 641.3 3,413.4 432% 2,772.1 Mexico: Guadalajara 7 646.2 2,177.2 237% 1,531.1 Brazil: Belo Horizonte 8 720.8 1,848.5 156% 1,127.8 Colombia: Bogota 9 442.4 1,645.7 272% 1,203.3

• Brazil. Brasilia

10 571.7 1,613.5 182% 1,041.8 Geography Rank 2016 2030 % change Bolivia: Santa Cruz 1 36.2 522.4 1343% Bolivia: Cochabamba 2 20.6 263.0 1178% Bolivia: La Paz 3 17.6 168.1 854% Ecuador: Guayaquil 4 157.2 980.2 524% Peru: Chiclayo 5 18.8 109.4 483% Peru: Arequipa 6 50.5 281.7 458% Peru: Trujillo 7 32.8 182.9 457% Haiti: Port-au-Prince 8 15.3 83.0 444% Paraguay: Asunción 9 103.2 561.1 444% Peru: Lima 10 641.3 3,413.4 432%

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Others Electricity Commerce Construction Manufacturing Mining and Hydrocarbons Fishing Agriculture

CAGR 07’-17’ % of GDP 17’

5.8% 5.5% 5.5% 6.2% 1.9% 4.6%

• 2.1%

3.4% 49.6% 1.8% 10.9% 5.8% 12.4% 13.9% 0.4% 5.2%

1 GDP by economic sectors

Between 2007 - 2017, Peru’s GDP has registered a +4.9% compounded annual growth 15

Source: BCRP

1 Exports by type of product

Between 2007 - 2017, Peru registered compounded annual growth of +4.8% in exports 16

Non traditional includes: agriculture and livestock (11.4%), textile (2.8%), chemicals (3.1%), and others (8.7%) . Source: BCRP

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Others Non-Traditional (1) Fuel and Derivatives Mining Agricultural Fishing

CAGR 07’-17’ % of exports 17’

0.3% 26.0% 7.5% 60.5% 1.8% 4.0% 1.3% 6.3% 3.8% 4.5% 5.9% 2.0%

1 Exports by destination country

Exports by destination country – 2017* (% of Total Exports) 17

Source: SUNAT. *Jan-Nov

Main destination countries % of exports

• 1. China

23.0% Copper 16.9% Fish meal 1.9% Iron 0.9% Others 3.3%

• 2. USA

16.8% Gold 4.7% Fuels 0.9% Asparagus 0.7% Others 10.5%

• 3. Switzerland

6.9% Gold 6.9%

• 4. Canada

4.8% Gold 2.9% Others 1.8%

• 5. South Korea

3.8% Copper 1.1% Others 2.7%

23 17 15 14 7 5 4 3 13 China United States Eurozone LatAm Switzerland Canada South Korea Japan Others

1 Mining exports

Mining Exports – Products 18

Source: BCRP, Ministry of Energy and Mining, BCP – Economic Research

• 9.6%
• 0.7%

5.2%

• 14.1%

6.7% 4.1%

• 4.6%

6.7% 1.3% 8.8% 6.3% 0.4% 29.4% 1.6% 1.4% 50.8% 100%

CAGR 07’-17’ % of exports 17’

5,000 10,000 15,000 20,000 25,000 30,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Molybdenum Zinc Lead Silver Gold Iron Tin Copper 1.5 2.1 2.5 2.7 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 Peru’s Copper output (millions of metric tons) Copper output (production in thousand metric tons, investment in USD millions)

Projects on the horizon (P) Production Total Investment State Toquepala’s Expansion 100 550 Toromocho’s Expansion 75 1,300 Mina Justa 110 1,250 Quellaveco 300 4,800 Michiquillay 187 1,900 Tía María 120 1,000 Total (2017 + P) 3,362 10,800

In execution New projects

1 Macroeconomic outlook - Peru

19

Source: Estimates by BCP Economic Research as of February, 2018; INEI, BCRP, and SBS. Banking System, Current Exchange Rate. Inflation target: 2%, +/- 1%.

2011 2012 2013 2014 2015 2016 2017e 2018e GDP (US$ Millions) 168,934 189,270 197,905 203,139 192,348 195,655 213,073 227,175 Real GDP (% change) 6.5 6.0 5.8 2.4 3.3 4.0 2.5 3.5 GDP per capita (US$) 5,929 6,620 6,639 6,501 6,168 6,205 6,686 7,055 Domestic demand (% change) 7.7 7.3 7.3 2.2 2.9 1.1 1.3 3.7 Private Consumption (% change) 7.2 7.4 5.7 3.9 4.0 3.3 2.4 3.0 Private Investment (% change) 10.8 15.5 6.9

• 2.3
• 4.4
• 5.9

0.5 3.5 Gross fixed investment (as % GDP) 25.4 27.9 28.4 27.2 24.9 22.8 22.4 22.7 Public Debt (as % GDP) 22.3 20.8 20.0 20.1 23.3 23.8 25.5 27.3 System loan growth (% change)(1) 21.6 12.4 19.8 13.5 15.7 4.2 4.0

• Inflation(2)

4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.5 Reference Rate 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 Exchange rate, end of period 2.70 2.55 2.80 2.98 3.41 3.36 3.24 3.20-3.25 Exchange rate, (% change)

• 3.91%
• 5.56%
• 9.80%

6.43% 14.43%

• 1.47%
• 3.57%
• 1.23%

Fiscal balance (% GDP) 2.1 2.3 0.9

• 0.3
• 2.1
• 2.6
• 3.2
• 3.5

Trade balance (US$ Millions) 9,224 6,393 504

• 1,509
• 2,916

1,888 6,266 7,700 Exports 46,376 47,411 42,861 39,533 34,414 37,020 44,918 47,400 Imports 37,152 41,018 42,356 41,042 37,331 35,132 38,652 39,700 Current account balance (US$ Millions)

• 2,990
• 5,388
• 9,387
• 8,925
• 9,169
• 5,303
• 1,918
• 2,045

(As % GDP)

• 1.8
• 2.8
• 4.7
• 4.4
• 4.8
• 2.7
• 0.9
• 0.9

Net international reserves (US$ Millions) 48,816 63,991 65,663 62,308 61,485 61,686 63,621 66,151 (As % GDP) 29% 34% 33% 31% 32% 32% 30% 29%

Macroeconomic Outlook

Socio-demographic indicators

1 Peru offers the banking system significant growth potential

21

(1) CAGR 2005-2016. Figures using the available data. Sources: INEI, Apoyo Consultoría

Urban EAP (Employed and Unemployed): 13.2 Million CAGR(1) : 2.89% Urban: 24.3 Million Rural: 7.2 Million Rural EAP (Employed and Unemployed): 4.1 Million CAGR(1) : -0.28% A + B: 14 % C: 33 % D: 35 % E: 17 %

23%

Total Population (2016): 31.5 million [CAGR(1) 1.25%] Total Economically Active Population (2016): 17.3 million [CAGR(1) : 2.01%] Urban population by socioeconomic level (2016, % of total households) Lima: Banked Population by socioeconomic level in 2015 (% of the population) 84% 67% 53% 36% 27% 16% 33% 47% 64% 73% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% A B C D E

22

1 Peru’s average monthly family income has improved mainly in the low socio-economic segments

Urban Peru: Socioeconomic levels by avg. household income - 2016 Peru: Avg. household income evolution by segment (S/)

Available income includes income for savings and/or loans expenditures. Source: INEI, Apoyo Consultoría

S/.7,081 S/.3,117 S/.897 S/.4,735 S/.1,794 S/.2,045 S/.497 S/.1,457 S/.225 S/.11,117 S/.4,014 S/.6,529 S/.2,543 S/.1,682 S/.4,036

D E A B C Average monthly family income Average monthly family available(1) Average monthly family expenditure Socioeconomic segment 2007 2011 2016 2016 (USD) A 10,090 9,476 11,117 3,421 B 5,389 5,393 6,523 2,007 C 3,047 3,455 3,996 1,230 D 1,683 2,196 2,423 746 E 796 1,143 1,287 396

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1 Demographic window will boost the economy while increasing middle class

Labor force (% of population) Adults with post-secondary education (%) Growth of the middle class (% of households)

Source: ENAHO, Macro Research BCP, Apoyo Consultoría * Estimates. .

45 52 63 2001 2015 2025

20 40 60 80 100 2000 2016 2000 2016 Young adult (21-35 years) Adult (36-65 years) No Yes Upper class (A) Consolidated middle class (B) Emerging middle class (C) Emerging low class (D) Low class with limited resources (E) 2 11 29 37

2011

21

2016

2 13 35 33 17

2021

2 16 36 32 14 50 54 41

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1 Peru has registered a significant reduction in its poverty rate in the last years

Peru: Poverty evolution Lima: monthly average Income by segment (PEN) Evolution of socioeconomic segments Urban Peru: monthly average spending by segment (PEN)

Source: INEI, Apoyo Consultoría .

16 16 14 11 11 10 8 6 6 5 4 4 4 42 40 35 31 26 24 23 21 20 19 18 18 17 59 42 23 22 21 10 20 30 40 50 60 70 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Extreme Poverty Non-Extreme Poverty Total Poverty 8,112 10,029 11,633 5,345 5,844 6,915 3,443 4,029 4,242 2,100 2,623 3,041 1,497 1,796 2,428 2008 2012 2016 SES A SES B SES C SES D SES E 42% 35% 31% 29% 31% 30% 20% 23% 27% 8% 10% 10% 1% 1% 1% 2008 2012 2016 SES A SES B SES C SES D SES E 5,185 6,700 7,081 3,876 4,261 4,735 2,453 2,832 3,117 1,606 1,819 2,045 1,091 1,275 1,457 2008 2012 2016 SES A SES B SES C SES D SES E

Macroeconomic Outlook

Peruvian Financial System

26

1 Behavior of Loans and Deposits are in Line with Economy

Asset Quality vs. Domestic Demand and Jobs (% change YoY) Deposits by Currency Loans by Currency Dollarization (%)

Source: BCRP and SBS as of November 2017.

203 25

• 5

10 15 20 25 30 35

• 50

100 150 200 250

mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17

Volumes in US$BN Volumes in S/BN LC FC 173 31

• 5

10 15 20 25 30 35 40

• 20

40 60 80 100 120 140 160 180 200

mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17

Volumes in US$BN Volumes in S/BN LC FC 28.7 36.8

• 5

10 15 20 25 30 35 40 45 50 mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17 Loans Deposits

• 3%
• 1%

1% 3% 5% 7% 9% 11% 13% 15% 17% Dic98 Dic00 Dic02 Dic04 Dic06 Dic08 Dic10 Dic12 Dic14 Dic16 Domestic Demand (% YoY) Jobs (Peru Urban % YoY) PDL

5.60 1.81 4.15 2.11 3.09 BRASIL CHILE COLOMBIA MEXICO PERU

27

1 The Peruvian Banking System is an Attractive and Underpenetrated Market

Loans & Deposits Penetration (% of GDP)(1) ATM’s per each 100,000 adults(2) Past Due Loans / Gross Loans(3) Profitability (%)(4)

43.7% 50.6% 92.8% 24.8% 54.6% 39.4% 41.4% 75.1% 26.8% 35.0% Peru Colombia Chile Mexico Brazil Gross Loans / GDP Deposits / GDP

Note: Data from different sources may not be entirely comparable. (1) Source: SBS and Banking Regulatory Agencies of Chile, Colombia, Brazil and Mexico as of December 31, 2016. Data includes each country´s Financial System Loans and Deposits. (2) Source: Banking Regulatory Agencies of each country as of December 31, 2015. (3) Source: Asbanc as of June 30, 2017. Number of days to consider credits as expired varies between countries. (4) Source: Asbanc as of June 30, 2017.

24 32 44 39 87 Peru Colombia Chile Mexico Brazil 12.1 12.1 11.1 13.9 19.0 BRASIL CHILE COLOMBIA MEXICO PERU

BCP Overview

10.61% 19.20% 19.30% 20.75% 21.80% 23.40% Bancolombia Santander Chile Banco de Chile ITAU BBVA Bancomer

29

2 BCP has One of the Best Banking Platforms in Latin America

Local Loan Market Share (%)(1) Total Gross Loans to Deposits Ratio (%) Efficiency (%)(2) ROAE (%)

Source: Data from different sources may not be entirely comparable. (1) Market share is calculated for the Banking System. (2) (Operating Expenses excluding Other Operating Expenses) / (Gross Financial Margin + Banking Services Commissions + Net Gain on Foreign Exchange Transactions + Net Result from Derivatives Instruments).

39.80% 40.80% 43.33% 46.18% 46.30% 52.60% BBVA Bancomer Santander Chile Banco de Chile ITAU Bancolombia 90.9% 105.5% 122.5% 127.2% 134.0% 140.9% BBVA Bancomer ITAU Bancolombia Banco de Chile Santander Chile 31.2% 26.0% 22.7% 17.6% 16.4% 13.6% Bancolombia BBVA Bancomer Santander Chile Banco de Chile ITAU

30

2

Source: SBS as of November 30, 2017. (1) Market share is calculated for the Peruvian Financial System. BCP unconsolidated figures plus Mibanco, BBVA figures include Financiera Confianza, Scotiabank figures include Crediscotia Financiera, and Interbank figures include Financiera Oh!.

BCP is the Leader in the Peruvian Financial System

Rank Market Share (%) Wholesale Loans 1 35% SME Loans 1 37% Microfinance Loans 1 29% Consumer Loans 1 18% Credit Cards 1 21% Mortgage Loans 1 31% Total Loans 1 31% Demand Deposits 1 32% Savings Deposits 1 35% Time Deposits 1 24% CTS Deposits 1 36% Total Deposits 1 30% Leading Financial Institution in Peru(1) #1 in Loans (Market Share %)(1) #1 in Deposits (Market Share %)(1) Most Profitable Bank (ROAE %)

31% 19% 16% 8% BBVA Scotiabank Interbank 30% 18% 14% 10% BBVA Scotiabank Interbank 21% 19% 16% 20% BBVA Scotiabank Interbank

31

2

(1) Data considers BCP and Mibanco branches and excludes branches outside of Peru. Source: SBS as of December 31, 2017. *Includes Edyficar for the period (2010 – 2014) Sources: BCP, SBS.

Total Branches 752 Branch Network National Coverage(1) BCP’s Network has Expanded Steadily BCP Stand Alone- Number of transactions – Monthly average (Millions of transactions) BCP Stand-Alone - Growth of Electronic Transactions (%)(2)

7 29 6 41 7 27 31 1 9 17 28 36 24 367 5 2 8 4 41 24 16 10 5 5

BCP has a Convenient Distribution Network

+16%

2017 119.3 2016 102.4 2015 97.2 2014 90.8 2013 84.3 2012 79.6 2011 60.8 2010 49.9 2009 43.0 2008 36.6 2017 7% 93% 2016 8% 92% 2015 9% 91% 2014 10% 90% 2013 11% 89% 2012 14% 86% 2011 16% 84% 2010 20% 80% 2009 24% 76% 2008 27% 73% 2007 30% 70% 1993 97% 3% Teller Electronic channels +6.0% 2017 9,391 6,310 2,329 2016 9,187 313 6,098 2,345 4,674 1,485 345 431 2015 8,793 321 5,732 2,295 445 2014 8,133 328 5,157 2,226 422 2013 8,419 119 5,820 2,091 389 2012 8,042 118 5,713 1,844 367 2011 6,621 117 424 328 Branches Mibanco* Agentes ATMs Branches BCP

32

3

(1) Cost of risk = Annualized provisions for loan losses / Total loans. (2) Efficiency ratio for the period is calculated by dividing (i) operating expenses deducting other operating expenses by (ii) gross financial margin adding fees and commissions from banking services plus net gains

• n foreign exchange transactions plus net result from derivative instruments for the period.

Solid Growth and Profitability – Quarterly Highlights

Profitability

Net income(1): S/ 742 million ▼ 9.6% QoQ and ▼ 2.5% YoY ROAE: 19.78% ▼ 333bps QoQ and ▼ 294bps YoY ROAA: 2.17% ▼ 30 bps QoQ and ▼ 20 bps YoY

Loan portfolio

Nominal growth: ▲ 6.2% QoQ and ▲ 5.6% YoY in quarter-end balances ▲ 3.0% QoQ and ▲ 2.7% YoY in average daily balances Provisions for loan losses: ▲ 31.3% QoQ and ▼ 3.4% YoY Cost of risk(1): 1.93% ▲ 40 bps QoQ and ▼ 13 bps YoY

NII & NIM

Net interest income: S/ 1,834 million ▲ 2.6% QoQ and ▲ 1.1% YoY NIM: 5.59% ▼ 3 bps QoQ and ▼ 33 bps YoY NIM after provisions: 4.28% ▼ 31 bps QoQ and ▼ 19 bps YoY

Efficiency

Efficiency ratio(2): 44.94% ▲ 237 bps QoQ and ▲ 137 bps YoY

Capital

CET1 ratio: 11.83% ▼ 10 bps QoQ and ▲ 75 bps YoY

33

3

1. Net income from continuing operations. Net income from discontinued operations was S/0, and S/141 MM as of December 2017, and December 2016, respectively. 2. Cost of risk = Annualized provisions for loan losses / Total loans.

Solid Growth and Profitability – YTD Highlights

Profitability

Net income(1): S/ 3,026 million ▲ 7.8% ROAE: 20.75% ▼ 95 bps ROAA: 2.27% ▲ 13 bps

Loan portfolio

Nominal growth: ▲ 5.6% in quarter-end balances ▲ 2.6% in average daily balances Provisions for loan losses: ▼ 1.6% Cost of risk(2): 1.89% ▼ 8 bps

NII & NIM

Net interest income: S/ 7,124 million ▲2.1% NIM: 5.55% ▲ 1 bps NIM after provisions: 4.23% ▲ 7 bps

Efficiency

Efficiency ratio: 43.33% ▼ 23 bps

Capital

CET1 ratio: 11.83% ▲ 85 bps

34

3

(1) From 1Q15 to 4Q15 includes BCP Bolivia, work out unit, and other banking. Since 1Q16 includes work out unit and other banking.

Loan Portfolio

Loan Portfolio Evolution - Q-end vs. Avg. Daily Balances (S/ Millions) Loan Portfolio Mix – Avg. Daily Balances Loan by currency – Avg. Daily Balances

3Q17 86,327 86,195 2Q17 85,891 85,091 1Q17 86,141 84,733 4Q17 91,573 88,909 4Q16 86,537 86,709 Total Loans avg. Daily balances (+0.5% QoQ) Q-end Total Loans (+1.3% QoQ) 3Q17 0.8% 10.2% 42.2% 46.7% 2Q17 0.9% 10.1% 41.6% 47.4% 1Q17 0.9% 10.0% 41.3% 47.9% 4Q16 0.8% 9.7% 41.6% 47.8% 4Q17 0.8% 10.2% 42.2% 46.7% Others (1) Microlending Retail Banking Wholesale Banking 3Q17 35.6% 64.4% 2Q17 35.6% 64.4% 1Q17 35.0% 65.0% 4Q16 33.9% 66.1% 4Q17 34.8% 65.2% Foreign Currency Domestic currency

35

3 Loan Portfolio Growth

Loan growth contribution QoQ (Average daily balances) Loan Portfolio Mix – Avg. Daily Balances

Total Loans 4Q17 88,909 US Dollar appreciation

• 231

Mibanco 242 BCP - Retail Banking 1,177 BCP - Wholesale Banking 1,394 Total Loans 3Q17 86,327 Nominal growth +3.0% Real growth +3.3% Total Loans 4Q17 88,909 US Dollar appreciation

• 1,100

Mibanco 665 BCP - Retail Banking 1,808 BCP - Wholesale Banking 1,000 Total Loans 4Q16 86,537 Nominal growth +2.7% Real growth +4.0%

36

3

(1) Average daily balances. (2) Includes work out unit, and other banking.

Loan portfolio by segment

Loans by Business Segment(1) Loan portfolio evolution by segment(1)

30% 10% 15% 8% 5% 10% 1% 30% 4Q16 16% 5% 9% 14% 8% 5% 10% 1% 32% 17% 5% 10% 15% 8% 5% 10% 1% 4Q17 3Q17 17% 5% Corporate SME - Pyme Consumer Credit Card Others (2) SME - Business Middle - Market Mortgage Mibanco Loans Quarter % Part. 4Q17 % nominal change % real change S/ Millions 4Q16 3Q17 4Q17 QoQ YoY QoQ YoY Wholesale Banking 41,352 40,331 41,557 46.74% 3.0% 0.5% 3.5% 2.4% Corporate 27,622 25,899 26,773 30.11% 3.4%

• 3.1%

3.8%

• 1.2%

Middle - Market 13,730 14,432 14,784 16.63% 2.4% 7.7% 2.8% 9.6% Retail Banking 36,019 36,433 37,544 42.23% 3.0% 4.2% 3.2% 5.0% SME - Business 4,703 4,704 4,877 5.49% 3.7% 3.7% 4.1% 5.7% SME - Pyme 7,827 8,240 8,664 9.74% 5.1% 10.7% 5.2% 10.9% Mortgage 12,508 12,745 12,963 14.58% 1.7% 3.6% 1.9% 4.5% Consumer 6,556 6,514 6,672 7.50% 2.4% 1.8% 2.5% 2.4% Credit Card 4,425 4,230 4,368 4.91% 3.3%

• 1.3%

3.4%

• 0.8%

Mibanco (2) 8,432 8,840 9,078 10.21% 2.7% 7.7% 2.7% 7.9% Others (3) 734 723 730 0.82% 1.0%

• 0.5%

1.2% 1.1% Total 86,537 86,327 88,909 100% 3.0% 2.7% 3.3% 4.0%

49.7% 46.3% 48.3% 46.4% 95.0% 96.5% 73.6% 76.1% 84.6% 83.2% 88.5% 86.8% 93.9% 94.3% 50% 54% 52% 54% 5% 3% 26% 24% 15% 17% 12% 13% 6% 6% 4Q16 4Q17 4Q16 4Q17 4Q16 4Q17 4Q16 4Q17 4Q16 4Q17 4Q16 4Q17 4Q16 4Q17 BCP Wholesale Banking BCP SME-Business BCP SME-Pyme BCP Mortgage BCP Consumer BCP Credit Card Mibanco PEN USD

37

3

(1) Average daily balances. (2) Includes work out unit, and other banking.

Loan portfolio by currency

Loan dollarization by segment YoY(1)

Loans Local currency loans (1) (Expressed in million PEN) Foreign currency loans (1) (Expressed in million USD) S/ Millions 4Q16 3Q17 4Q17 QoQ YoY % Part. 4Q17 4Q16 3Q17 4Q17 QoQ YoY % Part. 4Q17 Wholesale Banking 20,571 18,014 19,249 6.9%

• 6.4%

33.2% 6,155 6,869 6,884 0.2% 11.8% 72.1% Corporate 13,722 11,118 12,016 8.1%

• 12.4%

20.7% 4,117 4,550 4,554 0.1% 10.6% 47.7% Middle - Market 6,849 6,896 7,233 4.9% 5.6% 12.5% 2,038 2,319 2,330 0.5% 14.3% 24.4% Retail Banking 28,378 28,895 29,831 3.2% 5.1% 51.5% 2,263 2,322 2,380 2.5% 5.2% 24.9% SME - Business 2,272 2,229 2,262 1.5%

• 0.4%

3.9% 720 762 807 5.9% 12.1% 8.5% SME - Pyme 7,438 7,926 8,361 5.5% 12.4% 14.4% 115 97 94

• 3.1%
• 18.3%

1.0% Mortgage 9,206 9,589 9,867 2.9% 7.2% 17.0% 978 972 955

• 1.7%
• 2.4%

10.0% Consumer 5,548 5,469 5,550 1.5% 0.0% 9.6% 299 322 346 7.5% 15.7% 3.6% Credit Card 3,914 3,682 3,791 3.0%

• 3.1%

6.5% 151 169 178 5.3% 17.9% 1.9% Mibanco 7,916 8331 8563 2.8% 8.2% 14.8% 153 156 159 1.9% 3.9% 1.7% Others (2) 307 333 333 0.0% 8.5% 0.6% 126 120 122 1.7%

• 3.2%

1.3% Total 57,172 55,573 57,976 4.3% 1.4% 100.0% 8,697 9,467 9,545 0.8% 9.8% 100.0% 5.5% of total loans 14.6% of total loans

38

3 Strong Efficiency Levels and Stable Margins

Source: BCP consolidated figures as of December 31, 2017. (1) Non-Interest Income: Banking Services Comissions (net) + Net Gain (Loss) on Sale of Securities + Net Gain on Foreign Exchange Transactions + Other Non-Financial Income. (2) (Operating Expenses – Other Operating Expenses ) / (Gross Financial Margin + Banking Services Commissions + Net Gain on Foreign Exchange Transactions + Net result from derivative instruments). (3) Net Interest Margin represents net interest income divided by average interest-earning assets.

Net interest income (S/ Millions) Efficiency (%)(2) Net Interest Margin P&L Breakdown - Variations Sep16 vs. Sep17 (PEN Bn)

1,788

• 659

2,447

• 2,584

9,565 4Q17 1,834

• 673

2,507 3Q17

• 2,662

6,981 7,124 Dic-17 +2.6% 9,786 +1.0% +2.0% Dic-16 4Q16 1,815

• 666

2,481 Interest Income Interest Expense 4Q16 Dic-16 5.6% 5.9% 4.3% 4.2% 5.5% 7.9% 4Q17 5.6% 8.4% 4.5% Dic-17 8.1% 5.5% 4.2% 4.6% 3Q17 8.2% 8.4% NIM on loans NIM after provisions NIM +3%

• 1%

43.6% Dic-16 43.6% 4Q16 44.9% 4Q17 3Q17 43.3% 42.6% Dic-17 38 2,806 Net Income Dic-16

• Oper. And

Other Exp. & Tax Non Int. Income 325 Prov.of Losses 3,026 Fin.Expense

• 286
• 78
• Fin. Income

221 Net Income Dic-17

39

4

Source: BCP consolidated figures as of December 31, 2017. (1) (i) PDL Ratio: Past Due Loans (+16 days) / Total Gross Loans; (ii) Ref. & Restr. Ratio: Refinanced + Restructured Loans / Total Gross Loans; (iii) PDL Coverage Ratio: Total Reserve for Loan Losses / Past Due Loans (+16 days); (iv) Ref. & Restr. Coverage Ratio: Reserve for Loan Losses / (Past Due Loans (+16 days) + Refinance & Restructured Loans); (v) NPL Ratio: Past Due Loans (+16 days) + Ref. & Rest. Ratios. (2) Source: SBS. BCP unconsolidated figures as of December 31, 2017.

Strong Asset Quality and Ample Coverage Levels

NPL Ratio

3.83% 4.13% 4.14% 4.24%

Cost of Risk & Provisions Coverage Ratios (%)(1) Past Due Loans by Currency (%) BCP Stand Alone - Past Due Loans by Days Overdue (as a % of Total Loans)(2)

1.87% 1.51% 1.96% 2.45% 2.05% Cost of Risk 4Q17 428 3Q17 326 2Q17 416 1Q17 519 4Q16 443 Provisions 3Q17 3.97% 1.77% 2Q17 3.81% 1.85% 1Q17 3.84% 1.87% 4Q16 3.49% 1.80% 4Q17 1.73% 3.94% PEN USD 4.41% 3Q17 2.99 2.46 0.53 2Q17 2.90 2.43 0.47 1Q17 2.94 2.32 0.62 4Q16 2.71 2.22 0.49 4Q17 2.97 2.44 0.53 PDL 90 days overdue PDL 16-89 days overdue 2.90% 3.14% 3.10% 3.20% 3.16% 0.93% 0.99% 1.04% 1.21% 1.08% 161.47% 152.54% 158.26% 153.57% 149.16% 122.29% 116.08% 118.52% 111.36% 111.27% 4Q16 1Q17 2Q17 3Q17 4Q17 PDL Ratio

• Ref. & Restr. Ratio

PDL Coverage Ratio

• Ref. & Restr. Coverage Ratio

40

4 Cost of Risk by Segment

9.00% 9.56% 9.16% 7.06% 7.28% 7.70% 8.04% 7.35% 8.54% 9.18% 9.71% 8.10% 7.95% 8.86% 7.93% 7.56% 7.87% 7.02% 7.57% 8.13% 6.69% 6.03% 6.50% 6.88% 6.24% 6.02% 5.55% 6.24% 5.71% 4.97% 4.94% 4.13% 3.77% 4.59% 3.58% 5.49% 7.08% 5.63% 4.60% 4.88% 3.93% 4.27% 3.18% 3.37% 3.17% 3.35% 5.04% 4.40% 3.78% 4.31% 5.93% 6.55% 7.10% 5.79% 5.48% 5.91% 6.02% 5.54% 5.86% 6.37% 6.50% 5.19% 4.83% 4.26% 3.70% 3.71% 3.39% 0.98% 0.64% 1.71% 1.08% 1.50% 1.09% 0.96% 1.99% 1.55% 1.44% 0.77% 1.02% 2.35% 0.94% 0.69% 0.57% 1.42% 0.58% 0.76% 0.95% 0.54% 0.53% 0.62% 0.88% 0.61% 0.96% 0.80% 0.90% 0.50% 0.49% 0.22% 0.43% 0.56% 0.87% 0.21% 0.28% 0.37% 0.25% 0.41% 0.65%

• 0.04%

0.21% 0.62% 0.18% 0.35%

• 0.05%

0.62% 1.28% 0.21% 0.06% 0.13%

• 1.00%

1.00% 3.00% 5.00% 7.00% 9.00% Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sept 17 Dec 17 Credit Card SME - PYME Mibanco Consumer SME - Business Mortgage Wholesale

41

4 Past Due Loans by Segment

9.19% 10.29% 10.73% 10.57% 10.61% 11.54% 12.00% 11.91% 11.10% 12.43% 12.91% 12.70% 12.41% 13.14% 12.40% 12.44% 12.61% 5.76% 5.91% 5.45% 5.04% 4.26% 4.12% 4.12% 3.93% 4.17% 4.86% 5.02% 4.74% 4.65% 4.99% 4.32% 4.60% 4.79% 5.58% 5.68% 5.61% 6.00% 6.50% 5.42% 4.76% 4.68% 4.67% 4.51% 4.39% 4.59% 4.56% 4.66% 4.68% 4.33% 4.59% 4.24% 4.09% 4.38% 4.88% 4.96% 4.73% 5.21% 5.55% 5.29% 5.01% 4.49% 5.79% 5.01% 4.89% 4.59% 1.38% 1.48% 1.57% 1.61% 1.73% 1.79% 1.88% 1.92% 2.10% 2.30% 2.40% 2.65% 2.66% 2.89% 3.01% 2.96% 3.14% 2.17% 2.21% 2.42% 2.38% 2.35% 2.16% 2.44% 2.42% 2.62% 2.71% 2.96% 3.07% 3.02% 2.93% 2.92% 2.98% 2.93% 0.25% 0.32% 0.35% 0.32% 0.32% 0.26% 0.28% 0.27% 0.32% 0.28% 0.33% 0.28% 0.29% 0.31% 0.43% 0.48% 0.47% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sept 17 Dec 17 SME - Pyme Credit Card Mibanco SME - Business Mortgage Consumer Wholesale

42

4

(1) Cost of risk = Annualized provisions for loan losses / Total loans.

Portfolio quality and Cost of risk

SME - Pyme SME - Business

9.19% 10.29% 10.73% 10.57% 10.61% 11.54% 12.00% 11.91% 11.10% 12.43% 12.91% 12.70% 12.41% 13.14% 12.40% 12.44% 12.61% 11.00% 12.22% 12.93% 12.86% 14.17% 15.44% 16.08% 15.89% 15.06% 16.15% 16.37% 16.08% 15.84% 16.67% 16.22% 16.09% 15.73% 7.02% 7.57% 8.13% 6.69% 6.03% 6.50% 6.88% 6.24% 6.02% 5.55% 6.24% 5.71% 4.97% 4.94% 4.13% 3.77% 4.59% 3.06% 3.18% 3.36% 2.88% 2.76% 2.72% 3.01% 2.79% 2.33% 2.75% 2.91% 2.76% 2.19% 2.22% 1.91% 1.80% 2.13% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 S/ Billions Loans (Left axis) PDL ratio NPL ratio Cost of risk (1) Early delinquency (>60 - <150) 4.33% 4.59% 4.24% 4.09% 4.38% 4.88% 4.96% 4.73% 5.21% 5.55% 5.29% 5.01% 4.49% 5.79% 5.01% 4.89% 4.59% 5.11% 5.30% 5.05% 4.78% 5.06% 5.88% 5.91% 5.56% 6.01% 6.31% 6.00% 6.07% 5.66% 6.83% 6.31% 5.99% 5.76% 0.98% 0.64% 1.71% 1.08% 1.50% 1.09% 0.96% 1.99% 1.55% 1.44% 0.77% 1.02% 2.35% 0.94% 0.69% 0.57% 1.42% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 S/ Billions Loans (Left axis) PDL ratio NPL ratio Cost of risk (1)

43

4

(1) Cost of risk = Annualized provisions for loan losses / Total loans.

Portfolio quality and Cost of risk

Consumer Credit Card

2.17% 2.21% 2.42% 2.38% 2.35% 2.16% 2.44% 2.42% 2.62% 2.71% 2.96% 3.07% 3.02% 2.93% 2.92% 2.98% 2.93% 4.91% 4.94% 5.05% 5.12% 5.34% 5.12% 5.55% 5.60% 5.84% 5.82% 5.95% 5.97% 6.03% 6.13% 6.40% 6.69% 6.22% 5.93% 6.55% 7.10% 5.79% 5.48% 5.91% 6.02% 5.54% 5.86% 6.37% 6.50% 5.19% 4.83% 4.26% 3.70% 3.71% 3.39% 2.11% 1.91% 2.21% 1.97% 1.88% 1.73% 1.95% 1.90% 1.97% 2.10% 2.31% 2.06% 1.82% 1.63% 1.66% 1.64% 1.44% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 S/ Billions Loans (Left axis) PDL ratio NPL ratio Cost of risk (1) Early delinquency (>60 - <150) 5.76% 5.91% 5.45% 5.04% 4.26% 4.12% 4.12% 3.93% 4.17% 4.86% 5.02% 4.74% 4.65% 4.99% 4.32% 4.60% 4.79% 6.62% 6.77% 6.19% 5.75% 4.94% 4.87% 4.96% 4.85% 5.10% 5.81% 6.06% 5.90% 5.90% 6.35% 5.78% 6.05% 6.08% 9.00% 9.56% 9.16% 7.06% 7.28% 7.70% 8.04% 7.35% 8.54% 9.18% 9.71% 8.10% 7.95% 8.86% 7.93% 7.56% 7.87% 3.16% 3.54% 3.14% 2.69% 2.47% 2.33% 2.44% 2.24% 2.62% 2.86% 3.00% 2.62% 2.56% 2.68% 2.44% 2.34% 2.92% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 S/ Billions Loans (Left axis) PDL ratio NPL ratio Cost of risk (1) Early delinquency (>60 - <150)

44

4

(1) Cost of risk = Annualized provisions for loan losses / Total loans.

Portfolio quality and Cost of risk

Mortgage Wholesale

1.38% 1.48% 1.57% 1.61% 1.73% 1.79% 1.88% 1.92% 2.10% 2.30% 2.40% 2.65% 2.66% 2.89% 3.01% 2.96% 3.14% 1.49% 1.60% 1.69% 1.73% 1.90% 1.97% 2.04% 2.10% 2.29% 2.48% 2.57% 2.80% 2.81% 3.05% 3.18% 3.18% 3.36% 0.58% 0.76% 0.95% 0.54% 0.53% 0.62% 0.88% 0.61% 0.96% 0.80% 0.90% 0.50% 0.49% 0.22% 0.43% 0.56% 0.87% 0.62% 0.69% 0.79% 0.80% 0.68% 0.67% 0.78% 0.81% 0.82% 1.02% 1.03% 1.16% 0.91% 0.97% 0.88% 0.97% 0.87% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 S/ Billions Loans (Left axis) PDL ratio NPL ratio Cost of risk (1) Early delinquency (>60 - <150) 0.25% 0.32% 0.35% 0.32% 0.32% 0.26% 0.28% 0.27% 0.32% 0.28% 0.33% 0.28% 0.29% 0.31% 0.43% 0.48% 0.47% 0.29% 0.35% 0.37% 0.36% 0.42% 0.33% 0.35% 0.34% 0.42% 0.44% 0.52% 0.53% 0.51% 0.60% 0.63% 0.74% 0.66% 0.21% 0.28% 0.37% 0.25% 0.41% 0.65%

• 0.04%

0.21% 0.62% 0.18% 0.48%

• 0.05%

0.62% 1.28% 0.21% 0.06% 0.13% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 S/ Billions Loans (Left axis) PDL ratio NPL ratio Cost of risk (1)

45

4

(1) Cost of risk = Annualized provisions for loan losses / Total loans. (2) Adjusted cost of risk of March 2017 and June 2017 calculated eliminating provisions related to the El Nino weather phenomenon.

Portfolio quality and Cost of risk

Mibanco

5.11% 5.58% 5.68% 5.61% 6.00% 6.50% 5.42% 4.76% 4.68% 4.67% 4.51% 4.39% 4.59% 4.56% 4.66% 4.68% 6.66% 6.96% 6.76% 6.75% 7.00% 7.38% 6.39% 5.81% 5.74% 5.74% 5.61% 5.56% 5.75% 5.85% 5.99% 6.13% 3.58% 5.49% 7.08% 5.63% 4.60% 4.88% 3.93% 4.27% 3.18% 3.37% 3.17% 3.35% 5.04% 4.40% 3.78% 4.31% 4.60% 3.43% 3.74% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 S/ Billions Loans (Left axis) PDL ratio NPL ratio Cost of risk (1) Adjusted Cost of risk (2)

46

4

Figures include Mibanco’s results. (1) Includes Trading securities, Property plant and equipment, Due from customer acceptances and Other assets. (2) Includes Acceptances outstanding, Repurchase Agreements (including that with BCRP) and Other Liabilities. (3) Includes cattle raising, education, public administration, social services, among others.

Solid and Diversified Balance Sheet

Asset Structure (S/ Billions) Liability & Equity Structure (S/ Billions) Loan / Deposit Ratio BCP Stand Alone - Total Commercial Loans by Sector (%)

Foreign Currency 47.9% 47.9% 13.1% 20.7% 65.6% 3Q17 134 3.9%

• 3.2%

15.9% 19.0% 64.4% 4Q16 127 4.1% 4Q17 140 3.7%

• 3.1%
• 3.2%

11.2% 19.9% 68.0% Other assets (1) Reserve for loan losses Investments Cash & Due from banks Gross Loans 48.8% 4Q17 140 11.0% 10.7% 11.1% 5.9% 61.3% 3Q17 134 10.9% 10.4% 10.7% 7.0% 61.0% 4Q16 127 10.8% 12.9% 11.4% 6.5% 58.3% Equity Other liabilities (2) Bonds and subordinated notes issued Due to banks Deposits and Obligations 47.8% 47.8% 48.7% 3Q17 105.5% 79.9% 127.8% 2Q17 106.1% 78.5% 132.4% 1Q17 108.2% 78.6% 136.2% 4Q16 116.7% 83.1% 149.0% 4Q17 136.1% 76.7% 107.1% Total Loans/Deposits ratio Loans/Deposits ratio in USD Loans/Deposits ratio in PEN 9% 1% 5% 7% 1% 8% 5% 6% 14% 14% 7% 23% Others (3) Fishing Electricity, Gas and Water Mining Agriculture Leasholds and Real Estate Activities Construction Communication, Storage and Transportation Commerce Manufacturing Finance services Consumer

47

4

(1) Calculated as interest paid/principal outstanding. (2) Includes bilateral loans, trade loans and repurchase agreements with third parties

Stable and Diversified Funding Base

Evolution of Funding Structure & Cost Funding Structure by currency Funding Structure by tenure (original term) Funding Structure by tenure (months to maturity)

68% 8% 14% 69% 3Q17 70% 4Q17 8% 8% 14% 10% 69% 9% 9% 4Q16 1Q17 9% 14% 68% 14% 9% 7% 14% 2Q17 8% Bonds and subordinated debt Due to banks and correspondents (2) Depósits BCRP Instruments 8% 16% 68% 7% BCRP Instruments Bonds and subordinated debt Deposits Due to banks and correspondents (2) 71% 8% 21% 43% 38% 5% 3% 3% 8% From 1 to 2 years From 3 to 6 months From 2 to 5 years From 6 to 12 months Up to 3 months Greater than 5 years 13% 36% 18% 5% 11% 17% 2.04% 2.10% 2.12% 2.12% 2.10% Funding cost (1) Local Currency Foreign Currency

48

4

(1) In average-daily balances (2) In quarter-end balances (3) Time deposits includes certificates of deposit (CDs).

BCP Stand-Alone - Sound Deposits Base

Total Deposits Breakdown(1) (S/ Millions) Deposit Dollarization(1) Deposits’ Implicit Rate Deposits Consolidated – Evolution and Participation(2)

4Q17 75.0 36% 32% 23% 9% 3Q17 73.2 35% 33% 23% 9% 2Q17 71.6 34% 32% 24% 9% 1Q17 69.8 36% 33% 22% 9% 4Q16 69.8 36% 32% 22% 10% Demand Deposits Savings Deposits Time Deposits (3) Severance Indemnity Deposits (CTS) 4Q17 49.8% 50.2% 3Q17 51.0% 49.0% 2Q17 52.2% 47.8% 1Q17 51.7% 48.3% 4Q16 51.7% 48.3% USD PEN 1.05% 4Q17 0.53% 1.56% 3Q17 0.98% 0.42% 1.56% 2Q17 1.02% 0.45% 1.64% 1Q17 0.99% 0.37% 1.66% 4Q16 0.99% 0.33% 1.71% Total USD PEN S/. Millions 4Q16 3Q17 4Q17 QoQ YoY BCP Peru 67,905 74,692 78,085 4.54% 14.99% Mibanco 6,452 7,021 7,485 6.61% 16.01% Eliminaciones

• 32
• 37
• 64

72.97% 100.00% BCP Consolidated 74,325 81,676 85,506 4.69% 15.04% Mibanco 9% BCP Peru 91%

49

4

(1) It is important to note, that 100% of Severance indemnity deposits (CTS) come from individuals.

BCP Stand-Alone - Deposits by business segment(1)

Total Deposits Savings Deposits Time Deposits Demand Deposits

21% PEN 20% Total 19% 59% USD 21% 61% 21% 63% 16% Retail Corporate Middle-market Total 95% 0% 98% 97% 0% USD 1% 0% 5% PEN 3% Middle-market Corporate Retail 27% 38% 35% 37% 41% 25% PEN USD 32% 39% Total 26% Middle-market Corporate Retail USD 32% 40% 29% 28% 31% 30% Total 41% PEN 41% 28% Corporate Middle-market Retail

50

4

(1) Call date – 10 years (2) Result after the exchange of notes with the BCP26. (3) Result after reopening for US$170,000,000 in April 2013 and US$200,000,000 in January 2014. (4) Result after the exchange of notes with the BCP23. (5) Result after the exchange of notes with the BCP16.

BCP Stand-Alone - Bonds and subordinated debt

Breakdown of international bonds Bond Issue date Due date Tenure (years) Currency Issued Amount Original Currency (000) Outstanding Amount (S/000) Coupon rate Hybrid 01/11/2009 06/11/19(1) 60(1) USD 250,000 810,250 9.75% Subordinated(2) 07/11/2006 07/11/2021 15 USD 2,960 9,593 6.95% Subordinated 16/09/2011 16/09/21(1) 15(1) USD 476,120 1,543,105 6.88% Subordinated(3) 24/04/2012 24/04/22(1) 15(1) USD 720,000 2,333,520 6.13% Corporate 16/09/2010 16/09/2020 10 USD 800,000 2,592,800 5.38% Corporate(5) 01/04/2013 01/04/2023 10 USD 716,301 2,321,532 4.25% Corporate 09/07/2014 09/01/2018 4 USD 230,154 745,929 2.75% Corporate 25/10/2016 25/10/2019 3 USD 300,000 972,300 2.25% Corporate 31/10/2017 30/10/2020 3 PEN 2,000,000 2,000,000 4.85% Total 13,329,029

51

5

(1) Peru GAAP. (2) Regulatory Capital / Risk-weighted assets. (3) Tier 1 / Risk-weighted assets. Tier 1 = Capital + Legal and other capital Reserves + Accumulated earnings with capitalization agreement + Unrealized profit and net income in subsidiaries - Goodwill - (0.5 x Investment in Subsidiaries) + Perpetual subordinated debt (maximum amount that can be included is 17.65% of Capital + Reserves + Accumulated earnings with capitalization agreement + Unrealized profit and net income in subsidiaries - Goodwill). (4) Common Equity Tier I = Capital + Reserves – 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles and deferred tax that rely on future profitability) + retained earnings + unrealized gains.

Disciplined and Conservative Capital Management

BCP at Basel II BCP at Basel III Common Equity Tier 1 ratio – December 2017 Common Equity Tier 1 ratio – September 2017

4Q17 15.05% 10.84% 3Q17 16.35% 11.47% 2Q17 16.71% 11.75% 1Q17 16.73% 11.76% 4Q16 15.35% 10.41% BIS ratio (2) Tier 1 ratio (3) 4Q17 11.83% 3Q17 11.93% 2Q17 11.54% 1Q17 10.92% 4Q16 11.08% Common Equity Tier 1 ratio (4) CET1 (3Q17) 11.93% Investments in subsidiaries

• 1.44%

Goodwill and intangibles

• 0.72%

Unrealized gains (losses) 0.06% Retained earnings 2.48% Capital and reserves 11.55% CET1 (4Q17) 11.83% Investments in subsidiaries

• 1.47%

Goodwill and intangibles

• 0.72%

Unrealized gains (losses) 0.07% Retained earnings 3.03% Capital and reserves 10.91%

52

6 Comprehensive Business Strategy

Motivated Employees Our employees are the engine of our

• rganization. For them, we have set ourselves

the challenge of becoming the best option to work in the country. Happy Customers We want our customers to be at the center of

• ur decisions and to live a unique brand

experience. For them we renew our image and our promise and we will work until we become the “Bank most focused on its Clients". Outstanding Risk Management We have led the Peruvian market for 126 years, being a model in risk management. Efficient Growth We aim to continue growing, but efficiently, guaranteeing our leadership in the market for the next 126 years.

53

6 Strong Governance Focus

Governance structure Board independence General Shareholder’s Meeting Chairman Vice - Chairman Directors Dionisio Romero Paoletti Raimundo Morales Dasso* Roque Benavides Ganoza* Barbara Bruce Ventura* Benedicto Cigueñas Guevara* Fernando Fort Marie Martin Perez Monteverde (Deputy) Eduardo Hochschild Beeck* Luis Montero Aramburu* Juan Carlos Verme Giannoni* Patricia Lizárraga Guthertz* Luis Enrique Romero Belismelis Board Committees Independent internal and external audit Board of Directors Board of directors tenure

* Independent directors.

1 2 3 4 5 6 0-5 years 5-10 years 10+ years

7 5 Independent Dependent

Appendix

55

(1) Date is updated when there is a change in the outlook or rating.

BCP Stand-Alone - Ratings

Local Credit Rating Agencies International Credit Rating Agencies

Bank AAI Equilibrium Date of last review jun-17 jun-17 Institution A+ A+ Long Term Debt AAI Equilibrium Corporate Bonds AAA AAA Mortgage Bonds AAA Leasing Bonds AAA AAA Long Term Deposits AAA AAA Short Term Debt AAI Equilibrium Short Term Deposits CP-1+ EQL 1+ CDs CP-1+ EQL 1+ Capital Debt AAI Equilibrium Subordinated Tier II AA+ AA+ Bank Fitch S&P Moody´s Date of last review(1) may-17

• ct-17

jun-15 Outlook Stable Stable Stable Issuer rating BBB+ BBB+ Baa1 Foreign Currency Fitch S&P Moody´s Long term BBB+ BBB+ Baa1 Short term F2 A-2 P-2 Local Currency Fitch S&P Moody´s Long term BBB+ BBB+ Baa1 Short term F2 A-2 P-2 Outstanding Debt (144A/RegS) Fitch S&P Moody´s Subordinated BCP 2021 BBB BBB Baa3 Subordinated BCP 2026 BBB BBB Baa3 Subordinated BCP 2027 BBB BBB Baa3 Junior Subordinated 2069 BB- BB+ Senior BCP 2019 (US$ 300MM) BBB+ BBB+ Baa1 Senior BCP 2020 (US$ 800MM) BBB+ BBB+ Baa1 Senior BCP 2023 (US$ 716MM) BBB+ BBB+ Baa1 Senior BCP 2020 (S/ 2000MM) BBB+ BBB+ Baa1

56

Credicorp’s Organizational Structure

Colombia Peru Bolivia 100.0% 97.7 % 99.9 % 98.7 % 100.0% 100.0%

Inversiones Credicorp Bolivia S.A.

Credicorp Capital Securities Inc. Chile Inversiones IMT S.A. Source: Credicorp as of December 31, 2017.

57

Credicorp: 128 years of History

Source: Credicorp as of December 31, 2017. ASHC is created

1889 1920 1941 1981 1987 1993 1995 1997 1998 1999 2002 2003 2005 2006 2009 2010 2011 2012 2014 2016 2017

BCP Credicorp

Founded as Banco Italiano Changes its name to Banco de Credito del Peru It becomes Peru’s main financial institution BCP acquires Banco Popular de Bolivia Nationalization attempt Credicorp is created and listed in NYSE (NYSE: BAP) Creation of Pacifico Vida Crisis and restructure of the financial system. Reduction

• f number of banks

Creation of Pacifico Health Release of the new corporate identity Acquisition of Financiera Edyficar BCP acquires BSCH Peru AFP Prima is created AFP Union Vida is acquired Acquisition ALICO’s stake in PPS and PV Vertical integration in health insurance business Private Equity business with Carlyle Group Insurance brokerage business with Willis Investment Banking Acquisition of Mibanco

58

Selected Financial Information

Source: BCP consolidated figures as of December 31, 2017. Peru GAAP unaudited.

Income Statement Summary (PEN in millions) 4Q16 3Q17 4Q17 Dic-16 Dic-17 YoY Growth Financial income 2,481 2,447 2,507 9,565 9,786 2.31% Financial expense

• 666
• 659
• 673
• 2,584
• 2,662

3.02% Gross financial margin 1,815 1,788 1,834 6,981 7,124 2.05% Provision for loan losses

• 443
• 326
• 428
• 1,726
• 1,688
• 2.20%

Gross financial margin after provision for loan losses 1,372 1,462 1,406 5,255 5,436 3.44% Gain (loss) for exchange difference 0.8 2 6

• 29

16

• 155.17%

Net financial margin 1,372 1,464 1,412 5,226 5,452 4.32% Fees and commissions from banking services 564 589 612 2,204 2,337 6.03% Net results from derivatives 43 19 18 32 110 243.75% Net gains (loss) from sales of securities 2 13 7 36 63 75.00% Net gains on foreign exchange transactions 161 152 164 642 621

• 3.27%

Other income 21 18 48 101 164 62.38% Operating expenses

• 1,176
• 1,117
• 1,226
• 4,447
• 4,581

3.01% Income before workers’ profit sharing and income tax 987 1,138 1,035 3,794 4,166 9.80% Income tax

• 226
• 317
• 293
• 988
• 1,140

15.38% Net income from continuing operations 761 821 742 2,806 3,026 7.84% Net income from discontinuing operations

• 141
• 100.00%

Net income 761 821 742 2,947 3,026 2.68%

59

Selected Financial Information

Source: BCP consolidated figures as of December 31, 2017. Peru GAAP unaudited.

Balance Sheet Summary (PEN in millions) 4Q16 3Q17 4Q17 YoY Growth Cash and due from banks and interbank funds 25,373 25,401 28,880 13.82% Investments at fair value through profit or loss and available-for- sale investments, net 14,245 21,209 18,257 28.16% Gross loans 86,709 86,195 91,573 5.61% Allowance for loan losses

• 4,063
• 4,231
• 4,322

6.37% Other assets 5,166 5,233 5,186 0.39% Total assets 127,430 133,807 139,574 9.53% Deposits and obligations 74,325 81,676 85,506 15.04% Due to banks, correspondents and other entities, and interbank funds 8,297 9,303 8,264

• 0.40%

Bonds and subordinated notes issued 14,552 14,254 15,451 6.18% Other liabilities 16,486 13,951 14,961

• 9.25%

Total liabilities 113,660 119,184 124,182 9.26% Shareholders’ equity attributable to BCP equity holders 13,770 14,623 15,392 11.78%

60

Selected Financial Information

Source: BCP consolidated figures as of December 31, 2017. Peru GAAP unaudited.

Main Ratios (%) 4Q16 3Q17 4Q17 Dic-16 Dic-17 YoY Growth ROAE 22.71% 23.11% 19.78% 21.70% 20.75%

• 0.9%

ROAA 2.37% 2.48% 2.17% 2.13% 2.27% 0.1% Cost of risk 2.05% 1.52% 1.93% 1.98% 1.89%

• 0.1%

Past due loans ratio 2.90% 3.20% 3.160% 9.1% Non-performing loans ratio 3.83% 4.41% 4.24% 10.7% PDL Coverage ratio 161.47% 153.57% 149.16%

• 7.6%

NPL Coverage ratio 122.29% 111.36% 111.27%

• 9.0%

Net interest margin 5.92% 5.62% 5.59% 5.54% 5.55% 0.0% Net interest margin after provisions 4.47% 4.59% 4.28% 4.17% 4.23% 0.1% Efficiency 43.57% 42.57% 44.94% 43.56% 43.33%

• 0.2%

CET1 ratio 11.08% 11.93% 11.83% 6.8% BIS ratio 15.35% 16.35% 15.05%

• 1.9%

61

Board of Directors

*Independent directors Source: BCP as of December 31, 2017 (1) Confederacion Nacional de Instituciones Empresariales Privadas.

Dionisio Romero Paoletti Raimundo Morales Dasso Roque Benavides Ganoza* Benedicto Cigüeñas Guevara* Luis Enrique Romero Martin Perez Monteverde

President Member of the Board since 2003, and Chairman since 2009. Vice President From October 1990 until March 2008, served as the Bank’s General Manager. Serves as Deputy Chairman of the Board of Credicorp and several of its subsidiaries Director and the Executive President of Compañia de Minas Buenaventura S.A. and current Chairman of CONFIEP(1) Former CFO of BCP (from 1992 to 2004) Former Vice- President of the board of Alicorp S.A.A.S Serves as Director of various companies from the Romero Group. Serves as Deputy

• Chairman. Director

since 2014. Former Minister of State in the Portfolio of Foreign Trade and Tourism.

Eduardo Hochschild Beeck*

Chairman of the board

• f Hochschild Mining &

Cementos Pacasmayo and member of the board of various companies

Luis Montero Aramburú*

Director of the Bank since 2015 with 40 years of experience in the financial sector Director of the Bank since 1990 and Director

• f Credicorp since 1995

Patricia Lizárraga Guthertz*

Has over 25 years of experience in M&A, capital markets, private equity and

• valuation. Joined the

Board this year.

Fernando Fort Marie

Director since 1990 and Director of Credicorp since 1999. He serves as Director at Inversiones Centenario, among

• thers.

Barbara Bruce Ventura*

Director since 2015 with broad experience leading Oil & Gas companies

Juan Carlos Verme Giannoni*

62

Experienced Management Team

Source: BCP as of December 31, 2017.

Fernando Dasso Gianfranco Ferrari Pedro Rubio Percy Urteaga Reynaldo Llosa

Wholesale Banking Central Manager ▪ Joined BCP in 1985. ▪ Industrial engineer with a degree from North Carolina State University. Retail Banking and Wealth Management Central Manager ▪ Joined the group in 2003. ▪ MBA from IESE. Planning and Finance Central Manager (CFO) ▪ Joined BCP in 1994. ▪ MBA from Wharton School of Business. Risk Central Manager ▪ Joined BCP in 1997. ▪ MBA from J.L. Kellogg Graduate School of Management. General Manager ▪ Joined BCP in 1995. ▪ MBA from J.L. Kellogg Graduate School of Management.