Banco de Crédito del Perú's 2023 Sustainability Financing Framework

s pglobal.com/ ratings This product is not a credit rating July 14, 2023 1 This S&P Global Ratings Second Party Opinion (SPO) represents our opinion on whether the documentation of a sustainable finance framework or program and whether the documentation of a sustainable f inance transaction aligns with certain third -party published sustainable finance principles, guidelines, and standards (“Principles”). For more details please refer to the Analytical Approach and Analytical Supplement, available at spglobal.com under Sustainable Financing Opinions . An SPO provides a point -in-time opinion, reflecting the information provided to us at the time the SPO was created and published, and is not surveilled. We assume no obligation to update or supplement the SPO to reflect any facts or circumstances that may come to our attention in the future. An SPO is not a cre dit rating, and does not consider credit quality or factor into our credit ratings. Second Party Opinion Banco de Crédito del Perú's 2023 Sustainability Financing Framework July 14 , 2023 Banco de Crédito del Perú (BCP) has been operating for over 100 years a nd is the largest and financial service provider in Peru, with a market share of about 3 3.4 % of domestic loans and 36.1% o f deposits. BCP provides a full range of retail and wholesale banking services for large corporates, small and midsize enterprises (SM Es), and individuals, and offers treasury activities. As part of its business plan, it aims to improve financial inclusion within Peru's large informal economy by offering microfinancing, mainly through its subsidiary MiBanco. BCP is majority owned by Cred icorp Ltd., a financial conglomerate listed on the New York Stock Exchange. In our view, BCP ’s Sustainability Financing Framework 2023 , published in July 2023, is aligned with: ✔ Social Bond Principles, ICMA, 2021 (with June 2022 Appendix 1) ✔ Green Bond Principles, ICMA, 2021 (with June 2022 Appendix 1) ✔ Sustainability Bond Guidelines ICMA, 2021 Issuer’s Sustainability Objectives BCP's overall business goal is to strengthen its long- term financial performance, competitiveness, and connection to society. To do so, the company has developed its 2020 -2025 sustainability strategy composed of three pillars , which are to contribute to a more sustainable and inclusive economy, improve the financial health of citizens, and empower people to thrive. Through its sustainability program, BCP looks to b oost financial inclusion , financial education, empowerment, and resilience for SMEs, as well as reduce its clients' environmental impact. Moreover, BCP has been developing customized products to help corporate clients in their transition to become more env ironmentally sustainable businesses. Primary Analyst Annia Mayerstein Mexico City + 52 55-1037 -5282 annia.mayerstein @spglobal.com S econdary Analyst Rafael Janequine S ão Paulo + 55- 11- 3039 -9786 rafael.janequine @spglobal.com Jennifer Craft Denver + 1-303- 721 -4106 jennifer.craft @spglobal.com R esearch Contributor Sachin Powani Mumbai

Second Party Opinion s pglobal.com/ ratings This product is not a credit rating July 14, 2023 2 Second Party Opinion Summary Use of proceeds Alignment ✔ BCP ’s 2023 sustainability financing framework is aligned with this component of the p rinciples. Score BCP commits to exclusively allocating the net proceeds of all instruments issued under its sustainability financing framework to finance and/or refinance environmental , social and blue (water - and marine conservation-related) projects. The company provides a clear description of the eligible projects, which contribute to at least one sustainability objective and target specific sustainable development goals (SDGs) of the U.N.. Th e entity also commits to disclose the share of financing versus refinancing, with a maximum look- back period of 36 months ( three years) for refinanced projects. Process for project evaluation and selection Alignment ✔ BCP ’s 2023 sustainability financing framework is aligned with this component of the principles . Score BCP clearly defines processe s that it will use to determine how each project fits within the eligible categories. For this purpose, it has established a sustainable operations committee and internal policies for environmental - and social -related risks that will determine the eligibility of projects. The framework also incorporates various market -based thresholds and certifications, which we view positively. Management of proceeds Alignment ✔ BCP ’s 2023 sustainability financing framework is aligned with this component of the p rinciples. BCP states that all financing issued under the framework will be allocated within 24 months after issuance on the general account and earmarked for allocation to eligible projects. Pending allocation, it will keep proceeds in cash , cash equivalents , or liquid investments , in line with the bank’s liquidity management policies. Reporting Alignment ✔ BCP ’s 2023 sustainability financing framework is aligned with this component of the p rinciples. Score BCP commits to publish an annual report on the allocation and act ual and expected (when feasible) of a bond's net proceeds until these are fully allocated, and on a timely basis in case of material developments . The report will be published on the bank's corporate webpage. BCP also commits to have an independent third p arty verify its allocation reporting . Aligned No t aligned Str ong Ad vanced Aligned No t aligned St rong Ad vanced Aligned No t aligned Str ong Ad vanced

Second Party Opinion s pglobal.com/ ratings This product is not a credit rating July 14, 2023 3 Framework Assessment Use of proceeds The principles make optional recommendations for stronger structuring practices, which inform our alignment opinion as aligned , strong, or advanced. For use of proceeds, we consider the commitments and clarity on how the proceeds are used. ✔ BCP ’s 2023 sustainability financing framework is aligned with this component of the principles. Commitments score We consider BCP ’s overall u se of p roceeds commitments to b e strong . In our view , the framework is aligned with the requirement of the principles, with a clea r commitment to exclusively allocate net proceeds to finance/refinance eligible social, green, and blue projects, which will help further develop the company's strategy to increase its sustainable - oriented financing . These projects contribute to at least one environmental or social objective and support specific U.N. SDGs. The framework has eight green and five blue categories through which BCP aims to reduce greenhouse gas (GHG) emissions , maintain and enhance natural resources , reduce wastewater , and promote conservation of ecosystems. The selected categories are renewable energy, clean transportation, green buildings, energy efficiency, sustainable water and wastewater management, environmentally sustainable management of living natural resources and sustainable land use, circular economy, terrestrial and aquatic biodiversity, and pollution prevention and control. B lue projects mainly relate to water and marine conservation projects , and BC P also distinguish es green and blue projects depending on the project's proximity ( at least 50% of its surface within 10 kilometers) to the coast . BCP provides a clear description of the eligible categories. For example, it considers as eligible green tra nsportation hybrid passenger vehicles that meet the threshold of 50 gCo2 (grams of carbon dioxide) per passenger kilometer (km) and hybrid freight vehicles under 25 g CO2 /ton -km , which is in line with the Climate Bond Initiative 's low carbon transport criteria . We also consider appropriate that BCP only considers energy efficiency and water distribution projects eligible if they provide at least 20% improvement, in line with standards of other developing countries. The framework's four social categories are socioeconomic advancement and empowerment , access to essential services such as financial inclusion and healthcare, SME financing and microfinance, affordable housing and access to basic infrastructure, including financing sewage systems. Financing of projects in these categories aim to contribute to the growth of local economies in rural or remote areas and help reduce social inequalities and close gaps affecting Peru's most vulnerable population. The framework clearly describes the company' s target population for each of the social categories, which includes women, youth, elderly persons, indigenous or native communities, Afro -descendant persons, migrant populations, domestic workers , and the LGBTIQ+ population. Furthermore, social projects include affordable housing , which applies to mortgages to the low- income population that have special interest rate conditions, usually granted through government subsidies such as Techo Propio and Credito Mivivienda. The bank has committed to consider on ly loans in this category with at least the same requirements and financial benefit s to customers compared to the aforementioned government subsidy programs . The bank also considers eligible loans for companies for which 90% of income relates to activities included in one or more eligible categories and the loan proceeds aren't used for any of the excluded activities , which we consider as aligned to the principles . BCP will also disclose the share of financing versus refinancing with a maximum look -back period of 36 months for refinanced projects, adding transparency to the use of proceeds. Process for project evaluation and selection Aligned No t aligned Str ong Ad vanced

Second Party Opinion s pglobal.com/ ratings This product is not a credit rating July 14, 2023 4 The principles make optional recommendations for stronger structuring practices, which inform our alignment opinion as aligned , strong, or advanced. For our process for project selection and evaluation, we consider the commitments and clarity on the process used to evaluate and select eligible projects to fund with the proceeds of the sustainable finance instrum ent . ✔ BCP’s Sustainability Financing Framework 2023 is aligned with this component of the principles. Commitments score We consider BCP ’s overall process for project selection and evaluation commitments to be aligned. The framework outlines the process that the bank will use to determine how projects fit within the eligible categories. The bank has set up a sustainable financing working group composed by senior representatives of the treasury division, corporate sustainability office, Mibanco, BC P's sustainability pr ogram, wholesale banking, risk management, investors relations, and other relevant business units. This group will meet on a semiannual basis and oversee the evaluation and selection of eligible green, blue , and social assets. Moreover, the credit risk team will be responsible for identify ing , assess ing , monitor ing , and communicat ing to the working group any potential environmental and social risks associated with projects selected. The process follows international methodologies such as the Equator Princip les and IFC performance standards , in line with the sector's global practices. For corporate clients, BCP's credit unit screens and categorizes wholesale clients into high -impact sectors from an environmental and social risk perspective, supplemented by additional assessment and action plan as needed, such as hiring an independent environmental consultant. The bank incorporates clear eligibility criteria by setting quantitative thresholds or referencing market -based certifications for various eligible ca tegories , which we consider as a strength . For example, the framework references international ly recognized green building certifications such as LEED certification ( gold or above) or EDGE, IFC Blue Finance guidance for applicable projects, and internation al sustainable forestry certifications like Forest Stewardship Council (FSC), Program for the Endorsement of Forest Certification (PEFC), and the Sustainable Forest Initiative (SFI) . Additionally, the framework states that BCP could pursue other certificat ions for sustainable forestry besides those previously mentioned, for which we don't have clarity to opine on. BCP 's target populations for eligible social projects are very well detailed and consider a number of international standards, such as IFC eligibility criteria for SMEs, and local government definitions. It also includ es an exclusionary list covering weapons and arms trade; tobacco ; activities related to the exploration, production, or transportation of fossil fuels (coal, oil and gas) ; alcohol; gambling; adult entertainment ; and activities involving exploitation of human rights, modern slavery, and child labor. In the bank's extensive list, not all applicable project categories include clearly defined thresholds and/or incorporate market -based t axonomies, which is in line with the global banking industry, but it constrains our assessment at aligned. Management of proceeds The Principles require disclosure of the issue r’s management of proceeds from sustainable finance over the life of the fund ing. The alignment opinion focuses on how clear in the documentation is the issuer’s commitment to ensure that the funds raised will remain dedicated to eligible sustainability projects throughout the life of the sustainable finance funding. ✔ BCP’s 2023 sustainability financing framework is aligned with this component of the Principles. BCP states that it will monitor net proceeds from instruments issued under the framework. The net proceeds will be deposited in the bank's general account and an amount at least equivalent to proceeds will be earmarked for allocation to eligible projects. The bank commits to allocate all proceeds within 24 months of issuance , which we consider in line with market practices . Aligned No t aligned St rong Ad vanced

Second Party Opinion s pglobal.com/ ratings This product is not a credit rating July 14, 2023 5 The bank will ensure that the balance of the tracked net proceeds is adjusted on a quarterly basis t o match the allocation of eligible green and social projects (re)financed during the period. If a project ceases to be eligible or is withdrawn, BCP will use its best effort s to substitute any projects as soon as practical once an eligible project has been identified. Pending the allocation, BCP will invest the balance of net proceeds from sustainable finance instruments in cash, cash equivalents, or in any other liquid marketable instruments, in line with its liquidity management policy. Reporting The Principles make optional recommendations for stronger disclosure practices, which inform our disclosure opinion as aligned , strong, or advanced. We consider plans for update s on the sustainability performance of the issuer for general purpose funding, or the sustainability performance of the financed projects over the lifetime of any dedicated funding, including any commitments to post -issuance reporting. ✔ BCP’s 2023 sustainability financing framework is aligned with this component of the Principles. Disclosure score We consider BCP's overall reporting practices to be strong. BCP commits t o annually reporting the allocation of net proceeds and environmental and social impact of financed projects until maturity of the instruments issued under the framework , as well as any material changes in the green and social asset portfolio composition on an ad -hoc basis . The report will be available on the bank's website. The company will report net proceeds raised from each sustainable financing instrument, amount of funds allocated to each eligible categories, balance of unallocated net proceeds at period end, proportion of net proceeds used for financing versu s refinancing, and actual and expected impact metrics. BCP has a comprehensive list of impact metrics for all categories of green and blue projects such as annual GHG emission reduc tion (tCO2e) for green b uildings, reduced emissions from deforestation and degradation (REDD), cubic meters of wastewater treated, total installed capacity of renewable energy projects, and estimated reduction in fuel consumption for clean transportation projects , among others. H owever, for social projects, indicators are limited to inputs and outputs , such as the number of people benefited and amount disbursed, which gives little detail about the social impact --both from a benefit and risk perspective--associated with BCP 's lending activities. That said, we believe tracking such social impact remains difficult for many lenders, aligning the bank 's metrics with market practices BCP will engage an external reviewer to assess the allocation of net proceeds to eligible projects annually until full allocation. It will also disclose the key underlying calculation and methodologies. In our view, t hese commitments add governance and transparency to the bank's reporting practices. Aligned No t aligned Str ong Ad vanced

Second Party Opinion s pglobal.com/ ratings This product is not a credit rating July 14, 2023 6 Mapping To The U .N. 's Sustainable Development Goals Th e Sustainable Development Goals (SDGs) , which the United Nations (U.N.) set up in 2015 , form an agenda for achieving sustainable development by 2030. We use the International Capital Market Association 's (ICMA 's) SDG mapping for this part of the report. We acknowledge that ICMA’s mapping does not provide an exh austive list of SDGs and that ICMA recommends each project category be reviewed individually to map it to the relevant SDGs. BCP ’s 2023 s ustainability financing framework intends to contribute to the following SDGs: Use of proceeds/KPI SDGs Renewable Energy 7. Affordable and clean energy 13. Climate action Clean Transportation 9. Industry, innovation and infrastructure 13. Climate action Green Buildings 11. Sustainable cities and communities 13. Climate action Energy Efficiency 11. Sustainable cities and communities 12. Responsible consumption and production 13. Climate action

Second Party Opinion s pglobal.com/ ratings This product is not a credit rating July 14, 2023 7 Sustainable water and wastewater management 6. Clean water and sanitation Environmentally Sustainable Management of Living Natural Resources and Sustainable Land Use 12. Responsible consumption and production 14. Life below water 15. Life on land Circular Economy adapted products, production technologies and processes; and/or certified eco -efficient product 12. Responsible consumption and production Terrestrial and aquatic biodiversity 14. Life below water 15. Life on land Pollution Prevention and Control 12. Responsible consumption and production 14. Life below water *The eligible project categories link to these SDGs in the ICMA mapping.

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