Credicorp : Annual and Sustainability Report 2023

Annexes

About Credicorp

We are the leading financial services holding company in Peru with more than 135 years of experience in this market.

We have a solid universal banking, insurance and pensions platform that serves all segments of the Peruvian population, complemented by a significant and growing presence in microfinance, investment banking and wealth management in Latin America.

We have a purpose, a vision, goals and values oriented towards creating value for our stakeholders and the societies of the countries where we operate.

Note. Cover photo of Noel Bauza. Pixbay

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Annual Report

• Letter from the Chairman of the Board
  8 Our Purpose, Vision and Values
  8 Statement of Responsibility
  9 Credicorp at a glance
  11 Group Description
  19 Our businesses in 2023
  24 Economic Enviroment

1. Economic and Financial Performance

1. Risk Management

1. Financial Statements

1. External Auditing

1. Annexes

Sustainability Report

71 Letter from the President of the Sustainability Committee

1. Executive summary
2. 2023 achievements
3. Our sustainability strategy

78 Prioritized material topics and the SDGs

80 Key enablers for integrating sustainability

83 Social management

1. Environmental management

1. Corporate governance

1. Annexes

INDEX

Letter from the Chairman of the Board

Our Purpose, Vision and Values

Statement

of Responsibility

Credicorp at a Glance

Group Description

Our Businesses in 2023

Economic Enviroment

Economic and Financial Performance

Risk Management

Financial Statements

Annexes

Letter from the Chairman of the Board

GRI 2-22

Dear shareholders, clients, employees and members of the communities we serve,

It is my pleasure to present our Annual and Sustainability Report 2023, which provides details on the progress we have made in executing our corporate strategy. In this space, I will share some reflections about the environment we operate in and highlight Credicorp's most relevant milestones this year. I will also shed light on our outlook for 2024. I am proud to say that thanks to the efforts of our leaders and the commitment of our employees, we have adapted to complex environments; maintained our client-centered focus; and advanced our goal to be agents of change and drive development in the countries in which operate.

In a year of economic challenges, our agile and prudent management helped us navigate volatility and strengthen our competitive position

The year 2023 held positive surprises for the global economy even as new challenges arose, such as the regional banking crisis in the United States and war in the Middle East. Despite widespread expectations, the United States and the Eurozone sidestepped a recession and demonstrated resilience in a cycle of hikes in reference rates, which hit the highest levels seen in more than two decades. In the second half of the year, as inflation continued to slow, the market began to internalize rate cuts in 2023. This expectation was confirmed when the US Federal Reserve changed its tone at year-end. On the emerging market front, China was able to mitigate the impact of the real estate crisis and surpassed its government's target for growth. In Latin America, most of the Central Banks began a rate cut cycle and growth in the largest economies in the region, Mexico and Brazil, reported surprisingly favorable results.

Despite advances this year, the dynamics on the economic front were challenging for our countries.

Peru reported its largest economic contraction since

1990 (excluding the pandemic) with a 0.6% drop in GDP. According to the Central Reserve Bank of Peru (BCRP), temporary factors, including social conflicts at the beginning of the year and the advent of an unexpected Coastal El Niño phenomenon as of March, led growth to drop two percentage points this year. On the positive side, inflation fell from 8.5% at the end of 2022 to 3.2% and is very close to BCRP's range of 1% to 3%. In this context marked by economic contraction and dropping inflation, BCRP began interest rate cuts in September. By the end of December, the rate had fallen 100 bps to stand at 6.75%.

It is important to mention the performance of the economies of Bolivia, Colombia and Chile, where we operate. The Bolivian economy decelerated around 2% in 2023 in a context punctuated by persistent fiscal imbalances; limited access to external financing; an ongoing drop in international reserves; and an uptick in exchange rate volatility. GDP in Colombia fell significantly to stand at 1.2% after reporting one of the highest growth rates in the world in 2022. Political uncertainty and high inflation affected both consumption and investment, which registered its worst decline since 1999. In Chile, the economy stagnated due to a drop in private consumption and investment, which led the Central Bank of Chile to cut its monetary policy 200 bps to 8.25%.

In this challenging context, at Credicorp we leverage our financial strength, prudence, and experience with successfully operating in complex environments. Our client- centered focus and the digital capacities developed over the last decade helped us agilely navigate this juncture and strengthen our leadership in the markets where we compete.

Throughout 2023, we anticipated the credit cycle by reviewing our risk appetites; improving collections processes; and proactively offering financial assistance to clients in their time of need. Although the results of these actions were positive, it took us a while to calibrate adjustments correctly and we learned valuable lessons during this experience. We continued to develop our transactional and insurance value propositions as we reached more clients and registered increases in indicators for experience and frequency of use. Regardless, we recognize that we have not met all the objectives set for experience indicators in some banking segments. At this time, I would like to highlight that we are leveraging the scope of our reach in Peru to impart prevention training to communities in regions vulnerable to the impacts

of the El Niño Phenomenon. Credicorp's solid strategic focus, our leaders' disciplined approach to investing in talent development and technological capacities, and an unwavering commitment to our purpose have driven progress this year.

INDEX LETTER FROM THE CHAIRMAN OF THE BOARD

ANNUAL REPORT 3

Letter from the Chairman of the Board

Our Purpose, Vision and Values

Statement

of Responsibility

Credicorp at a Glance

Group Description

Our Businesses in 2023

Economic Enviroment

Economic and Financial Performance

Risk Management

Financial Statements

Annexes

We accelerate Digital

Transformation and Innovation at the Credicorp level to support our growth aspirations.

We anticipate challenges and opportunities as we advance our strategic priorities and generate resilient results

This year we advanced our three strategic priorities, which enable us to anticipate new challenges and opportunities and ensure our competitiveness in the long term. The priorities are integrating Sustainability in our strategy, accelerating Digital Transformation and Innovation, and securing the best Talent.

We integrate Sustainability in our strategy to become the agent of change we aspire to be.

We have consolidated our position as the main engine of financial inclusion in Peru and have included more than

4.1 million people in the financial system through Yape and Savings Accounts BCP. This year, Mibanco banked more than 63 thousand people and entrepreneurs through microloans, 55.9% of which were made to women. We also made progress in democratizing access to insurance through the inclusive insurance products developed by Pacifico. These accessible and simple products now accompany more than 2.3 million Peruvians. At the beginning of 2023, we began implementing our new environmental strategy, which we communicated to the market in our first TCFD report (Working Group for Financial Transparency related to Climate Change). I would like to highlight that we have labeled more than US$ 585 million in loans as green at BCP, which tops the amount posted last year by threefold. We have just begun this trip but have a clear vision of where we want to go. In the context of the El Niño Phenomenon, we launched actions from our fronts at Pacífico, BCP and Mibanco to promote prevention and early management

of this phenomenon in Peru's most vulnerable regions. On the governance front, we strengthened competencies and improved the diversity of our Board with a new nomination.

Our Board and its committees underwent external assessment this year and the recommendations were used to develop a plan of action. An important conclusion of this analysis was that, in general, our practices relative to the structure, composition and functioning of the Board are aligned with the good governance recommendations of national bodies, institutional investors, and proxy advisors. Lastly, in addition to the impact generated by our Sustainability initiatives, I am happy to say that thanks to our operations in 2023, we distributed more than S/1,912 million through tax revenues and investments in communities.

We accelerate Digital Transformation and Innovation at the Credicorp level to back our aspirations for growth.

We continued to make material investments in developing our technology, data analytics and cybersecurity capacities. The progress on our digital transformation journey has allowed us to expand our scale while maintaining stability as we develop and launch new solutions that offer enhanced agility. We leverage data analytics to manage risks, optimize efficiency, increase income, and improve client experience by generating value propositions that are seen as superior and more relevant. We reduced our risk ratios and cybernetic vulnerability by strengthening our technological tools and processes and educating employees and clients about risks. Additionally, we created a Corporate Head of Technology role to exploit opportunities that currently exist among our companies and to create synergies. Finally, we are exploring ways to take advantage of the opportunities that Artificial Intelligence offers and have prioritized improvements in productivity and client experience. Initially, we are implementing use cases such as optimizing services at the BCP contact center and introducing the GitHub Copilot to our development teams' work at BCP and Pacifico.

We secure the best Talent and provide on-going training to our employees to prepare them for growth.

We are convinced that to sustain success, we must reinvent ourselves and embrace our talent's continuous development. On this front, I would like to highlight the achievements of our Community of Learning, which acts as a space for our leaders to generate and share knowledge while creating synergies between the Group's companies. In 2023, we concluded the first season of learning, which was dedicated to Data & Analytics. More than 250 of

the organization's leaders participated of which, 88% significantly increased their knowledge of this topic. We have already begun the second season, which focuses on strengthening fundamental Cybersecurity capacities. Our commitment to developing our talent is also reflected in the dynamics of corporate succession. Along these lines, in 2023 more than 80% of the vacancies for leadership positions were filled through internal promotions. To promote the retention of leaders and align their incentives with our objective to generate sustainable value, we have modified the structure for variable compensation and have included a component linked to long-term performance metrics.

We are developing our businesses

At Credicorp, we see innovation as a via to challenge and disrupt our businesses. Just shy of the one-year mark of having defined our disruptive innovation strategy and its governance, we would like to report that 20 initiatives are now in place and in different stages of development. In the medium term, our aspiration is that these initiatives come to generate 10% of the Group's revenue (net of provisions).

Yape, with more than 10.5 million active users in Peru, is our most mature initiative. Currently, our focus is on developing functionalities that meet Peruvians' day-to-

INDEX LETTER FROM THE CHAIRMAN OF THE BOARD

ANNUAL REPORT 4

Letter from the Chairman of the Board

Our Purpose, Vision and Values

Statement

of Responsibility

Credicorp at a Glance

Group Description

Our Businesses in 2023

Economic Enviroment

Economic and Financial Performance

Risk Management

Financial Statements

Annexes

We ensure the best Talent, continually training our collaborators, preparing them for their growth.

INDEX LETTER FROM THE CHAIRMAN OF THE BOARD

day needs as we achieve monetization. We hope to reach break-even in coming months. This year alone, we launched 10 functionalities and the traction that our indicators for frequency of use have experienced have allowed us to advance our aspiration to become a superapp for Peruvians.

In the Krealo portfolio, our venture capital corporate center, Tenpo, our digital wallet in Chile, stands out. In 2023, Tenpo launched the first 100% digital credit card in the Chilean market and entered the scaling stage after surpassing our targets for the number of active users; transaction amount; and NPS indicator (Net Promoter Score). Krealo continues to expand its investments to support the strategic value of our current businesses as we explore innovative technologies to enable our business models.

In Universal Banking, we deepened our transactional capacities through digitalization.

At BCP, we consolidated our position as a transactional hub in Peru and registered an 80% increase in the number of monetary transactions in 2023. This position was supported by a comprehensive value proposal with a multi-channel distribution network that focuses on client experience.

On the physical front, this year we transformed the design of more than 100 branches to make service more agile and incorporated spaces to promote financial education. On the digital front, new functionalities were added and improvements were made to the user interface, which led to a 4-point increase in Mobile Banking's NPS and 11 percentage points in the indicator for digital clients, which reached 68% at year-end. All these advances played a key role in optimizing our efficiency, and our efficiency ratio fell 2.3 percentage points this year. Finally, the credit cycle has taught us the importance of improving loan risk management in the consumer segment. We have adjusted our predictive models and monitoring practices and are better prepared to conduct more granular follow-up and make timely changes to guidelines, if necessary.

At BCP Bolivia, business developed in a complex environment that was impacted by a lack of US dollars and the failure of the country's third largest bank. Despite this, we emerged stronger with higher solvency levels and firmer control over delinquency. We progressed on the digital front and reported growth in the number of bank accounts opened every month and advanced our Yape Bolivia app, which topped the one-million user mark in 2023. This

has allowed us to increase transactionality as we work to generate more resilient income. In 2024, we will seek to optimize the financial margin through price management and low-cost deposit captures.

In Microfinance, we are strengthening risk management to resume growth and profitability while we build more diversified and resilient business models in the medium term.

Due to the macroeconomic conditions mentioned in this letter, 2023 was a tough year for the microfinance industry in Peru and Colombia. In Peru, efforts made over the last few years to consolidate our hybrid model allowed Mibanco to register profitability, albeit weak, at year-end. Moreover, the level reported topped the average registered for the microfinance system. Our centralized intelligence allowed us to agilely adjust commercial guidelines and mitigate the impact of portfolio deterioration. We closed the year with lessons learned and new capacities to implement more preventive models and conduct more granular follow-up on the portfolio's behavior. We are now better prepared to reactivate our growth in 2024.

The Colombian microfinance system has been hit by inflation and elevated funding costs and has experienced a substantial reduction in the interest rate ceiling for microloans, which has generated challenges for the macroeconomy and led to structural changes that have impacted the outlook for growth for both the country and the banking sector. In this context, we are reviewing our

strategy to recover profitability at Mibanco Colombia and are adjusting our short-term plans for growth. Nonetheless, we continue to believe that this country represents significant potential for medium and long-term growth.

In the Insurance and Pensions line, we contribute to developing systems in which more Peruvians choose to participate.

Pacífico Seguros registered extraordinary results and has protected the happiness of more than 5 million Peruvians. By strengthening our digital capacities, we consolidated our position at the insurer with the #1 Client NPS in the market. We focused on growing in the retail segment, particularly through bancassurance and Yape. Moving forward, we will continue to penetrate the Peruvian market by accelerating efforts to create products that can be distributed through Credicorp's ecosystems and have developed friendly architecture to facilitate coupling and provide post-sale service that facilitates mass self-service. The objective is to protect more Peruvians and consolidate our position as the insurance company that provides the best experience in the market.

At Prima AFP, we put the affiliate at the center of our decisions to achieve sustainability in the pension system. In this regard, we have strengthened the company by developing a team dedicated to improving client experience. To drive our growth, we emphasized affiliate retention and improved the productivity of our sales force by 40%. It is important to mention that at mid-year, Credicorp presented a plan to reform the Private Pension System with the purpose of building an open and inclusive system that shares risk.

ANNUAL REPORT 5

Letter from the Chairman of the Board

Our Purpose, Vision and Values

Statement

of Responsibility

Credicorp at a Glance

Group Description

Our Businesses in 2023

Economic Enviroment

Economic and Financial Performance

Risk Management

Financial Statements

Annexes

In Investment Management and Advisory, we restructured our businesses and are on our way to recovering our profitability as we move towards sustainable levels

At Credicorp Capital and ASB Bank Corp., we revised our strategy and reorganized our business to drive profitable and sustainable growth through our asset management, wealth management, capital markets and fiduciary businesses.

To do this, we rationalized businesses that are intensive in terms of capital and volatility, such as trading, and have left the corporate finance business. We are meeting the objectives proposed at the beginning of the year and are on our way to recovering our ROE as we move towards sustainable levels.

We Generate Resilient Results

In a very challenging context for the economies of the countries in which we operate, net earnings after minority interests stood S/ 4,866 million, which translated into an ROE of 15.8%.

Our Universal Banking business line was the primary contributor this year. BCP reported a return on equity of 20.6%, which was driven by an increase in the net margin in a context of higher rates. This growth was partially offset by an uptick in provisions, which was fueled by

a deterioration in client payment capacities. On the other hand, our Microfinance business line was severely affected by a high level of provisions, associated with the deterioration of clients' payment capacity. The Insurance and Pension Fund line registered extraordinary results. Grupo Pacifico leveraged development of its internal pricing and distribution capacities to take advantage of transitory tailwinds. Finally, profitability in the Investment Management and Advisory line experienced a slight rebound, which was driven by market dynamics, rigorous spending control, and growth in assets under management.

Total loans dropped 2.5%, highly impacted by a significant contraction in government program loans (-62.2%). This Dynamic was partially offset by growth in structural loans at BCP (+1.2%), which was led by Individuals and SME-Business.

In terms of portfolio quality, the structural NPL ratio rose (5.6% vs 5.0% at the end of 2022). This evolution was mainly driven by growth in the NPL portfolio at both Mibanco and BCP, which registered an uptick in NPLs through Credit Card, Consumer and SME-Pyme. Growth in provisions was

driven by adverse macroeconomic, social and environmental conditions, which impacted client payment capacities; a shift in the loan mix toward an increase in the weight of retail loans; and by additional provisions for a severe El Niño in the summer of 2024. In this context, the cost of risk stood at 2.5% (versus 1.2% in 2022).

In an environment marked by high interest rates, the net interest margin stood at 6.01%, which represented growth of 92 basis points over the figure reported in 2022. This evolution was fueled by our repricing strategy and supported by our transactional deposit base. The shift toward a higher- yield asset structure also contributed to this result.

Other Income rose 11.6% in 2023, driven by the positive evolution of the Net Gain on Securities, which reported losses last year, and by an uptick in Fee Income (+4.4%).

The Insurance Underwriting Result reported extraordinary growth of 43.9% this year, driven primarily by the Life Insurance Business.

In the aforementioned scenario, operating income increased 13.2% in 2023. Operating expenses rose 9.8% over the period, spurred by an uptick in spending for disruptive businesses (and for Yape and Tenpo in particular) and by growth in IT expenses at BCP. These factors led the efficiency ratio to stand at 46.1% at year-end, 142 basis points below the level reported last year.

We continue to prioritize responsible capital management at all our subsidiaries. Our solvency levels remained adequate, and we distributed cash dividends equivalent to S/1,994.0 million.

Letter from the Chairman of the Board

Our Purpose, Vision and Values

Statement

of Responsibility

Credicorp at a Glance

Group Description

Our Businesses in 2023

Economic Enviroment

Economic and Financial Performance

Risk Management

Financial Statements

Annexes

We look toward the future with confidence

Our organization enters 2024 with a strengthened competitive position and favorable external outlooks. Inflation has moderated in the United States, which has led the market to expect rate cuts from the Federal Reserve this year. This evolution should favor emerging markets. The price of copper should remain at good levels despite a moderate deceleration in China, bolstered by solid fundamentals due to a global transition to green technology. The normalization of inflation and interest rates in Peru gives us reason to be optimistic. The current environment, coupled with a dissipation in the probability of severe impacts from El Niño Phenomenon, leads us to expect a rebound of around 2.5%. Additionally, we anticipate GDP recovery in Chile, Colombia and Bolivia to stand at 2.1%, 1.7%, and 1.5% respectively.

At Credicorp we are committed to contributing to closing the education gap

In Peru, the political environment appears to be more stable than at the beginning of 2023; this is, without a doubt, fundamental to recovering business confidence. Accordingly, the government must drive the country's economic reactivation and implement structural reforms in sectors such as education and health to recover the confidence

of companies and individuals as it sets the stage to attract private investment within a secure legal framework.

To drive growth and ensure democracy and stability, the private sector must work alongside the public sector to develop projects that translate into more opportunities and enhanced wellbeing for our communities. At Credicorp, we are committed to helping close the education gap, which continues to be a major problem and is closely linked with poverty. Our efforts are not limited solely to financial education and inclusion. In 2023, we announced a commitment to spend S/500 million to execute projects to improve education infrastructure over the next few years through the Works for Taxes mechanism. We have also joined forces with UNICEF on the Project "Conectados para Aprender," and will provide technological equipment and improve the internet connection of 120 schools in vulnerable locations to 2026 to benefit more than 59 thousand students.

Our governments' leaders are not solely responsible for guaranteeing democracy and stability in our countries. As individuals and institutions, our acts of solidarity and

empathy are key to achieving these objectives. By promoting inclusion, transparency and responsibility, we contribute

to building the values we need to develop fairer and more equitable societies. I firmly believe that actors across society must genuinely collaborate to blaze the path toward a more sustainable and prosperous future.

Democracy and stability in our countries not only depends on the rulers, but also on every supportive and empathetic action that we take as individuals and as institutions.

Finally, I would like to thank our clients and investors for their confidence and recognize the efforts of the more than 37 thousand employees who work day-to-day to continue transforming our great corporation. Their talent and effort have made our organization stronger, maintained resilient results, and driven the development of the countries in which we operate.

With gratitude and optimism, I look forward to 2024.

Letter from the Chairman of the Board

Our Purpose, Vision and Values

Statement

of Responsibility

Credicorp at a Glance

Group Description

Our Businesses in 2023

Economic Enviroment

Economic and Financial Performance

Risk Management

Financial Statements

Annexes

Our Purpose, Vision and Values

GRI 2-23

Purpose

Contribute to improving lives by driving the changes that our countries need.

Vision

To be a sustainable financial services leader in Latin America. We are purpose-led,future-oriented and focused on creating superior value for our employees, customers, shareholders and the countries we operate in.

Values

Respect Honesty

Fairness Sustainability

INDEX OUR PURPOSE, VISION AND VALUES I STATEMENT OF RESPONSIBILITY

Statement

of Responsibility

"This document contains truthful information regarding business developments at Credicorp Ltd. and Subsidiaries in 2023. The signatories shall be liable, within the ambit of their faculties according to the norms of the Civil Code, for damages that any lack of veracity or insufficiency that the contents of these documents may generate."

29-02-2024

ANNUAL REPORT 8

Credicorp at a glance

GRI 2-1,2-6

Who we are?

We are Peru's leading financial group with over 135 years of experience in this market. We have a solid universal banking, insurance and pension platform that serves all segments of the Peruvian population, complemented

by an important and growing presence in microfinance, investment banking, and wealth management in Latin America.

37,076

EMPLOYEES4

Total Income1

S/19,805Million

Income remained resilient and grew 16.5% in 2023, amid an adverse macroeconomic context.

Loan Portfolio

S/144,976Million

A contraction of-2.5% compared to 2022.

Net Income (attributable to Credicorp)

S/4,866 Million

In 2023, we record a Net Income above the S/ 4,647 million generated in 2022 and above pre-pandemic levels. In 2023, we record a Net Income above the S/ 4,648 million generated in 2022 and above pre- pandemic levels.

1. Includes Net Interest Income, Other Income and Insurance Technical Results.
2. A natural or legal person could be a client of more than one subsidiary. A natural or legal person could be a client of more than one subsidiary.
3. Includes Peru, Colombia, Chile and Miami.
4. For more information about our employees, review chapter "2.2) Social Impact of Our Operations: Employees Management" from the Sustainability Report.

INDEX CREDICORP AT A GLANCE

ANNUAL REPORT 9

Letter from the Chairman of the Board

Our Purpose, Vision and Values

Statement

of Responsibility

Credicorp at a Glance

Group Description

Our Businesses in 2023

Economic Enviroment

Economic and Financial Performance

Risk Management

Financial Statements

Annexes

Relevant Figures

and Indicators

1. Average Daily Balances.
2. Figures for 2022 and 2023 incorporate the adoption of IFRS 17 standard.

3.- Net Interest Margin formula is: (Net Interest Income- Net Financial Expense from Insurance Activity) / (Average of the Interest Earning Assets, where the balance of Interest Earning Assets is equivalent to Cash and Due from Banks+ Total Investments+ Cash collateral, reverse repurchase agreements and securities borrowing + Total Loans)

4 Efficiency Ratio formula is: (Salaries and Employee benefits+ Administrative Expenses+ Depreciation and Amortization + Association in Participation) / (Net interest, similar income, and expenses + Fee income + Net gain on foreign exchange transactions + Net gain from associates + Net gain on derivatives held for trading + Net gain from exchange differences + Net Insurance Underwriting Results).

1. Internal overdue loans / total loans.
2. Non-performingloans) = internal overdue loans + refinanced and restructured loans. NPL ratio = NPLs / total loans.
3. Regulatory Capital / Risk-weighted assets (legal minimum=10% since July 2011).
4. Common Equity Tier 1 Ratio = (Capital + Reserves- 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles and deferred tax that rely on future profitability) + Retained Earnings + Unrealized gains or losses) / Risk-weighted assets. Based on NIIF.
5. Net of treasury shares. The total number of issued shares is 94.38 million.