February 17th 2015

Credicorp Capital Research

Andean Daily Report

CREDICORP CAPITAL RESEARCH

Chile: +(562) 2450 1600

Colombia: +(571) 339 4400 Ext. 1505

Peru: +(511) 205 9190 Ext. 36070

CHILE

National Energy Commission opens new tender process for the

distribution of energy to regulated customers

COLOMBIA

Construction permits increased 20.8% y/y in Dec-14

Concrete production increased by 6.6% y/y in Dec-14

The ANH released information of local crude production per field as of

December – 2014

PERU

GDP grew by 0.54% in December, lower than expected

Electric Energy production increased 5.1%

MEF’s feasible projects total PEN 1,243 mn

Aceros Arequipa 4Q14 results - Net Income above expectation due to

accounting changes

Austral 4Q14 results - Direct Human Consumption Unit affected results

Las Bambas project could be delayed

This report is property of IM Trust S.A. and/or Credicorp Capital Colombia S.A Sociedad Comisionista de Bolsa and/or Credicorp Capital S.A.A. and/or its subsidiaries (hereinafter jointly called “Credicorp Capital”), therefore, no part of this the material or its content, nor any copy of it may altered in any way, transmitted, copied or distributed to any third party without prior and express written consent of Credicorp Capital. In making this report, Credicorp Capital has relied on information from public sources. Credicorp Capital has not verified the truthfulness, completeness or accuracy of the information accessed, nor has audit the information in any way. Accordingly, this report does not constitute a statement, assertion or guarantee (express or implied) as to the truth, accuracy or completeness of the information contained herein or any other written or oral information furnished to any person and/or their advisors.

Local USD Local USD

S&P MILA 40 619 -0.3% -0.3% -2.8% -2.8%

S&P INDEX 2,097 0.4% 0.4% 1.9% 1.9%

Chile 3,994 0.3% -0.4% 3.7% 1.2%

Colombia 1,399 0.1% -0.2% -7.5% -8.0%

Peru 14,048 0.6% 0.2% -5.0% -8.3%

Mex ico 42,960 -0.3% -0.5% -0.4% -1.6%

Brazil 50,636 2.2% 1.9% 1.3% -5.4%

Equities Latam 2,636 -0.4% -0.4% -3.4% -3.4%

CLP / US$ 622

UF / CLP 24,535

Peru / US$ 3.08

Colombia / US$ 2,391

Brazil / US$ 2.83

CLP / Euro 706

Euro / US$ 1.14

Local USD Local USD

Copper (US$/lb) 261

Gold (US$/oz) 1,227

Silv er (US$/oz) 17.3

Brent (US$/bbl) 60

Pulp (US$/MT) 903

WTI (US$/bbl) 42,048

-1.5% -3.1%

3.1% -0.9%

0.5% 3.6%

3.0% 10.9%

0.8% 7.4%

Commodities LastD/D % YTD%

0.3% -7.7%

0.5% 7.1%

0.2% -3.7%

-0.3% -6.1%

0.0% -0.4%

0.1% 3.5%

0.2% 0.6%

Fx Rates LastD/D % YTD%

0.4% 2.4%

Index LastD/D % YTD%

P/BV

2 0 14 E 2 0 15 E 2 0 14 E 2 0 15 E LTM

Chile 20.8x 17.4x 9.1x 8.5x 1.7x

Colombia 19.1x 22.4x 8.1x 8.4x 1.4x

Peru 14.8x 13.5x 7.8x 7.1x 1.3x

Va lua tions

CountryP / E EV / EBITDA

2

Chile

Economics and Politics

National Energy Commission opens new tender process for the distribution of energy to

regulated customers

According to a local news source, the National Energy Commission (CNE) launched last week the

SIC grid’s tender process for the distribution of energy to regulated customers, opening the

register for interested participants. According to the source, the bidding rules should be presented

in March 2015, while the tender would take place towards midyear. The amount of tendered

energy would rise to 15,000 GWh, roughly 30% of the SIC’s consumption during 2014. As a

reminder, this new tender will take place under the new framework approved in 2014, which,

among other things, increases the time between the tender and the startup of the contract from 3

to 5 years, provides flexibility to generators in order to offset potential setbacks in the construction

of power facilities, and increases the duration of the contract from 15 to 20 years.

Colombia

Economics and Politics

Construction permits increased 20.8% y/y in Dec-14

Construction permits increased 20.8% y/y in Dec-14, amidst an advance of 33.3% y/y in the

approved area for housing purposes. On the other hand, non-housing purposes construction

decreased 4.7% y/y after falling 30.9% y/y the previous month. The area for housing purposes

increased due to the advance of both non-social interest housing (37.7% y/y) and social interest

housing (25.7% y/y), which posted reductions during the four previous months. This trend came

after the wide range of government programs to provide housing to those in need, which was

widely reduced in the last months and, according to recent announcements, was reactivated in

Dec-14.

Even though construction permits it’s a highly volatile figure (Nov-14: -26.7%; Oct-14: +18.1%),

the overall approved area during 2014 advanced just 2.4% y/y.

Concrete production increased by 6.6% y/y in Dec-14

According to DANE, the overall concrete production advanced 6.6% y/y in Dec-14; thus, 2014’s

figure stood at 7.7% y/y. The ‘buildings’ sector posted the highest growth rate of production levels

during Dec-14 with an advance of 29.7% y/y, while ‘civil works’ decreased by 4.4% y/y.

Both construction permits and concrete production recent data suggest that construction will

remain as one of the economy’s main sectors during 2015.

3

Company News

The ANH released information of local crude production per field as of December – 2014

(ECOPETROL: HOLD; T.P.: COP 1,670) / (PACIFIC RUBIALES: UNDERPERFORM; T.P.: COP

11,400) (CANACOL: UNDERPERFORM; T.P.: COP 5,720)

Although consolidated figures for December - 2014 were already out (1,009 kboepd) we believe

that the information per field provides new insights on the listed names. From the latest data

(December – 2014), we would like to point out several key aspects. First, oil production from the

Rubiales field continues its significant down fall and decreased 0.6% m/m while reaching levels of

163.6 kboed. Here, we highlight that production in Rubiales fell 16.5% during last year. This is

particularly negative for Pacific Rubiales as this field has a weight on total production of around

40%. Meanwhile, Quifa produced roughly 60 kboepd during December - 2014, a figure that was

12.9% higher compared to January of 2014. On the other hand, Castilla reported a negative

growth in December (1.8%) when compared to November. At this point, Castilla is producing

106.3 kboed, which is almost flat (+0.4%) relative to January 2014. On the positive side,

Chichimene posted a 20.1% m/m growth and production increased 53.8% during the entire year.

As a result, production coming from this field climbed to 75.3 kboed (it includes Chichimene SW),

which we consider positive for Ecopetrol.

We consider these figures from the main oil fields in Colombia as mixed but there are key positive

signals, particularly for Ecopetrol. That said, the sharp decline in the Rubiales field continues to

have a negative effect on both Pacific Rubiales and Ecopetrol. On the other hand, Chichimene

continues to be the positive highlight as production has taken off during recent months in this

block. In fact, local media has mentioned that oil production in January at Chichimene hit a new

record slightly above 85 kboepd.

Finally, it is worth mentioning that Leono and Pantro, two key wells from LLA23 (Canacol)

continued to show high declining rates. In fact, the former well produced 1,363 boepd in

December - 2014 which is 69.7% lower compared to the figure reported in April. At the same time,

Pantro recorded oil production of 440 boepd relative to 1,227 boepd in August - 2014. Although

Canacol announced a new discovery (Maltes 1) in LLA23 during early January, we fear that

declining rates at LLA23 may be higher than initial estimates. Despite this negative trend in LLA23

and its relevance to the company, we reiterate that Canacol is currently focusing on capitalizing

new gas opportunities through the Esperanza block and its recent discovery, Clarinete 1.

4

Peru

Economics and Politics

GDP grew by 0.54% in December, lower than expected

According to the National Statistics Institute (INEI), GDP grew 0.54% y/y in December, lower than

market’s expectations (0.7%); GDP showed a growth of 2.35% in 2014. GDP growth is explained

by the favorable outcome of most sectors, except Fishing (-27.94%), Mining(-2.1%), and

Manufacturing (-3.3%). On the other hand, the INEI also informed that the employed population

in Lima increased by 0.9% in the last quarter (November-December-January).

Electric Energy production increased 5.1%

The Ministry of energy and mines (MEM) informed that the total electricity production was 3,995

Gw/h in January 2015 (5.1% YoY). Companies that generate electricity for the market and for its

own use had a total production of 3,751 Gw/h and 244 Gw/h, respectively. Of the total production,

hydro power plants generated 56%; thermoelectric plants,43% and stations with non-conventional

sources (solar and wind), 2%.

MEF’s feasible projects total PEN 1,243 mn

Through January, the three levels of the government declared feasible 351 public investment

projects (PIP) worth PEN 1,243 mn (~USD 403mn), according to the Ministry of Economy and

Finance (MEF). It explained that 65% of these are concentrated in National Government (PEN

814mn). Local Governments approved 30% of the investment plans (PEN 368 mn), while regional

governments declared feasible 5% of them (PEN 61 mn).

Company News

Aceros Arequipa 4Q14 results - Net Income above expectation due to accounting changes

Since 4Q14, the company will consider its investments in subsidiaries and associates at equity

value method instead of at the cost method that is currently applied.

ACEROS Y/Y A/E

(PEN th) (%) (%)

Rev enues 613,965 586,155 583,908 4.7% 5.1% P/E 9.8x 7.4x

EBIT 44,110 49,450 23,940 -10.8% 84.3% EV/EBITDA 6.8x 6.9x

EBITDA 66,000 69,300 42,497 -4.8% 55.3% P/BV 0.4x 0.4x

Net Income 23,770 27,152 7,397 -12.5% 221.3% Div . Yield 1.2% 1.4%

EBITDA Mg. 10.7% 11.8% 7.3%

Net Mg. 3.9% 4.6% 1.3%

ACEROS

AREQUIPA

LTM Dec.

20142015E4Q14A 4Q13A 4Q14E

5

Austral 4Q14 results - Direct Human Consumption Unit affected results

Direct Human Consumption loss reached -PEN29.6mn in 4Q14 compared to PEN 3.7mn in 4Q13.

Las Bambas project could be delayed

Las Bambas, a USD 10 bn project, could be delayed due to a social conflict that has just begun a

few days ago. As informed before, the project should start its production in 2H15, but several

factors forced its current operator, MMG Limited, to postpone it for 1Q16.

AUSTRAL Y/Y A/E

(PEN Th) (%) (%)

Rev enues 90,399 145,654 120,547 -37.9% -25.0% P/E -35.8x 15.7x

EBIT -10,617 18,317 1,916 nm nm EV/EBITDA 8.8x 6.9x

EBITDA 5,520 35,992 16,379 -84.7% -66.3% P/BV 0.8x 0.8x

Net Income -24,278 -11,232 550 nm nm Div . Yield 4.5% 0.0%

EBITDA Mg. 6.1% 24.7% 13.6%

Net Mg. nm nm 0.5%

AUSTRALLTM Dec.

20142015E4Q14A 4Q13A 4Q14E

6

Top Winners & Losers

Volume Leaders

Trading Information

Traded Volume

Sources: Bloomberg & Credicorp Capital

Country Vol. (USDmn) Best sector Worst Sector

Chile 37.9 Industrial / +0.91% -

Colombia 6.3 - -

Peru 3.9 Industrial / +1.73% Others / -0.55%

USD Th. Clp. % USD Th. Cop. % USD Th. Pen %

CAP $ 5,649.8 14.56% Isagen $ 1,104.2 0.69% Pacasmay o $ 1,802 2.25%

Banco de Chile $ 3,404.4 0.10% Bancolombia $ 773.6 -0.30% Minsur $ 862 1.80%

Bsantander $ 2,991.5 0.68% Ecopetrol $ 636.1 -0.68% Volcan-B $ 371 1.61%

Chile PeruColombia

Top Winners CLP Clp.% Top Winners COP Cop.% Top Winners PEN / USD %

CAP $ 3,462 14.56% CLH $ 14,800 1.37% Relapasa $ 0.19 5.56%

Besalco $ 342 2.40% Pacific Rubiales $ 8,120 1.12% Aceros Arequipa $ 0.43 4.88%

Andina-B $ 1,730 1.95% EEB $ 1,630 0.93% Milpo $ 2.10 2.94%

Top Losers CLP Clp.% Top Losers COP Cop.% Top Losers PEN / USD %

Sonda $ 1,570.2 -2.10% Av ianca $ 3,645 -0.95% Graña y Montero $ 5.80 -1.69%

IAM $ 975.7 -2.08% Ecopetrol $ 2,185 -0.68% Rio Alto Mining $ 2.99 -1.64%

Corpbanca $ 7.5 -1.44% Bancolombia $ 26,680 -0.30% In Retail $ 16.10 -0.68%

Chile PeruColombia

7

Economic Calendar

Sources: Bloomberg & Credicorp Capital

Date Time Indicator / Event Period Consensus

Credicorp

CapitalActual Previous

5-Feb 8:30 Economic Activity Index YoY Dec-14 2.0% 2.1% 2.9% 1.3%

6-Feb 8:00 CPI MoM Jan-15 -0.3% -0.3% 0.1% -0.4%

12-Feb 18:00 Overnight Rate Target Feb-15 3.00% 3.00% 3.00% 3.00%

Date Time Indicator / Event Period Consensus

Credicorp

CapitalActual Previous

17-Feb 18:00 Retail Sales YoY Dec-14 9.5% - - 8.4%

17-Feb 18:00 Industrial Production YoY Dec-14 -0.1% - - -0.9%

20-Feb Overnight Lending Rate Feb-15 4.50% - - 4.50%

Date Time Indicator / Event Period Consensus

Credicorp

CapitalActual Previous

12-Feb 20:00 Reference Rate Feb-15 3.25% - 3.25% 3.25%

16-Feb Unemployment Rate Jan-15 6.1% - 6.4% 5.6%

16-Feb Economic Activity YoY Dec-14 0.5% - 0.5% 0.3%

Chile

Colombia

Peru

8

Important Disclosures This research report was prepared by CredicorpCapital Peru S.A and/or Credicorp Capital Colombia Sociedad Comisionista de

Bolsa and/or IM Trust S.A. Corredores de Bolsa, companies authorized to engage in securities activities in Peru, Colombia and

Chile, respectively and indirect subsidiaries of Credicorp Capital Ltd. (jointly referred to as “Credicorp Capital”). None of the

companies jointly referred to as Credicorp Capital are registered as broker-dealers in the United States and, therefore, they are not

subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report

is provided for distribution only to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule

15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments

based on the information provided in this research report can do so only through Credicorp Securities Inc., a registered broker-

dealer in the United States. Under no circumstances may a U.S. recipient of this research report effect any transaction to buy or sell

securities or related financial instruments directly through Credicorp Capital.

Credicorp Securities Inc. accepts responsibility for the contents of this research report, subject to the terms set out below, to the

extent that it is delivered to a U.S. person other than a major U.S. institutional investor.

Any analyst whose name appears on this research report is not registered or qualified as a research analyst with the Financial

Industry Regulatory Authority (“FINRA”) and is not a registered representative of Credicorp Securities Inc. and, therefore, is not

subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading

securities held by a research analyst account.

A.Analyst Disclosures

The functional job title of the person(s) responsible for the recommendations contained in this report is Equity Research Analyst

unless otherwise stated on the cover.

Regulation AC - Analyst Certification: Each Equity Research Analyst listed on the front-page of this report is principally

responsible for the preparation and content of all or any identified portion of this research report and hereby certifies thatwith

respect to each issuer or security or any identified portion of the report with respect to an issuer or security that the Equity Research

Analyst covers in this research report, all of the views expressed in this research report accurately reflect their personal views about

those issuer(s) or securities. Each Equity Research Analyst also certifies that no part of their compensation was, is, or will be,

directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that Equity Research Analyst in this research

report.

Each Equity Research Analyst certifies that he or she is acting independently and impartially from the referenced

company/shareholders, directors and is not affected by any current or potential conflict of interest that may arise from any of the

companies’ activities.

Analyst Compensation: The research analyst(s) primarily responsible for the preparation of the content of this research report

attest(s) that no part of his or her compensation was, is or will be, directly or indirectly, related to the specific recommendations that

he or she expressed in the research report.

Registration of non-US Analysts: Unless otherwise noted, the non-US analysts listed on the front of this report are employees of

one of the companies jointly referred as Credicorp Capital, which are non-US affiliates of Credicorp Securities Inc., a SEC registered

and FINRA member broker-dealer. Equity Research Analysts employed by the companies jointly referred as Credicorp Capital, are

not registered/ qualified as research analysts under FINRA/NYSE rules, are not registered representatives of CredicorpSecurities

Inc. and may not be subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public

appearances, and trading securities held by a research analyst account. Please refer to www.credicorpcapital.com for further

information relating to research and conflict of interest management.

9

B.Ownership and Material Conflicts of Interest

Credicorp Securities Inc. or its affiliates ‘beneficially own’, as determined in accordance with Section 13(d) of the Exchange Act, 1%

or more of the equity securities of the company Aceros Arequipa.

Credicorp Securities Inc., its affiliates and/or their respective officers, directors or employees may have interests, or long or short

positions, and may at any time make purchases or sales as a principal or agent of the securities referred to herein.

C.Compensation and Investment Banking Activities

Credicorp Securities Inc. or any of its affiliates have managed or co-managed a public offering of securities for one or more of the

companies referenced in this report in the past 12 months. Credicorp Securities Inc. or its affiliates have received compensation for

investment banking services from the company Aceros Arequipa in the past 12 months. Credicorp Securities Inc. or its affiliates do

expect to receive or intend to seek compensation for investment banking services from one or more of the mentioned companies in

the next 3 months.

D. Rating System

Stock ratings are based on the analyst’s expectation of the stock’s total return during the twelve to eighteen months following

assignment of the rating. This view is based on the target price, set as described below, and on the analyst’s opinion, general market

conditions and economic developments.

Buy: Expected returns of 5 percentage points or more in excess over the expected return of the local index, over the next 12-18

months.

Hold: Expected returns of +/- 5% in excess/below the expected return of the local index over the next 12-18 months.

Underperform: Expected to underperform the local index by 5 percentage points or more over the next 12-18 months.

Under Review / Restricted: Company coverage is under review or restricted.

IPSA index is the selective equity index calculated by the Bolsa de Comercio de Santiago.

COLCAP index is the selective equity index calculated by the Bolsa de Valores de Colombia.

IGBVL index is the selective equity index calculated by the Bolsa de Valores de Lima..

In making a recommendation, the analyst compares the target price with the actual share price, and compares the resulting

expected return for the IPSA indes, as estimated by IM Trust Corredores de Bolsa S.A., and then makes a recommendation derived

from the difference in upside potential between the shares and the index.

E. Distribution of Ratings

Rating

N° of Companies covered with this

rating

Companies covered with this rating

(% )

Buy 35 42%

Hold 37 45%

Underperform 9 11%

Under Review /

Restricted2 2%

Total 83 100%

10

F.Price Target

Unless otherwise stated in the text of this report, target prices in this report are based on either a discounted cash flow valuation or

comparison of valuation ratios with companies seen by the analyst as comparable or a combination of the two methods. The result of

this fundamental valuation is adjusted to reflect the analyst’s views on the likely course of investor sentiment. Whichever valuation

method is used there is a significant risk that the target price will not be achieved within the expected timeframe. Risk factors include

unforeseen changes in competitive pressures or in the level of demand for the company’s products. Such demand variations may

result from changes in technology, in the overall level of economic activity or, in some cases, in fashion. Valuations may also be

affected by changes in taxation, in exchange rates and, in certain industries, in regulations. Investment in overseas markets and

instruments such as ADRs can result in increased risk from factors such as exchange rates, exchange controls, taxation, and

political and social conditions. This discussion of valuation methods and risk factors is not comprehensive – further information is

available upon request.

II.ADDITIONAL DISCLOSURES

This product is not for retail clients or private individuals.

The information contained in this publication was obtained from various publicly available sources believed to be reliable, but has not

been independently verified by the companies jointly referred as Credicorp Capital, therefore they do not warrant the completeness

or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information,

except to the extent required by applicable law.

This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further

information may be available on request. This report may not be reproduced for further publication unless the source is quoted. This

publication is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or

sale of any securities, or as an invitation, inducement or intermediation for the sale, subscription or purchase of any securities, or for

engaging in any other transaction. This publication is not for private individuals.

Any opinions, projections, forecasts or estimates in this report are those of the author only, who has acted with a high degree of

expertise. They reflect only the current views of the author at the date of this report and are subject to change without notice. The

companies jointly referred to as Credicorp Capital have no obligation to update, modify or amend this publication or to otherwise

notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast or estimate contained herein,

changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. The analysis, opinions,

projections, forecasts and estimates expressed in this report were in no way affected or influenced by the issuer. The author of this

publication benefits financially from the overall success of Credicorp Capital.

The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment

decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use

of the material contained in this publication shall be the sole and exclusive responsibility of the investor and Credicorp Capital

accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their

own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments

mentioned in this publication may not be readily liquid investments. Consequently it may be difficult to sell or realize such

investments. The past is not necessarily a guide to future performance of an investment. The value of investments and the income

derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this

publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value which

may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well

as currency risk.

11

To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or

prejudices whatsoever arising from the use of this publication or its contents.

Credicorp Capital (and its affiliates) has implemented written procedures designed to identify and manage potential conflicts of

interest that arise in connection with its research business, which are available upon request. The Credicorp Capital research

analysts and other staff involved in issuing and disseminating research reports operate independently of Credicorp Capital’s

Investment Banking business. Information barriers and procedures are in place between the research analysts and staff involved in

securities trading for the account of Credicorp Capital or clients to ensure that price sensitive information is handled according to

applicable laws and regulations.

Country and region disclosures

United Kingdom: This document is for persons who are Eligible Counterparties or Professional Clients only and is exempt from the

general restriction in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements

to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described

in Articles 19(5) (Investment professionals) and 49(2) (High net worth companies, unincorporated associations, etc.) of the Financial

Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on,

directly or indirectly, to any other class of persons. Any investment to which this document relates is available only to such persons

and other classes of person should not rely on this document.

United States: This communication is only intended for, and will only be distributed to, persons residing in any jurisdictions where

such distribution or availability would not be contrary to local law or regulation. This communication must not be acted upon or relied

on by persons in any jurisdiction other than in accordance with local law or regulation and where such person is an investment

professional with the requisite sophistication to understand an investment in such securities of the type communicated and assume

the risks associated therewith.

This communication is confidential and is intended solely for the addressee. It is not to be forwarded to any other person or copied

without the permission of the sender. This communication is provided for information only. It is not a personal recommendation or an

offer to sell or a solicitation to buy the securities mentioned. Investors should obtain independent professional advice before making

an investment.

Notice to U.S. Investors: This material is not for distribution in the United States, except to “major US institutional investors” as

defined in SEC Rule 15a-6 ("Rule 15a-6") and related guidance. Credicorp Capital and its affiliates has entered into arrangements

with Credicorp Securities Inc., which enables this report to be furnished to certain U.S. recipients in reliance on Rule 15a-6 through

Credicorp Securities Inc., which is registered under the U.S. Securities Exchange Act of 1934, as amended.

Each U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is a "major U.S. institutional

investor" (as such term is defined in Rule 15a-6) and that it understands the risks involved in executing transactions in such

securities. Any U.S. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer

mentioned herein, or engages in any transaction to purchase or sell or solicit or offer the purchase or sale of such securities, should

contact a registered representative of the Credicorp Securities Inc. that provided the report.

Credicorp Securities Inc. is a broker-dealer registered with the SEC, a member of FINRA and SIPC. You can reach Credicorp

Securities Inc. At 121 Alhambra Plaza, suite 1200, Coral Gables, Miami 33134, phone (305) 4480971 Equity trading: 786 999 1633.

You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC directly at 202-371-8300; website:

http://www.sipc.org

12

Credicorp Securities Inc., is a wholly owned subsidiary of Credicorp Capital Ltd.

Nothing herein excludes or restricts any duty or liability to a customer that Credicorp Securities Inc. have under applicable law.

Investment products provided by or through Credicorp Securities Inc. are not insured by the Federal Deposit Insurance Corporation

and are not deposits or other obligations of any insured depository institution, may lose value and are not guaranteed by the entity

that published the research as disclosed on the front page and are not guaranteed by Credicorp Securities Inc.

Investing in non-U.S. Securities may entail certain risks. The securities referred to in this report and non-U.S. issuers may not be

registered under the U.S. Securities Act of 1933, as amended, and the issuer of such securities may not be subject to U.S. reporting

and/or other requirements. Rule 144A securities may be offered or sold only to persons in the U.S. who are Qualified Institutional

Buyers within the meaning of Rule 144A under the Securities Act. The information available about non-U.S. companies may be

limited, and non-U.S. companies are generally not subject to the same uniform auditing and reporting standards as U.S. companies.

Securities of some non-U.S. companies may not be as liquid as securities of comparable U.S. companies. Securities discussed

herein may be rated below investment grade and should therefore only be considered for inclusion in accounts qualified for

speculative investment.

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required to take the FINRA analyst exam. The information contained in this report is intended solely for certain "major U.S.

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13

Heinrich Lessau Hugo Horta

Director of Research Director of Sales & Trading

hlessau@credicorpcapital.com hhorta@credicorpcapital.com

CHILE COLOMBIA PERU Hernán Arellano

Head of Equities

Francisca Manuschevich César Cuervo Héctor Collantes harellano@credicorpcapital.com

Head of Equity Research Head of North Andean Equity Research Head of Equity Research

fmanuschevich@credicorpcapital.com ccuervo@credicorpcapital.com hcollantes@credicorpcapital.com

# (562) 2446 1798 # (571) 339 4400 Ext 1012 # (511) 205 9190 Ext 33052 Javier Günther Marilyn Macdonald Cristián Castillo

International Equity Sales International Equity Sales International Sales Trader

Christopher DiSalvatore Jaime Pedroza Fernando Pereda jgunther@credicorpcapital.com mar_macdonald@btconnect.com ccastillo@credicorpcapital.com

Associate: Retail & Financials Senior Analyst: Utilities Senior Analyst: Cement & Utilities # (562) 2450 1695 # (4477) 7151 5855 # (786) 999 1633

cdisalvatore@credicorpcapital.com jpedroza@credicorpcapital.com fpereda@credicorpcapital.com

# (562) 2446 1724 # (571) 339 4400 Ext 1025 # (511) 205 9190 Ext 37856 CHILE PERU COLOMBIA

Arturo Prado Juan C. Domínguez Iván Bogarín René Ossa Rodrigo Zavala Juan A. Jiménez

Senior Analyst: Natural Resources Senior Analyst: Banks Senior Analyst: Retail & Others International Equity Sales Head of Equity - Peru Head of International Equity Sales

aprado@credicorpcapital.com jcdominguez@credicorpcapital.com ibogarin@credicorpcapital.com reneossa@credicorpcapital.com rzavala@credicorpcapital.com jjimenez@credicorpcapital.com

# (562) 2450 1688 # (571) 339 4400 Ext 1026 # (511) 416 3333 Ext 33055 # (562) 2651 9324 # (511) 313 2918 Ext 36044 # (571) 339 4400 Ext 1701

Andrés Ossa Sebastián Gallego Tamara Vasquez Christian Munchmeyer Ursula Mitterhofer Santiago Castro

Analyst: Utilities, Telecom & I.T. Analyst: Oil & Gas Research Assistant International Sales & Trading Sales & Trading International Sales & Trading

aossa@credicorpcapital.com sgallego@credicorpcapital.com tamaravasqueza@credicorpcapital.com cmunchmeyer@credicorpcapital.com umitterhofer@credicorpcapital.com scastro@credicorpcapital.com

# (562) 2651 9332 # (571) 339 4400 Ext 1594 # (511) 416 3333 Ext 37946 # (562) 2450 1613 # (511) 313 2918 Ext 32922 # (571) 339 4400 Ext 1344

Tomás Sanhueza Carlos E. Rodriguez

Analyst: Food & Beverages, Healthcare Analyst: GEA & infrastructure

tsanhueza@credicorpcapital.com cerodriguez@credicorpcapital.com

# (562) 2446 1751 # (571) 339 4400 Ext 1365

Pilar González

Analyst: Transport

mpgonzalez@credicorpcapital.com

# (562) 2446 1768 Felipe García

Head of Fixed Income

Lourdes Alamos fgarcia@credicorpcapital.com

Research Coordinator & Holdings Analyst

lalamos@credicorpcapital.com

# (562) 2450 1609 CHILE COLOMBIA PERU

Gonzalo Covarrubias Carlos Sanchez Alfredo Bejar

Head of Capital Markets Head of Fixed Income Head of Fixed Income / FX Trading

gcovarrubias@credicorpcapital.com csanchez@credicorpcapital.com alfredobejarg@credicorpcapital.com

CHILE COLOMBIA PERU # (562) 2450 1635 # (571) 323 9154 # (511) 205 9190 Ext 36148

Paulina Yazigi Daniel Velandia Irvin León Guido Riquelme Christian Jarrin Vallerie Yong

Head of Research & Chief Economist Head of Research & Chief Economist Senior Fixed Income Analyst Head of Sales RM Fixed Income Offshore Local FI Senior Trader

pyazigi@credicorpcapital.com dvelandia@credicorpcapital.com ileon@credicorpcapital.com griquelme@credicorpcapital.com cjarrin@credicorpcapital.com vyong@credicorpcapital.com

# (562) 2450 1637 # (571) 339 4400 Ext 1505 # (511) 416 3333 Ext 37854 # (562) 2446 1712 # (571) 340 2591 # (511) 313 2902 - # (511) 313 2908

Felipe Lubiano Sergio Ferro Alberto Zapata Belén Larraín Andrés Valderrama Evangeline Arapoglou

Senior Fixed Income Analyst Fixed Income Analyst Fixed Income Analyst Head of International FI Sales Fixed Income Trader Senior International FI Trader

flubiano@credicorpcapital.com sferro@credicorpcapita.com azapatag@credicorpcapital.com blarrain@credicorpcapital.com jvalderramma@credicorpcapital.com earapoglou@credicorpcapital.com

# (562) 2651 9308 # (571) 339 4400 Ext 1609 # (511) 205 9190 Ext 36018 # (562) 2446 1720 # (571) 323 9163 # (511) 313 2902 - # (511) 313 2908

Paulina Valdivieso Camilo A. Durán Paz Stepke José Andrés Riveros Lizeth Espíritu

Fixed Income Analyst Macro Analyst International Fixed Income Sales Fixed Income Trader Fixed Income Trader

pvaldivieso@credicorpcapital.com caduran@credicorpcapital.com pstepke@credicorpcapital.com jriveros@credicorpcapital.com lespiritu@credicorpcapital.com

# (562) 2651 9337 # (5511) 339 4400 Ext. 1383 # (562) 2651 9336 # (571) 339 4400 Ext 1180 # (511) 313 2902 - # (511) 313 2908

Andrés Osorio Benjamín Diaz

Economist Local Fixed Income Sales

aosorio@credicorpcapital.com bdiaz@credicorpcapital.com

# (562) 2446 1760 # (562) 2446 1738

FIXED INCOME & ECONOMICS RESEARCH

CONTACT LIST

ANDEAN RESEARCH TEAM SALES & TRADING

EQUITY RESEARCH EQUITY SALES & TRADING

FIXED INCOME SALES & TRADING