CREDICORP

Jorge Ramirez-del-Villar Head of Planning & Finance

Banco de Credito del Peru

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CONTENTS

• PERUVIAN ECONOMY AND BANKING SYSTEM

• CREDICORP

– BCP

– Other Major Subsidiaries

– Overview 3Q 2003

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PERUVIAN ECONOMY AND BANKING SYSTEM

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PERU’S HIGHLIGHTS

• Regime: Democracy with three independent Powers: Executive, Congress and Judiciary

• Area : 496,234 sq. miles

• Population: 27 million (Urban 72.3%, Rural 27.7%)

• GDP per capita: US$ 2,100

• Unemployed or sub-employed : 56.5%

• Major cities : Lima (capital), Arequipa and Trujillo

• Religion: Catholic

Chile

Colombia

Brasil

Bolivia

Ecuador

0%

10%

20%

30%

40%

50%

60%

70%

80%

Electr Water TV's Phones Cars Cable TV PC's

Households’ Indicators

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MexicoMexico BrazilBrazil Colombia Chile Colombia Chile PeruPeru

GDP (US$ Bn)GDP (US$ Bn) 590.5590.5 497.5497.5 77.177.1 68.368.3 61.161.1GDP Growth (%)GDP Growth (%) 1.51.5 0.70.7 2.82.8 3.23.2 3.83.8Inflation (%)Inflation (%) 3.53.5 9.69.6 6.36.3 3.63.6 1.71.7Devaluation (%)Devaluation (%) 22.022.0 29.129.1 29.129.1 (2.7)(2.7) (0.7)(0.7)Deposits/GDP (%)Deposits/GDP (%) 16.616.6 32.532.5 24.424.4 62.262.2 22.722.7Fiscal Surplus *Fiscal Surplus * (0.5)(0.5) (5.0)(5.0) (5.0)(5.0) (0.8)(0.8) (2.1)(2.1)Current Account *Current Account * (2.1)(2.1) 0.00.0 (2.0)(2.0) (0.3)(0.3) (1.6)(1.6)Int. Reserves/Mthly ImportsInt. Reserves/Mthly Imports 3.13.1 9.29.2 7.97.9 8.58.5 11.211.2Country Risk (bps)**Country Risk (bps)** 187187 568568 448448 143143 290290

* As a % of GDP** JP Morgan Index EMBI : Spread of Government Bonds over US Treasury Bonds as of Nov. 2003

PERUVIAN ECONOMY vs. OTHER LATIN PERUVIAN ECONOMY vs. OTHER LATIN AMERICAN ECONOMIESAMERICAN ECONOMIES

2003(e)2003(e)

Source : The Economist Intelligence Unit, BCP (Peru)

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BrazilBrazil MexicoMexico ChileChile Colombia Colombia PeruPeru

Assets Assets 320.5 320.5 163.2 163.2 68.2 68.2 26.3 26.3 17.6 17.6 LoansLoans 90.3 90.3 90.0 90.0 42.3 42.3 16.5 16.5 10.6 10.6 DepositsDeposits 128.8 128.8 121.8 121.8 27.3 27.3 19.3 19.3 13.2 13.2 EquityEquity 25.3 25.3 16.3 16.3 5.7 5.7 2.6 2.6 1.8 1.8 Past Due Loan/ LoansPast Due Loan/ Loans 12.5%12.5% 4.8%4.8% 2.0%2.0% 10.2%10.2% 8.0%8.0%Reserves/Past Due LoansReserves/Past Due Loans 105.4%105.4% 136.2%136.2% 135.2%135.2% 77.8%77.8% 133.0%133.0%Cost/IncomeCost/Income 53.9%53.9% 64.5%64.5% 51.5%51.5% 84.7%84.7% 60.5%60.5%ROEROE 8.8%8.8% 12.8%12.8% 14.8%14.8% 11.3%11.3% 8.2%8.2%

PERUVIAN BANKING SYSTEM vs. OTHER PERUVIAN BANKING SYSTEM vs. OTHER LATIN AMERICAN BANKING SYSTEMSLATIN AMERICAN BANKING SYSTEMS

20022002

Source: Fitch Ratings , IMF

US$ Bn

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• GDP growth of 4.0% for years 2003-2004. Inflation and devaluation under 2.0%. Marginal improvement in fiscal position

• Growth of loans and deposits in line with the economy• Slight increase of private investment • Gradual reduction of spreads due to increased competition

(Banks and Capital Markets), as well as excess of liquidity • Continued improvement of loan quality ratios• Lower growth of non-financial revenues due to banking

transaction taxes• Reduction of bank’s operating costs

MOST LIKELY SCENARIO FOR THE ECONOMY AND MOST LIKELY SCENARIO FOR THE ECONOMY AND THE PERUVIAN BANKING SYSTEM FOR 2003-2004THE PERUVIAN BANKING SYSTEM FOR 2003-2004

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CREDICORP’S ORGANIZATION

BCP accounts for 85% of Credicorp’s assets

Ic INV.CREDIT

O

FOCUS Banking Banking Banking Insurance InvestmentsLOCATION Peru/Bolivia Cayman Colombia Peru Peru% OWNED 96% 100% 100% 76% 100%

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• One of the top 20 financial institutions in Latin America

• Established in Bermuda in 1995

• Presence in Peru, Bolivia, Colombia, USA (Miami) and Cayman

• Total Assets US$ 8,224 Mn, Net Equity US$ 892 Mn

• 353 offices, 489 ATM’s

• 9,321 employees

• Listed in the NYSE

CREDICORPCREDICORP HIGHLIGHTS HIGHLIGHTS

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Assets 43.1 56.3 16.9 4.8 8.2Loans 22.7 24.3 11.6 2.6 4.5Deposits 29.3 20.0 8.1 3.3 6.3Net Equity 5.9 4.4 1.4 0.5 0.9Net Income (Mn) 499 545 212 112 57

RATIOSPast Due/ Loans 5.6% 7.9% 2.4% 1.5% 7.6%Reserves/Past Due Loans 119.7% 142.1% 94.3% 324.6% 113.7%Cost/Income 53.0% 55.9% 45.1% 56.0% 49.2%ROE 13.1% 16.7% 24.3% 31.0% 9.0%

CREDICORP vs. LARGEST BANKS OF OTHER LATIN AMERICAN COUNTRIES

Sept. 2003

BBVAMéxico

BradescoBrazil

Bancolombia SantanderChile

Source: Bank’s 3Q Reports

US$ Bn Credicorp

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Branches 1,643 3,033 346 364 353ATM’s 3,875 21,585 1,098 760 489Employees 28,613 77,154 7,684 6,364 9,321

Market Share- Loans 25.6% 19.5% 25.9% 13.2% 32.9%*- Deposits 27.7% 15.2% 25.5% 11.5% 35.4%*

BBVAMéxico

BradescoBrazil BancolombiaSantander

Chile

* BCP’s Market ShareSource: Bank’s 3Q Reports

CREDICORP vs. LARGEST BANKS OF OTHER LATIN AMERICAN COUNTRIES (Cont.)

Sept. 2003

Credicorp

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CREDICORP OVERVIEW

Summary of Results (USMn) 3Q02 3Q03 9M02 9M03

Net Interest Income 77.2 90.0 247.5 267.9

Provisions 32.2 23.8 87.9 77.8Other Income 89.9 105.3 275.2 327.4

Claims on Insurance Activities 25.5 24.7 73.4 76.3Operating Expenses 94.9 102.7 295.9 324.2

BSCH Peru Merger Costs - - - 17.5Translation Result -0.9 0.4 -2.9 -3.7Earnings before Taxes and Min. Int. 13.6 44.5 62.6 95.8Income Tax -8.8 -13.3 -26.6 -29.8Minority Interest -1.8 -5.2 -7.2 -9.2

NET INCOME 3.0 26.0 28.8 56.8

EPS* 0.04 0.33 0.36 0.71* Based on 79.8 million net outstanding shares in all periods. The total number of shares is 94.4 million, 14.6 million are held by affiliates as treasury shares

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CREDICORP OVERVIEW

Earnings Contribution (USMn) 3Q02 3Q03 9M02 9M03Banco de Credito 10.0 28.7 37.3 63.8Pacifico 2.7 0.1 6.3 6.9Atlantic 0.1 2.5 1.5 4.7Tequendama* -3.1 -0.2 -3.5 -0.4Credicorp & Others** -6.6 -5.1 -12.7 -18.2

•Financial & administrative expenses 0.7 -0.3 -0.4 -4.2•Tequendama’s loan loss provissions & translation losses -6.0 -2.0 -6.1 -5.3•Venezuela’s operation translation loss -0.5 - -4.0 -•Generic provision - -2.0 - -6.5•Goodwill amortization -0.8 -0.8 -2.2 -2.2

TOTAL INCOME 3.1 26.0 28.8 56.8Assets 7,399 8,224 7,399 8,224Net Equity 798 892 798 892BIS Ratio (%) 12.2 11.1 12.2 11.1

* Excludes transfers to Credicorp and others**Includes income from ICSA

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BCP HIGHLIGHTS BCP HIGHLIGHTS • Largest bank in Peru

• 114 years old

•Total Assets US$ 6.7 Bn, Net Equity US$ 611 Mn

• Market share of 35.4% in deposits and 32.9% in loans

• More than 1.2 million of customers (40% of the market)

• 213 offices, 427 ATM’s

• 5,583 employees

Considered in year 2002 by LatinFinance as the best bank in Latin America

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BCP’S BUSINESS SCOPEBCP’S BUSINESS SCOPE

Wholesale Banking: Commercial Banking, Investment Banking and transactional products offered to corporate and middle market companies.

Retail Banking: Wide range of products and services for individuals, small businesses and non-profit institutions.

Capital Markets: Brokerage, mutual funds, foreign exchange trading, custody, asset management, securitization and trusts.

Distribution Network: 213 offices, 427 ATMs, 11,645 POS, telephone banking and home banking for over 1.2 million clients.

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Demand24%

Savings27% Time

49%

BCP’S DEPOSIT & LOAN STRUCTUREBCP’S DEPOSIT & LOAN STRUCTURE

Loans

Retail31% Consumer

5%

PYME10%

Middle Mkt25%

Corporate44%

Credit Cards4%

Mortgages14%

US$ 4,102 MnUS$ 5,694 MnDeposits

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Key Figures (US$Mn) 3Q02 3Q03 9M02 9M03

Deposits 5,329 5,694 5,329 5,694Mkt Share (%) 32.9 36.4 32.9 36.4

Total Loans 3,699 4,102 3,699 4,102Mkt Share (%) 32.9 33.8 32.9 33.8

Net Interest Income 76.0 84.1 236.8 247.5Provisions 31.9 22.6 87.2 75.0Non-Interest Income 56.6 64.5 164.2 196.8Operating Expenses 84.5 84.1 253.8 259.2Merger Costs - - - 17.4 Gain (Loss) on Inflation Adjustment 7.9 0.2 14.9 -5.9Income tax 6.3 11.6 21.1 23.8NET INCOME 17.8 30.5 53.8 63.0OPEX / Income (%) 52.9 48.6 55.2 51.9CONTRIBUTION 10.0 28.7 37.3 63.8

BCP OVERVIEWBCP OVERVIEW

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• Positive outlook for the bank during year 2003:- Lower provisioning requirement- Significant growth of non interest income. 20% more than in year 2002- Marginal increase of operating expenses

• Merger with BSCH Peru concluded successfully. Results are better than expected.

• Strong recovery of written-off loans in BCP and BSCH-Peru. • Market share consolidated with a slight reduction in loans after BSCH-Peru

acquisition.• NIM continued falling due to excess liquidity in the market, increasing

competition in middle market and retail segments, and growth in domestic capital market.

• Focus on the informal sector of the perimeters of Lima. Large population density, very active in small businesses.

• Acquisition of 45% of Financiera Solucion. Ownership increased to 100%. Merge will be completed by February 2004.

BCP’S RESULTSBCP’S RESULTS

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BCP’S LOAN QUALITYBCP’S LOAN QUALITY

5

6

7

8

9

10

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 IQ03 2Q03 3Q03

90

100

110

120

130

140

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03

PDLs / LOANS

RESERVES / PDLs

Consolidated w/o Bolivia

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CREDICORP’S OTHER MAJOR SUBSIDIARIES

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CREDICORP’S OTHER MAJOR SUBSIDIARIESSept. 2003

CREDICORP’S OTHER MAJOR SUBSIDIARIESSept. 2003

Country Cayman% Ow nership 100%Mkt Share Deposits NAMkt Share Loans NARanking NAAssets (US$ Mn) 747Shareholders' Equity (US$ Mn) 129Funds under adm. (US$ Mn) 598N° of Employees 53N° of Branches 1

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CREDICORP’S OTHER MAJOR SUBSIDIARIESSept. 2003

Country Cayman Bolivia% Ow nership 100% 100%Mkt Share Deposits NA 12.8%Mkt Share Loans NA 12.3%Ranking NA 4Assets (US$ Mn) 747 480Shareholders' Equity (US$ Mn) 129 55Funds under adm. (US$ Mn) 598 28N° of Employees 53 713N° of Branches 1 47

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CREDICORP’S OTHER MAJOR SUBSIDIARIESSept. 2003

Country Cayman Bolivia Colombia% Ow nership 100% 100% 100%Mkt Share Deposits NA 12.8% 0.8%Mkt Share Loans NA 12.3% 1.5%Ranking NA 4 22Assets (US$ Mn) 747 480 273Shareholders' Equity (US$ Mn) 129 55 36Funds under adm. (US$ Mn) 598 28 25N° of Employees 53 713 319N° of Branches 1 47 15

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CREDICORP’S OTHER MAJOR SUBSIDIARIESSept. 2003

* AIG 25%

** Total Premiums

Country Cayman Bolivia Colombia Perú% Ow nership 100% 100% 100% 76%*Mkt Share Deposits NA 12.8% 0.8% 30.2%**Mkt Share Loans NA 12.3% 1.5% NARanking NA 4 22 1Assets (US$ Mn) 747 480 273 511Shareholders' Equity (US$ Mn) 129 55 36 109Funds under adm. (US$ Mn) 598 28 25 NAN° of Employees 53 713 319 1,074N° of Branches 1 47 15 37

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Key Figures (US$Mn) 9M02 9M03Assets 657 747Equity 102 129 - Share Capital 40.7 40.7

- Unrealized gain/losses on investments -15.1 8.9 - Dividends -25.0 -5.0 - Retained earnings 96.3 77.1

- Net income 5.6 7.8

Net Loans 154 151Investments 299 423Deposits 537 585Managed Funds 510 598NIM (%) 3.4 2.4 PDLs/ Loans (%) 0 0OPEX / Income (%) 37.8 20.7CONTRIBUTION TO CREDICORP 1.5 4.7

ATLANTIC SECURITY BANK

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Key Figures (US$Mn) 9M02 9M03Assets 468 480Equity 57 55Deposits 330 387

Mkt Share (%) 12.5 12.8Loans 322 320

Mkt Share (%) 11.9 12.3PDLs / Loans (%) 25.3 21.7Reserves / PDLs (%) 47.9 77.0

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Key Figures (US$Mn) 9M02 9M03Assets 293 273Equity 37 36Deposits 159 154

Mkt Share (%) 0.9 0.8Loans 210 230

Mkt Share (%) 1.5 1.5PDLs / Loans (%) 4.7 1.2Reserves / PDLs (%) 73.8 191.0CONTRIBUTION TO CREDICORP -0.2 -0.4

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Key Figures (US$MN) 9M02 9M03Equity 102 109Premiums 192 225 - General Insurance 121 129 - Health Insurance 19 19 - Life Insurance 52 77Mkt Share (%) 32.7 30.2Net Loss Ratio (%) 58.4 47.4Combined Ratio* (%) 93.7 93.0

CONTRIBUTION TO CREDICORP 6.3 6.9

*Sum of net claims, general expenses and commissions / net premiums

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CREDICORP OVERVIEW 3Q03

Good results for Credicorp during the third quarter- Significant increase in BCP´s revenues with control on costs- Positive trends in most subsidiaries

BCB- Improved results during the quarter with lower provisions- Loan portfolio clean-up concluded - Focus on restructure operations following BCP´s business model

ASB - Improved results during the present quarter with US$9 MM in non-

realized gains in the investment portfolio- Reduction of risk profile of investment portfolio- Growth in administered funds due to increased focus on wealth

management business Tequendama

- Search for alternatives to provide viability for its business

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PPS- Results benefited from lower claims and growth in premiums - Lower margins in property & casualty business due to increased

competition and higher reinsurance costs

- Attractive growth opportunities in life insurance with short-term increase on reserves

CREDICORP OVERVIEW 3Q03 (Cont.)

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BCP- Continued pressure on margins due to increased corporate funding

in local capital market and higher competition in middle market and retail segments

- Positive outlook based on:-- Lower provisioning requirements-- Growth in non-financial income-- Increased revenues from purchase of BSCH-Peru assets and full

ownership of Financiera Solucion-- Control on expenses with increased business volumes

Safe Harbor for forward-looking statementsThis material includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statement other than statements of historical information provided herein are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties.

The Company cautions readers that actual results could differ materially from those expected by the Company, depending on the outcome of certain factors, including, without limitation: (1) adverse changes in the Peruvian economy with respect to the rates of inflation, economic growth, currency devaluation, and other factors, (2) adverse changes in the Peruvian political situation, including, without limitation, the reversal of market-oriented reforms and economic recovery measures, or the failure of such measures and reforms to achieve their goals, and (3) adverse changes in the markets in which the Company operates, including increased competition, decreased demand for financial services, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof, including, without limitation, changes in the Company’s business strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.

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CREDICORP

Jorge Ramirez-del-Villar Head of Planning & Finance

Banco de Credito del Peru