1. CREDICORP Jorge Ramirez-del-Villar Head of Planning & Finance
Banco de Credito del Peru

2. PERUVIAN ECONOMY AND BANKING SYSTEM CREDICORP
CONTENTS
PERUVIAN ECONOMY AND BANKING SYSTEM
CREDICORP
BCP
Other Major Subsidiaries
Overview 3Q 2003
FOUR TOPICS:
1. Peru’s current economic situation
2. The Peruvian Financial System
3. Descriptive overview of Credicorp
4. In summary, the future of Peru, its financial system and Credicorp’s role.

3. PERUVIAN ECONOMY AND BANKING SYSTEM
FOUR TOPICS:
1. Peru’s current economic situation
2. The Peruvian Financial System
3. Descriptive overview of Credicorp
4. In summary, the future of Peru, its financial system and Credicorp’s role.

4. 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
Colombia
Ecuador
Brasil
Bolivia
Chile
Households’
Indicators

5. PERUVIAN ECONOMY vs. OTHER LATIN AMERICAN ECONOMIES
Mexico Brazil Colombia Chile Peru
GDP (US$ Bn)
GDP Growth (%)
Inflation (%)
Devaluation (%) (2.7) (0.7)
Deposits/GDP (%)
Fiscal Surplus * (0.5) (5.0) (5.0) (0.8) (2.1)
Current Account * (2.1) 0.0 (2.0) (0.3) (1.6)
Int. Reserves/Mthly Imports
Country Risk (bps)**
* As a % of GDP
** JP Morgan Index EMBI : Spread of Government Bonds over US Treasury Bonds as of Nov. 2003
Source : The Economist Intelligence Unit, BCP (Peru)

6. PERUVIAN BANKING SYSTEM vs. OTHER LATIN AMERICAN BANKING SYSTEMS
2002
Brazil Mexico Chile Colombia Peru
Assets
Loans
Deposits
Equity
Past Due Loan/ Loans 12.5% 4.8% 2.0% 10.2% 8.0%
Reserves/Past Due Loans 105.4% 136.2% 135.2% 77.8% 133.0%
Cost/Income 53.9% 64.5% 51.5% 84.7% 60.5%
ROE 8.8% 12.8% 14.8% 11.3% 8.2%
US$ Bn
Source: Fitch Ratings , IMF

7. MOST LIKELY SCENARIO FOR THE ECONOMY AND THE PERUVIAN BANKING SYSTEM FOR 2003-2004
GDP growth of 4.0% for years 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

9. CREDICORP’S ORGANIZATION BCP accounts for 85% of Credicorp’s assets
Ic INV.CREDITO
BCP accounts for 85% of Credicorp’s assets

10. CREDICORP HIGHLIGHTS
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

11. CREDICORP vs. LARGEST BANKS OF OTHER LATIN AMERICAN COUNTRIES Sept
BBVA
México
Santander
Chile
US$ Bn
Bradesco
Brazil
Bancolombia
Credicorp
Assets
Loans
Deposits
Net Equity
Net Income (Mn)
RATIOS
Past 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 % 16.7% 24.3% 31.0% 9.0%
Source: Bank’s 3Q Reports

12. CREDICORP vs. LARGEST BANKS OF OTHER LATIN AMERICAN COUNTRIES (Cont
CREDICORP vs. LARGEST BANKS OF OTHER LATIN AMERICAN COUNTRIES (Cont.) Sept. 2003
Branches 1,643 3,
ATM’s 3,875 21,585 1,
Employees 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%*
BBVA
México
Santander
Chile
Bradesco
Brazil
Bancolombia
Credicorp
* BCP’s Market Share
Source: Bank’s 3Q Reports

13. CREDICORP OVERVIEW
Summary of Results (USMn) 3Q02 3Q03 9M02 9M03
Net Interest Income
Provisions
Other Income
Claims on Insurance Activities
Operating Expenses
BSCH Peru Merger Costs
Translation Result
Earnings before Taxes and Min. Int
Income Tax
Minority Interest
NET INCOME
EPS* .
-During the second quarter Credicorp attained a net income of US$28.3 MM, which was 160% higher than the US$11 MM obtained during the same period of last year.
-With this result, Credicorp´s net income for the first six months of the year amounted to US$30.8MM, which is 20% higher than the US$25.8MM of the first semester of 2002.
-The improvement in this year´s financial results was mainly explained by increased revenues at BCP as a result of its merger with Santander and the continued increase in banking services fees and a US$3 MM gain in the sale of an investment PPS had in a subsidiary in the Peruvian group Backus. These increased revenues, together wih a reduction in loan loss provisions in the second quarter, more than compensated the costs incurred in the merger with Santander Peru and on BCP´s systems reestructuring.
-As the next chart shows, …….
* 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

14. CREDICORP OVERVIEW Earnings Contribution (USMn) 3Q02 3Q03 9M02 9M03
Banco de Credito
Pacifico
Atlantic
Tequendama*
Credicorp & Others**
Financial & administrative expenses
Tequendama’s loan loss provissions &
translation losses
Venezuela’s operation translation loss
Generic provision
Goodwill amortization
TOTAL INCOME
Assets 7, , ,399 8,224
Net Equity
BIS Ratio (%)
-BCP and PPS continued being the largest contributors to our corporate results, with contributions of US$35.2MM and US$6.7MM, respectively, during the first semester. These results were 30% and 90% higher than the US$27.2MM and US$3.6MM contributed by both during the same period last year.
-BCP experienced a large increase in its second quarter results compared to last year, growing from US$13.3MM to US$27.2 MM. Such increase was mainly explained by larger business volumes after the merger with Santander which improved the revenue lines, lower loan loss provisions following a continued improvement in the quality of the Peruvian loan portfolio and a stricter control on operating expenses.
-PPS contribution to Credicorp was positively affected during the quarter by the US$3MM gain in the sale of its long-term position in a Backus group subsidiary. Its results continued being affected by the large increase in reserves as a result of the fast growth experienced by its life insurance business.
-ASB also improved its financial results, increasing its contribution to Credicorp from US$1.4MM to US$2.2 MM. More importantly, as a result of recent increases in the market value of its investment portfolio the non-realized gains in such investments -which are part of its net worth- recovered from a US$2.2MM loss at the end of last quarter to a US$10.6MM gain in June.
-During the second quarter our Bolivian subsidiary showed a net income of US$0.5MM, with loan loss provisions of US$1.2MM, compared to US$7.8 MM jointly registered by BCP and BCB in the same period last year. We anticipate that our operations will end balanced this year. For the future, we are still concerned about the economic and political conditions in Bolivia, but expect that the recent political agreement with the opposition will facilitate the passing of needed reforms and contribute to economic recovery. The support provided by BCP to clean-up most of BCB´s loan portfolio, BCB´s increased concentration in lower risk segments and the restructuring of its operations following BCP´s business model should provide it with a basis to improve its profitability once the economy recovers.
-With respect to Tequendama, during this quarter it generated US$0.5 MM in direct and indirect losses on Credicorp´s accounts, which includes a US$0.9 MM gain in its books and a US$1.4MM loss as a result of provisioning requirements in the loans transfered to Credicorp, which is included in the Credicorp and Others line. With these results, Tequendama´s overall contribution during the semester amounted to a loss of US$3.6MM. We expect an additional US$2.5MM support from Credicorp to Tequendama´s operation during the second semester of the year.
- In addition to the US$1.4MM loss in provisioning requirements for Tequendama, the Credicorp and Others line included a US$4.5MM charge for contingency reserves during the second quarter.
* Excludes transfers to Credicorp and others
**Includes income from ICSA

16. 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

17. BCP’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.

18. BCP’S DEPOSIT & LOAN STRUCTURE
Deposits
Loans
US$ 5,694 Mn
US$ 4,102 Mn

19. BCP OVERVIEW NET INCOME 17.8 30.5 53.8 63.0
Key Figures (US$Mn) Q Q M M03
Deposits , , , ,694
Mkt Share (%)
Total Loans ,699 4, , ,102
Mkt Share (%)
Net Interest Income
Provisions
Non-Interest Income
Operating Expenses
Merger Costs
Gain (Loss) on Inflation Adjustment
Income tax
NET INCOME
OPEX / Income (%)
CONTRIBUTION

20. BCP’S RESULTS 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.

21. BCP’S LOAN QUALITY Consolidated w/o Bolivia PDLs / LOANS
RESERVES / PDLs
The loan portfolio continues to show improvement both with respect to the past due and the coverage ratios.
After the slight deterioration that took place in December, as a result of the acquisition of Santander Peru, the trend for both of these indices have improved. Our consolidated past due ratio in June of this year was 8.4%, lower than the 8.6% of the previous quarter. Similarly, our coverage ratio at end of the quarter was 117.8%, larger than 116.9% attained in the first quarter.
These ratios improve significantly in our Peruvian portfolio to a 6.8% for the past due and 134% for the coverage ratio. Our Peruvian portfolio indices are better than the average for the Peruvian banking system of 7.9% for the past due ratio and 128% for the coverage ratio. In the case of Bolivia, the past due ratio is somewhat higher than the System, however the coverage ratio is much better than average.
As the Peruvian economy continues to grow and interest rates and devaluation remain stable, we foresee a continued improvement in the quality of the portfolio. In the case of Bolivia, we have built up the required reserves and we do not anticipate a major deterioration of the existing portfolio.
Consequently, provisioning requirements for the future should diminish..
Consolidated
w/o Bolivia

22. CREDICORP’S OTHER MAJOR SUBSIDIARIES

23. CREDICORP’S OTHER MAJOR SUBSIDIARIES
Sept. 2003

24. CREDICORP’S OTHER MAJOR SUBSIDIARIES
Sept. 2003 23

25. CREDICORP’S OTHER MAJOR SUBSIDIARIES
Sept. 2003 23

26. CREDICORP’S OTHER MAJOR SUBSIDIARIES
Sept. 2003 23

27. CREDICORP’S OTHER MAJOR SUBSIDIARIES
Sept. 2003
* AIG 25%
** Total Premiums 23

28. ATLANTIC SECURITY BANK
Key Figures (US$Mn) 9M02 9M03
Assets
Equity
- Share Capital
- Unrealized gain/losses on investments
- Dividends
- Retained earnings
- Net income
Net Loans
Investments
Deposits
Managed Funds
NIM (%)
PDLs/ Loans (%)
OPEX / Income (%)
CONTRIBUTION TO CREDICORP
During the first semester ASB attained a net income of US$5.4MM, similar to the US$5.5MM registered during the same period of last year. However, excluding dividends received from Credicorp, its contribution to the group amounted to US$2.2MM during the first semester, which was 60% higher than last years´s results during the same period.
The improvement in ASBs contribution was explained by an increase in realized gains in the sale of securities and a reduction in operating expenses due to the the closing of its Miami agency which more than compensated the reduction in net interest margin and the higher provisions for market risk incurred during te period to reflect permanent reductions in the value of its portfolio. In addition, as a result of the increase in the market value of its investment portfolio, its non realized gains -which are accounted as part of its net worth- improved significantly durig the quarter.
ASB´s return on equity during the first semester was 9%. However, if we include the change in non-realized gains in the investment portfolio since last december, its return on equity was 42%.
During the last year ASB´s focus has concentrated on increasing its wealth management business and reducing the risk profile of its propietary investments. As a result of this strategy, administered funds have increased from US$500MM to US$560MMduring the last year, generating higher fees with lower risk.
In addition, as a result of its more conservative investment strategy, its positions on investment grade bonds increased from US$108MM to US$134 MM and represent now close to 40% of the portfolio. At the same time, its positions in high yield bonds fell from US$67MM to US$29MM and in emerging markets from US$50MM to US$29MM during the same period. In addition, it holds positions in split rated bonds and investment grade bonds that trade as high yield and viceversa of US$60 MM as of the end of June.
As a result of this more conservative strategy, net interest margin fell from US$9.2MM in the first semester of 2002 to US$7.6MM in the same period this year and the interest margin from 3.3% to 2.4%. In spite of the reduction in spreads we are confident that this strategy will reduce the volatility of its revenue streams.
Provisions for market risk amounted to US$8.7MM during the semester compared to US$5.1 MM in the same period last year. Such increase was mainly due to the US$3.5 MM registered in provisions this quarter to reflect permanent reductions in the value of high yield bond and stocks in the US and Latinamerica.
Realized gains in the sale of securities improved during the semester mainly as a result of a US$2.8MM net gain registered during the quarter compared to a US$3.5MM loss in the same period last year. This quarter´s gain was mainly concentrated in high yield and emerging market corporate bonds.
In addition, as a result of the closing of its Miami agency, ASB´s operating expenses fell from US$4.8MM in the first semester of last year to US$3.1 MM this year.
We are confident that as a result of its increased focus on the wealth management business and the reduction in the risk profile of its investment portfolio, Atlantic will reduce the volatility of its income stream and continue improving the profitability of its operations. 24

29. Key Figures (US$Mn) 9M02 9M03 Assets 468 480 Equity 57 55
Deposits
Mkt Share (%)
Loans
Mkt Share (%)
PDLs / Loans (%)
Reserves / PDLs (%) 25

30. CONTRIBUTION TO CREDICORP -0.2 -0.4
Key Figures (US$Mn) 9M02 9M03
Assets
Equity
Deposits
Mkt Share (%)
Loans
Mkt Share (%)
PDLs / Loans (%)
Reserves / PDLs (%)
CONTRIBUTION TO CREDICORP 26

31. *Sum of net claims, general expenses and commissions / net premiums
Key Figures (US$MN) M02 9M03
Equity
Premiums
- General Insurance
- Health Insurance
- Life Insurance
Mkt Share (%)
Net Loss Ratio (%)
Combined Ratio* (%)
CONTRIBUTION TO CREDICORP
*Sum of net claims, general expenses and commissions / net premiums 27

32. 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
During the first semester, we have seen positive results in Credicorp, mostly driven by a significant increase in BCP´s revenues with control in our operating costs, but also a positive trend in most of our subsidiaries.
We feel that substantial advances have been made with respect to improving the quality and reserve coverage of both; ASB´s investment portfolio and BCB´s loan portfolio, which will allow these two entities to focus on future development of their core businesses. 28

33. CREDICORP OVERVIEW 3Q03 (Cont.)
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
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
PPS has been adequately managing its loss ratios. It will concentrate on increasing its efficiency levels to support the lower margins, and will also continue to grow in the life insurance business.
BCP has succesfully concluded the merger with BSCH and will concentrate in pursuing the synergies resulting from the merger and the acquisition of Financiera Solucion. Additional efforts have to be made towards increasing loan volumes and lowering non-interest expense. All of these efforts, acompanied by a reduction of provisioning requirements should result in increased profitabilty in the following quarters.
In summary, Credicorp´s operating units are today prepared to sustain profitable growth. The portfolios of the different entities are to a large extent very adequately covered; all the units have clearly defined objectives ; efficiency levels should continue to improve ; and we do not envision any extraordinary expenses in the near future.
We are now positioned to take advantage of a stable economy with adequate economies of scale that, with exception of Colombia, should give us a competitive advantage in the markets where we operate. 29

34. Safe Harbor for forward-looking statements
This material includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 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. 30

35. CREDICORP Jorge Ramirez-del-Villar Head of Planning & Finance
Banco de Credito del Peru