1. May 2007 INVESTMENT OPPORTUNITIES IN PERU

3. Japan and Peru today: Trade Peru’s main exports to Japan (2006): 1.Copper 2.Zinc 3.Fishmeal 4.Silver Japan’s main exports to Peru (2006): 1.Motor vehicles 2.Transport equipment 3.Electronic devices 4.Car and truck tires

4. WHY INVEST IN PERU?

5. Investment plays an important role in the country’s Economic Growth and signals a promising future Source: Central Reserve Bank of Peru, National Institute of Statistic and Information and SUNAT. 200420052006 4,86,48,03 9,113,920,1 5,712,213,0 2,74,57,3 40,935,336,9 19,629,635,4 4,78,414,7 13,614,327,8 4,77,916,6 17,525,541,3 52,329,4168,3 Pensions Funds (var%) IGBVL General Index of the Stock Exchange Market of Lima (var %) Tax Collection (var %) Credit System of the Private Financial Sector Exports (var % in US$) Imports of capital goods (var % in US $) GDP of the construction sector (var %) Private Investment (var %) Public Investment (var %) Employment in companies with over 10 employees (var %) GDP (var%)

6. Sustainable economic growth with annual forecasted rate greater than 8% 0 2 4 6 8 8082848688909294969800020406 Source: International Monetary Fund and the Central Reserve Bank of Peru. Developed World GDP Growth (Annual variation %) 6,4 5,2 3,9 5,2 Peru 8,03

7. Source: Central Reserve Bank of Peru. * Forecasted 6 9557 026 7 714 9 090 17 336 23 750 18% 37% 35% 41% 10% 2 000 7 000 12 000 17 000 22 000 2000200120022003200420052006 0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 Exports in millons US$"% Exports Growth (base 2000)" Private Investment Private Investment grew -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 0102 03 04 0506 Private Investment Private Investment grew 20,1% in 2006* -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 0102 03 04 0506 Annual Exports growth greater than 30%Accompanied by private investment growth (average annual % variation) 12 809

8. Increase in the imports of capital goods ( Millions of US$) Rise in the commercial exchange (Millions of US$) Source: Central Reserve Bank of Peru. Capital goods for the Industry Transport Equipment Others

9. Source Central Reserve Bank of Peru. * Forecasted by the Ministry of Economics and Finance Source: SUNAT Peru is progressively reducing its fiscal deficit (% of GDP) 0,5 By increasing its central government tax revenues -3,3 -2,5 -2,3 -1,7 -1,1 -3,5 -3,0 -2,5 -2,0 -1,5 -1,0 -0,5 0,0 -0,4 2,5 0.0 2000200120022003 20042005 20062007 * 1,0 1,5 2,0 2,5

10. ...in a framework of macroeconomic stability...

11. With increasing Net International Reserves that represent more than 12 months of imports JP Morgan Index EMBI+** The careful and responsible management of our economic program has allowed us to keep our country risk index among the lowest in the region. Source:Bloomberg Updated 23 March, 2007 Source: Central Reserve Bank of Peru. Net International Reserves (Milions of dollars) 8 180 8 613 9 598 10 194 12 681 14 097 17 275 5,3% 11,4% 6,2% 24,4% 11,2% 22,5% 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 2000200120022003200420052006 0 0,05 0,1 0,15 0,2 0,25 0,3 0,35 0,4 0,45 0,5 Net International Reserves (in US$ Millions)" Annual Variation

13. Peru offers a favorable legal framework for foreign investment Legal Framework: Constitutional provisions, “Law for the Promotion of Foreign Investment”, Legislative Decree N° 662, “Framework Law for Private Investment Growth”, Legislative Decree N° 757, “Law for the Promotion of Private Investment in Infrastructure and Public Service Works”, Approved by Supreme Decree N° 059-96-PCM Non discriminatory treatment. Irrestrictive access to most economic sectors. No performance requirements. Free transfer of capital. Free competition. Guarantee for Private Property. Freedom to purchase stocks from locals. Freedom to access internal and external credit. Freedom to pay royalties. Network of investment agreements and member of ICSID and MIGA

14. Free and preferential market access to:  United States  European Union  Mexico  Chile  Andean Community of Nations  MERCOSUR  Thailand* Peru has concluded the negotiations for the Trade Promotion Agreement (TPA) with the United States Trade Agreements under negotiation or consideration: Singapore Canada EFTA China

15. Main Investment Opportunities by Sectors INFRASTRUCTURE Agribusiness and Agro exports Fishing and Aquaculture Mining and Hydrocarbons Textile and other manufactures Forestry Plantations Tourism and other services

16. Sowing opportunities… Agribusiness sector

17. Agribusiness Products Agribusiness exports (US$ MM) Exports of Agribusiness products (Millions of US$ FOB) Agribusiness Exports Markets (2006) Mango Asparagus Sugar Cane Grape Avocado Coffee Paprika pepper3 Product 10 6 1 1 1 1 4 4 1 1 3 5 Position by Product WorldLatin America 1 Productivity of the Peruvian Agribusiness Products

18. Fishing and Aquaculture Power

19. ... Fishing and Aquaculture Advantages... Species under-worked with high potential: Horse Mackerel, Mackerel, Giant Squid or “Pota”, among others. "El Niño“ Phenomenon Source : Prompex. Source : PROMPEX.  World’s first exporter of fishmeal (1,8 to 2 million tons per year), since 1993.  World’s first exporter of fish oil (more than 150 thousand tons per year), since 1999. Source: FAO, TradeMap and UNCTAD.

20. Mining Sector

21. Peru has an outstanding competitive position in worldwide mining, leading this sector in Latin America Molybdenum production has risen by 28% in 2005, and it became the third metallic mining export product (US$100 million/month) Bismuth production totaled 1000 MT and Tellurium production 28 MT, in 2005. MiningSectorAdvantages Miningexports (US$million) Miningexports (US$million) Source: Ministry of Energy and Mining of Peru Source: Central Reserve Bank of Peru Latin AmericaWorldwide Copper23 Gold15 Zinc13 Silver11 Lead14 Tin13 Molybdenum24 Bismuth23 Tellurium12 Production Ranking 2006

22. Knitting and Sewing the future …

23. Textile Exports – 2006 Main Markets “Proximity to the USA and same time zone provide Peruvian exporters shorter delivery and replenishing times” Textile and Apparel Sector Textile Exports (Millions US$) Source: PROMPEX Source: BCR Abercrombie & FitchIzodKenneth Cole Adolfo DominguezJC PenneyPolo Ralph Lauren Ara IntersalesJ. Meneses G.Perry Ellis International Armani ExchangeMassino DuttiRagman Calvin KleinNauticaReebok Donna Karan Inc.New BalanceRussell Corporation DKNYLacosteThe Gymboree Corp. Duck Head ApparelLands EndTommy Hilfiger Eddie BauerLevy StraussVanity Fair GuessOakleySaks Inc. Inditex/ZaraPalacio de Hierro Trademarks served by Peruvian Industries

24. Forestry sector

25. Forestry Exports (US$ Millions) Peru is a country with excellent conditions for forestry. Its rich natural resources place it second in Latin America and tenth in the world. Forestry exports have increased from US$ 26 MM in 1996 to US$ 168 MM in 2005. This shows a growth rate of 26% per year the last 9 years. Peru has potential to export US$ 3 bn per year in woods and by-products. Forestry Sector Source: SUNAT. Source: Operational Exporting Plan. Maximize. 2004

26. Road Network 4 Costa - Sierra Tacna Arequipa Nazca Ayacucho Juliaca Puerto Maldonado Cusco Pucallpa Cajamarca Chachapoyas Piura Regional Pipelines Interocean Road Corridor IIRSA Center Branch Paita Port T. Salaverry Port T. Chimbote Port T. Pisco Port T. Ilo Port T. L.T Machupicchu - Cotaruse Investment Opportunities in Infrastructure Road infrastructure Airports Telecommunications Ports Hydrocarbons Sanitation Energy EPS Grau Supply driking water for Lima

27. Bet on the future … Tourism Sector

28. Strong figures Strategic location Peru Excellent opportunities