UBS Roundtable ConferenceOctober 27, 2003

Walter Bayly Head of Wholesale BankingBanco de Credito del Perú

CONTENTS

• PERUVIAN ECONOMY AND BANKING SYSTEM

• CREDICORP

• BCP

• OTHER CREDICORP’S MAJOR SUBSIDIARIES

• CREDICORP OVERVIEW 2Q 2003

PERUVIAN ECONOMY AND BANKING SYSTEM

MéxicoMéxico Brazil Colombia Chile Brazil Colombia Chile Perú Perú 2 2003*003*

**** **** **** ****GDP (US$ Bn)GDP (US$ Bn) 623.4623.4 516.6516.6 83.983.9 67.867.8 60.260.2GDP Growth (%)GDP Growth (%) 0.90.9 1.51.5 1.91.9 2.12.1 4.54.5Inflation (%)Inflation (%) 5.75.7 12.512.5 7.07.0 2.82.8 1.81.8Devaluation (%)Devaluation (%) 11.011.0 53.053.0 22.022.0 5.05.0 2.22.2Deposits/GDP (%)Deposits/GDP (%) 19.519.5 24.924.9 23.023.0 40.340.3 22.822.8Fiscal Deficit (%of GDP)Fiscal Deficit (%of GDP) (1.3)(1.3) (5.4)(5.4) (4.6)(4.6) (0.8)(0.8) (1.8)(1.8)Current Account (%of GDP) Current Account (%of GDP) (2.7)(2.7) (1.4)(1.4) (2.3)(2.3) (1.1)(1.1) (2.0)(2.0)Int. Reserves/Mthly ImportsInt. Reserves/Mthly Imports 3.33.3 9.69.6 10.110.1 10.510.5 14.614.6Country Risk (bps)+Country Risk (bps)+ 227227 822822 465465 143143 491491

* As of June 2003**As of Dec.2002 +JP Morgan Index EMBI : Spread of Government Bonds over US Treasury Bonds as of June 30, 2003

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

Source : Latin Focus, IMF

BrasilBrasil MéxicoMéxico ChileChile Colombia Colombia Perú*Perú*

**** **** **** ****

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 13.5 13.5

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% 127.5%127.5%

Cost/IncomeCost/Income 53.9%53.9% 64.5%64.5% 51.5%51.5% 84.7%84.7% 60.5%60.5%

ROEROE 16.75%16.75% 12.8%12.8% 15.8%15.8% 19.3%19.3% 9.9%9.9%

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

* As of June 2003

** As of Dec 2002

Source: Fitch Ratings , IMF, ASBANC

US$ Bn

• Reduced growth of 3.5% of GDP for 2003- 2004, and marginal improvement in fiscal position

• Low growth of loans and deposits in line with the economy• Slight increase of private investment • Gradual reduction of interest rates of spreads due to increased

competition (Banks and Cap. 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

CREDICORP’S ORGANIZATION

BCP accounts for 85% of Credicorp’s assets

Ic

INV.CREDITO

FOCUS Banking Banking Banking Insurance Investments Brokerage

LOCATION Peru/Bolivia Cayman Colombia Peru Peru Miami

% OWNED 97% 100% 100% 75% 100% 100%

SECURITIES

• 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$ 8,234 MM, Net Equity US$ 856 MM

• 346 offices, 469 ATM’s

• 9,242 employees

• Listed in the NYSE

CREDICORP HIGHLIGHTS June 2003CREDICORP HIGHLIGHTS June 2003

** ** ** **Assets 41.8 39.3 15.1 4.4 8.2Loans 24.2 14.0 11.1 2.2 4.2Deposits 30.9 15.5 8.6 3.2 6.4Funds Administered 25.9 12.5 1.5 n.a. 1.3Net Equity 5.6 3.0 1.4 0.6 0.8Net Income 651 557 221 79 31

RATIOS

Past Due/ Loans 4.4% 3.1% 2.3% 2.3% 7.9%

Reserves/Past Due Loans 112.8% 181.0% 98.0% 175.5% 113.1%

Cost/Income 56.5% 54.6% 44.9% 69.5% 52.1%

ROE 12.4% 18.7% 19.0% 13.3% 7.3%

CREDICORP vs. LARGEST BANKS OF OTHER LATIN AMERICAN COUNTRIES

BBVAMéxico

BradescoBrazil

Banco de Colombia

SantanderChile

* As of June 2003

** As of Dec. 2002

Source: Bank’s Annual Reports

US$ Bn Credicorp*

** ** ** **

Branches 1,665 5,460 347 364 346

ATM’s 3,752 21,210 1,119 760 469

Employees 25,704 74,393 8,314 6,364 9,242

Market Share

- Loans 25.5% 19.4% 23.9% 12.4% 34.3%***

- Deposits 28.8% 15.5% 23.4% 11.7% 36.3%***

BBVAMéxico

BradescoBrazil

Banco de Colombia

SantanderChile

* As of June 2003

** As of Dec. 2002

***BCP’s Market Share

Source: Bank’s Annual Reports

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

Credicorp*

Credicorp Overview

Summary of Results (USMN) 2Q02 2Q03 6M02 6M03

Net Interest Income 86.1 89.0 170.3 177.9

Provisions 30.3 19.7 55.7 53.9

Other Income 93.8 109.6 185.3 221.9

Claims on Insurance Activities 26.9 26.4 47.9 51.6Operating Expenses 100.5 112.4 201.0 221.5

Merger Costs - 2.0 - 17.5

Translation Result -0.1 2.6 -2.0 -4.1

Earnings before Taxes and Min. Int. 22.2 40.7 49.0 51.4

Income Tax -9.1 -9.8 -17.8 -16.6

Minority Interest -2.1 -2.6 -5.4 -4.0

NET INCOME 11.0 28.3 25.8 30.8

EPS* 0.14 0.35 0.32 0.39

* 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

Credicorp Overview

Earnings Contribution (USMN) 2Q02 2Q03 6M02 6M03

Banco de Credito 13.3 27.2 27.2 35.2

Pacifico 1.4 5.6 3.6 6.7

Atlantic 0.1 1.6 1.4 2.2

Tequendama* -0.5 0.9 -0.3 -0.2

Credicorp & Others** -3.3 -7.0 -6.1 -13.1

TOTAL INCOME 11.0 28.3 25.8 30.8

Total Assets 7,291 8,234 7,291 8,234

Net Equity 801 856 801 856

BIS Ratio (%) 12.0 11.4 12.0 11.4

* Excludes transfers to Credicorp and others

**Includes income from ICSA

Credicorp Overview, Break down

(US$ Mn) BCP ASH PPS TequenCredicorp

and Others

Total

Net Income 37.4 5.4 9.3 (0.2) (3.8) 48.1 Deferred taxes (0.1) (0.1) Dividends received from Credicorp (0.5) (3.1) (0.8) (4.4) Profit from Tequendama's forward 0.0 0.0 Roham Investment loss (0.4) (0.4) Headquarters depreciation (0.3) (0.3) Credicorp loss from Tequendama portfolio (3.0) (3.0) Generic Provisions (4.5) (4.5) BCB's profit 0.0 0.0 BCP's profit 0.4 0.4Net Income after adjusting 36.5 2.3 8.9 (0.2) (11.6) 35.9 (-) Minority Interest (1.4) (2.2) (3.5)Goodwill Amortization (1.5) (1.5)

Consol. Earnings Contrib.as of June'03 35.2 2.3 6.8 (0.2) (13.1) 30.8

Consol. Earnings Contrib.as of June'02 27.2 1.4 3.6 (0.3) (6.1) 25.8

HIGHLIGHTS June 2003HIGHLIGHTS June 2003

• Largest bank in Peru

• 114 years old

•Total Assets US$ 6.7 Bn, Net Equity US$ 578 Mn

• Market share of 36.3% in deposits and 34.3% in loans

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

• 250 offices, over 417 ATM’s

• BCP 5,472 employees, BCP consolidated 7,570 employees,

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

Consolidated

BUSINESS SCOPEBUSINESS 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: 250 offices, 417 ATMs, over 6,000 POS,

telephone banking and home banking for over 1.2 million

clients.

Consolidated

• Positive outlook for the bank during 2003 year:

- Lower provisioning requirement

- Significant growth of our non interest income. Second Quarter 2003 amounted $90.3 Mn, 16% higher than in the same period of 2002. Fees continue to have a positive trend

- Increased revenues from the merger and marginal increase of personnel expenses

• We experienced a strong recovery of written- off loans in BCP and BSCH Perú

• Market share consolidated with a slight reduction in loans after BSCH Peru acquisition

• NIM continued falling due to the excess liquidity in the market and increased competition in middle market and retail segment, as well as from domestic capital market

• The “umbrella” T-3 project of technological transformation seeks simplicity in our systems.

-As of June 2003, general expenses in this project were $3.8 Mn, still in budget for the rest of the year are $3.9Mn

• Focus on the informal sector, which is not banked. The expansion has been aimed on the perimeters of Lima, which have a large population density and a dynamic economic activity in small businesses.

Consolidated

Consolidated

Key Figures (US$MN) 2Q02 2Q03 6M02 6M03

Deposits 5,092 5,766 5,092 5,766Mkt Share (%) 31.4 36.3 31.4 36.3

Total Loans 3,756 4 ,212 3,756 4,212

Mkt Share (%) 27.2 34.3 27.2 34.3 Net Interest Income 80.3 81.9 160.5 163.1

Provisions 29.9 19.1 55.2 52.3

Non-Interest Income 54.6 61.2 107.4 132.7

Operating Expenses 85.1 85.7 169.0 175.5

Merger Costs - 2.0 - 17.4

Gains on Inflation Adjustment 6.9 1.1 7.0 -6.1

OPEX / Income (%) 54.8 53.0 56.3 53.7

CONTRIBUTION 13.3 27.2 27.2 35.2

Demand22%

Savings27% Time

51%

DEPOSIT & LOAN STRUCTUREDEPOSIT & LOAN STRUCTURE

Total Loans

Mortgages13%

Credit cards3%

Corporate43%

Middle Mkt26% PYME

10%

Consumer4%

Retail31%

US$ 4,212MnUS$ 5,766 MnDeposits

Consolidated

Loan QualityLoan Quality

5

6

7

8

9

10

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

PDL / TOTAL LOANS (Consolidated) PDL / TOTAL LOANS (w/o Bolivia)

80

90

100

110

120

130

140

150

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

RESERVES / PDLs (Consolidated) RESERVES / PDLs (w/o Bolivia)

Consolidated

CREDICORP’S MAJOR SUBSIDIARIES

OTHER MAJOR SUBSIDIARIES OF CREDICORP

* AIG 25%

** Total Premiums market share 2002

Country Cayman Bolivia Colombia Perú%Ownership 100% 100% 100% 75%*Market Share Deposits NA 12.5% 0.8% 32.1**Market Share Loans NA 12.1% 1.5% 30.0%Ranking NA 4 22 1Assets (US$ Mn) 726 475 267 400Shareholders' Equity (US$ Mn) 129 57 29 95Funds under adm. (US$ Mn) 560 22 25 NAN° of Employees 53 670 380 1,023N° of Branches 1 46 17 37

Key Figures (US$MN) 6M02 6M03

Equity 105 129

Net Loans 167 157

Investments 312 360

Deposits 504 584

Managed Funds 502 560

NIM (%) 3.3 2.4

PDLs/ Loans (%) 0 0

OPEX / Income (%) 31.2 18

CONTRIBUTION 1.4 2.2

Atlantic Security Bank Equity as of Jun. 2002: USD 105

Equity as of Dec. 2002: USD 110 Equity as of Jun. 2003 USD 129

-Share Capital 40.1 -Share Capital 40.1

-Share premium -Share premium

account 0.6 account 0.6

-Reserve for valuation for -Net unrealized gain/loss

sale financial assets (7.4) on investment 10.6

-Retained earnings 77.1 -Dividends (5.0)

-Retained earnings 77.1

-Net income 5.4

Key Figures (US$MN) 6M02 6M03

Assets 529 463

Equity 57 57

Deposits

Market % 13.5 12.5

Loans

Market % 11.9 12.1

PDLs / Loans (%) 25.3 23.4

Reserves / PDLs (%) 47.9 69.9

Key Figures (US$MN) 6M02 6M03

Assets 334 267

Equity 33 29

Deposits

Market % 0.7 0.8

Loans

Market % 1.4 1.5

PDLs / Loans (%) 4.3 2.0

Reserves / PDLs (%) 67 122

CONTRIBUTION -0.3 -0.2

Key Figures (US$MN) 6M02 6M03

Equity 98 104

Net Premiums 84 105

-General Insurance 39 39

-Health Insurance 12 13

-Life Insurance 36 53

Market Share (%) 35.2 29.3

Net Loss Ratio (%) 58.1 48.4

Combined Ratio* (%) 80.9 69.4

CONTRIBUTION 3.6 6.7

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

Credicorp Overview 2Q031. Good results for Credicorp during the second quarter:

● Significant increase in BCP´s revenues with control on costs

● Positive trends in most subsidiaries

2. BCB

● Improved results during the quarter with lower provisions

● Loan portfolio clean-up almost concluded

● Focus on restructure operations following BCP´s business model

3. ASB

● Improved results with increased non- realized gains in the investment portfolio

● Reduction of risk profile of investment portfolio

● Increased concentration on wealth management business

4. Tequendama

● Refocus its business to the retail and middle-market segments

● Additional support expected of close to US$4.5MM for the year

Credicorp Overview 2Q035. PPS

● Results benefited from growth in premiums relative to net claims and operating costs but are still affected by growth in reserves for life insurance

● 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

6. BCP

● Gradual recovery in loan demand

● Continued pressure on margins due to increased competition in middle market and retail segments

● Positive outlook based on:

- Lower provisioning requirements- Significant growth in non-financial income

- Increased revenues from purchase of BSCH- Perú and full ownership of Financiera Solucion

- Reduction in personnel expenses with increased business volumes

Safe Harbor for forward-looking statements

This 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.

Credicorp Overview

Summary of Results (USMN) 6M02 6M03

Net Interest Income 170.3 177.9

Provisions 55.7 53.9

Other Income 185.3 221.9•Fee Income 81.0 93.7

•Net gain on securities sale 7.4 7.3

•Net gain exchange operations 10.1 12.2

•Net premiums gain 63.0 64.9

•Other Income 24.3 43.8

Claims on Insurance Activities 47.9 51.6Operating Expenses 201.0 221.5

Merger Costs - 17.5Translation Result -2.0 -4.1Earnings before Taxes and Min. Int. 49.0 51.4Income Tax -17.8 -16.6Minority Interest -5.4 -4.0

NET INCOME 25.8 30.8EPS* 0.32 0.39

* 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