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CREDICORP November, 2005
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Agenda
Peruvian Economy Credicorp Ltd. Peruvian
Financial System Credicorps main subsidiaries
Credicorps earnings contributions Overview
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Macroeconomic Highlights
1/ End of each period. (e) Estimated by BCP for
the whole year Accumulated as of August
2005 Inflation rate during the last 12 moths
from August
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Going Forward

• Opportunities
• Camisea Gas Project LNG, Mercosur
• Minning Projects Cerro Verde, Las Bambas, etc.
• Free Trade Agreement US Agriculture, textiles
• Investment Grade
• Risks
• Commodity Prices
• Fiscal Deficit
• Presidential and Congressional elections 2006
• Etno / Coca / Anti-Minning movement

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Agenda
Peruvian Economy Credicorp Ltd. Peruvian
Financial System Credicorps main subsidiaries
Credicorps earnings contributions Overview
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Credicorps structure
Atlantic Security Holding

Bolivia

Banking Peru 96
Banking Bolivia 100
Banking Cayman 100
Investment Peru 100
Pension Fund Peru 100
Insurance Peru 76
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Credicorp - Financial Highlights
Source Audited Financial Statements and for
2005, Credicorps 3Q05 report
Acquisition of BSCHs loan portfolio US719
Mn, in Dic 2002. Acquisition of Bank Bostons
loan portfolio US353 Mn, in January and February
2005. Sale of Banco Tequendamas US 307 Mn, in
March 2005
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Agenda
Peruvian Economy Credicorp Ltd. Peruvian
Financial System Credicorps main subsidiaries
Credicorps earnings contributions Overview
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Peruvian Financial System - Highlights
2002 2003 2004 Sept05 Loans in dollars
() 79.6 77.9 75.6 73.5 Deposits in dollars
() 71.5 69.5 67.1 65.9 PDL / Loans
() 7.6 5.8 3.7 2.7 Reserves / PDLs
() 133.2 141.1 176.4 205.3 ROE
() 8.4 10.9 11.3 19.5 Bank Deposits
(USBn) 13.5 13.2 14.3 16.0 Bank Loans
(USBn) 10.6 10.3 10.8 11.9 Mutul Funds
(USMn) 1,503 2,007 1,767 1,965 Corporate Bonds
(USMn) 1,182 1,751 2,293 2,325
Source SBS
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Peruvian Financial System - Loan Structure
Source ASBANC, Superintendencia de Banca y
Seguros (1) Includes Loans from banks and
Financial Inst.
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Peruvian Financial System - Market Share (1)
Loan
Deposits
Source BCP, SBS
Source BCP, SBS
(1) Includes Banks, Finance Institut., Leasing
Companies, SL Regional Institut..
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Agenda

• Peruvian Economy
• Credicorp Ltd.
• Peruvian Financial System
• Credicorps main subsidiaries
• BCP Consolidated
• Banco de Credito de Bolivia
• Atlantic Security Holding
• Pacifico Peruano Suiza
• Prima AFP
• Credicorps earnings contributions
• Overview

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BCP Consolidated Strategic Approach

• Market penetration in segments C and D
• Banking made simple
• Transactional Businesses and Services
• Highly efficient and profitable distribution
  network
• Excellence in quality service Leadership
• Cost Control, high level of efficiency

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BCP Consolidated Wholesale Banking
Corporate
Middle Market
Institutional
Nof clients
Aprox. 600 institutions
Aprox. 1,000 companies
Aprox. 4,200 companies
Serves state and local government entities ,
international organizations, non governmental
organizations and educational institution
Organizations with annual income between US1Mn
and S15Mn through 7 regional managers nationwide
Provides loans and banking services to companies
with annual income over US15Mn
Segmentation
Limited growth prospect due to (i) high market
penetration and (ii) competition from Capital
market in loans
Serves clients with financial needs deposits and
investments of transactional products in general
and to a lower degree with loans
Expected growth is to match growth of GDP
Additional comments
Underwriting and Financial Advisory Services to
corporate clients and middle market business
Corporate Finance
Maintains commercial relations with foreign
financial institutions. As of Sep, 2005 BCP
financed 34.3 and 33.7 of total Peruvian
imports and exports respectively
Trade Finance
Support Units
Offers and manages financial leasing operations.
BCP is the leader in the system with a market
share of 38.6 of total leasing
Leasing
Develops transactional services that handles the
exchange of information and money transfers to
corporations, midsize companies, institutions and
micro-business companies.
Business Service
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BCP Consolidated Market Share Wholesale Banking
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BCP Consolidated Retail Banking
Nof clients
Consumer
Exclusive
Small Business
Micro-Business
139,004 clients
1,653,481 households
54,132 households
8,149 clients
Serves small and middle market business with
annual sales less than US1Mn
Serves small and micro-business, mostly personal
and family businesses, which are offered standard
and simple products
Profitable segment. Generates high volume of
business. SegmentUS10 thousand in loans and
US20 thousand in deposits
Offers traditional products to the mass consumer
segment
Segmentation
Figures as of Sep 2005
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BCP Consolidated Distribution Network
32.6
25.8
19.4
12.1
Sep-05
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BCP Consolidated Financial Highlights
EFFICIENCY
NET INCOME (US MN)
Figures are in IFRS
PROFITABILITY
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BCP Consolidated Loan portfolio quality
Past due Ratio ()
Coverage Ratio ()
Substandard loans (CDE) /Total Risk Ratio ()
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BCP Consolidated Deposits and Loans Structure
Deposits
Loans
US 6,169 Mn
US 4,479 Mn
Figures as of Sept 2005
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BCP Consolidated Loans by segment
Acquisition of BSCHs loan portfolio US719 Mn,
in Dic 2002. Acquisition of Bank Bostons loan
portfolio US353 Mn, in January and February
2005.
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BCP Consolidated Profit Loss
Source BCP
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Banco de Crédito de Bolivia
Bolivia

• BCB has improved its results by following an
  aggressive provision requirements. Its loan
  portfolio has been cleaned-up and its quality is
  better that the systems
• BCBs operations is totally integrated to BCPs
  business model.
• BCB is overcapitalized and in a unique position
  to grow. Plans have been frozen until political
  situation is clear.

(US Millions) 2002 2003 2004 Sep
05 Net Equity 57 56 60
62 Deposits 383 338 333
379 Mkt. Shr. () 12.7 12.3 12.4
13.2 Loans 313 310 320 335
Mkt. Shr. () 11.7 12.2 13.1
13.0 PDLs / Loans () 21.6 20.7
11.0 6.9 Total Bolivian Bank. Syst. () 17.6
16.7 14.0 13.7 Reserves / PDLs ()
62.5 76.7 100.6 116.4 Total
Bolivian Banking Syst. () 63.7 74.0
84.3 74.7 Net Income 0.0 1.5
4.8 6.5 ROE 0.0 2.7 8.4
14.2
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Atlantic Security Holding

• Increased the contribution of fee income (Fund
  administration and brokerage services).
• Managed funds increased from US709Mn in Sep.
  2004 to US900Mn in Sep 2005.
• Re-balanced investment portfolio with market
  risk. Lower profitability but more stable
  results.

(US Millions) 2002 2003 2004 Sep 05
Growth Sep05/Sep04 Net equity 100
85 89 100 23.5 Deposits
544 629 686 821 19.2 Net
loans 160 152 149 131
-15.5 Investments 314 430 519
619 23.8 Managed Funds 521 664
747 900 26.9 ROE () 1.6
9.2 14.9 13.2 - Net Income
1.6 7.8 13.3 10.0 -7.5
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Pacifico Peruano Suiza

• (US Millions) 2002 2003 2004 Sep 05
  
• Sep05/Sep04
• Net Equity 95 109 143 196 39.0
• Total premiums 244 289 362 262
  4.2
• PC Insurance 124 166 169 123
  4.4
• Health Insurance 53 24 79
  57 12.5
• Life Insurance 67 99 114
  82 -1.1
• Net Income 10 11 27 6.3
  -43.2
• Net claims/Net prem. Earned () 73
  67 68 78 -
• Combined ratio () 103 100 97
  102 -

Net claims Gral. Expenses and commissions /
Net premiums. Does not include the life
insurance subsidiary Pacifico Vida
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Pacifico Peruano Suiza
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Prima AFP

• Prima AFP has generated higher competition in the
  Private Pension Fund System.
• Primas strategy to introduce low commission
  rates is based on a low cost and efficient
  operating structure.
• Its commission rate is 1.5 of workers salary,
  which is 33 lower than the average commission of
  the system.
• It started operating in the most relevant cities
  across the country. Arequipa, Chiclayo, Trujillo
  and Piura.
• Average net income expected for each year is
  between US6 million and US8 million.
• It is expected to generate US10 million loss
  during the year and reach break even in first
  half of 2007.
• Results reached US3.5 million loss as of Sep
  2005
• The start up capital contributed to Prima is of
  US15 million and is expected to increase by
  additional US 15 million by the end of the year.

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Agenda
Peruvian Economy Credicorp Ltd. Peruvian
Financial System Credicorps main subsidiaries
Credicorps earnings contributions Overview
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Credicorp Earnings Contribution
2002 2003 2004 Sep05
Sep05/Sep04 Banco de Crédito 59.8 91.3 111.4 130.5
53.0 Atlantic Security
Bank 1.6 7.8 13.3 10.0 7.5 Pacífico
Peruano Suiza 7.0 3.3 9.6 4.7
-39.0 Tequendama (1)
-4.4 0.1 1.9 0.0
-100.0 Grupo Credito (formerly ICSA)
-0.5 3.0 1.9 -3.1 -233.3 Credicorp
and Others (2) -21.2 -24.9 -7.3 -4.5
38.4 Net Income 42.4 80.6 130.7 137.5
43.4 ROE 5.2 9.3 13.2 16.8
-
(US Millions)
(1) 2002, 2003 and 2004 do not include
provisions on Tequendamas investment and
provisions for loan portfolio transferred to
Credicorp and Others line. (2) Includes other
provisions for contingencies and expenses, and
Goodwill Amortization until year 2004.
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Agenda
Peruvian Economy Credicorp Ltd. Peruvian
Financial System Credicorps main subsidiaries
Credicorps earnings contributions Overview
31
Overview

• Credicorps results are ahead of our
  expectations
• Positive trends in banking subsidiaries.
• Lower provisioning requirements for BCPs loan
  portfolio, higher net interest income and growth
  of fee income.
• Rigid operating cost control in BCP
• ASH will continue to concentrate on increasing
  its fee income related to its wealth management
  business and maintaining a lower risk profile in
  its proprietary investment.. Atlantics ROE is
  13
• BCBs has improved its results due to lower
  provisioning requirements PDL and Coverage
  ratios are better than the systems. BCBs ROE
  reached 14 during the first nine months of the
  year compared to 6 reached in the same period a
  year ago.
• PPS had a negative impact in the marine hull
  business due to higher casualties during the
  first two quarters of the year. Consolidated
  total premiums increased during the first nine
  months of the year mainly in PC business and
  Health insurance segment.
• Prima AFP started its operations in August. With
  a low cost strategy, the company offers to its
  customers competitive rates with value added
  services. Primas commission rate is 33 lower
  than the average of the system. Prima AFP will
  generate US10 million loss during the year.
  Break even will be reached at first half of 2007.

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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 Companys
business strategy or planned capital
expenditures, or to reflect the occurrence of
unanticipated events.
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CREDICORP November, 2005