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MERRILL LYNCH ROUNDTABLE Lima, March
2004 Walter Bayly Chief Financial Officer
Banco de Credito del Peru
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• PERUVIAN ECONOMY AND FINANCIAL SYSTEM
• CREDICORP
• BCP
• OTHER SUBSIDIARIES
• CREDICORP OVERVIEW 2003
• CREDICORP OUTLOOK 2004

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PERUVIAN ECONOMY
2001 2002 2003 2004(e) GDP Growth
() 0.3 4.9 4.0 3.9 Inflation () -0.1 1.5 2.5 2.
5 Devaluation () -2.3 2.0 -1.4 0.5 Fiscal
Deficit -2.6 -2.3 -1.9 -1.5 Intl Reserves
(USBn) 8.6 9.6 10.2 10.5 Intl Reserves/Mthly
Imports 14.4 15.5 14.9 14.8 Trade Balance
(USMn) -266 207 710 1,249 Country Risk
(bps) 513 621 318 344 As a of GDP JP
Morgan Index EMBI Spread of Government Bonds
over US Treasury Bonds as of March, 25 2004
Source Banco Central de Reserva del Perú, INEI
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PERUVIAN ECONOMY YEAR 2004
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PERUVIAN FINANCIAL SYSTEM
2000 2001 2002 2003 M3/GDP () 25.0 25.5 25.5
24.5 Loans in US () 84.1 80.3 79.6 77.8 Deposit
s in US () 73.4 72.1 71.5 69.8 PDL/ Loans
() 9.8 9.0 7.6 5.8 Reserves/PDLs
() 104.2 118.9 133.2 141.1 ROE 3.1 4.5 8.4 10.9 B
ank Deposits (USBn) 12.9 12.9 13.7 13.2 Bank
Loans (USBn) 11.9 10.7 10.9 10.3
Source Superintendencia de Banca y Seguros( SBS)
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PERUVIAN FINANCIAL SYSTEMMARKET SHARE
MARKET SHARE(Loans)
MARKET SHARE(Deposits)
Source Superintendencia de Banca y Seguros(
SBS) BCP includes BSCH-Perus market share in
Loans Deposits in 2003
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PERUVIAN FINANCIAL SYSTEM - LOAN STRUCTURE
Source Superintendencia de Banca y Seguros
Includes Loans from Banks, Finance Institut. and
Regional SLs.
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PERUVIAN FINANCIAL SYSTEM
Market Capitalization BVL(Lima Stock Exchange)
CAPITAL MARKETS(US MM)
Corporate Bonds

• An important disintermediation has taken place

• Stock prices are back to peak levels

• Private Pension Funds reached US6.4Bn as of Dec
  2003. Mutual Funds amounted to US2.0Bn

MUTUAL FUNDS(USMM)
PRIVATE PENSION FUNDS(USMM)
GDP
Funds
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CREDICORPS ORGANIZATION
Ic INV.CREDITO
SECURITIES INC.


BCP accounts for 85 of Credicorps assets
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Credicorp Overview
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
Includes transfers from Credicorp and others to
Tequendama Includes income from ICSA
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Credicorp Overview, Break down
Includes transfers from Credicorp and others to
Tequendama Includes income from ICSA
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Credicorp - Dividend Payout
Includes an extraordinary dividend of US0.20
(Backus Johnston)
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BCP Subsidiaries DEPOSIT LOAN STRUCTURE
Loans
Deposits
US 4,102 Mn
US 5,648 Mn
Loans Interest Rates US S/. Corporate
3.5 3.8 Middle Mkt 6.6 8.3 Mortgages
9.4 - - PYME 40.0 52.9 Consumer
15.5 23.7 Credit Cards 20.9 35.4
Figures as of Dec. 2003
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BCP Peru - LOAN PORTFOLIO
Source Superintendencia de Banca y Seguros
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BCP Subsidiaries Interest, Fees and
Non-interest Income
USMillion
599
554
542
537
529
CAGR8.3
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BCP OVERVIEW
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BCPS LOAN QUALITY
Past due ratio()
Past due Coverage()
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BCPS RESULTS

• Positive trends during year 2003
• - Provisioning requirements declined in line with
  the improvement in the quality of loan portfolio
• - Significant growth of non interest income,
  14.8 more than in year 2002
• - Operating cost remained under control
• Merger with BSCH Peru concluded successfully.
  Results are better than expected.
• Strong recovery of written-off loans in BCP and
  BSCH-Peru. US15MM during 2003.
• 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 at outskirts of
  Lima. Large population density, very active in
  small businesses.
• Acquisition of 45 of Financiera Solucion.
  Ownership increased to 100. Merger completed in
  February 2004.

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SUBSIDIARIES
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ATLANTIC SECURITY BANK
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(Net claims general expenses and commissions)
/ Net premiums
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Credicorp Overview Year 2003

• 1. Banco de Crédito BCP
• Continued pressure on financial margin due to
  increased corporate funding in local capital
  market and higher competition in retail segment
• Strong recovery of written-off loans contributed
  significantly to the growth in Non Interest
  Income.
• During 2003 banking services grew by 12 mainly
  due to fees for debit credit cards, checking
  accounts, mutual funds and transfers abroad
• 2. Banco de Crédito de Bolivia
• Break even since 2H2003
• Loan portfolio clean-up concluded
• Focus on restructure following BCPs business
  model
• 3. Atlantic Security Bank
• Improved results in the investment portfolio
  changing from US7MM loss to US11 MM in non-
  realized gains
• Reduction of risk profile of investment
  portfolio. Investment grade 10 in 2001, 37 in
  2003
• Growth in administered funds due to increased
  focus on wealth management
  

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Credicorp Overview Year 2003

• 4. Pacífico Peruano Suiza
• Results benefitted from lower claims and growth
  in premiums
• Increased competition and higher reinsurance
  costs in property and
• casualty
• Attractive growth opportunities in life insurance
  with short-term increase on reserves
• 5. Banco Tequendama
• Search for alternatives to provide viability for
  its business
• Focus on personal loans, consumer and small
  businesses with an increase from 13 to 26 of
  portfolio.

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Credicorp Outlook Year 2004

• Trends
• Banco de Crédito BCP - Lower provisioning
  requirements, better quality of loan portfolio
  and improved profitability. Tax on financial
  transactions (ITF) will impact on market and fee
  income.
• Banco de Crédito de Bolivia - Operations to be at
  break-even during this year. We anticipate that
  all provisioning requirements have been met.
• Atlantic Security - Reduced risk profile, more
  stable earnings.
• Banco Tequendama - Colombian operations at
  break-even. Focus on personal loans, consumer and
  small businesses.
• Pacífico - Continues to provide positive
  contributions and improve profitability.
  100Acquisition of NovaSalud EPS. Increase in
  Life insurance and Life annuaties business.
• Credicorp - Debt has been reduced, lower interest
  expense

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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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MERRYL LYNCH ROUNDTABLE Lima, March
2004 Walter Bayly Chief Financial Officer
Banco de Credito del Peru