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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001001290-04-000005.txt : 20040310
<SEC-HEADER>0001001290-04-000005.hdr.sgml : 20040310
<ACCEPTANCE-DATETIME>20040310160259
ACCESSION NUMBER:		0001001290-04-000005
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDICORP LTD
		CENTRAL INDEX KEY:			0001001290
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14014
		FILM NUMBER:		04660337

	BUSINESS ADDRESS:	
		STREET 1:		CALLE CENTENARIO N 158 LA MOLINA, 3RD FL
		STREET 2:		DIV FINANZAS, INVESTOR RELATIONS AREA
		CITY:			LIMA 12 PERU
		STATE:			R5
		ZIP:			00000
		BUSINESS PHONE:		5113135140

	MAIL ADDRESS:	
		STREET 1:		CALLE CENTENARIO N 158 LA MOLINA, 3RD FL
		STREET 2:		DIV FINANZAS, INVESTOR RELATIONS AREA
		CITY:			LIMA 12 PERU
		STATE:			R5
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>bap20040310_6k.htm
<DESCRIPTION>CONSOLIDATED FINANCIAL STATEMENTS
<TEXT>
<html><head><title>Provided by MZ Data Products</title></head><body>


<HR SIZE="4" NOSHADE COLOR="#000000" ALIGN="left"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Washington, D.C. 20549 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="21%" COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>FORM 6-K </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"
COLOR="#000000">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">Securities Exchange Act of 1934</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><div><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>


For the month of March, 2004


</B></FONT></DIV> <p></p><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>





</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="21%" COLOR="#000000"><DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<center>




</center><P></P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>


CREDICORP LTD.


</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Exact name of registrant
as specified in its charter) </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
</DIV><P></P><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>



</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P></P><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>



Clarendon House<br>
Church Street<BR>
Hamilton HM 11 Bermuda


</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Address of principal executive office)</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P>&nbsp;<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">
Indicate by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.&nbsp;</FONT><P></P>
         Form 20-F ___X___         Form 40-F _______
<P>&nbsp;<FONT FACE="Times New Roman, Times, Serif" SIZE=3>Indicate by check mark
whether the registrant by furnishing the information contained in this Form is
also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>
         Yes _______               No ___X____
<p></p>
</DIV>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left"><p Style='page-break-before:always'>






<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 26, 2004 </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONASEV
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Event </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Sirs: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd., in
accordance with articles 10 and 28 of the Ley de Mercado de Valores and the CONASEV
resolution  N&#176;107-2002-EF/94.10,  complies in informing of the following Material Event
or &#147;Hecho de importancia&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s  Board,
 in a session held on Thursday,  February 25, 2004,  agreed,  and in  accordance  with
the powers  granted by the Company&#146;s  Bye-Laws,  to declare a dividend to its
shareholders  amounting to US$37,752,926.80.  This amount is to be divided equally by
94,382,317,  the total number of outstanding shares,  representing US$0.40 per share. The
dividend is to be paid to all  shareholders  who (i) have acquired  shares in the company
up to and including  April 13, 2004, and (ii) are registered with the company by April
16, 2004 &#147;Record Date&#148;.  The dividend will be paid on April 30, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In accordance with
CONASEV Resolution No.  107-2002-EF/94.10.0,  we are enclosing the external Auditor&#146;s
Report (from Medina, Zaldivar,  Paredes &amp; Asociados  representatives in Per&#250; of Ernst &amp; Young)
of the company&#146;s  consolidated financial statements as of December 31, 2003. The company&#146;s
Annual Report will be available by March 26 at the company's AGM and will also be posted
on Credicorp's  Web page at  www.credicorpnet.com.  These  documents were approved by the
company&#146;s  Board and are to be presented to shareholders at the company&#146;s AGM as was
communicated on January 23, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Similarly, the Annual
Information Document is attached. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely, </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fernando Palao<BR>
Secretary
<BR>CREDICORP LTD. </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>









<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated financial
statements as of December 31, 2003 and 2002
<BR> together with the Report of
Independent Auditors </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated financial
statements as of December 31, 2003 and 2002
<BR>together with the Report of Independent
Auditors </FONT></P>

<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Content </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Report of Independent
Auditors </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated financial
statements </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Consolidated balance
sheets
<BR>Consolidated statements of income
<BR>Consolidated statements of changes in
shareholders&#146; equity
<BR>Consolidated statements of cash flows
<BR>Notes to the consolidated
financial statements </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Report of Independent
Auditors </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Shareholders
and Board of Directors of Credicorp Ltd. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have audited the
accompanying consolidated balance sheet of Credicorp Ltd. and Subsidiaries as of December
31, 2003, and the related consolidated statements of income, changes in shareholders&#146; equity
and cash flow for the year then ended.  These consolidated financial statements are the
responsibility of the Company&#146;s management.  Our responsibility is to express an opinion
on these financial statements based on our audit.  The consolidated financial statements
of Credicorp Ltd. and Subsidiaries as of December 31, 2002, and for the two years period
then ended were audited by other independent auditors whose report, dated February 12,
2003, expressed an unqualified opinion on those financial statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We conducted our audit
in accordance with generally accepted auditing standards in the United States of America.
 Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the consolidated financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In our opinion, the
consolidated financial statements referred to above present fairly, in all material
respects, the consolidated financial position of Credicorp Ltd. and Subsidiaries as of
December 31, 2003, and the consolidated results of their operations and their cash flows
for the year then ended, in conformity with International Financial Reporting Standards
(IFRS). </FONT></P>

<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Countersigned by, </FONT></P>

<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
____________________<BR>
Juan Paredes
<BR>C.P.C
Register N&#176;22220 </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lima, Peru,
<BR>February
19, 2004 </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated balance
sheets
<BR>As of December 31, 2003 and 2002 </FONT></P>








<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and due from banks:</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest bearing</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>240,294&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>314,404&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest bearing</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,372,436&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,867,986&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,612,730&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,182,390&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trading securities</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,150&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>605,104&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in securities available-for-sale</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,642,102&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>635,284&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,740,252&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,240,388&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans, net:</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans, net of unearned income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,481,496&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,817,663&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allowance for credit losses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(326,677)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(424,031)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,154,819&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,393,632&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Premiums and other policies receivable</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,057&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61,856&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reinsurance receivable</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,904&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,677&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property, furniture and equipment, net</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>264,533&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>290,185&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Due from customers on acceptances</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,284&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,068&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets seized, net</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89,030&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108,999&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>276,785&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>286,436&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,294,394&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,629,631&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>



<BR>


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<P STYLE='page-break-before:always'>



<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Liabilities and shareholders&#146; equity</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits and other obligations:</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest bearing</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>860,585&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>822,884&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest bearing</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,125,645&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,558,316&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,986,230&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,381,200&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Due to banks and correspondents:</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Short-term debt</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96,311&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,961&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term debt</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,423&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184,737&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,734&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,698&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bankers&#146; acceptances outstanding</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,284&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,068&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserve for property and casualty claims</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>303,587&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>224,754&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserve for unearned premiums</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,084&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48,703&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reinsurance payable</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,043&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,255&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>182,112&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>233,856&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds issued</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>415,749&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>483,555&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total liabilities</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,310,823&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,741,089&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minority interest</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,742&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders&#146; equity</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital stock</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>471,912&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>471,912&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Treasury stock</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(73,177)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(73,177)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital surplus</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,500&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,500&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>269,527&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104,104&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retained earnings</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,968&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>180,461&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total shareholder&#146;s equity</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>910,730&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>823,800&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total liabilities and shareholders&#146; equity</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,294,394&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,629,631&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>

<BR>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes
are an integral part of these consolidated balance sheets. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
statements of income
<BR>For the years ended December 31, 2003, 2002 and 2001 </FONT></P>

<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on loan transactions</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>457,826&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420,341&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>544,255&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on deposits with banks</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,826&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,516&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65,523&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest from trading securities and investments</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>available-for-sale</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,455&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,724&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,607&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividends on investments</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,178&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,293&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,387&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total interest income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>548,285&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>531,874&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>694,772&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on deposits</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(126,757)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(117,258)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(220,024)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on loans from due to banks and correspondents</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,235)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(25,285)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(59,177)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other interest expenses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18,322)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(35,527)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(39,341)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total interest expense</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(162,314)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(178,070)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(318,542)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>385,971&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>353,804&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>376,230&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for credit losses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7(f)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(66,421)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(99,596)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(119,422)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income after provision for credit losses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>319,550&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>254,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256,808&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commissions from banking services</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>189,472&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,305&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,030&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net premiums earned</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,115&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,218&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112,204&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net gain on foreign exchange transactions</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,681&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,582&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,549&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net (loss) gain on securities sale</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,969&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,097)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,737&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,227&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,651&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,530&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total other income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>363,464&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>335,659&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>329,050&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance activity claims</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net claims incurred</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23,844)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23,701)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(26,349)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increase in costs for future benefits for life and health</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>policies</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(75,930)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(74,200)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(70,668)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(99,774)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(97,901)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(97,017)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expenses</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries and employees&#146; benefits</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(193,563)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(183,468)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(173,974)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Administrative expenses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(147,593)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(133,502)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(128,007)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(43,660)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(41,338)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(43,355)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for assets seized</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9(b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(13,588)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(15,094)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,447)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger expenses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18,587)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization of goodwill</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10(c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,223)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,033)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,377)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(27,746)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(27,751)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(34,619)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total other expenses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(448,960)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(404,186)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(390,779)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before translation loss, income tax and minority</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>interest</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,280&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87,780&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,062&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Translation loss</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,675)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,482)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,575)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income tax</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15(b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(39,695)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32,628)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(25,135)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minority interest</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,303)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,287)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(15,839)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,607&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,383&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,513&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Basic and diluted earnings per share in United States dollars</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.01&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.53&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.69&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>

<BR>
<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes
are an integral part of these consolidated financial statements. </FONT></P>





<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>











<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
statements of changes in shareholders&#146; equity
<BR>For the years ended December 31, 2003, 2002
and 2001 </FONT></P>






<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="37%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number of outstanding shares, note 20
<BR>(In thousands) </FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Capital
stock<BR>US$(000) </FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Treasury stock<BR>US$(000) </FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Capital surplus<BR>US$(000) </FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Reserves<BR>US$(000) </FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Retained earnings<BR>US$(000) </FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total<BR>US$(000) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances as of January 1st, 2001 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">94,382&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">471,912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(71,305) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">145,064&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">98,186&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">138,873&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">782,730&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Increase in treasury stock </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3,300) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(6,044) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(9,344) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Adoption of IAS 39, net of deferred income tax </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,461&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,461&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cash dividends, note 14(d) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(8,014) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(8,014) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Extraordinary cash dividends, note 14(d) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(15,894) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(15,894) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net unrealized loss from investments available-for-sale, note 6(b) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3,096) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3,096) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transfer of net realized gain from investments available-for-sale to the operations results, note 6(b) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(8,583) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(8,583) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transfer of retained earnings to reserve </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,918&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(5,918) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">54,513&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">54,513&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances as of December 31, 2001 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">94,382&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">471,912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(74,605) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">139,020&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">104,104&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">156,342&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">796,773&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Decrease in treasury stock </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,428&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,480&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,908&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cash dividends, note 14(d) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(15,987) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(15,987) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net unrealized loss from investments available-for-sale, note 6(b) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(14,444) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(14,444) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transfer of net realized loss from investments available-for-sale to the operations results, note 6(b) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12,167&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12,167&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">42,383&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">42,383&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances as of December 31, 2002 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">94,382&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">471,912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(73,177) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">140,500&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">104,104&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">180,461&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">823,800&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cash dividends, note 14(d) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(23,922) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(23,922) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net unrealized gain from investments available-for-sale, note 6(b) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">18,844&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">18,844&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transfer of net realized loss and impairment losses from investments available-for-sale to the operations results, note 6(b) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11,401&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11,401&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transfer of retained earnings to reserve </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">165,423&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(165,423) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">80,607&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">80,607&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances as of December 31, 2003 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">94,382&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">471,912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(73,177) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">140,500&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">269,527&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">101,968&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">910,730&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes
are an integral part of these consolidated financial statements. </FONT></P>






<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
statements of cash flows
<BR>For the years ended December 2003, 2002 and 2001 </FONT></P>








<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flows from operating activities</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,607&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,383&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,513&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Add (deduct)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for loan losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,421&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,596&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119,422&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,660&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,338&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,355&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization of goodwill</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,223&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,033&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,377&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for assets seized</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,588&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,094&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,447&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,303&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,287&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,839&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for sundry risks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,022&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,649&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,317&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,410&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,115)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,522&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net loss (gain) on securities sale</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,969)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,097&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(31,737)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Translation loss</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,675&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,482&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,575&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of trading securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,098,504)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,154,437)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,631,092)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of trading securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,605,458&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,106,170&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,430,876&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Changes in assets and liabilities:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Decrease (increase) in loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>172,392&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(114,347)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,130&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Decrease (increase) in other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32,031)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,457&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(46,973)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increase (decrease) in deposits and obligations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(394,970)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,798&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,919&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Decrease in due to banks and correspondents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(35,964)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(65,988)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(117,939)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increase (decrease) in other liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,994&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(28,326)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(61,564)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net cash provided by operating activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>506,315&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>153,171&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112,987&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flows from investing activities</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Acquisition of Banco Santander Central Hispano S.A. - Peru,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>net of cash acquired</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,782&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash received from sales of Banco Capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,255&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of investments available-for-sale</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,746,201)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(322,656)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(393,085)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales of investments available-for-sale</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>771,597&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>340,100&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>432,136&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of property, furniture and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(29,919)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(22,864)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(30,848)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales of property, furniture and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,951&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,560&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,278&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net cash provided by (used in) investing activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(980,572)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,177&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,481&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flows from financing activities</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Decrease (increase) in bonds issued</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(67,806)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,445&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,040&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales (purchase) of treasury stocks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,908&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,344)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash dividends</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23,922)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(31,881)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,014)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net cash provided by (used in) financing activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(91,728)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(27,528)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,682&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Translation (loss) gain on cash and cash equivalents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,675)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,882)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,725&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net increase (decrease) in cash and cash equivalents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(569,660)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>284,938&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>144,875&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents at the beginning of the year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,182,390&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,897,452&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,752,577&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents at the end of the year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,612,730&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,182,390&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,897,452&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplementary cash flows information:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash paid during the year for</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>146,972&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,185&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>327,459&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,064&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,487&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,699&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplementary schedule of non-cash financing activities:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividends pending payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,894&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other accounts receivable from sale of Banco Capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,255&nbsp;</FONT></TD></TR>
</TABLE>



<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes
are an integral part of these consolidated financial statements. </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notes to the
consolidated financial statements
<BR>As of December 31, 2003 and 2002 </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.     Operations<BR>
         Credicorp Ltd. (hereinafter &#147;Credicorp&#148;) is a limited liability company
incorporated in Bermuda in 1995 to act as a holding company and          to coordinate
the policy and administration of its subsidiaries.  It is also engaged in investing
activities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd.,
through its banking and nonbanking subsidiaries, provide a complete range of financial
services and products throughout          Peru and in selected international markets.  At
December 31, 2003 and 2002, the major subsidiary of the Group is Banco de Cr&#233;dito del
         Per&#250; &#150; BCP (hereinafter &#147;BCP&#148; or the Bank), a Peruvian universal bank. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The address of
Credicorp&#146;s main office is Calle Centenario N&#176;156, La Molina, Lima, Per&#250;.  The Group
employs approximately 9,314 and 9,226          employees as of December 31, 2003 and
2002, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The consolidated
financial statements as of and for the year ended December 31, 2002 have been approved in
the General Shareholders&#146;         Meeting dated March 28, 2003.  The accompanying
consolidated financial statements as of and for the year ended December 31, 2003, will be
         submitted for approval at the Board of Directors and the General Shareholders&#146; Meeting
that will occur within the period established by          law.  In Management&#146;s opinion,
the accompanying consolidated financial statements will be approved without modifications. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.     Business
developments
<BR>(a)     Acquisition of Soluci&#243;n Financiera de Credito del Per&#250; S.A.
- -                   In March 2003, BCP acquired a 45 percent interest in its subsidiary
Soluci&#243;n Financiera de Cr&#233;dito del Per&#250; S.A. (hereafter                   &#147;Financiera&#148;),
thus increasing its participation to 100 percent of its capital stock. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The amount paid for
the aforementioned purchase amounted approximately to US$17.1 million, generating
goodwill for approximately                   US$8 million, see note 10(c). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)     Acquisition of
Banco Santander Central Hispano S.A. - Peru -                   In December 2002, through
a Tender Offer (TO), the BCP acquired 99.94 percent of Banco Santander Central Hispano
S.A. - Per&#250;                  (hereafter &#147;BSCH - Peru&#148;).  According to Law 26702, BCP had
a period no longer than 6 months to absorb this financial entity.                   In
this respect, the BCP&#146;s General Shareholders&#146; Meeting held on December 30, 2002, approved
this transaction with effective                   date February 28, 2003. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The acquisition of
BSCH - Peru and its subsidiaries has been recorded under the purchase accounting method,
reflecting their                   assets and liabilities at their fair values at the
date of acquisition.  For practical reasons, the acquisition of BSCH - Peru
                  and its subsidiaries has been considered as if this had been realized
on November 30, 2002.  The fair values of the identifiable                   assets and
liabilities of such financial entity were as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash acquired</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>190,782&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658,835&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>158,370&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(957,987)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash paid for the acquisition</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,000&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The unaudited
pro-forma combined results, as if BSCH - Per&#250; had been acquired at the beginning of the
years 2002 and 2001,                   respectively, are estimated to be as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>413,163&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>450,455&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income after provision for loan losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>305,628&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>311,566&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,843&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,352&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Basic and diluted earnings per share (in United States dollars)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.59&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.70&nbsp;</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This pro-forma
information is presented for comparative purposes only and does not intend to be
indicative of the results that                   would have resulted had the acquisition
occurred at the beginning of the periods presented, nor are they necessarily indicative
                  of future consolidated results. </FONT></P>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.     Significant
accounting policies
<BR> In the preparation and presentation of the accompanying
consolidated financial statements, the Credicorp&#146;s Management has complied with
         International Financial Reporting Standards - IFRS as of December 31, 2003 and
2002.  Significant accounting principles and practices          used in the preparation
of Credicorp&#146;s consolidated financial statements are described below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)     Basis of
presentation and use of estimates -             <BR>      The consolidated financial
statements have been prepared in accordance with International Financial Reporting
Standards - IFRS.                   These consolidated financial statements are prepared
under the historical cost convention, except where otherwise stated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The preparation of the
consolidated financial statements requires management to make estimates and assumptions
that affect the                   reported amounts of assets and liabilities, revenues
and expenses and disclosure of significant events in notes to the
                  consolidated financial statements.  Actual results could differ from
those estimates. The most significant estimates comprised                   in the
accompanying consolidated financial statements are related to the computation of the
allowance for credit losses, the                   measurement of financial instruments,
the reserves for assets seized through legal actions and the valuation of derivatives.
                  The accounting criteria used for each of these items are described
below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)     Principles of
consolidation -                <BR>   Subsidiaries are consolidated from the date on which
effective control is transferred to the Group and are no longer
                  consolidated from the date of disposal.  The consolidated financial
statements incorporate the assets, liabilities, revenues and                   expenses
of Credicorp and its subsidiaries.  All inter-company transactions, balances and
unrealized surpluses and deficits                   between Group companies have been
eliminated.  Where necessary, the accounting policies used by subsidiaries have been
changed                   to ensure consistency with IFRS. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The companies that
comprise the Group as of December 31, 2003 and                   2002, with an indication
of the percentage of participation owned                   directly and indirectly by
Credicorp as of those dates, as well as                   other relevant information,
based on information obtained before                   the eliminations to be considered
for consolidation purposes are as                   follows: </FONT></P>




<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Entity </FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Percentage of participation </FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Assets </FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Liabilities </FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Shareholders&#146; equity </FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income (loss) </FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH="30%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003&nbsp; </FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp; </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp; </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banco de Cr&#233;dito del Per&#250; - BCP (i) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">96.22 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">96.22 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,687,581&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7,312,169&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,042,445&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,731,278&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">645,136&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">580,891&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">97,218&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">64,640&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Atlantic Security Holding Corporation (ii) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.00 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.00 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">900,012&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">790,211&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">663,453&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">556,261&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">236,559&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">233,950&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,928&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,768&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Pac&#237;fico - Peruano Suiza Compa&#241;&#237;a de Seguros y Reaseguros (iii) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">75.83 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">75.83 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">587,237&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">480,570&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">438,620&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">332,437&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">148,617&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">148,133&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9,218&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,111&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Inversiones Cr&#233;dito del Per&#250; S.A. (iv) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">99.99 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">99.99 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">72,135&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">50,011&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">26,800&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">29,375&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">45,335&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">20,636&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,988&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(501) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banco Tequendama (v) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">99.99 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">99.99 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">293,895&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">270,681&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">264,836&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">234,077&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">29,059&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">36,604&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">118&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3,907) </FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)           Banco de
Cr&#233;dito (BCP) is a universal bank, incorporated in Per&#250; on 1889, authorized to
                                         engage in banking activities by the
Superintendence of Banking and Insurance (SBS), the
                                         Peruvian banking and insurance authority. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii)          Atlantic
Security Holding Corporation is incorporated in the Cayman Islands. Its main
                                         activity is to invest in the capital stock of
companies.  Its most significant                                          subsidiary is
Atlantic Security Bank (ASB).  ASB is also incorporated in the Cayman
                                         Islands and began operations on December 14,
1981, carrying out its activities through
                                         branches and offices in Grand Cayman, the
Republic of Panama and the United States of
                                         America. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii)         Pac&#237;fico
- - Peruana Suiza Compa&#241;ia de Seguros y Reaseguros (PPS) is a Peruvian
                                         corporation whose main activity is the issuance
and administration of property and                                          casualty
insurance and the performance of related activities.  PPS also provides
                                         accident, health and life insurance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iv)
         Inversiones Credito del Peru S.A. (ICSA) is a Peruvian corporation incorporated
on                                          February 17, 1987, whose main activity is the
investment in listed and non-listed equity
                                         securities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(v)           Banco
Tequendama, acquired by Credicorp in January 1997, is a private banking
                                         institution, established on May 5, 1976 in
accordance with Colombian laws and with a
                                         corporate life until June 30, 2010; this period
could be extended in accordance with                                          current
legislation. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)          Foreign
currency translation -                          <BR>  The Group considers that its
measurement currency is the U.S. dollar, because it reflects the economic substance of
the underlying events and the circumstances relevant to the Group; insofar
                           its main operations and/or transactions in the different
countries where the Group operates, such as, the loans granted, the financing obtained,
the sale of insurance premiums, the interest                            income and
expenses, the salaries and the purchases are established and liquidated in U.S. dollars. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s
subsidiaries maintain their accounting records in currencies of the countries in which
operates.  The subsidiaries are considered as foreign operations, as consequence, for
                           consolidation purposes; they prepare their financial
statements in U.S. dollars (their measurement currency) using the following methodology: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-      Monetary assets
and liabilities denominated in non-U.S. dollars currencies are translated to U.S. dollars
equivalents using the free market exchange rates at the balance sheet date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-      Non-monetary
accounts have been translated into U.S. dollars using the free market exchange rates on
the date of the transactions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-      Revenues and
expenses, except for those related to non-monetary assets, are translated monthly at
weighted average exchange rates, with resulting gains and losses included in income. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The resulting
translation adjustment into U.S. dollars is included in the consolidated statement of
income. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)          Financial
instruments -                            <BR>Financial instruments are classified as assets,
liabilities or equity according to the substance of the contractual agreement that
originated them.  Interest, dividends, gains and losses
                           relating to financial instruments classified as assets or
liabilities are accounted for as expense or income.  Financial instruments are offset
when the Bank has a legally enforceable right to                            offset them
and Management has the intention to settle them on a net basis or to realize the assets
and charge off  the liability simultaneously. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial assets and
liabilities carried on the balance sheet include cash and due from banks, trading and
available-for-sale securities, loans, accounts receivable and the liabilities.  In
                           addition, all derivative instruments and indirect loans
(unfunded commitments) are considered to be financial instruments.  The specific
accounting policies on recognition and measurement of                            these
items are disclosed in the accounting policies described in this note. </FONT></P>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)
         Recognition of revenues and expenses for banking activities -<BR>
                           Interest income and expenses are recognized in the income
statements on an accrual basis using the effective interest method; interest rates are
determined based on free negotiations with                            clients. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income is
suspended when loans become doubtful of collection problems, such as when overdue by more
than 90 days or when the borrower or securities&#146; issuer defaults, if earlier than 90
                           days.  Such income is excluded from interest income until
received.  Uncollected income on such loans is reversed against income. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When Management
determines that the debtor&#146;s financial condition has improved, the accounting recording
of interest thereon is reestablished on an accrual basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income
includes coupons earned on fixed income investment and trading securities and the accrued
discount and premium on financial instruments.  Dividends are recognized as income when
                           they are declared. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commissions on
financial and banking services are recognized as income on an accrual basis when earned. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All other revenues and
expenses are recognized on an accrual basis as earned or incurred. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)
         Recognition of revenues and expenses for insurance activities -<BR>
                           Premiums from long-term contracts, mainly life insurance, are
recorded when due earned.  Premiums from short-term insurance contracts, mainly credit,
life, accident and health policies, are                            earned over the
related contract period.  In this regard, a reserve for unearned premiums is recorded
representing the unexpired portion of premium coverage to be applied in the following
                           period on the basis of annual renewals. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The reserve for
unearned premiums is calculated on an individual basis for each policy or coverage
certificate, applying to the insurance premiums (direct insurance and reinsurance
accepted                            premiums less ceded premiums), net of commissions and
taxes, the unearned portion of the total risk (in number of days).  Likewise, a premium
deficiency reserve is made when the reserve for                            unearned
premiums becomes insufficient to cover the risks and future expenses that correspond to
the unexpired period of coverage at the date of calculation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Management, on the
basis of periodical reviews of the clients&#146; portfolio, determines the allowance for
doubtful accounts related to premiums and installments outstanding. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Casualty claims are
recorded when reported.  The incurred but not reported claims (IBNR) are estimated and
reflected as a liability, net of recoveries and reinsurance.  The IBNR at December 31,
                           2003 and 2002, have been estimated by taking into
consideration the arithmetic progression of the percentages computed over the actual
figures for the past seven years.  Management considers                            that
the estimated amount is sufficient to cover any liability related to IBNR at December 31,
2003 and 2002.                            In determining insurance policy reserves, the
Group performs a continuing review of its overall position, its reserving techniques and
its reinsurance.  A qualified actuary employed by the                            Group
also reviews the reserves periodically.  Since the reserves are based on estimates, the
ultimate liability may be more or less than such reserves.  The effects of changes in
such                            estimated reserves are included in the results of
operations in the period in which the estimates are changed. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Policy acquisition
costs (commissions) are deferred and subsequently amortized over the period in which the
related premiums are earned. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)          Loans and
allowance for credit losses -
<BR>Direct loans are recorded when
disbursement of funds to the clients are made.  Indirect (off-balance sheets) loans are
recorded when documents supporting such facilities are issued. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp classifies
its loan portfolio into one of four categories based upon the purpose of the loan; these
categories are: (i) commercial, (ii) micro-business, (iii) consumer and (iv)
                           residential mortgage.  Also, Credicorp considers as refinanced
or restructured those loans that change their payment schedules due to difficulties in
the debtor&#146;s ability to repay the loan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An allowance for
credit losses is established if there is objective evidence that the Group will not be
able to collect all amounts due according to the original contractual terms of loans, for
                           such purpose, Credicorp classifies all its loans into one of
five risk categories, depending upon the degree of risk of nonpayment of each loan.  The
categories used by Credicorp are: (i)                            normal, (ii) potential
problems, (iii) substandard, (iv) doubtful and (v) loss.  Credicorp reviews its loan
portfolio on a continuing basis in order to assess the completion and accuracy of its
                           classification.  For commercial loans the classification take
into consideration several factors, such as the payment history of the particular loan,
the history of Credicorp&#146;s dealings with                            the borrower
management, operating history, repayment capability and availability of funds of the
borrower, status of any collateral or guarantee, the borrower&#146;s financial statements,
general                            risk of the sector in which the borrower operates, the
borrower&#146;s risk classification made by other financial institutions in the market and
other relevant factors.  For micro-business,                            consumer and
residential mortgage, the classification is based on how long payments are overdue. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The allowance for
credit losses is established based in the risk classifications and taking into
consideration the guarantees and collateral obtained by the Group.  Only the collateral
received                            classified as &#147;preferred&#148;, &#147;highly liquid preferred&#148; or
&#147;self-liquidating preferred&#148; are considered acceptable.  Such collateral must be
relatively liquid, have legally documented ownership,                            have no
liens outstanding and have updated independent appraisals. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The allowance for
credit losses also covers the estimated losses for impaired loans not specifically
identified (loans classified as normal).  This allowance is estimated based on historical
                           and other relevant information. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the case of
borrowers in countries where there is an increased risk of difficulties in servicing
external debt, an assessment of the political and economic situation is made, and an
                           additional country risk provisions is accounted for. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When a loan is
uncollectible, it is written off against the related allowance for credit losses;
subsequent recoveries are credited to the provision for credit losses in the consolidated
                           statement of income. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All loans considered
impaired (such classified as potential problem, substandard, doubtful and loss) are
analyzed by the Groups&#146; management, taking into consideration the present value of their
                           expected cash flows, including the recoverable amounts of the
guarantees and collateral, discounted at the original effective interest rate of each
loan. Based on this analysis, management                            believes that the
methodology used on a continuous and consistent basis by the Group, provides an allowance
for credit losses that is in accordance with the requirements established by IFRS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)          Leasing
transactions -                        <BR>    The Group granted only finance leases and
recognized the present value of the lease payments as a loan.  The difference between the
gross receivable amount and the present value of the loan is
                           recognized as unearned interest.  Lease income is recognized
over the term of the lease using the effective interest method, which reflects a constant
periodic rate of return. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)
         Investments -                <BR>            As from 2001, the Group classified its
investments in accordance with IAS 39.  Management determines the classification of its
investments at the date of their purchase and evaluates such
                           classification periodically.  On January 1st, 2001, the Group
recognized as a credit to retained earnings, the effect of the adoption of IAS 39,
related to the accounting treatment of the                            investments
available-for-sale for US$4.5 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The purchases and
sales of investments are recognized at the date of the negotiation that corresponds to
the date in which the Group commits itself to buy or sell the assets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments acquired,
including those directly from the issuer, mainly with the purpose of generating profits
based on short-term price fluctuations, are considered as trading investments.
                           Investments available-for-sale are those that the Group
intends to hold for an undefined period and can be sold in response to liquidity needs or
changes in market interest rates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trading investments
and investments available-for-sale are initially recognized at cost, including the
inherent costs of the transaction and subsequently are valued at their fair value. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fair values are based
primarily on quoted prices or, if quoted market prices are not available, discounted
expected cash flows using market rates commensurate with the credit quality and
                           maturity of the investment. All related realized and
unrealized gains and losses of trading securities are included in the income statement.
Unrealized gains and losses arising from changes in                            the fair
value of securities classified as investments available-for-sale are recognized in
equity, net of the related deferred income taxes and minority interest.  Unrealized gains
or losses                            are recognized in income of the year when the
investments available-for-sale are sold or are impaired. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities sold
subject to repurchase agreements (&#147;repos&#148;) are retained in the financial statements as
investment securities and the counterparty liability is included in amounts due to banks
                           and correspondents.  Securities purchased under agreements to
resell (&#147;reverse repos&#148;) are recorded as other accounts receivable. The difference
between sale and repurchase price is treated as                            interest and
accrued over the life of repo agreements using the effective yield method. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j)          Property,
furniture and equipment -                 <BR>           Property, furniture and equipment
are stated at acquisition cost less accumulated depreciation.  Maintenance and repair
costs are charged to profit and loss and significant renewals and
                           improvements are capitalized.  The cost and accumulated
depreciation of assets sold or retired are eliminated from the corresponding accounts and
the related gain or loss is included in the                            results of the
year.  Depreciation is computed on a straight-line basis over the following estimated
useful lives: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Years</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Buildings and other construction</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Installations</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Furniture and fixtures</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equipment and vehicles</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The useful life
assigned and depreciation method selected are periodically reviewed to ensure that the
method and period of depreciation chosen are consistent with the economic benefit and
life expectations for use of property, furniture and equipment items. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k)          Assets
seized -                        <BR>    Assets seized are recorded at their estimated market
value, obtained from valuations made by independent appraisals. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(l)
         Intangible -             <BR>               Intangible included in the &#147;Other assets&#148; caption
of the consolidated balance sheets comprise mainly intangible assets arising from
acquisitions and the internal development of software used in Credicorp Ltd. and its
subsidiaries operations. These assets are amortized using the straight-line method based
on their estimated useful life, which are from 3 to 5 years. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(m)          Goodwill
- -                      <BR>      Goodwill represents the excess of the cost of an acquisition
over the fair value of the net assets of the acquired subsidiary undertaking at the date
of acquisition.  Annually, goodwill is subject to an impairment test to assess whether
the carrying amount is fully recoverable.  A write down is made if the carrying amount
exceeds the recoverable amount. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Goodwill on the
acquisition of ASHC and PPS at the date of the exchange of shares (market value), which
amounted to US$43.7 million, is being amortized using the straight-line method over a 20
year-period.  Goodwill originated by the acquisition of Soluci&#243;n Financiera de Cr&#233;dito
del Per&#250; S.A. for US$8 million, is amortized over a period of 5 years, note 10(c). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(n)          Due from
customers on acceptances -           <BR>                 Due from customers on acceptances
corresponds to accounts receivable from customers for importation and exportation
transactions, whose obligations have been accepted by the banks.  The obligations that
must be assumed by the Group for such transactions are recorded as liabilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(o)          Bonds
issued -                    <BR>        Liabilities arising from the issuance of subordinated
bonds, leasing bonds, mortgage bonds and mortgage notes are recorded at their face value
and the corresponding interest is recognized in the consolidated statements of income on
an accrued basis.  Bond discounts determined at issuance are deferred and amortized over
the term of the bonds using the effective interest method. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(p)
         Provisions -             <BR>               Provisions are recognized when the Group
has a present legal or constructive obligation as a result of past events, it is probable
that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate of the amount of the obligation can be made.
Provisions are reviewed in each period and are adjusted to reflect Management&#146;s best
estimate as of the consolidated balance sheet date.  The amount recorded as a provision
is equal to the present                            value of future payments expected to
be needed to settle the obligation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The provision for
employees&#146; severance indemnities is based in the accrued liabilities determined at the
end of each year based on the current salary of each employee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(q)
         Contingencies -                   <BR>         Contingent liabilities are not
recognized in the consolidated financial statements.  They are disclosed in the notes
unless the possibility of an outflow of economic resources is remote. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent assets are
not recognized in the financial statements; however, they are disclosed when their
contingency degree is probable. </FONT></P>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(r)          Workers&#146; profit
sharing and income tax -       <BR>                     Income tax and workers&#146; profit
sharing are computed based on individual financial statements of Credicorp and each one
of its subsidiaries, based on accounting principles that are different from IFRS (tax
basis) and, therefore, the accounting for income tax and workers' profit sharing in
accordance with IFRS are both in accordance with the principles of IAS 12. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income tax
and deferred workers&#146; profit sharing reflect the effects of temporary differences between
the carrying amounts of assets and liabilities for accounting purposes and the amounts
determined for tax purposes.  Deferred assets and liabilities are measured using the tax
rates expected to be applied to taxable income in the years in which temporary
differences are expected to be recovered or eliminated.  The measurement of deferred
assets and deferred liabilities reflects the tax                            consequences
that arise from the manner in which Credicorp and its subsidiaries expect, at the
consolidated balance sheet date, to recover or settle the carrying amount of its assets
and liabilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred tax assets
and liabilities are recognized regardless of when the timing differences are likely to
reverse.  Deferred tax assets are recognized when it is probable that sufficient taxable
income will be generated against which the deferred assets can be offset.  At the
consolidated balance sheet date, Credicorp assesses unrecognized deferred assets and the
carrying amount of recognized deferred assets.  Credicorp may recognize a previously
unrecognized deferred assets to the extent                            that it has become
probable that future tax benefits will allow their recovery or reduce a deferred asset to
the extent that it is not probable that Credicorp and its subsidiaries will have
sufficient tax benefits that would enable it to use part or the entire recognized
deferred asset for accounting purposes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp determines
its deferred income tax considering the tax rate applicable to its undistributed
earnings; any additional tax on dividends distribution is recorded on the date a
liability for that concept is recognized. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(s)          Earnings
per share -               <BR>             Basic and diluted earnings per share are computed
based on the weighted average number of shares outstanding for the period, after
deducting treasury stock. For the years ending December 31, 2003, 2002 and 2001,
Credicorp has no financial instruments with dilutive effects; therefore, basic and
diluted earnings per share are the same. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(t)
         Supplementary plan for workers&#146; profit sharing -<BR>
                           Profit sharing participations have been granted to certain
executives and employees who have at least one year of service in Credicorp or any of its
subsidiaries in the form of options on stock appreciation rights over certain number of
Credicorp&#146;s shares.  Such options are granted at the market price of the shares of
Credicorp on the date of the grant and are exercisable at that price, allowing the worker
to obtain a gain from the difference between the market price of the share at the date
                           of execution and the fixed exercise price, note 16.  Expense
recognized in income for the year corresponds to the difference between the strike price
and the market price of the shares of the options that can be exercisable by the
beneficiaries at the consolidated balance sheet date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When Credicorp reprise
or change the terms of the options, additional compensation is recorded equal to the
difference between the liquidation price and the new market price of the underlying
shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(u)
         Derivative financial instruments -             <BR>               Transactions with
derivatives, while providing effective economic hedges under the Group&#146;s risk management
positions, do not qualify for hedge accounting under the specific rules of IAS 39 and are
therefore treated as derivatives held for trading. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Derivative financial
instruments are initially recognized in the consolidated balance sheet at cost and
subsequently are remeasured at their fair value.  Fair values are obtained based on
market exchange rates or interest rates.  All derivatives are carried as assets when fair
value is positive and as liabilities when fair value is negative. Gain and losses for
changes in their fair value are recorded in the consolidated statements of income. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(v)          Cash and
cash equivalents -           <BR>                 For the purposes of the consolidated cash
flow statements, cash and cash equivalents comprise balances with less than three months
maturity from the date of acquisition, including cash, balances with central banks,
overnight deposits and amounts due from banks. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(w)          Financial
statements as of December 31, 2002 and 2001 -        <BR>                    Certain
reclassifications have been made to prior years financial statements to conform to
current year presentation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.            Cash and
due from banks
<BR>
  (a)          This item is made up as follows: </FONT></P>


<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and clearing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>228,965&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>320,595&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits in Peruvian Central Bank &#150; BCRP (b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>929,557&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,317,030&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits in banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>454,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>544,765&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,612,730&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,182,390&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)          As of
December 31, 2003, includes US$385 million corresponding to an overnight operation
(US$1,080 million at December 31, 2002), which earned interest at an annual effective
rate of 0.98 percent (1.25 percent in 2002). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)          Likewise,
as of December 31, 2003, cash and due from banks include approximately US$301.8 million
(US$291.3 million as of December 31, 2002), issued mainly  from Banco de Credito of Peru,
which represent the legal reserve that the Peruvian banks must maintain for its
obligations with the public. These funds are deposited in the vaults of the Bank and in
the BCRP, and are within the limits established by prevailing legislation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserve funds kept in
BCRP do not earn interest, except for the part of the demandable reserve in foreign
currency that exceeds the minimum legal reserve. As of December 31, 2003, the monthly
excess amounts to approximately US$884.1 million and earns interest in US Dollars at an
annual rate of 1.05 percent (US$897.8 million and earned interest in US Dollars at an
annual rate of 1.28 percent as of December 31, 2002). </FONT></P>





<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.            Trading
securities
<BR>  (a)          This item is made up as follows: </FONT></P>



<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Listed equity securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,028&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,128&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds and similar instruments -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peruvian Treasury Bonds (b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,196&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96,109&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in foreign financial institutions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,166&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,576&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mutual funds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,529&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,314&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank certificates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,755&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,004&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate and leasing bonds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>476&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,596&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCRP certificates of deposit (c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184,033&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debt issued by Central Banks of other countries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,809&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds from international financial institutions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,082&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,453&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84,122&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>589,976&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,150&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>605,104&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The reduction of the
trading securities balance in relation to the previous year is explained by the Group's
management decision to discontinue the trading activities mainly with BCRP certificates
of deposit, in order to maintain a more stable position in this kind of investments which
have a better yield, less risk and volatility.  As result; after the liquidation of the
balance maintained as of December 31, 2002 during the year 2003, the new purchases of
those and other investments have been                            classified as
available-for-sale, see note 6. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)          The
Peruvian Treasury bonds are issued in Peruvian Currency by the Economic and Financial
Ministry, have an active market quotation in the Peruvian market and are traded daily
with third parties.  In 2003, these bonds accrued interest at annual rates that ranged
between 5.89 and 12.85 percent (between 6.53 and 10.37 percent in 2002), and have
maturities between June 2004 and January 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)          BCRP
certificates of deposit are instruments in Peruvian currency with maturities due within
one year.  Annual interest rates in Peruvian currency ranged between 3.54 and 6.21
percent in 2002. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.
         Investments available-for-sale              <BR> (a)          This item is made up
as follows: </FONT></P>

<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>


<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="4" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD COLSPAN="1" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=4 ALIGN=RIGHT><hr size=1></TD>
     <TD colspan=1 ALIGN=RIGHT><hr size=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ROWSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ROWSPAN="3" ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amortized<BR> cost </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unrealized gross amount</FONT></TD>
     <TD ROWSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated <BR>fair value</FONT></TD>
     <TD ROWSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated<BR> fair value</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD colspan=2 ALIGN=RIGHT><hr size=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gain</FONT></TD>
     <TD ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">Losses </FONT> </TD></TR>


<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fixed maturity -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate bonds (c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>717,661&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,514&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,076)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>727,099&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>304,771&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCRP certificates of deposit (d)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>375,403&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(85)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>375,713&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Government Treasury Bonds (e)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,561&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>877&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(965)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,473&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48,974&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds from international financial institutions (f)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86,410&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,663)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84,859&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mutual funds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,707&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,220&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,927&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,338&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commercial papers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,264&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Participation in RAL&#146;s funds (g)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,861&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,861&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,594&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debt issued by Central Banks of other countries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,172&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,195&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,769&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,640&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,643&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,372&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,520,623&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,147&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,792)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,530,978&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>490,082&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Listed securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,698&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,296&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71,994&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,124&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-listed securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,212&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>244&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,326)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,130&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,078&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR><TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88,910&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,540&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,326)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111,124&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>145,202&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR><TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,609,533&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,687&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,118)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,642,102&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>635,284&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)     The net
unrealized gains and losses, and the provision for impairment recorded by the Group are
presented as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net unrealized gains (losses)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,844&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,444)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,096)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net realized gains (losses)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,265&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,038)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,583&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for permanent impairment on investments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18,666)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,129)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)     As of December
31, 2003 and 2002, the Group mainly maintains corporate bonds for US$727.1 and US$304.8
million, respectively,                   with maturities between January 2004 and
February 2011. These bonds accrue interests at annual effective rates that range
                  between 4.03 and 10.4 percent for the bonds denominated in Peruvian
currency (between 3.46 and 13.56 percent in 2002), and                   between 2.51 and
10.25 percent for the bonds denominated in US dollars (between 6.5 and 8.05 percent in
2002). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)     BCRP
certificates of deposit are discounted Peruvian currency instruments with maturities due
within one year.  These                   certificates have been acquired in public
auctions.  Annual interest rates in Peruvian currency range between 2.73 and 5.57
                  percent. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)     Correspond to
credit instruments for US$62.4, US$34.8 and US$15.0 million issued by US Government
agencies, the Peruvian                   Government and the Government of El Salvador,
respectively.  Their maturities are between June 2004 and November 2033 at annual
                  interest rates that range between 1.69 and 9.88 percent (between 1.20
and 8.00 percent in 2002). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)     Comprise
mainly of USS$53.3 and US$16.5 million of debt instruments issued in US dollars by
Corporaci&#243;n Andina de Fomento - CAF                   and by Fondo Latinoamericano de
Reservas - FLAR, respectively.  Such bonds have maturities between March 2004 and August
2006.                   Annual interests rates are between 3.0 and 8.88 percent (between
6.75 and 8.88 percent in 2002). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)     The
participation quotas in the Fund &#147;Requirement of Cash Assets (RAL for its Spanish
denomination), stated at Bolivian pesos,                   are comprised of investments
made by the Group in the Central Bank of Bolivia as a collateral for the deposits
maintained with                   the public.  Such fund has restrictions for its use and
it is required for all the banks established in Bolivia.  The fund
                  accrues interest at an average annual rate of 2.1 percent (1.89 percent
in 2002). </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)     As of December
31, 2003 and 2002, the amortizable cost and market value of the investments classified by
maturity were as                   follows: </FONT></P>



<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>


<tr>
<td>&nbsp;</td>
<td colspan=2><hr size=1></td>
<td><hr size=1></td></tr>

<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortized&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Market&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Market&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cost&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>value&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>value&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From 3 months to 1 year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>617,690&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>619,511&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,110&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From 1 to 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>780,631&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>789,119&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>246,832&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Over 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>122,302&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>122,348&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>219,140&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Without maturity (shares)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88,910&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111,124&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>145,202&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,609,533&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,642,102&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>635,284&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.       Net loans
     <BR>     (a)     This item is made up as follows: </FONT></P>

<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Direct loans</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,147,982&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,268,102&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discounted notes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>176,991&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>180,314&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advances and overdrafts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181,986&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,132&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Leasing receivables</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>452,635&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>491,666&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Factoring receivables</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56,446&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,302&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Refinanced and restructured loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>296,116&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>330,842&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due and under legal collection loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>406,136&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,568,364&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,908,494&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unearned interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(86,868)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(90,831)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allowance for credit losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(326,677)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(424,031)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total direct loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,154,819&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,393,632&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indirect loans, note 17</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>782,886&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>956,930&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD><td><HR SIZE=1></td><td><HR SIZE=1></td></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)     Interest rates
on loans are set considering the rates prevailing in the markets where the Group&#146;s
subsidiaries operate. </FONT></P>










<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)   As of December
31, 2003 and 2002, the Group&#146;s direct loan portfolio is distributed among the following
economic sectors: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003 </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">% </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2002 </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">% </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">US$(000) </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">US$(000) </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sector</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Manufacturing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,461,350&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,592,191&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.4&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commerce</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>560,052&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>617,491&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consumer and mortgage loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>920,016&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>522,998&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Electricity, gas and water</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211,610&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>302,976&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Leaseholds and real estate activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>233,506&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>281,753&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mining</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>233,355&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>227,879&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96,371&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>210,404&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Communications, storage and transportation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>189,612&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>209,174&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Agriculture</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>142,697&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>158,500&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fishing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,795&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104,604&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Construction</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,676&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86,632&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Education, health and other services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106,296&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,851&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>252,028&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,041&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,568,364&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,908,494&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->




<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)    As of December
31, 2003 and 2002, the credit risk classification of the Group&#146;s loan portfolio is as
follows: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD>
     <TD COLSPAN="6" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT><hr size=1></TD>
     <TD COLSPAN="6" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 </FONT><hr size=1></TD></tR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Risk category </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Direct<BR>credits </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Indirect<BR>credits </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Direct<BR>credits </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Indirect<BR>credits </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD WIDTH="6%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">% </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD WIDTH="6%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">% </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD WIDTH="6%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">% </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD WIDTH="6%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">% </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD WIDTH="6%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">% </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD WIDTH="6%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">% </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Normal </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,480,701&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">76.2 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">682,732&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">87.3 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,163,433&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">77.8 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,633,983&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">74.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">863,475&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">90.2 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,497,458&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">76.7 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Potential problems </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">437,682&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9.6 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">67,551&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8.6 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">505,233&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9.4 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">456,056&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9.3 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">66,488&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6.9 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">522,544&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8.9 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Substandard </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">240,316&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5.3 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">25,266&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3.2 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">265,582&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">334,423&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6.8 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">18,895&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">353,318&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6.0 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Doubtful </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">266,723&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5.8 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,928&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">0.6 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">271,651&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5.1 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">239,101&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4.9 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,324&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">0.7 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">245,425&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4.2 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Loss </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">142,942&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3.1 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,409&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">0.3 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">145,351&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2.7 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">244,931&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,748&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">0.2 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">246,679&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4.2 </FONT></TD></TR>
<TR>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,568,364&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">782,886&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,351,250&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,908,494&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">956,930&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.0 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,865,424&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100.0 </FONT></TD></TR>
<TR>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)   As of December
31 2003 and 2002, the Group&#146;s structure of its direct loan portfolio by the country in
which its clients               are located was as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Country</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peru</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,937,093&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,293,097&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bolivia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>340,382&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>313,968&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>222,085&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>224,258&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,804&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77,171&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,568,364&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,908,494&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)   The movement in
the allowance for credit losses (direct and indirect loans) is shown below: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances at January 1st</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>424,031&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>344,433&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>341,487&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,421&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,596&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119,422&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recoveries of written off loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,416&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,050&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,935&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allowance for the loan portfolio acquired from BSCH - Peru</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>122,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan portfolio sold and written-off</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(185,688)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(150,102)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(124,690)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Translation result</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,497&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,787)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,721)</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at December 31</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>326,677&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>424,031&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>344,433&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Management&#146;s
opinion, the allowance for credit losses, according to the IFRS, recorded as of December
31, 2003, 2002               and 2001 are sufficient to cover the potential losses on
loans, see note 3(g). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)   Loan
collaterized by commercial and mortgage loan portfolio -               On December 6,
2002, BCP entered into a purchase-sale agreement with a Peruvian financial entity to
acquire a               commercial loan portfolio up to US$30 million, of which BCP
acquired US$24.8 million as of December 31, 2002.  As part               of the agreement
BCP designated the same Peruvian financial entity as the collection agency.  As of
December 31, 2002,               the balance of the portfolio amounted to US$10.2
million, net of the repurchase made until such date for US$14.6               million.
 In March 2003, the Peruvian financial entity repurchases the total outstanding balance
of such portfolio for               US$10.2 million.  The price paid by the Peruvian
financial entity for each repurchase credit was the initial price of
              acquisition plus a premium equivalent to an annual effective interest rate
of 5 percent. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, as of
December 31, 2002, BCP acquired a mortgage loan portfolio amounting to US$72.2 million.
 The terms               of the agreement consider the collection by BCP of a
disbursement commission of 0.5 percent, as well as an amount that               should
withheld as a guarantee equivalent to 15 percent of the principal of the mortgage loans
acquired, which was               deposited in the BCP.  As part of the agreement BCP
designated the Peruvian financial entity as the collection agent.               The
Peruvian financial entity has repurchase this mortgage portfolio, being the agreed price
the cost of acquisition               plus a premium equivalent to an annual effective
interest rate of 5 percent.  As of December 31, 2002, the balance of               the
acquired mortgage credit portfolio amounted to US$71.2 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>These operations have
been recorded as a commercial loan granted to the Peruvian financial entity that are
collaterized               with the aforementioned commercial and mortgage loan portfolio. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The aforementioned
operations have been completed and cancelled during the year 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)   An important
part of the loan portfolio is collateralized with guarantees received from clients, which
mainly consist               of mortgages; trust assignments, credit instruments,
financial instruments, industrial pledges and mercantile pledges. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)   As of December
31, 2003 and 2002, the gross loan portfolio classified by maturity, based in the
remaining period to the               repayment date is as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Outstanding loans -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Up to 1 year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,752,828&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,095,915&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From 1 to 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,024,954&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>934,179&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Over 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>534,374&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>472,264&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Up to 4 months</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,981&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,259&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Over 4 months</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,439&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91,028&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under legal collection loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>122,788&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>232,849&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,568,364&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,908,494&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on past due
loans and loans in legal collection are recognized when collected.  As of December 31,
2003, 2002               and 2001, the interest income and its respective allowance that
had been recorded for these credits amount               approximately to US$14.0,
US$28.3 and US$22.7 million, respectively. </FONT></P>




<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.   Property,
furniture and equipment and accumulated depreciation </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    The movement of
property, furniture and equipment and accumulated depreciation, for the years ended 2003
and 2002, is as               follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=12% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Land </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Buildings and other construction </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Installations </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Furniture and equipment </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Vehicles </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Work in progress </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">US$(000) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cost - </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balance as of January 1st </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">39,144&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">261,415&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">65,759&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">203,119&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38,234&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,326&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">611,997&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">554,921&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Additions </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">350&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,381&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,652&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">14,497&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,579&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,460&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">29,919&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">22,864&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Assets incorporated for merger with BSCH - Peru </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">40,306&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Retirements and transfers </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(5,855) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(6,798) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(4,485) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(9,809) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(8,349) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,846) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(37,142) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(6,094) </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balance as of December 31 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">33,639&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">256,998&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">66,926&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">207,807&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">33,464&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,940&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">604,774&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">611,997&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Accumulated depreciation - </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balance as of January 1 st </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">114,347&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">35,559&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">150,761&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">21,145&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">321,812&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">296,051&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Additions </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7,731&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,729&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15,478&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,682&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">31,620&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">29,642&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Assets incorporated for merger with BSCH - Peru </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">460&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Retirements and transfers </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(843) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(2,596) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(201) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(9,551) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(13,191) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(4,341) </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balance as of December 31 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">121,235&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38,692&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">166,038&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">14,276&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">340,241&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">321,812&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net book value </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">33,639&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">135,763&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">28,234&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">41,769&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">19,188&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,940&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">264,533&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">290,185&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    Banks,
financial institutions and insurance companies located in Peru are not allowed to pledge
their fixed assets. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.   Assets seized, net </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       (a)    As of December 31, 2003 and 2002, this caption includes land, buildings and machinery and equipment received in payment
              of loans.  Seized assets were recorded at estimated fair values determined on the basis of technical third party
              appraisals.  This item is made up as follows:</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets seized</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,077&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>136,066&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserve</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(35,047)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(27,067)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89,030&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108,999&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    The changes in
the provision for assets seized are summarized as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances as of January 1st</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,067&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,762&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,280&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,588&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,094&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,447&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount recovered for sale of assets seized</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,608)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,789)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,965)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances as of December 31</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,047&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,067&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,762&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.    Other assets
and other liabilities </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    These items are
made up as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest, commissions and accounts receivable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,072&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>118,035&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operations in process (b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,849&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,406&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Goodwill, net (c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,510&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,741&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income tax prepayments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,374&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,770&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,780&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,108&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Intangibles, net (d)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,206&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,200&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income tax, note 15(b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,305&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,858&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts receivable for derivatives instruments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,974&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,243&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,715&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,075&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>276,785&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>286,436&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest and other accounts payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,840&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106,394&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payroll taxes, salaries and other personnel expenses payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,695&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,940&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income tax, note 15 (b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,022&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,085&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operations in process (b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,817&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,763&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contributions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,591&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,521&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for sundry risks (e)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,078&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,942&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts payable for derivatives instruments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,069&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>182,112&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>233,856&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    Operations in
process include deposits received, loans disbursed, payments collected, funds transferred
and other               similar types of transactions, which are realized at the end of
the month and not reclassified to their final balance               sheets accounts until
the beginning days of the following month.  These transactions do not affect the Group&#146;s
net               income. </FONT></P>




<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)    The movement of
goodwill for the years 2003, 2002 and 2001 is summarized as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance as of January 1st</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,999&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,999&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,999&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions, note 2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,992&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances as of December 31</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57,991&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,999&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,999&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated amortization -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance as of January 1st</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,258&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,225&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,848&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,223&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,033&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,377&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances as of December 31</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,481&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,258&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,225&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net cost</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,510&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,741&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,774&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)    Intangibles
primarily consist of purchased software. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)    The movement of
the provision for sundry risks for the years 2003, 2002 and 2001 is summarized as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR>
<TD>&nbsp;</tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances as of January 1st</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,942&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,628&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,714&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision, note 19</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,022&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,649&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,317&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deductions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,886)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,335)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,403)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances as of December 31</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,078&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,942&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,628&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This provision mainly
comprises the provisions for the estimated losses in legal actions against the Group and
other               similar obligations, which have been recorded based on Management&#146;s
and its legal advisors estimates. </FONT></P>




<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.    Deposits and
obligations </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    This item is
made up as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest bearing deposits and obligations -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Peru</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>726,492&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>762,013&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In other countries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,093&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,871&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>860,585&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>822,884&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest bearing deposits and obligations -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Peru</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,053,237&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,436,685&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In other countries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,072,408&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,121,631&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,125,645&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,558,316&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,986,230&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,381,200&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Group has
established a policy to remunerate demand deposits and  savings accounts according to an
interest rate               scale, based on the average balance maintained in such
accounts.  Additionally, according to such policy, it was               established that
the balances that were lower than a specified amount, for each type of account, do not
bear interest. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    As of December
31, 2003 and 2002, the balance of deposits and obligations by type of transaction is made
up as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,426,782&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,589,221&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Demand deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,491,679&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,455,608&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Saving deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,482,610&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,700,878&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Severance indemnity deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>527,434&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>552,174&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank certificates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57,725&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83,319&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,986,230&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,381,200&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)    As of December
31, 2003, 51 percent of deposits and obligations were concentrated in approximately
28,975 clients               (31,809 as of December 31, 2002).  As of December 31, 2003,
the total amount of individual time deposits and bank               certificates that
exceed of US$100,000 are approximately US$2,124.5 and US$11.7 million, respectively
(US$1,507.7               million and US$33.1 million, respectively as of December 31,
2002). </FONT></P>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)    Interest rates
applied to different deposits and obligations accounts are determined by the Group
considering interest               rates prevailing in the market in which the
subsidiaries operate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)    The time
deposits balance classified by maturity is as follows. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From 3 months to 1 year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,824,324&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,823,539&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From 1 to 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>513,362&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>728,908&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>More than 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89,096&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,774&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,426,782&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,589,221&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.    Due to banks
and correspondents </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    This item is
made up as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By type -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Due to banks and correspondents (b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>182,676&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194,741&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Promotional credit lines (c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,164&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,835&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interbank funds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,618&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,925&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans of international funds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,276&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,197&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,734&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,698&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By term -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Short-term debt</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96,311&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,961&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term debt</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,423&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184,737&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,734&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,698&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    The balance of
the liabilities with banks and correspondents correspond to the following operations: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   Bank loans
obtained by the Group mainly to finance foreign trade and working capital amounted to
US$84.1 million                   (US$68.2 million in 2002). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   The amount owed
from a loan transaction made in November 1998, amounting to US$100 million, with
maturities until                   November 2005, secured by the collection of the BCP&#146;s
future inflows corresponding to the consumptions and cash                   advances made
in Peru through the credit cards of Visa International issued by foreign banks. In this
transaction,                   Deutsche Bank AG. of Germany acted as trustee for the
securitization operation.  This obligation will be paid                   through the
transfers of funds corresponding to the future inflows to be received by BCP from Visa
International,                   which will be deposited directly by Visa International
in a special account managed by Deutsche Bank A.G. of                   Germany.  This
transaction bears an annual interest rate of 5.74 percent.  As of December 31, 2003 and
2002, the                   securitization obligation amounted to US$33.3 and US$48.4
million, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, BCP has
signed an insurance policy with MBIA Insurance Corporation of New York that guarantees
the                   future cash inflows to pay the quarterly payments with maturities
November 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   The amount owed
from a securitization transaction made by the BCP in January 2001 amounting to US$100
million, with                   maturity until January 2008, corresponding to the future
collection of the orders of payment in US Dollars related                   to the
transfers of funds received from banks located outside Peru associated with the Society
for Worldwide                   Interbank Financial Telecommunications (Swift).  In this
transaction, ING Barings acted as trustee for the                   securitization
transaction.  This transaction bears a monthly interest rate that fluctuates between 1.44
and 1.83                   percent (between 1.73 and 2.41 percent in 2002).  As of
December 31, 2003 and 2002 the balance of this obligation                   amounts to
US$65.3 million and US$78.2 million, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)    Promotional
credit lines represent loans granted to BCP by Corporacion Financiera de Desarrollo
(COFIDE) and Banco               Interamericano de Desarrollo (BID), for promoting the
development of the Republic of Peru.  As of December 31, 2003 and               2002,
these credit lines are guaranteed with a loan portfolio amounting to US$43.2 and US$18.4
million, respectively,               and include covenants specifying the use of funds,
financial conditions that the borrower must maintain and other
              administrative matters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)    Maturities of
due to banks and correspondents are shown below, based in the remaining period to the
repayment date: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Up to 1 year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96,311&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>130,961&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From 1 to 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137,627&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135,822&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Over 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,796&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,915&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,734&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,698&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>





<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.    Bonds issued </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    This item is
made up as follows: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted<BR>annual rate</FONT></TD>
     <TD WIDTH="35%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maturity</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate bonds</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.29</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Between March 2004 and August 2006</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,409&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,561&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Leasing bonds</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.93</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Between June 2004 and November 2010</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>232,993&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>350,191&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mortgage bonds</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.71</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Between May 2011 and April 2012</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,207&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,454&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subordinated bonds</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.82</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Between August 2007 and October 2010</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>97,140&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,349&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD></tD>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>415,749&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>483,555&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD></tD>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>















<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    Leasing and
mortgages loans are collateralized by the fixed assets financed by the Group with these
resources. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)    The issued
bonds balance as of December 31, 2003 and 2002, classified by maturity, is shown below: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Up to 1 year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,487&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>223,523&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From 1 to 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>247,005&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,846&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Over 5 years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,257&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>158,186&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>415,749&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>483,555&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.   Shareholders&#146; equity </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    Capital stock -<BR>              As
of December 31, 2003, 2002 and 2001, the capital stock is represented by 94,382,317
outstanding common shares, with a               par value of US$5. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    Treasury stock -<BR>              Treasury
stock corresponds to the nominal value of Credicorp&#146;s shares owned by Group companies,
which amounts to               14,634,925 shares as of December 31, 2003 and 2002
(14,920,825 shares as of December 31, 2001).  The difference between               the
acquisition cost of US$186.5 million and their par value of US$73.2 million is recorded
as a capital surplus. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)    Reserves -<BR>              In
accordance with the laws that regulate financial and insurance activities of the Group&#146;s
subsidiaries, they are               required to establish a reserve of up to at least 35
percent of their paid-in capital through annual transfers of at               least 10
percent of their net income.  These reserves amount to approximately US$247.1 y US$242.1
million as of December               31, 2003 and 2002, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp has recorded
similar reserves on a consolidated basis, which are not subject to any restriction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)    Dividends
distribution -<BR>              During 2003, 2002 and 2001, Credicorp paid cash dividends
for approximately US$23.9, US$16.0 and US$8 million,               respectively.  In
addition, in 2001 the Board of Directors agreed to distribute an extraordinary dividend
of               approximately US$15.9 million related to the gain generated by the Group
on the sale of the Union de Cerveceras Peruanas               Backus y Johnston S.A.
shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In accordance with
current Peruvian legislation, there is no restriction for overseas remittance of
dividends or the               repatriation of foreign investment. According to note 15,
since 2003 the tax regime applicable to dividends has been               modified. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)   Shareholders&#146; equity
for legal purposes (Regulatory capital) -<BR>              The regulatory capital for the
subsidiaries engaged on financial activities (hereafter &#147;the financial group&#148;) amounted
              approximately to US$809.4 million and US$820.1 million as of December 31,
2003 and 2002, respectively.  This regulatory               capital has been determined
in accordance with the Superintendencia de Banca y Seguros del Per&#250; regulations in force
as               of such dates.  The assets and indirect credits weighted by credit risk,
determined by the financial group, amount               approximately to US$5,367.3
million and US$576.9 million, respectively, generating a global ratio for credit and
market               risk of 10.8 times the regulatory capital of the financial group as
of December 31, 2003 (9.6 times as of December 31,               2002).  According to the
Banking law, this ratio cannot be more than 11 times higher than regulatory capital. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.   Taxes </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    Credicorp is
not subject to any type of income taxes, nor taxes on capital gains, equity or property.
              The Peruvian subsidiaries are subject to corporate taxation on income under
the Peruvian Tax system. The statutory               income tax rate payable in Peru is
27 percent of taxable income (as of December 31, 2001 the income tax rate was 30
              percent which could be reduced to 20 percent for the re-invested portion of
the taxable income of the subsidiaries). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASHC and its
subsidiaries are not subject to taxes in the Cayman Islands nor Panama. For the years
ended December 31,               2003, 2002 and 2001, no taxable income was generated
from its operations in the United States of America. </FONT></P>






<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A reconciliation of
the differences between the statutory income tax rate and the effective tax rate for the
Group is               shown as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peruvian statutory tax rate</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.00&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increase (decrease) in the statutory tax rate due to:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) Increase (decrease) arising from net income of subsidiaries not domiciled in Peru</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2.00)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) Non-taxable costs (income), net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2.00)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8.00)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) Adjustment of deferred income tax for changes in rates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.00&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective income tax rate</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.00&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    In 2003, 2002
and 2001, the deferred income tax has been calculated on all temporary differences
applied at an income               tax rate of 30 percent for 2003 and 27 percent for
2002 and 2001. The income tax expense analysis as of December 31,               2003,
2002 and 2001, is as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peruvian</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,206&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,344&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,266&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In other countries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,079&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>399&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>347&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,285&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,743&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,613&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peruvian</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>982&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,115)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>392&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjustment of deferred income tax for change in rates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,428&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,130&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,410&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,115)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,522&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,695&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,628&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,135&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A portion of the Group&#146;s
deferred tax asset arises from part of the provisions for sundry risks and for credit
losses,               which are not deductible for income tax purposes until they comply
with all the requirements established by the tax               authorities.  Therefore,
the Group has recorded an accumulated deferred tax asset (including the effect of the
workers&#146;              profit sharing) to reflect the future tax benefit of the deduction
of these provisions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Group&#146;s deferred
tax liability arises mainly from the depreciation of certain buildings from the BCP and
PPS that               is not acceptable for tax purposes and from leasing operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
shows a summary of the Group&#146;s deferred income taxes: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allowance for credit losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,023&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,693&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserve for sundry risks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,583&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,462&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax loss carry-forward</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,590&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,136&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,109&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>567&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,305&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,858&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax loss carry-forward of ASHC - Miami</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,831&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allowance for deferred tax corresponding to the tax loss carry-forward</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,831)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net deferred income tax assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,305&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,858&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Liabilities</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for assets seized</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,479)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,131)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fixed assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,511)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,412)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Leasing operations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,507)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,430)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Intangibles</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,731)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,621)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(794)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,491)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income tax liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23,022)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(25,085)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net deferred income tax liability</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,717)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,227)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)    As of December
31, 2002, ASHC&#146;s Miami agency had United States federal tax loss carry forwards available
to reduce               future taxable income, if any, for approximately US$17.9 million.
 Due to the uncertainty regarding the Agency&#146;s ability               to generate future
federal and state taxable income needed to utilize the net deferred tax assets, the net
deferred tax               assets related to those tax loss carry-forward were not
recorded.  Such tax loss carry-forward was not recovered because               the agency
ceased operations during the year 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)    The Peruvian
tax authorities have the right to review and, if necessary, amend the annual tax returns
of the Peruvian               subsidiaries. Fiscal years 2001 through 2003, inclusive,
are pending review by the tax authorities. Any additional tax               arising as a
result of examination by the tax authorities will be charged to income in the year when
such tax is               determined, if any.  At present, it is not possible to estimate
the adjustments that the tax authorities may determine.               However, in
Management&#146;s opinion, it is not expected that any additional assessments will be
determined in amounts               considered significant to the consolidated financial
statements as of December 31, 2003 and 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.   Stock option
rights </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As indicated in note
3(t), Credicorp has granted options over Credicorp&#146;s stock appreciation rights to certain
key executives        and employees who have at least one year&#146;s service in Credicorp or
any of its subsidiaries. The options expire after eight (8)        years and 25 percent
of the appreciation rights granted may be exercised during each of the first four years
of the plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of the
fourth year and until the expiration date of the option, all or a portion of the options
that are still        outstanding under the plan may be exercised at any time. As of
December 31, 2003, 298,500 appreciation rights had been        exercised (1,250 as of
December 31, 2002) under this plan for an approximate amount of US$1 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The number of stock
appreciation rights options outstanding and the price of such rights at December 31,
2003, 2002 and 2001        are as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year</FONT></TD>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of shares</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$</FONT></TD></TR>
<TR><TD>&nbsp;</tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1999</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>366,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.94&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.09&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>429,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.25&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.50&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>481,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.90&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.05&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>515,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.58&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.73&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>569,750&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.77&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003 and 2002, the
Group has recorded a provision for those options that could be executed corresponding to
the difference        between the price of the option and the quoted price at the
consolidated balance sheet date (1,555,813 and 1,240,875,        respectively), amounting
approximately to US$8.4 and US$0.9 million, respectively.  The provisions were recorded
in the caption        &#147;Remunerations and employees&#146; benefits&#148; of the consolidated
statement of income.  The quoted price of the Credicorp&#146;s shares in        the New York
Stock Exchange as of December 31, 2003, 2002 and 2001 was US$13.35, US$9.4 and US$8.75,
respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003 and 2002, the
options prices were modified and informed to the executives of the Group. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.    Off-balance
sheet accounts </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    This item is
made up as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent credits</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guarantees and stand by letters (c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>629,944&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>816,844&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Import and export letters of credit (c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>152,942&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,086&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>782,886&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>956,930&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Responsibilities under credit lines agreements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>570,276&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>188,428&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial derivative contracts, net (d)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135,647&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>269,500&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Swaps contracts (e)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,083&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,784&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,586,892&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,425,642&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    In the normal
course of its business, the Group&#146;s banking subsidiaries are party to transactions with
off balance sheet               risk. These transactions expose the Group&#146;s banking
subsidiaries to credit risk in addition to the amounts recognized in               the
consolidated balance sheet.  Credit risk for off-balance sheet financial instruments is
defined as the possibility               of sustaining a loss because any other party to
a financial instrument fails to perform in accordance with the terms of               the
contract. The Group&#146;s exposure to losses under commitments to extend credit, provide
export and import letters of               credit and guarantees is represented by the
contractual amount specified in these instruments.  The Group uses the same
              credit policies in making commitments and conditional obligations as it
does for on-balance sheet instruments, including               the requirement to obtain
collateral to support off-balance sheet financial instruments, note 7, when it is deemed
              necessary. Collateral held varies, but may include deposits held in
financial institutions, securities or other assets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Due to the fact that
many of the contingent transactions are expected to expire without any performance being
required,               the total committed amounts do not necessarily represent future
cash requirements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)    Export and
import letters of credit and guarantees and stand by letters are conditional commitments
issued by the Group               to guarantee the performance of a customer to a third
party. Export and import letters of credit are mainly issued as               credit
enhancements for overseas commercial transactions. Risks associated with these credits
are reduced by the               participation of third parties. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)    As of December
31, 2003 and 2002, Credicorp has as transactions with derivatives commitments related to
purchase and               sale agreements for foreign currency forwards.  Foreign
currency forwards are commitments to buy or sell currency at a               future date
at a contracted price.  Risk arises from the possibility that the counter-party to the
transaction does not               perform as agreed.  As of December 31, 2003 and 2002,
forward foreign currency purchase and sale agreements referred to               above
include nominal amounts of approximately US$313.9 and US$530.6 million, respectively, see
note 22, with maturities               not greater than one year.  These agreements are
executed to satisfy client requirements and are recognized in the               financial
statements at fair market value. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)    Interest rate
swaps are derivatives contracts, which exchange of variable interest rates for fixed
interest rates.  The               risk arises each time the projected level of the
variable rate during the term of the operation is higher than the swap
              rate, as well as from non-compliance with contractual terms by one of the
parties.  As of December 2003, the notional               amount of interest rate swap
contracts in force was approximately US$98.1 million (approximately US$10.8 million at
              December 31, 2002).  These contracts are recorded at fair market value. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.    Net premiums
earned </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the ordinary course
of its business PPS, Credicorp&#146;s subsidiary, engages in insurance activities and
transfers reinsurance        to other insurance companies to share the risk of its
insurance contracts and to limit the potential losses arising from        significant
coverage. PPS is ultimately responsible for the payment of claims to the policyholder if
the reinsurer is unable to        meet its obligations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reinsurance includes
shared quotas, excess of loss and facultative reinsurance. Amounts recoverable from
reinsurers are        estimated on a basis consistent with the associated claim
liabilities and are presented as a component of reinsured assets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net premiums earned
for the three years ended December 31, 2003, 2002 and 2001 are as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross amount</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ceded to othercompanies</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assumed from other companies</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net premiums earned</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of amount assumed on net premiums</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Life insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,340&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,482)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>311&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,169&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.03&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accident and health insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,531&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,718)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,820&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.01&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property and casualty insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108,045&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(72,270)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,351&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,126&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.56&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>199,916&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(78,470)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,669&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,115&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.93&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Life insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,094)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>268&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,569&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.77&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accident and health insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,461&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,682)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,794&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.03&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property and casualty insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110,452&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(68,861)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,264&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,855&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.30&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>193,308&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(72,637)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,547&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,218&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.63&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Life insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,083&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,532)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>452&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,003&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.46&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accident and health insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,097&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,258)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,851&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.03&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property and casualty insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89,688&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(49,955)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,617&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,350&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.91&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>163,868&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(53,745)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,081&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112,204&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.85&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.    Other income
and expenses </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This item is made up
as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recoveries of other accounts receivable and other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,801&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,213&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,307&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Real state rental income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,721&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>687&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>877&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recoveries of provisions for sundry risks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,818&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,337&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income from the sale of assets seized</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>551&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>146&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,142&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,336&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,268&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,204&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total other income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,227&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,651&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,530&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expenses</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commissions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,468&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,449&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,537&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for sundry risks, note 10(e)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,022&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,649&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,317&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for other operational expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,639&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,907&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,392&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for other account receivables</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,944&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,033&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,862&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,673&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,713&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,511&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total other expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,746&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,751&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,619&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.   Earnings per
share </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The earnings per
common share have been determined as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of outstanding shares:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common shares, note 14(a)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94,382,317&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94,382,317&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94,382,317&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less: treasury shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,634,925)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,634,925)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,920,825)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total outstanding shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79,747,392&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79,747,392&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79,461,492&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>

     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income (in thousands of United States dollars)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,607&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,383&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,513&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Basic and diluted earnings per share (in United States dollars)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.01&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.53&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.69&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.    Financial
information by industry and geographical area </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Group is organized
on two main lines of business: banking and insurance.  The operations between the
business segments are        carried out under normal terms and conditions of business. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The banking business
includes services related with loans and other credit facilities to corporate clients,
consumer and        mortgage credits, debit and credit cards, savings and deposits,
overdrafts, custody services, among others. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The insurance business
includes the issuance of policies of insurance to cover claims that clients can suffer,
such as fires,        vehicles, transport, personal accidents and life insurance, among
others. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other activities
developed by the Group comprise intermediation activities in the Peruvian stock market,
trusteeship and        administration of funds. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
presents the Group&#146;s financial information by industry (primary segment) and geographical
area (secondary               segment) for the three years ended December 31, 2003: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)    Segments of
business by industry (amounts expressed in million of U.S. dollars): </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=19% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">External revenues </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Revenues from other segments </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Eliminations </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total revenues </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Operating income (*) </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total assets </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Fixed assets </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Depreciation and amortizations </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Other provisions (**) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 - </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banking </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">703&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">29&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(29) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">703&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">364&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">217&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">36&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">80&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Insurance </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">125&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(12) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">125&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">26&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">587&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">33&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Brokerage and other </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">84&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">108&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(108) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">84&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">21&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">795&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total consolidated </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">149&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(149) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">411&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8,294&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">265&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">44&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">80&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 - </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banking </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">697&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(38) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">697&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">343&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7,671&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">257&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">33&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">115&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Insurance </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">145&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(12) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">145&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">27&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">408&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">31&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Brokerage and other </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">26&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">76&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(76) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">26&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">551&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total consolidated </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">868&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">126&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(126) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">868&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">381&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8,630&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">290&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">41&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">115&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2001 - </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banking </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">821&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(38) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">821&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">364&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,628&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">221&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">34&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">127&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Insurance </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">151&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(11) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">151&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">395&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">33&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Brokerage and other </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">52&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">77&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(77) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">52&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">559&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total consolidated </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,024&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">126&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(126) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,024&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">391&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7,582&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">259&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">43&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">127&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)    Segment
information by geographical area (amounts expressed in million of U.S. dollars): </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT><hr size=1></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 </FONT><hr size=1></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2001 </FONT><hr size=1></TD></tR>
<TR VALIGN=Bottom>
     <TD WIDTH=19% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total<BR>income </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Operating<BR>income (*) </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total<BR>assets </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total<BR>income </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Operating<BR>income (*) </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total<BR>assets </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total<BR>income </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Operating<BR>income (*) </FONT></TD>
     <TD WIDTH="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total<BR>assets </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Peru </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">788&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">326&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,208&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">714&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">332&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,809&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">774&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">304&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,325&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Panama </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">20&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">264&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">72&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">23&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cayman Islands </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">880&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">43&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">706&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">87&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,018&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Bolivia </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">47&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">34&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">446&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">57&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">29&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">475&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">80&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">43&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">656&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Republic of El Salvador </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">19&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Colombia </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">42&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">300&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">46&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">280&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">52&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">20&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">395&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">United States of America </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">196&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">288&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">165&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total consolidated </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">411&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8,294&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">868&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">381&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8,630&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,024&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">391&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7,582&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Div Just" FSL="Workstation" -->
<DIV ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(*)   Operating
income includes the net interest income from banking activities and the amount of the net
premiums                     earned, less insurance claims.<BR>              (**)  Other
provisions correspond to provisions for asset seized and the allowance for credit losses. </FONT></DIV>




<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.    Financial
instruments </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Group&#146;s activities
are mainly related to the use of financial instruments including derivatives.  The Group
accepts        deposits from customers at both fixed and floating rates and for various
periods and seeks to earn above average interest        margins by investing these funds
in high quality assets.  The Group seeks to increase these margins by consolidating
short-term        funds and lending for longer periods at higher rates while maintaining
sufficient liquidity to meet all claims that might fall        due. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Group also seeks
to raise its interest margins by obtaining above average margins, net of provisions,
through lending to        commercial and retail borrowers with a range of credit
standings.  Such exposures involve not just on-balance sheet loans and        advances
but the Group also enters into guarantees and other commitments such as letters of credit
and security letters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Group also trades
in financial instruments where it takes positions in traded and over the counter
instruments, including        derivatives, to take advantage of short-term market
movements in the equity and bond markets and in currency and interest        rates.
 Management places trading limits on the level of exposure that can be taken in relation
to both overnight and intra-day        market positions.  Entering into counterbalancing
positions, thereby controlling the variability in the net cash amounts        required to
liquidate market positions, normally offsets foreign exchange exposures associated with
derivatives. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Market risks -<BR>       The
Group takes on exposure to market risks.  Market risks arise from open positions in
interest rate, currency and equity        products, all of which are exposed to general
and specific market movements.  The Group applies a &#147;value at risk&#148; methodology        to
estimate the market risk of position held and the maximum losses expected, based upon a
number of assumptions for various        changes in market conditions.  The management
sets limits on the value of risk that may be accepted, which is monitored on a
       daily basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The daily market value
at risk measure (VAR) is an estimate, of the potential loss that might arise if the
current positions        were to be held unchanged for one business day.  The measurement
is structured so that daily losses exceeding the VAR figure        should occur, on
average, not more than once every day.  Actual outcomes are monitored regularly to test
the validity of the        assumptions and parameters used in the VAR calculation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Since VAR constitutes
an integral part of the Group&#146;s market risk control regime, management for all trading
and portfolio        operations establishes VAR limits.  However, the use of this
approach does not prevent losses outside the limits established in        the even of
more significant market movements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Liquidity risk -<BR>       The
Group is expose to daily calls on its available cash resources from overnight deposits,
current accounts, maturing        deposits, loan drawdowns, guarantees and other calls.
 The Group does not maintain cash resources to meet all of these needs as
       experience shows that a minimum level of reinvestment of maturing funds can be
predicted with a high level of certainty.  The        Management of the Group
subsidiaries sets limits on the minimum proportion of maturing funds available to meet
such calls and        on the minimum level of Interbank and other borrowing facilities
that should be in place to cover withdrawals at unexpected        levels of demands. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The notes to the
financial statements include an analysis of the assets and liabilities of the Group by
maturity groupings        based on the remaining period at the balance sheet date to the
contractual maturity date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Liquidity requirements
to support calls under guarantees and standby letters of credit are considerably less
than the amount of        the commitment because the Group does not generally expect the
third party to draw funds under the agreement.  The total        outstanding contractual
amount of commitments to extend credit does not necessarily represent future cash
requirements, since        many of these commitments will expire or terminate without
being funded. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest rate risk -<BR>       The
Group is exposed to the effects of fluctuations in the prevailing levels of market
interest rates on its financial position        and cash flows.  Interest margins may
increase as a result of such changes but may reduce or create losses in the event that
       unexpected movements arise.  The Management of the Group sets limits on the level
of mismatch of interest rate reprising that        may be undertaken.  These limits are
monitored daily; however, the Group is mainly engaged in providing short-term financing,
       at variable interest rates.  Resources for trading finance are mainly obtained
from short-term liabilities, the interests of        which are agreed at fixed and
variable rates prevailing in the markets that are located the Groups&#146; subsidiaries. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans, customer
deposits and other financing instruments are subject to risks derived from interest rate
fluctuations. The        relevant contract maturity characteristics and interest rates of
such financial instruments are disclosed in notes 7, 11 and 13. </FONT></P>





<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currency risk -<BR>       Most
assets and liabilities are        maintained in U.S. dollars.  Foreign        currency
transactions are made at the        free market exchange rates of the        countries
where Credicorp&#146;s        subsidiaries are established.  As of        December 31, 2003
and 2002 the Group&#146;s        assets and liabilities by currencies        are as follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=4 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT><hr size=1></TD>
     <TD colspan=4 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT><hr size=1></TD></tR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>U.S. dollars</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peruvian<BR>new sol</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other currencies</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>U.S. dollars</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peruvian<BR>new sol</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other currencies</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and due from banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,443,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>139,514&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,008&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,612,730&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,977,733&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162,612&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,045&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,182,390&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trading securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,843&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,196&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,111&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,150&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>295,755&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>297,563&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,786&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>605,104&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,469,891&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>637,200&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,728&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,154,819&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,568,523&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>630,184&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194,925&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,393,632&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,767,266&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>632,643&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,786&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,428,695&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,233,075&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86,477&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>128,953&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,448,505&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,712,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,437,553&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>144,633&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,294,394&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,075,086&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,176,836&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>377,709&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,629,631&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Liabilities -</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits and obligations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,631,187)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,306,463)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(48,580)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,986,230)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,011,722)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,168,385)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(201,093)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,381,200)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Due to banks and correspondents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(79,284)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(162,150)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32,300)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(273,734)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(208,496)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(61,026)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(40,176)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(309,698)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds issued</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(294,028)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(121,721)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(415,749)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(391,696)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(91,859)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(483,555)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(484,607)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(128,392)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(22,111)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(635,110)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(443,112)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(110,403)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(13,121)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(566,636)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,489,106)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,718,726)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(102,991)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,310,823)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,055,026)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,431,673)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(254,390)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,741,089)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,223,102&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(281,173)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,642&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>983,571&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,020,060&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(254,837)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123,319&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>888,542&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forwards position</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(135,647)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127,590&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,057&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(269,500)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>269,500&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net position</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,087,455&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(153,583)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,699&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>983,571&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>750,560&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,663&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123,319&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>888,542&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>




<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit risk -<BR>       Credit
risk is mainly controlled through the evaluation and analysis of each transaction
considering such aspects as credit        concentration of economic groups, evaluation of
economic sectors, portfolio foreseen losses, guarantees and requirements for
       working capital according to market risks. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial assets which
show a potential credit risk are mainly cash and cash equivalents, interest bearing
deposits in banks,        trading securities, investments available-for-sale, loans and
other assets.  The exposure to any one borrower including banks        and investments,
is further restructured by sub limits covering on and off-balance sheet exposures and
daily delivery risk        limits to trading items.  Actual exposure against limits are
monitored daily. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fair value -<BR>
       Fair value is defined as the amount for which an asset could be exchanged or a
liability settled, between knowledgeable,        willing parties in an arm&#146;s length
transactions, assuming an on going enterprise. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When a financial
instrument is traded in an active and liquid market, its quoted market price in an actual
transaction provides        the best evidence of its respective fair value.  When a
quoted market price is not available, or may not be indicative of the        fair value
of the instrument, to determine such fair value, the current market value of another
instrument that is        substantially similar, discounted cash flow analysis or other
estimation techniques may be used, all of which are significantly        affected by the
assumptions used.  Although management uses its best judgment in estimating the fair
value of these financial        instruments, there are inherent weaknesses in any
estimation technique.  As a result, the fair value may not be indicative of        the
net realizable or liquidation value. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A significant portion
of the Group&#146; assets and liabilities are short-term financial instruments, with a
remaining maturity of        under one-year.  These short-term financial instruments,
with the exception of those for which an active market exists, are        considered to
have a fair value equivalent to their carrying value at the balance sheet date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The methodologies and
assumptions used depend on the terms and risk characteristics of the various instruments
and include the        following: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   Cash and due from
banks represent cash and short-term deposits that do not represent significant credit
risks; in            consequence, their fair value are equivalent to their book value. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   Trading securities
and investments available-for-sale are generally quoted in stock exchange. Interest
earning assets and            liabilities with an original maturity of less than one year
have been assumed to have a fair value not materially            different from book
value. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   Market value of
loans is similar to their book values, because such loans are mainly of a short-term
nature and are shown            net of their respective allowance for loan losses, which
are considered by Management as the estimated amount recoverable            at the date
of the consolidated financial statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   Market value of
deposits and obligations is similar to their book value; principally because of their
liquid nature and            that the interest rates are comparable with the interest
rate of other similar liabilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   Due to banks and
correspondents generate interest contracted at variable interest rates and preferred
rates.  As a result,            it is considered that their book value is similar to
their market value. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-   As disclosed in
note 17, the Group has various commitments to extend credit, open documentary credits and
outstanding            guarantees and it has received guarantees in endorsement of the
granted credits. Based on the level of fees currently            charged from granting
such commitments and open documentary credits, taking into account maturity and interest
rates,            together with the present creditworthiness of the counterparties, the
difference between the book value and the fair value            is not material.  Because
of the uncertainty involved in assessing the likelihood and timing of guarantees being
drawn,            coupled with the lack of an established market, it is not practical for
the Group to determine the estimated fair value            for outstanding guarantees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Derivatives
instruments -<BR>       Except for currency forwards and interest rate swaps, as
indicated in note 17(d) and (e), the Group does not enter into other        agreements,
generally described as derivative transactions.  The Group records these derivatives at
their fair market value;        therefore there are no differences with their book values. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currency forward
contracts represent commitments to purchase or sell foreign and domestic currency on a
specified term.  In        these contracts there are not cash flows at the beginning of
the transaction.  The payments are made at the date of expiration,        when
surrendering and receiving local or foreign currency if it is buying or selling,
respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Group maintains
strict control on the limits and net derivative positions.  For the foreign currency
contracts and swaps of        interest rates maximum levels have been established for the
net maximum positions without hedge and a &#147;stop loss&#148; limit for the        maximum levels
of loss that the Group is willing to assume. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The notional amounts
of forward contracts provide a basis for comparison with instruments recognized on the
balance sheet but        do not necessarily indicate the amounts of future cash flows
involved or the current fair value of the instruments and,        therefore, do not
indicate the Group&#146;s exposure to credit or price risks.  The derivative instruments
become favorable (assets)        or unfavorable (liabilities) as a result of fluctuations
in foreign exchange rates and interest rates relative to their terms.        The
aggregate contractual or notional amount of derivative financial instruments outstanding,
and their aggregate fair value        can fluctuate significantly from time to time. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003 and 2002, the notional amounts of the outstanding contracts are approximately
US$313.9 and US$530.6        million, respectively, which have maturities of less than a
year.  As of December 31, 2003 and 2002 the forward contracts net        position is an
oversell of U.S. dollars of approximately US$135.6 and US$269.5 million, respectively.
 The fair value of the        asset and liability forward contracts as of December 31,
2003 amounted approximately to US$4.0 and US$1.1 million, respectively
       (approximately US$8.2 and US$0.2 million as of December 31, 2002), and are
included under the caption &#147;Other assets and other        liabilities&#148; of the
consolidated balance sheet, respectively.  In addition, as of December 31, 2003 and 2002,
the notional        amount of the outstanding swap contracts amounted to US$98.1 and
US$10.8 million, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.    Transactions
with related parties and affiliated companies </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain shareholders,
directors and officers of the Group have been involved, directly and indirectly, in
credit transactions        with certain subsidiaries of the Group, as permitted by
Peruvian Law 26702, which regulates and limits certain transactions        with
employees, directors and officers of a bank or an insurance company.  As of December 31,
2003 and 2002, loans and other        credits to employees of the Group are as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mortgage loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,503&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,114&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,797&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,344&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,911&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
loans and other contingent credits to related parties comprise: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$(000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Direct loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,474&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73,195&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,905&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,468&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73,379&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83,663&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>





<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003, direct and contingent credits to related companies comprise approximately 1.46 and
0.88 percent,        respectively (1.49 percent and 1.09 percent, respectively, as of
December 31, 2002), of the total portfolio of direct loans of        the Group, which are
ranked in the following risk categories: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Normal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Potential problems</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Substandard</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Doubtful</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All loans, insurance
and services to related parties were made on terms no more favorable than would have been
offered to the        general public. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, the Group
has investments available-for-sale in related entities for approximately US$9.0 and
US$20.0 as of        December 31, 2003 and 2002, respectively. </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>




<!-- MARKER FORMAT-SHEET="Times - Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd. and
Subsidiaries </FONT></P>


<BR><BR>



<!-- MARKER FORMAT-SHEET="Times - Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Information
Document </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003 </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>




<!-- MARKER FORMAT-SHEET="Times - Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section I </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Declaration of
Responsibility </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This document contains
truthful and sufficiently  detailed  information with respect to the business activity of
Credicorp Ltd. and its subsidiaries  during year 2003.  Notwithstanding  the
 responsibilities  of the  registrant,  the  undersigned is  responsible  for the
information under the scope of its competence according to applicable regulations. </FONT></P>




<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ BENEDICTO CIG&#220;E&#209;AS<BR>Benedicto
Cig&#252;e&#241;as<BR>Chief Financial and Accounting Officer<BR>February 25, 2004 </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Times - Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section II </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Business </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Information </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name : Credicorp Ltd. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Address:  Centenario
156, La Molina<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lima 12 , Peru </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone :
 51-1-313-2000<BR>Fax :             51-1-313-2135 </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Incorporation </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp Ltd, August
17th, 1995 in Hamilton, Bermuda, registry No. EC21045. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The duration of the
society is indefinite. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of Business </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp was formed
in 1995 for the purposes of acquiring  through an exchange offer (the &#147;Exchange  Offer&#148;)
the common shares of BCP, ASHC and PPS.  Pursuant to the Exchange  Offer,  in October
1995,  Credicorp  acquired  90.1% of BCP;  98.2% of ASHC; and 75.8% of PPS. Credicorp&#146;s
 shares began to be traded in the New York Stock Exchange,  immediately  after finishing
the exchange offer, with a closing price at such date of US$11.61  (adjusted for stock
dividends).  Credicorp  acquired in March 19, 1996,  pursuant to an exchange offer, the
remaining 1.8%  outstanding  shares of ASHC.  Credicorp also owns 99.99% of Inversiones
 Credito,  which is a non-financial  entity with long-term investments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCP began  operations
 in 1889 as Banco  Italiano  and changed its name to Banco de Cr&#233;dito del Per&#250; in 1941.
 BCP has been the largest commercial bank in Peru since the 1920s. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASHC was organized in
December  1981 as a wholly owned  subsidiary of BCP,  under the name Cr&#233;dito Del Peru
Holding  Corporation  (&#147;BCP International&#148;),  in the Cayman  Islands and became the first
 Peruvian  bank to  establish an offshore  banking  presence to serve its Peruvian
 customers.  In 1983, BCP distributed the shares of BCP  International  as dividends to
the shareholders of BCP to protect its privately  held  status in the event BCP were
 nationalized.  BCP  International  established  its  first  physical  presence  offshore
(previously  having been  operated  through  BCP&#146;s  corporate  offices)  by opening an
office in Panama in 1984,  and in 1986 opened an agency in Miami and changed its name to
Atlantic Security Holding Corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPS was formed in 1992
as a result of a merger  between El Pac&#237;fico  Compa&#241;&#237;a de Seguros y  Reaseguros  S.A.
 and Compa&#241;&#237;a de Seguros y Reaseguros Peruano-Suiza S.A., and is the largest Peruvian
insurance company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additionally, in
January of 1997, Credicorp purchased 99.99% of Banco Tequendama, a Colombian bank with
US$390 million in assets. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003, the company had paid-in capital of US$471,911,585, which is represented by
94,382,317, shares with a par value of US$ 5.00 each. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders with 5%
or more of the company: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Participation</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Atlantic Security Holding Corporation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.76%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IN-Cartadm</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.41%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HO-Cartadm</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.74%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NV-Cartadm</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.42%</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of employees </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Managers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indefinite term: Employees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,743&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,240&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fixed term: Employees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,089&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,020&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,896&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,324&nbsp;</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of Business </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp  is the
 largest  financial  services  holding  company in Peru.  Credicorp  is engaged
 principally  in  commercial  banking (including trade finance and leasing),  capital
market activities (including corporate finance,  brokerage services,  asset management,
trust,  custody and proprietary trading and investment) and insurance  (including
 commercial  property,  transportation,  marine hull, automobile, life, health and
pension fund underwriting insurance). </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Legal Proceedings </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp  and its
 subsidiaries  are involved in certain legal  proceedings  incidental to the normal
 conduct of their  business.  In addition,  Credicorp is involved in certain legal
proceedings in connection with its acquisition of Banco  Tequendama,  where the Judge in
the Court of first  instance in Aruba  dismissed  the claim and the  plaintiff  appealed.
 The case is now in the Superior  Court of Aruba and a final decision is expected soon.
 Credicorp does not believe that any potential  liability  resulting from such
proceedings would have a material adverse effect on the financial condition or results of
operations of Credicorp or any of its subsidiaries. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Control of Registrant </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
sets forth the current Directors of Credicorp. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name</FONT></TD>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Years as<BR> Officer (1)</FONT></TD></TR>
<TR>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dionisio Romero</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Luis Nicolini</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deputy Chairman</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fernando Fort</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reynaldo Llosa</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Juan Carlos Verme</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Luis Enrique Yarur</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6&nbsp;</FONT></TD></TR>
</TABLE>

<hr size=1 width=150 align=left>

<!-- MARKER FORMAT-SHEET="Times Div Just" FSL="Workstation" -->
<DIV ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  Of Credicorp,
its subsidiaries and their predecessors as of December 31, 2003. </FONT></DIV>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Secretary of the
Board of Directors is Dawna L. Ferguson.  The Assistant Secretary of the Board of
Directors is Fernando Palao. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive Officers </FONT></P>

<!-- MARKER FORMAT-SHEET="Times - Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant  to the
 By-Laws,  the Board of  Directors  has the power to  delegate  its power over
 day-to-day  management  to one or more Directors,  officers,  employees or agents. The
following table sets forth information  concerning the principal  executive officers of
Credicorp. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name</FONT></TD>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Years as Officer (1)</FONT></TD></TR>
<TR>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dionisio Romero</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Executive Officer</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34 (2)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Raimundo Morales</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Operating Officer</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carlos Mu&#241;oz</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive Vice President</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Benedicto Cig&#252;e&#241;as</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Financial and Accounting Officer</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jos&#233; Luis Gagliardi</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Vice President&#150;Administration and Human Resources</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23 (3)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arturo Rodrigo</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Vice President&#150;Insurance</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28&nbsp;</FONT></TD></TR>
</TABLE>

<hr size=1 width=150 align=left>

<!-- MARKER FORMAT-SHEET="Times Div Just" FSL="Workstation" -->
<DIV ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  Of Credicorp,
its subsidiaries and their predecessors, as of December 31, 2003.<BR>                                            (2)
     Mr. Romero served as an officer of BCP from 1966 through 1987 and from 1990 to
                                            the present.  Mr. Romero has been an officer
of PPS since 1972.<BR>             (3)  Mr. Gagliardi served as an officer of BCP from
1981 through 1988. </FONT></DIV>


<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>





<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section III<BR>
                                                                FINANCIAL STATEMENTS </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A.  CREDICORP LTD. AND
SUBSIDIARIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp  reported a
consolidated  net income of US$80.6 million for the year ended December 31, 2003, 90.2%
above net income of US$42.4 million in 2002,  resulting in US$1.01 and US$0.53 per share,
 respectively.  Total year 2003 results improve with respect to the preceding year mainly
due to: higher  non-financial  revenue;  increased net interest income;  and, lower loan
loss  provisions.  Increases in income could offset expense growth, which include costs
due to the merger of Banco Santander Central  Hispano-Peru  (&#147;BSCH-Peru&#148;) and of Soluci&#243;n
 Financiera de Cr&#233;dito.  In this later case, the merger process will continue into the
first quarter of 2004. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDICORP LTD. AND
SUBSIDIARIES <BR>CONSOLIDATED INCOME
STATEMENTS
<BR>(In thousands of U.S. Dollars) </FONT></P>

<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Twelve months ended</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Var&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=1><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>513,347&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>521,242&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less: Interest Expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>178,070&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162,314&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.8%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Interest Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>335,277&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>358,928&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for possible loan losses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111,646&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,949&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-15.9%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER INCOME</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>374,796&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>424,733&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees and commissions from banking services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,097&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>189,472&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net gains from sales of securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,097)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,969&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net gains on foreign exchange transactions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,582&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,681&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net premiums earned</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,218&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,115&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.1%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58,996&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84,496&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CLAIMS ON INSURANCE ACTIVITIES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>97,901&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,774&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER EXPENSES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>412,746&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>456,639&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries and employee benefits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>185,129&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184,737&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.2%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General, administrative, and other taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,442&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>147,593&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,372&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,883&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,142&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57,839&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,661&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,587&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1019.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Translation result</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,482)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,693)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income tax, and minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,298&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>130,606&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32,628)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(39,695)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minority Interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,287)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,304)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,383&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,607&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income per share (US$)(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.53&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.01&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.1%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Times DIV Justify" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) 79.8 million
shares are used in both periods. </FONT></DIV>








<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income from
Subsidiaries </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s principal
subsidiaries contributed to consolidated net income as follows: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(US$Mn)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12m02&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12m03&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito BCP(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$59.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$91.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Atlantic</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Tequendama</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp and others(2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-21.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-21.9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Utilidad Neta</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$42.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$80.6</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times DIV Justify" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Includes Banco
de Cr&#233;dito de Bolivia.                        <BR> (2) Includes Inversiones Cr&#233;dito,
Credicorp Securities and others. </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In total year 2003,
 the Credicorp and others  concept  contributed a loss of US$21.9  million  mainly due to
US$5.6 million of provisions for loans transferred  from Banco Tequendama and US$8.7
million of investments and  contingencies  reserves.  Total 2002 loss  contribution of
US$21.6 million included US$12.8 million in losses assumed in favor of Banco Tequendama
and a US$3.0 million provision for investments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the present year,
 Banco de Cr&#233;dito BCP contributed  US$91.3 million to Credicorp&#146;s  net income,  greater
than its results  according to Peruvian accounting  principles  reported  in Section  B,
which  amounted  to US$89.2  million.  The  difference  is mainly due to lower
 translation  losses registered by Credicorp.  Credicorp&#146;s  Dollar-based  accounting
showed a US$2.2 million translation loss in this year, lower than an US$11.9 million loss
in BCP&#146;s  records,  which takes into account  inflation  adjustment  losses and losses on
foreign  currency  positions  caused by the Nuevo Sol appreciation  against the Dollar.
 Additionally,  Credicorp  considers minority interest  elimination (US$3.6 million) and
higher deferred taxes and expenses (US$1.3 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  contribution  of
Atlantic  Security  Holding  Corporation of US$7.8 million for full year 2003 is below
US$10.9 million net income shown in its books, due to the elimination for  consolidation
 purposes of US$3.1 million of dividends  received from Credicorp and registered as
income in March of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003,  Credicorp
 received a contribution  from PPS of US$3.3  million,  lower than the net income of
US$11.1  million in its local Peruvian GAAP books, mainly due to minority interest
elimination (US$5.3 million) and to higher provisions required by IAS records. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco  Tequendama
 contributed net income of US$0.1 million in full-year 2003,  which does not include
 provision  expense  incurred by Credicorp of US$5.6 million for transferred loans as
mentioned above. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTEREST INCOME AND
OTHER INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income in
2003 was US$358.9 million,  7.1% over income earned in 2002,  mostly due to higher
interest earning assets,  which grew 8.7%, and that offset a slight decrease in interest
 margins.  The volume of interest  earning assets,  as an average between  quarterly
 ending balances, reached  US$6,683  million in this year,  compared to US$6,150  million
in 2002 mostly due to volume from the merger of BSCH-Peru.  The net interest margin (net
interest income over average interest earning  assets),  was 5.37% during 2003, lower
than 5.45% in the prior year.  During the year net interest  margins  decreased  mostly
due to lower loan rates which were not offset by lower funding  costs,  within a
continuing  overall  excess of liquid funds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  income
was US$424.7  million in 2003,  13.3% above US$374.8  million in 2002. Fee revenue from
banking  services were US$189.5 million in 2003,  higher by 12.0%  compared to fees in
2002,  mainly due to growth in account  maintenance  fees,  credit cards and in brokerage
 and mutual funds fees.  Non-interest income components were as follows: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In US$Mn)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003 vs 2002</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commissions for banking services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>189.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gains from sale of securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1.1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gains from foreign exchange</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other non-interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Non-Interest Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>374.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>424.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER NON-INTEREST
EXPENSES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other  non-interest
 expenses  amounted  to  US$456.6  million in 2003,  10.6%  above  expenses  in  previous
 year.  The  increase is mainly due to non-recurrent  expenses  related to merger costs
with  BSCH-Per&#250; and Soluci&#243;n  Financiera,  and higher  contingency  provisions.  Credicorp&#146;s
 other expense components had the following variations: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(% change and US$Mn)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003 vs 2002&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries and employee benefits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>185.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.2%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General, administrative, and taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>147.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1019.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Other Expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>412.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>456.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The efficiency  ratio,
 &#147;adjusted&#148;  operating  expenses  (determined by netting  provisions for assets received
in lieu of loan repayment,  employee profit sharing expenses and non-recurrent  expenses)
as a percentage of total income, without extraordinary  concepts, was 50.6% in 2003
having been 52.1% in the same period last year.  &#147;Adjusted&#148; operating expenses as a
percentage of average total assets remained unchanged at 4.6%. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS AND LIABILITIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s  totals
assets were US$8.3  billion at December 31, 2003,  decreasing  3.7% compared to the
balance of December 2002. The loan portfolio as of December 31, 2003 reached US$4.5
billion,  remaining almost  unchanged during the current quarter,  but decrease 7.0%
compared to the year-ago balance.  Funds deposited in other banks decreased 26.5% in the
year, since they mostly were transferred to investments in securities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits and other
 obligations  reached  US$6.3  billion at December 31, 2003 and are 7.1% lower than the
December 2002  balance.  Due to banks and correspondents, which closed at US$273.2
million, continued its declining trend decreasing 11.8% in the year. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDICORP LTD. AND
SUBSIDIARIES                    <BR>CONSOLIDATED BALANCE SHEETS                 <BR>  (In
thousands of U.S. Dollars) </FONT></P>


<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dec. 31, 2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dec. 31, 2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Var&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=1><HR SIZE=1></TD></TR>






<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH AND DUE FROM BANKS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,182,391&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,612,730&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-26.1%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and non interest bearing deposits in banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>314,404&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>240,294&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-23.6%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest bearing deposits in banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,867,987&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,372,436&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-26.5%&nbsp;</FONT></TD></TR>





      <TR>
     <TD COLSPAN=1>&nbsp;</TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MARKETABLE SECURITIES, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79,925&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127,365&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59.4%</FONT></TD></TR>




      <TR>
     <TD COLSPAN=1>&nbsp;</TD></TR>





<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LOANS NET</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,396,853&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,154,819&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5.5%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,412,345&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,225,001&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4.2%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past Due</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>405,317&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256,495&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-36.7%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less - Reserve for possible loan losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(420,809)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(326,677)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-22.4%&nbsp;</FONT></TD></TR>





      <TR>
     <TD COLSPAN=1>&nbsp;</TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INVESTMENT SECURITIES AVAILABLE FOR SALE</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,166,381&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,612,887&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.3%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REINSURANCE ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,677&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,904&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.7%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PREMIUMS AND OTHER POLICYHOLDER RECEIVABLES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61,856&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,057&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2.9%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPERTY, PLANT and EQUIPMENT, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>288,889&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>264,533&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.4%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>412,728&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420,850&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0%</FONT></TD></TR>




      <TR>
     <TD COLSPAN=1>&nbsp;</TD></TR>





<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,618,700&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,299,146&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.7%&nbsp;</FONT></TD></TR>




 <TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD></TR>






 <TR>
     <TD COLSPAN=4>&nbsp;</TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DEPOSITS AND OBLIGATIONS:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,785,937&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,304,839&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.1%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest bearing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>853,138&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>860,585&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.9%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest bearing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,932,799&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,444,254&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.2%&nbsp;</FONT></TD></TR>



 <TR>
     <TD COLSPAN=4>&nbsp;</TD></TR>





<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DUE TO BANKS AND CORRESPONDENTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,698&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,234&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11.8%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESERVE FOR PROPERTY AND CASUALTY CLAIMS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>224,754&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>303,587&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.1%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESERVE FOR UNEARNED PREMIUMS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48,703&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,084&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.7%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER LIABILITIES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>361,067&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>367,828&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MINORITY INTEREST</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,742&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.5%</FONT></TD></TR>



 <TR>
     <TD>&nbsp;</TD></TR>





<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL LIABILITIES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,794,901&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,388,413&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5.2%&nbsp;</FONT></TD></TR>


 <TR>
     <TD>&nbsp;</TD></TR>






<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET SHAREHOLDERS' EQUITY</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>823,799&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>910,733&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6%</FONT></TD></TR>




 <TR>
     <TD>&nbsp;</TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL LIABILITIES and NET SHAREHOLDERS' EQUITY</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,618,700&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,299,146&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.7%&nbsp;</FONT></TD></TR>



 <TR>
     <TD>&nbsp;</TD></TR>





<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTINGENT CREDITS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,637,050&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,768,605&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.0%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FUNDS UNDER MANAGEMENT</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,369,712&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,724,130&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.9%</FONT></TD></TR>
 <TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>

</TABLE>










<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan quality
indicators are shown in the following table: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In US$Mn)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,817.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,481.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>405.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan loss reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>326.7</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due / Total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves / Past due</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>103.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127.4%</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The balance of past
due loans  decreased from US$405.3  million at year-end 2002 to US$256.5  million at
December 2003,  mainly due to improved loan quality,  which drove the past-due ratio from
8.4% to 5.7%,  respectively.  During 2003 loans charged-off  amounted to US$170.0
million,  increasing over US$140.9 million in 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third party funds
under  management  continued to grow reaching  US$1.7 billion at year-end 2003,
 increasing  6.5% in the last quarter and by 25.9% since the beginning of the year. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUBSIDIARIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Below are brief
comments on some of the subsidiaries not discussed in the following section of this
report: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Atlantic Security
Holding Corporation and Subsidiaries (&#147;ASHC&#148;), Cayman Islands </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  net
income for the year ended December 31, 2003 was US$10.9  million,  higher than US$5.8
million in 2002. Net income in the full-year 2003 increase compared to 2002, mainly due
to higher returns on the investment portfolio and lower operating expense. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest  income,
 before risk provisions and not including  dividend  income,  was US$14.6  million in
2003,  lower than US$17.4 million in the prior year. Net interest margin as a percentage
of interest earning assets,  without considering  dividends,  was 2.3% during 2003,
 decreasing from the 3.0% margin in  preceding  2002.  The margin  declined  mostly
 because of the higher  weight of  investment  grade and lower risk fixed  income
securities, which lower the portfolio&#146;s return while decreasing net income volatility. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003 charges
 against income for market risk  provisions  amounted to US$9.4  million,  higher than
US$8.1 million charged in the preceding 2002. In the current year provisions for credit
risks amounted to US$2.9 million, while US$1.3 million was expensed in the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest income,
 which includes fee income,  realized gains on securities  transactions before risk
provisions and others,  improved to US$11.7 million in 2003,  from US$2.7  million in
2002.  Compared to the prior year,  income  increases  mainly due to higher  realized
 gains on securities transactions,  which improve from a loss of US$4.0  million in 2002,
to a US$7.3  million net gain in 2003.  Fee income  decreased to US$3.6 million in the
current year,  compared to US$5.3 million in 2002 mainly due to management  fees and
 commissions  transferred to affiliate  companies in the U.S., after the restructuring of
Credicorp&#146;s businesses in this country. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The loan portfolio,
 net of provisions,  was US$152.4 million as of December 31, 2003, decreasing from loan
balances of US$160.5 million at December 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The marketable
securities portfolio was US$430.1 million at December 2003, increasing over US$313.8
million at the end of 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits amounted to
US$629.4 million at December 31, 2003, increasing from the balance of US$544.3 million at
the end of December 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Funds under
 management  were US$664.1  million at December 31, 2003,  growing 21.0% compared to
US$549.1  million at year-end 2002. The increase is principally due to the introduction
of new structured products and funds under management with higher yields than interest
paid on bank deposits. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net equity  reached
 US$112.9  million at the end of December  2003,  lower than US$129.5  million at
September  2003,  mainly due to the payment of US$21.7 million in dividends to Credicorp.
 Nevertheless,  current net equity remains  similar to the balance of US$110.3  million
at December 2002. Compared to the year-ago  period,  the equity account of reserves for
market value of investments  increases from a balance of unrealized  losses of US$7.4
 million at the end of December  2002,  to unrealized  gains of US$11.0  million at the
end of the current  year,  due to improved  values in capital markets of the available
for sale proprietary portfolio. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of operating
 expenses over average assets  decrease to 0.9% in 2003,  compared to the 1.4% ratio
during 2002. This ratio declines to 0.5% in 2003, when funds under management are
included within total assets, improving from 0.8% in the prior year. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>El Pacifico-Peruano
Suiza and Subsidiaries (&#147;PPS&#148;), Per&#250; </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPS obtained in the
year ended December 31, 2003 a consolidated  net income of S/.38.4 million  (US$11.1
 million),  5.7% over net income of S/.36.3 million  (US$10.5  million) in 2002.  Results
in year 2003  increase over profits in the prior year mainly  because of higher  premiums
and gains on the sale of long-term investments, which offset increased reserves. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total premiums and EPS
health fees in full-year 2003 were S/.1,001.7  million  (US$289.2  million),  increasing
14.3% compared to 2002. Net premiums earned and health fees, net of reinsured  premiums
and reserves,  were S/.482.7 million  (US$139.4  million),  2.0% below premiums in the
prior year 2002.  Net premiums earned decreased mainly due to higher reserves, while
health fees, net of reserves, also declined. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions to technical
 reserves for premiums grew by S/.226.8  million  (US$65.5  million) in 2003, 88.3%
higher than additions of S/.120.4 million (US$34.8  million) in year 2002. Most of
reserves in 2003 were  established by Pac&#237;fico Vida, for its life annuities and life
insurance  lines,  and by PPS following new regulations requiring a non-recurrent
adjustment for earthquake risks amounting to S/.19.4 million (US$5.6 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comparing  cumulative
 results for full-years 2003 and 2002,  consolidated  total premiums and fees consisted
of: i) general  insurance lines,  that amounted to 57.5% of total premiums and increased
5.4%; ii) fees at Pac&#237;fico  Salud,  that were 8.2% of total premiums and decreased 7.0%;
and, iii) premiums by Pac&#237;fico Vida, which amounted to 34.2% of the total and grew 42.3%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative  through
December 31, 2003, growth of Pac&#237;fico Salud and the health and medical  assistance
 insurance line (18.4% of total premiums) was 3.5%;  fire insurance lines (23.5% of total
 premiums)  increased  18.6%;  while the automobile  insurance line (5.6% of total
 premiums)  decreased 10.3%.  Through December 2003,  pension fund benefits  insurance
(6.8% of total premiums)  decreased 4.6%, while group life insurance and individual life
insurance policies (11.0% of total premiums) grew 16.8%, and life annuities (11.5% of
total premiums)  increased 136.6%,  compared to the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net consolidated
 underwriting  results was S/.66.5 million  (US$19.2  million) in 2003,  decreasing from
S/.73.7 million  (US$21.3  million) in the prior year,  mainly due to the above
 mentioned  increased  reserves.  The ratio of net  underwriting  results  (net  premiums
 and health fees less reserves and claims as a percentage of total premiums) was 6.6% in
2003, compared to the 8.4% ratio in the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net insurance  claims
and health services costs incurred in 2003 were S/.345.5 million  (US$99.8  million),
 3.9% lower than claims in 2002. The net loss ratio (net claims to net  premiums)
 decreases to 48.7% in the current year from 58.6% in 2002,  mainly due to higher
 premiums,  and continued improvements in the fire, auto and health  insurance lines,
 but continues high in pension fund insurance  (114.6%),  health (77.8%) and in Pac&#237;fico
Salud (90.1%). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The combined ratio
(the sum of net claims and health services,  general expenses and commissions,  as a
percentage of net earned premiums and health fees,  without including  Pacifico Vida)
worsened from 96.3% in 2002 to 100.0% in the current year, mainly because of the higher
provisions made for earthquake risks. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expenses
over net premiums decreased from 18.2% to 16.5% comparing 2002 and 2003, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in real
estate and financial assets were S/.1,317  million  (US$380.4  million) at the end of the
current period,  increasing 26.1% from the year-ago balance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003, total assets were S/.1,769 million (US$510.9  million)  increasing 22.4% compared
to the year-ago  balances.  At the end of the current period net equity amounted to
S/.375.9 million (US$108.6 million) 10.2% over net equity at December 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Peruvian
 insurance  market through November 30, 2003, had total premiums of US$799.8  million,
 29.8% over premiums in the same period in 2002, growing  mainly due to sales of SOAT and
life  annuities.  For the eleven months of 2003,  PPS's market share in total  premiums
was 30.2% (32.1% in the year-ago  period),  with the share in general risks and health
lines being 33.0% (34.0% in 2002) and in life insurance and pension fund benefits lines
of 26.4% (28.6% in the same period of 2002). </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito de
Bolivia ("BCB"), Bolivia </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bolivian GDP grew 2.3%
in the nine month  period  through  September  2003 and is expected to grow 2.6% in
full-year  2003,  declining  from 2.8% in 2002.  Natural gas production  grew almost 10%,
and the  agricultural  sector by 4%, while,  on the other hand,  construction  declined
9%. Economic activity in 2003 is being driven by exports,  that grow 15%,  where oil and
gas increase  28%. It is expected that GDP will grow slightly over 3% in 2004, meaning
that economic activity will continue weak, with domestic demand and consumption
 remaining stagnant.  The government  continues having fiscal  difficulties.  After the
budget  deficits  of 8.5% of GDP in 2002 and 8% in 2003,  a 6.5% is expected in 2004.
 New tax  measures  are being drafted as well as  facilities  to  restructure  companies.
 Additionally,  the final  treatment  of the  natural gas of Tarija will be defined in a
referendum next March. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inflation  reached
3.9% in full-year 2003,  compared to 2.5% in 2002.  Devaluation  continued at a slower
pace with a 0.9% exchange rate increase in the last quarter and 4.1% in total 2003,
reaching 7.81 Bolivianos per Dollar at December 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan volume in the
banking  system  declined by 5.2% in the year, to end at US$2,552  million at December
 2003.  Loan quality  improved from a past due ratio of 17.6% in December 2002, to 16.7%
at December 2003,  while  coverage of past-due  loans with  provisions  increased from
63.7% to 74.0%, respectively.  Total  deposits in the system  amounted to US$2,713
 million at December  2003,  lower by 4.0%  compared to the balance at  September 2003,
but are similar to deposits at December 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCB&#146;s market share in
deposits at December  2003 was 12.5%,  decreasing  slightly from 12.7% at December  2002.
 In terms of loans,  BCB had a 12.2% market share, and remains over the 11.7% share at
December 2002.  In this way, BCB remained in the fourth position of twelve banks in the
system. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003,  BCB had total loans of US$309.9  million  which  compares to US$313.3  million at
the end of December  2002. At the end of 2003,  BCB&#146;s past due loans reached US$64.2
 million,  or 20.7% of total loans,  lower than 21.6% at December 2002.  Coverage of past
due loans with loan loss  provisions  was 76.7% as of December  2003,  remaining  almost
 unchanged  during the last quarter,  but increased from 62.5% in December 2002.  Net
equity at the Bolivian subsidiary amounted to US$56.3 million as of December 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative through
December 2003,  US$20.6 million of loan loss provisions were charged against results,
 compared to US$30.2 million charged during 2002,  jointly  incurred by BCB and at the
BCP level to cover BCB&#146;s impaired  assets.  In BCB&#146;s own records,  net income was US$1.5
million in 2003, compared to US$22 thousand in 2002. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Tequendama,
Colombia </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the eleven month
period through November 2003, Colombian  manufacturing  production grew 3.9%, confirming
a mild economic recovery.  The recovery is being led by exports (oil, coal and
non-traditional  exports) and by investments,  while consumption  remains depressed.  GDP
is expected to grow over 3% in total 2003 and also in 2004.  In full-year 2002 GDP grew
1.7%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Since the referendum
 seeking  spending cuts, held in October 25, did not win approval,  Congress had to pass
certain  alternative  tax measures.  A special  wealth tax has been  imposed,  and the
rate of the  banking  debit tax has been  raised,  but the  increase  of the value added
tax was not accepted.  The deficit  remains under  control,  with a target of 2.8% for
full-year  2003,  under the 3.6% of 2002,  and is expected to decrease to 2.5% in 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Following  regional
 trends the exchange rate  appreciated  during the fourth  quarter  2003,  where a 3.8%
 revaluation  led to an exchange rate of Col$2,781  per US$1 at the end of December
 2003.  During total 2003,  the exchange rate revalued  2.9%,  compared to a devaluation
 of 25% in 2002. The Central Bank has  announced  various  measures to stop the
 appreciation  of the Peso,  but it decreased  to Col$2,715  during  January 2004 and
remains under Col$2,800, so it is expected that it will not have a major change during
2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In fourth quarter 2003
prices increased 1.0%, and 6.5% in total 2003.  Annual inflation  exceeded the official
 inflation target of between 5 to 6%, although it continues the downward trend of recent
years.  Inflation is expected to continue  decreasing  aided by the  appreciating
 exchange rate, fiscal controls and by higher economic activity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banking system
 statistics  show that loans  increased from US$14.4 billion at December 2002, to US$15.6
billion at the close of November 2003, with the past-due ratio improving from 12.7% to
10.9%,  respectively.  The coverage ratio of loan provisions over bad loans also
improved,  from 61.9% at December 2002 to 66.0% in November 2003.  Total deposits in the
banking  entities were US$19.8 billion at the end of November 2003,  increasing from
US$19.2 billion at December 2002, following a recovery noted in recent months. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco  Tequendama&#146;s
 loan market share,  as of November 2003, was 1.48%,  slightly over 1.43% obtained in
December 2002. At the same dates,  deposit market share increased to 0.83% from 0.74%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003, Banco  Tequendama&#146;s  loans were US$232.1 million,  increasing 9.6% compared to
US$211.7 million as of December 2002. At the end of December  2003,  deposits  totaled
 US$187.5  million,  21.7% over US$154.1  million at year-end  2002. At December 31,
2003,  the bank&#146;s net equity amounted to US$29.1 million according to Credicorp&#146;s
accounting records. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The past due loan
ratio was 1.1% in December  2003,  improving  from 1.2% at the end of third  quarter
 2003 and from 4.3% at December  2002,  while coverage with provisions was 238.2%,
compared to 191.0% and 69.5%, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>





<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B.  BANCO DE CREDITO
DEL PERU AND SUBSIDIARIES (&#147;BCP&#148;) </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  net
income in the year ended  December 31, 2003 was S/.308.8  million  (US$89.2  million),
 32.7% over net income of S/.232.7  million (US$67.2  million) in 2002,  resulting  in
S/.0.26 and S/.0.19 per share,  respectively.  Net income  increased  in 2003  compared
to the prior year principally due to higher  non-financial  income and lower loan loss
 provisions,  which offset the loss from inflation  exposure and  non-recurring expenses
of the merger of BSCH-Peru and Solucion Financiera de Credito, that reached S/.65.2
million (US$18.8 million). </FONT></P>





<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BANCO DE CREDITO DEL
PERU AND SUBSIDIARIES  <BR>                   CONSOLIDATED INCOME STATEMENTS<BR>
                      (Constant Nuevos Soles, as of December 31, 2003 and U.S. Dollars in
thousands) </FONT></P>


<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>

<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Twelve months ended</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=3><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD></TR>


<TR VALIGN=Bottom>
     <TD WIDTH=52% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Var&nbsp;</FONT></TD></TR>


 <TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=3><HR SIZE=1></TD>
     <TD COLSPAN=1><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income and expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$000(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,631.733</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,615.667</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$466.551</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.0%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less - Interest expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>511.613</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>458.800</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$132.486</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-10.3%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,120.120</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,156.867</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$334.065</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for possible loan losses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>377.114</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>310.195</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$89.574</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-17.7%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Income</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees and commissions from services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>580.900</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>648.304</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$187.209</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.6%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net gains from sales of securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.072</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.204</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2.080</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-76.8%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net gains on foreing exchg. transacts.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78.057</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77.769</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22.457</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.4%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109.838</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184.639</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$53.318</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.1%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>799.867</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>917.916</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$265.064</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.8%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Expenses</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries and employee benefits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>544.913</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>525.026</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$151.610</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.6%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General and administrative</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>397.399</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>409.828</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$118.345</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119.506</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>136.609</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$39.448</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.3%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes other than income tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.302</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.320</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$11.932</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.0%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>128.419</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119.262</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$34.439</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.1%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.953</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.209</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$18.830</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>995.4%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,231.492</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,297.254</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$374.604</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Result from exposure to inflation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.100</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(41.093)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($11.866)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-340.3%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>328.481</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>426.240</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$123.084</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.8%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95.826</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>117.454</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$33.917</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.6%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>232.655</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>308.786</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$89.167</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.7%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income per share (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.19</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.26</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.07</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.7%</FONT></TD></TR>

      <TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times DIV Justify" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)Translated at
S/.3.463 per US$1.00. </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Times DIV Justify" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) In Nuevos Soles
and U.S. d&#243;lares.  Uses 1,202 million shares in bothe periods. </FONT></DIV>





<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INTEREST INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income, net
of interest  payments,  in 2003 reached S/.1.2 billion (US$334.1  million),  increasing
3.3% compared to net interest income in 2002.  Net interest income grew mainly due to the
increase in average interest earning assets which offset decreased interest margins. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2003, the net
interest margin was 5.42%,  decreasing from 5.67% in 2002, mostly due to lower loan rates
and returns on invested funds,  which was partly offset by lower funding costs, while a
general excess of liquid funds continued. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NON-INTEREST INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  income,
 including fee revenue and other non-interest items, in full-year 2003 amounted to
S/.917.9 million (US$265.1 million),  14.8% higher than income of S/.799.9  million
 (US$231.0  million) in 2002,  mostly due to higher fees on banking  services and
 recoveries of charged-off accounts. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003, fees from
banking services amounted to S/.648.3 million (US$187.2  million),  11.6% higher than in
2002, mostly due to increases in account maintenance, brokerage fees and credit card fees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the year, fees on
the most important banking services had the following growth rates: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In constant S/. Mn.)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Growth</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent credits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Foreign Trade</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Account Maintenance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>151.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>173.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Collections fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fund transfer services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit card fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brokerage</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Finance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan administration</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shipping and handling</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>580.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>648.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.6%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the fourth quarter
of 2003,  securities  transactions  resulted in a gain of S/.7.2 million  (US$2.1
 million),  decreasing  compared to gains of S/.31.1  million  (US$10.2  million) in the
prior year.  In year 2003 a decrease  in gains was due to lower value of long term
 positions  on mutual funds,  while in 2002 gains grew from the sale of fixed income
 securities and the overall  increase in stock quotes.  The general index of the Lima
Stock Exchange increased 74.9% in total 2003, compared to 18.3% in the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gains from foreign
exchange  operations,  which are the result of the foreign exchange  buy-sell  margin,
 was S/.77.8 million (US$22.5  million) in 2003,  slightly lower than revenue in 2002,
 mainly due to decreased  traded  volumes and margins due to the low volatility in the
foreign  exchange market. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Other Income
 caption,  that mainly  registers  reversals of prior year  expenses and  provisions  and
 recoveries of certain  operating  costs, increased from S/.109.8 million (US$31.7
 million) in 2002 to S/.184.6  million (US$53.3  million) in the current year,  mainly
from the recovery of charged-off accounts and excess provisions. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.4  OTHER
NON-INTEREST EXPENSES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  expenses
during 2003 were  S/.1,297.3  million  (US$374.6  million),  5.3% over those of 2002,
 mostly due to  non-recurrent  expenses related to the merger of BSCH-Peru and Soluci&#243;n
Financiera de Credito.  Adjusted operating expenses,  that exclude provisions for assets
received in lieu of loan  repayment,  non-recurring  expenses and employee profit sharing
 expenses,  reached  S/.1,060.7  million  (US$306.3  million) in 2003, decreasing from
S/.1,070.4 million (US$309.1 million) in year 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003,
 approximately 40% of non-interest  expenses were  attributable to employee salaries and
other expenses related to personnel.  This concept decreased  3.6% to  S/.525.0  million
 (US$151.6  million)  when  compared  to 2002.  At the end of 2003 the  number  of
 employees  stood at 7,530, decreasing  from 7,671 at December  2002  (without  including
 685 employees at  BSCH-Per&#250;),  mainly due to sales  personnel of Solucion  Financiera
transferred to a subsidiary of Credicorp. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General and
 Administrative  expenses,  which  represented  32% of non-interest  expenses,  reached
 S/.409.8  million  (US$118.3  million) in 2003, increasing 3.1% when compared to
expenses in the prior year, mainly due to increased systems and operating charges. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In this quarter, the
most significant general and administrative expenses were: </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In constant S/. Mn.)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chnge.</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Office supplies and operating costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Communications</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third party fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance and security</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transport of currency and securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Systems and maintenance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advertising and marketing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other G&amp;A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total G&amp;A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>397.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>409.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Other caption
within Other  Non-Interest  Expenses,  decreased from S/.128.4  million  (US$37.1
 million) in 2002 to S/.119.3  million  (US$34.4 million) in the year, mainly due to
lower provisions for contingencies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of adjusted
 operating  expenses  (determined  by excluding  provisions for assets  received in lieu
of loan  repayment,  employee  profit sharing expense and non-recurring expenses) as a
percentage of average total assets, improved from 4.5% in 2002 to 4.3% in the current
year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjusted operating
 expenses,  as a percentage of total income (excluding  non-recurring  income),  also
improved from 55.8% to 51.9% when comparing 2002 and 2003, respectively. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS AND LIABILITIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets of BCP
reached S/.23.2 billion (US$6.7  billion) at the end of December 2003,  decreasing  11.0%
with respect to the year-ago  balance. The decrease is mainly because during 2003 the
positive impact of BSCH-Peru&#146;s  volume included in December 2002 was lost.  Consolidated
 total loans were S/.14,204  million (US$4,102  million) at the end of December 2003,
 decreasing 11.0% compared to December 2002. At December 31, 2003, the loan portfolio,
 net of provisions,  represented 56.4% of total assets,  higher than 55.6% at December
2002. At the end of 2003, the Nuevos Soles portion of the loan portfolio was 17.7%, over
15.2% as of December 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003 total  deposits were S/.19,559  million  (US$5,648  million),  decreasing  12.0%
compared to year-end 2002 deposits.  During 2003, time deposits  decreased by 16.2%,
 savings  deposits 11.3%, and demand deposits by 3.5%.  Deposits  denominated in Nuevos
Soles were 23.8% of total deposits, increasing over 21.8% at the end of December 2002. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BANCO DE CREDITO DEL
PERU AND SUBSIDIARIES
<BR>CONSOLIDATED BALANCE SHEETS<BR>
                      (Constant Nuevos Soles, as of December 31, 2003, and U.S. Dollars
in thousands) </FONT></P>




<TABLE CELLPADDING=2 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=52% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Var&nbsp;</FONT></TD></TR>


 <TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=3><HR SIZE=1></TD>
     <TD COLSPAN=1><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$000(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH AND DUE FROM BANKS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,442.084</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,181.927</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,496.369</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-30.4%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and Checks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,103.450</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>791.507</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$228.561</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-28.3%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits in Central Bank of Peru</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,862.371</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,325.124</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$960.186</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-31.6%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits with local and foreign banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,476.263</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,065.296</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$307.622</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-27.8%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TRADING and AVAIL. for SALE SECURITIES, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.343</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137.314</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$39.652</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107.0%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LOANS NET</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,479.966</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,060.318</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3,771.388</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-9.8%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,599.542</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,342.323</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3,852.822</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.6%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past Due</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,366.365</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>861.620</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$248.807</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-36.9%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less - Reserve for possible loan losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,485.941)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,143.625)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($330.241)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-23.0%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INVESTMENT SECURITIES, PERMANENT</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,335.435</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,018.238</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$871.567</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.2%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPERTY, PLANT and EQUIPMENT, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>794.787</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>731.677</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$211.284</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.9%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>908.426</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,030.382</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$297.540</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.4%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,027.041</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,159.856</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$6,687.801</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11.0%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DEPOSITS AND OBLIGATIONS:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,237.979</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,559.312</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$5,648.083</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-12.0%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Demand deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,996.622</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,819.834</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,391.809</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.5%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Saving accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,972.368</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,298.223</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,529.952</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11.3%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,268.989</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,441.255</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,726.323</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-16.2%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DUE TO BANKS AND CORRESPONDENTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>566.331</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>354.740</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$102.437</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-37.4%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER LIABILITIES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,188.184</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,011.038</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$291.954</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-14.9%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SHAREHOLDERS EQUITY:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,034.547</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,234.766</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$645.327</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL LIABILITIES AND EQUITY</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,027.041</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,159.856</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$6,687.801</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11.0%&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent Credits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,574.547</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,653.969</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,632.679</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4%</FONT></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Funds under management</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,854.916</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,582.310</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,034.453</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.5%</FONT></TD></TR>

<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>


</TABLE>




<!-- MARKER FORMAT-SHEET="Times DIV Justify" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)Translated at
S/.3.463 per US$1.00. </FONT></DIV>







<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCP's subsidiaries had
the following loan, net of provisions, and deposit contributions: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans, net</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Deposits</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=52% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In % and constant S/.Mn)</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito del Per&#250;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BSCH &#150; Per&#250;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito de Bolivia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito Overseas</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cr&#233;dito Leasing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soluci&#243;n Financiera de Cr&#233;dito</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total BCP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.14,480</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.13,060</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.22,238</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.19,559</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According to
preliminary  statistics from the Peruvian Banking Association  (ASBANC) for Peruvian
commercial banks as of December 31, 2003, Banco de Cr&#233;dito del Per&#250; had a total loan
market share of 34.4% (29.7% at December 31,  2002),  and 35.8% of deposits  (34.0% at
December 31,  2002).  BCP&#146;s market share in Peruvian mutual funds, through its subsidiary
Credifondo, was 50.3% as of December 31, 2003 (51.8% at December 31, 2002). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan portfolio
composition by business segment developed as follows: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In % of total and constant S/. Mn)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Middle market</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retail:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- small business</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- home mortgage</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- consumer</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- credit cards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.15,966</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.14,204</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the current year,
loan balances  decreased  11.0%,  with corporate loans lower by 10.9% to S/.6,062
 million  (US$1,751  million),  middle market loans decreasing by 16.6% to S/.3,604
million (US$1,041  million),  while retail loans dropped 6.2% to S/.4,538 million
(US$1,310  million).  Retail loans by product performed as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(% change and constant S/. Mn)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03 vs 31.12.02</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Small business loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,767&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,291&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-26.9%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mortgage loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,862&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,046&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consumer loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>670&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>695&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit card loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>539&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>505&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6.3%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Retail</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,838&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,538&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6.2%&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31, 2003
contingent  credits were S/.5,821 million (US$1,681  million),  4.4% over the December
2003 figure,  mainly due to the inclusion of credit card un-used but approved  lines of
credit,  which were not  considered  in previous  periods,  as can be seen in the Other
 contingent  accounts caption in the following chart: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(% change and constant S/. Mn)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03 vs 31.12.02</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Guarantees and Stand-by LCs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,430&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,243&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Letters of Credit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>387&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>461&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Acceptances</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>148&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>171&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Foreign currency forwards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,604&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>986&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-38.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Other contingent accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,005&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,960&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Contingent Credits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,575&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,821&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third party funds
managed by several  subsidiaries of BCP amounted to S/.3,582 million (US$1,034 million)
as of December 31, 2003,  increasing 25.5% from S/.2,855  million (US$824  million) at
year-end 2002,  mainly because mutual funds had a better returns compared to deposit
interest rates paid by banks. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LOAN QUALITY </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2003 loan
quality improved  significantly.  Consolidated past due loans amounted to S/.862 million
 (US$248.8  million) at December 31, 2003, decreasing 36.9% from the balance of S/.1,366
million (US$394.6 million) as of year-end 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of past due
loans as a  percentage  of total loans was 6.1% at December  31,  2003,  improving
 during  this  quarter  compared to 8.1% at September  2003 and from 8.6% at the end of
2002.  The ratio of past due,  refinanced  and  restructured  loans as a percentage  of
total loans also decrease from 14.3% to 11.5%, from December 2002 to the end of 2003,
respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of year
2003,  refinanced  loans  amounted to  S/.776.2  million  (US$224.2  million),  lower
than the balance at December  2002 that was S/.914.8 million (US$264.2 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of 2003,
 outstanding  balances of loan loss provisions totaled S/.1,143.6 million (US$330.2
 million),  decreasing 23.0% compared to the preceding year mainly due to charge-offs and
to lower  provisioning  requirements.  Nevertheless,  the coverage ratio of loan
provisions to past due loans improve from 108.8% at the end of the preceding year, to
132.7% at December 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Of total provisions
 outstanding at the end of the current quarter,  S/.202.8 million (US$58.6 million)
correspond to generic provisions assigned to loans in the Normal (A) risk category,
increasing from the balance at December 31, 2003 of S/.184.0 million (US$53.1 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans believed to be
 unrecoverable,  fully  provisioned in prior periods,  were  written-off  during 2003
amounting to S/.594.1  million  (US$171.5 million), compared to charge-offs in 2002 of
S/.511.2 million (US$147.6 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans classified as
Substandard (i.e.,  Deficient,  Doubtful and Loss) were 15.3% of the loan portfolio in
December 2003, decreasing from 17.7% that resulted in December 2002.  The loan
classification is as follows: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(% of Total loans and S/.Mn const.)</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A: Normal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B: Potential Problem</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C: Deficient</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>D: Doubtful</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>E: Loss</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.15,966</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S/.14,204</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan loss provisions,
 net of recoveries,  charged against results in 2003 amounted to S/.310.2 million
(US$89.6 million), 17.7% lower than S/.377.1 million  (US$108.9  million)  in 2002.
 Provision  expense in 2003  included  US$21  million  for the loan  portfolio  of the
 Bolivian  subsidiary, decreasing from US$30 million in 2002, which were partly charged
 at BCP&#146;s home-office level </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAPITAL ADEQUACY </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of 2003,
 BCP&#146;s  unconsolidated  ratio of  risk-weighted  assets to regulatory  capital was 9.1 to
1.0 (10.9%),  while the  corresponding consolidated  ratio was 7.8 to 1.0 (12.9%).
 Risk-weighted  assets  include  S/.1,227  million  (US$354.3  million) of  market-risk
 exposure  whose coverage required S/.111.5 million (US$32.2 million) of regulatory
capital at December 31, 2003.  Peruvian  regulations limit  risk-weighted  assets to a
ratio of 11.0 to 1.0 (9.1%). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2003, BCP&#146;s consolidated  &#147;regulatory  capital&#148; was S/.2,182 million (US$630.0 million),
 decreasing compared to S/.2,301 million (US$664.5  million) in the preceding  year
mostly due to lower  subordinated  debt and higher  investments.  Regulatory  capital
 included  S/.187.7 million ($54.2 million) in subordinated debt in the current year,
which decreased from S/.222.7 million (US$64.3 million) in December 2002. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCP unconsolidated </FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCP consolidated</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=52% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In constant S/. Mn.)</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.02&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.12.03&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regulatory capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,437&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,632&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,301&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,182&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Risk weighted assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,915&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,341&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,984&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted assets / Capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital / Weighted Assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.9%</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section IV </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 1 </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMPLEMENTARY
INFORMATION </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Risk Classifications </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Pacific Credit
Ratings and Apoyo y Asociados Internacionales. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Issue</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PCR&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Apoyo&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Top Local</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PCN 1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1&#170;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporative Bonds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BB-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BB-&nbsp;</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Market Shares </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s  common
shares are traded on the New York Stock Exchange (NYSE) and the Lima stock exchange.  The
following chart shows, for the periods indicated,  the high, low and closing  prices and
the average daily volume traded on the NYSE. The common shares are quoted in U.S.
 Dollars on both the NYSE and the Lima stock exchange. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times DIV Right" FSL="Workstation" -->
<DIV ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDICORP -<BR> NYSE 2003 </FONT></DIV>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=1 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Code ISIN</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nem&#243;nico</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Period Month</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Open&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Close&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Low&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>High&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-01</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.20</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.26</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.30</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.62</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-02</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.20</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.45</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.75</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.15</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.50</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-03</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.44</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.45</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.51</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.02</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-04</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.59</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.41</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-05</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.58</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.15</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.25</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.01</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-06</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.91</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.13</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.70</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.92</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-07</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.75</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.07</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.61</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.90</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-08</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.70</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.85</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.04</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.44</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.74</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-09</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.90</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.90</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.03</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-10</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.60</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.69</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.42</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-11</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.60</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.58</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.65</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.60</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.08</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BMG2519Y1084</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAP</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003-12</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.70</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.20</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.60</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.60</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.27</FONT></TD></TR>
</TABLE>











<p>&nbsp;</p><p Style='page-break-before:always'><p>&nbsp;</p><HR SIZE="2" NOSHADE COLOR="#000000">

<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>SIGNATURE </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>
<p></p><DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">


Date: March 10, 2004


</FONT></DIV>
<p></p> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0">



<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="50%"> <DIV align=left><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">


CREDICORP LTD.


</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="16"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="5%"> <DIV align=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV> </TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="43%"> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">/<SMALL>S</SMALL>/&nbsp;


Guillermo Castillo


</FONT></DIV> <HR NOSHADE SIZE=1 COLOR="#000000" ALIGN="left"></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="43%"> <DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>


Guillermo Castillo


</B></FONT></DIV>  <DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>


Authorized Representative


</B></FONT></DIV>  </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>


<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This press release may contain forward-looking statements.  These statements are
statements that are not historical facts, and are based on management's  current
view and  estimates  of  future  economic  circumstances,  industry  conditions,
company performance and financial results. The words "anticipates",  "believes",
"estimates",  "expects",  "plans" and similar expressions, as they relate to the
company,  are  intended  to  identify  forward-looking  statements.   Statements
regarding  the  declaration  or  payment of  dividends,  the  implementation  of
principal operating and financing  strategies and capital expenditure plans, the
direction of future  operations  and the factors or trends  affecting  financial
condition,  liquidity or results of operations  are examples of  forward-looking
statements.  Such  statements  reflect the current views of  management  and are
subject to a number of risks and  uncertainties.  There is no guarantee that the
expected events, trends or results will actually occur. The statements are based
on  many  assumptions  and  factors,   including  general  economic  and  market
conditions,  industry  conditions,  and operating  factors.  Any changes in such
assumptions  or factors  could cause actual  results to differ  materially  from
current expectations.
 </FONT></P>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

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