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<SEC-DOCUMENT>0001292814-04-000225.txt : 20040816
<SEC-HEADER>0001292814-04-000225.hdr.sgml : 20040816
<ACCEPTANCE-DATETIME>20040813175736
ACCESSION NUMBER:		0001292814-04-000225
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040816

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:		04975647

	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>bappr2q04_6k.htm
<DESCRIPTION>PRESS RELEASE 2Q04
<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 August, 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'>
<BR>




















<div align="right"><IMG SRC="logo.gif"></div>

<!-- MARKER FORMAT-SHEET="T 2 JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FOR IMMEDIATE
RELEASE:</B><BR>For additional information please contact:</FONT></P>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">

Jose N. Hung<BR>
Phone: (511) 313-2123<BR>
E-mail: jhung@bcp.com.pe </FONT>


</TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">

Alfredo Montero<BR>
Phone: (305) 448-0971<BR>
E-mail: amontero@bcpmiami.com </FONT>

</TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Center Bold" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CREDICORP LTD.
ANNOUNCES FINANCIAL RESULTS<BR>                                                  FOR THE
QUARTER ENDED JUNE 30, 2004</B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp  (NYSE:BAP;
 LSE:BAPC1)  reported  a  consolidated  net  income for the six month  period  ended in
June 30,  2004 of US$62.9 million,  or US$0.79 per share,  104.4% above net income of
US$30.8  million,  or US$0.39 per share, in first-half 2003. In the quarter ended June
30,  2004  Credicorp  had net income of US$32.9  million,  or US$0.41  per share,  above
net income of US$28.3  million,  or US$0.35 per share,  in second  quarter 2003,  and
resulted also above net income in first quarter 2004 of US$30.1  million,  or US$0.38 per
share.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Results in first-half
 2004 improve with respect to the same period of 2003,  mainly due to decreased loan loss
provisions and to lower merger costs,  which offset declining  financial and
non-financial  income.  Second quarter 2004 results are higher than profits in the same
 year-ago  quarter  mainly  because of lower loan loss  provisions  and to reduced
 operating  expenses,  which offset  diminished financial and non-financial income.
 Non-financial income decline mainly due to losses on the securities portfolio.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The above  mentioned
 merger  costs,  of US$17.5  million in first-half  2003 for the merger of Banco
 Santander  Central  Hispano-Peru (&#147;BSCH-Peru&#148;),  decline to US$3.2 million as of June
2004, related with the Soluci&#243;n Financiera de Cr&#233;dito merger.  Provisions for loan losses
 decreased  from  US$19.7  million to US$7.2  million,  comparing  the second  quarters
of 2003 and 2004,  respectively,  due to improved loan portfolio  quality.  Loan quality
 improvement is noted through a lower past-due loan ratio,  that decreased from 7.9% at
June 2003, to 4.8% at the end of June 2004,  and by the improved  coverage of bad loans
by provisions  which  increased  from 113.1% to 131.8%, respectively.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center Bold" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I.
                                                     CREDICORP LTD. AND SUBSIDIARIES<BR>


                                         CREDICORP LTD. AND SUBSIDIARIES<BR>
                                               SUMMARY OF RESULTS</B></FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><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" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Six months ended</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In U.S.$ millions, except net income per share)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>92.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>191.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>182.5</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>19.7</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>7.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>208.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>205.7</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>26.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.7</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>51.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.8</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>112.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>221.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>214.4</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>2.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2</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>2.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Income before inc. tax and min. interest</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>40.7</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>44.5</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>48.2</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>51.4</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>92.7</B> </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>(9.8)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11.6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12.7)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(16.6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24.3)</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>(2.6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2.8)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2.7)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.0)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5.4)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net Income</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>28.3</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.1</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>32.9</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.8</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>62.9</B> </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>0.35</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.38</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.41</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.39</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.79</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="HANG 1 SEM BR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(1)</I> </FONT> </TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>&nbsp;</I> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>US$7.9Mn
in 2Q03 and US$13.4Mn in 6m03 were reclassified from Other income into Interest income.</I> </FONT> </P></TD>
</TR>
</TABLE>


<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="HANG 1 SEM BR" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(2)</I> </FONT> </TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>&nbsp;</I> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Based
on 79.8 million net outstanding shares in all periods.</I> </FONT> </P></TD>
</TR>
</TABLE>


<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="HANG 1 SEM BR" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>&nbsp;</I> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>&nbsp;</I> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>The
total number of shares is 94.4 million, however, as 14.6 million are held by affiliates
as treasury shares, the net consolidated outstanding shares are 79.8 million.</I> </FONT> </P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="T 2 LEFT B ITAL" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Net Income from
Subsidiaries</B></I></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(US$Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>6m03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>6m04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><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$27.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$25.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$27.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$35.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$53.2</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>2.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2</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>PPS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8</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>6.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7</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>0.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.2</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>Credicorp y otros(2)</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>-2.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-13.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2.5</FONT></TD></TR>
<tr><td>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net Income</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$28.3</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$30.1</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$32.9</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$30.8</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$62.9</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD></TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(1)</I> </FONT> </TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Includes
Banco de Cr&#233;dito de Bolivia.</I> </FONT> </P></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(2)</I> </FONT> </TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Includes
Inversiones Cr&#233;dito, Credicorp Securities and others.</I> </FONT> </P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In the second quarter
of 2004, the <B>Credicorp and others </B>concept contributed a loss of US$0.4 million, which
includes a US$0.7 million provision for substandard loans transferred from Banco
Tequendama. The US$7.0 million loss contribution in the second quarter of 2003 included
a US$4.5 million charge for investments and contingencies reserves and a US$1.4
million provision for substandard loans transferred from Banco Tequendama. </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Banco de Cr&#233;dito BCP
</B>contributed US$27.4 million to Credicorp&#146;s net income in second quarter 2004, above
its results according to Peruvian accounting principles reported in Section II, which
amounted to US$23.7 million. The difference is mainly due to the <U>loss </U>on inflation
exposure in local books while translation <U>gains </U>were registered by Credicorp. Credicorp&#146;s
Dollar-based accounting shows a US$0.5 million translation gain, compared to a US$4.8
million loss in BCP&#146;s local records, which resulted from inflation adjustment losses
and losses on foreign currency positions caused by the Nuevo Sol appreciation
against the Dollar. Additionally, Credicorp registered a minority interest elimination
amounting to approximately US$1.1 million. </FONT> </P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The contribution of
<B>Atlantic Security Holding Corporation </B>of US$3.6 million in the current quarter is below
US$4.6 million net income shown in its books (see Section III), due to the elimination
for consolidation purposes of US$1.0 million of dividends from Credicorp and registered
as income in April 2004. Cumulative through June 2004, Atlantic received US$5.8
million in dividends from Credicorp, with its net income reaching US$12.3 million,
compared to a contribution of US$6.5 million. In the year-ago second quarter no
dividend was received from Credicorp and there was no difference between the contributed
net income and profits in Atlantic&#146;s books. </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In second quarter
2004, Credicorp received a US$1.9 million profit contribution from <B>Pac&#237;fico
Peruano Suiza</B>, lower than the consolidated net income of US$16.6 million in its local
Peruvian GAAP books (See Section IV), mainly because Credicorp&#146;s records did not
register: 1) US$21.7 million in gains from the sale to ASHC of Credicorp&#146;s treasury
shares, and 2) US$6.4 million in provision expense for the amortization of the
investment in the acquired company Novasalud. The contribution in the year-ago second
quarter includes a US$3.0 million gain from the sale of long term investments, net of
income taxes and minority interests. </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Banco Tequendama
</B>contributed net income of US$0.4 million in the second quarter of 2004, compared to a
US$0.9 million profit in the prior year quarter. These contributed amounts do not
include provision expense incurred by Credicorp of US$0.7 million and US$1.4 million,
respectively, for transferred loans as mentioned above. </FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I.1  INTEREST
INCOME AND OTHER INCOME</B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Note</U>: For comparison
purposes, in periods prior to 2004, certain financial revenue items registered by
insurance subsidiaries have been retroactively reclassified from the <U><I>Other
non-financial income </I></U>concept into the <U><I>Interest Income </I></U>concept, with no effect on
either net income nor total revenue. </FONT> </P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest  income
in the second quarter of 2004 was US$92.6  million,  lower than US$96.9 million earned in
the same period of 2003, mostly due to a decrease in interest margins, partly offset with
 slightly higher interest earning assets.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The net interest
 margin (net interest income over average  interest  earning  assets),  on an annualized
 basis,  was 5.31% during the second  quarter of 2004,  lower than 5.65% in the year-ago
 quarter,  but remains  similar to 5.26% in the  preceding  first quarter of 2004.
 During the current  quarter both loan rates and funding costs  remained  stable,  within
a continuing  overall  excess of liquid funds.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The volume of interest
earning assets,  as an average of quarter-end  balances,  reached  US$6,978 million in
this quarter,  increasing 1.7% compared to US$6,860 million in the second quarter of 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  income
was US$96.8  million in the second quarter of 2004,  4.8% lower than US$101.7  million in
the same period of 2003, principally  due to losses on the securities  portfolio.  In
second quarter 2003, a US$5.7 million gain on securities was obtained from the sale by
PPS of long term investments.  Non-interest income components were as follows:</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=top>
     <TD WIDTH=40% ALIGN=LEFT VALIGN=Bottom><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In US$Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04 vs. 1Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04 vs. 2Q03</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>47.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.1</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>4.7</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>Net premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.1</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-13.1%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0%</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>7.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.4&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A</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>5.8</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>5.1</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6.2%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-12.1%</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>8.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-10.8%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Non-Interest Income</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>101.7</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>108.8</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>96.8</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-11.0%</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-4.8%</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>



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


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other  non-interest
 expenses  amounted to US$107.6  million in second quarter 2004,  5.9% less than expenses
in the same period of the previous  year.  The decrease is explained  principally  by the
US$4.5  million  charge made by Credicorp in second  quarter 2003,  for provisions for
 investments  and  contingencies,  shown in the Other caption.  Credicorp&#146;s  other
expense  components had the following variations:</FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=top>
     <TD WIDTH=40% ALIGN=LEFT VALIGN=Bottom><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(% change and US$Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04 vs. 1Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04 vs. 2Q03</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>45.1</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>46.9</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</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>General, administrative, and taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.9</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>-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>12.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.0</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>-10.9%</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>18.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.5</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>-28.4%</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>2.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-24.8%</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"><B>Total Other Expenses</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>114.4</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>110.0</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>107.6</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-2.1%</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-5.9%</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="T 2 JUST" 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,  improve to 50.7% in the
second quarter of 2004 having been 53.4% in the same period last year.  &#147;Adjusted&#148;  operating
 expenses as a percentage of average total assets decreased to 4.6% from 4.9%, in the
same quarters.</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I.3  ASSETS AND
LIABILITIES</B></FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s  totals
assets reached US$8.5  billion at June 30, 2004,  increasing  3.0% since the end of March
2004, and are 3.8% higher than the  balance at June 2003.  The loan  portfolio  as of
June 30,  2004  reached  US$4.6  billion,  growing  4.6% during the current quarter from
US$4.4 billion in March 2004, and  are also 0.5% higher compared to US$4.6 billion in
June 2003.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits and other
 obligations  reached US$6.4 billion at June 30, 2004,  increasing  2.3% over US$6.3
billion of last March 2004, and are 1.2% higher than the June 2003 balance.  Due to banks
and correspondents  also grew, closing at US$374.2 million,  increasing 46.7% during the
current quarter and by 30.5% compared to the balance at June 2003.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third party funds
under  management  decreased  4.0% during this quarter,  to US$1.7  billion at the end of
June 2004, but remain 13.9% higher than funds at June 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=64% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In US$Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>4,581.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,401.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,601.8</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>360.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>249.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>222.5</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>407.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>313.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>293.3</FONT></TD></TR>
<tr><td>&nbsp;</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>7.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</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>Reserves / Past due</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>113.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>131.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  balance  of past
due loans  decreased  from  US$249.8  million  to  US$222.5  million  during the  current
 quarter  partly due to charge-offs amounting to US$22.6 million.</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>I.4 SUBSIDIARIES</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 sections of this
report:</FONT></P>

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

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bolivian GDP grew 3.8%
in first quarter 2004,  higher than 2.5% in fourth  quarter 2003,  mainly due to
increased  exports of minerals, oil and gas, and  agricultural  products.  Cumulative
 through May 2004,  exports  grew 31%,  higher than the 20% growth in total 2003.
Nevertheless,  domestic  demand and imports  continue  depressed,  and are causing trade
 surpluses.  It is expected that GDP will grow approximately 3.5% in 2004, with continued
development of exports, with domestic demand and consumption remaining stagnant.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public sector revenue
 increased 25.6% as of April 2004, higher than expenditure  increase of 17.0%, as fiscal
austerity  measures were applied to reduce the  deficit.  After the budget  deficits of
9% of GDP in 2002 and 8% in 2003,  a 7% deficit is expected in 2004.  In July, the
government successfully conducted a referendum that authorized the export of the natural
gas of Tarija.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Continuing with a
slight tendency to increase,  inflation was 1.2% in the second quarter 2004, and was 1.7%
in first-half 2004,  higher than 0.5% and 0.8% in the same  year-ago  periods.
 Devaluation  continued at a slower pace with a 0.4%  exchange  rate increase in the
current quarter and 1.5% in first-half 2004, reaching 7.93 Bolivianos per Dollar at June
30, 2004.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Uncertainty  brought
by the  application  of the  financial  transactions  tax since July,  total  deposits
 in the system  declined to US$2,398  million at June 2004,  which are lower by 6.4%
 compared to the balance at March 2004,  and are 11.6% below  deposits at June 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan volume in the
banking system remained  almost  unchanged  during the current quarter at US$2,464
 million as of June 2004, but are 3.4% lower than loans at December  2003, and 6.1% lower
than the June 2003 balances.  Loan quality  improved,  from a past due ratio of 18.2% in
March 2004,  to 17.6% at June 2004,  but remains over 16.7%  past-due in December  2003.
 The coverage of past-due  loans with provisions remained approximately at 70.8% during
this quarter, which is below coverage of 74.0% in December 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCB&#146;s market share in
deposits at June 2004 was 12.9%,  increasing  sligthly  from 12.5% at the end of December
 2003 and of June 2003. In terms of loans,  BCB had a 12.0% market share,  below 12.2% it
had last December,  but remains  similar to the market share of 12.1% at June 2003.  In
this way, BCB remained in the fourth position of twelve banks in the system.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004,
 BCB had total loans of US$295.9  million which  compares to the US$309.9  million at
December  2003, and US$315.1 million at the end of June 2003.  Loan  quality  continued
 to improve.  At the end of the second  quarter  2004,  BCB&#146;s past due loans reached
 US$48.9  million,  or 16.5% of total  loans,  lower  than  19.2% at March  2004.
 Coverage  of past due  loans  with loan loss provisions was 76.3% as of June 2004,
 increasing from 75.5% in March 2004. Net equity at the Bolivian  subsidiary  amounted to
US$56.4 million as of June 2004.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In first-half  2004,
 loan loss  provisions  resulted in a US$0.1  million gain due to recoveries,  compared
to US$2.7 million  charged against  results  during  first-half  2003. In BCB&#146;s own
records,  first-half  2004 net income was US$1.5  million,  compared to US$0.5 million in
the same year-go period.</FONT></P>


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

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombian  GDP grew
4.1% in the first  quarter of 2004,  after growing 4.3% in the last quarter of 2003,
 while  industrial  production increased 4.6%,  confirming the recovery of economic
 activity which exceeds initial  outlooks.  Expected GDP growth for total 2004 has been
raised slightly over 4%, where consumption is also expected to recover.  In full-year
2003 GDP grew 3.6% and  1.7% in 2002.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The recovery in first
 quarter 2004 is noted in the  construction  sector (12%),  due to low interest  rates
and the support of housing programs, and of the financial sector (7.5%), that increased
its loans and the return on its investments.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  consolidated
 fiscal  deficit was 0.3% of GDP in first  quarter  2004,  below the 0.5% target,  due to
higher tax revenue from the improved  economic  activity and better results in state run
 companies.  The fiscal deficit is expected to decrease from 2.9% in total 2003 to 2.5%
in 2004. The government  continues  seeking  complementary  fiscal  measures to ensure
the lower deficit,  among which the pension reform proposal is noteworthy.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Colombian  Peso
exchange rate was volatile  during the second  quarter 2004 because of the increase of
the  international  interest rates.  The exchange rate was Col$2,694 per US$1 at the end
of June 2004,  almost  unchanged  compared to Col$2,682 at March 2004.  The Central  Bank
has applied  various  measures to stop the  appreciation  of the Peso,  with little
 success,  like the tax on short term capital flows and the fifty basis point reduction
of the Central Bank&#146;s intervention rate.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In second  quarter
 2004 prices  increased  1.5%,  slightly  below 1.6% in the same period of 2003,  but
higher than  expected,  due to increases in the prices of oil,  energy and food.
 Inflation  was 6.1% in the twelve  months  prior to June 2004,  and of 6.5% in total
2003.  In 2004  inflation  is  expected  to  continue  decreasing  to the  target  5.5%,
 in spite of high oil  prices and aided by the appreciating exchange rate, fiscal
controls and by higher economic activity.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banking system
 statistics  show that loans  increased  6.4%, from US$15.8 billion at December 2003, to
US$16.8 billion at the close of May 2004,  with the past-due  ratio  improving  from
12.7% at year-end 2002, to 9.7% in December 2003, and further to 9.4% in May 2004. The
coverage ratio of loan  provisions over bad loans also improved,  from 70.1% at December
2003 to 73.2% in May 2004.  Total deposits in the  banking  entities  were  US$21.9
 billion  at the end of May 2004,  increasing  6.9% from  US$20.5  billion at  December
 2003, continuing their recovery.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco  Tequendama&#146;s
 loan market share,  as of May 2004,  was 1.48%,  slightly over 1.44% obtained in
December 2003. At the same dates, deposit market share was 0.78% and 0.90%, respectively.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004,
 Banco  Tequendama&#146;s  loans were US$261.5  million,  increasing  12.7% from US$232.1
million in December 2003, and 18.3% compared to US$221.0 million as of June 2003. At the
end of June 2004,  deposits totaled US$192.4  million,  higher than US$187.5 million in
 December  2003,  and is 11.7% over  US$172.2  million at the  year-ago  quarter.  At
June 30,  2004,  the bank&#146;s net equity amounted to US$29.8 million according to Credicorp&#146;s
accounting records.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The past due loan
ratio was 2.2% in June 2004,  higher  than 1.1% at the end of  December  2003 and 2.0% at
June 2003,  while  coverage with provisions was 135.0%, compared to 238.2% and 122.4%,
respectively.</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>I.5 PERUVIAN
ECONOMIC SITUATION</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Economic Activity</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During second quarter
2004 Peruvian GDP continued its positive trend,  which has caused  continued  growth
during the last three years, and,  moreover,  the  slowdown  noted since the second half
of 2003 has turned to higher  growth  rates.  The better than  expected GDP performance
 is driven by increased  activity of  non-primary  sectors and by high  international
 demand for exports  which raised its prices.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GDP grew 4.6% in the
first quarter of 2004 (6.3% in 1Q03),  and by 3.3% in April and 4.2% in May,  with a
cumulative  growth of 4.2% in the  first  five  months of 2004,  compared  to 4.7% in the
same  year-ago  period.  Official  estimates  put 2004 GDP  growth at 4.3%, increasing
from the previous 4% outlook.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative GDP growth
 through May 2004 benefited  mainly from: 1) the  continuing  strength of metals mining,
 with a 10.9%  increase, although with a declining trend due to maturity of major
projects;  2) the recovery of fishing,  which grew 16.4%; 3) the  construction sector,
 that grew 5.5%;  and,  non-primary  manufacturing,  up by 6.2%.  On the other hand,
 production  was poor on the  agricultural sector, which declined 2.9% through May, due
to lack of rainfall.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Public Finance</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In first quarter 2004,
 the Public Sector budget had a surplus of 0.7% (of GDP),  and it is expected to reach
0.6% in first-half  2004. The  government  expects to meet the target  deficit of 1.5%
for total 2004,  improving  from the 1.8% deficit in total 2003,  which in turn
 decreased  form 2.3% in 2002.  The  positive  result in first  quarter 2004 was mainly
due to increased  Central  Government  tax revenue that reached 13.3% of GDP (12.9% in
total 2003) and to lower public investment expenditures.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative  through
May 2004, tax  collections  increased  13.6%,  in nominal  terms,  noting a 25% increase
of Income Tax revenue from corporations  and the 17% growth in case of the  value-added
 tax (IGV),  which  increased  mainly due to  administrative  measures and improved
business conditions.  Non-financial expenses increased 4.6% (nominal), while capital
expenses declined by 23.4%.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Prices and
Devaluation</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the second quarter
of 2004, the consumer price index in Peru  increased  0.9%,  lower than the 2.1% increase
in the preceding  first quarter,  but is also over 0.6% inflation in the year-ago  second
quarter of 2003.  Inflation was 3.0% in first-half  2004, and 4.3% in the twelve month
period through June 2004.  Inflation  exceeded  expectations  principally due to higher
fuel prices and increased food prices caused by temporary  factors,  noting higher cost
imported  wheat and the poor supply of  agricultural  products due to draught. Inflation
 is  exceeding  the range,  1.5% to 3.5%,  targeted by the Central  Bank for total 2004,
 therefore  measures to lower it are expected.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The wholesale price
index  increased 1.9% in the current  quarter,  and 4.8% in first-half  2004,  compared
to a &#150;0.7%  (deflation) and 0.4% in the same periods in 2003.  Wholesale  prices
 increased  6.4% in the twelve months  through June 2004.  In the second  quarter,
wholesale prices increased mainly due to higher cost of imported intermediate goods.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The average bank
market  Nuevos Soles  exchange rate in Peru was S/.3.471 at June 30, 2004,  increasing
 slightly 0.3% from S/.3.460 at the end of March 2004,  but remains  unchanged  compared
to June 2003. To avoid the  strengthening  of the  currency,  the Central Bank increased
the purchase of foreign  exchange in the currency  market,  which is sterilized  with the
sale of  certificates  of deposits, acquiring US$820 million in first-half 2004,  after
 purchasing  US$1,050 million during total 2003. Due to increasing  inflation it is not
expected that the Central Bank will keep the high volume of purchases.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>International
Reserves</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>International
 reserves of the Central Bank increased  during second  quarter 2004,  reaching
 US$10,855  million at June 30, 2004 from US$10,411 million at March 31, 2004, and also
compared to US$9,997 million at June 30, 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trade Balance had
a US$826 million  cumulative  surplus  through May 2004,  increasing  compared to a US$50
million  surplus in the same five month period of 2003. The  improvement  continues the
positive trend noted in 2002,  when the surplus  reached US$503 million and in 2003 when
the  surplus  grew to US$710  million.  Cumulative  through  May  2004,  exports  grew
33%  versus a 10%  increase  in imports.  Exports,  which reached US$4,536  million as of
May 2004, grow on increased volume and prices,  specially of copper and gold, and
non-traditional  textiles and agricultural  exports.  Imports through May 2004 amounted
to US$3,710 million,  increasing mainly due to higher imports of raw materials and
durable goods, while consumer goods declined.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Financial System</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the current
quarter  commercial bank&#146;s loan and deposit volumes  increased,  reversing the losses
shown last March.  Deposits at June 30, 2004 in the fourteen  commercial  banks in the
system reached S/.48.2 billion (US$13.9  billion),  according to the Asociaci&#243;n de Bancos
del Peru (ASBANC),  increasing 2.1%, in nominal terms,  compared to the balance at March
31, 2004.  Deposits  remained almost unchanged compared to the year-ago balance at June
30, 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004,
 total loans in the banking  system  increased  4.3%, in nominal  terms,  to S/.36.4
 billion  (US$10.5  billion), compared to loans at March 31, 2004,  but are similar to
June 30, 2003 loan  balances.  In the current  quarter,  local  currency loans (22.0% of
total loans) remained almost  unchanged at S/.8.0 billion (US$2.3  billion),  while
foreign  currency loans increased 5.9% to US$8.2 billion.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30,  2004,
 the  Peruvian  bank's past due ratio was 5.1%,  improving  from the 5.8% rate in March
31, 2004 and from 7.9% in June 30, 2003.  Commercial  banks&#146; past due loans  decreased
8.0% during the current quarter to S/.1.9 billion  (US$537  million),  and are lower by
34.8%  compared  to bad loans at June 30,  2003.  At June 30,  2004,  loan loss
 provisions  were S/.2.8  billion  (US$798 million),  decreasing 4.8% during this
quarter.  The system-wide past due loan coverage ratio was 148.5% at June 30, 2004,
 higher than the 143.5% coverage at March 31, 2004, and is also higher than the ratio of
128.0% at June 30, 2003.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the second
quarter 2004  commercial  banks&#146;  interest  rates had mixed trends,  with increases in
loan rates while deposit rates remained almost  unchanged.  Local currency  average loan
rates (TAMN) were 24.6% in second quarter 2004,  increasing from 24.1% in the first
quarter of 2004,  while  deposits rates (TIPMN)  remained  2.4%. In the second  quarter
2003,  TAMN was 20.2% and TIPMN was 3.3%. During the second  quarter  2004 foreign
 currency  loan rates  (TAMEX)  decreased to 8.9% from 9.3% in the  preceding  quarter,
 while deposit rates (TIPMEX) remained at 1.0%.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Private Pension
Funds and Mutual Funds</I></B></FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After high  growth
 rates in prior  quarters,  managed  assets in private  pension  funds and mutual  funds
 suffered  declines  due to volatility  of prices and  valuations  in capital  markets
and to the  increase  in interest  rates.  The private  pension  fund assets reached
US$6.8 billion as of June 30, 2004,  remaining almost  unchanged  during the current
 quarter,  but is 29% higher than funds at June 2003, with a  return of 11% in real terms
in the twelve month period.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total mutual funds
 amounted to US$1.9  billion at the end of the second  quarter 2004,  decreasing  9.1% in
the quarter,  but is still 3.3% over the  balance  at June  2003,  with a return of 1.0%
in the  quarter  and of 2.5%  during  the year since June 2003 (in Dollar terms).</FONT></P>


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


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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II. BANCO DE CREDITO
DEL PERU AND SUBSIDIARIES (&#147;BCP&#148;)</B> </FONT></P>


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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>II.1  NET INCOME</B></FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated net
income in the six month period ended in June 30, 2004 reached S/.150.8  million (US$43.4
 million),  26.3% higher than net income of S/.119.4 million  (US$34.4  million) in
first-half 2003,  meaning S/.0.12 and S/.0.10 per share,  respectively.  Improved net
income in first  semester 2004 is mainly due to lower loan loss  provisions  and to lower
 non-financial  expenses  required by the mergers  with  BSCH-Per&#250;  and  Soluci&#243;n
 Financiera  de Cr&#233;dito.  Nevertheless,  cumulative  through  June 2004,  lower
 financial  and non-financial income are also noted.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income in the
second quarter 2004 was S/.82.4 million (US$23.7  million),  decreasing  compared with
net income of S/.106.4 million (US$30.7  million) in the same  quarter in 2003,  but
 increases  compared to net income in the  preceding  first  quarter of 2004 that reached
S/.68.4 million (US$19.7  million).  Net income in the current quarter  decreased
 compared to the year-ago period  principally due to lower net interest  income and to
losses on inflation  adjustment and on the securities  portfolio.  These adverse  effects
were partly offset with lower loan loss provisions and lower operating expenses.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In spite of the loan
increase in second quarter 2004, after declining  continuously  since the fourth quarter
of 2002,  interest income is lower  mainly  because  of  decreased  loan  volume  and to
lower net  interest  margins.  Additionally,  it should be noted that in first-half 2003
non-recurring gains related to the merger of BSCH-Per&#250; were registered.</FONT></P>


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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BANCO DE CREDITO DEL
PERU AND SUBSIDIARIES<BR> SUMMARY OF RESULTS
(1)</B><BR> (In constant S/. and U.S.$ millions, except net income per
share) </FONT></P>






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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" colspan=4><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT></TD>
     <TD ALIGN="CENTER" colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Six months ended</B> </FONT></TD></TR>
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     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
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     <TD WIDTH=30% 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"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
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     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
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     <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;</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"><B>US$</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$</B> </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>302.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>267.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>263.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$75.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>602.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>530.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$152.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for loan losses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$5.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>193.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.8</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>224.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>226.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>205.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$59.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>487.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>432.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$124.5</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>314.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>306.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>307.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$88.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>645.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>613.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$176.9</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>7.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5</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>$1.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.4</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>Result from exposure to inflation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(35.6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(16.8)</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>(22.5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(52.4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($15.1)</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>138.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$34.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>164.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>216.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$62.4</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>31.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$10.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net Income</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>106.4</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>68.4</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>82.4</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$23.7</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>119.4</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>150.8</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$43.4</B> </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>0.09</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.06</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>$0.02</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.10</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.12</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.04</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
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     <TD ALIGN=RIGHT><hr size=1></TD>
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</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(1)</I> </FONT> </TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>&nbsp;</I> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Financial
statements prepared according to Peruvian GAAP. The financial information is in
constant soles as of June 30, 2004. Figures in US$ have been translated at the
exchange rate of S/.3.471 to the dollar.</I> </FONT> </P></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(2)</I> </FONT> </TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>&nbsp;</I> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Based
on 1,226 million outstanding shares in all periods.</I> </FONT> </P></TD>
</TR>
</TABLE>


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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>II.2  NET INTEREST
INCOME</B></FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income,  net
of interest  payments,  in the second quarter of 2004 reached S/.263.4  million  (US$75.9
 million),  12.9% lower compared to net  interest  income in the same period of last
year,  but it remained  similar to net  interest  income in the  preceding first quarter
of 2004.  Decreased net interest income is mostly due to continuous  fall in average
 interest  earning assets,  in spite of recent loan growth, together with lower interest
margins.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average  interest
 earning assets reached  S/.20,719  million  (US$5,969  million) at the end of June 2004,
a decline of 7.9% comparing with the second  quarter of last year,  while they are 0.8%
lower than average  assets in first quarter  2004.  In the current  quarter BCP continued
its persistent excess liquidity environment in both local and foreign currencies.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the second
 quarter of 2004,  the net interest  margin was 5.08%,  slightly  under 5.12% in the
 preceding  first  quarter,  but declines from 5.38% during the second  quarter of 2003.
 During the current  quarter the margin  declined  mostly due to higher foreign currency
 loans,  which have lower margins than local currency  loans,  which  decreased.  Both
loan and deposit rates remained  almost unchanged during the current quarter.</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II.3 NON-INTEREST
INCOME</B> </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  income,
 which  include fee revenue and other  non-interest  items,  in the second  quarter of
2004  amounted to S/.205.6 million (US$59.2  million),  lower than S/.224.0 million
(US$64.5  million) earned during the same period of 2003, mostly due to losses on the
securities portfolio.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the second quarter
of 2004, fees from banking services amounted to S/.161.0 million (US$46.4  million),
 4.6% lower than in the same period of 2003,  due to lower  revenue in various  concepts.
 In the  quarter,  fees on the most  important  banking  services  had the following
growth rates:</FONT></P>


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<TR VALIGN=Bottom>
     <TD WIDTH=64% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In constant S/. Mn.)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Growth</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
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<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Savings accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.9</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4.4%</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>20.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.5</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.0%</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>21.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.5</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-9.7%</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>13.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.4</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3%</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>13.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Billings and payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.1</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>Contingent and foreign trade</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9</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>Contingent credits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debit cards</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>6.0</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-28.6%</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>6.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.8</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-12.1%</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>10.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8</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>Commercial loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4</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>-20.4%</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>5.3</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>-18.9%</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>1.4</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>21.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Channels and services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4</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>-28.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Master account</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-25.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Personal loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>250.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Micro-business credit</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>3.1</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>933.3%</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>6.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-66.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>168.7</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>161.0</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-4.6%</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Div Left Line" FSL="Workstation" -->
<DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note:
line items in this table aggregate concepts that                            are different
from tables reported in prior year periods.</FONT></DIV>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the second quarter
of 2004, securities  transactions resulted in a loss of S/.8.7 million (US$2.5 million),
 compared to an opposite gain in the year-ago  quarter of S/.8.7 million (US$2.5
 million).  The general index of the Lima Stock Exchange  decreased 4.9% in the second
quarter of 2004, compared to a 17.1% increase in the same year-ago period.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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,
 were S/.18.3 million (US$5.3 million) in the second  quarter of 2004,  8.8% lower than
 revenue in the same  quarter of 2003,  and 4.4% lower than  revenue in first quarter
 2004,  mainly due to decreased  margins due to the low  volatility  in the foreign
 exchange  market,  partly offset by higher volumes.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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/.26.5  million  (US$7.6
 million) in the second quarter of 2003 to S/.35.0  million  (US$10.1  million) in the
current period, which show higher recoveries of charged-off accounts.</FONT></P>


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

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  expenses
during the second quarter of 2004 were S/.311.9 million (US$89.8  million),  3.1% under
those of the same period in 2003, mainly because of decreased personnel and general and
administrative costs.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To determine operating
 efficiency,  operating expenses are &#147;adjusted&#148; excluding certain non-recurrent items and
that do not contribute to the  performance of the business.  Second quarter 2004  &#147;adjusted&#148;  operating
 expenses are determined by excluding:  (i) provisions for assets received in lieu of
loan repayment (S/.25.1  million);  (ii)  non-recurring  expenses related to the systems&#146;  restructuring
costs (S/.2.2 million);  (iii) employee profit sharing expenses and bonds (S/.8.6
million);  and, (iv) merger costs related to Soluci&#243;n Financiera  (S/.4.8 million).  &#147;Adjusted&#148;  operating
expenses reached S/.271.2 million (US$78.1 million) in the second quarter of 2004,
decreasing 2.5% compared to the year-ago period.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In this quarter,
 approximately  42% of  non-interest  expenses were  attributable to employee  salaries
and other expenses  related to personnel.  This concept  decreased  1.2% to S/.131.2
 million  (US$37.8  million) when compared to the second  quarter of 2003. At the end of
June 2004 the  number of  employees  stood at 7,567,  decreasing  from 7,652  employees
 as of March 2004 and from 7,570 at June 2003, mainly due to decreased sales personnel at
Banco de Cr&#233;dito.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General and
Administrative expenses,  which represented 31% of non-interest expenses,  reached
S/.97.4 million (US$28.1 million) in the second quarter of 2004,  decreasing 7.5% when
compared to expenses in the year-ago  period.  Lower expenses are mainly due to decreased
third party fees and communications expenses.  In this quarter, the most significant
general and administrative expenses were:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=64% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In constant S/. Mn.)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2Q04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Chnge.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>13.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.5</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-14.2%</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>10.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-22.5%</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>17.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-29.1%</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>8.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-27.1%</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>12.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.0</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>Systems and maintenance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.5</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>Advertising and marketing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.0</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>Other G&amp;A</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>9.7</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total G&amp;A</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>105.3</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>97.4</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-7.5%</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>
<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Other caption
within Other  Non-Interest  Expenses,  increased from S/.28.6 million (US$8.2  million)
in the second quarter of 2003 to S/.32.0 million (US$9.2 million) in the current quarter,
mainly due to increased contingencies provisions.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of &#147;adjusted&#148;  operating
expenses as a percentage of average total assets,  increased from 4.4% in the second
quarter of 2003 to 4.6% in the current period.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Efficiency ratio,
 &#147;adjusted&#148; operating expenses, as a percentage of total income (excluding  non-recurring
income), also grew from 52.9% to 57.8% when comparing the second quarters of 2003 and
2004, respectively.</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II.5 ASSETS AND
LIABILITIES</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets of BCP
reached  S/.23.7 billion  (US$6.8  billion) at the end of June 2004,  increasing 1.4%
with respect to the preceding first quarter, but decreases by 4.8% compared to assets at
June 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  total
loans were S/.14.4  billion (US$4.2  billion) at the end of June 2004,  increasing 2.3%
compared to March 2004, but remain  lower by 7.4% with respect to loans at the second
 quarter  2003.  At June 30, 2004,  the loan  portfolio,  net of  provisions, represented
 56.6% of total assets,  higher than 55.6% at the preceding  quarter.  At the end of the
second quarter of 2004, the Nuevos Soles portion of the loan portfolio was 16.2%, under
17.5% in March 2004, and of 17.2% at June 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004
total deposits were S/.20.0  billion  (US$5.8  billion),  increasing  0.8% compared to
first quarter 2004 deposits, but are 6.1% lower than deposits in the year-ago  quarter.
 During the second  quarter 2004,  time  deposits  increased by 5.8%,  while savings
 deposits  decreased  3.5% and demand  deposits by 3.3%.  Deposits  denominated  in
Nuevos Soles were 22.7% of total  deposits, decreasing during the current quarter from
24.7% at March 2004, and is also lower than 23.5% at the end of June 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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" colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Loans, net</B> </FONT></TD>
     <TD ALIGN="CENTER" colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Deposits</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In % and constant S/.Mn.)</I> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>86.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91.7%</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>7.0%</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>6.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9%</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>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>5.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6%</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>2.2%</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>1.2%</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"><U>TOTAL%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total BCP</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.14,020</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.12,987</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.13,397</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.21,294</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.19,838</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.19,987</B> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Loan Portfolio</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=64% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In % of total and constant S/. Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>43.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.0%</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>26.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.2%</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>30.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.8%</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>10.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7%</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>12.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2%</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>- consumer</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2%</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>3.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Total</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Loans</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.15,554</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.14,085</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.14,404</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the current
 quarter,  loan  balances  increased  2.3%,  with  corporate  loans  growing by 3.3% to
S/.6,045  million  (US$1,742 million),  while middle market loans grew by 2.2% to
S/.3,772 million (US$1,087 million),  and retail loans by 1.0% to S/.4,586 million
(US$1,321 million).  Retail loans by product performed as follows:</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=top>
     <TD WIDTH=40% ALIGN=LEFT VALIGN=Bottom><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(% change and constant S/. Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04 vs 31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04 vs 30.06.03</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>1,567</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,450</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,396</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.7%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11.0%</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>1,960</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,143</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,221</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7%</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>Consumer loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>683</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>453</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>467</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-31.6%</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>534</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>495</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>502</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Retail</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4,744</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4,541</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4,586</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.0%</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-7.4%</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>
<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lower  consumer  loans
during first quarter 2004 is mainly because  approximately  S/.240 million are reported
 beginning in March 2004 as micro-business loans, which are shown as part of the Small
Business concept in the preceding table.</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Contingent Credits and
Managed Funds</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">At June 30, 2004
<B>contingent credits </B>were S/.5,962 million (US$1,718 million), 2.4% over the March 2004
figure. Contingent credits grow 13.6% over credits at June 2003, mainly due to the
inclusion, beginning in the fourth quarter 2003, 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 VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=top>
     <TD WIDTH=40% ALIGN=LEFT VALIGN=Bottom><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(% change and constant S/. Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04 vs 31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04 vs 30.06.03</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>2,335</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,245</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,130</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>-8.8%</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>468</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>522</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>639</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.4%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.5%</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>169</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>141</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>154</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.8%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.9%</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>1,567</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,206</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,371</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.7%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-12.5%</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>708</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,710</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,668</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2.5%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Contingent Credits</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,246</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,824</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,962</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2.4%</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>13.6%</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>



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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Third party funds
</B>managed by several subsidiaries of BCP amounted to S/.3,390 million (US$913.8
million) as of June 30, 2004, decreasing 8.3% compared to funds at march 2004, but
remain similar to balances in second quarter 2003. </FONT></P>


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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Market share</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 June 30, 2004, Banco de Cr&#233;dito del Per&#250; had a total loan market
 share of 35.0%  (34.6% at March 31, 2004 and 34.3% at June 30,  2003),  and 36.8% of
deposits (36.6% at March 31, 2004 and 36.3% at June 30, 2003).</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCP&#146;s market share in
Peruvian  mutual  funds,  through its  subsidiary  Credifondo,  was 50.9% as of June 30,
2004 (49.4% at March 31, 2004 and 49.3% at June 30, 2003).</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>II.6  LOAN QUALITY</B></FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  past due
loans  amounted to S/.732  million  (US$210.9  million) at June 30, 2004,  decreasing
 43.8% from the balance of S/.1,302 million (US$375.2 million) as of the end of June
2003, and are also 13.5% below past due loans at March 2004.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 5.1% at June 30,  2004,  improving  during
this  quarter  from 6.0% at March 2004,  and from 8.4% at June 2003.  The ratio of past
due,  refinanced  and  restructured  loans as a  percentage  of total loans declined to
10.3% during second quarter 2004 from 11.6% in March 2004, and also from 14.6% at June
2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of March
2004,  refinanced loans amounted to S/.757.4 million (US$218.2  million),  lower than the
balance at June 2003 that was S/.970.7 million (US$279.7 million).</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of the
second quarter 2004,  outstanding  balances of loan loss provisions totaled  S/.1,007.5
 million (US$290.3  million), decreasing 8.3% compared to the preceding  quarter mainly
due to  charge-offs.  The coverage ratio of loan provisions to past due loans increased
to 137.6% at the end of second quarter 2004, from 129.8% in first quarter 2004 and also
from 117.8% at June 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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/.169.9  million  (US$48.9  million)
 correspond  to  generic provisions  assigned  to loans in the Normal (A) risk  category,
 decreasing  from the  balance at June 30,  2003 of  S/.221.3  million (US$63.8 million).</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 the second
quarter 2004 amounting to S/.78.3  million  (US$22.6  million),  of which  approximately
 16% were  related to consumer  and  mortgage  loans.  This  compares to charge-offs  in
the first  quarter of 2004 of S/.114.0  million  (US$32.8  million),  and  S/.136.6
 million  (US$39.4  million) in the year-ago second quarter.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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 13.5% of the loan portfolio in
June 2004,  decreasing from 14.6% that resulted in March 2004 and from 18.1% in June
2003.  The loan classification is as follows:</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=64% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(% of Total loans and S/.Mn const.)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>70.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78.2%</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>11.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3%</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>5.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5%</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>6.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6%</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>E: Loss</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Total</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Loans</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.15,554</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.14,085</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.14,404</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan loss provisions,
 net of recoveries,  charged against results in second quarter 2004 amounted to S/.20.6
million (US$5.9 million), lower than S/.70.5 million (US$20.3  million) in the year-ago
 period,  mainly due to improved loan quality.  Provision  expense in the first quarter
of 2004 was S/.48.0 million (US$13.8 million).</FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II.7 CAPITAL ADEQUACY</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of the
second quarter of 2004,  BCP&#146;s  unconsolidated  ratio of  risk-weighted  assets to
regulatory  capital was 7.9 to 1.0 (12.7%),  while the corresponding  consolidated ratio
was 7.1 to 1.0 (14.2%).  Risk-weighted  assets include S/.1,034 million (US$297.8
million) of market-risk  exposure whose coverage  required  S/.94.0 million (US$27.1
 million) of regulatory  capital at June 30, 2004. Peruvian regulations limit
risk-weighted assets to a ratio of 11.0 to 1.0 (9.1%).</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004,
BCP&#146;s consolidated  &#147;regulatory capital&#148; was S/.2,363 million (US$680.7 million),
 increasing compared to S/.2,276 million  (US$655.7  million) in June 2003 mostly due to
higher reserves.  Regulatory  capital included S/.189.5 million ($54.6 million) in
subordinated debt in the current period, remaining similar to the balance at March 2004.</FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><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" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BCP<BR>unconsolidated</B> </FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BCP<BR>consolidated</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=52% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In constant S/. Mn.)</I> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><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>1,700</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,921</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,276</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,363</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>15,898</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,137</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,227</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,703</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>9.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9</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>7.1</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>10.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7%</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>14.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN=RIGHT><hr size=1></TD>
     <TD ALIGN="RIGHT"><hr size=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="PAGE BREAK" FSL="Workstation" -->
<P STYLE="page-break-before:always">

<!-- MARKER FORMAT-SHEET="T 2 CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>III. ATLANTIC SECURITY
HOLDING CORPORATION AND SUBSIDIARIES (&#147;ASHC&#148;)</B> </FONT></P>


<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Net Income</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  net
income in the first six months of 2004 reached  US$12.3  million,  higher than US$5.4
million in first semester 2003. Net income in the quarter ended June 30, 2004 was US$4.6
million, higher than US$1.6 million in the same period of 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income in the
first  semester  and in the second  quarter of 2004,  increase  compared to the same
 periods of 2003,  mainly due to lower market risk  provisions and higher  dividends
 received from Credicorp,  and in spite of higher gains on securities  transactions
obtained in 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Financial and
non-financial income</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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$3.6 million in the
second quarter of 2004, lower than US$3.7 million in the same quarter of last year. Net
interest  margin as a percentage of interest  earning  assets,  without considering
 dividends,  was 2.1% during second  quarter 2004,  higher than the 1.9% margin in the
 preceding  first quarter 2004,  but decreases  compared to 2.3% in second quarter 2003.
 Compared with the year-ago  quarter,  the margin  decreased  mainly due to cost of funds
required for the purchase of part of BCOL&#146;s investment portfolio.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In second quarter
2004,  US$1.0  million was  registered as dividend  income  received from  Credicorp,
 while none was received in the year-ago  quarter.  Credicorp&#146;s  dividends  reached
US$5.9  million  cumulative in the six months  through June 2004,  increasing  from
US$3.1 million in the first semester 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the second  quarter
of 2004 charges  against income for market risk  provisions  amounted to US$0.4  million,
 slightly under US$0.5 million  charged in the preceding  first quarter 2004, but
declines  compared to US$3.5 million  provisioned in second quarter 2003. In the current
 quarter  provisions  for credit risks  amounted to US$0.1  million,  while  US$0.9
 million was expensed in the prior year second quarter.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" 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, amounted to US$2.2  million in the second  quarter of 2004,
 declining  from US$3.9  million in the year-ago  quarter  where gains on securities
amounted to US$2.8  million,  higher than US$1.0  million gains in the current  quarter.
 Fee income was US$1.1  million in the current period, increasing from US$0.8 million in
the year-ago quarter.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of operating
 expenses over average  assets was 0.9%,  annualized,  in the second quarter of 2004
similar to the ratio during the same period in 2003.  This ratio declines to 0.5% in the
second quarter of 2004,  when funds under  management are included  within total assets,
remaining unchanged compared to the prior year quarter.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 BOLD ITAL" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Assets and
liabilities</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The <B>loan portfolio</B>,
net of provisions, was US$163.1 million as of June 30, 2004, increasing during the
quarter from US$154.2 million at the end of March 2004, and also compared to loan
balances of US$156.7 million at June 2003. As of June 30, 2004, the loan portfolio
had 2.3% past dues, which were 142.0% covered with loan-loss provisions. </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The <B>securities
portfolio </B>grew to US$464.9 million at June 2004, increasing over US$452.7 million
last March 2004, and also from US$359.8 million at the end of June 2003, following the
increase of available funds and the purchase of additional Credicorp shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In April 2004 ASHC
 acquired  Credicorp  equity  shares held by PPS amounting to US$33.5  million.  This
 transfer  follows a corporate policy that seeks to restructure  assets held across
 subsidiaries  in the group.  Credicorp&#146;s  consolidated  balances are not affected since
these shares were already reported as part of treasury shares in Credicorp&#146;s equity
accounts,  and, additionally,  all effects on income statement accounts caused by this
transfer are eliminated in the process of consolidating Credicorp&#146;s financial statements.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Deposits </B>amounted to
US$677.8 million at June 30, 2004, increasing from the balance of US$638.1 million at
the end of the preceding first quarter 2004, and also compared to US$583.7 million at the
end of June 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Funds under
management </B>were US$693.5 million at June 30, 2004, 26.8% higher than US$547.1
million at June 2003, but grow only slightly compared to US$691.2 million at March 2004
due to increased uncertainty around increasing international interest rates. The
increase compared to funds at June 2003 is principally due to the introduction of new
structured products and funds under management with higher yields than interest paid on
bank deposits, and, to a lesser extent, to higher market valuation of this portfolio. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net equity </B>reached
US$141.3 million at the end of June 2004, increasing over US$121.9 million at March
2004, mainly due to the US$20.0 million capital addition from Credicorp, related to
the above mentioned purchase of its treasury shares from PPS. The equity account of
reserves for market value of investments, decreased from a balance of unrealized
gains of US$12.2 million at the end of March 2004, to unrealized gains of US$7.1
million at June 30, 2004. </FONT></P>


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

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<P ALIGN=center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>IV.
EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES (&#147;PPS&#148;)</B> </FONT></P>


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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Net income</I></B></FONT></P>


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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPS obtained in the
first semester of 2004 a consolidated  net income of S/.65.4 million  (US$18.8  million),
 more than double profits of S/.30.5  million  (US$8.8  million) in the  first-half of
2003. In the quarter ended June 30, 2004,  net income was S/.57.5  million (US$16.6
million), increasing over net income of S/.25.0 million (US$7.2 million) in the same
year-ago quarter.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the  first-half
 and second  quarter of 2004 net income  increased over the prior year periods mainly
because of gains from the sale to ASHC of  Credicorp  equity  shares,  which were kept by
PPS as part of its  investment  portfolio.  The sale  amounted  to  S/.115.9 million
 (US$33.5  million) and resulted in a net gain of S/.75.5  million  (US$21.7  million),
 not subject to income taxes,  in PPS&#146;s local  records.  In  Credicorp&#146;s  consolidated
 financial  statements,  these shares  already were part of the treasury  shares  equity
account.  In  Credicorp&#146;s  records,  all the effects of the  transfer of these  shares,
 including  the gains,  are  eliminated  in the consolidation process.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the current
 quarter,  the merger of Novasalud  with Pac&#237;fico  Salud  continued  its  progress.
 Novasalud was acquired in March 2004, and is expected to finalize its merger during
third quarter 2004.  Consolidated  financial  statements reported by PPS as of June 30,
2004 do not consolidate  line-by-line  Novasalud&#146;s balances,  instead, the acquisition is
shown as part of investments,  net of its corresponding  equity value  provision.  In the
second quarter,  provisions  made for this concept  amounted to S/.22.4 million (US$6.4
million).</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Business lines</I></B> </FONT> </P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comparing cumulative
results for first-half 2004 and 2003, consolidated total premiums and fees consisted of:</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i)&nbsp;&nbsp;       general
insurance lines, that amounted to 50.6% of total premiums and decreased 9.6%;<BR>ii)&nbsp;
     fees at Pac&#237;fico Salud, that were 11.2% of total premiums and increased 21.0%; and,<BR>iii)
    Pac&#237;fico Vida, which amounted to 38.2% of the total and decreased 2.0%.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative  through
 June 30,  2004,  growth of Pac&#237;fico  Salud and the health and medical  assistance
 insurance  line (21.6% of total premiums) was 8.6%;  fire insurance  lines (15.0% of
total  premiums)  decreased  29.1%;  while the automobile  insurance line (6.0% of total
premiums) grew 2.8% compared to the prior year period.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Through June 2004,
 group life insurance and individual  life insurance  policies  (11.5% of total
 premiums) grew 5.8%; life annuities (20.8% of total premiums) increased 2.2%; while
pension fund benefits insurance (4.9% of total premiums)  decreased 27.8%,  compared to
the prior year.  Decreased  pension fund  insurance  premiums is due to regulatory
 changes in procedures for the purchase of insurance coverage by Private Pension Funds (&#147;AFPs&#148;),
 after the end of the Transitory Arrangement,  which caused increased competition and
lower fees.</FONT></P>


<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Revenue and operating
expense</I></B> </FONT> </P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  premiums and Pac&#237;fico
 Salud health fees in the second  quarter of 2004 were  S/.269.6  million  (US$77.7
 million),  5.0% below premiums of S/.283.7 million (US$81.7 million) in the year-ago
quarter,  due mainly to lower general insurance premiums,  partly offset by growth in Pac&#237;fico
 Salud.  Retained  premiums  increase 9.4% to S/.229.4  million  (US$66.1  million) in
this quarter from S/.209.6 million (US$60.4 million) in second quarter 2003.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net premiums  earned
and health fees,  net of reinsured  premiums and  reserves,  were  S/.126.6  million
 (US$36.5  million) in second quarter 2004, 1.7% below premiums in the prior year
quarter.  Net premiums  earned  remained  similar to the year-ago period mainly due to a
higher retention rate which partly offsets increased reserves.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions to technical
 reserves for premiums grew by S/.102.8  million  (US$29.6  million) in the second
quarter of 2004, 27.1% higher than  additions in the same quarter of last year.  Most of
reserves in the second  quarter of 2004 were  established  by Pac&#237;fico Vida, for its life
annuities and life insurance lines.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net  consolidated
 underwriting  results was S/.10.8  million (US$3.1  million) in the second quarter of
2004,  decreasing from S/.14.8 million  (US$4.3  million) in the prior year  quarter.
 Nevertheless,  underwriting  results in  first-half  2004 grew 5.2%, to S/.31.9 million
(US$9.2 million), compared to results in the same period of 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of net
 underwriting  results (net  premiums and health fees less  reserves  and claims as a
 percentage  of total  premiums) declines to 4.0% in the second quarter of 2004, compared
to the 5.2% ratio in the prior year quarter, mainly due to lower premiums.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial  results
increase from S/.48.3 million (US$13.9  million) in second quarter 2003 to S/.106.4
million (US$30.6 million) in the current  quarter,  mainly due to gains on the above
mentioned sale of Credicorp  shares.  In the year-ago  second  quarter,  gains were
obtained from the sale of long-term investments amounting to S/.19.7 million (US$5.7
million).</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Other provisions
 concept,  that resulted in gains of S/.1.1 million (US$0.3 million) in second quarter
2003, decline to an expense of S/.23.4 million (US$6.7 million) in the current period
mainly due to the  amortization of the investment in Novasalud,  as mentioned previously.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjustments  for
exposure to  inflation  and  exchange  differences  resulted in a loss of S/.4.3  million
 (US$1.2  million) in second quarter 2004, compared to a gain of S/.1.2 million (US$0.4
million) in the same period of 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 over  net  premiums  earned  decreased  from  24.6% to 23.0%  comparing  the  second
 quarters  of 2003 and  2004, respectively.  The ratio of operating expenses over average
assets decreased from 8.0% to 6.3%, in these same periods.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Claims</I></B> </FONT> </P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net  insurance  claims
and health  services  costs  incurred in the second  quarter of 2004 were  S/.96.1
 million  (US$27.7  million), remaining  similar to claims in the same quarter of 2003,
 since  increased  claims in business lines of marine hull and Pac&#237;fico Salud were offset
by decreases in Pac&#237;fico Vida.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The <B>net loss ratio
</B>(net claims to net premiums) decreases to 41.9% in the current quarter from 46.0% in
second quarter 2003 due to the higher retention rate. Cumulative through June 2004,
the net loss ratio was 45.4%, also below 48.4% in first-half 2003. In first-half
2004, the net loss ratio continues high in pension fund insurance (75.8%), health (77.5%)
and in Pac&#237;fico Salud (84.5%). </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The <B>combined ratio
</B>(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) increased from 99.5% in the second quarter of 2003 to 102.4% in the current
quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Assets and investments</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments  in real
 estate and  financial  assets  were  S/.1,465  million  (US$422.0  million)  at the end
of the  current  quarter, increasing 17.1% from the year-ago balance.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004,
total assets were S/.1,926 million (US$554.8  million)  increasing 13.1% compared to the
year-ago balance.  At the end of the current period net equity amounted to S/.396.5
million (US$114.2 million), 2.8% above net equity at June 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Market share</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="T 2 JUST" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Peruvian
 insurance  market  through May 31, 2004,  had total  premiums of US$344.2  million,
 6.7% below premiums in the same five month  period in 2003,  mainly due to lower sales
of fire  insurance  and life  annuities.  For the five months of 2004,  PPS's  market
share in total premiums was 28.8% (29.3% in the year-ago  period),  with the share in
general risks and health lines being 31.2% (31.6% in the same period of 2003) and in life
insurance and pension fund benefits lines of 25.7% (26.5% in the same period of 2003).</FONT></P>



<!-- MARKER FORMAT-SHEET="T 2 CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*** 8 Tables To Follow
***</FONT></P>

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



<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="5" align="center"><b><font size="2" face="Times New Roman, Times, serif">CREDICORP LTD. AND
      SUBSIDIARIES </font></b></td>
  </tr>
  <tr>
    <td colspan="5" align="center"><b><font size="2" face="Times New Roman, Times, serif">Table 1 </font></b></td>
  </tr>
  <tr>
    <td colspan="5" align="center"><b><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED BALANCE SHEETS </font></b></td>
  </tr>
  <tr>
    <td colspan="5" align="center"><i><font size="2" face="Times New Roman, Times, serif">(In thousands of U.S. Dollars) </font></i></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font> </td>
    <td colspan="4" align="center"><b><font size="2">As of </font></b></td>
  </tr>
<tr>
    <td><font size="2">&nbsp;</font> </td>
    <td colspan="4" align="center"><hr size="1"></td>
  </tr>
  <tr>
    <td><center>
      <font size="2"><b><font face="Times New Roman, Times, serif">ASSETS </font></b>
      </font>
    </center></td>
    <td><center>
      <font size="2"><b><font face="Times New Roman, Times, serif">Jun. 30, 2003 </font></b>
      </font>
    </center></td>
    <td><center>
      <font size="2"><b><font face="Times New Roman, Times, serif">Dec. 31, 2003 </font></b>
      </font>
    </center></td>
    <td><center>
      <font size="2"><b><font face="Times New Roman, Times, serif">Mar. 31, 2004 </font></b>
      </font>
    </center></td>
    <td><center>
      <font size="2"><b><font face="Times New Roman, Times, serif">Jun. 30, 2004 </font></b>
      </font>
    </center></td>
  </tr>
  <tr>
    <td colspan="5"><hr size="1"></td>
  </tr>
  <tr>
    <td width="40%"><FONT FACE="Times New Roman, Times, serif" SIZE="2"><U>CASH AND DUE FROM BANKS</U> </FONT> </td>
    <td width="15%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Cash and non interest bearing deposits in banks </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">251,643 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">240,294 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">255,941 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">277,658 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest bearing deposits in banks </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,616,400 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,372,436 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,298,914 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,550,338 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,868,043 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,612,730 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,554,855 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,827,996 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">MARKETABLE SECURITIES, net </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">68,081 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">127,365 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">100,991 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">53,947 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">LOANS </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,581,397 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,481,496 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,401,684 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,601,814 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Current </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,221,341 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,225,001 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,151,861 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,379,358 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past Due </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">360,056 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">256,495 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">249,823 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">222,456 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Less - Reserve for possible loan losses </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(407,117) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(326,677) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(313,606) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(293,263) </font></td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">LOANS NET </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,174,280 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,154,819 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,088,078 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">4,308,551 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">INVESTMENT SECURITIES AVAILABLE FOR SALE </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,328,701 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,612,887 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,812,966 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,644,623 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">REINSURANCE ASSETS </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">33,846 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">45,904 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">49,519 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">33,904 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">PREMIUMS AND OTHER POLICYHOLDER RECEIVABLES </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">56,890 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">60,057 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52,026 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">54,502 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">PROPERTY, PLANT and EQUIPMENT, net </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">278,002 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">264,533 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">255,290 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">251,288 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">DUE FROM CUSTOMERS ON ACCEPTANCES </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">43,078 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">50,178 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">41,024 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">46,108 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">OTHER ASSETS </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">383,210 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">370,672 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">338,631 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">323,003 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">TOTAL ASSETS </font></b>
    </center></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,234,131 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,299,146 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,293,380 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,543,922 </font></b></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">LIABILITIES AND SHAREHOLDERS' EQUITY </font>
      </b>
    </center></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">DEPOSITS AND OBLIGATIONS: </font></u></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Non-interest bearing </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">812,058 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">860,585 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">905,355 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">949,788 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest bearing </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,540,923 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,444,254 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,379,947 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,478,777 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">6,352,981 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">6,304,839 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">6,285,302 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">6,428,565 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">DUE TO BANKS AND CORRESPONDENTS </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">286,857 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">273,234 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">255,077 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">374,206 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">ACCEPTANCES OUTSTANDING </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">43,078 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">50,178 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">41,024 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">46,108 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">RESERVE FOR PROPERTY AND CASUALTY CLAIMS </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">274,596 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">303,587 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">324,987 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">350,745 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">RESERVE FOR UNEARNED PREMIUMS </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">49,255 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">66,084 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">66,563 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">58,987 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">REINSURANCE PAYABLE </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23,815 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">33,043 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22,811 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13,983 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">OTHER LIABILITIES </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">281,172 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">284,607 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">309,084 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">260,997 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">MINORITY INTEREST </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">66,866 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">72,841 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">70,372 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">69,627 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">TOTAL LIABILITIES </font>
      </b>
    </center></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">7,378,620 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">7,388,413 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">7,375,220 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">7,603,218 </font></b></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <u><font size="2" face="Times New Roman, Times, serif">NET SHAREHOLDERS' EQUITY </font>
      </u>
    </center></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">855,511 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">910,733 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">918,160 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">940,704 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">TOTAL LIABILITIES and NET SHAREHOLDERS' EQUITY </font>
      </b>
    </center></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,234,131 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,299,146 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,293,380 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">8,543,922 </font></b></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">CONTINGENT CREDITS </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,497,043 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,768,605 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,761,503 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,850,037 </font></b></td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">FUNDS UNDER MANAGEMENT </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,502,806 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,724,130 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,783,246 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">1,711,086 </font></b></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
  </tr>
</table>
<P STYLE='page-break-before:always'>
<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">CREDICORP LTD. AND SUBSIDIARIES </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">Table 2 </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED INCOME STATEMENTS </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><font size="2" face="Times New Roman, Times, serif"><i>(In thousands of U.S. Dollars) </i></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="center">&nbsp;</td>
    <td colspan="2" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td colspan="3" align="center"><b><font size="2" face="Times New Roman, Times, serif">Three months ended </font></b></td>
    <td colspan="2" align="center"><b><font size="2" face="Times New Roman, Times, serif">Six months ended </font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1"></td>
    <td colspan="2"><hr size="1"></td>
  </tr>
  <tr>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">31.03.04 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font></b>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1"></td>
    <td colspan="2"><hr size="1"></td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">INTEREST INCOME </font></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest on loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">109,839 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">101,275 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">103,209 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">223,188 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">204,484 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest and dividends on investments: </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">845 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,356 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">852 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,359 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest on deposits with banks </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,508 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,423 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,746 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">10,654 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,169 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest on trading securities (1) </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">22,677 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">22,259 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">23,058 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">41,026 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">45,317 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Interest Income </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">137,869 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">126,960 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">131,369 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">275,720 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">258,329 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">INTEREST EXPENSE </font></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest on deposits </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">31,380 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">27,055 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">16,882 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">67,946 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">43,937 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest on borrowed funds </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,934 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,368 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,725 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,592 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,093 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Other interest expense </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,628 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">6,548 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">18,202 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">8,831 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">24,750 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Interest Expense </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">40,942 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">36,971 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">38,809 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">84,369 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">75,780 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">Net Interest Income </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">96,927 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">89,989 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">92,560 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">191,351 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">182,549 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Provision for possible loan losses, net </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">19,702 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">18,974 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,167 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">53,930 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">26,141 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">Net interest income after provision for </font></b></td>
    <td>&nbsp; </td>
    <td></td>
    <td></td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">possible loan losses </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">77,225 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">71,015 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">85,393 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">137,421 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">156,408 </font></b></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">OTHER INCOME </font></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fees and commissions from banking services </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">47,548 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">47,148 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">49,374 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">93,747 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">96,522 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net gains from sales of securities </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,593 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,968 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(3,409) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,379 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">559 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net gains on foreign exchange transactions </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,821 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,456 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,119 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12,182 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">10,575 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net premiums earned </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">32,090 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">38,029 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">33,058 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">63,991 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">71,087 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Other income (1) </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">8,631 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">14,228 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">12,689 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">31,314 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">26,917 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">101,683 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">108,829 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">96,831 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">208,613 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">205,660 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">CLAIMS ON INSURANCE ACTIVITIES </font></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net claims incurred </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,282 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,423 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9,659 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12,037 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">17,082 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Increase in future policy benefits for life and health </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">19,120 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">21,239 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">17,448 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">39,568 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">38,687 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">26,402 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">28,662 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">27,107 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">51,605 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">55,769 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">OTHER EXPENSES </font></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Salaries and employee benefits </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">45,144 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">44,363 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">46,883 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">91,208 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">91,246 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">General, administrative, and other taxes </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">35,997 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">37,477 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">34,874 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">74,830 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">72,351 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Depreciation and amortization </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12,396 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">11,610 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">11,047 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">24,145 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22,657 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Other </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">18,820 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14,706 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13,468 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">31,271 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">28,174 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Merger costs </font></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">2,022 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,829 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">1,375 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">17,487 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">3,204 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">114,379 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">109,985 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">107,647 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">238,941 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">217,632 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">Translation result </font></b></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,605 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,274 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">758 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(4,118) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,032 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">Income before income tax, and minority interest </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">40,732 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">44,471 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">48,228 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">51,370 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">92,699 </font></b></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Income Tax </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(9,821) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(11,637) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(12,669) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(16,610) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(24,306) </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Minority Interest </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(2,602) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(2,772) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(2,676) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(3,959) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(5,448) </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">NET INCOME </font>
      </b>
    </center></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">28,309 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">30,062 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">32,883 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">30,801 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">62,945 </font></b></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td colspan="3"><i><font size="2" face="Times New Roman, Times, serif">(1) Note: for comparison purposes, US$7.9Mn
      in 2Q03 and US$13.4Mn in 6M03 were </font></i></td>
    <td></td>
    <td></td>
    <td></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">reclassified from other income into interest income. </font></i></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
  </tr>
</table>
<P STYLE='page-break-before:always'>
<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">CREDICORP LTD. AND
      SUBSIDIARIES </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">Table 3 </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">SELECTED FINANCIAL INDICATORS </font></b></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td colspan="3" align="center"><b><font size="2" face="Times New Roman, Times, serif">Three months ended </font></b></td>
    <td colspan="2" align="center"><b><font size="2" face="Times New Roman, Times, serif">Six months ended </font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1"></td>
    <td colspan="2"><hr size="1"></td>
  </tr>
  <tr>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">31.03.04 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font></b>
    </center></td>
    <td width="12%"><center>
      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font></b>
    </center></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td colspan="3"><hr size="1">  </td>
    <td colspan="2"><hr size="1"></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><b><u>Profitability</u></b> </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net income per common share (US$ per share)(1) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.355 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.377 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.412 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.386 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.789 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net interest margin on interest earning assets (2) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.65% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.26% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.31% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.56% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.30% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on average total assets (2)(3) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.35% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.45% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.56% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.73% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.50% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on average shareholders' equity (2)(3) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.61% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.15% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14.15% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7.43% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.64% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">No. of outstanding shares (millions)(4) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">79.75 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">79.75 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">79.75 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">79.75 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">79.75 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Quality of loan portfolio </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past due loans as a percentage of total loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7.86% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.68% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.83% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7.86% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.83% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Reserves for loan losses as a percentage of </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">total past due loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">113.07% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">125.53% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">131.83% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">113.07% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">131.83% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Reserves for loan losses as a percentage of </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">total loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.89% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7.12% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.37% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.89% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.37% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Reserves for loan losses as a percentage of </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">substandard loans (C+D+E) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52.53% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52.17% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">50.75% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52.53% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">50.75% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past due loans - reserves for loan losses as a </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">percentage of shareholders' equity </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-5.50% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-6.95% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-7.53% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-5.50% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-7.53% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Operating efficiency </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Oper. expense as a percent. of total income (5) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">53.36% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">50.79% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">50.65% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52.07% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">50.72% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Oper. expense as a percent. of av. tot. assets(2)(3)(5) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.89% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.87% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.56% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.80% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.68% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Capital adequacy </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Regulatory Capital (US$Mn) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">716.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">866.7 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">867.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">716.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">867.0 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Tier I Capital (US$Mn) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">601.3 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">742.1 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">743.2 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">601.3 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">743.2 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Regulatory capital / risk-weighted assets (6) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">11.32% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.53% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.57% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">11.32% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.57% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><u><b>Average balances (US$Mn) (3) </b></u></font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest earning assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6,860.3 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6,837.3 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6,977.9 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6,888.6 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6,882.8 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8,405.6 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8,296.3 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8,418.7 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8,476.6 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8,378.8 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net equity </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">832.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">914.4 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">929.4 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">829.2 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">923.2 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td colspan="2"><i><font size="2" face="Times New Roman, Times, serif">(1)Number of shares outstanding of 79.8 million
      in all periods. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(2)Ratios are annualized. </font></i></td>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="5"><i><font size="2" face="Times New Roman, Times, serif">(3)Averages are determined as the average of
      period-beginning and period-ending balances. </font></i><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="3"><i><font size="2" face="Times New Roman, Times, serif">(4)Net of treasury shares. The total number
      of shares was of 94.38 million. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2"><i><font size="2" face="Times New Roman, Times, serif">(5)Total income includes net interest income
      and other income. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="5"><i><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
          expense is net of provisions for other assets received in lieu of loan
          repayment and </font></i><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="5"><i><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mandatory employee profit sharing expense. Non-recurring
      items are not included. </font></i><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(6)Risk-weighted assets include market risk assets. </font></i></td>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
</table>

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

<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">BANCO DE CREDITO
      DEL PERU AND SUBSIDIARIES </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">Table 4 </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED BALANCE SHEETS </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><i><font size="2" face="Times New Roman, Times, serif">(Constant Nuevos Soles, as of
      June 30, 2003, and U.S. Dollars in thousands) </font></i></td>
  </tr>
  <tr>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"><b>      ASSETS
      </b>
      </font>
    </center></td>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"><b>      30.06.03
      </b>
      </font>
    </center></td>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"><b>      31.12.03
      </b>
      </font>
    </center></td>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"><b>      31.03.04
      </b>
      </font>
    </center></td>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"><b>      30.06.04
      </b>
      </font>
    </center></td>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"><b>      30.06.04
      </b>
      </font>
    </center></td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1"></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td> <center>
    <font face="Times New Roman, Times, serif"><font size="1"><font size="2"></font></font></font>
    </center></td>
    <td> <center>
    <font face="Times New Roman, Times, serif"><font size="1"><font size="2"></font></font></font>
    </center></td>
    <td> <center>
    <font face="Times New Roman, Times, serif"><font size="1"><font size="2"></font></font></font>
    </center></td>
    <td> <center>
    <font face="Times New Roman, Times, serif"><font size="1"><font size="2"></font></font></font>
    </center></td>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"><b>      US$000(1)
      </b>
      </font>
    </center></td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">CASH AND DUE FROM BANKS </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">6,436.692 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,430.659 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,199.245 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">5,890.548 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">$1,697.075 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Cash and Checks </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">923.889 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">829.499 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">875.840 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">945.742 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$272.470 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Deposits in Central Bank of Peru </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,649.420 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,484.730 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,096.167 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,711.802 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$1,069.375 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Deposits with local and foreign banks </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">863.383 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,116.430 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,227.238 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,233.004 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$355.230 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">TRADING SECURITIES, net </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">66.189 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">143.905 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">185.238 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">179.747 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$51.785 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">LOANS </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">15,553.795 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">14,885.732 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">14,085.241 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">14,404.172 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">$4,149.862 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Current </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14,251.509 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13,982.755 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13,238.893 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13,672.114 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$3,938.955 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past Due </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,302.286 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">902.978 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">846.348 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">732.058 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$210.907 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Less - Reserve for possible loan losses </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(1,533.799) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(1,198.519) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(1,098.367) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(1,007.544) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">($290.275) </font></td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">LOANS NET </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">14,019.996 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">13,687.213 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">12,986.874 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">13,396.628 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">$3,859.587 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">INVESTMENT SECURITIES AVAIL. FOR SALE </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,611.568 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,163.113 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,475.474 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,640.742 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$760.801 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">PROPERTY, PLANT and EQUIPMENT, net </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">784.273 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">766.797 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">730.345 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">716.322 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$206.373 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">OTHER ASSETS </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">963.556 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,079.840 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">773.845 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">861.015 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$248.060 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">TOTAL ASSETS </font>
      </b>
    </center></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">24,882.274 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">24,271.527 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">23,351.021 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">23,685.002 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">$6,823.683 </font></b></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">LIABILITIES AND SHAREHOLDERS' EQUITY </font>
      </b>
    </center></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">DEPOSITS AND OBLIGATIONS: </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">21,294.413 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">20,498.159 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">19,838.173 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">19,986.961 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">$5,758.272 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Demand deposits </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,732.891 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,051.186 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,845.711 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,655.339 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$1,629.311 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Saving accounts </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,792.971 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,552.538 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,058.275 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,880.248 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$1,406.006 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Time deposits </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">10,768.551 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9,894.435 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8,934.187 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9,451.374 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$2,722.954 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">DUE TO BANKS AND CORRESPONDENTS </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">530.766 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">371.768 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">312.023 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">648.651 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$186.877 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">OTHER LIABILITIES </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">920.716 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,059.568 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,036.508 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">801.643 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$230.954 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><font size="2" face="Times New Roman, Times, serif">SHAREHOLDERS EQUITY: </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">2,136.378 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">2,342.035 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">2,164.317 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">2,247.746 </font></u></td>
    <td align="right"><u><font size="2" face="Times New Roman, Times, serif">$647.579 </font></u></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Capital stock </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,284.455 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,285.302 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,284.728 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,285.302 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$370.297 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Legal reserve </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">731.402 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">731.884 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">804.354 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">804.716 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$231.840 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Retained earnings </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">120.521 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">324.849 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">75.235 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">157.728 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$45.442 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">TOTAL LIABILITIES AND EQUITY </font>
      </b>
    </center></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">24,882.273 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">24,271.530 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">23,351.021 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">23,685.001 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">$6,823.682 </font></b></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">Contingent Credits </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">5,246.354 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">6,100.099 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">5,823.640 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">5,961.632 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">$1,717.554 </font></b></td>
  </tr>
  <tr>
    <td><b><font size="2" face="Times New Roman, Times, serif">Funds under management </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">3,611.389 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">3,934.466 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">3,767.513 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">3,390.097 </font></b></td>
    <td align="right"><b><font size="2" face="Times New Roman, Times, serif">$976.692 </font></b></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(1)Translated at S/.3.471 per US$1.00. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
</table>

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

<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="8" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BANCO DE CREDITO
DEL PERU AND SUBSIDIARIES</B> </FONT> </td>
  </tr>
  <tr>
    <td colspan="8" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Table 5</B> </FONT> </td>
  </tr>
  <tr>
    <td colspan="8" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CONSOLIDATED INCOME STATEMENTS</B> </FONT> </td>
  </tr>
  <tr>
    <td colspan="8" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(Constant Nuevos Soles, as of
June 30, 2004 and U.S. Dollars in thousands)</I> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
  </tr>
  <tr>
    <td><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"><B>Three months ended</B> </FONT> </td>
    <td colspan="3" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Six months ended</B> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td colspan="4"><hr size="1"></td>
    <td colspan="3"><hr size="1"></td>
  </tr>
  <tr>
    <td width="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td width="10%"><center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT> </center></td>
    <td width="10%"><center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT> </center></td>
    <td width="10%"><center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT> </center></td>
    <td width="10%"><center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT> </center></td>
    <td width="10%"><center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.03</B> </FONT> </center></td>
    <td width="10%"><center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT> </center></td>
    <td width="10%"><center> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.06.04</B> </FONT> </center></td>
  </tr>
  <tr>
    <td colspan="8"><hr size="1"></td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Interest income and expense</B> </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif">&nbsp; </FONT> </td>
    <td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$000(1)</B> </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif">&nbsp; </FONT> </td>
    <td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$000(1)</B> </FONT> </td>
  </tr>
  <tr>
    <td><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">428.538 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">375.307 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">369.130 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$106.347 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">867.615 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">744.437 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$214.473 </FONT> </td>
  </tr>
  <tr>
    <td><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"><U>126.067</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>107.942</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>105.766</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$30.471</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>265.259</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>213.708</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$61.570</U> </FONT> </td>
  </tr>
  <tr>
    <td><center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Net interest income</U> </FONT>

</center></td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>302.471</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>267.365</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>263.364</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$75.876</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>602.356</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>530.729</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$152.904</U> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">Provisions for possible loan losses, net </FONT>
</center></td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">70.493 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48.040 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20.596 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$5.934 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">193.217 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">68.636 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$19.774 </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Net interest income after provisions</U> </FONT>

</center></td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>231.978</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>219.325</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>242.768</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$69.942</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>409.139</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>462.093</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$133.130</U> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other Income</B> </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><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">168.737 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">160.469 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">161.025 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$46.392 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">333.575 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">321.494 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$92.623 </FONT> </td>
  </tr>
  <tr>
    <td><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">8.704 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.993 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(8.739) </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">($2.518) </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.468 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.254 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$0.361 </FONT> </td>
  </tr>
  <tr>
    <td><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">20.087 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.174 </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">$5.279 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">42.693 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">37.496 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$10.803 </FONT> </td>
  </tr>
  <tr>
    <td><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"><U>26.452</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>36.978</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>35.001</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$10.084</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>98.002</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>71.979</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$20.737</U> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>223.980</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>226.614</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>205.609</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$59.236</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>487.738</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>432.223</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$124.524</U> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other Expenses</B> </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><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">132.877 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">128.161 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">131.247 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$37.812 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">273.872 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">259.408 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$74.736 </FONT> </td>
  </tr>
  <tr>
    <td><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">105.325 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">102.861 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">97.436 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$28.071 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">216.855 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">200.297 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$57.706 </FONT> </td>
  </tr>
  <tr>
    <td><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">36.691 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36.259 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33.520 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$9.657 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">72.170 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">69.779 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$20.103 </FONT> </td>
  </tr>
  <tr>
    <td><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">10.994 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.501 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.791 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$3.685 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">22.838 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25.292 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$7.287 </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28.629 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27.148 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">32.016 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$9.224 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59.963 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59.164 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$17.045 </FONT> </td>
  </tr>
  <tr>
    <td><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"><U>7.405</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>6.513</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4.849</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$1.397</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>64.170</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>11.362</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$3.273</U> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>321.921</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>313.443</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>311.859</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$89.847</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>709.868</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>625.302</U> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$180.150</U> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Result from exposure to inflation</B> </FONT>

</center></td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.973 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(35.570) </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(16.811) </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">($4.843) </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(22.516) </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(52.381) </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">($15.091) </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Income before income tax</B> </FONT>

</center></td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>138.010</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>96.926</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>119.707</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$34.488</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>164.493</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>216.633</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$62.412</B> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><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">31.567 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28.554 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">37.324 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$10.753 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45.115 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">65.878 </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$18.980 </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NET INCOME</B> </FONT>

</center></td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>106.443</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>68.372</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>82.383</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$23.735</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>119.378</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>150.755</B> </FONT> </td>
    <td align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$43.433</B> </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(1)Translated at S/.3.471 per US$1.00.</I> </FONT> </td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
    <td><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></td>
  </tr>
</table>
<P STYLE='page-break-before:always'>
<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="6" align="center"><center>
      <b><font size="2" face="Times New Roman, Times, serif">BANCO DE CREDITO
        DEL PERU AND SUBSIDIARIES </font>
      </b>
    </center></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><center>
      <b><font size="2" face="Times New Roman, Times, serif">Table 6 </font>
      </b>
    </center></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><center>
      <b><font size="2" face="Times New Roman, Times, serif">SELECTED FINANCIAL INDICATORS </font>
      </b>
    </center></td>
  </tr>
  <tr>
    <td><center>

    </center></td>
    <td><center>

    </center></td>
    <td><center>

    </center></td>
    <td><center>

    </center></td>
    <td><center>

    </center></td>
    <td><center>

    </center></td>
  </tr>
  <tr>
    <td><center>
        </center></td>
    <td colspan="3" align="center"><center>
      <b><font size="2" face="Times New Roman, Times, serif">Three months ended </font>
      </b>
    </center></td>
    <td colspan="2" align="center"><center>
      <b><font size="2" face="Times New Roman, Times, serif">Six months ended </font>
      </b>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1"></td>
    <td colspan="2"><hr size="1"></td>
  </tr>
  <tr>
    <td width="40%"><center>        </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">31.03.04 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font>      </b>    </center></td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1"></td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Profitability </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net income per common share (S/. per share)(1) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.087 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.056 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.067 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.097 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.123 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net interest margin on interest earning assets (2) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.38% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.12% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.08% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.24% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.08% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on average total assets (2)(3) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.67% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.15% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.40% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.92% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.26% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on average shareholders' equity (2)(3) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20.45% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12.14% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14.94% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">11.37% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.39% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Quality of loan portfolio </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td></td>
    <td></td>
    <td>&nbsp; </td>
    <td></td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past due loans as a percentage of total loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.37% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.01% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.08% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.37% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.08% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past due loans + refinanced loans as a </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">percentage of total loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14.61% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">11.58% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">10.34% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14.61% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">10.34% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Reserves for loan losses as a percentage of </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">past due loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">117.78% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">129.78% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">137.63% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">117.78% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">137.63% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Reserves for loan losses as a percentage of </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">substandard loans (C+D+E) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">54.41% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">53.46% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52.08% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">54.41% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52.08% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past due loans - reserves for loan losses as a </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">percentage of shareholders' equity </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-10.84% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-11.64% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-12.26% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-10.84% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-12.26% </font></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td></td>
    <td></td>
    <td>&nbsp; </td>
    <td></td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Operating efficiency (5) </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Oper. expense as a percent. of total income (4) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">52.86% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">57.03% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">57.83% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">53.61% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">57.42% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Oper. expense as a percent. of av. tot. assets(2)(3) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.35% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.73% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.61% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.39% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.61% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><b><font size="2" face="Times New Roman, Times, serif">Capital adequacy </font></b></u></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Regulatory capital (constant millions S/.) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,276.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,368.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,362.8 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,276.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,362.8 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Tier I Capital (constant millions S/.) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,988.5 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,066.1 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,068.5 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,988.5 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,068.5 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net equity as a percentage of period end total assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.59% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9.27% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9.49% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.59% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9.49% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Regulatory capital / risk-weighted assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12.49% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.82% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14.15% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12.49% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14.15% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><u><b><font size="2" face="Times New Roman, Times, serif">Average balances (constant millions S/.) (3) </font></b></u></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Interest earning assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22,505.5 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20,893.1 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20,718.6 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22,994.2 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20,898.5 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">25,563.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23,811.3 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23,518.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">26,079.8 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23,978.3 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net equity </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,082.5 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,253.2 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,206.0 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,099.1 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,251.4 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Additional data </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">No. of outstanding shares (millions) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,202 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,202 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,226 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,202 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,226 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">No. of employees </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,570 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,652 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,567 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,570 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,567 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Inflation rate ( Wholesale price index) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">-0.66% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.83% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.89% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.44% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.77% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Exchange rate (S/. per 1 U.S. Dollar) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.47 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.46 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.47 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.47 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.47 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td colspan="4"><i><font size="2" face="Times New Roman, Times, serif">(1)Shares outstanding of 1,226 million is used
      for all periods since shares have been </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="3"><i><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued
      only for capitalization of profits and inflation adjustment. </font></i></td>
    <td></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(2)Ratios are annualized. </font></i></td>
    <td></td>
    <td></td>
    <td></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="4"><i><font size="2" face="Times New Roman, Times, serif">(3)Averages are determined as the average of
      period-beginning and period-ending balances. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="4"><i><font size="2" face="Times New Roman, Times, serif">(4)Total income includes net interest income
      and other income, excluding non-recurring items. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="4"><i><font size="2" face="Times New Roman, Times, serif">(5)Operating expense does not include mandatory
      employee profit sharing expense nor </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="4"><i><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions
          for other assets received in lieu of loan repayment and non-recurring
      items. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
</table>
<P STYLE='page-break-before:always'>
<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">ATLANTIC SECURITY
      HOLDING CORPORATION </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">Table 7 </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">SELECTED FINANCIAL DATA </font></b></td>
  </tr>
  <tr>
    <td colspan="6" align="center"><font size="2" face="Times New Roman, Times, serif">(Thousands of U.S. Dollars, except
      net income per share, and percentages) </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td colspan="3" align="center"><b><font size="2" face="Times New Roman, Times, serif">Three months ended </font></b></td>
    <td colspan="2" align="center"><b><font size="2" face="Times New Roman, Times, serif">Six months ended </font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1"></td>
    <td colspan="2"><hr size="1"></td>
  </tr>
  <tr>
    <td width="40%"><center>        </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">31.03.04 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.03 </font>      </b>    </center></td>
    <td width="12%"><center>      <b><font size="2" face="Times New Roman, Times, serif">30.06.04 </font>      </b>    </center></td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1"></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><b><u>Results</u></b> </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Interest Income (w/o dividends) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,669 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,383 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,632 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,643 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,015 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Dividend income </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">97 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,871 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,043 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,216 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,914 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Provisions for credit and market risks </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,459 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,034 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">520 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8,706 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,554 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Commissions and fee income </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">845 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,116 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,095 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,802 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,211 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Other Income(1) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,066 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,252 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,116 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,518 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2,368 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Operating Expense </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,606 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,864 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,776 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,100 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,639 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Income </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,613 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,725 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,589 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5,374 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12,314 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Income per share (US$) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.04 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.19 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.11 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.13 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.31 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><b><u><font size="2" face="Times New Roman, Times, serif">Balance Sheets (end of period) </font></u></b></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">725,774 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">793,521 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">851,608 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">725,774 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">851,608 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Loan portfolio, net </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">156,683 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">154,170 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">163,136 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">156,683 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">163,136 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Marketable securities and investments </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">359,762 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">452,738 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">464,926 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">359,762 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">464,926 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Deposits </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">583,679 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">638,118 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">677,793 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">583,679 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">677,793 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Shareholders' equity </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">128,687 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">121,901 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">141,316 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">128,687 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">141,316 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Funds under administration (2) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">547,143 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">691,200 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">693,498 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">547,143 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">693,498 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><u><b>Ratios (3) </b></u></font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net interest margin / interest earning assets (4,5,6) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.1% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.4% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.0% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on average stockholders' equity(5) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">26.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">13.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">19.4% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on average total assets(5) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.0% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Past due loans as a percentage of total loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.4% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.3% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Reserves for loan losses as a percentage </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">of total loans </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.1% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.3% </font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif">3.2% </font></div></td>
    <td align="right"><div align="right"><font size="2" face="Times New Roman, Times, serif">2.1% </font></div></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif">3.2% </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Operating expense / total income(7) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">17.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">25.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">18.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20.8% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Operating expense / average total assets(5) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Operating expense / average total assets + </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">funds under management(5) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.5% </font></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(1) Includes realized gains in securities. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
  </tr>
  <tr>
    <td colspan="4"><i><font size="2" face="Times New Roman, Times, serif">(2)Prior period figures have been revised to
      reflect funds currently booked by Credicorp </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
  </tr>
  <tr>
    <td colspan="4"><i><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
      which were previously registered by ASHC. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
  </tr>
  <tr>
    <td colspan="5"><i><font size="2" face="Times New Roman, Times, serif">(3) Averages are determined as the average of
      period-beginning and period-ending balances. </font></i></td>
    <td></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(4) Averages determined from monthly balances. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(5) Annualized. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
  </tr>
  <tr>
    <td colspan="3"><i><font size="2" face="Times New Roman, Times, serif">(6) Without considering dividend income and
      dividend earning assets. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(7) Without considering provisions for investments. </font></i></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
  </tr>
</table>
<P STYLE='page-break-before:always'>
<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td colspan="8" align="center"><font size="2" face="Times New Roman, Times, serif"><b>EL PACIFICO-PERUANO
      SUIZA AND SUBSIDIARIES </b></font></td>
  </tr>
  <tr>
    <td colspan="8" align="center"><font size="2" face="Times New Roman, Times, serif"><b>Table 8 </b></font></td>
  </tr>
  <tr>
    <td colspan="8" align="center"><font size="2" face="Times New Roman, Times, serif"><b>SELECTED FINANCIAL DATA </b></font></td>
  </tr>
  <tr>
    <td colspan="8" align="center"><font size="2" face="Times New Roman, Times, serif">(Constant Nuevos Soles as of
      June 30, 2004, and </font></td>
  </tr>
  <tr>
    <td colspan="8" align="center"><font size="2" face="Times New Roman, Times, serif">U.S. Dollars in thousands, except
      net income per share) </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="4" align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="3" align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td colspan="4" align="center"><font size="2" face="Times New Roman, Times, serif"><b>As of and for the three month </b></font></td>
    <td colspan="3" align="center"><font size="2" face="Times New Roman, Times, serif"><b>As of and for the six month </b></font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td colspan="4" align="center"><font size="2" face="Times New Roman, Times, serif"><b>period ended </b></font></td>
    <td colspan="3" align="center"><font size="2" face="Times New Roman, Times, serif"><b>period ended </b></font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="4"><hr size="1"></td>
    <td colspan="3"><hr size="1"></td>
  </tr>
  <tr>
    <td width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td width="10%"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>30.06.03 </b> </font>
    </center></td>
    <td width="10%"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>31.03.04 </b> </font>
    </center></td>
    <td width="10%"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>30.06.04 </b> </font>
    </center></td>
    <td width="10%"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>30.06.04 </b> </font>
    </center></td>
    <td width="10%"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>30.06.03 </b> </font>
    </center></td>
    <td width="10%"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>30.06.04 </b> </font>
    </center></td>
    <td width="10%"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>30.06.04 </b> </font>
    </center></td>
  </tr>
  <tr>
    <td colspan="8"><hr size="1"></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><b><u>Results </u></b></font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td  align=right>
      <font size="2" face="Times New Roman, Times, serif"><b>US$000(1) </b></font>
  </td>
    <td><center>
    <font size="2" face="Times New Roman, Times, serif"></font>    </center></td>
    <td><center>
      <font size="2" face="Times New Roman, Times, serif"></font>
    </center></td>
    <td align=right>
      <font size="2" face="Times New Roman, Times, serif"><b>US$000(1) </b></font>
    </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total gross Premiums </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">283,672 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">248,128 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">269,584 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$77,667 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">539,413 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">517,712 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$149,153 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Premiums Earned </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">128,780 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">146,385 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">126,609 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$36,476 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">255,694 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">272,994 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$78,650 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Change in Reserves </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">80,834 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">63,538 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">102,756 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$29,604 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">133,688 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">166,294 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$47,910 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Underwriting Results </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">14,756 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">21,058 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">10,830 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$3,120 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30,311 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">31,887 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$9,187 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Financial Income </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">48,347 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">31,425 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">106,360 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$30,642 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">71,257 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">137,785 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$39,696 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">General Expenses </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">31,738 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30,788 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">29,160 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$8,401 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">58,926 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">59,948 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$17,271 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Income Tax </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6,628 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4,193 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">(1,046) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$-301 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">9,008 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3,147 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$907 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Income </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">24,981 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7,904 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">57,522 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$16,572 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30,472 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">65,427 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$18,849 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Income per share (S/.)(2) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.03 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">0.33 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.38 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$0.69 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.26 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.70 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$0.78 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><b><u>Balance Sheets (end of period) </u></b></font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total Assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,702,558 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,841,931 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,925,723 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$554,804 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,702,558 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,925,723 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$554,804 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Investments in Secur. and Real estate </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,250,583 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,387,507 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,464,662 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$421,971 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,250,583 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,464,662 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$421,971 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Technical Reserves </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,121,933 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,275,898 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,364,055 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$392,986 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,121,933 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1,364,055 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$392,986 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net Equity </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">385,528 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">336,525 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">396,546 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$114,245 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">385,528 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">396,546 </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">$114,245 </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><b><u>Ratios </u></b></font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Net underwriting results </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">4.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.2% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Total loss ratio </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">39.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">46.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">49.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">49.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">39.1% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">47.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">47.9% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on avge. equity (3)(4) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">29.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">79.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">79.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">17.1% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">35.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">35.8% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Return on total premiums </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">3.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">21.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">21.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">5.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">12.6% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Shareholders' Equity / Total Assets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">18.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20.6% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Increase in Risk Reserves </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">38.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">44.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">44.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">34.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">37.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">37.9% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><u>Combined Ratio (5) </u></font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><u>99.5% </u></font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><u>92.6% </u></font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><u>102.4% </u></font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><u>102.4% </u></font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><u>96.1% </u></font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><u>97.3% </u></font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif"><u>97.3% </u></font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">-Net Claims / Net Premiums Earned </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">68.7% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">62.1% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">71.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">71.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">66.2% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">66.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">66.6% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">-Op. Exp.+Comiss./Net Prems. Earned </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">29.9% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30.7% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">30.7% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Operating expense/Net Earn. Premiums </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">24.6% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">21.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22.0% </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Oper. expense / Avge. assets (3)(4) </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">8.0% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.8% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.3% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">7.5% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.4% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">6.4% </font></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
    <td>&nbsp; </td>
  </tr>
  <tr>
    <td colspan="2"><i><font size="2" face="Times New Roman, Times, serif">(1)Translated at S/.3.471 per US$1.00. </font></i></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
    <td></td>
  </tr>
  <tr>
    <td colspan="2"><i><font size="2" face="Times New Roman, Times, serif">(2)Based on 24.2 million shares in all periods. </font></i></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
    <td></td>
  </tr>
  <tr>
    <td colspan="7"><i><font size="2" face="Times New Roman, Times, serif">(3)Averages are determined as the average of
      period-beginning and period-ending balances. </font></i></td>
    <td></td>
  </tr>
  <tr>
    <td><i><font size="2" face="Times New Roman, Times, serif">(4)Annualized. </font></i></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
    <td></td>
  </tr>
  <tr>
    <td colspan="3"><i><font size="2" face="Times New Roman, Times, serif">(5)Does not include the life insurance subsidiary
      Pacifico Vida. </font></i></td>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td></td>
    <td></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: August 13, 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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