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<SEC-DOCUMENT>0001292814-05-000532.txt : 20050506
<SEC-HEADER>0001292814-05-000532.hdr.sgml : 20050506
<ACCEPTANCE-DATETIME>20050506103846
ACCESSION NUMBER:		0001292814-05-000532
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050506
DATE AS OF CHANGE:		20050506

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:		05805833

	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>bappr1q05_6k.htm
<DESCRIPTION>FINANCIAL RESULTS FOR THE QUARTER ENDEDMARCH31,05
<TEXT>
<HTML>
<HEAD>
<TITLE>Provided by MZ Data Products</TITLE>
</HEAD>
<BODY>

<HR SIZE="4" 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 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 May, 2005


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





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




</center><p align=justify></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 align=justify></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 align=justify></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 align=justify><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 align=justify></P>
         Form 20-F ___X___         Form 40-F _______
<p align=justify>&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 align=justify></p>
</DIV>

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














<P align="right">
<IMG src="foto1.jpg" border=0>
</P>
<TABLE border=0 width=94% cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=57% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">For additional information please contact:</FONT>&nbsp;
 </TD>
 <TD width=43% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=57% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Jose N. Hung</FONT>&nbsp;
 </TD>
 <TD width=43% align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">Alfredo Montero</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=57% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Phone: (511) 313-2123</FONT>&nbsp;
 </TD>
 <TD width=43% align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">Phone: (305) 448-0971</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=57% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">E-mail: jhung</FONT><FONT size=2 face="monospace">@</FONT><FONT size=2 FACE="Times New Roman, Times, Serif">bcp.com.pe</FONT>&nbsp;
 </TD>
 <TD width=43% align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">E-mail: amontero</FONT><FONT size=2
face="monospace">@</FONT><FONT size=2 FACE="Times New Roman, Times, Serif">bcpmiami.com</FONT>&nbsp;
 </TD>
</TR>
</TABLE>
<p align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">CREDICORP LTD.</FONT></B>&nbsp;<B><FONT size=2 FACE="Times New Roman, Times, Serif"> ANNOUNCES FINANCIAL RESULTS</FONT></B><br>
  <B><FONT size=2 FACE="Times New Roman, Times, Serif">FOR THE QUARTER ENDED MARCH 31, 2005</FONT></B>&nbsp; </P>
</p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Credicorp (NYSE:BAP; LSE:BAPC1) reported a consolidated net income for the quarter ended March 31, 2005 of US$46.5 million, 41.7% above net profit in the first quarter of 2004 of US$32.8 million. According to IFRS
requirements, starting with this report, two net income concepts have to be identified: (i) Net Income (without deducting minority interest), and (ii) Net Income due to shareholders, where minority interest is deducted as in prior reports.  Net
income due to shareholders in first quarter 2005 was US$43.6 million, or US$0.55 per share, 45.1% above net income due to shareholders of US$30.1 million, or US$0.44 per share, in the first quarter of 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">First quarter 2005 results are higher than profits in the same year-ago quarter mainly because of higher financial income and lower loan loss provision expense. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Loan loss provisions, net of recoveries, had a positive effect in net income of the current quarter. Due to improved loan portfolio quality, recoveries of previously charged-off loans exceeded provision requirements in
this quarter. Loan quality improvement is noted through a lower past-due loan ratio, that decreased from 5.7% at March 2004, to 3.3% at the end of March 2005, and by the improved coverage of bad loans by provisions which increased from 117.7% to
161.6%, respectively. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Increased revenue from Premiums and health fees, were partly offset by higher Claims and health cost expenses, which are mainly due to transactions added from Novasalud EPS, which PPS acquired in March 2004, and was
finally merged in August 2004. </FONT></P>
<P align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">I. CREDICORP LTD. AND SUBSIDIARIES</FONT></B><BR>
  <br>
  <B><FONT size=2 FACE="Times New Roman, Times, Serif">CREDICORP LTD. AND SUBSIDIARIES<br>
  </FONT></B><B><FONT size=2 FACE="Times New Roman, Times, Serif">SUMMARY OF RESULTS</FONT><FONT size=2 FACE="Times New Roman, Times, Serif"> </FONT></B><TABLE border=0 width=90% align="center" cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD width=59% align=left>&nbsp;

 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Three months ended</FONT></B>&nbsp;
 </TD>
  </TR>
<TR>
 <TD>
 </TD>
 <TD colspan=3>
<HR size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD width=59% align=left>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(In U.S.$ millions)</FONT></I>&nbsp;
 </TD>
 <TD width=13% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=13% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Net interest income</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">90.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">105.8</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">103.8</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Less: Provisions for possible loan losses, net(1)</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.3</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(3.1)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Other income</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">99.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">127.4</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">115.2</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Claims on insurance activities</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">28.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">44.0</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">40.6</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Other expenses</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">108.2</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">137.9</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">113.1</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Merger costs</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Translation result</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.3</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.5</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.8</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Income before income tax</FONT></B>&nbsp;
 </TD>
 <TD width=13% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">44.5</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">48.4</FONT></B>&nbsp;
 </TD>
 <TD width=13% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">69.3</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Income Tax</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(11.6)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(10.4)</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(22.8)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 FACE="Times New Roman, Times, Serif">Net Income</FONT></B>&nbsp;
 </TD>
 <TD width=13% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">32.8</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">38.0</FONT></B>&nbsp;
 </TD>
 <TD width=13% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">46.5</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Net Income due to shareholders</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">30.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">34.9</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">43.6</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Minority Interest</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(2.8)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(3.2)</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(2.9)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 FACE="Times New Roman, Times, Serif">Net Income</FONT></B>&nbsp;
 </TD>
 <TD width=13% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">32.8</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">38.0</FONT></B>&nbsp;
 </TD>
 <TD width=13% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">46.5</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=59% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">Net Income per share (US$) (2)</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.38</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.44</FONT>&nbsp;
 </TD>
 <TD width=13% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.55</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
</TABLE>
<BR>
<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)</FONT></I>&nbsp;<I><FONT size=1 FACE="Times New Roman, Times, Serif">Net of income from recoveries of charged-off loans.</FONT></I><br>

<I><FONT size=1 FACE="Times New Roman, Times, Serif">(2)</FONT></I>&nbsp;<I><FONT size=1 FACE="Times New Roman, Times, Serif">Based on Net Income due to shareholders. Applies 79.8 million net outstanding <br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares in all periods. Treasury shares amount to 14.6 million, <br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;which are netted from 94.4 million total outstanding
shares.</FONT></I> </p>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif"><br>
Operating Changes</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The purchase of the loan portfolio from the Peruvian branch of Bank Boston, announced at the beginning of this year, was effected in stages during the months of January and February. Total loans bought amounted to
approximately US$360 million. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The sale of Credicorp&#146;s subsidiary, Banco Tequendama, was finalized in March 2005. Since the beginning of fourth quarter 2004 this subsidiary did not contribute to consolidated net income given that its sale price
was fixed. Nevertheless, Credicorp&#146;s consolidated balance sheets as of March 2005 are affected by Tequendama&#146;s exit compared to December 2004, in which US$306.7 million of loans and US$290.5 million of deposits were included from this
subsidiary. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In February 2005, Credicorp was authorized to set up Prima AFP, in which it is the main shareholder. It is expected that this new AFP will begin operating in the second semester of 2005. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Net Income from Subsidiaries</FONT></I></B></P>
<p align=justify><FONT size=2 FACE="Times New Roman, Times, Serif">Credicorp&#146;s principal subsidiaries contributed to consolidated net income as follows:</FONT></P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
  <TR>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD width=55% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(US$Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">4Q04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Banco de Cr&eacute;dito BCP(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">US$25.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">US$28.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">US$43.7</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Atlantic</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.4</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">PPS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.2</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Banco Tequendama</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.6</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Credicorp and others(2)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-2.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-5.7</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net Income due to shareholders</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">US$30.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">US$34.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">US$43.6</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 FACE="Times New Roman, Times, Serif">Net Income</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$32.8</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$38.0</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$46.5</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
  <TD width="25%" valign=top nowrap>&nbsp;</TD>
 <TD width="2%" valign=top nowrap>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(1)</FONT></I>  </TD>
 <TD width=73%>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">Includes Banco de Cr&eacute;dito de Bolivia.</FONT></I> </TD>
</TR><TR>
 <TD width="25%" valign=top nowrap>&nbsp;</TD>
 <TD width="2%" valign=top nowrap>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(2)</FONT></I>  </TD>
 <TD width=73%>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">Includes Inversiones Cr&eacute;dito, Credicorp Securities and others.</FONT></I> </TD>
</TR>
</TABLE>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the first quarter of 2005, the </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">Credicorp and others</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> concept contributed a net loss of US$5.7 million, mainly due to US$2.5 million
of market value provisions of certain long term investments, and to US$4.5 million of taxes on dividends received from Peruvian subsidiaries, partly offset by US$1.8 million non-recurrent gains on investments. The net income contribution of US$0.9
million in the last quarter of 2004 included a gain of US$3.0 million from the sale of long term investments on equity securities. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the current quarter, the contributions to Credicorp&#146;s net income due to shareholders from </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">Banco de Cr&eacute;dito BCP</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> and from
</FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">Pac&iacute;fico Peruano Suiza</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif">, are directly the results obtained under IFRS rules in U.S. Dollars, net of minority interests. In Section II, BCP reports net income of
US$45.4 million, which net of US$1.7 million of minority interest results in its US$43.7 million contribution. In case of PPS (Section IV), its net income according to IFRS is US$2.9 million, of which US$0.7 million of minority interest is deducted.
(See below: </FONT><I><FONT size=2 FACE="Times New Roman, Times, Serif">Note on Inflation Adjusted Accounting</FONT></I><FONT size=2 FACE="Times New Roman, Times, Serif">.) </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The contribution of </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">Atlantic Security Holding Corporation</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> of US$3.4 million in the current quarter is below US$15.1 million net income
shown in its books (see Section III) because of the elimination of US$11.7 million of dividends received from Credicorp.  Atlantic&#146;s US$2.9 million contribution in first quarter 2004, results from the elimination of US$4.8 million dividends
from US$7.7 million net income in its records. </FONT></P>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Banco Tequendama</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif">, which was finally sold last March 2005, was not contributing to Credicorp&#146;s net income since the fourth quarter of 2004 because, as was mentioned
above, of its fixed sale price. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Note on Inflation Adjusted Accounting</FONT></I></B></P>
<P align="justify"><FONT size=2 FACE="Times New Roman, Times, Serif">Inflation adjustment accounting rules were required by Peruvian GAAP until December 31, 2004. Starting January 1</FONT><SUP><FONT size=2 FACE="Times New Roman, Times, Serif">st</FONT></SUP><FONT size=2 FACE="Times New Roman, Times, Serif">, 2005, Peruvian
  authorities decreed the suspension, with legal and tax effects, of further inflation adjustments, which is a consequence of international guidelines for low inflation countries as experienced recently in Per&uacute;. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Following the elimination of inflation adjusted accounting, starting with first quarter 2005 Credicorp and its subsidiaries report their financial statements prepared in accordance with IFRS and in U. S. Dollars.
</FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The inflation adjustment index, based on the wholesale price inflation, and the exchange rate, are shown in the following chart: </FONT></P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
  <TR>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
     </div></TD>
 <TD width=15% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
     </div></TD>
 <TD width=15% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
     </div></TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Inflation &#150; wholesale prices</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">(last twelve months)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.9%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Inflation adjustment index</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">(at December 31, 2004)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.020</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.000</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.000</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Exchange rate (Soles per US$1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">S/.3.460</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">S/.3.282</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">S/.3.261</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Devaluation / (revaluation)</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">(last twelve months)</FONT>&nbsp; </TD>
  <TD align=right> <FONT size=2 FACE="Times New Roman, Times, Serif">(0.40)%</FONT>&nbsp; </TD>
  <TD align=right> <FONT size=2 FACE="Times New Roman, Times, Serif">(5.23)%</FONT>&nbsp; </TD>
  <TD align=right> <FONT size=2 FACE="Times New Roman, Times, Serif">(5.75)%</FONT>&nbsp; </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
</TR>
</TABLE>
<p align="justify"><B><FONT size=2 FACE="Times New Roman, Times, Serif">I.1 INTEREST INCOME AND OTHER INCOME</FONT></B><BR>
  <br>
<U><FONT size=2 FACE="Times New Roman, Times, Serif">Note:</FONT></U><FONT size=2 FACE="Times New Roman, Times, Serif"> For comparison purposes, in periods prior to 2005, income from recoveries of previously charged-off loans, which were reported in the </FONT><I><U><FONT size=2
FACE="Times New Roman, Times, Serif">Other non-interest income</FONT></U></I><FONT size=2 FACE="Times New Roman, Times, Serif"> concept, have been reclassified into the </FONT><I><U><FONT size=2 FACE="Times New Roman, Times, Serif">Provision for possible loan losses</FONT></U></I><FONT size=2
FACE="Times New Roman, Times, Serif"> concept, with no effect on net income. </FONT></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest income in the first quarter of 2005 was US$103.8 million, increasing over US$90.0 million earned in the first quarter of 2004, mostly due to higher interest earning assets, compounded by a slight increase
in interest margins. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">During first quarter 2005, the net interest margin (net interest income over average interest earning assets), on an annualized basis, was 5.45%, above 5.26% in the year-ago quarter, but was lower than 5.70% in the
preceding fourth quarter of 2004.  During the current quarter loan rates continued their positive trend and increased slightly, within a continuing overall excess of liquid funds. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The volume of interest earning assets, as an average of quarter-end balances, reached US$7.6 billion at first quarter 2005, increasing 2.8% compared to US$7.4 billion in the last quarter of 2004, mainly due to higher
available for sale investments. As mentioned previously, loan volumes were affected by the sale of Banco Tequendama during first quarter 2005. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Non-interest income was US$115.2 million in the first quarter of 2005, 15.3% higher than US$99.9 million in the same period of 2004. This significant increase is mainly due to the merger, in third quarter 2004, of
Novasalud EPS with PPS, with the effect of increasing both revenue and cost items.  Due to this effect, </FONT><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Premiums and health fees</FONT></I></B><FONT size=2 FACE="Times New Roman, Times, Serif"> reached US$50.6 million in
this quarter, 33.1% over first quarter 2004.  Likewise, </FONT><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Claims and health costs</FONT></I></B><FONT size=2 FACE="Times New Roman, Times, Serif"> grew to US$40.6 million, 41.7% higher compared to the 2004 quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Non-interest income components and Claims and health costs were as follows: </FONT></P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
  <TR>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD width=42% align=left>&nbsp;

 </TD>
 <TD width=12% align=center>&nbsp;

 </TD>
 <TD width=11% align=center>&nbsp;

 </TD>
 <TD width=11% align=center>&nbsp;

 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05 vs.</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05 vs.</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(In US$Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04</FONT></B>&nbsp;
 </TD>
 <TD width=11% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">4Q04</FONT></B>&nbsp;
 </TD>
 <TD width=11% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center><B><FONT size=2 FACE="Times New Roman, Times, Serif">4Q04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center><B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Commissions for banking services</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47.1</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">52.9</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">51.0</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-3.7%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.1%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net premiums and health fees</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">38.0</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">57.2</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50.6</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-11.5%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33.1%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Gains from sale of securities</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.0</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.9</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.4</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-92.9%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-89.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Gains from foreign exchange</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.5</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.0</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.3</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-10.7%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14.8%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Other non-interest income</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.3</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.3</FONT>&nbsp;
 </TD>
 <TD width=11% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.9</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">60.5%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">30.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total Non-Interest Income</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">99.9</FONT></B>&nbsp;
 </TD>
 <TD width=11% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">127.4</FONT></B>&nbsp;
 </TD>
 <TD width=11% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">115.2</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">-9.6%</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">15.3%</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=6>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=42% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Claims and health costs</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">28.7</FONT></B>&nbsp;
 </TD>
 <TD width=11% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">44.0</FONT></B>&nbsp;
 </TD>
 <TD width=11% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">40.6</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">-7.8%</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">41.7%</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
</TABLE>
<B><FONT size=2 FACE="Times New Roman, Times, Serif"><br>
I.2 OTHER NON-INTEREST EXPENSES</FONT></B><BR>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Other non-interest expenses amounted to US$113.1 million in first quarter 2005, 2.8% over expenses in the same period of the previous year, but decrease 18.0% with respect to the preceding fourth quarter 2004, where
certain non-recurring provisions were registered for lower value of foreclosed assets and investments, and to reverse Banco Tequendama&#146;s results. Credicorp&#146;s other expense components had the following variations: </FONT></P>

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 <TD width=40% align=left>&nbsp;

 </TD>
 <TD width=12% align=center>&nbsp;

 </TD>
 <TD width=12% align=center>&nbsp;

 </TD>
 <TD width=12% align=center>&nbsp;

 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04 vs.</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05 vs.</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(% change and US$Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">4Q04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center><B><FONT size=2 FACE="Times New Roman, Times, Serif">4Q04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center><B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
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 </TD>
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<HR size=1>
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<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Salaries and employee benefits</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">44.4</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">54.3</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50.8</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-6.5%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">General, administrative, and taxes</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">37.5</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">44.2</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">34.5</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-21.9%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-7.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Depreciation and amortization</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11.6</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11.6</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.3</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-11.8%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-11.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Other</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14.7</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">27.8</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.5</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-37.0%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">18.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Merger costs</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.8</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-100.0%</FONT>&nbsp;
 </TD>
 <TD width=12% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-100.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total Other Expenses</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">110.0</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">137.9</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">113.1</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">-18.0%</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">2.8%</FONT></B>&nbsp;
 </TD>
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<BR>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the Merger costs concept, we have a US$1.8 million expense in the year-ago first quarter, which was related with the Soluci&oacute;n Financiera de Cr&eacute;dito merger. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Starting with this report, the determination of the </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">efficiency ratio</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> has been simplified by using only concepts that are shown in the
income statement. The efficiency ratio will be determined based on the following concepts: </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif"> - In the numerator or &#147;operating expenses&#148;: i) salaries and personnel expenses, ii) general expenses, and iii) depreciation and amortization. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif"> - In the denominator: i) net interest income, ii) fees and commissions on banking services, iii) gains on foreign exchange transactions, and iv) net premiums earned. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In this way, the efficiency ratio improved from 52.8% to 45.1% comparing the first quarters of 2004 and 2005, respectively. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">&#147;Operating expenses&#148; as a percentage of average total assets also improved from 4.6% in first quarter 2004, to 4.1% in the current quarter. </FONT></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">I.3 ASSETS AND LIABILITIES</FONT></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Credicorp&#146;s totals assets reached US$9.4 billion at March 31, 2005, increasing 2.6% since the end of December 2004, and are 12.6% higher than the balance at March 2004, mainly due to increased investments. Total
loans decrease slightly since the beginning of the year, in spite of loans acquired from Bank Boston, mainly due to the sale of Banco Tequendama, which as of year-end 2004 had total loans amounting to US$306.7 million. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The loan portfolio as of March 31, 2005 reached US$4.6 billion, increasing 3.6% compared to US$4.4 billion in March 2004, but are lower by 0.6% compared to the balance in December 2004. </FONT></P>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">Loan quality indicators are shown in the following table: </FONT></P>
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 <TD width=55% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(In US$Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=15% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
     </div></TD>
 <TD width=15% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
     </div></TD>
 <TD width=15% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
     </div></TD>
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<FONT size=2 FACE="Times New Roman, Times, Serif">Total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,401.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,588.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,559.0</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Past due loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">249.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">160.4</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">151.7</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Loan loss reserves(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">294.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">253.4</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">245.2</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Past due / Total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.7%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves / Past due</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">117.7%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">158.1%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">161.6%</FONT>&nbsp;
 </TD>
</TR>
<TR>
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<HR size=1>
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<HR size=1>
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<HR size=1>
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<HR size=1>
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</TABLE>
<BR>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The balance of past due loans decreased from US$160.4 million to US$151.7 million during the current quarter partly due to charge-offs amounting to US$11.5 million and since US$5.9 million of past due loans of Banco
Tequendama are no longer considered. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Deposits and other obligations reached US$6.5 billion at March 31, 2005, increasing 2.1% over US$6.4 billion of last December 2004, and are 11.0% higher than the March 2004 balance. Due to banks and correspondents grew
6.0% in this quarter, closing at US$416.0 million, and are 63.1% higher than the balance at March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Credicorp&#146;s net equity amounted to US$1.0 billion at March 31, 2005, decreasing 1.6% compared to equity at December 2004, due to the recently paid liquid dividend. </FONT></P>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Third party funds</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> under management, which amounted to US$1.7 billion at the end of March 2005, decreased 1.3% during the current quarter, but remain 7.7% higher than funds
at March 2004. </FONT></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">I.4 PERUVIAN ECONOMIC SITUATION</FONT></B></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Economic Activity</FONT></I></B></P>
<P align="justify"><FONT size=2 FACE="Times New Roman, Times, Serif">During the first quarter 2005 the Peruvian GDP continued a relatively high growth rate that began in the final months of 2004.  It is important to note the improved growth prospects of sectors related to domestic
  demand, like construction, retail and services. GDP performance was driven by higher activity in non-primary manufacturing (mainly textiles, intermediate and durable goods), oil and natural gas, and the agriculture sub-sector. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">GDP grew 6.8% in February and 5.3% in January 2005, reaching in the first two months of 2005 a cumulative growth of 6.0% . GDP grew 5.0% and 6.8% in the third and fourth quarters of 2004, respectively, reaching a 5.1%
growth in total 2004.  Official estimates expect growth continuing above 4.5% during 2005. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Cumulative through February 2005 all GDP sectors grow except Mining. Highest performance is noted in the Oil and Gas sub-sector which grew 33.0%; non-primary manufacturing, up by 7.3%; the agriculture sub-sector, which
grew 3.8% due to improved weather conditions; in fishing, which grew 3.3%, in spite of an anchovie ban in the North and Center of the coast; services, up by 6.7%; commerce with 7.2% growth, and, the construction sector, that grew 4.4% . On the other
hand, metals mining production declined 2.5%, due to lower gold and iron output and a poor performance of copper. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Public Finance</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In fourth quarter 2004, the Public Sector budget had a deficit of 4.0% (of GDP), following a 2.1% deficit in the third quarter, but after a 0.9% surplus in first half 2004. Given that the total 2004 target was to run a
deficit of 1.5%, a substantial increase in public expenditure was expected in second half 2004. Nevertheless, total 2004 deficit was below target at only 1.1% . The 2005 fiscal year target deficit was set at 1.0% . </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The deficit in fourth quarter 2004 was mainly due to increased Central Government expenditures which, after being 14.5% of GDP in first half 2004, grew to 19.3% of GDP in this period, where current expenses amounted to
14.4% of GDP, and capital expenditures to 3.0% .  Central Government tax revenue reached 13.3% of GDP in fourth quarter 2004, compared with 13.5% in the same year-ago period. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Cumulative through February 2005, Central Government tax collections increased 9.2%, in nominal terms, noting a 14% increase of Income Tax revenue from corporations and the 22% growth in case of tax on imports and the
related value-added tax (IGV). Through February 2005, non-financial expenses increased 20% (nominal), while capital expenses declined 6.6% . </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Prices and Devaluation</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the first quarter of 2005, the consumer price index in Peru increased 0.5%, higher than 0.3% in the preceding quarter. Inflation was 1.9% in the twelve months prior to March 2005, remaining by the bottom of the
range of 1.5% to 3.5%, targeted by the Central Bank for total 2005.  In the current quarter, inflation suffered seasonal increases in education costs and food prices, but benefited from the lower exchange rate. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The wholesale price index increased 0.3% in first quarter 2005, and reached 2.3% in the year ended in March 2005.  In the first quarter these prices increased mostly due to the cost of imported intermediate goods, in
spite of the decline in the exchange rate. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The average bank market Nuevos Soles exchange rate in Peru was S/.3.261 at March 31, 2005, decreasing 0.6% from S/.3.282 at the end of December 2004. To avoid the strengthening of the currency, the Central Bank
increased the purchase of foreign exchange in the currency market, acquiring US$1,150 million in the first quarter, compared to US$2,340 million purchased during total 2004. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">International Reserves</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">International reserves of the Central Bank continued to increase during first quarter 2005, due in part to the above mentioned foreign currency purchases. Reserves reached US$13,555 million at March 31, 2005, up from
US$12,631 million at December 31, 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The Trade Balance had a US$634 million cumulative surplus in January and  February 2005, increasing compared to a US$389 million surplus in the same first two months of 2004. Cumulative through February 2005, exports
grew 35% versus a 26% increase in imports. Exports, which reached US$2,346 million as of February 2005, grew on increased volume and prices, especially of copper, and non-traditional textiles, agricultural and fishing exports. Imports through
February 2005 amounted to US$1,712 million, increasing mainly due to higher imports of raw materials, while durable goods and consumer goods also increased significantly. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Financial System</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Commercial bank&#146;s loan and deposit volumes continued their mild positive trend during first quarter 2005, based on U. S. Dollar figures translated at historical exchange rates. This avoids the negative effect of
the strengthening of the Nuevo Sol on records carried in local currency. Deposits at March 31, 2005 in the thirteen operating commercial banks in the system reached US$15.2 billion, according to the Asociaci&oacute;n de Bancos del Peru (ASBANC),
higher by 2.6% compared to deposits at December 31, 2004, in Dollar terms, and grew by 5.0% compared to the balance at March 31, 2004. </FONT></P>
<P align="justify"><FONT size=2 FACE="Times New Roman, Times, Serif">As of March 31, 2005, total loans in the banking system were US$11.0 billion, 0.6% higher than loans at December 31, 2004, and grow 2.6% over March 31, 2004 loan balances. In the current quarter, local currency loans,
that were 24.9% of total loans (23.8% at March 2004), grew 2.6% since last December to reach US$2.7 billion, while foreign currency loans increased 0.6% to US$8.2 billion. </FONT></P>


<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">As of March 31, 2005, the Peruvian bank's past due ratio was 3.6%, improving from the 3.8% rate in December 2004 and from 5.8% in March 31, 2004.  Commercial banks&#146; past due loans decreased 1.9% since last
December to US$398 million, and are lower by 32.0% compared to bad loans at March 31, 2004.  At March 31, 2005, loan loss provisions were US$707 million, decreasing 1.8% during this quarter. The system-wide past due loan coverage ratio was 177.6% at
March 31, 2005, remaining unchanged since December 31, 2004, but is also higher than the ratio of 143.5% at March 31, 2004. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Interest rates</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">During the first quarter 2005 commercial banks&#146; loans and deposits interest rates had a slight increase. Local currency average loan rates (TAMN) were 26.2% in first quarter 2005, increasing from 25.0% in the
fourth quarter of 2004, while deposits rates (TIPMN) remained at 2.5% . In the first quarter of 2004, TAMN was 24.1% and TIPMN was 2.4% . During first quarter 2005 foreign currency loan rates (TAMEX) increased to 9.5%, from 9.3% in the preceding
fourth quarter, while deposit rates (TIPMEX) increased to 1.3% from 1.2% . </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Private Pension Funds and Mutual Funds</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Managed assets in private pension funds continued increasing and grew 5.3% in the first quarter of 2005 reaching US$8.2 billion as of March 31, 2005, after increasing 7.5% in the last quarter of 2004, and are 21.8%
higher than funds at March 2004. In the twelve months prior to March 2005, the funds had a return of 8.3% in real terms. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Mutual funds suffered declines due to volatility of prices and valuations in capital markets and to the increase in interest rates. Total mutual funds amounted to US$1.7 billion at the end of the first quarter 2005,
decreasing 1.1% in the quarter, and by 15.8% from the balance at March 2004. Total funds had a return in Dollar terms of 0.9% in the quarter, and of 3.2% during the year since March 2004. </FONT></P>
<p align=justify>&nbsp;</P>


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<P align="right">
<IMG src="foto2.jpg" border=0>
</P>
<P align="center">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">II. BANCO DE CREDITO DEL PERU AND SUBSIDIARIES (&#147;BCP&#148;)</FONT></B></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.1 NET INCOME</FONT></B></p>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">From financial statements prepared according to IFRS rules and in U.S. Dollars, consolidated net income in the first quarter 2005 was US$45.4 million, increasing 68.6% compared with net income of US$26.9 million in the
same quarter in 2004, and also grows 54.3% compared to US$29.4 million in the preceding fourth quarter 2004. </FONT></P>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">First quarter 2005 net income increase compared to the same prior year period mainly due to higher net interest income, which is mostly from higher interest earning assets, and lower loan loss provisions. </FONT></P>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">In the current quarter, loan loss provision had a net positive effect on results, due to recoveries exceeding required reserve additions. Loan quality continued to improve, with the past due ratio declining to 3.4% in
March 2005, and past due coverage increasing to 177%. </FONT></P>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">In the current quarter a translation gain of US$0.3 million is reported, due to the decline of the exchange rate, which has to be distinguished from the </FONT><I><FONT size=2 FACE="Times New Roman, Times, Serif">Result on inflation
exposure</FONT></I><FONT size=2 FACE="Times New Roman, Times, Serif"> shown in prior reports based on Peruvian GAAP. See I. --</FONT><I><FONT size=2 FACE="Times New Roman, Times, Serif">Note on Inflation Adjusted Accounting.</FONT></I><FONT size=2 FACE="Times New Roman, Times, Serif"> </FONT></P>
<P align="center">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">BANCO DE CREDITO DEL PERU AND SUBSIDIARIES<br>
</FONT><FONT size=2 FACE="Times New Roman, Times, Serif">SUMMARY OF RESULTS (1)<br>
</FONT></B><FONT size=1 FACE="Times New Roman, Times, Serif">(In U.S.$ millions, except net income per share)</FONT> </P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
<TR>
 <TD colspan=4>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Three months ended</FONT></B>&nbsp;
 </TD>
  </TR>
<TR>
 <TD>
 </TD>
 <TD colspan=2>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">74.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">97.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">91.0</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Less: Provisions for loan losses, net</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">(3.1)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Other income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">55.6</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">55.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">59.4</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Other expenses</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">85.5</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">107.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">91.4</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Merger costs</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Translation result</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(0.6)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.3</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
      <div align="center"><FONT size=2 FACE="Times New Roman, Times, Serif">Income before income tax</FONT>&nbsp;
     </div></TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">34.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">40.3</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">62.5</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Income Tax</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.1</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Net Income</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">26.9</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">29.4</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">45.4</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
  <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">Net Income per share (US$) (2)</FONT>&nbsp; </TD>
  <TD align=right> <FONT size=2 FACE="Times New Roman, Times, Serif">0.02</FONT>&nbsp; </TD>
  <TD align=right> <FONT size=2 FACE="Times New Roman, Times, Serif">0.02</FONT>&nbsp; </TD>
  <TD align=right> <FONT size=2 FACE="Times New Roman, Times, Serif">0.04</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR size=1>    </TD>
  </TR>
</TABLE>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
<TR>
 <TD nowrap valign=top>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)</FONT></I>&nbsp; &nbsp; &nbsp;  </TD>
 <TD width=100%>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Financial statements prepared according to IFRS, in U.S. Dollars.</FONT></I> </TD>
</TR><TR>
 <TD nowrap valign=top>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(2)</FONT></I>&nbsp; &nbsp; &nbsp;  </TD>
 <TD width=100%>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Based on 1,226 million outstanding shares in all periods.</FONT></I> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.2 NET INTEREST INCOME</FONT></B></P>


<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Interest income, net of interest payments, in the first quarter of 2005 reached US$91.0 million, increasing compared to US$74.8 million net interest income in the same period of last year, but decreased compared to net
interest income of US$97.0 million in the preceding fourth quarter of 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Increased net interest income, compared to the first quarter of 2004, is mostly due higher average interest earning assets, while net interest margins also had a slight growth.  Average interest earning assets reached
US$6.6 billion during first quarter 2005, a 11.1% growth comparing with the first quarter of last year, while they are 5.7% higher than average assets in fourth quarter 2004. The increase is mainly due to the inclusion of the loan portfolio acquired
from Bank Boston and to higher deposits. In the current quarter BCP continued its persistent excess liquidity environment in both local and foreign currencies. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">During the first quarter of 2005, the net interest margin was 5.51%, lower than 6.21% in the preceding fourth quarter, but increases from 5.03% during the first quarter of 2004. During the current quarter the net
interest margin remained at a high level mostly due to higher local and foreign currency loan rates, following international trends, while deposit rates grew at a slower pace. </FONT></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.3 NON-INTEREST INCOME</FONT></B></p>
<P align="justify">
<U><FONT size=2 FACE="Times New Roman, Times, Serif">Note:</FONT></U><FONT size=2 FACE="Times New Roman, Times, Serif"> For comparison purposes, in periods prior to 2005, income from recoveries of previously charged-off loans, which were reported in the </FONT><I><U><FONT size=2
FACE="Times New Roman, Times, Serif">Other non-interest income</FONT></U></I><FONT size=2 FACE="Times New Roman, Times, Serif"> concept, have been reclassified into the </FONT><I><U><FONT size=2 FACE="Times New Roman, Times, Serif">Provision for possible loan losses</FONT></U></I><FONT size=2
FACE="Times New Roman, Times, Serif"> concept, with no effect on net income. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Non-interest income, which include fee revenue and other non-interest items, in the first quarter of 2005 amounted to US$59.4 million, higher than US$55.6 million earned during the first quarter of 2004, mostly due to
higher banking services fees and gains on foreign exchange transactions. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the first quarter of 2005, fees from banking services amounted to US$48.7 million, 7.5% higher than fees in the same period of 2004, due to increased revenue in concepts related to credit cards and loans, partly
offset by declining revenue on fees related to accounts&#146; transaction volume due to the tax on financial transactions. In the quarter, fees on the most important banking services had the following growth rates: </FONT></P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
  <TR>
    <TD>
      <hr size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD width=55% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(In US$ Mn.)</FONT></I>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Growth</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
      <hr size=1> </TD>
 <TD>
<HR size=1> </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Savings accounts</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.0</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.9</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-1.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Demand deposits</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.7</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Credit cards</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.2</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">21.2%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Fund transfer services</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Collections fees</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Billings and payments</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.7</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.8</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Contingent and foreign trade</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.2</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Contingent credits</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.1</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Debit cards</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.0</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.0</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Corporate Finance</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Brokerage</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.9</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-10.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Commercial loans</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.4</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.9</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">35.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Insurance</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.2</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Mortgage loans</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.7</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-14.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Channels and services</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.5</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-16.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Master account</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.5</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.4</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-20.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Personal loans</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.9</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-66.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Micro-business credit</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.2</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">200.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Other</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.8</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">200.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">45.3</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">48.7</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7.5%</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1> </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
</TABLE>
<div align="justify"><BR>
    <FONT size=2 FACE="Times New Roman, Times, Serif">In the first quarter of 2005, securities transactions resulted in a gain of US$1.1 million, compared to a gain in the year-ago quarter of US$2.5 million. The general index of the Lima Stock Exchange increased 12.1% in
  the first quarter of 2005, and by 24.7% in the same year-ago period. </FONT>
</div>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Gains from foreign exchange operations, which are the result of the foreign exchange buy-sell margin, were US$6.2 million in the first quarter of 2005, 16.2% higher than revenue in the same quarter of 2004, mainly due
to increased transactions volume, which offset a slight decrease in the buy-sell margins. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The Other Income caption, that mainly registers reversals of prior year expenses and provisions and recoveries of certain operating costs, increased 33.3%, from US$2.5 million in the first quarter of 2004 to US$3.3
million in the current period, mainly due to lower recoveries of excess provisions. </FONT></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.4 OTHER NON-INTEREST EXPENSES</FONT></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Non-interest expenses during the first quarter of 2005 were US$91.4 million, 4.7% above those of the same period in 2004, mainly because of increased personnel expenses. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In this quarter, approximately 46% of non-interest expenses were attributable to employee salaries and other expenses related to personnel. This concept increased 16.3% to US$41.7 million when compared to the first
quarter of 2004. At the end of March 2005 the number of employees stood at 7,632, decreasing from 7,694 employees as of December 2004, and also compared to 7,652 employees at March 2004, mainly due to lower positions at Banco de Cr&eacute;dito de
Bolivia. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">General and Administrative expenses, which represented 31% of non-interest expenses, reached US$28.5 million in the first quarter of 2005, decreasing 0.8% compared to expenses in the year-ago period. In the current
quarter, lower expenses related to systems were mostly offset by higher marketing charges. In this quarter, the most significant general and administrative expenses were:</FONT></P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
  <TR>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
    <TD>
      <HR size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD width=55% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(In US$ Mn.)</FONT></I>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1Q05</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Chnge.</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Office supplies and operating costs</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.6</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.9</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Communications</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.4</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.4</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Third party fees</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.8</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.7</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-2.6%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Insurance and security</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.0</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.2</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Transport of currency and securities</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.4</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-2.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Systems and maintenance</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.5</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.4</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-14.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Advertising and marketing</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.3</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">22.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Other G&amp;A</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.4</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.2</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-8.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total G&amp;A</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">28.7</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">28.5</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">-0.8%</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The </FONT><I><FONT size=2 FACE="Times New Roman, Times, Serif">Other</FONT></I><FONT size=2 FACE="Times New Roman, Times, Serif"> caption within Other Non-Interest Expenses, increased from US$7.3 million in the first quarter of 2004 to US$8.4 million in
the current quarter, mainly due to lower revenue from the sale of foreclosed assets, which were not fully offset by decreased provisions for foreclosed assets and contingencies. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Starting with this report, the determination of the </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">efficiency ratio</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> has been simplified by using only concepts that are shown in the
income statement. The efficiency ratio will be determined from the following concepts: </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif"> - In the numerator or &#147;operating expenses&#148;: i) salaries and personnel expenses, ii) general expenses, iii) depreciation and amortization, and iv) taxes other than income taxes. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif"> - In the denominator: i) net interest income, ii) fees and commissions on banking services, and iii) gains on foreign exchange transactions. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The Efficiency ratio improved from 63.8% to 56.8% comparing the first quarters of 2004 and 2005, respectively. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The ratio of &#147;operating expenses&#148; as a percentage of average total assets, also improved from 4.8% in the first quarter of 2004 to 4.4% in the current period. </FONT></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.5 ASSETS AND LIABILITIES</FONT></B></p>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total assets</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> of BCP reached US$7.9 billion at the end of March 2005, growing 8.4% with respect to December 2004, and by 19.1% compared to assets at March 2004, mainly due to
higher investments and increased performing loans. </FONT></P>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Consolidated total loans</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> were US$4.4 billion at the end of March 2005, increasing 6.6% in the quarter, and are 9.3% above loans at March 2004. During first quarter 2005,
current loans grew 6.9% to US$4.2 billion, and are 12.4% higher than those in March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">At March 31, 2005, the loan portfolio, net of provisions, represented 51.8% of total assets, lower than 52.8% at the preceding quarter. At the end of the first quarter of 2005, the Nuevos Soles portion of the loan
portfolio was 16.9%, higher than 16.5% in December 2004, but is below 17.5% at March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">As of March 31, 2005 </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">total deposits</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif">, which do not include bonds and subordinated debt (see Table No. 6), were US$6.0 billion,
increasing 8.6% compared to fourth quarter 2004 deposits, and are 15.5% over deposits in the year-ago quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">During the first quarter 2005, demand deposits grew by 20.6%, while time deposits increased by 4.0% and savings deposits increased 2.6% . Deposits denominated in Nuevos Soles were 28.4% of total deposits, increasing
during the current quarter from 25.2% at December 2004, and also compared to 24.7% at the end of March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">BCP's subsidiaries had the following loan, net of provisions, and deposit contributions:</FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="7">
      <HR size=1>
    </TD>
  </TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD colspan="3" align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Loans, net</FONT></B>&nbsp;
 </TD>
 <TD colspan=3 align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total Deposits</FONT></B>&nbsp;
 </TD>
  </TR>
<TR>
 <TD>
      <HR size=1>
 </TD>
 <TD colspan="3">
<HR size=1>
 </TD>
 <TD colspan=3>
<HR size=1>
 </TD>
  </TR>
<TR valign="bottom">
 <TD align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(In % and US$ Mn.)</FONT></I>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Banco de Cr&eacute;dito del Per&uacute;</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">87.7%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">87.7%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">88.0%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">91.3%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">91.4%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">92.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Banco de Cr&eacute;dito de Bolivia</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.9%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.4%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.0%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.9%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.0%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Cr&eacute;dito Leasing</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.4%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.0%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.0%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.8%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.6%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.5%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=7>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
   <FONT size=2 FACE="Times New Roman, Times, Serif">TOTAL%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total BCP</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$3,683</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$3,857</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$4,106</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$5,221</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$5,553</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$6,029</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan="7">
<HR size=1>
 </TD>
  </TR>
<TR>
 <TD colspan=7>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Loan Portfolio</FONT></I></B>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD colspan=7>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD colspan=5 align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Loan portfolio composition by business segment developed as follows:</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD colspan=6>
<HR size=1>
 </TD>
 <TD>
 </TD>
</TR>
<TR valign="bottom">
 <TD colspan=2 align=left> <I><FONT size=2 FACE="Times New Roman, Times, Serif">(In % of total and US$ Mn)</FONT></I>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD colspan=2>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">Corporate</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">41.6%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">39.5%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">40.8%</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">Middle market</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">26.2%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">27.2%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">25.5%</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">Retail:</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">32.2%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33.3%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33.7%</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">- small business</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.3%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.0%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.0%</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">- home mortgage</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">15.2%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.0%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.6%</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">- consumer</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.2%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5%</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <FONT size=2 FACE="Times New Roman, Times, Serif">- credit cards</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.8%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.6%</FONT>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
  <TD align=left> <U><FONT size=2 FACE="Times New Roman, Times, Serif">Total</FONT></U>&nbsp; </TD>
  <TD align=left>&nbsp; </TD>
  <TD align=left>&nbsp; </TD>
  <TD align=right> <U><FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT></U>&nbsp; </TD>
  <TD align=right> <U><FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT></U>&nbsp; </TD>
  <TD align=right> <U><FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT></U>&nbsp; </TD>
  <TD align=left>&nbsp; </TD>
</TR>
<TR>
 <TD><HR size=1>

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

 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left> <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">Total Loans</FONT></B>&nbsp; </div></TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=left>&nbsp;

 </TD>
 <TD align=right>
<U><B><FONT size=2 FACE="Times New Roman, Times, Serif">US$3,995</FONT></B></U>&nbsp;
 </TD>
 <TD align=right>
<U><B><FONT size=2 FACE="Times New Roman, Times, Serif">US$4,098</FONT></B></U>&nbsp;
 </TD>
 <TD align=right>
<U><B><FONT size=2 FACE="Times New Roman, Times, Serif">US$4,367</FONT></B></U>&nbsp;
 </TD>
 <TD align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD colspan=6>
<HR size=1>
 </TD>
 <TD>
 </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">During the current quarter, loan balances increased 6.6%, with corporate loans growing by 10.2% to US$1,782 million, while retail loans grew by 7.5% to US$1,471 million, and middle market loans increased by 0.2% to
US$1,115 million. Retail loans by product performed as follows: </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="6" align=left><HR size=1>    </TD>
  </TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=12% align=center>&nbsp;

 </TD>
 <TD width=12% align=center>&nbsp;

 </TD>
 <TD width=12% align=center>&nbsp;

 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05 vs</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05 vs</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(% change and US$ Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Small business loans</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">411</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">367</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">394</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.3%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-4.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Mortgage loans</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">608</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">696</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">770</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.6%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">26.6%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Consumer loans</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">128</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">145</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">150</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.1%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">16.6%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Credit card loans</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">140</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">159</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">157</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-1.7%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total Retail</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,289</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,368</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,471</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7.5%</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">14.1%</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan="6">
<HR size=1>
 </TD>
  </TR>
</TABLE>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Contingent Credits and Managed Funds</FONT></I></B><BR>
  <br>
<FONT size=2 FACE="Times New Roman, Times, Serif">At March 31, 2005 </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">contingent credits</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> were US$1,893 million, 3.3% above the December 2004 figure, as shown in the next chart: </FONT></p>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="6" align=left><HR size=1></TD>
  </TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=12% align=left>

   <div align="center"></div></TD>
 <TD width=12% align=left>

   <div align="center"></div></TD>
 <TD width=12% align=left>

   <div align="center"></div></TD>
 <TD width=12% align=center>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05 vs</FONT></B>&nbsp;
     </div></TD>
 <TD width=12% align=center>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05 vs</FONT></B>&nbsp;
     </div></TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(% change and US$ Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=12% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
     </div></TD>
 <TD width=12% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
     </div></TD>
 <TD width=12% align=right>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
     </div></TD>
 <TD width=12% align=center>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
     </div></TD>
 <TD width=12% align=center>
      <div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
     </div></TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">- Guarantees and Stand-by LCs</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">637</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">598</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">659</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.3%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.6%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">- Letters of Credit</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">148</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">226</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">219</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-3.5%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">- Acceptances</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">40</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">45</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.7%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">- Foreign currency forwards</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">342</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">458</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">466</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.7%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">36.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">- Other contingent accounts</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">485</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">506</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">502</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-0.9%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total Contingent Credits</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,652</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,833</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,893</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">3.3%</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">14.6%</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan="6">
<HR size=1>
 </TD>
  </TR>
</TABLE>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Third party funds</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> managed by several subsidiaries of BCP amounted to US$945.2 million as of March 31, 2005, decreasing 0.9% compared to funds at December 2004. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Market share</FONT></I></B></p>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">According to preliminary statistics from the Peruvian Banking Association (ASBANC) for Peruvian commercial banks as of March 31, 2005, Banco de Cr&eacute;dito del Per&uacute; had a total loan market share of 34.9%
(33.0% at December 31, 2004 and 34.6% at March 31, 2004), and 37.6% of deposits (35.7% at December 31, 2004 and 36.6% at March 31, 2004). </FONT></P>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">BCP&#146;s market share in Peruvian mutual funds, through its subsidiary Credifondo, was 51.6% as of March 31, 2005 (51.6% at December 31, 2004 and 49.4% at March 31, 2004). </FONT></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.6 LOAN QUALITY</FONT></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The ratio of past due loans as a percentage of total loans improved to 3.4% at March 31, 2005, from 3.7% at December 2004, and also compared to the ratio of 6.0% at March 2004. The ratio of past due, refinanced and
restructured loans as a percentage of total loans declined to 8.5% during first quarter 2005 from 9.4% in December 2004, and also compared to 11.6% at March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Consolidated past due loans amounted to US$148.1 million at March 31, 2005, decreasing 1.9% from the balance of US$150.9 million at year-end 2004, and are also 38.3% below US$240.1 million past due loans at March 2004.
</FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">At the end of March 2005, refinanced loans amounted to US$222.2 million, lower than the balance at December 2004 that was US$233.2 million, but are similar to the balance of US$222.7 million in first quarter 2004.
</FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">At the end of the first quarter 2005, outstanding balances of loan loss provisions totaled US$261.4 million, increasing 8.4% compared to the balance at the beginning of the year, but decreases 16.1% with respect to
March 2004 mainly due to charge-offs. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The coverage ratio of loan provisions to past due loans increased to 176.5% at the end of first quarter 2005, from 159.8% at December 2004, and also compared to 121.6% in the year-ago period. The coverage ratio of
provisions over the sum of past due loans and refinanced loans was 70.6% in March 2005, improving from 62.8% last December and from 63.1% in March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Of total provisions outstanding at the end of the current quarter, US$59.6 million correspond to generic provisions assigned to loans in the Normal (A) risk category, increasing from the balance at March 31, 2004 of
US$49.9 million. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Loans believed to be unrecoverable, fully provisioned in prior periods, were written-off during the first quarter 2005 amounting to US$11.5 million, of which approximately 44% were related to consumer and mortgage
loans.  This compares to charge-offs in the fourth quarter of 2004 of US$20.1 million, and US$32.3 million in the year-ago first quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Loans classified as Substandard (i.e., Deficient, Doubtful and Loss) were 9.5% of the loan portfolio in March 2005, decreasing from 11.5% in December 2004 and from 14.6% in March 2004. The loan classification is as
follows: </FONT></P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan=5 align=left><HR size=1></TD>
  </TR>
<TR valign="bottom">
 <TD colspan=2 align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(% of Total loans and US$Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=12% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD width="61%"><HR size=1></TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=3% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">A:</FONT>&nbsp;
 </TD>
 <TD width=61% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Normal</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">76.8%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">81.1%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">83.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=3% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">B:</FONT>&nbsp;
 </TD>
 <TD width="61%" align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Potential Problem</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.6%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.4%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.5%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=3% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">C:</FONT>&nbsp;
 </TD>
 <TD width="61%" align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Deficient</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.4%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.5%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=3% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">D:</FONT>&nbsp;
 </TD>
 <TD width="61%" align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Doubtful</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.6%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.3%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.1%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=3% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">E:</FONT>&nbsp;
 </TD>
 <TD width="61%" align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Loss</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.6%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.7%</FONT>&nbsp;
 </TD>
 <TD align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.4%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=3% align=left>&nbsp;

 </TD>
 <TD width="61%" align=center>
   <FONT size=2 FACE="Times New Roman, Times, Serif">Total</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
 <TD align=right>
   <FONT size=2 FACE="Times New Roman, Times, Serif">100.0%</FONT>&nbsp;   </TD>
</TR>
<TR>
 <TD>&nbsp;

 </TD>
 <TD width="61%"><HR size=1></TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=3% align=left>&nbsp;

 </TD>
 <TD width="61%" align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Total Loans</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$3,995</FONT></B>&nbsp;
 </TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$4,098&nbsp;&nbsp;</FONT></B></TD>
 <TD align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">US$4,367</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan="5">
<HR size=1>
 </TD>
  </TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Loan loss provisions, net of recoveries, had a positive effect on first quarter 2005 results amounting to US$3.1 million, since recoveries of previously charged-off loans exceeded provision requirements, due to
improved loan quality.  Provision expense in the first quarter of 2004 was US$9.9 million, and US$6.0 million in fourth quarter 2004. </FONT></P>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.7 CAPITAL ADEQUACY</FONT></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">At the end of the first quarter of 2005, BCP&#146;s unconsolidated ratio of risk-weighted assets to regulatory capital was 7.9 to 1.0 (12.6%), while the corresponding consolidated ratio was 7.1 to 1.0 (14.0%) .
Peruvian regulations limit risk-weighted assets, including market-risk exposure, to a ratio of 11.0 to 1.0 (9.1%) . </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">As of March 31, 2005, BCP&#146;s consolidated &#147;regulatory capital&#148; was US$713.7 million, 2.6% over the December 2004 regulatory capital. Regulatory capital included $41.3 million of subordinated debt in the
current period, remaining almost unchanged since December 2004, but decreases from US$54.6 million at March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">At March 31, 2004, risk-weighted assets include US$236.4 million of market-risk exposure (US$362.4 million at March 2004) whose coverage required US$21.5 million of regulatory capital. </FONT></P>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR size=1></TD>
  </TR>
<TR valign="bottom">
 <TD width=40% align=left>&nbsp;

 </TD>
 <TD colspan=2 align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">BCP</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>&nbsp;

 </TD>
 <TD colspan=2 align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">unconsolidated</FONT></B>&nbsp;
 </TD>
 <TD colspan=2 align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">BCP consolidated</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD colspan=2>
<HR size=1>
 </TD>
 <TD colspan=2>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(In constant S/. Mn.)</FONT></I>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Regulatory capital</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">540.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">579.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">671.6</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">713.7</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Risk weighted assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,385.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,606.4</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,860.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,086.1</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Weighted assets / Capital</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.9</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.2</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.1</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Capital / Weighted Assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">12.3%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">12.6%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">13.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14.0%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan="5">
<HR size=1>
 </TD>
  </TR>
</TABLE>
<p align=justify><B><FONT size=2 FACE="Times New Roman, Times, Serif">II.8 BANCO DE CREDITO DE BOLIVIA (BCB)</FONT></B><BR>
  <br>
<FONT size=2 FACE="Times New Roman, Times, Serif">Below are brief comments on the Bolivian subsidiary, which is consolidated within BCP:</FONT></p>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Bolivian economic activity</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Bolivian economic activity had a moderate recovery during 2004.  GDP growth improved from 2.5% in 2003, to 3.6% in 2004, and should continue its recovery during 2005. GDP grew 3.6% in fourth quarter 2004, after growing
3.5% in the third quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Higher growth is mainly due to increased exports of minerals, oil and gas, and of agricultural products, while domestic demand and consumption remained stagnant.  In total year 2004, exports amounted to approximately
US$2.1 billion, growing 37%, after an already high growth of 20% in total 2003. The trade surplus is expected to reach US$400 million, compared to a US$34 million deficit in 2003. </FONT></P>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">During first quarter 2005 inflation was 1.6%, lower than 2.0% in the preceding fourth quarter, and reached 5.7% in the year ended in March 2005. Nevertheless, devaluation continued at a slower pace with a 0.5% exchange
rate increase in the current quarter and 2.4% in the twelve prior months, reaching 8.09 Bolivianos per Dollar at March 31, 2005. </FONT></P>
<B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Bolivian banking system</FONT></I></B><br>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Deposits in the banking system continued a slow recovery, and grew to US$2,576 million at March 2005, from US$2,510 million in December 2004.  Deposits still remain below balances of US$2,639 million at December 2003
mostly due to the application of the financial transactions tax since July 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Loan volume in the banking system increased slightly during the current quarter to US$2,486 million as of March 2005, and are 3.7% over loans of US$2,398 million at December 2004. The past due loan ratio was 15.5% in
March 2005, higher than 14.0% in December 2004.  The coverage of past-due loans with provisions decreased to 73.6% at March 2005, from coverage of 84.3% in the preceding fourth quarter 2004. </FONT></P>
<B><I><FONT size=2 FACE="Times New Roman, Times, Serif">BCB highlights</FONT></I></B><br>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">BCB&#146;s market share in deposits at March 2005 was 12.9%, increasing from 12.4% at the end of December 2004. In terms of loans, BCB had a 12.4% market share at March 2005, below 13.1% it had last December 2004. In
this way, BCB remained in the fourth position in terms of deposits and loans, out of twelve banks in the system. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">As of March 31, 2005, BCB had total loans of US$319.3 million remaining almost unchanged since December 2004. Loan quality continued to improve. At the end of the first quarter 2005, BCB&#146;s past due loans reached
US$33.3 million, or 10.4% of total loans, lower than 11.0% at December 2004.  Coverage of past due loans with loan loss provisions was 102.1% as of March 2005, increasing from 100.6% in December 2004.  Net equity at the Bolivian subsidiary amounted
to US$60.3 million as of March 2005. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Cumulative through March 2005, net loan loss provisions resulted in a positive effect in net income of US$0.3 million, compared to US$0.7 million charged against results during first quarter 2004. In BCB&acute;s own
records, cumulative net income in first quarter 2005 was US$0.9 million, compared to US$0.4 million in the year-ago quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">BCB&#146;s main financial figures are shown in the following chart. </FONT></P>
<P align="center">
<div align="center"><B><FONT size=2 FACE="Times New Roman, Times, Serif">Banco de Cr&eacute;dito de Bolivia (&#147;BCB&#148;)</FONT></B>
  </P>
</div>
<TABLE border=0 width=648 align="center" cellspacing=0 cellpadding=0>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Key Financial Figures</FONT></B>
 </TD>
</TR>
<TR>
 <TD colspan=4>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<I><FONT size=2 FACE="Times New Roman, Times, Serif">(In US$Mn)</FONT></I>&nbsp;
 </TD>
 <TD width=16% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=16% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=16% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Total Loans</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">309.9</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">320.8</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">319.3</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Past-due loans</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">64.2</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">35.4</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33.3</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Loan loss reserves</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">49.3</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">35.6</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33.9</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Total assets</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">446.2</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">457.4</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">453.9</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Deposits</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">337.9</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">333.1</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">350.3</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net equity</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">56.3</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">59.8</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">60.3</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net income, cumulative</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.5</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.8</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.9</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Past-due loans / Total loans</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">20.7%</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11.0%</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.4%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=52% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Loss reserves / Past-due loans</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">76.7%</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">100.6%</FONT>&nbsp;
 </TD>
 <TD width=16% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">102.1%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan="4">
<HR size=1>
 </TD>
  </TR>
</TABLE>
<BR>
<P STYLE="page-break-after:always">
</P>
<P align="center">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">III. ATLANTIC SECURITY HOLDING CORPORATION AND SUBSIDIARIES (&#147;ASHC&#148;)</FONT></B></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Net Income</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the quarter ended March 31, 2005, Atlantic contributed US$3.4 million to Credicorp&#146;s consolidated net income, 17.0% above US$2.9 million contributed in first quarter 2004. Due to the elimination of dividends
received from Credicorp, ASHC&#146;s records show net income of US$15.1 million and US$7.7 million, respectively. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Net income contribution in the first quarter of 2005 increase compared to the same period of 2004, mainly due to higher gains on securities and other non-financial income. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Financial and non-financial income</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest income, before risk provisions and not including dividend income, was US$3.2 million in the first quarter of 2005, slightly below US$3.4 million in the same quarter of last year.  Net interest margin as a
percentage of interest earning assets, without considering dividends, was 1.6% during first quarter 2005, lower than the 1.9% margin in the first quarter 2004, and also decreases compared to 1.8% in the last quarter of 2004. Compared with the
year-ago quarter, the margin decreased mainly because in 2004 the investment portfolio grew its lower risk and lower return segments. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the first quarter of 2005 charges against income for market risk provisions amounted to US$1.1 million, compared to US$0.5 million in the year-ago period. In the current quarter no credit risk provisions were made,
compared to a US$0.5 million provision expense in first quarter of 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Non-interest income, which includes fee income, realized gains on securities transactions before risk provisions and others, amounted to US$3.3 million in the first quarter of 2005, over US$2.4 million in the year-ago
quarter. Fee income was US$1.4 million in the current period, increasing from US$1.1 million in the year-ago quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The ratio of operating expenses over average assets was 0.9%, annualized, in the first quarter of 2005 similar to the ratio of the same period in 2004. This ratio declines to 0.6% in first quarter of 2005, when funds
under management are included within total assets, remaining almost unchanged compared to the prior year quarter. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Assets and liabilities</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">loan portfolio</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif">, net of provisions, was US$153.4 million as of March 31, 2005, decreasing slightly compared to US$154.2 million at
the end of March 2004, but grows when compared to loan balances of US$149.1 million at December 2004. As of March 31, 2004, the loan portfolio had no past dues, improving from a 2.4% past due ratio at March 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">securities portfolio</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> decrease to US$514.4 million at March 2005, from US$518.7 million last December 2004, but grow compared to
US$452.7 million at the end of March 2004, following the increase of available funds and the additional Credicorp shares purchased in second quarter 2004. </FONT></P>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Deposits</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> amounted to US$720.4 million at March 31, 2004, increasing from the balance of US$686.1 million at the end of the preceding fourth quarter 2004, and also compared
to US$638.1 million at the end of March 2004. </FONT></P>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Funds under management</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> were US$774.3 million at March 31, 2005, 3.7% higher than US$746.6 million at December 2004, and grow 12.0% compared to US$691.2 million at March
2004, growth mainly due to a combination of increased managed funds and higher market prices of the securities held. </FONT></P>
<P align="justify">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Net equity</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> reached US$153.9 million at the end of March 2005, increasing over US$151.0 million at December 2004, due to current period&#146;s earnings and net of US$10.0
million dividends paid to Credicorp.  The equity account of reserves for market value of investments, decreased from a balance of unrealized gains of US$9.9 million at the end of December 2004, to unrealized gains of US$7.7 million at March 31,
2005. </FONT></P>
<P STYLE="page-break-after:always">
</P>
<P align="center">
<B><FONT size=2 FACE="Times New Roman, Times, Serif">IV. EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES (&#147;PPS&#148;)</FONT></B></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Net income</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">PPS obtained in the quarter ended March 31, 2005, a net income of US$2.9 million, compared to US$3.6 million in the same year-ago quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">In the current quarter, net income decreased mainly due to higher operating expenses partly offset by higher returns in Pac&iacute;fico Vida which had lower claims. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The significant increases in Premiums and health fees, as well as in Claims and health costs, compared to the year-ago quarter are mainly due to transactions added from the Novasalud EPS merger, which was acquired in
March 2004, and merged with Pac&iacute;fico Salud in August 2004. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Revenue and operating expense</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Total premiums and Pac&iacute;fico Salud health fees in the first quarter of 2005 were US$84.0 million, 21.2% higher than premiums of US$69.3 million in the year-ago quarter, due mainly to growth of US$12.2 million in
Pac&iacute;fico Salud after the Novasalud acquisition. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Retained premiums increase 23.4% to US$72.4 million in this quarter from US$58.7 million in fourth quarter 2004.  Net premiums earned and health fees, net of reinsured premiums and reserves, were US$54.2 million in
first quarter 2005, 32.7% above premiums in the prior year quarter.  These increases are mostly due to transactions registered with the above mentioned merger. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Additions to technical reserves for premiums grew by US$18.2 million in the first quarter of 2005, 39.4% higher than additions in the preceding fourth quarter 2004, and also are 2.1% greater than reserve additions in
the first quarter of last year. Most of reserves in the first quarter of 2005 were established by Pac&iacute;fico Vida, for its life annuities and life insurance lines. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Net consolidated underwriting results was US$7.3 million in the first quarter of 2005, increasing 26.2% from US$5.8 million in the same prior year quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The ratio of net underwriting results (net premiums and health fees less reserves and claims as a percentage of total premiums) was 8.7% in the first quarter of 2005, lower than 10.6% in the preceding quarter last
quarter 2004, but increases compared to the 8.3% ratio in the year-ago first quarter. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Financial results reached US$8.7 million in first quarter 2005, slightly over US$8.2 million in first quarter 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Exchange difference resulted in a gain of US$0.4 million in first quarter 2005, similar to a gain of US$0.3 million in the same period of 2004. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Operating expenses over net premiums earned, decreased from 21.5% to 19.9% comparing the first quarters of 2004 and 2005, respectively. The ratio of operating expenses over average assets increased from 6.1% to 6.4%,
in these same periods. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Business lines</FONT></I></B></p>
<p align=justify>
<FONT size=2 FACE="Times New Roman, Times, Serif">Comparing cumulative results through March 2005 and 2004, consolidated total premiums and fees consisted of: </FONT></P>
<TABLE width="72%" border=0 cellpadding=0 cellspacing=0>
<TR>
 <TD nowrap valign=top>
<FONT size=2 FACE="Times New Roman, Times, Serif">i)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
 <TD width=100%>
<FONT size=2 FACE="Times New Roman, Times, Serif">general insurance lines, amounting to 46.3% of total premiums and grew 4.0%;</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD nowrap valign=top> <FONT size=2 FACE="Times New Roman, Times, Serif">ii)</FONT>&nbsp; &nbsp; &nbsp; </TD>
  <TD> <FONT size=2 FACE="Times New Roman, Times, Serif">fees at Pac&iacute;fico Salud, were 23.9% of total premiums and increased 170.0%; and,</FONT> </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT size=2 FACE="Times New Roman, Times, Serif">iii) </FONT></TD>
  <TD><FONT size=2 FACE="Times New Roman, Times, Serif">Pac&iacute;fico Vida, which amounted to 29.8% of the total and increased 3.5% .</FONT></TD>
</TR>
</TABLE>
<P align="justify"><FONT size=2 FACE="Times New Roman, Times, Serif">Cumulative through March 31, 2005, growth of Pac&iacute;fico Salud and the health and medical assistance insurance line (33.3% of total premiums) was 89.4%; fire insurance lines (12.1% of total premiums) increased
2.1%; while the automobile insurance line (6.1% of total premiums) grew 2.1% compared to the prior year period. </FONT></P>


<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Through March 2005, group life insurance and individual life insurance policies (11.7% of total premiums) grew 16.0%; life annuities (10.7% of total premiums) decreased 22.2%; while pension fund benefits insurance
(6.3% of total premiums) increased 54.0%, compared to the prior year. </FONT></P>
<p align=justify><B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Claims</FONT></I></B></p>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Net insurance claims and health services costs incurred in the first quarter of 2005 were US$39.7 million, increasing over claims of US$28.9 million in the same quarter of 2004, mainly due to increased operating volume
at Pac&iacute;fico Salud after the inclusion of Novasalud&#146;s transactions. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">net loss ratio</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> (net claims to net premiums) increases to 73.3% in the current quarter from 70.8% in first quarter 2004. Increased
net loss ratio is mostly explained by the higher Pac&iacute;fico Salud portfolio which had a high loss ratio of 87.1% . Cumulative through March 2005, the net loss ratio continues high in engineering policies (151.9%), pension fund insurance
(92.0%), dishonesty (81.6%), health (74.4%) and in Pac&iacute;fico Salud (83.6%) . </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The </FONT><B><FONT size=2 FACE="Times New Roman, Times, Serif">combined ratio</FONT></B><FONT size=2 FACE="Times New Roman, Times, Serif"> (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 92.3% in the first quarter of 2004 to 98.6% in the current quarter. </FONT></P>
<B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Assets and investments</FONT></I></B>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">Investments in real estate and financial assets were US$507.4 million at the end of March 2005, increasing 24.3% from the year-ago balance. </FONT></P>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">As of March 31, 2005, total assets were US$707.2 million increasing 18.6% compared to the year-ago balance. At the end of the current period net equity amounted to US$169.8 million, 27.3% above net equity at March
2004. </FONT></P>
<B><I><FONT size=2 FACE="Times New Roman, Times, Serif">Market share</FONT></I></B>
<P align="justify">
<FONT size=2 FACE="Times New Roman, Times, Serif">The Peruvian insurance market through February 28, 2005, had total premiums of US$169.4 million, increasing 16.3% compared to premiums in the same two month period in 2004. For the first two months of 2005, PPS's
market share in total premiums was 26.3% (27.9% in the same year-ago period), with the share in general risks and health lines being 28.7% (29.6% in the same period of 2004) and in life insurance and pension fund benefits lines of 22.7% (25.0% in
the same period of 2004). </FONT></P>
<P align="center"><FONT size=2 FACE="Times New Roman, Times, Serif">*** 8 Tables To Follow ***</FONT>
</P>


<P STYLE="page-break-after:always"></P>


 <TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=5>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CREDICORP LTD. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=5>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Table 1</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=5>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CONSOLIDATED BALANCE SHEETS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=5>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(In thousands of U.S. Dollars)</FONT></I>
 </TD>
</TR>
<TR>
 <TD colspan=5>
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>&nbsp;

 </TD>
 <TD colspan="4" align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">As of</FONT></B>&nbsp;
 </TD>
 </TR>
<TR>
 <TD width="40%">
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD colspan=2>
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">ASSETS</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Dec. 31, 2003</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Mar. 31, 2004</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Dec. 31, 2004</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Mar. 31, 2005</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">CASH AND DUE FROM BANKS</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left><HR size=1>
</TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Cash and non interest bearing deposits in banks</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">240,294</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">255,941</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">264,218</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">338,349</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Interest bearing deposits in banks</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,372,436</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,298,914</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,575,241</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,423,978</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,612,730</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,554,855</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,839,459</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,762,326</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">MARKETABLE SECURITIES, net</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">127,365</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">100,991</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">82,513</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">32,307</FONT>&nbsp;
 </TD>
</TR>

<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">LOANS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,481,496</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,401,684</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,587,997</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,559,045</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Current</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,225,001</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,151,861</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,427,626</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,407,324</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Past Due</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">256,495</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">249,823</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">160,371</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">151,721</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Less - Reserve for possible loan losses</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(306,758)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(294,051)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(253,408)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(245,209)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">LOANS NET</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,174,738</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,107,633</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,334,589</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,313,836</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%"><HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">INVESTMENT SECURITIES AVAILABLE FOR SALE</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,612,887</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,812,966</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,118,690</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,593,653</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">REINSURANCE ASSETS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">45,904</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">49,519</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">35,453</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">31,123</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">PREMIUMS AND OTHER POLICYHOLDER RECEIVABLES</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">60,057</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">52,026</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">60,665</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">51,948</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">PROPERTY, PLANT and EQUIPMENT, net</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">264,533</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">255,290</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">249,083</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">237,681</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">DUE FROM CUSTOMERS ON ACCEPTANCES</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50,178</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">41,024</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47,635</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47,158</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">OTHER ASSETS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">370,672</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">338,631</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">352,501</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">290,898</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">TOTAL ASSETS</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">8,319,064</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">8,312,935</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">9,120,588</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">9,360,931</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<tr><br>
<td colspan=5>&nbsp;</td></tr>
<TR>
 <TD width="40%"><font size=1 face="Times New Roman, Times, Serif">DEPOSITS AND OBLIGATIONS:</font>&nbsp;
 </TD>
 <TD width="15%"> </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left><hr size=1>
</TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Non-interest bearing</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">860,585</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">905,355</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,406,846</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,432,730</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Interest bearing</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,125,645</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,974,205</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,983,883</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,093,637</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,986,230</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,879,560</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,390,729</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,526,367</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">DUE TO BANKS AND CORRESPONDENTS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">273,234</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">255,077</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">392,511</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">415,966</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">ACCEPTANCES OUTSTANDING</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50,178</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">41,024</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47,635</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47,158</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">RESERVE FOR PROPERTY AND CASUALTY CLAIMS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">303,587</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">324,987</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">398,439</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">417,036</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">RESERVE FOR UNEARNED PREMIUMS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">66,084</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">66,563</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">66,678</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">70,133</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">REINSURANCE PAYABLE</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33,043</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">22,811</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">23,612</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9,547</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">BONDS AND SUBORDINATED DEBT</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">419,461</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">405,742</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">424,227</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">421,831</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">OTHER LIABILITIES</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">203,673</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">328,639</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">226,307</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">327,438</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">MINORITY INTEREST</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">72,841</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">70,372</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">85,253</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">76,958</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">TOTAL LIABILITIES</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7,408,331</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7,394,775</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">8,055,391</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">8,312,434</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<FONT size=1 FACE="Times New Roman, Times, Serif">NET SHAREHOLDERS' EQUITY</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">910,733</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">918,160</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,065,197</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,048,497</FONT>&nbsp;
 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<B><FONT size=1 FACE="Times New Roman, Times, Serif">TOTAL LIABILITIES and NET SHAREHOLDERS' EQUITY</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">8,319,064</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">8,312,935</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">9,120,588</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">9,360,931</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">CONTINGENT CREDITS</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,768,605</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,761,503</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">2,017,731</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,896,442</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">FUNDS UNDER MANAGEMENT</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,724,130</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,783,246</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,754,352</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,731,429</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
</TABLE>
 <BR>

<P align="center">&nbsp;</P>



<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CREDICORP LTD. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR align="center" valign="bottom">
 <TD colspan="4"> <B><FONT size=2
FACE="Times New Roman, Times, Serif">Table</FONT></B>&nbsp;
<B><FONT size=2 FACE="Times New Roman, Times, Serif">2</FONT></B>&nbsp;
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CONSOLIDATED INCOME STATEMENTS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(In thousands of U.S. Dollars)</FONT></I>
 </TD>
</TR>
<TR>
 <TD colspan=4>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD colspan=3 align=center> <B><FONT size=1 FACE="Times New Roman, Times, Serif">Three months ended</FONT></B>&nbsp;
 </TD>
 </TR>
<TR>
 <TD width="55%">
 </TD>
 <TD colspan=2>
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">INTEREST INCOME</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest on loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">101,275</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">114,001</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">102,881</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest and dividends on investments:</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,534</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">69</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest on deposits with banks</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,423</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,096</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,440</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest on trading securities</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">22,259</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">23,642</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">29,993</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=center>
<FONT size=2 FACE="Times New Roman, Times, Serif">Total Interest Income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">126,960</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">147,273</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">141,383</FONT>&nbsp;
 </TD>
</TR>
<TR>
  <TD> </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
</TR>
<tr>
<td colspan=4>&nbsp;</td></tr>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">INTEREST EXPENSE</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest on deposits</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">27,055</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">27,245</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">25,975</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest on borrowed funds</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,368</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,716</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,422</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Other interest expense</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,548</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9,547</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,168</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=center>
<FONT size=2 FACE="Times New Roman, Times, Serif">Total Interest Expense</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">36,971</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">41,508</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">37,565</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">&nbsp;
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=center>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net Interest Income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">89,989</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">105,765</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">103,818</FONT>&nbsp;
 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
</TR>
<tr>
<td colspan=4>&nbsp;</td></tr>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Provision for possible loan losses, net(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10,070</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,336</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(3,125)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Net interest income after provision for</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp;<B><FONT size=2 FACE="Times New Roman, Times, Serif">possible loan losses</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">79,919</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">100,429</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">106,943</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">OTHER INCOME</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Fees and commissions from banking services</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47,148</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">52,945</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50,983</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net gains from sales of securities</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,968</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,915</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">423</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net gains on foreign exchange transactions</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,456</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,014</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,264</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net premiums earned</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">38,029</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">57,209</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50,637</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Other income (1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,324</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,323</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,939</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">99,925</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">127,406</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">115,245</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CLAIMS ON INSURANCE ACTIVITIES</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net claims incurred</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,423</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9,057</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10,776</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Increase in future policy benefits for life and health</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">21,239</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">34,954</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">29,825</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">28,662</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">44,011</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">40,601</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">OTHER EXPENSES</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Salaries and employee benefits</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">44,363</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">54,320</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50,799</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">General, administrative, and other taxes</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">37,477</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">44,168</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">34,518</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Depreciation and amortization</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11,610</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11,626</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10,254</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Other</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14,706</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">27,750</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17,483</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Merger costs</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,829</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
 </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">109,985</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">137,864</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">113,054</FONT>&nbsp;
 </TD>
</TR>
<TR>
  <TD> </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
  <TD>
    <HR size=1>
  </TD>
</TR>
<tr>
<td colspan=4>&nbsp;</td></tr>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Translation result</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,274</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,455</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">774</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Income before income tax</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">44,471</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">48,415</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">69,306</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Income Tax</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(11,637)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(10,378)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(22,793)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">NET INCOME</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">32,834</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">38,037</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">46,513</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Income due to shareholders</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">30,062</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">34,862</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">43,604</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Minority Interest</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,772</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,175</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,909</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">NET INCOME</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">32,834</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">38,037</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">46,513</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
</TABLE>
<BR>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)Income from recoveries of charged-off loans has been reclassified within Provisions for loan losses.</FONT></I>
<p align=justify>&nbsp;</P>



<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CREDICORP LTD. AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR align="center" valign="bottom">
 <TD colspan="4"> <B><FONT size=2
FACE="Times New Roman, Times, Serif">Table</FONT></B>&nbsp;
<B><FONT size=2 FACE="Times New Roman, Times, Serif">3</FONT></B>&nbsp;
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">SELECTED FINANCIAL INDICATORS</FONT></B>
 </TD>
</TR>
<TR>
 <TD colspan=4>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Three months ended</FONT></B>&nbsp;
 </TD>
 </TR>
<TR>
 <TD width="55%">
 </TD>
 <TD colspan=2>
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
 <TD width="15%">
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Profitability</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1>
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net income per common share (US$ per share)(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.38</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.44</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.55</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest margin on interest earning assets (2)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.26%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.70%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.45%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Return on average total assets (2)(3)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.45%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.56%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.89%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Return on average shareholders' equity (2)(3)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">13.15%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">13.49%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">16.50%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">No. of outstanding shares (millions)(4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">79.75</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">79.76</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">79.76</FONT>&nbsp;
 </TD>
</TR>

<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Quality of loan portfolio</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1>
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Past due loans as a percentage of total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.68%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.50%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.33%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves for loan losses as a percentage of</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">total past due loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">117.70%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">158.01%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">161.62%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves for loan losses as a percentage of</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.68%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.52%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.38%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves for loan losses as a percentage of</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">substandard loans (C+D+E)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">48.92%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">52.00%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">50.31%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Past due loans - reserves for loan losses as a</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">percentage of shareholders' equity</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-4.82%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-8.73%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-8.92%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Operating efficiency</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1>
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Oper. expense as a percent. of total income (5)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">52.75%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">49.39%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">45.14%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Oper. expense as a percent. of av. tot. assets(2)(3)(5)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.58%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.91%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.14%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Capital adequacy</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1>
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total Regulatory Capital (US$Mn)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">866.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">837.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">843.3</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Tier I Capital (US$Mn)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">742.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">733.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">765.8</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Regulatory capital / risk-weighted assets (6)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">13.53%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">12.42%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">13.14%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Average balances (US$Mn) (3)</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD width="55%">
<HR size=1>
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
 <TD width="15%">
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest earning assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,837.3</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,416.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,623.8</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total Assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,316.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,963.4</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9,240.8</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net equity</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">914.4</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,033.4</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,056.8</FONT>&nbsp;
 </TD>
</TR>
</TABLE>
<BR>

<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)Based on Net Income due to shareholders. Number of shares outstanding of 79.8 million in all periods. <br>
<br>
(2)Ratios are annualized.<br>
<br>
</FONT></I><I><FONT size=1 FACE="Times New Roman, Times, Serif">(3)Averages are determined as the average of period-beginning and period-ending balances. <br>
<br>
(4)Net of treasury shares. The total number of shares was of 94.38 million.<br>
<br>
</FONT></I><I><FONT size=1 FACE="Times New Roman, Times, Serif">(5)Total income includes net interest income and other income.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><I><FONT size=1 FACE="Times New Roman, Times, Serif">Operating expense is net of provisions for other assets received in lieu of loan repayment and<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;mandatory employee profit sharing expense. Non-recurring items are not included.<br>
<br>
</FONT></I><I><FONT size=1 FACE="Times New Roman, Times, Serif">(6)Risk-weighted assets include market risk assets.</FONT></I></P>
<p align=justify>&nbsp;</P>



<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=5>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">BANCO DE CREDITO DEL PERU AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=5>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Table 4</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=5>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CONSOLIDATED BALANCE SHEETS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=5>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(In U.S. Dollars in thousands)</FONT></I>
 </TD>
</TR>
<TR>
 <TD colspan=5>
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">ASSETS</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
 &nbsp;<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.03</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">CASH AND DUE FROM BANKS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,496.374</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,474.666</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,710.905</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,646.087</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Cash and Checks</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">228.561</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">248.413</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">250.325</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">333.164</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Deposits in Central Bank of Peru</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">960.186</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">878.161</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,102.491</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">943.818</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Deposits with local and foreign banks</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">307.627</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">348.092</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">358.089</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">369.105</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">TRADING SECURITIES, net</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">137.314</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">181.784</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">46.962</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">32.307</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">LOANS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,101.634</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,994.976</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,098.487</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,367.414</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Current</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,852.818</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,754.925</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,947.586</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,219.309</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Past Due</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">248.817</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">240.051</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">150.901</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">148.105</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Less - Reserve for possible loan losses</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(330.249)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(291.973)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(241.189)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(261.437)</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">LOANS NET</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,771.385</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,703.003</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,857.298</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,105.977</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">INVESTMENT SECURITIES AVAIL. FOR SALE</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">838.434</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">985.335</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,127.150</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,600.071</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">PROPERTY, PLANT and EQUIPMENT, net</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">214.271</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">205.083</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">214.278</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">204.326</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">OTHER ASSETS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">229.802</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">124.486</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">354.144</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">336.709</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">TOTAL ASSETS</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">6,687.580</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">6,674.357</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7,310.737</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7,925.477</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">DEPOSITS AND OBLIGATIONS:</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,228.611</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,220.932</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,553.118</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,028.909</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Demand deposits</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,391.809</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,658.010</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,651.130</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,990.828</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Saving accounts</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,529.952</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,434.671</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,502.687</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,542.382</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Time deposits</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,306.850</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,128.251</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,399.301</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,495.699</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">DUE TO BANKS AND CORRESPONDENTS</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">102.437</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">88.498</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">215.893</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">315.809</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">BONDS AND SUBORDINATED DEBT(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">419.468</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">405.740</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">441.628</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">441.944</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">OTHER LIABILITIES</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">711.398</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">757.850</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">741.295</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">849.554</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
<FONT size=1 FACE="Times New Roman, Times, Serif">SHAREHOLDERS EQUITY:</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">645.136</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">607.078</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">800.429</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">731.206</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Capital stock</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">364.706</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">364.706</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">364.706</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">364.706</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Legal reserve</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">183.212</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">210.927</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">210.928</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">210.928</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<FONT size=1 FACE="Times New Roman, Times, Serif">Retained earnings</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">97.218</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">31.445</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">224.795</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">155.572</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">TOTAL LIABILITIES AND EQUITY</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">6,687.582</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">6,674.358</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7,310.735</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7,925.478</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=5>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<B><FONT size=1 FACE="Times New Roman, Times, Serif">Contingent Credits</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,680.827</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,651.750</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,833.066</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,892.684</FONT></B>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD width=40% align=left>
 &nbsp;<B><FONT size=1 FACE="Times New Roman, Times, Serif">Funds under management</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,084.107</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">1,068.574</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">953.826</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">945.244</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD width="40%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
 <TD width="15%">
<HR size=1> </TD>
</TR>
</TABLE>
<i><font size=1 face="Times New Roman, Times, Serif">(1) Previously reported within Deposits and Obligations.</font></i>&nbsp; <BR>

<P align="center">&nbsp;</P>



<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">BANCO DE CREDITO DEL PERU AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD colspan="4" align=center> <B><FONT size=2 FACE="Times New Roman, Times, Serif">Table</FONT></B>&nbsp;
<B><FONT size=2 FACE="Times New Roman, Times, Serif">5</FONT></B>&nbsp;
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">CONSOLIDATED INCOME STATEMENTS</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(In U.S. Dollars in thousands )</FONT></I>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4><hr size=1>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD colspan="3" align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Three months ended</FONT></B>&nbsp;
 </TD>
 </TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Interest income and expense</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">104.910</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">129.008</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">124.702</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Less - Interest expense</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">30.153</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">32.033</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33.736</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">74.757</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">96.975</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">90.966</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Provisions for possible loan losses, net(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.936</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.972</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">(3.125)</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=center>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest income after provisions</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">64.821</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">93.003</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">94.091</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Other Income</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Fees and commissions from services</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">45.313</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">47.878</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">48.725</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net gains from sales of securities</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.465</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(0.988)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.125</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net gains on foreing exchg. transacts.</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.360</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.686</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.230</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Other income(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.475</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.409</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.300</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">55.613</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">54.985</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">59.380</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>&nbsp;

 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Other Expenses</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Salaries and employee benefits</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">35.836</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">41.684</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">41.694</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">General and administrative</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">28.733</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">33.490</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">28.511</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Depreciation and amortization</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.112</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.610</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.452</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Taxes other than income tax</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.508</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.738</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.246</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Other</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.271</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">19.587</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.448</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;&nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Merger costs</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.818</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.000</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.000</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">87.278</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">107.109</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">91.351</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Result from exposure to inflation</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.688</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">(0.628)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.343</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Income before income tax</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">34.844</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">40.251</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">62.463</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Income Tax</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.926</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.832</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.066</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=center>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">NET INCOME</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">26.918</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">29.419</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=right>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">45.397</FONT></B>&nbsp;
 </TD>
</TR>
</TABLE>
<BR>

<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)Income from recoveries of charged-off loans has been reclassified within Provisions for loan losses.</FONT></I></P>
<p align=justify>&nbsp;</P>



<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">BANCO DE CREDITO DEL PERU AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR align="center" valign="bottom">
 <TD colspan="4"> <B><FONT size=2
FACE="Times New Roman, Times, Serif">Table</FONT></B>&nbsp;
<B><FONT size=2 FACE="Times New Roman, Times, Serif">6</FONT></B>&nbsp;
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">SELECTED FINANCIAL INDICATORS</FONT></B>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4><hr size=1>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Three months ended</FONT></B>&nbsp;
 </TD>
 </TR>
<TR>
 <TD>
 </TD>
 <TD colspan=3>
<HR size=1>
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Profitability</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>&nbsp;
 </TD>
 <TD>&nbsp;
 </TD>
 <TD>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net income per common share (US$ per share)(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.022</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.024</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.037</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest margin on interest earning assets (2)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.03%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.21%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5.51%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Return on average total assets (2)(3)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.61%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.65%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.38%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Return on average shareholders' equity (2)(3)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.20%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">15.97%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">23.71%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
 </TD>
 <TD>
 </TD>
 <TD>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Quality of loan portfolio</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Past due loans as a percentage of total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.01%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.68%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.39%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Past due loans + refinanced loans as a</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">percentage of total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11.58%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.37%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.48%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves for loan losses as a percentage of</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">past due loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">121.63%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">159.83%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">176.52%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves for loan losses as a percentage of</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">substandard loans (C+D+E)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14.48%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">15.64%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">19.46%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves for loan losses as a percentage of</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">past due loans + refinanced loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">63.09%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">62.79%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">70.60%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Operating efficiency (5)</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Oper. expense as a percent. of total income (4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">63.79%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">57.76%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">56.81%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">Oper. expense as a percent. of av. tot. assets(2)(3)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.79%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.91%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.35%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Capital adequacy</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total Regulatory capital (US$Mn)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">671.6</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">695.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">713.7</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Tier I Capital (US$Mn)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">586.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">631.7</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">636.3</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net equity as a percentage of period end total assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.10%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.95%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.23%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Regulatory capital / risk-weighted assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">13.82%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14.39%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14.03%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Average balances (US$Mn) (3)</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Interest earning assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,940.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,244.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,600.7</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total Assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6,681.0</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,135.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,618.1</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net equity</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">626.1</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">736.8</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">765.8</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Additional data</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">No. of outstanding shares (millions)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,202</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,226</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,226</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">No. of employees</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,652</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,694</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,632</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Inflation rate ( Wholesale price index)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.83%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">-0.02%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.34%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Exchange rate (S/. per 1 U.S. Dollar)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.46</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.28</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.26</FONT>&nbsp;
 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD><HR size=1> </TD>
  <TD><HR size=1> </TD>
  <TD><HR size=1> </TD>
</TR>
</TABLE>
<BR>

<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)Shares outstanding of 1,226 million is used for all periods since shares have been<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued only for capitalization of profits and inflation adjustment.<br>
<br>
</FONT></I><I><FONT size=1 FACE="Times New Roman, Times, Serif">(2)Ratios are annualized.<br>
<br>
</FONT></I><I><FONT size=1 FACE="Times New Roman, Times, Serif">(3)Averages are determined as the average of period-beginning and period-ending balances. <br>
<br>
(4)Total income includes net interest income and other income, excluding non-recurring items.<br>
<br>
(5)Operating expense does not
include mandatory employee profit sharing expense nor<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;provisions for other assets received in lieu of loan repayment and non-recurring items.</FONT></I></P>
<p align=justify>&nbsp;</P>



<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">ATLANTIC SECURITY HOLDING CORPORATION</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD colspan="4" align=center> <B><FONT size=2
FACE="Times New Roman, Times, Serif">Table</FONT></B>&nbsp;
<B><FONT size=2 FACE="Times New Roman, Times, Serif">7</FONT></B>&nbsp;
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">SELECTED FINANCIAL DATA</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<FONT size=1 FACE="Times New Roman, Times, Serif">(Thousands of U.S. Dollars, except net income per share, and percentages)</FONT>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR>
 <TD colspan=4><hr size=1>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">Three months ended</FONT></B>&nbsp;
 </TD>
 </TR>
<TR>
 <TD>
 </TD>
 <TD colspan=3 align="center">
<HR size=1>
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Results</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Interest Income (w/o dividends)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,383</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,398</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,173</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Dividend income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,871</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">30</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">11,727</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Provisions for credit and market risks</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,034</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">148</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,100</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Commissions and fee income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,116</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,142</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,357</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Other Income(1)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,252</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,962</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,903</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Operating Expense</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,864</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,378</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1,949</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,725</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4,006</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">15,112</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Income per share (US$)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.19</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.07</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.25</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Balance Sheets (end of period)</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total Assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">793,521</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">880,264</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">911,541</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Loan portfolio, net</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">154,170</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">149,108</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">153,419</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Marketable securities and investments</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">452,738</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">518,721</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">514,394</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total Deposits</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">638,118</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">686,058</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">720,352</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Shareholders' equity</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">121,901</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">150,967</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">163,876</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Funds under administration</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">691,200</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">746,632</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">774,308</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Ratios (2)</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net interest margin / interest earning assets (3,4,5)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.9%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.6%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Return on average stockholders' equity(4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">26.3%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">38.4%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Return on average total assets(4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.9%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Past due loans as a percentage of total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.4%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.2%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Reserves for loan losses as a percentage</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;of total loans</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.3%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.1%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Operating expense / total income(6)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.5%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">36.4%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Operating expense / average total assets(4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.9%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">1.1%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Operating expense / average total assets +</FONT>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">funds under management(4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.5%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.6%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.5%</FONT>&nbsp;
 </TD>
</TR>
</TABLE>
<BR>

<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)</FONT></I>&nbsp; &nbsp; &nbsp;
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Includes realized gains in securities.</FONT></I><br>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(2)</FONT></I>&nbsp; &nbsp; &nbsp;
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Averages are determined as the average of period-beginning and period-ending balances.</FONT></I> <br>

<I><FONT size=1 FACE="Times New Roman, Times, Serif">(3)</FONT></I>&nbsp; &nbsp; &nbsp;
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Averages determined from monthly balances.</FONT></I><br>

<I><FONT size=1 FACE="Times New Roman, Times, Serif">(4)</FONT></I>&nbsp; &nbsp; &nbsp;
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Annualized.</FONT></I><br>

<I><FONT size=1 FACE="Times New Roman, Times, Serif">(5)</FONT></I>&nbsp; &nbsp; &nbsp;
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Without considering dividend income and dividend earning assets.</FONT></I> <br>

<I><FONT size=1 FACE="Times New Roman, Times, Serif">(6)</FONT></I>&nbsp; &nbsp; &nbsp;
<I><FONT size=1 FACE="Times New Roman, Times, Serif">Without considering provisions for investments.</FONT></I></P>



<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES</FONT></B>
 </TD>
</TR>
<TR align="center" valign="bottom">
 <TD colspan="4"> <B><FONT size=2 FACE="Times New Roman, Times, Serif">Table</FONT></B>&nbsp;
<B><FONT size=2 FACE="Times New Roman, Times, Serif">8</FONT></B>&nbsp;
 </TD>
 </TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">SELECTED FINANCIAL DATA(1)</FONT></B>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=center colspan=4>
<FONT size=1 FACE="Times New Roman, Times, Serif">(In U.S. Dollars in thousands, except net income per share)</FONT>
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4><hr size=1>

 </TD>
</TR>
<TR valign="bottom">
 <TD width=55% align=left>&nbsp;

 </TD>
 <TD colspan=3 align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">As of and for the three month</FONT></B><br><b><font size=1 face="Times New Roman, Times, Serif">period ended</font></b>&nbsp; </TD>
</TR>
<TR>
 <TD>&nbsp;

 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>&nbsp;

 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.12.04</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=center>
<B><FONT size=1 FACE="Times New Roman, Times, Serif">31.03.05</FONT></B>&nbsp;
 </TD>
</TR>
<TR>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
 <TD>
<HR size=1>
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Results</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total gross Premiums</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">69,299</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">93,548</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">83,956</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Premiums Earned</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">40,865</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">60,265</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">54,237</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Change in Reserves</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17,816</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">13,047</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">18,190</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Underwriting Results</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">5,768</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9,958</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7,279</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Financial Income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,212</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,985</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,724</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">General Expenses</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8,806</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">14,633</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10,788</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Income</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3,636</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,485</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2,883</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Income per share (US$)(2)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.16</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.10</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">0.12</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Balance Sheets (end of period)</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total Assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">596,263</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">671,120</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">707,197</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Investments in Secur. and Real estate</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">408,121</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">477,994</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">507,424</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Technical Reserves</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">324,987</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">398,439</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">487,169</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net Equity</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">133,457</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">143,314</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">169,839</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD colspan=4>&nbsp;

 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<B><FONT size=2 FACE="Times New Roman, Times, Serif">Ratios</FONT></B>&nbsp;
 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
 <TD width=15% align=left>&nbsp;

 </TD>
</TR>
<TR>
  <TD>
    <HR size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Net underwriting results</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.3%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">10.6%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.7%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Total loss ratio</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">46.4%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">48.3%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">53.8%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Return on avge. equity (3)(4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">8.2%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.0%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">7.6%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Return on total premiums</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">4.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">2.2%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">3.4%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Shareholders' Equity / Total Assets</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">25.4%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">21.4%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">24.0%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Increase in Risk Reserves</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">30.4%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">17.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">25.1%</FONT>&nbsp;
 </TD>
</TR>
<TR>
 <TD>&nbsp;<font size=2 face="Times New Roman, Times, Serif">Combined Ratio (5)</font>
 </TD>
 <TD align="right"><font size=2 face="Times New Roman, Times, Serif">92.3%</font>
 </TD>
 <TD align="right"><font size=2 face="Times New Roman, Times, Serif">96.1%</font>
 </TD>
 <TD align="right"><font size=2 face="Times New Roman, Times, Serif">98.6%</font>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
   <hr size=1> </TD>
 <TD width=15% align=right>
<hr size=1>
 </TD>
 <TD width=15% align=right>
<hr size=1>
 </TD>
 <TD width=15% align=right>
<hr size=1>
</TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">-Net Claims / Net Premiums Earned</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">62.0%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">70.8%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">74.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
<FONT size=2 FACE="Times New Roman, Times, Serif">-Op. Exp.+Comiss./Net Prems. Earned</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">30.3%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">25.4%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">24.3%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Operating expense/Net Earn. Premiums</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">21.5%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">24.3%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">19.9%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
 &nbsp;<FONT size=2 FACE="Times New Roman, Times, Serif">Oper. expense / Avge. assets (3)(4)</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.1%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">9.1%</FONT>&nbsp;
 </TD>
 <TD width=15% align=right>
<FONT size=2 FACE="Times New Roman, Times, Serif">6.4%</FONT>&nbsp;
 </TD>
</TR>
<TR valign="bottom">
 <TD align=left>
   <hr size=1> </TD>
 <TD width=15% align=right>
<hr size=1>
 </TD>
 <TD width=15% align=right>
<hr size=1>
 </TD>
 <TD width=15% align=right>
<hr size=1>
</TD>
</TR>
</TABLE>
<BR>

<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(1)Financial statements following IFRS rules in U.S. Dollars. In 2004 certain amounts are estimated<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;from adjusted Peruvian GAAP records.</FONT></I></P>
<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(2)Based on 24.2 million shares in all periods.</FONT></I></P>
<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(3)Averages are determined as the average of period-beginning and period-ending balances. <br>
<br>
<br>
(4)Annualized.</FONT></I></P>
<p align=justify>
<I><FONT size=1 FACE="Times New Roman, Times, Serif">(5)Does not include the life insurance subsidiary Pacifico Vida.</FONT></I></P>
<p align=justify>&nbsp;</P>













<p align=justify>&nbsp;</p><p Style='page-break-before:always'><p align=justify>&nbsp;</p><HR SIZE="2" 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 align=justify></p><DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">


Date: May 6, 2005


</FONT></DIV>
<p align=justify></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 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 align=justify>&nbsp;</p>
<HR SIZE="2" COLOR="#000000" ALIGN="left">


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