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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001275287-06-003741.txt : 20060724
<SEC-HEADER>0001275287-06-003741.hdr.sgml : 20060724
<ACCEPTANCE-DATETIME>20060724172609
ACCESSION NUMBER:		0001275287-06-003741
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060724
FILED AS OF DATE:		20060724
DATE AS OF CHANGE:		20060724

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:		06977216

	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>cl6485.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<title></title>
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<p  align="center"><font size="5" face="Times New Roman"><b>SECURITIES AND EXCHANGE COMMISSION </b></font>
<font size="5"><b><br> </b></font>
<font size="3"><b>Washington, D.C. 20549 </b></font></p>

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<p  align="center">
<font size="5" face="Times New Roman"><b>FORM 6-K </b></font></p>
<p  align="center">
<font size="3" face="Times New Roman"><b>Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 or 15d-16 of the<br> Securities Exchange Act of 1934</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>For the month of July, 2006</b></font></p>

<hr size="2" width="21%" noshade color=black>


<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

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  <td width="100%" valign="top">
  <p  align="center">
<font size="6" face="Times New Roman"><b>CREDICORP   LTD.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><i>(Exact name of registrant as specified in its charter)</i></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman"><b>Clarendon House<br> Church Street<br> Hamilton HM 11 Bermuda<br></b><i>(Address of principal executive office)</i></font></p>
<p>
<font size="2" face="Times New Roman">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>
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  <td width="32%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Form&nbsp;20-F</font></p>  </td>
  <td width="6%" valign="top">
  <p  align="center">
<font size="2" face="Wingdings">x</font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p>
<font size="2" face="Times New Roman">Form&nbsp;40-F</font></p>  </td>
  <td width="6%" valign="top">
  <p  align="center">
<font size="2" face="Wingdings">o</font></p>  </td>
  <td width="32%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">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></p>
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  <td width="32%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Yes</font></p>  </td>
  <td width="6%" valign="top">
  <p  align="center">
<font size="2" face="Wingdings">o</font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p>
<font size="2" face="Times New Roman">No</font></p>  </td>
  <td width="6%" valign="top">
  <p  align="center">
<font size="2" face="Wingdings">x</font></p>  </td>
  <td width="32%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  colspan="7"  valign="top">
  <hr size="4" width="100%" noshade color=black>

  </td>
 </tr>
</table>



<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align=right>
<font size="2" face="Times New Roman"><img src="image001.gif" alt="Message"></font></p>
<p>
<font size="2" face="Times New Roman">July 24, 2006</font></p>
<p>
<font size="2" face="Times New Roman">Messrs.<br> <b>COMISI&#211;N NACIONAL SUPERVISORA</b><br> <b>DE EMPRESAS Y VALORES</b><br> <b>CONASEV</b></font></p>
<p>
<font size="2" face="Times New Roman">Re.: MATERIAL EVENT</font></p>
<p>
<font size="2" face="Times New Roman">Notice to Shareholders:</font></p>
<p>
<font size="2" face="Times New Roman">CREDICORP LTD., in accordance with article 28&#176; of the Capital Markets Law, approved by Supreme Decree N&#176; 093-2002-EF and CONASEV Resolution of Material Events and Reserved Information and Other Communications N&#176; 107-2002-EF/94.10.0 modified by CONASEV Resolution N&#176; 009-2003-EF/94.10 (the &#147;Regulation&#148;), complies with notifying the following Material Event:</font></p>
<p>
<font size="2" face="Times New Roman">We address you, regarding our previous reserved communication, in which we informed you that PRIMA AFP, a company owned by Grupo Cr&#233;dito S.A., subsidiary of our company, has reached an agreement with Grupo Santander Per&#250; S.A. to acquire 100% of the stock it owns in AFP Uni&#243;n Vida, representing 99.9704% of the company.</font></p>

<p><font size="2" face="Times New Roman">At this point we report that such agreement will be subscribed today as it has been approved by both companies.</font></p>
<p>
<font size="2" face="Times New Roman">The sale price initially agreed upon was of US$ 142,00,000.00 (One hundred and forty two million and 00/100 U.S. Dollars), which will be paid once PRIMA AFP obtains the purchase authorization from the Superintendence of Banks, Insurance and Pension Fund Administrators (SBS), and all the previously agreed conditions are fulfilled by both parties. This price is subject to change, upon review of AFP Union Vida&#146;s assets, which is expected to begin shortly.</font></p>
<p>
<font size="2" face="Times New Roman">It is AFP PRIMA&#146;s intention to acquire 100% of AFP Uni&#243;n Vida&#146;s stock, for which, after acquiring Grupo Santander Per&#250; S.A. stock in the company, which represents 99.9704% of AFP Uni&#243;n Vida, will present a public stock offering to acquire the remaining 0.0296% of the stock, which is the property of minority shareholders, according to the rules regulating the Peruvian stock market.</font></p>
<p>
<font size="2" face="Times New Roman">After the acquisition is complete, it is AFP PRIMA&#146;s intention to proceed to merge both companies to create a pension fund administrator to expand the companies&#146; capabilities.</font></p>
<p>
<font size="2" face="Times New Roman">As a result, AFP PRIMA will proceed to file before the Superintendence of Banks, Insurance and the Pension Fund Administrators (SBS), the authorization request for the formalization of this acquisition.</font></p>
<p>
<font size="2" face="Times New Roman">Sincerely,</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="34%" valign="top">
  <p>
<font size="2" face="Times New Roman">/s/ Fernando Palao</font></p>  </td>
  <td width="66%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">Fernando Palao</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Credicorp Ltd.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<BR>
<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align=right>
<font size="2" face="Times New Roman"><img src="image001.gif" alt="Message"></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>CREDICORP Ltd. ACQUIRES AFP UNION PENSION FUND</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>Lima, Peru, July 24, 2006 - </b>Credicorp (NYSE:BAP) announced today that it has reached a preliminary agreement with the Santander Group, to acquire AFP UNION VIDA, the third-largest Peruvian pension fund owned and managed by Santander, for a cash payment of US$ 142 million. </font></p>
<p>
<font size="2" face="Times New Roman">The transaction, which has yet to undergo a due-diligence process, is expected to be concluded by the end of August 2006, and will be carried out as an acquisition of AFP PRIMA, which is held by Grupo Credito, one of the subsidiaries of Credicorp. </font></p>
<p>
<font size="2" face="Times New Roman">The conclusion of this transaction is expected to have a favorable effect on Credicorp&#146;s results, since it will accelerate the process of consolidating the start-up operation at AFP PRIMA and is expected to lead to an immediate positive contribution to Credicorp&#146;s bottom line results. AFP UNION VIDA has a market share of 22.1% (see source and date below) in terms of funds under management, which added to AFP PRIMA&#146;s 6.3% market share will result in the second-largest pension fund administrator in Peru with an important 28.5% of the market&#146;s managed funds. This transaction also represents an efficient use of excess capital at the holding company. </font></p>
<p>
<font size="2" face="Times New Roman">The following chart can give an indication of the size and effects of this transaction in the market:</font></p>
<table align="center"  border=0 cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Uni&#243;n Vida</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Prima</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Resulting AFP</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Horizonte</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Integra</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Profuturo</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="8%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="8%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="8%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="8%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="8%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="8%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="1%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">Affiliates</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">828,286</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">97,068</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">925,354</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,015,457</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">972,206</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">862,213</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman"><i>Market   share</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>21.9</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>2.6</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>24.5</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>26.9</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>25.8</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>22.8</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">Contributors<sup>1</sup></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">261,088</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">67,523</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">328,611</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">376,269</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">422,971</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">268,445</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman"><i>Market   share</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>18.7</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>4.8</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>23.5</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>26.9</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>30.3</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>19.2</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">Average wage<sup>2 </sup>(US$)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">569</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">700</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">600</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">451</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">540</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">496</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman">Managed Fund (US$thousands)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,431,191</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">694,161</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">3,125,352</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,684,169</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">3,487,744</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,680,557</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>Market   share</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>22.1</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>6.3</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>28.5</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>24.5</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>31.8</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><i>15.3</i></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><i>%</i></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman">Reserve requirement (US$thousand)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">29,184</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">7,294</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">36,479</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">27,448</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">36,613</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">17,848</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">Commissions</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1.94</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1.50</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1.50</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1.95</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1.80</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1.98</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman">Sales people</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">993</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">805</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,798</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">877</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,100</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">993</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">Offices</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">11</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">16</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">17</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">17</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">14</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="100%" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">1/. Figures   as of April 2006.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">2/. Figures   as of December 2005.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Source: SBS (As of June 2006).</font></p>
<p>
<font size="2" face="Times New Roman"><u>IR CONTACTS</u></font></p>
<p>
<font size="2" face="Times New Roman"><u>In Peru</u></font></p>
<p>
<font size="2" color=black face="Times New Roman">Aida&nbsp;G. Kleffmann</font>
<font size="2" color=black><br> </font>
<font size="2" color=black>Investor Relations Officer<br> Credicorp Ltd.</font>
<font size="2" color=black><br> </font>
<font size="2" color=black>Calle Centenario 156</font>
<font size="2" color=black><br> </font>
<font size="2" color=black>La Molina, Lima - 12, PERU</font></p>
<p>
<font size="2" color=black face="Times New Roman"><b>Phone: </b>
(+51 1) 313-2123<br> <b>E-mail:</b>&nbsp;akleffmann@bcp.com.pe&#160;&#160; </font></p>

<hr size="1" width="100%" noshade color=black>
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<p  align=right>
<font size="2" color=black face="Times New Roman"><img src="image001.gif" alt="Message"></font></p>
<p>
<font size="2" color=black face="Times New Roman">Guillermo&nbsp;Castillo / Antonella Monteverde</font>
<font size="2" color=black><br> </font>
<font size="2" color=black>Investor Relations</font>
<font size="2" color=black><br> </font>
<font size="2" color=black>Credicorp Ltd.</font>
<font size="2" color=black><br> </font>
<font size="2" color=black>Calle Centenario 156</font>
<font size="2" color=black><br> </font>
<font size="2" color=black>La Molina, Lima - 12, PERU</font></p>

<p><font size="2" color=black face="Times New Roman"><b>Phone:</b>&nbsp;(+51 1) 313 2170 <br> <b>E-mail:</b>&nbsp;guillermocastillol@bcp.com.pe</font>
<font size="2" color=black><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<font size="2" color=black>amonteverde@bcp.com.pe</font></p>
<p>
<font size="2" face="Times New Roman"><u>In the U.S.</u></font></p>
<p>
<font size="2" face="Times New Roman">Maria Barona / Peter Majeski <br> i-advize Corporate Communications, Inc.<br> 82 Wall Street<br> Suite 805<br> New York, NY 10005</font></p>
<p>
<font size="2" face="Times New Roman">Phone: (212) 406-3690<br>E-mail: credicorp@i-advize.com</font></p>

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<p  align="center">
<font size="2" face="Times New Roman"><b>SIGNATURE </b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></p>
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<font size="2" face="Times New Roman">Date: July   24, 2006</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="35%" valign="top">
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">CREDICORP   LTD.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">By:</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">/S/&nbsp;Guillermo Castillo</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <hr size="1" width="100%" noshade color=black>

  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Guillermo Castillo</b></font></p>  </td>
 </tr>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><b>Authorized Representative</b></font></p>  </td>
 </tr>
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<p  align="center">
<font size="2" face="Times New Roman"><b>FORWARD-LOOKING STATEMENTS </b></font></p>
<p>
<font size="2" face="Times New Roman">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management&#146;s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words &#147;anticipates&#148;, &#147;believes&#148;, &#147;estimates&#148;, &#147;expects&#148;, &#147;plans&#148; 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>


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