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<SEC-DOCUMENT>0001275287-07-001221.txt : 20070309
<SEC-HEADER>0001275287-07-001221.hdr.sgml : 20070309
<ACCEPTANCE-DATETIME>20070308184146
ACCESSION NUMBER:		0001275287-07-001221
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20070306
FILED AS OF DATE:		20070309
DATE AS OF CHANGE:		20070308

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:		07682140

	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>cl9234.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<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 March 2007</b></font></p>

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<BR>
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  <p  align="center">
<font size="6" face="Times New Roman"><b>CREDICORP   LTD.</b></font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman"><i>(Exact name of registrant as specified in its charter)</i></font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman"><b>Clarendon House</b></font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman"><b>Church Street</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Hamilton HM 11 Bermuda</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Address of principal executive office)</i></font></p>  </td>
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</table>

<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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  <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;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>
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<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. &nbsp;</font></p>
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  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Yes</font></p>  </td>
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<font size="2" face="Wingdings">o</font></p>  </td>
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<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">
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<font size="2" face="Wingdings">x</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <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>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align=right><font size="2" face="Times New Roman"><img src="ex001.jpg" alt="Message"></font></p>
<p>
<font size="2" face="Times New Roman">&#160;March 1, 2007</font></p>
<p>
<font size="2" face="Times New Roman">&#160;Messrs.<br> <b>COMISI&#211;N NACIONAL SUPERVISORA<br> DE EMPRESAS Y VALORES<br> </b><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">Gentlemen:</font></p>
<p>
<font size="2" face="Times New Roman">CREDICORP LTD., in accordance with article 28 of the Capital Markets Law and CONASEV Resolution for Material Events and Reserved Information and Other Communications number 107-2002-EF/94.10, as modified by CONASEV Resolution number 009-2003-EF/94.10, complies with notifying you of the following Material Event:</font></p>
<p>
<font size="2" face="Times New Roman">Credicorp&#146;s Board of Directors, in the session held yesterday, February 28, 2007, agreed to submit for consideration and approval at the company&#146;s Annual General Meeting of Shareholders, which will be held on March 30, 2007, the following matters:</font></p>
<p>
<font size="2" face="Times New Roman">1. Approved the Annual Report of the Company for the financial year 2006.</font></p>
<p>
<font size="2" face="Times New Roman">2. Approved the consolidated financial statements of the Company and its subsidiaries for the year ended December 31, 2006, including the report of the independent auditors Medina , Zald&#237;var, Paredes &amp; Asociados, a member firm of Ernst &amp; Young in Per&#250;.</font></p>
<p>
<font size="2" face="Times New Roman">Please note that Credicorp&#146;s Board of Directors, agreed to pay its shareholders a cash dividend of US$122,697,012.10, which amount to US$1.30 per share for a total of 94,382,317 common shares. The Board of Directors approved the distribution of dividends in accordance to the Bye-law faculty and considering a total net income of US$230,013,075.29 in 2006. It also agreed to transfer US$ 107,316,063.19 to legal reserves. The Board also agreed to pay dividends on May 7, 2007, to shareholders registered as of April 9, 2007 (&#147;Record Date&#148;).</font></p>

<p><font size="2" face="Times New Roman">In accordance with CONASEV Resolution No. 107-2002-EF/94.10.0, we are enclosing the company&#146;s Annual Report and consolidated financial statements as of December 31, 2006 together with the external auditor&#146;s opinion, as well as the 2006 Annual Information Document, also approved by the Board.</font></p>
<p><font size="2" face="Times New Roman">Sincerely,</font></p>
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  <p><font size="2" face="Times New Roman">/s/Fernando Palao</font></p>  </td>
  <td width="60%" valign="top">
  <p><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="2" face="Times New Roman">Fernando Palao</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p><font size="2" face="Times New Roman">Credicorp Ltd.</font></p>  </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>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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</table>

<BR>
<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>
<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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  <td width="60%" valign="top">
  <p><font size="2" face="Times New Roman">Date: March   6, 2007</font></p>  </td>
  <td width="6%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="34%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">CREDICORP   LTD.</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<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">By:</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">/s/&nbsp; Guillermo   Castillo</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">
  <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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<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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  <td  valign="top">
  <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>
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  <p><font size="2" face="Times New Roman"><b>Authorized   Representative</b></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.jpg" alt="Message"></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Credicorp Ltd. and Subsidiaries</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Annual Information Document</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>2006</b></font></p>

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

<p  align="center">
<font size="2" face="Times New Roman"><b>TABLE OF CONTENTS</b></font></p>
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  <td width="92%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Pag.</b></font></p>  </td>
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  <td  valign="top">
  <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">
  <hr size="1" width="100%" noshade color=black>

  </td>
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  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><a href="#cl_01"><b>SECTION&#160; I</b></a></font></p>  </td>
  <td  valign="top">
  <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>
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  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Declaration of Responsibility</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p  align=right>
<font size="2" face="Times New Roman"><b>3</b></font></p>  </td>
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  <td  valign="top">
  <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=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><a href="#cl_02"><b>SECTION&#160; II</b></a></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Business</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right>
<font size="2" face="Times New Roman"><b>4</b></font></p>  </td>
 </tr>
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  <td  valign="top">
  <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=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><a href="#cl_03"><b>SECTION&#160; III</b></a></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Financial Statements</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right>
<font size="2" face="Times New Roman"><b>9</b></font></p>  </td>
 </tr>
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  <td  valign="top">
  <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=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><a href="#cl_04"><b>SECTION&#160; IV</b></a></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
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  <p><font size="2" face="Times New Roman"><b>Exhibits</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right>
<font size="2" face="Times New Roman"><b>34</b></font></p>  </td>
 </tr>
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  <td  valign="top">
  <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=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><a href="#cl_05"><b>SECTION V</b></a></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Information of the fulfilment of the Principales of</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Corporate Gobernance</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align=right>
<font size="2" face="Times New Roman"><b>35</b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">2</font></p>

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

<p  align="center"><a name="cl_01"></a>
<font size="2" face="Times New Roman"><b>Section I</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Declaration of Responsibility</b></font></p>
<p>
<font size="2" face="Times New Roman">This document contains truthful and
sufficiently detailed information with respect to the business activity of
Credicorp Ltd. and its subsidiaries during year 2006. Notwithstanding the
responsibilities of the registrant, the undersigned is responsible for the
information under the scope of its competence according to applicable
regulations.</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="40%" valign="top">
  <p>
<font size="2" face="Times New Roman">/s/   WALTER BAYLY</font></p>  </td>
  <td width="60%" 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">Walter   Bayly</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">Chief   Financial and Accounting Officer</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="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  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">February   28, 2007</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">3</font></p>

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

<p  align="center"><a name="cl_02"></a>
<font size="2" face="Times New Roman"><b>Section&#160; II</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>BUSINESS</b></font></p>
<p>
<font size="2" face="Times New Roman"><b><u>GENERAL INFORMATION</u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="20%" valign="top">
  <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Name</b></font></p>  </td>
  <td width="10%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>:</b></font></p>  </td>
  <td width="70%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Credicorp Ltd.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Address</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>:</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Calle Centenario No. 156, La Molina</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Telephone</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>:</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>511 313-2123</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Fax</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>:</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>511 313-2135</b></font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b>Incorporation</b></font></p>
<p>
<font size="2" face="Times New Roman">Credicorp Ltd, was incorporated in August 17<sup>th</sup>, 1995 in Hamilton, Bermuda, registry No. EC21045.</font></p>
<p>
<font size="2" face="Times New Roman">The duration of the society is indefinite.</font></p>

<p><font size="2" face="Times New Roman"><b>Brief description of business</b></font></p>
<p>
<font size="2" face="Times New Roman">Credicorp was formed in 1995 for the purposes of acquiring through an exchange offer (the &#147;Exchange Offer&#148;) the common shares of BCP, ASHC and PPS.&#160; Pursuant to the Exchange Offer, in October 1995, Credicorp acquired 90.1% of BCP; 98.2% of ASHC; and 75.8% of PPS.&#160; Credicorp&#146;s shares began to be traded in the New York Stock Exchange, immediately after finishing the exchange offer, with a closing price at such date of US$11.61 (adjusted for stock dividends).&#160; Credicorp acquired in March 19, 1996, pursuant to an exchange offer, the remaining 1.8% outstanding shares of ASHC.&#160; Credicorp also owns 99.99% of Inversiones Credito, which is a non-financial entity with long-term investments.</font></p>
<p>
<font size="2" face="Times New Roman">BCP began operations in 1889 as Banco Italiano and changed its name to Banco de Cr&#233;dito del Per&#250; in 1941.&#160; BCP has been the largest commercial bank in Peru since the 1920s.</font></p>
<p>
<font size="2" face="Times New Roman">ASHC was organized in December 1981 as a wholly owned subsidiary of BCP, under the name Cr&#233;dito Del Peru Holding Corporation (&#147;BCP International&#148;), in the Cayman Islands and became the first Peruvian bank to establish an offshore banking presence to serve its Peruvian customers.&#160; In 1983, BCP distributed the shares of BCP International as dividends to the shareholders of BCP to protect its privately held status in the event BCP were nationalized.&#160; BCP International established its first physical presence offshore (previously having been operated through BCP&#146;s corporate offices) by opening an office in Panama in 1984, and in 1986 opened an agency in Miami and changed its name to Atlantic Security Holding Corporation.</font></p>
<p>
<font size="2" face="Times New Roman">PPS was formed in 1992 as a result of a merger between El Pac&#237;fico Compa&#241;&#237;a de Seguros y Reaseguros S.A. and Compa&#241;&#237;a de Seguros y Reaseguros Peruano-Suiza S.A. </font></p>
<p>
<font size="2" face="Times New Roman">In November 2004, Credicorp announced the start-up of a new Private Pension Fund Management Company, Prima AFP, which operates in the Peruvian market since July 2005.&#160; Credicorp&#146;s subsidiary Inversiones Credito is the principal shareholder in the new company, with which Credicorp returns to this business after the sale of its stake in AFP Uni&#243;n in 1999. In August 2006, Prima AFP and Union Vida merged, operation that was concluded in Decemeber of the same year. As of the end of year 2006, Prima AFP has 997,963 affiliates and administered US$4,207 million in funds under management.&#160; </font></p>

<p><font size="2" face="Times New Roman">In 2006, BCP had important growths in
all the segments of its loan portfolio, along with an improvement of its loan
quality ratios Thus, as of December 2006 the past due loan ratio falls to 1.3%
and the coverage ratio increased to 248%, reflecting a healthy growth. Likewise
it was observed during the year a good management of portfolio recoveries
generating incomes by approximately S/.112.8 million.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">Banco de Cr&#233;dito de Bolivia had an outstanding year. BCB reached a net income of US$13.9 million, 35.4% higher than the one reported in 2005. Additionally, its loan portfolio quality improved significantly, decreasing the past due loan ratio from 5.8% at year-end 2005 to 3.6% in 2006, while the coverage of past due loans with loan provisions increased from 129.9%&#160; to 163.6%. </font></p>
<p  align="center">
<font size="2" face="Times New Roman">4</font></p>

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

<p>
<font size="2" face="Times New Roman">During 2006 ASHC has maintained a conservative but constant expansion of its business. ASHC again has shown a stable contribution for the results of Credicorp, with high profitability and low operating risk.&#160; ASHC has closed the year with a contribution of US$15.7 million to Credicorp&#146;s attributable net income, showing a 16.1% increase compared with 2005 contribution that reached US$13.5 million.</font></p>
<p>
<font size="2" face="Times New Roman">With respect to the Insurance business, the re-estructuring process has paid off and giving excellent results. Cost control and very focus strategy in each insurance business segment had led to report for 2006 year a contribution to Credicorp of US$14.5 million, 159% higher than the corresponding contribution in 2005. </font></p>
<p>
<font size="2" face="Times New Roman">All in all, the excellent result of Credicorp&#146;s banking business, the strategies executed by management and the better performance of the insurance business, compensated Prima&#146;s merger costs. These results constituted a great achievement for a business of mainly Peruvian capitals and are product not only of the business management but also of the recovery and important growth of the Peruvian economy.&#160; </font></p>
<p>
<font size="2" face="Times New Roman"><b>Shareholders</b></font></p>
<p>
<font size="2" face="Times New Roman">As of December 31, 2006, the company had paid-in capital of US$471,911,585, which is represented by 94,382,317, shares with a par value of US$ 5.00 each.</font></p>

<p><font size="2" face="Times New Roman">Shareholders with 5% or more of the company:&#160; </font></p>
<p>
<font size=1 face="Times New Roman">&nbsp;</font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>Participation</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="85%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="10%" 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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">ATLANTIC   SECURITY HOLDING CORP</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">15.49</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">IN   - FONDO 2*</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">10.85</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">PRIMA</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">9.33</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">HORIZONTE   *</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">8.63</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">PR   - FONDO 2*</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">4.96</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</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">*   Porcentages estimated.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Source: </b>BCP.</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman">Shares with right to vote:</font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Position</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>Number of<br>   Shares</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>Percentages</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="72%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="10%" 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="10%" 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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Less than 1%</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="center">
<font size="1" face="Times New Roman">4,548</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">12.08</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Between 1% - 5%</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="center">
<font size="1" face="Times New Roman">4</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">9.76</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">between 5% -10%</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="center">
<font size="1" face="Times New Roman">1</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">7.95</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">More than 10%</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="center">
<font size="1" face="Times New Roman">1</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">15.24</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">(*) CEDEFAST</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="center">
<font size="1" face="Times New Roman">&#151;</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">54.97</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Total</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="center">
<font size="1" face="Times New Roman">4,554</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">100.00</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</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">(*)   Includes holdings in CEDEFAST - DTC, for electronic clearing</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b>Source:</b>BCP.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">5</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>Number of Employees</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>2005</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>2006</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="76%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Officers   and Managers</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">372</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">428</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Indefinite   term: Employees</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">4,994</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">7,550</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Fixed   term: Employees</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">6,497</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">7,235</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Total</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>11,863</b></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"><b>15,213</b></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"><b>Source:</b> BCP.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b>Description of Business</b></font></p>
<p>
<font size="2" face="Times New Roman">Credicorp is the largest financial services holding company in Peru.&#160; Credicorp is engaged principally in commercial banking (including trade finance and leasing), capital market activities (including corporate finance, brokerage services, asset management, trust, custody and proprietary trading and investment), insurance (including commercial property, transportation, marine hull, automobile, life, health and pension fund underwriting insurance) and since August 2005 in the Pension Funds business through its subsidiary Prima AFP.&#160; </font></p>
<p>
<font size="2" face="Times New Roman"><b>Legal Proceedings</b></font></p>
<p>
<font size="2" face="Times New Roman">Credicorp and its subsidiaries are involved in certain legal proceedings incidental to the normal conduct of their business.&#160; In opinion of the Management, none of these would affect the normal development of its activities and business.</font></p>

<p><font size="2" face="Times New Roman"><b>Control of Registrant</b></font></p>
<p>
<font size="2" face="Times New Roman">The following table sets forth the current Directors of Credicorp.</font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Name</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>Position</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>Years as   Director (1)</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="68%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="14%" 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="10%" 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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Dionisio   Romero</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Chairman</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</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Luis   Nicolini</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Deputy   -Chairman</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">25</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Fernando   Fort</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Director</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">24</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Reynaldo   Llosa</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Director</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">23</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Juan   Carlos Verme</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Director</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>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Luis   Enrique Yarur</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Director</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">9</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Germ&#225;n   Su&#225;rez</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Director</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</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Felipe   Ortiz de Zevallos</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Director</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</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)&nbsp;Of   Credicorp, its subsidiaries and their predecssors as of December 31, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b>Source:</b> BCP.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">The Secretary of the Board of Directors is Dawna L. Ferguson.&#160; The Assistant Secretary of the Board of Directors is Mr. Fernando Palao.</font></p>
<p>
<font size="2" face="Times New Roman">The <b>Audit Committe</b> is composed of the following independent Board members:</font></p>
<p>
<font size="2" face="Times New Roman">&#160;- Luis Enrique Yarur, President</font></p>
<p>
<font size="2" face="Times New Roman">&#160;- Luis Nicolini</font></p>
<p>
<font size="2" face="Times New Roman">&#160;- Reynaldo Llosa</font></p>
<p>
<font size="2" face="Times New Roman">&#160;- Juan Carlos Verme</font></p>
<p>
<font size="2" face="Times New Roman">And also participates Mr. Walter Bayly, Chief Financial Officer.</font></p>
<p  align="center">
<font size="2" face="Times New Roman">6</font></p>

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

<p>
<font size="2" face="Times New Roman">The compensation is paid only to the Directors that not serve in the Board of directors of BCP. The compensation is US$ 5,000 monthly, total amount agreed by the General Shareholder&#146;s Meeting yearly. Audit Committee members perceive an additional monthly remuneration of US$5,000 by session.&#160; </font></p>
<p>
<font size="2" face="Times New Roman"><b>Dionisio Romero Seminario</b></font></p>
<p>
<font size="2" face="Times New Roman">Masters degree in Business Administration from Stanford University in United States of America and BA in Economics from Pomona College-California.&#160; Mr. Romero was the Chairman of Banco de Cr&#233;dito del Per&#250; from 1966 to 1987 (with an interruption of 2 years between 1977 and 1979) and has served as a Board Member from December 1990 to the present.&#160; He is Chairman of Credicorp since 1995 and President of Atlantic Security Holding Corporation, Gran Cayman. He is Director and President of Banco de Credito de Bolivia, President of Grupo Cr&#233;dito and President of BCP&#146;s subsidiaries: Credileasing, Credifondo SAFM, Credit&#237;tulos, Inmobiliaria BCP, Soluciones en Procesamiento &#150; Servicorp. He is also Deputy Chairman of Pac&#237;fico Peruano Suiza and Director of Banco de Cr&#233;dito e Inversiones, Chile. </font></p>
<p>
<font size="2" face="Times New Roman"><b>Luis Nicolini Bernucci</b></font></p>

<p><font size="2" face="Times New Roman">Businessman especially dedicated to industrial, financial activities. As a banker, he is Deputy Chairman of Banco de Cr&#233;dito del Per&#250; since August 1995.&#160; He is Director of BCP from March 1977 to October of 1987, and since March 1991 to date.&#160; He is also Deputy Chairman and Director of Banco de Credito de Bolivia and all of BCP&#146;s Subsidiaries.&#160; Mr. Nicolini is Deputy Chairman of Credicorp from August of 1995 and of Atlantic Security Bank. He is Director of Inversiones Centenario, Alicorp and Pacifico Peruano Suiza.&#160; Independent board member.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Fernando Fort Marie</b></font></p>
<p>
<font size="2" face="Times New Roman">Lawyer and Partner at the law firm of Fort, Bertorini and Godoy. Mr. Fort has served as a Director of Banco de Credito del Peru from March 1979 to October 1987 and from March of 1990 to the present.&#160; He is Director of BCP&#146;s Subsidiaries, Atlantic Security Bank and Banco de Credito de Bolivia.&#160; He has served as a Director of Credicorp since March 1999. He serves as a Director on the Boards of various other companies. </font></p>
<p>
<font size="2" face="Times New Roman"><b>Reynaldo Llosa Barber</b></font></p>
<p>
<font size="2" face="Times New Roman">Reynaldo Llosa is a businessman and studied at the Allied School of London. Director of Banco de Cr&#233;dito from March 1980 to October of 1987 and from March 1990 to the present. He serves as Director on the Board of Banco de Cr&#233;dito de Bolivia, on BCP&#146;s subsidiaries, Atlantic Security Bank and Credicorp (from August 1995). He is partner and General Manager at F. N. Jones S.R. Ltd. He is the Chairman of Edelnor and member of the Board of Directors of Pacifico Compa&#241;&#237;a de Seguros, Distrilima, Generalima, Etevensa and of other companies. Independent board member.&#160; </font></p>
<p>
<font size="2" face="Times New Roman"><b>Luis Enrique Yarur</b></font></p>
<p>
<font size="2" face="Times New Roman">Luis Enrique Yarur<i>, </i>is a businessman with an undergraduate degree in law from Universidad de Navarra and has a master degree in economics and management from IESE, Spain. Currently, he is Chairman of the Board of Empresas Juan Yarur S.A.C. and of Banco de Cr&#233;dito e Inversiones (Chile). He is also Vice-President of Asociaci&#243;n de Bancos e Instituciones Financieras and and Director of Bolsa de Comercio de Santiago. He became Director of Credicorp on October 31, 2002.&#160; Mr. Yarur has served as Director of Banco de Cr&#233;dito del Per&#250; since February 1995. Independent board member.</font></p>

<p><font size="2" face="Times New Roman"><b>Juan Carlos Verme Giannoni</b></font></p>
<p>
<font size="2" face="Times New Roman">Mr. Verme is a Businessman. He studied at Universidad de Zurich. Mr. Verme has served as Director of Banco de Cr&#233;dito del Per&#250; since March 1990 and as Director of Credicorp since August 1995. He is member of the Board of Atlantic Security Bank, Banco de Cr&#233;dito de Bolivia and BCP&#146;s subsidiaries. Mr. Verme also serves as Director on the Boards of Hermes Transportes Blindados S.A., Cer&#225;mica Lima S.A., Corporaci&#243;n Cer&#225;mica S.A. and other companies. He is also Chairman of Inversiones Centenario S.A.A. Mr. Verme is member and President of Asamblea General de Asociados del Patronato del Museo de Arte de Lima and Vice-President of Asociaci&#243;n Cultural Filarmon&#237;a. Independent board member.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Germ&#225;n Su&#225;rez</b></font></p>
<p>
<font size="2" face="Times New Roman">Mr Su&#225;rez has a degree in Economics from UNMSM and Masters degree in economics from Columbia University. Mr. Su&#225;rez worked at Banco Central de Reserva del Per&#250; from 1964 to 1990. He was economist for Brazil and Peru in the International Monetary Fund from 1979 to 1980. Mr. Su&#225;rez was Officer of Ministerio de Econom&#237;a y Finanzas (Per&#250;), Chairman of Banco de la Naci&#243;n from 1990 to 1992 and Chairman of Banco Centralde Reserva del Peru (BCRP) from 1992 to 2001. Besides, he was Director for&#160; Banco de la Naci&#243;n in Bladex, Extebandes and Arlabank. Member of the Board of directors of Compa&#241;&#237;a Minera Buenaventura. Chairman of G-24 of IMF from 2000 to 2001. Mr. Su&#225;rez became a Director of&#160; Credicorp on March 31, 2005. Independent Board member.&#160; </font></p>
<p>
<font size="2" face="Times New Roman"><b>Felipe Ortiz de Zevallos</b></font></p>
<p>
<font size="2" face="Times New Roman">Mr. Ortiz de Zevallos has a degree in Industrial Engineering from Universidad Nacional de Ingenieria-UNI, Per&#250; with a Masters degree in Management from Rochester University, New York and post graduate degree in Management Program from Harvard Business School. Professor and President of Universidad del Pac&#237;fico in Lima. Founder in 1977 of Grupo APOYO, being its Chairman since then.&#160; Mr. Ortiz de Zevallos is member of the Board of Directors of several businesses, among them Compa&#241;&#237;a Minera Buenaventura and non-profit organizations. He is invited columnist in newspapers and Peruvian and international magazines and events. He is member of the Board of Credicorp since March 31, 2005. Independent Board member. </font></p>

<p  align="center"><font size="2" face="Times New Roman">7</font></p>

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<PAGE>
<br>

<p>
<font size="2" face="Times New Roman">Executive Officers</font></p>
<p>
<font size="2" face="Times New Roman">Pursuant to the By-Laws, the Board of Directors has the power to delegate its power over day-to-day management to one or more Directors, officers, employees or agents.&#160; The following table sets forth information concerning the principal executive officers of Credicorp. </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  align="Left" width="25%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Name</b></font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="40%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Position</b></font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  align="Left" width="25%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Years of   Officer<sup>(1)</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </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">
  <hr size="1" width="100%" noshade color=black>

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

  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Dionisio   Romero</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>
<font size="2" face="Times New Roman">Chief   Executive Officer</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&nbsp;&nbsp;36 <sup>(2)</sup></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Raimundo   Morales</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>
<font size="2" face="Times New Roman">Chief   Operating Officer</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">27</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Carlos   Mu&#241;oz</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>
<font size="2" face="Times New Roman">Executive   Vice President</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">26</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Walter   Bayly</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>
<font size="2" face="Times New Roman">Chief   Financial and Accounting Officer</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">13</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Jos&#233;   Luis Gagliardi</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>
<font size="2" face="Times New Roman">Senior   Vice President-Administration</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&nbsp;&nbsp;26 <sup>(3)</sup></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">David   Saettone</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>
<font size="2" face="Times New Roman">Human   Resources<br>   Senior Vice President-Insurance</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  align="Left"  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">11</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)   OF Credicorp, its subsidiaries and their predecessors as of December 31,   2005.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(2)   Mr. Romero served as an officer of BCP from 1966 through 1987 and from 1990   to the present.&#160; Mr. Romero has been   an officer of PPS since 1972.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(3)   Mr. Gagliardi served as an officer of BCP from 1981 through 1988.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b>Dionisio Romero</b><i>,</i> detailed in the preceding section.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Raimundo Morales</b><i>,</i> the Chief Operating Officer of Credicorp, is also the General Manager of BCP, having joined BCP in 1980.&#160; Previously, Mr. Morales held various positions during his ten years at Wells Fargo Bank in its San Francisco, S&#227;o Paulo, Caracas, Miami and Buenos Aires offices.&#160; His last position was Vice President for the Southern Region of Wells Fargo. From 1980 to 1987, Mr. Morales was Executive Vice President in charge of BCP&#146;s Wholesale Banking Group.&#160; From 1987 to 1990 he was the General Manager of ASB in Miami. He rejoined BCP as General Manager in 1990.&#160; Mr. Morales received his Masters degree in Finance from the Wharton School of Business in the United States.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Carlos Mu&#241;oz</b><i>,</i> the Executive Vice President of Credicorp and, the Deputy General Manager of BCP, is also the President of ASB.&#160; He previously served as Senior Vice President and Manager of BCP&#146;s Metropolitan Division Group and later managed the Retail Banking Group as an Executive Vice President.&#160; Previously, Mr. Mu&#241;oz held positions as an Investment Officer for the International Finance Corporation (World Bank Group) in Washington, D.C. and with the Philadelphia National Bank in Philadelphia, Paris and Buenos Aires, where his last position was Assistant Vice President and Regional Representative.&#160; From 1988 to 1990, Mr. Mu&#241;oz served as Executive Vice President of ASB.&#160; Mr. Mu&#241;oz received his Masters degree in Finance from the Wharton School of Business in the United States.</font></p>

<p><font size="2" face="Times New Roman"><b>Jos&#233; Luis Gagliardi</b>, the Senior Vice President, Administration and Human Resources of Credicorp and Executive Vice President of Administration of BCP, first joined BCP in 1981.&#160; From March 1981 until December 1988 he served as the Manager of Human Resources and Central Manager of Resources and Administration.&#160; In 1988, Mr. Gagliardi left BCP to manage Human Resources for Bank of America&#146;s Latin American Division.&#160; He rejoined BCP in November 1990.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Walter Bayly</b>, was appointed Chief Financial and Accounting Officer of Credicorp and Executive Vice President of Planning and Finance of BCP in April 2004.&#160; Previously, Mr. Bayly held various other management positions within BCP, having managed the Wholesale Banking, Middle Market Banking, Systems and Organization, and Investment Banking groups.&#160; Mr. Bayly joined BCP in 1993, after three years at Casa Bolsa M&#233;xico where he was Partner and Managing Director in Corporate Finance and after ten years at Citibank in Lima, New York, M&#233;xico, and Caracas, where he worked primarily in the Corporate Finance and Loan Syndication groups.&#160; Mr. Bayly received a Bachelor degree in Business Administration from Universidad del Pac&#237;fico in Lima, Per&#250;, and a Masters degree in Management from Arthur D. Little Management in Cambridge, Massachusetts.</font></p>
<p>
<font size="2" face="Times New Roman"><b>David Saettone</b>&#160;&#160;&#160;&#160; </font></p>
<p>
<font size="2" face="Times New Roman">General Manager of Pac&#237;fico Peruano Suiza and Senior Vice President Insurance of Credicorp Ltd. He is and Economist with a Masters degree and PhD from Princeton University (EEUU). Mr. Saettone was General Manager of Banco de Cr&#233;dito de Bolivia and Chief of Gabinete de Asesores y Unidad de Coordinaci&#243;n de Pr&#233;stamos Sectoriales of the Economy and Finance Office, Per&#250;. He was also Manager of the Corportate Finance unito f BCP.</font></p>
<p  align="center">
<font size="2" face="Times New Roman">8</font></p>

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<PAGE>
<br>

<p  align="center"><a name="cl_03"></a>
<font size="2" face="Times New Roman"><b>Section III</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>FINANCIAL STATEMENTS</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>A.&#160; CREDICORP LTD. AND SUBSIDIARIES</b></font></p>

<p><font size="2" face="Times New Roman"><b>NET INCOME</b></font></p>
<p>
<font size="2" face="Times New Roman">Consolidating the improvements reported throughout the year 2006 for all of Credicorp&#146;s business segments, Credicorp closed the year 2006 with a total net income after minority deductions of US$ 230.3 million, reflecting a 27% earnings growth from 2005 and an improved ROAE of 18.5% for 2006, up from 16.4% for 2005. These results reflect the improvement on the growth capacity and earnings generation on Credicorp businesses.</font></p>
<p>
<font size="2" face="Times New Roman">On Credicorp&#146;s banking business, NII for the year 2006 grew 13.5% along with a total loan portfolio growth of 18.3%, net loan growth of 19.2% and growth of its deposit base of 24.7%, assuring this way a continuous low cost funding base.</font></p>
<p>
<font size="2" face="Times New Roman"><i>Fee income</i> grew a strong 18.5%, reflecting the focus on transactional business of BCP with significant transactional volume growth, as well as the growth of its pension fund business and related fee income through the acquisition of AFP Uni&#243;n Vida by Prima AFP.</font></p>
<p>
<font size="2" face="Times New Roman">On the insurance business, <i>net premiums earned</i> grew also 14.8% contributing to the overall Core Earnings growth of almost 16% for the year.&#160; The excellent performance of the capital markets contributed as well to increasing results as strong <i>gains on securities</i> led to a <i>total earnings</i> growth for Credicorp of 17.4% for 2006.&#160; Furthermore, on the insurance business, net premiums earned grew faster than incurred net claims and cost increases which expanded at a lower 6.3% (or 9.4% and 5.3% respectively), leading to an important recovery which contributed to Credicorp&#146;s overall performance improvement.</font></p>
<p>
<font size="2" face="Times New Roman">In fact, the important improvement in the insurance business could partially offset the higher than expected losses generated at the Pension Fund Prima AFP. Prima was partially behind the increase in total operating expenses, since all the accumulated losses of the start-up operation as well as the merger costs and related charge-offs, led to high operating costs and contributed to a 21.3% growth in total operating expenses at Credicorp.</font></p>
<p>
<font size="2" face="Times New Roman">An additional factor that contributed to Credicorp&#146;s increased operating expenses was the increase in extraordinary operating expenses at BCP, which include the large SAR provision. </font></p>

<p><font size="2" face="Times New Roman">On the other hand, in 2006 Credicorp reported an income related to its currency translation line which reflects the currency fluctuation effect of the open currency balance sheet positions.</font></p>
<p>
<font size="2" face="Times New Roman">These developments resulted in a recovery of profitability with ROAE reaching 18.47% for the year 2006. NIM however, reflects the extremely competitive environment in which we are operating showing a drop to 5.06% compared to 5.2% in 2005. In addition, Prima&#146;s still very high operating costs did affect negatively our efficiency ratio, increasing it to 43.5% from 42.7%.&#160; </font></p>
<p  align="center">
<font size="2" face="Times New Roman">9</font></p>

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

<p  align="center">
<font size="2" face="Times New Roman"><b>CREDICORP LTD. Y SUBSIDIARIAS<br> CONSOLIDATED INCOME STATEMENT<br> (In thousands of US$, IFRS)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Twelve   months ended</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="3"  rowspan="3"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Var. %</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>2005</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>2006</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="65%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Net interest and dividend income</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Interest and idivdend income</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">612,434</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">782,004</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">27.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Interest expense</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">(173,160</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">(283,478</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">63.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Net interest and dividend income</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">439,274</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">498,526</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">13.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Provision for loan losses, net</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>6,356</b></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"><b>4,243</b></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"><b>-33.3</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Non financial income</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Banking services 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">205,701</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">243,778</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">18.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Net gains on foreign exchange transacctions</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">29,286</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">41,638</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">42.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Net gains on sales of securities</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">8,967</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">27,534</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">207.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Other income</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">23,874</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">24,224</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">1.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Total non financial income</b></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"><b>267,828</b></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"><b>337,173</b></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"><b>25.9</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Insurance premiums and claims</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Net premiums earned</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">218,955</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">251,261</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">14.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Net claims incurred for P&amp;C insurance   contracts</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">(42,569</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">(46,587</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">9.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Net claims incurred for life &amp; health   insurance contracts</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">(132,931</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">(139,935</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">5.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Total premiums earned less   claims</b></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"><b>43,455</b></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"><b>64,739</b></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"><b>49.0</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Operating Expenses</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Salaries and employees benefits</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">(206,656</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">(238,305</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">15.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Administrative expenses</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">(136,149</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">(164,215</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">20.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Depreciation and amortization</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">(38,876</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">(47,525</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">22.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Merger costs</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">&#151;&nbsp;&nbsp;</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">(5,855</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">&#151;&nbsp;&nbsp;</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  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Other expenses</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">(89,565</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">(115,554</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">29.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Total operating expenses</b></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"><b>(471,246</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></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"><b>(571,454</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></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"><b>21.3</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Income before translation results, employee profit sharing   &amp; income tax</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>285,667</b></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"><b>333,226</b></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"><b>16.6</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Translation results</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">(9,600</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">15,216</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">-258.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Employee profit sharing</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">(10,640</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">(11,051</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">3.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Income tax</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">(70,576</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">(89,872</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">27.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   Income before minority interest</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">194,851</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">247,519</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">27.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Minority   Interest</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">12,968</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">17,252</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">33.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Net Income attributable to Credicorp</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>181,883</b></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"><b>230,267</b></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"><b>26.6</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">10</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>Contributions to Credicorp</b></font></p>
<p>
<font size="2" face="Times New Roman">Credicorp&#146;s principal subsidiaries contributed to net income as follows:</font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>(US$ millons)</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>12m05</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>12m06</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>12m06/ 12m05</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="65%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Banco   de Cr&#233;dito BCP(1)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">176.5</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">238.9</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">35</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">BCB</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">10.2</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">14.1</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">38</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Atlantic</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">13.5</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">15.7</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">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">PPS</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">5.6</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">14.5</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">159</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Grupo   Cr&#233;dito (2)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(5.5</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">(12.4</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">125</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Prima</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">(7.6</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">(20.7</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">173</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Others</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">2.1</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">8.3</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">296</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Credicorp   and Others (3)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(8.2</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">(26.4</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">223</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Credicorp Ltd.</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">(7.9</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">(27.0</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">240</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Others</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">(0.2</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">0.6</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">-355</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Net Income attributable to Credicorp</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>181.9</b></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"><b>230.3</b></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"><b>27</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></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)   Includes Banco de Cr&#233;dito de Bolivia</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(2)   Includes Grupo Cr&#233;dito and Servicorp</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(3)   2006 includes -16.4 Mn of taxes on BCP&#146;s dividends and -4.2 Mn of loss in a   FX hedging position over BCP&#146;s dividends. Includes CCR.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Looking at Credicorp as the sum of the different contributors, we see a continuing positive trend and the recovery of profitability in the results of Credicorp&#146;s subsidiaries.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">BCP contributes US$ 238.9 million to Credicorp, reflecting an impressive 35% growth over 2005 earnings contribution and an equally excellent 28.6% ROAE for 2006.</font></p>
<p>
<font size="2" face="Times New Roman">BCB, which is consolidated with BCP, contributed US$ 14.1 million to BCP&#146;s consolidated earnings for 2006, 38% higher than the contribution of 2005.</font></p>
<p>
<font size="2" face="Times New Roman">ASHC reports a contribution improvement
with a total contribution of US$ 15.7 million for the year 2006, 16% growth
compared to 2005 contribution.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">PPS, which was one of our greatest
concerns, reported an impressively recovered result for the year which is 159%
higher, thus maintaining its improved performance with a promising future
outlook. While business performance has improved, it has not grown enough yet to
recover market share. However, management changes and cost control initiatives
have contributed to the recovery of profitability in all insurance business
sectors, allowing PPS to reach a total 2006 income contribution to Credicorp of
US$ 14.5 million vs. the poor US$ 5.6 million in 2005.</font></p>

<p><font size="2" face="Times New Roman">Finally, following the completion of the merger of Prima and Union Vida in December 2006 which resulted in higher than expected losses, we expect that Prima will start having a positive though not very impressive contribution in 2007. Thus, Prima&#146;s results which also include Uni&#243;n Vida&#146;s results and the ongoing merger costs reflect the cost of entering a new business with overall losses of US$ 21 million for 2006.</font></p>
<p>
<font size="2" face="Times New Roman">The line for Credicorp &amp; Other, as explained in the past, includes not only the withholding tax on BCP&#146;s 2005 dividends paid to Credicorp in March 2006, which was already higher in line with increased earnings and dividends, but also the provisions for 2006 dividends expected to be paid in 2007, resulting this year in a double negative taxation effect on Credicorp&#146;s bottom line, following a more conservative accounting policy. This will be normalized in the coming years.</font></p>
<p  align="center">
<font size="2" face="Times New Roman">11</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>INGRESO POR INTERESES Y OTROS INGRESOS</b></font></p>
<p>
<font size="2" face="Times New Roman">Interest income grew 27.7% during 2006, whereas interest expenses grew at a higher rate, increasing 63.7% in 2006. </font></p>
<p>
<font size="2" face="Times New Roman">In 2006, loan protfolio expanded 8.3% with respect to year 2005. Interest income on loans increased by 20.2% in 2006. However, NIM reached 5.06%, compared to 5.51% achieved during 2005. The average interest earning assets grew 25% in 2006, reaching US$9.9 billons vs. US$7.9 billons in 2005. This increase was mainly due to an expansion of the loan portfolio (whcih represented 45% of total assets) and due to the growth of investment portfolio (which represented 27% of total assets). The reduction in margins is explained by the tough competition in the Peruvian financial market that gradually led to reduce interest rates and offer more affordable products to the clients. </font></p>
<p>
<font size="2" face="Times New Roman">A break down of net interest income is as follows:</font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b><i>(In US$ Mn)</i></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>2005</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>2006</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>Var %</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="65%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Interest and dividend income</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>612.4</b></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"><b>782.0</b></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"><b>27.7</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">-Interest on loans</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">447.4</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">537.7</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">20.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">-Interest on deposits in banks</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">37.1</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">93.9</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">152.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">-Interest from trading securities and investments   available for sale</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">117.2</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">135.7</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">15.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">-Dividend income</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">3.6</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">9.1</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">157.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">-Other interest income</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">7.1</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">5.6</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">-21.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Interest expense</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>(173.2</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></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"><b>(283.5</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></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"><b>63.7</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">-Interest on deposits and obligations</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">(119.1</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">(189.6</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">59.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">-Interest on bonds and subordinated notes issued</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">(24.3</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">(25.3</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">3.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">-Interest on due to banks and correspondents and   borrowed funds</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">(20.3</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">(56.6</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">179.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">-Other interest expenses</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">(9.4</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">(12.0</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">27.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Net interest and dividend income</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>439.3</b></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"><b>498.5</b></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"><b>13.5</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></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"><b>Source: </b>Finance BCP</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Non-interest income, not including premiums and health fees, was US$337.2 million in 2006, growing 25.9% compared with 2005. Nevertheless, banking service fees, the most important line item in this caption, as well as the gains from exchange operations, did demonstrate dynamic expansion, rising 18.05% and 42.2%, respectively, compared to 2005. Non-interest income were as follows: </font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="70%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b><i>(In US$ Mn)</i></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>2005</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>2006</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>Var</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="65%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Banking   services commissions</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">205.7</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">243.8</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">18.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Net   gains on sale of securities</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">9.0</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">27.5</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">207.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   gains on foreign exchange transactions</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">29.3</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">41.6</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">42.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Other   income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">23.9</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">24.2</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">1.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Total non-interest income</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>267.8</b></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"><b>337.2</b></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"><b>25.9</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></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"><b>Source: </b>Finance BCP</font></p></td>
  </tr>
</table>
<p>
<font size="2" face="Times New Roman">Net revenue from insurance activity, premiums and health fees net of claims and health costs, were as follows: </font></p>
<p  align="center">
<font size="2" face="Times New Roman">12</font></p>

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




<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b><i>(In US$ Mn)</i></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>2005</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>2006</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>Var</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="65%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Insurance premiums and claims</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Net   premiums earned</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">219.0</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">251.3</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">14.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   claims incurred for property &amp; casualty insurance contracts</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(42.6</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">(46.6</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">9.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Net   claims incurred for life and health insurance contracts</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(132.9</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">(139.9</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">5.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>43.5</b></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"><b>64.7</b></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"><b>49.0</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></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"><b>Source: </b>Finance BCP.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Although total insurance premiums rose by 3.8% with respect to 2005, net premiums earned as well as underwriting results (net of claims and health costs) show an increase of 16.4% and 77.6%, respectively, reflecting the adequate strategy of the insurance business. Thus, total premiums earned less claims increased by 49% with respect to 2005.</font></p>
<p>
<font size="2" face="Times New Roman"><b>OPERATING EXPENSES</b></font></p>
<p>
<font size="2" face="Times New Roman">Operating expenses reached US$571.5 million in 2006, 21.3% higher than a year before. This increase is the result of higher provisions (before the hedge program) related to the management&#146;s compensation plan-&#148;SAR&#148; (Stock appreciation rights), which are registered in the &#147;Othe expenses&#148; caption. The appreciation rights are related to Credicorp&#146;s stock price that has shown an important rise during 2006. In addition, operating expenses, mainly Salaries and administrative expenses, increased as the business expansion did.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">A break down of operating expenses are as follows:</font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b><i>(In US$Mn)</i></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>2005</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>2006</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>Var</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="65%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Salaries   and employees benefits</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">206.7</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">238.3</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">15.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Administrative   expenses</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">136.1</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">164.3</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">20.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Depreciation   and amortization</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">38.9</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">47.5</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">22.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Merger   costs</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&#151;&nbsp;&nbsp;</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">5.9</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">&#151;&nbsp;&nbsp;</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Other   expenses</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">89.6</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">115.6</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">29.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Total operating expenses</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>471.2</b></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"><b>571.5</b></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"><b>21.3</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></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"><b>Source: </b>Finance BCP.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">The increase in operating expenses was mainly driven by the start-up and merger costs in the pension fund system through Prima AFP. As a result, the efficiency ratio was deteriorated from 42.7% reached in 2005 to 43.5% achieved in 2006. The operating expenses as a percentage of total average assets improved slightly from 3.9% in 2005 to 3.8% in 2006. </font></p>
<p>
<font size="2" face="Times New Roman"><b>ASSETS AND LIABILITIES</b></font></p>
<p>
<font size="2" face="Times New Roman">BCP&#146;s results are the base for consolidated results for Credicorp as BCP&#146;s banking business expansion are behind the asset growth in Credicorp, which totaled US$ 13,055.4 million, an increase of 18.1% with respect to december 2005. It is worth mentioning, net loans had an outstanding growth of 19.2% in 2006, reaching US$ 5,742.7 million, from US$ 4,816.8 million in 2005. It was also remarkable the important growth of the Peruavian economy and the recovery of businesses sector, which generated high liquidity in the market and in BCP. This excess liquidity was channeled to short-term investments during the first semester of the year due to political uncertainty in the electoral period. Afterwards, this surplus supported the loan growth along with high funding levels achieved through deposit and due to banks and correspondents growth. It is important to mention that loans grew very consistently, provisions were reduced by 3.7%, as a result of loan quality,
which reduced the past due loan and increased the coverage&#160; ratio of overdue loans. Important recoveries of griten-off loans in previous years reduced the provisioning level at US$4.2 million in 2006.</font></p>

<p><font size="2" face="Times New Roman">Total loans at the end of December 2006 were US$ 5,932.9 million, 18.3% higher that the balance at December 2005. Interestingly however, net loans rose at a better rate of 19.2%, thanks to a significant improvement in portfolio quality following the reactivation and continuous growth in the Peruvian economy, as well as the credit policies put into practice. This led to a reduction in past due loans and the reserves for bad loans in portfolio, with a consequent improvement in the portfolio quality ratios.</font></p>
<p  align="center">
<font size="2" face="Times New Roman">13</font></p>

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

<p>
<font size="2" face="Times New Roman">The portfolio quality indicators show the following trend:</font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b><i>(in US$ Mn)</i></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>31.12.05</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>31.12.06</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>Var</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="65%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Total   loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">5,014.3</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">5,932.9</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">18.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Past   due loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">97.4</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">76.77</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">-21.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Loan   loss reserves</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">197.5</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">190.3</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">-3.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Past   due&#160; / Total loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">1.9</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">1.3</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">&#151;&nbsp;&nbsp;</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Provisions   / Past due</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">202.8</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">247.9</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">&#151;&nbsp;&nbsp;</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"><b>Source: </b>Finance BCP.</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman"><b>Past due loans </b>were reduced by 21.2% and provisions by 3.7% during 2006, achieving very sound quality. </font></p>
<p><font size="2" face="Times New Roman">This growth in the Credicorp asset portfolio is accompanied by an also sound growth in liabilities, since the least expensive liabilities, <b>deposits,</b> support the expansion in loans, growing vis-a-vis loans at a rate of 24.7%. Customer deposits as of December 2006, therefore show a balance of US$ 8.842 million. </font></p>
<p><font size="2" face="Times New Roman">Credicorp&#146;s net equity amounted to US$ 1,397 million at the close of December 2006, increasing 17.3% compared to equity at December 2005. </font></p>

<p  align="center">
<font size="2" face="Times New Roman">14</font></p>


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


<p  align="center"><font size="2" face="Times New Roman"><b>CREDICORP LTD. AND SUBSIDIARIES<br> BALANCE GENERAL CONSOLIDADO<br> (In thousands US$, IFRS)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>As of</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>Var %</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>Dec. 2005</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>Dec. 2006</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>Dec. 06 /<br>   Dec. 05</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="65%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>ASSETS</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Cash and   due from banks</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Non   interest bearing</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">363,213</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">502,603</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">38.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Interest   bearing</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">2,297,602</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">2,258,825</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">-1.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:5em; text-indent:-1em"><font size="1" face="Times New Roman">Totsl   cash and due from banks</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">2,660,815</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">2,761,428</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">3.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:5em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Marketable   securities, net</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">60,927</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">44,534</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">-26.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b><u>Loans</u></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">5,014,254</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">5,932,932</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">18.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Current</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">4,916,863</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">5,856,162</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">19.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Past   due</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">97,392</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">76,770</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">-21.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Less-   Reserve for possible loan losses</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">(197,494</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">(190,278</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">-3.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b><u>Loans, net</u></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">4,816,761</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">5,742,654</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">19.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Investments   available for sale</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">2,807,577</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">3,507,005</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">24.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Reinsurance   asstes</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">35,288</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">35,181</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">-0.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Premiums   and other policyholder receivable</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">57,301</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">61,279</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">6.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Property,   plant and equipment</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">248,718</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">254,322</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">2.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Due from   customers on acceptances</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">45,423</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">45,129</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">-0.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Other   assets</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">317,041</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">603,484</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">90.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:7em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Total Assets</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>11,049,850</b></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"><b>13,055,016</b></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"><b>18.1</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p align="center"><font size="1" face="Times New Roman"><b>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Deposits   and Obligations</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Non   interest bearing</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">1,671,621</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">1,989,564</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">19.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Interest   bearing</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">5,421,807</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">6,852,921</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">26.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Total   deposits and obligations</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">7,093,428</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">8,842,485</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">24.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Due to   banks and correspondents</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">1,303,371</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">954,978</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">-26.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Acceptances   outstanding</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">45,423</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">45,129</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">-0.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Reserve for   property casualty claims</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">464,578</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">545,139</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">17.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Reserves   for unearned premiums</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">81,516</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">83,082</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">1.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Reinsurance   payble</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">36,580</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">25,134</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">-31.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Bonds and   subordinated debt</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">429,365</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">499,656</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">16.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Other   assets</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">303,637</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">525,937</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">73.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Minority   Interest</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">101,512</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">136,928</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">34.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>Total liabilities</b></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">9,859,410</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">11,658,467</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">18.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p align="center"><font size="1" face="Times New Roman"><b>NET EQUITY</b></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">1,190,440</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">1,396,549</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">17.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>TOTAL   LIABILITIES AND SHAREHOLDERS&#146; EQUITY</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>11,049,850</b></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"><b>13,055,016</b></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"><b>18.1</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>CONTINGENT   LOANS</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">2,962,498</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">3,499,585</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">18.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">15</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>SUBSIDIARIES<br>
<br></b>Credicorp&#146;s main subsidiaries discussion of financial results is as follows:</font></p>
<p>
<font size="2" face="Times New Roman"><b>ATLANTIC SECURITY HOLDING CORPORATION Y SUBSIDIARIAS (ASHC)</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>Financial Results </b></font></p>
<p>
<font size="2" face="Times New Roman">During 2006, the Atlantic Security Holding Corporation (ASHC) reached a net income of US$31.5 million, a figure 25% higher than for the same period in 2005. The main factors influencing this result include, essentially, the greater income from dividends and commissions, as well as greater investment gains. </font></p>
<p>
<font size="2" face="Times New Roman">The greater income from dividends resulted from Atlantic&#146;s permanent investment in Credicorp stock. This year, such income was 40.6% above those of the preceding year due to Credicorp&#146;s improved 2006 net income vs. 2005. However, the income from dividends account is eliminated in the consolidation, as a result of which ASHC&#146;s contribution to Credicorp&#146;s results totaled US$15.4 million, 14.2% above what it contributed in 2005. </font></p>

<p><font size="2" face="Times New Roman">Net interest income increased (+7.2%) due to two factors, mainly: (i) lower margins, which resulted from the dollar earnings curve maintaining a negative slope during most of the year and (ii) the conservative investment policy, which continued to reduce the portfolio&#146;s exposure to risk. This is confirmed when one observes that the share of investment grade fixed income securities in Atlantic&#146;s portfolio rose from 52% at the end of 2005 to 73% in 2006, whereas speculative investments dropped from 36% of the portfolio to 19% during the same period. </font></p>

<p align="center"><font size="2" face="Times New Roman"><img src="image001a.jpg" alt="Message"></font></p>

<p>
<font size="2" face="Times New Roman">In this way, a conservative increase was obtained in the margin due to interest; this was offset by a significant increase in the balance of interest-bearing assets, which increased 26.1% vs. the end of 2005. The said expansion was basically due to greater investments available for sale and higher deposits in banks, which increased 45.2% and 19.6%, respectively, while net loans dropped by 16.7%, totaling US$131 million.</font></p>
<p>
<font size="2" face="Times New Roman">On the other hand, the ASHC strategy of focusing on its asset management business enabled fee income to grow 24.7%. The growth of funds under management was 38%, due to the rise in the price of customers&#146; shares, while direct fund raising was initially at the uncertainty of elections period, which caused savings to be transferred into investments abroad, a flow that persisted after the said period ended. Thus, one must highlight the 25.2% increase in deposits from the public (+25.7% in long time deposits), which reached US$1,166 million. The profitability of the funds under Atlantic&#146;s management reached 6.31% in December 2006, a similar yield to that of a hedge fund in the USA. </font></p>
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<font size="2" face="Times New Roman">16</font></p>


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<p  align=center><font size="2" face="Times New Roman"><img src="image001b.jpg" alt="Message"></font></p>


<p>
<font size="2" face="Times New Roman">The improved results were reflected in the financial ratios. Thus, ROAE increased from 15.9% in 2005 to 18.7% at the end of 2006, while return on average assets kept stable at 2.5% in the same period. Similarly, operating expenses increased less than total income (+9.4% vs +20.6%), helping to improve the efficiency ratio, which stood at 19.6% at the end of 2006, having reached 21.6% in 2005. </font></p>
<p>
<font size="2" face="Times New Roman">In 2007, ASHC will maintain its low-risk investment strategy, trying to extend the term of its portfolio while expecting for a yield curve with a slightly positive slope. As for asset management, the funds under its management are expected to continue growing, through new funds and products. Thus, Atlantic aspires to become the best investment manager in its field, with the best offerings of global products, to meet the needs of each customer by offering good profitability, diversification and risk control, as well as a good financial advisory team. </font></p>
<p>
<font size="2" face="Times New Roman"><b>EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES (PPS)</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>Financial Results</b></font></p>
<p>
<font size="2" face="Times New Roman">As for the results, Pac&#237;fico Grupo Asegurador, which encompasses Pac&#237;fico Seguros, Pac&#237;fico Vida and Pac&#237;fico Salud EPS, posted a total production of US$372.6 million, 3.8% higher than that of the previous year. However, as was mentioned before, in 2006, Pac&#237;fico Seguros reported very significant extraordinary financial gains, which increased net income to US$53.3 million, well above the amount of US$7.0 million obtained in 2005. Such financial gains of approximately US$40 million came as a result of the sale of&#160; BCP and Alicorp shares, and they are largely eliminated (approx. US$34 million) in the consolidation process, as the BCP shares were sold within the Credicorp Group. Thus, for our purpose, the recovery in the PPS contribution to Credicorp is more representative of the best results of Pac&#237;fico Grupo Asegurador, which increased from US$5 million in 2005 to a US$14.5 million contribution to Credicorp in 2006. </font></p>

<p><font size="2" face="Times New Roman">Furthermore, there has been a significant change of strategy in the growth of consolidated net premiums earned for the group, which increase at the rate of 6.2%, as well as the technical results for the group, which have recovered very well, reaching a growth of 78% on the previous year. This has led to an improvement in the ratio of technical results as a percentage of total premiums to 9.3% in 2006, compared to 5.5% in 2005.</font></p>
<p  align="center">
<font size="2" face="Times New Roman">17</font></p>

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<font size="2" face="Times New Roman"><img src="image018a.jpg" alt="Message"></font></p>
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 <tr>
  <td width="100%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Pacifico   Seguros</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

<p>
<font size=1 face="Times New Roman">&nbsp;</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="40%" rowspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><img src="image018b.jpg" alt="Message"></font></p>  </td>
  <td width="60%" valign="top">
  <p>
<font size="2" face="Times New Roman">Pac&#237;fico Seguros Generales&#146; total premiums increased to US$178.4   million in December 2006, reflecting growth of 3.2% vs. the previous year. The segments that posted the   greatest growth in premiums were Automobiles (37%), Technical Lines (25%),   Liabilities (15%), whereas Hulls and Fire saw a drop of 24% and 12%,   respectively in the production of premiums.</font></p>  </td>
 </tr>
 <tr>
  <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">Net Premiums   Earned reached US$116.3 million, 13.4% greater than in the previous year.</font></p>  </td>
 </tr>
 <tr>
  <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">On December   2006, the Property &amp; Casualty Insurance market share stood at 29.0%.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Our portfolio&#146;s net claims reached 64.1%, a lower figure than the 67.5% posted in December 2005, due to the application of selective subscription criteria based on a permanent analysis of the portfolio and of the risks undertaken. All of this was part of the operations profit maximization strategy. </font></p>
<p>
<font size="2" face="Times New Roman">Pac&#237;fico Seguros Generales&#146; technical results represented 12.5% of Total Premiums, a figure similar to 12.1% achieved in 2005.</font></p>
<p>
<font size="2" face="Times New Roman">At the closing of December 2006, Pac&#237;fico Seguros Generales posted net income of US$40.3 million, a figure that does not take into account its participation in the Life and Health insurance business, representing this amount 22.6% of total premiums and results in a yield over annualized equity of 25.3%. </font></p>
<p>
<font size="2" face="Times New Roman">As part of the restructuring of management, the company changed its investments policy in order to employ the best international risk management practices and tools, incorporating the recommendations of Solvencia II and Basel II trying to develop a better match regarding both, terms and currencies vs. the company&#146;s liabilities, especially in connection with obligations vis-&#224;-vis our re-insured. The financial profitability earned during 2006 is due to a sale of BCP&#146;s and Alicorp shares, generating an extraordinary gain of approximately US$40 million.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">The results of PPS&#146;s Risk Rating under the requeriments established by the Banking and Insurance Superintendence have remained in the first risk category; thus, both Apoyo Clasificadora de Riesgo and PCR Credit Rating have confirmed Pac&#237;fico Seguros&#146; &#147;A&#148; Category within the Peruvian insurance market. </font></p>

<p  align="center"><font size="2" face="Times New Roman">18</font></p>

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<p>
<font size="2" face="Times New Roman">The investments as of December are distributed as follows:</font></p>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="76%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="6"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Pacifico   Seguros<br>   December 31, 2006</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="bottom"><p> <font size="1" face="Times New Roman"><b>Investments</b></font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="5"  valign="bottom"><hr size="1" width="100%" noshade color=black>   </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"><b>(In US$ thousands - IFRS)</b></font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td width="1%"  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td width="8%"  valign="bottom"><p  align="center">
<font size="1" face="Times New Roman"><b>US$</b></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"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td width="8%"  valign="bottom"><p  align="center">
<font size="1" face="Times New Roman"><b>%</b></font></p></td>
   <td width="1%"  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
   <td  valign="bottom"><hr size="1" width="100%" noshade color=black></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><hr size="1" width="100%" noshade color=black></td>
   <td  valign="bottom"><hr size="1" width="100%" noshade color=black></td>
   <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><hr size="1" width="100%" noshade color=black></td>
   <td  valign="bottom"><hr size="1" width="100%" noshade color=black></td>
   <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Listed equity shares</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">39,597</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">18.24</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Properties</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">40,736</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">18.76</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Trading securities</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">85,799</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">39.51</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Term deposits</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">48,086</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">22.15</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Mutual funds</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">2,914</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">1.34</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">217,131</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">100</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>
<br>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <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="1" face="Times New Roman"><i>Net of investments in   subsidiaries Pacifico Vida and Pacifico Salud</i></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">
  <p>
<font size="2" face="Times New Roman"><b>Pacifico Vida</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

<p>
<font size="2" face="Times New Roman">The total volume of premiums was US$117.2 million, 6.1% greater than for the same period of the previous year, which enabled the company to maintain a Life Insurance market share of 23.0.%.</font></p>
<p  align="center">
<font size="2" face="Times New Roman"><img src="image019.jpg" alt="Message"></font></p>
<p>
<font size="2" face="Times New Roman">The Individual Life line of business grew 22.1%, mainly due to the greater productivity of the advisors, as well as of an expansion of the sales force. We expect this growth to be ongoing and, to this end, we are recruiting more experienced advisors in order to improve productivity (Managerial Development Programs). It is worth mentioning the mid-2005 launch of a new product called Premium Life, which contributed substantially to the increase in company earnings. Pac&#237;fico Vida maintains its leadership in the individual Life market with a market share of 38%. </font></p>
<p>
<font size="2" face="Times New Roman">We continued to manage the survival and disability insurance of parties insured by AFP Prima, in addition to renewing the contract with AFP Uni&#243;n Vida, currently merged with AFP Prima. Private Welfare grew by 26% vs. the same period the year before. </font></p>
<p>
<font size="2" face="Times New Roman">Similarly, the Group Life and Credit Life lines continued growing strongly thanks to new business with Banco de Cr&#233;dito, such as credit cards and mortgages. In 2006, The Group Life increased its production in 27.3% whereas Credit Life was the line with higher growth, reaching 30% with respect to that of the year before. Is is important to mention the dynamism shown by the financial market contributed to achieved a good performance for this business line in 2006.&#160;&#160; </font></p>

<p  align="center"><font size="2" face="Times New Roman">19</font></p>

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<br>

<p>
<font size="2" face="Times New Roman">With respect to management investment, revenues generated by the portfolio investment continued improving this year and represented approximately 30% of the company&#146;s earnings. The increase of investment earnings has allowed improving the net income and the shareholder value.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">On the other hand, investment porfolio increased by 16% in 2006. Such assets correspond to local and international financial instruments issued by top institutions with excellent credit ratings. In this way, the quality of our investments allowed to assure the payment of our future liabilities with our customers. </font></p>
<p>
<font size="2" face="Times New Roman">In December 2006, Pac&#237;fico Vida&#146;s Net Income reached US$15.1 million, which represents 12.9% of the total premiums generated in 2006 and a 10.8% ROE on an annualized basis. Thus, the company will continue to focus on markets and segments that provide appropriate profitability for its shareholders. </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="100%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Pacifico Salud EPS</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

<p>
<font size="2" face="Times New Roman">Pacifico Salud recorded contributions totaling US$77.8 million on December 2006, achieving 3.3% growth vs. the previous year.</font></p>
<p>
<font size="2" face="Times New Roman">These business volumes have enabled us to reach a 54.7% share of the market of Health Entities. This, coupled with Pac&#237;fico Seguros&#146; share of health insurance, allowed us to consolidate out leadership of private health insurance, with a total market share of 49%. </font></p>
<p>
<font size="2" face="Times New Roman">On the other hand, this year Pac&#237;fico Salud EPS&#146; total claims of 79,4%, below the net claims level of 85.6% for the same period in 2005, basically due to a lower net claims (-3.3%) and a 4.2% increase in net health fees. </font></p>

<p><font size="2" face="Times New Roman">During this year, our objectives were to consolidate the results of the business portfolio and improve the service quality offered to the insured through the different service&#160; networks to which they are entitled. </font></p>
<p  align="center">
<font size="2" face="Times New Roman"><img src="image020.jpg" alt="Message"></font></p>
<p>
<font size="2" face="Times New Roman">In 2006, Pac&#237;fico Salud EPS&#146;s Net Income stood at US$4.0 million, due mainly to the increase of premiums and a lower claims rate and higher financial yielding. We will continue to pursue the analysis and implementation of practices that will allow us to stabilize results during the course of next year. </font></p>
<p  align="center">
<font size="2" face="Times New Roman">20</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>BANCO DE CREDITO DE BOLIVIA (BCB)</b></font></p>
<p>
<font size="2" face="Times New Roman">Below is a brief discusi&#243;n of the Bolivian Subsidiary, which is consolidated within BCP. </font></p>
<p>
<font size="2" face="Times New Roman"><b><i>Bolivian Financial System&#160; </i></b></font></p>
<p>
<font size="2" face="Times New Roman">Despite the socio-political uncertainty during the last years, internacional context has allowed Bolivia to obtain very favorable macoreconomic results, which have impacted psotively on the financial system. </font></p>
<p>
<font size="2" face="Times New Roman">Deposits reached US$ 3,324 million as of December 2006, increasing 15.5% with respect to 2005. The system&#146;s total loans reached US$ 2,767 million, showing and increase of 6.6% compared to 2005, which achieved US$ 2,595 million. It is also noteworthy that the quality of the loan portfolio improved with past due loan ratios decreasing from 11.3% to 8.7% and the coverage as pecertage of past due reaching 90.7%, higher than 81.1% reached a year ago.</font></p>
<p>
<font size="2" face="Times New Roman"><b><i>BCB&#146;s Results</i></b></font></p>
<p>
<font size="2" face="Times New Roman">Net income of BCB reached US$ 13.9 million in 2006, 35.4% higher than the net income of US$ 10.2 million registered in 2005. This way, BCB continues the upward trend experienced during the last year, showing an ROE as of December 2006 of 21.7%, significantly higher than 12.9% ROE of the system. In addition, thanks to a strategic conservative management on credit risk, past due loan ratio reached 3.6%, a much better level than 8.7% of the system. Altogether, BCB shows a consistent development, with profitability and loan quality ratios superior to those of the Bolivian banking system.</font></p>

<p><font size="2" face="Times New Roman">It is worth mentioning that during 2006, highly profitable segments such us the retail, middle market and &#147;consolidated&#148; segments have been more relevant for BCB&#146;s results. The &#147;consolidated&#148; segment was created with a target on middle market enterprises with total sales below US$ 1 million annually. In addition, the SME segment has also contributed to the positive developments of BCB&#146;s business. All of these segments show a high growth potential in the Bolivian market and BCB is positioned as the best institution with infrastructure and corporate knowledge to attend these segments.&#160;&#160; </font></p>
<p>
<font size="2" face="Times New Roman">Total loans as of December 2006 reached US$ 387.1 million, reflecting a 11.7% growth in 2006. This is the result of a well diversified loan growth in the different business segments. BCB&#146;s market share achieved 14.8% for loans and 14.0% for deposits, positioning BCB third in the financial market ranking. </font></p>
<p>
<font size="2" face="Times New Roman">As mentioned above, BCB&#146;s loan portfolio quality is superior to the system. Past due loans over total loans reached 3.6% as of December 2006. This represents a further improvement from 5.8% past due ratio for 2005, and an even more significant progress compared to the 8.7% of the system. </font></p>
<p>
<font size="2" face="Times New Roman">On the other hand, BCB&#146;s total deposits also increased 20.3% achieving US$518.5 million from US$430.9 million in 2005. Total Deposits were boosted by better interest rates and more campaigns.&#160; </font></p>
<p  align="center">
<font size="2" face="Times New Roman">21</font></p>

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<PAGE>
<br>

<p>
<font size="2" face="Times New Roman">The following chart presents figures and indicators of BCB:</font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito de Bolivia (BCB)<br> </b><b>Key financial figures</b></font></p>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b><i>(In US$Mn)</i></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>31.12.05</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>31.12.06</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="76%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Total loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">346.6</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">387.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Past-due loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">20.1</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">13.8</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Loan loss reserves</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">26.1</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">22.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Total assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">570.7</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">650.6</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Deposits</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">430.9</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">518.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net equity</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">65.7</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">70.3</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">10.2</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">13.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Past due loans / Total loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">5.8</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">3.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Loss reserves / Past due   loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">129.9</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">163.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</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"><b>Source:</b> Finance BCP.</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman"><b>PRIMA AFP </b></font></p>
<p>
<font size="2" face="Times New Roman">Prima was established in 2005 with the mission of obtaining the best conditions for guaranteeing the best pensions for its affiliates and with the vision of being the pension funds management leader, attaining high levels of service, advice and profitability. </font></p>
<p>
<font size="2" face="Times New Roman">On this basis, it developed a value proposal that includes four pillars: </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(i)</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">The backing   of Grupo Cr&#233;dito, which boasted a successful history covering more than 116   years in Peru;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(ii)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Sound   investment experience;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(iii)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The system&#146;s   lowest administration commission: 1.50% with no conditions; and</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(iv)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The proposal   of providing better customer service and information.</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman">PRIMA&#146;s main strategies to meet this proposal and reach the market with it were to maintain a suitable body of highly trained salespeople, focus on the bidding market, develop services for employers, attain investment leadership in terms of profitability / risk, through active management of the portfolio, and successfully implement its operating system. </font></p>
<p>
<font size="2" face="Times New Roman">Efficient work of the sales force, which was expanded in line with market requirements, coupled with effective communication to the market through physical means and advertising, enabled the company to consolidate its value offering in customers&#146; minds. </font></p>
<p>
<font size="2" face="Times New Roman">Thanks to the above, in 2006 PRIMA achieved major commercial and operating performance, as reflected in 115,000 new customers from transfers and another 23,000 customers from affiliations, maintaining the highest levels of quotation (estimated in approximately 90% vs. 38% for the industry) and average wages. </font></p>
<p>
<font size="2" face="Times New Roman">Commercial success replicated itself in the field of investments, in which the company fulfilled its profitability promises. Thus, in the first reporting opportunity, after the first year of the history of funds was completed, Fund Two, the bigger one, attained the system&#146;s highest profitability. Success continued in this and in other funds, which posted highly attractive results. </font></p>
<p  align="center">
<font size="2" face="Times New Roman">22</font></p>

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

<p  align="center">
<font size="2" face="Times New Roman"><b>PRIMA AFP: Main indicators</b></font></p>


<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>Dec-05</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>Jun-06</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>Sep-06</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>Dec-06</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="54%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Funds   under management</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">255</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">713</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">929</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">4206</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Affiliates   (1)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">51,838</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">125,840</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">997,963</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Contributors   (2)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">19,401</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">72,152</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">93,352</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">379,308</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Adjusted   contributor-to-affiliate ratio (3)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">84</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">89</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">89</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">38</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</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) Source. SBS.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(2) Prima&#146;s estimation.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(3)   Takes into account the transfer process</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Continuing to pursue its strategy of fast growth and positioning in the market, on August 24, 2006 PRIMA reached an agreement with Grupo Santander Per&#250; S.A for the acquisition of 99.97% of Uni&#243;n Vida. The operation was conducted for a total of US$141 million. Of this amount, US$112 million came from Grupo Cr&#233;dito increase in capital and US$29 million came form a BCP loan. Later, the company engaged in a Public Offer for the Acquisition of Shares directed at the minority shareholders. </font></p>
<p>
<font size="2" face="Times New Roman">The merger period implied in important operating and commercial challenges successfully met by the company. In operating terms, an added effort involving another 225 people, who worked more than 60,000 hours, was needed. Commercially, Uni&#243;n Vida resisted competitive pressure, reaching between September and November 36,974 gross transfers and 8,907 affiliations, with an income net result of 707 affiliates.</font></p>

<p><font size="2" face="Times New Roman">The merger was successfully completed on December 1, giving rise to a company with greater human and technological capabilities and a consolidated market position. </font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Main post-merger indicators</b></font></p>




<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="70%">

 <tr>
  <td width="68%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="14%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>PRIM</b></font></p>  </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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  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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Affiliates</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Number</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">997,963</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Market   share</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">25.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Contributors   (1)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Number</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">379,308</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Market   share</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">25.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Funds   under Adm.</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Number</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">4,206</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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>
<font size="1" face="Times New Roman">Market   share</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">29.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Thus, the merged company has the following characteristics: </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">A sound team   of professionals, the result of combining the capacity and experience of the   staff of both companies, totaling, at the time of the merger, 275   administrative employees, 126 service and maintenance employees, 113   commercial supervision employees and 2,081 sales force employees.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Being one of   the largest companies in the market: the merged concern had as of December 997   thousand affiliates, and 25.7% of the system (ranking 2<sup>nd</sup> in the   market). Its larger size will allow PRIMA to benefit from the intrinsic   synergies of the pension administration business. Similarly, the company   totaled US$4.2 billion under management in December 2006; in other words,   29.2% of the system&#146;s funds (ranking 2<sup>nd</sup> in the market), a   measurement that better reflects the portfolio&#146;s quality and the income   generating base than the number of affiliates . After the merger, the fund composition   is the following:</font></p>  </td>
 </tr>
</table>

<p  align="center"><font size="2" face="Times New Roman">23</font></p>

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

<p  align="center">
<font size="2" face="Times New Roman"><b>Post-merger Funds Composition</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="48%" valign="top">
  <p  align=right>
<font size="2" face="Times New Roman"><b><img src="image024a.jpg" alt="Message"></b></font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="48%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><img src="image024b.jpg" alt="Message"></b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><img src="image024c.jpg" alt="Message"></b></font></p>  </td>
 </tr>
</table>

<p>
<font size=1 face="Times New Roman">&nbsp;</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">A company   with more than 17,000 pensioners who will benefit, as well as the active   affiliates and potential customers, of a broad national presence, after   extending its coverage geographically by a total of 11 points of service and   19 points of sale.</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman"><b>Financial Results</b></font></p>
<p>
<font size="2" face="Times New Roman">At the close of 2006, the company posted losses of US$20.72 million on income of US$23.42 million. This was the case because the company continued to expand its income base progressively while it was still in a growth stage and faced high commercial expenses. Similarly, following the acquisition, it absorbed Uni&#243;n Vida incomes since September and also assumed its expenses and substantial merger charges. The main commercial charges were the basic wages and commissions paid to the sales force for the acquisition of customers. As for merger expenses, what stands out in particular are the Uni&#243;n Vida system write-offs, staff lay-off costs and the effect (loss in part) on the company&#146;s accrued tax savings. Their impact was partly offset by the deferment of US$6.8 million in expenses connected with acquisition of the portfolio obtained during the year, carried out according to the international financial reporting standards. </font></p>
<p>
<font size="2" face="Times New Roman">In balance sheet terms, the capital increase of US$112 million stands out; this, coupled with indebtedness amounting to US$29 million extended by BCP, enabled the company to acquire 99.97% of AFP Uni&#243;n Vida shares. This operation mainly explains the increase in assets, liabilities and equity. Additionally, the company purchased the properties that were converted into the corporate headquarters where the staff will convene and gather. This implied in borrowing US$11.3 million in the form of a loan from BCP. Due to additional debt requirements of the operating kind, the year-end debt figure stood at US$55.4 million. Considering the company&#146;s future flows and the support of its shareholders, this level of indebtedness does not put PRIMA&#146;s operation at risk, but rather makes it more efficient. </font></p>
<p  align="center">
<font size="2" face="Times New Roman">24</font></p>

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

<p  align="center">
<font size="2" face="Times New Roman"><b>PRIMA AFP: </b><b>Financial Indicators (US$ thousands)</b></font></p>


<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>Dec-05</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>Dec-06</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="76%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">459</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">23,425</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Operating   Loss</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(11,086</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">(44,149</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">)</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   loss</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(7,597</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">(20,724</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Total   assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">18,315</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">233,928</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Total   liabilities</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">2,845</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">115,447</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   equity</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">15,470</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">118,481</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">As for Uni&#243;n Vida investment, after discounting Uni&#243;n Vida adjusted equity, US$98.0 million intangible assets were recorded, to be amortized in the next years. After the US$32.8 million discounts regarding deferred taxes and interest, US$49.0 million were recorded as goodwill. From the amount recorded as intangible assets, US$3.7 million corresponding to the Uni&#243;n Vida brands were withdrawn, taking into consideration that the company may not use them.</font></p>

<p><font size="2" face="Times New Roman">The potential for generating income was reflected in December, when the merged company tripled its November income, reaching over US$3.5 million. This high growth was reflected in the December collection of funds from contributors, which reached US$34.6 million, 32% of what was collected in the entire pensions system. </font></p>
<p>
<font size="2" face="Times New Roman">Concerning the merged company&#146;s operating expenses, one should highlight that, given the short amount of time since the merger process took place, they cannot be taken yet as an indicator of future company expenses. Nevertheless, as of December, a downtrend began to manifest itself, confirming the synergies potential of the merger. </font></p>
<p  align="center">
<font size="2" face="Times New Roman">25</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>B. BANCO DE CREDITO DEL PERU Y SUBSIDIARIAS (BCP)</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>NET INCOME </b></font></p>
<p>
<font size="2" face="Times New Roman">Comparing total results for the year, BCP reports an impressive 34.5% earnings growth, reaching US$ 247.8 million for 2006 compared to US$ 184.2 million for 2005. This growth was mainly driven by BCP&#146;s loan book expansion, which reached a very strong 20.6% growth at the closing of 2006. The direct effect of such loan growth was an increase of its NII of about 15% despite the tightening in margins experienced throughout the year due to the very competitive environment. This NII growth, together with improved fee income (+10.2%) and FX-transactional income (+39%) resulted in <i>core earnings</i> growing a similar 14.6% for the year.&#160; On the expense side, operating costs grew also 14.4%, however this includes all the extraordinary expenses (including the SAR provisions). Excluding these extraordinary expenses, real operating costs were up only 11.6% for the year, thus leading to an improvement in the efficiency ratio for the year 2006 which was almost on
target at 50.5%.&#160; This evolution, plus the currency translation effect which contributed this year with US$ 13.3 million (vs. US$ -9.8 million in 2005) and led to a reduced tax charge (as taxes are calculated on Nuevos Soles - local accounting), resulting in the excellent net earnings growth reported of 34.5% for 2006.</font></p>

<p><font size="2" face="Times New Roman">Altogether, the best measure of this improved performance is BCP&#146;s ROAE, which reached 28.6% for the year 2006, up from 23.4% for the year 2005. </font></p>
<p>
<font size="2" face="Times New Roman">Main driver of this improved performance was the especially strong growth (+25%) of our more profitable retail business and the focus in the fee generating transactional business coupled with cost controls. Throughout the year 2006, BCP opened 19 new branches, installed 104 new ATM&#146;s reaching 655 operating ATM&#146;s by the end of 2006 and introduced aggressively its new cost efficient distribution channel, the &#147;Agente ViaBCP&#148;, installing close to 500 new units to reach 552 by the end of 2006, achieving this way an expansion of its distribution network of over 70% with a very low cost.</font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>BANCO DE CREDITO DEL PERU AND SUBSIDIARIES<br> CONSOLIDATED INCOME STATEMENT<br> (In US$, IFRS)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Twelve   months ended</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>Var. %</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>&nbsp;</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>31.12.05</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>31.12.06</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>2006/2005</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="65%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Interest   income and expnses</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Interest   income</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">540,647</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">690,911</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">27.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Less-   Interest expenses</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">(155,162</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">(247,183</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">59.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   interest income</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">385,485</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">443,729</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">15.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Provision   for loan losses, net</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(127</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">(1,948</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">1430.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Non-   financial income</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Banking   services 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">210,769</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">232,226</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">10.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   gains on foreign echange trans.</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">30,144</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">42,005</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">39.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Net   gains from sale of securities</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">6,164</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">8,692</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">41.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Other   income</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">12,553</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">12,773</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">1.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Total   no- financial income</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">259,630</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">295,696</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">13.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Operating   expenses</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Salaries   and employee benefits</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">(161,265</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">(183,830</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">14.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">General   and administrative expenses</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">(128,532</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">(143,670</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">11.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Depreciation   and amortization</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">(35,080</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">(35,113</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">0.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Other   expenses</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">(44,798</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">(60,227</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">34.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Total   operating expenses</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">(369,675</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">(422,840</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">14.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Income   before translation results, employee profit sharing and Income tax</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">275,313</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">314,637</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">14.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Translation   results</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">(9,761</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">13,323</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">-236.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Employee   profit sharing</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">(11,250</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">(10,815</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">-3.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Income   tax</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">(70,147</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">(69,388</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">-1.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Net income</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">184,156</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">247,756</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">34.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>

<p  align="center"><font size="2" face="Times New Roman">26</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>NET INTEREST INCOME</b></font></p>
<p>
<font size="2" face="Times New Roman">The net interest, income that remains the principal share (62%) of our operating income, grew 15.1%, reaching US$443.7 million in 2006. Such growth results not only from the robust growth in&#160; investments and loans, but also from the leverage given to more profitable Retail Banking products leading to relevant growth in credit cards, consumer credits, small and very small business, and mortgages. This focus onthe retail segment is generating a new composition of the loan&#160; portfolio which is shifting to more profitable segments, therefore being accountable for BCP&#146;s significantly increased profitability. Nevertheless, this year the Wholesale Banking1 business also contributed to growth in net interest income, by means of an unusual strong rise of loan placements that reached approximately 19.6% measured in average daily balances. That is a result from both the pre-electoral uncertainties that
generatedliquidity requirements, and the final result of the election, which generated confidence in continued economic policies and allowed financing large medium and long-term projects.&#160;&#160; </font></p>
<p>
<font size="2" face="Times New Roman">It is noticeable that average earning assets expanded 23% during 2006, reaching US$8,579 million from US$6,954 million in 2005. As a result, the NIM reached 5.17% in 2006 vs. 5.54% in 2005. Interest income expanded 28%, in lower extent as the interest expenses, which grew 59%. </font></p>
<p>
<font size="2" face="Times New Roman"><b>NON-FINANCIAL INCOME</b></font></p>
<p>
<font size="2" face="Times New Roman">Confirming the transactional approach of the corporate strategy, income from commissions &#150; that accounts for 32.4% of our operating income today &#150; had a 10.2% increase compared to the previous year as a result of a larger number of operations through the various distribution channels of the bank. The monthly average number of transactions in 2006 reached 24.6 million &#150; up 19.7% compared to the previous year, confirming the effectiveness of BCP&#146;s strategy of reducing certain commissions in order to&#160;&#160; promote volume growth&#160; and contribute to increase bank penetration.</font></p>

<p><font size="2" face="Times New Roman">BCP worked on the expansion not only of traditional channels, but also in the development of new and innovative distribution channels. Following said strategy, 19 new branches were opened, for a total of 237, and 105 new ATMs were installed, increasing from 550 to 655. However, the most impacting action in 2006, was the massive introduction and development of an efficient and innovative channel, the &#147;BCP Agent&#148;, a modified and significantly less costly version of an automated teller machine based on partnerships with commercial establishments. Thus, 491 new agents were implemented, reaching a total of 552 by the end of 2006. With such expansion of the customer service network, which resulted in a 70% growth of points of sale of the bank network?</font></p>
<p>
<font size="2" face="Times New Roman">In 2006, <b>operations on sale of securities</b> resulted in a gain of US$8.7 million, compared to US$6.2 million gain in 2005.&#160; In 2006, continued benefits from all value of securities. The Lima Stock Exchange General Index grew 93% in 2006, compared to a rise of 29% in 2005.</font></p>
<p>
<font size="2" face="Times New Roman">The <b>net gain in foreign echange transactions</b>, which are the resulto f the foreign Exchange buy/sell margin, were US$42.0 million in 2006, 39.3% higher than that of 2005, due to higher consumer growth and commercial activity are related to banking commissions for exchange transactions and due to the use of doble currency in the local market. </font></p>
<p>
<font size="2" face="Times New Roman">In the <b>Other Income</b>, which mainly register income from sale of foreclosed assets, rental income and reversals of previous years provisions, rose slightly from US$12.6 million to US$12.8 million in 2006.</font></p>
<p>
<font size="2" face="Times New Roman"><b>OPERATING EXPENSES</b></font></p>
<p>
<font size="2" face="Times New Roman">The strong growth in the portfolio and the retail sector expansion had to be supported with an increase in expenses. The highest expansion occurred in <b>Personnel Expenses</b>, which grew 14% in order to meet our customers&#146; needs by opening new branches, working longer hours, improving customer service levels, and hiring service promoters. There were also increased expenses with System personnel in order to support users&#146; requirements and the larger sales force for retail banking services. Thus, in order to support 2006 growth, 1,118 new jobs were created, increasing from 7,741 in 2005 to 8,859 in 2006, mainly for hiring service promoters and system personnel. </font></p>

<p  align="center"><font size="2" face="Times New Roman">27</font></p>

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

<p><font size="2" face="Times New Roman">Additionally, major expenses were incurred under <b>General Expenses</b>, which grew 11.8%, due to stronger marketing campaigns and customer loyalty-building programs, as well as Systems expenses such as maintenance, licenses, main projects and tactical projects. </font></p>
<p><font size="2" face="Times New Roman">It is important to highlight that 2006 was a starting point of the expansion process, which will be reinforced with larger investments in 2007. That is why over US$41 million were spent, mainly in purchasing computer hardware, software, infrastructure, and implementing BCP Agents. The investment strategy will reflect an immediate reduction of profitability in the short run, due to the increased expenses, in order to achieve major medium and long-term profitability growth.</font></p>
<p><font size="2" face="Times New Roman">On the other hand, the <b>efficiency ratio</b> improved with respect to that of the year 2005. The ratio decreased from 51.9% in 2005 to 50.5% in 2006, due to greater performance of operating income that overcome the operating expenses (salaries, general expenses depreciation and amortization), which increased 11.6% compared to 2005.</font></p>
<p><font size="2" face="Times New Roman">The <b>&#147;Other Expenses&#148;</b> line increase 34% with respect to 2005. This growth is mainly due to higher provision for the SAR program (Stock Appreciation Rights) of some BCP&#146;s executives and started with a hedge operation in August 2006. Total expenses for the SARs totaled US$36 million (including the hedge mechaninsm) vs. US$16 million in 2005.&#160;&#160;&#160; </font></p>
<p  align="center"><font size="2" face="Times New Roman">28</font></p>

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

<p><font size="2" face="Times New Roman"><b>ASSETS AND LIABILITIES</b></font></p>
<p>
<font size="2" face="Times New Roman">BCP&#146;s total assets, on December 31, 2006, were US$10,803 million, an increase of 16.0% compared to December 2005. Net loans rose to US$5,683 million, an increase of 21.6% compared to 2005, increasing their share in the total assets from 49.7% in 2005 to 52.2% in 2006, and improving the returns on BCP&#146;s total assets. Increased growth in the lending activity took place mainly in the Retail Banking segments, which were the main contributors to BCP&#146;s net earnings and generated the highest profitability.</font></p>
<p>
<font size="2" face="Times New Roman">The dynamism of loan growth is better measured when analyzing the average balances of loan portfolio for the whole year. In fact, the daily average balance as of December 2006 reached US$4,955 million, 17.6% higher compared to 2005. On the other hand, BCP&#146;s liquidity reflected by the volume of funds available reached a level similar to 2005, although in the first half of the year BCP had to keep high liquidity levels due to the election process. </font></p>
<p>
<font size="2" face="Times New Roman">The de-dollarization process continued during 2006, reaching a share of local currency/US$ in the loan portfolio of 26% and 74%, respectively. </font></p>
<p>
<font size="2" face="Times New Roman">This development occurred mainly through higher loans in soles for commercial credit and for small companies. In mortgage credits, new products at combined (fixed and variable) rates were offered in local currency, generating a shift of mortgage credits in dollars to placements in soles, thus reducing the related foreign exchange rate risk. </font></p>
<p>
<font size="2" face="Times New Roman">On the other hand, deposits showed a 25.2% growth, totaling US$8,357 million as of December 2006. It is important to highlight that the growth in deposits was inmainly due to growth of time deposits, which were up 33.9%. However, demand deposits and savings deposits also had good performance, growing 23.9% and 17.8%, respectively. In addition, CTS &#150;our severance payments related deposits, increased 18.4% compared to 2005. It is interesting to observe a slight decrease in dollarization of the deposit base, which reached 65% in 2006. This was a result of some increase in rates paid for local currency time deposits. </font></p>

<p><font size="2" face="Times New Roman">Altogether, BCP&#146;s asset growth is supported by liability growth of 17%, and also a 10% larger net equity base. </font></p>
<p  align="center">
<font size="2" face="Times New Roman">29</font></p>

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

<p  align="center">
<font size="2" face="Times New Roman"><b>BANCO DE CREDITO DEL PERU Y SUBSIDIARIAS<br> BALANCE GENERAL CONSOLIDADO<br> (Expresado en miles de US$, NIIF)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>A</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>Variaci&#243;n</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>31.12.05</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>31.12.06</b></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">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2006/2005</b></font></p>  </td>
  <td width="1%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p align="center"><font size="1" face="Times New Roman"><b>ACTIVOS</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Fondos disponibles</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">2,453,264</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">2,555,224</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">4.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Caja y canje</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">1,958,830</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">1,904,061</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">-2.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Dep&#243;sitos en otros   bancos</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">491,793</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">622,993</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">26.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">146</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">25,031</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">17071.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Rendimientos   devengados del disponible</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">2,495</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">3,139</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">25.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Valores negociables, neto</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">21,149</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">37,475</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">77.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Colocaciones</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">4,869,428</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">5,871,021</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">20.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Vigentes</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">4,775,721</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">5,795,790</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">21.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Vencidas</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">93,707</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">75,231</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">-19.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Menos - Provisi&#243;n para   colocaciones</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">(194,586</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">(187,689</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">-3.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Colocaciones Netas</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">4,674,842</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">5,683,331</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">21.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Inversiones disponibles para la   venta</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">1,684,823</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">1,942,639</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">15.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Inmuebles, mobiliario y equipo,   neto</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">201,122</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">197,724</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">-1.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Aceptaciones bancarias</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">45,423</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">44,984</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">-1.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Otros actvos</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">236,201</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">341,807</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">44.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p align="center"><font size="1" face="Times New Roman"><b>Total   de Activos</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>9,316,825</b></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"><b>10,803,185</b></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"><b>16.0</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>PASIVO   Y PATRIMONIO NETO</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Dep&#243;sitos y obligaciones</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">6,676,285</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">8,356,823</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">25.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Obligaciones a la   vista</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">2,186,313</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">2,708,109</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">23.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Dep&#243;sitos de ahorros</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">1,656,470</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">1,952,087</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">17.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Dep&#243;sitos a plazo</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">2,155,015</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">2,885,144</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">33.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Compensaci&#243;n por   tiempo de servicio (CTS)</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">654,791</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">775,027</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">18.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Gastos por dep&#243;sitos y   obligaciones</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">23,695</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">36,456</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">53.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Deudas a bancos y corresponsales</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">995,105</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">495,547</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">-50.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Bonos y deuda subordinada</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">449,372</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">532,063</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">18.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Aceptaciones bancarias</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">45,423</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">44,984</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">-1.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Otros pasivos</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">273,219</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">409,778</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">50.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p align="center"><font size="1" face="Times New Roman"><b>Total   Pasivo</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">8,439,404</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">9,839,195</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">16.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>PATRIMONIO NETO</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">877,421</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">963,989</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">9.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Capital social</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">364,706</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">364,706</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">0.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Reservas</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">210,928</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">242,889</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">15.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Ganancias y p&#233;rdidas   no realizadas</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">37,205</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">52,302</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">40.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Utilidades acumuladas</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">80,427</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">56,335</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">-30.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Ingreso anual</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">184,155</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">247,756</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">34.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>TOTAL PASIVOS Y PATRIMONIO NETO</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>9,316,825</b></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"><b>10,803,185</b></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"><b>16.0</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>%</b></font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>COLOCACIONES CONTINGENTES</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">2,707,158</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">3,215,335</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">18.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">30</font></p>

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

<p>
<font size="2" face="Times New Roman">BCP&#146;s subsidiaries had the following loan and deposits contributions: </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center"><font size="1" face="Times New Roman"><b>Loans</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Deposits</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(In% and US$ Mn)</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>31.12.05</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>31.12.06</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>31.12.05</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>30.12.06</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="50%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="9%" 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="9%" 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="9%" 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="9%" 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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Banco   de Cr&#233;dito del Per&#250;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">89.5</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">90.3</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">93.8</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">94.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Banco   de Cr&#233;dito de Bolivia</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">7.2</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">6.7</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">6.6</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">6.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Cr&#233;dito   Leasing</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">4.5</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">4.2</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">0.0</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">0.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman"><u>Total%</u></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">100.0</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">100.0</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">100.0</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">100.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><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">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:5em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Total BCP</b></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"><b>$</b></font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><b>4,869</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>$</b></font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><b>5,871</b></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"><b>$</b></font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><b>6,676</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>$</b></font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><b>8,357</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:5em; text-indent:-1em"><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">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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"><b>Fuente: </b>Finance BCP.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b>Loan Portfolio </b></font></p>
<p>
<font size="2" face="Times New Roman">Loan portfolio composition by business segment is as follows:</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td width="62%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(In% of total and US$ Mn)</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2006</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2006/2005</b></font></p>  </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Corporate</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">1,717.7</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">1,923.5</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">12.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Middle   market</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">1,064.2</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">1,245.2</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">17.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Retail   Banking:</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">1,430.3</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">1,786.8</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">24.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">-   Micro-business</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">425.4</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">554.9</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">30.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">-   Mortgages</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">700.6</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">825.6</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">17.8</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">-   Consumer</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">158.7</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">205.8</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">29.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">-   Credit Cards</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">145.6</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">200.4</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">37.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Total</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">4,212.2</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">4,955.4</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">17.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </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="80%">

 <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"><i>Note: BCP Consolidated without BCB,
daily average balance for the 12 months of the year</i></font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Source: Finance BCP</b></font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">The evolution of BCP&#146;s loan portfolio denotes a clear focus on the growth and development of the retail banking business, which is bringing about a restructuring of the portfolio increasing the weight of segments that are more profitable, and also offer the greatest growth potential.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">At December 2006, total loans (calculated on the basis of daily averages) grew by 17.6% with respect to the same period of the previous year. During the same period, retail banking loans grew 24.9%, observing sustained growth in loans to SMEs (by 30.5%), mortgages (by 17.8%), consumer loans (by 29.7%) and credit cards (by 37.6%). </font></p>
<p>
<font size="2" face="Times New Roman">Likewise, this growth was driven by an increase in corporate loans of 12.0%, loans to the middle market of 17.0% and 24.9% in retail banking loans.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Market Share</b></font></p>
<p>
<font size="2" face="Times New Roman">According to statistics from the Peruvian Banking Association (ASBANC) on the twelve operative commercial banks, without including foreign operations, as of December 31, 2006 Banco de Credito&#146;s market share continues showing solid leadership. This was 30.6% of total loans (32.1% at December, 2005), superior to 27.3% of its closest competitor, and deposits was 36.9% (32.1% at December 31, 2005), superior to 23.8% of its closest competitor. </font></p>
<p>
<font size="2" face="Times New Roman">BCP&#146;s market share in Peruvian mutual funds, through its Credifondo subsidiary, was 47.8% as of December 31, 2006 (50.8% at Decemember 2005). The lower market share is due to the systme&#146;s growth was superior as the Credifondo&#146;s growth. </font></p>

<p  align="center"><font size="2" face="Times New Roman">31</font></p>

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

<p>
<font size="2" face="Times New Roman"><b>LOAN QUALITY</b></font></p>
<p>
<font size="2" face="Times New Roman">The outstanding performance of all portfolio quality ratios has been the result of both the recovery of the economy and the Peruvian financial system, as well as the well-managed handling of credit risk and policies. The <b>ratio of past due loans</b> as a percentage of total loans improved to 1.28% in 2006 from 1.92% at December, 2005. Toal past due loans was reduced from US$94 million in 2005 to US$75 million in 2006. </font></p>
<p>
<font size="2" face="Times New Roman">Likewise, coverage ratio (reserves over past due loans) continued with a sustainable growth, reaching 249.5% in 2006, superior to 207.7% in 2005. It is important to highlight that a better coverage ratio was attained though to lower provisioning requeriments as to improved loan quality. In 2006, recoveries of written-off loans were US$37.9 million.</font></p>
<p>
<font size="2" face="Times New Roman">The refinanced loans as a percentage of total loans improved to 3.4% in 2006, decreasing from 5.4% in 2005. Refinance loans show a total of US$121.8 million, decreasing from US$169.2 million in 2005.</font></p>
<p>
<font size="2" face="Times New Roman">In 2006, written-off loans, previously provisioned, reached US$29.9 milion vs. US$16.2 million in 2005. </font></p>
<p>
<font size="2" face="Times New Roman">The portfolio classified as substandard (i.e. deficient, doubtful and loss) was 3.5% in December 2006, decreasing from the 5.0% in December 2005. The loan classification according to risk category is as follows:</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>(In% of total and US$ Mn)</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>31.12.05</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>31.12.06</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="70%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="1%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="9%" 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="3%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="9%" 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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">A:   Normal</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">87.5</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">91.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">B:   Potential Problem</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">7.5</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">5.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">C:   Deficient</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">1.6</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">1.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">D:   Doubtful</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">2.5</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">1.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">E:   Loss</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">0.9</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">0.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:5em; text-indent:-1em">
<font size="1" face="Times New Roman"><u>Total</u></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">100.0</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">100.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Total loans</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;<b>US$</b></font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><b>4,869</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;<b>US$</b></font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman"><b>5,871</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">The total provisions at December 2006 reached US$39.8 million, a figure higher than the US$29 million at December of 2005. The increase in provisions was due mainly to an increase in the level of loans and to greater provisions made in the retail segments. These gross provisions represent approximately 9.0% of NII for the year, up from 7.4% of 2005 and close the management estimation.&#160;&#160; </font></p>
<p  align="center">
<font size="2" face="Times New Roman">32</font></p>


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

<p><font size="2" face="Times New Roman">Below is presented the quarterly trend in loan provisions, net:</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="38%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(In US$ Mn)</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>1Q06</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2Q06</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>3Q06</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>4Q06</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Total</b></font></p>  </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Provision   for loan losses</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(16,240</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">(10,525</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">(1,881</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">(11,179</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">(39,825</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Recoveries   of charged-off loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">11,401</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">9,213</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">9,273</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">7,991</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">37,878</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Provision for loan losses, net</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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"><b>(4,839</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></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"><b>(1,312</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></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"><b>7,392</b></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"><b>(3,188</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></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"><b>(1,947</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="3" width="100%" noshade color=black>

  </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"><b>Source: </b>Finance BCP.</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman"><b>CAPITAL ADEQUACY</b></font></p>
<p>
<font size="2" face="Times New Roman">The ratio of regulatory capital to risk weighted assets for BCP unconsolidated as of December 2006 reached 11.82% with a Tier I ratio of 9.8% (US$607.7 million). Risk weighted assets include US$ 266 million of market risk, which require US$24.2 million of regulatory capital. Regulatory capital includes US$140.1 million subordinated debt, most of which was issued during last quarter of 2006. </font></p>
<p>
<font size="2" face="Times New Roman">As we previously reported, during the last months of the year, the capital adequacy ratio of BCP (reg. capital/risk weighted assets) had decreased due to higher growth of direct and contingent loans, dropping below the internal limit of 10.5%. For this reason, BCP decided to issue in October 2006, approximately US$120 million subordinated bonds in the international capital markets. Thus, at the end of 2006, the BIS ratio at BCP is at 11.8%, comfortably above the minimum requirements by Basel I (8%) and Peruvian authority regulations (9.1%). </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>Regulatory Capital<br>   US$(000)</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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>2006</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>2005</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>2006/2005</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="62%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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="9%" 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="9%" 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="9%" 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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Capital   stock, net</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">402,543</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">375,081</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">7.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Legal   and other capital reserves</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">285,600</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">234,835</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">21.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Generic   Contingency loss reserves</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">56,921</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">45,493</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">0.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Subordinated   debt</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">140,086</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">31,276</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">25.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Total</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">885,150</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">686,685</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">347.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Less:   Investment in multilateral organization and banks</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">(154,278</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">(143,773</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">28.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Total Regulatory Capital</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">730,872</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">542,911</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">7.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Risk-weighted   assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">5,915,150</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">4,667,591</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">34.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Market Risk</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">24,194</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">25,470</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">26.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b><u>Capital Ratios</u></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">&nbsp;</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">&nbsp;</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">&nbsp;</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 style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Regulatory   Capital as a percentage of risk weighted assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">11.82</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">10.97</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Ratio   of risk-weighted assets to regulatory capital</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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">8.46</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">9.11</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">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">33</font></p>

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

<p  align="center"><a name="cl_04"></a>
<font size="2" face="Times New Roman"><b>Section&#160; IV</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>EXHIBITS</b></font></p>
<p>
<font size="2" face="Times New Roman"><b><u>COMPLEMENTARY INFORMATION</u></b></font></p>
<p>
<font size="2" face="Times New Roman"><b>Risk Classifications</b></font></p>
<p>
<font size="2" face="Times New Roman">Pacific Credit Rating and Apoyo y Asociados Internacionales, taking into account the financial informationo as of June 2006, decided rate Credicorp Ltd. as follows</font></p>
<table  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="80%">

 <tr>
  <td width="47%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Issue</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Equilibrium</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Apoyo</b></font></p>  </td>
  <td width="5%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Common Stock</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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="2" face="Times New Roman">1&#176; Clase</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="2" face="Times New Roman">1&#170;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">&nbsp;(pe)</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman"><b>Information related to Lima Stock Exchange</b></font></p>
<p><font size="2" face="Times New Roman">Credicorp&#146;s common shares are traded on the New York Stock Exchange (NYSE) and the Lima stock exchange. The following chart shows, for the periods indicated, the high, low and closing prices on the NYSE. The common shares are quoted in U.S. Dollars on both the NYSE and the Lima stock exchange.</font> </p>
<p>
<font size="2" face="Times New Roman"><b>CREDICORP LTD.</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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  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  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  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="11"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>QUOTATION 2006</b></font></p>  </td>
  <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  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>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><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  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  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  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="11"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <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  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>
 </tr>
 <tr>
  <td width="14%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>Cusip Number</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Ticker</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Period-Month</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Open ($)</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Close ($)</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>High ($)</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Low ($)</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Average ($)</b></font></p>  </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

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

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

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

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

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

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

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

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

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

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

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

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

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

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-1</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">23.20</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">29.61</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">29.68</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">23.20</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">26.72</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-2</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">29.45</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">29.98</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">30.50</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">28.00</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">29.28</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-3</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">30.00</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">26.40</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">30.33</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">25.50</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">26.80</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-4</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">26.50</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">27.01</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">29.04</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">26.40</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">27.37</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-5</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">27.30</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">25.89</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">29.85</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">25.50</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">27.26</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-6</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">26.45</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">29.70</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">30.00</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">26.00</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">28.47</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-7</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">30.00</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">30.85</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">31.05</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">28.68</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">30.08</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-8</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">30.79</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">36.90</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">37.00</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">30.00</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">32.84</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-9</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">37.71</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">41.65</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">42.18</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">36.37</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">38.60</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-10</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">41.50</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">42.50</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">44.21</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">41.20</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">42.76</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 style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-11</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">44.00</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">40.13</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">46.75</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">39.25</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">43.37</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">BMG2519Y1084</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<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=center>
<font size="1" face="Times New Roman">BAP</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">2006-12</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">40.13</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">41.00</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">43.10</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">39.75</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">40.88</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p  align="center"><font size="2" face="Times New Roman">34</font></p>

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

<p  align="center"><a name="cl_05"></a>
<font size="2" face="Times New Roman"><b>(10150) INFORMATION ON THE FULFILLMENT OF THE PRINCIPLES OF GOOD MANAGEMENT FOR PERUVIAN COMPANIES</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>(Corresponding to financial year 2006)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  align="Left" width="25%" valign="bottom">
  <p>
<font size="2" face="Times New Roman">Company Name</font></p>  </td>
  <td width="5%" valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td width="70%" valign="bottom">
  <p>
<font size="2" face="Times New Roman"><b>CREDICORP   LTD.</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="2" face="Times New Roman">(Hereonafter THE COMPANY)</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p>
<font size="2" face="Times New Roman">RUC</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">______________________________________________________</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p><font size="2" face="Times New Roman">Address</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Calle Centenario 156, Las   Laderas de Melgarejo, La Molina, Lima 12, Peru.</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Telephone Nos</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><b>313-2000</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Fax</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><b>313-2135</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Web Page</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><b>www.credicorpnet.com</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Email</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">______________________________________________________</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Stockbroker</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Fernando Palao</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Name of the inspecting company<sup>1</sup></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">______________________________________________________</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b>INSTRUCTIONS</b></font></p>
<p>
<font size="2" face="Times New Roman">In the First Section of this report, 26 recommendations of the <i>Principles of Good Management for Peruvian Companies<sup>2</sup> </i>are evaluated.</font></p>
<p>
<font size="2" face="Times New Roman">For every recommendation evaluated, the COMPANY should:</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <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="2" face="Times New Roman">a)</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">mark with an &#145;x&#146; the level of fulfillment considered   adequate for the <i>Subjective Evaluation, </i>using the   following scale:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">0</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman">does not fulfill the principle</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>
<font size="2" face="Times New Roman">1 &#150; 3</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">partially fulfills the principle</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>
<font size="2" face="Times New Roman">4</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">:</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">totally fulfills the principle</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="2" face="Times New Roman">b)</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">mark with an &#145;x&#146; one or more of the alternatives   given and complete the information requested in detail for the <i>Objective   Evaluation. <sup>3</sup></i></font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">In the <b>Second Section </b>of this report, a series of aspects is evaluated, referred to as the rights of the shareholders, the Board of Directors, the responsibilities of THE COMPANY and the shareholders and possessions. In this section, THE COMPANY should provide the information requested, by marking with an &#145;x&#146; one or more alternative(s) included in each question and/or giving a detailed response to the request for information.</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td width="3%" valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>1</sup>&nbsp;&nbsp;</font></p>  </td>
  <td width="96%" valign="top">
  <p>
<font size="2" face="Times New Roman">Only applicable if the information contained in this   report has been inspected by a specialized firm (for example, an auditing   firm, a consultancy, etc.)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><sup>2</sup>&nbsp;&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The text of the <i>Principles of Good Management for Peruvian   Companies</i> can be consulted at the following web page:   www.conasev.gob.pe</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>3</sup>&nbsp;&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">For this purpose, lines may be added to the tables   included in this report, or alternatively the model tables can be replicated   the number of times considered necessary.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">35</font></p>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>I.</b></font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>FIRST   SECTION: EVALUATION OF 26 PRINCIPLES</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><u>RIGHTS OF THE SHAREHOLDERS</u></b></font></p>  </td>
 </tr>
</table>

<br>

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principles</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (I.C.1.   second paragraph)</u>.- Generic matters should not be included   in the agenda. Matters to be dealt with should be specified in such a way   that each matter is discussed separately, facilitating analysis and avoiding   decisions on matters about which different opinions may be held.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>X</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i>2.</i></b></font></p>  </td>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (I.C.1.   third paragraph)</u>.- The venue for the General Meetings   should be easy for shareholders to get to.</i></b></font></p>  </td>
  <td  valign="top">
  <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>
<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="2" face="Times New Roman"><b><i>X</i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the number of Shareholder Meetings called   by THE COMPANY during the financial year to which this report relates.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="75%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>T<small>YPE</small></b></font></p>  </td>
  <td width="24%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>UMBER</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">G<small>ENERAL</small>   S<small>HAREHOLDER</small> M<small>EETINGS</small></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">-1-</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">G<small>ENERAL</small>   S<small>HAREHOLDER</small> M<small>EETINGS</small></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">-</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If shareholder meetings have been called, please   provide the following information for each one.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  rowspan="2"  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>D<small>ATE ON<br>   WHICH THE<br>   MEETING WAS<br>   CALLED*</small></b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>D<small>ATE OF<br>   THE<br>   MEETING</small></b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>LACE OF THE<br>   MEETING</small></b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>T<small> YPE OF </small>M<small>EETING</small></b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Q<small>UORUM%</small></b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N&#186; <small> OF<br>   SHARE<br>   HOLDERS IN<br>   ATTEN DANCE</small></b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>D<small>URATION</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>S<small>PECIAL</small></b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>G<small>ENERAL</small></b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>START TIME</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>END TIME</b></font></p>  </td>
 </tr>
 <tr>
  <td width="11%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>19.1.2006</b></font></p>  </td>
  <td width="11%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>31.3.2006</b></font></p>  </td>
  <td width="13%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Calle Centenario 156 La   Molina Lima</b></font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>(...)</b></font></p>  </td>
  <td width="11%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>(X)</b></font></p>  </td>
  <td width="11%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>75.02</b></font></p>  </td>
  <td width="11%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>33</b></font></p>  </td>
  <td width="9%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>3.05 pm</b></font></p>  </td>
  <td width="9%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>4:15 pm</b></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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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>
<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  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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>
<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  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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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>
<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>
</table>

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

 <tr>
  <td  colspan="2" valign="bottom">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td width="5%" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">*</font></p>  </td>
  <td width="95%" valign="bottom">
  <p>
<font size="2" face="Times New Roman">If more than one meeting was called, please give the   date of each one.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">What means, apart from those included in article 43   of the General Companies Law, does THE COMPANY use to call shareholder   meetings?</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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="4%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="4%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">ELECTRONIC MAIL</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">IN PERSON WITHIN THE   COMPANY</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">TELEPHONE</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>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">WEB PAGE</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>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">MAIL</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER. Specify   __________________________</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NONE</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Please say whether the means indicated in the   previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="13%" valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTE</small></b></font></p>  </td>
  <td width="29%" valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small> R<small>EGULATION</small></b></font></p>  </td>
  <td width="13%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="11%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="32%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE</small> D<small>OCUMENT </small>*</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center"><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="90%">

 <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">* Give the name of the document, if not THE   COMPANY&#146;s Statutes.</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<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="2" face="Times New Roman">e.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">If THE COMPANY has a corporate web page, is it   possible to obtain the minutes of the shareholder meetings from that page?</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="70%">

 <tr>
  <td width="76%" valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="12%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>YES</b></font></p>  </td>
  <td width="12%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>NO</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">O<small>NLY FOR SHAREHOLDERS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">F<small>OR THE GENERAL PUBLIC</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(..X.)</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THE COMPANY does not have a web page</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">36</font></p>

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

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>3.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (I.C.2)</u>.-   The shareholders must have the opportunity to suggest subjects for debate   (within reasonable limits) on the agenda of the General Shareholder Meetings.   <br>
The subjects   included in the agenda must be of social interest and pertinent to the legal   or statutory ambit of the Shareholder Meeting. The Board of Directors must   not dismiss this type of request without giving a sound reason to the   shareholder.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the shareholders can include   matters to be dealt with in the agenda through any other mechanism than the   one stipulated in the General Companies Law (article 117 for regular   anonymous companies and article 255 for open anonymous companies).</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.X.)&nbsp;&nbsp;YES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   (....)&nbsp;&nbsp;NO</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative, please describe the alternative mechanisms.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The subjects on the agenda are always of social interest   and relevant to the subject matter of the shareholder meeting. All matters   that are presented in advance are considered. The Board of Directors does not   dismiss requests without giving the shareholder a sound reason.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the mechanisms described in the   previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small> R<small>EGULATION</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="35%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT*</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center"><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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Give the name of the document, if not THE   COMPANY&#146;s Statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Indicate the number of requests presented by the shareholders   for inclusion in the agenda for the shareholder meeting during the financial   year to which this report refers.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  colspan="3"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>UMBER OF REQUESTS</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="32%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>R<small>ECEIVED</small></b></font></p>  </td>
  <td width="33%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>A<small>CCEPTED</small></b></font></p>  </td>
  <td width="35%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>R<small>EJECTED</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">None.</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
</table>




<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>4.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (I.C.</u>4.i.).-   The statutes should not impose limits on the rights of all shareholders with   access to the General Shareholder Meetings to be respresented by the person   they choose to designate.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">In accordance with provisions laid out in article   122 of the General Law of Companies, indicate whether THE COMPANY&#146;s statutes   limit the right of representation, restricting it:</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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="84%" valign="top">
  <p>
<font size="2" face="Times New Roman">TO ANOTHER SHAREHOLDER</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">TO A DIRECTOR</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">TO A MANAGER</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>
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE RIGHT OF REPRESENTATION IS NOT LIMITED</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Please give the following information for each   Shareholder Meeting held during the financial year to which this report   refers:</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">37</font></p>

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




<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  colspan="2" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>TYPE OF   MEETING</b></font></p>  </td>
  <td  align="Left"  rowspan="2"  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>DATE OF   THE<br>   MEETING</b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(%)   PARTICIPATION IN RELATION TO THE TOTAL NUMBER OF SHAREHOLDERS WITH THE RIGHT   TO VOTE</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>GENERAL</b></font></p>  </td>
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>SPECIAL</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>THROUGH   POWER OF ATTORNEY</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>EXERCISE   IN PERSON</b></font></p>  </td>
 </tr>
 <tr>
  <td width="15%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(..<b>x</b>.)</font></p>  </td>
  <td width="20%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left" width="25%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>31.3.06</b></font></p>  </td>
  <td width="20%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>74.96%</b></font></p>  </td>
  <td width="20%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>0.06%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center"><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  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center"><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  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center"><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  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center"><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  align="center"><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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Please give details about the requirements and   formalities necessary for a shareholder to be represented in a shareholder   meeting.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="70%" valign="top">
  <p>
<font size="2" face="Times New Roman">F<small>ORMALITY (INDICATE WHETHER THE COMPANY REQUIRES A SIMPLE LETTER, A NOTARIAL   LETTER, PUBLIC INSCRIPTION OR OTHER)</small></font></p>  </td>
  <td width="30%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Simple letter</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">A<small>DVANCE NOTICE (NUMBER OF DAYS PRIOR TO THE SHAREHOLDER MEETING THAT THE POWER   OF ATTORNEY SHOULD BE PRESENTED)</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Until the day before the meeting</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">C<small>OST (INDICATE WHETHER THE COMPANY REQUIRES PAYMENT FOR SUCH PURPOSES AND, IF   SO, HOW MUCH)</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>No</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the requirements and formalities   described in the previous question are regulated in one or any of THE   COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="20%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Statute</b></font></p>  </td>
  <td width="20%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Internal regulation</b></font></p>  </td>
  <td width="20%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Manual</b></font></p>  </td>
  <td width="20%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Other</b></font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b><u>I<small>MPARTIAL</small> T<small>REATMENT OF</small> S<small>HAREHOLDERS</small> </u></b></font></p>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i>5.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle   (II.A.1, third paragraph)</u>.- It is recommended that the   company issuing shares or other securities without the right to vote, should   offer its holders the opportunity to exchange them for common shares with the   right to vote, or which provide this possibility when issued.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>x</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">&#191;Has the   company carried out any share exchange process in the last five years?</font></p>  </td>
 </tr>
 <tr>
  <td  colspan="2" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>None of the shares or securities issued by our institution   is without the right to vote. They are all common shares and carry the same   rights. There is one single type of share.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="15%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)&nbsp;&nbsp;YES</font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)&nbsp;&nbsp;NO</font></p>  </td>
  <td width="45%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)&nbsp;&nbsp;NOT APPLICABLE</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>6.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle </u>(II.B).-   A sufficient number of directors who are capable of exercising independent   judgment&#160; in matters where there is a   potential conflict of interest should be selected. For such purposes, the   participation o f minority&#160; shareholders   should be taken into consideration. <br>
The independent   directors are selected for their professional prestige and are not involved   in the administration of the company or that of the principal shareholders.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p align="center">
    <font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman"><b>The number of directors is in line with current legal requirements and statutes and is approved by the Shareholders.</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the number of dependent and independent   directors in THE COMPANY<sup>4</sup>.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  colspan="2" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>4</sup></font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">The independent directors are those who are not   involved in the administration of the issuing entity or its principle   shareholders.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">38</font></p>

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

<table  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="40%">

 <tr>
  <td width="70%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Directors</b></font></p>  </td>
  <td width="30%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Number</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Dependent</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">1</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">Independent</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">7</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Total</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">8</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the special requirements (different from   those necessary to be a director) needed to be an independent director of the company?</font></p>  </td>
 </tr>
 <tr>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="86%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>They are selected for their professional prestige and are   not involved in the Administration.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THERE ARE NO SPECIAL REQUIREMENTS</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the special requirements described   in the previous question are regulated in one or any of THE COMPANY&#146;s   documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>STATUTES</b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>INTERNAL <br>   REGULATION</b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>MANUAL</b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>OTHER</b></font></p>  </td>
  <td  align="Left" width="25%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>NAME OF   THE DOCUMENT*</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(&#133;)</font></p>  </td>
  <td  valign="top">
  <p align=center>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p align="center">
<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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(x)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p><font size="2" face="Times New Roman">d.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the directors of THE COMPANY are   related within the first or second degree of consanguinity or within the   first degree affinity or are spouses of:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  rowspan="2"  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>NAMES AND LAST NAMES OF THE DIRECTOR</b></font></p>  </td>
  <td  colspan="3"  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>RELATED   TO:</b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>NAMES AND   LAST NAMES OF SHAREHOLDER <sup>1/.</sup> / DIRECTOR /MANAGER</b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>AFFINITY</b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>ADDITIONAL   INFORMATION <sup>2/.</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>SHAREHOLDER<sup>1/.</sup></b></font></p>  </td>
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>DIRECTOR</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>MANAGER</b></font></p>  </td>
 </tr>
 <tr>
  <td width="20%" valign="top">
  <p>
<font size="2" face="Times New Roman">None</font></p>  </td>
  <td width="15%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="15%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>1/.</sup></font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">Shareholders with a participation equal to or   greater than 5% of the shares of the company (according to type of share,   including investment bonds).</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>2/.</sup></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">If there is a relationship with any of the   shareholders, please indicate the amount of their shareholder participation.   Should the relationship be with a member of the management, include that   person&#146;s position.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">e.</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Should any member of the Board of Directors hold or   have held any management position within THE COMPANY during the financial   year covered in the present report, please give the following information:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  rowspan="2"  valign="top">
  <p>
<font size="1" face="Times New Roman"><b>NAMES AND LAST NAMES OF THE DIRECTOR</b></font></p>  </td>
  <td  rowspan="2"  valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>MANAGEMENT   POSITION<br>   THAT S/HE HOLDS OR HELD</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>DATES OF   MANAGEMENT POSITION</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="1" face="Times New Roman"><b>START</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>FINISH</b></font></p>  </td>
 </tr>
 <tr>
  <td width="30%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>None</b></font></p>  </td>
  <td width="30%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<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>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">f.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Should any member of THE COMPANY&#146;s Board of   Directors also be or have been a member of the Board of Directors of another   company or other companies registered in the Public Stock Market Register   during the financial year to which this report refers, please give the   following information:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">For these purposes, the   term &#145;involved&#146; is defined in the Regulation on Indirect Ownership,   Relationship and Economic Group. The principal shareholders are those persons   or companies who own five percent (5%) or more of the capital of the issuing   entity.&#160; </font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">39</font></p>

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

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  rowspan="2"  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>NAMES AND   LAST NAMES OF THE DIRECTOR</b></font></p>  </td>
  <td  rowspan="2"  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>NAME(S) OF   THE COMPANY (COMPANIES)</b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>DATE</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>START</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>FINISH</b></font></p>  </td>
 </tr>
 <tr>
  <td width="35%" valign="top">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Dionisio Romero Seminario</b></font></p>  </td>
  <td width="35%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito del Per&#250;<br>   Credileasing</b><br>   <b>Credit&#237;tulos </b><br>   <b>Credifondo</b><br>   <b>Pac&#237;fico Peruano Suiza</b></font></p>  </td>
  <td width="15%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>1990</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2003</b></font></p>  </td>
  <td width="15%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently<br>   Currently</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Luis Nicolini Bernucci</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito del Per&#250;</b><br>   <b>Credileasing</b><br>   <b>Credit&#237;tulos </b><br>   <b>Credifondo</b><br>   <b>Alicorp</b><br>   <b>Pac&#237;fico Peruano Suiza</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>1990</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2003</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Fernando Fort Marie</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito del Per&#250;</b><br>   <b>Credileasing</b><br>   <b>Credit&#237;tulos </b><br>   <b>Credifondo</b><br>   <b>Inversiones Centenario</b><br>   <b>ETEVENSA</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>1990</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2003</b><br>   <b>2004</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Reynaldo Llosa Barber</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito del Per&#250;</b><br>   <b>Credileasing</b><br>   <b>Credit&#237;tulos </b><br>   <b>Credifondo</b><br>   <b>Inversiones Centenario</b><br>   <b>Pac&#237;fico Peruano Suiza</b><br>   <b>ETEVENSA</b><br>   <b>EDELNOR</b><br>   <b>DISTRILIMA</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>1990</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2003</b><br>   <b>1992</b><br>   <b>1996</b><br>   <b>1994</b><br>   <b>1994</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently</b><br>   <b>Currently</b><br>   <b>Currently</b><br>   <b>Currently</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Juan Carlos Verme Giannoni</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito del Per&#250;</b><br>   <b>Credileasing</b><br>   <b>Credit&#237;tulos   </b><br>   <b>Credifondo</b><br>   <b>Inversiones   Centenario</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>1990</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2004</b><br>   <b>2003</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Currently<br>   Currently</b><br>   <b>Currently<br>   Currently</b><br>   <b>Currently</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Germ&#225;n Su&#225;rez Ch&#225;vez</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito del Per&#250;</b><br>   <b>Cia. Minera Buenaventura</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2006</b><br>   <b>2005</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Currently</b><br>   <b>Currently</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Felipe   Ortiz de Zevallos M.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Banco de Cr&#233;dito del Per&#250;</b><br>   <b>Cia. Minera Buenaventura</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2006</b><br>   <b>2005</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Currently</b><br>   <b>Currently</b></font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b><u>T<small>RANSPARENCY OF</small> C<small> OMMUNICATION AND</small> I<small> NFORMATION</small> </u></b></font></p>
<p>
<font size=1 face="Times New Roman">&nbsp;</font></p>

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>7.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (IV.C,   second, third and fourth paragraphs)</u>.- Although external   audits are generally focussed on passing judgment on financial information,   they may also refer to specialized reports on the following subjects:   accounting reports, operational audits, systems audits, project evaluation,   costing systems evaluations or implementation, tax audits, asset adjustment   valuations, portfolio assessment, inventories or other special services. <br>
It is recommended   that such consultations be carried out by different auditors. Should the same   auditor carry out more than one task, his/her judgment should not be   affected. The company must give information on all the audits and specialist   reports carried out by the auditor.<br>
All services   rendered to THE COMPANY by the auditing firm or the auditor should be   declared, specifying the percentage represented by each of them and the share   that represents in the revenues of the auditing firm or auditor.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Provide the following information on the auditing   firms that have provided services to THE COMPANY in the last 5 years:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="47%" valign="top">
  <p>
<font size="1" face="Times New Roman"><b>NAME OF THE AUDITING FIRM</b></font></p>  </td>
  <td width="21%" valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>SERVICE*</b></font></p>  </td>
  <td width="12%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>PERIOD</b></font></p>  </td>
  <td width="17%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>PAYMENT**</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Medina, Zaldivar, Paredes y   Asociados</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Financial   Audit</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2006</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>100%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Medina, Zaldivar, Paredes y   Asociados</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Financial   Audit</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>100%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b>Medina, Zaldivar, Paredes y   Asociados</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Financial   Audit</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2004</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>100%</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Medina, Zaldivar, Paredes y   Asociados</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Financial   Audit</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2003</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>100%</b></font></p>  </td>
 </tr>
</table>




<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="47%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Dongo &#150; Soria Gaveglio y   Asociados</b></font></p>  </td>
  <td width="21%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Financial   Audit</b></font></p>  </td>
  <td width="12%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2002</b></font></p>  </td>
  <td width="17%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>100%</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>*   Include all types of services, such as financial information reports,   accounting reports, operational audits, systems audits, taxation audits or   other special services.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>** Of   the total amount paid to the auditing firm for the whole concept, indicate   the percentage that corresponds to the payment for financial auditing   services.</b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">40</font></p>

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

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

 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established mechanisms for   contracting the auditing firm responsible for examining the annual financial   statements (including the identification of the entity within THE COMPANY   responsible for choosing the auditing firm).</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Upon receipt of a report from the Auditing Committee, the   Board of Directors proposes the hiring of the External Auditors at the   shareholders&#146; meeting. The selection of Auditing Firm is the responsibility   of the Auditing Committee and is ratified at the General Shareholders&#146;   Meeting. The Auditing Firms that are invited to present their proposed fees   are chosen from among those that are represented internationally and are of   recognised prestige nationally. The Auditing Firm is then selected.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THERE ARE NO PRE-ESTABLISHED MECHANISMS&#160; </font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the mechanisms described in the   previous question are contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center"><font size="1" face="Times New Roman"><b>STATUTE</b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>INTERNAL   REGULATION</b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>MANUAL</b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>OTHER</b></font></p>  </td>
  <td width="30%" valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.x.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Normative System &#150; Corporate Policies &#150; Audite Committee</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  colspan="4"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td  colspan="4"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT CURRENTLY REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the auditing firm hired to report   on the financial statements of THE COMPANY from the financial year to which   this report refers also reported on the financial statements of other   companies within the same economic group for the same financial year.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)&nbsp;&nbsp;&nbsp;YES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(...)&nbsp;&nbsp;&nbsp;NO</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="100%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>NAME OF   THE COMPANY/COMPANIES WITHIN THE ECONOMIC GROUP</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Banco de Cr&#233;dito<br>
Credibolsa &#150; Sociedad Agente   de Bolsa<br>
Credileasing<br>
Credifondo y Fondos<br>
Banco de Cr&#233;dito de Bolivia<br>
Soluci&#243;n Financiera de   Cr&#233;dito<br>
Credit&#237;tulos<br>
Inmobiliaria BCP<br>
Inversiones Conexas e Inmobiliarias<br>
Atlantic Security Holding Corp.<br>
Atlantic Security Bank<br>
Pacifico Peruano Suiza C&#237;a de   Seguros y Reaseguros<br>
Pacifico Vida<br>
Pacifico EPS<br>
Grupo Cr&#233;dito<br>
Servicorp<br>
Prima AFP<br>
Credicorp Securities</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">e.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Specify the number of meetings that were held   between the hired auditing firm and the area responsible for internal   auditing in the financial year to which this report relates.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="8"  valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>NUMBER OF   MEETINGS</b></font></p>  </td>
 </tr>
 <tr>
  <td width="13%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>0</b></font></p>  </td>
  <td width="11%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>1</b></font></p>  </td>
  <td width="11%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>2</b></font></p>  </td>
  <td width="11%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>3</b></font></p>  </td>
  <td width="11%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>4</b></font></p>  </td>
  <td width="11%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>5</b></font></p>  </td>
  <td width="16%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>More than 5</b></font></p>  </td>
  <td width="16%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Not applicable</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X..)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>8.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (IV.D.2</u>).-   Attention to particular requests for information made by the shareholders,   investors in general or interest groups related to THE COMPANY, should be   dealt with through the use of a form and/or responsible employees designated   to that role.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">41</font></p>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate how the interest groups or shareholders of   THE COMPANY can request information in such a way that their request is dealt   with.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="80%" 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"><b>S<small>HAREHOLDERS</small></b></font></p>  </td>
  <td width="10%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>I<small>NTEREST   GROUPS</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">E<small>LECTRONIC MAIL</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>IRECTLY WITHIN THE COMPANY</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">B<small>Y TELEPHONE</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X..)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">W<small>EB PAGE</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">M<small>AIL</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Other. Specify.</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Without compromising the CEO&#146;s responsibilities   towards handling information in accordance with article 190 of the General   Companies Law, please specify the area or person in charge of receiving and   processing shareholders&#146; requests for information. If it is a person, please   include his/her position and the area in which he/she works.</font></p>  </td>
 </tr>
</table>
<br>

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  align="Left" width="25%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>A<small>REA RESPONSIBLE</small></b></font></p>  </td>
  <td width="75%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Investor   Relations Area</b></font></p>  </td>
 </tr>
</table>




<br>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="100%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Investor Relations Area deals with particular requests   for information from shareholders, investors and the general public. This   work is carried out in collaboration with other areas that are familiar with   the subjects asked about.</b></font></p>  </td>
 </tr>
</table>




<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td colspan="3" valign="top">

  <p  align="center"><font size="1" face="Times New Roman"><b><small> PERSON RESPONSIBLE</small></b></font></p>
</td>
  </tr>
 <tr>
  <td width="33%"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AMES AND LAST NAMES</small></b></font></p>  </td>
  <td width="33%"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>OSITION</small></b></font></p>  </td>
  <td width="34%"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>A<small>REA</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Mrs. Aida   Kleffmann</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Manager</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Investor   Relations</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the THE COMPANY&#146;s procedure for   processing shareholders&#146; and/or interest groups&#146; requests for information is   regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(x)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE COMPANY HAS A PROCEDURE   BUT IT IS NOT REGULATED.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THERE IS NO PRE-ESTABLISEHD   PROCEDURE.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the number of requests for information   presented by THE COMPANY&#146;s shareholders and/or interest groups during the   financial year to which this report refers.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td colspan="3" valign="top">

  <p  align="center">
  <font size="1" face="Times New Roman"><b>N<small>UMBER OF REQUESTS</small></b></font></p>
</td>
  </tr>
 <tr>
  <td width="33%"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>R<small>ECEIVED</small></b></font></p>  </td>
  <td width="33%"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>A<small>CCEPTED</small></b></font></p>  </td>
  <td width="34%"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>R<small>EJECTED</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Information   not available.</b></font></p>  </td>
  <td  valign="top">
  <p  align="center"><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>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">e.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If THE COMPANY has a corporate web page, does it   include a special section on corporate governance or shareholder and investor   relations?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO WEB PAGE</font></p>  </td>
  <td width="26%" valign="top">
  <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="5%" valign="top">
  <p><font size="2" face="Times New Roman">f.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">During the financial year to which this report   refers, indicate whether THE COMPANY has received any complaints from   shareholders about its limiting access to information.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>9.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle   IV.D.3.)</u>.- Cases where there are doubts about the   confidentiality of the information requested by shareholders or groups of   interest related to the company should be resolved. The criteria must be   adopted by the Board of Directors and ratified by the General Shareholder   Meeting, and then included in the Statutes or internal regulation of the   company. In any case, the disclosure of information should not put the   competitive position of the company at risk or affect the normal development   of the company&#146;s activities.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">42</font></p>

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


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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Who decides on the confidentiality of a specific   piece of information?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE CEO</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER. Please specify ________________________________ </font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established objective criteria that   lead to certain information being considered confidential. Additionally,   please indicate the number of requests for information presented by the   shareholders during the financial year to which this report refers which were   rejected due the confidentiality of the information.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The criteria applied are in line with current legal   requirements, including the Law of Banking and Insurance and the Regulation   of Important Facts. Confidential information includes: operations, results,   strategies and projections of the corporation; commercial plans, business   processes and client relations. Information about the corporation&#146;s   personnel, such as medical or labor records. Information received by the   personnel of the corporation during the carrying out of their functions from   clients and suppliers and technological systems and exclusive products of the   corporation. There were no requests for confidential information during 2006.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman">THERE ARE NO PRE-ESTABLISHED CRITERIA</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the criteria described in the   previous question are contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Corporate Policies &#150; Code of Ethics </b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>10.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (IV.F,   first paragraph)</u>.- The company must have internal audits.   The internal auditor must maintain a relationship of professional   independence with the company that hires him/her in the exercising of his/her   functions. The same principles of diligence, loyalty and reserve that are   required of the Board of Directors and the Management must be observed.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY has an independent area   that is responsible for internal auditing.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative,&#160; indicate who, within the   organic structure of THE COMPANY, the internal audit depends on in terms of   hierarchy and who this person must report to.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="15%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Depends on:</b></font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Board of Directors</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Reports to:</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Auditing Committee</b></font></p>  </td>
 </tr>
</table>


<p>
<font size="2" face="Times New Roman">Describe the main responsibilities of the person in charge of internal auditing and indicate whether this person has other functions apart from the internal audit. </font></p>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="100%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>a) Carrying out periodic audits in accordance with the   Annual Work Plan approved by the Audite Committee of the Board of Directors;   also, carrying out extraordinary audits when requested by the Audite   Committee of the Board of Directors, the Managers of the Corporation or its   subsidiaries, or on his/her own initative.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>b) Carrying out the audits totally independently,   fulfilling a role that is fundamentally preventive and corrective. In the   audit examinations, Generally Accepted Audite Standards will be applied, and   the respective scope of each evaluation will be determined. In the carrying   out of these activities he/she will have free access to the accounting, files   and documents of the subsidiaries or audited units of the Corporation, as   well as other sources of information relating to them, the inspection of   which is deemed necessary.</b></font></p>  </td>
 </tr>
</table>

<p  align="center"><font size="2" face="Times New Roman">43</font></p>

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

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 <tr>
  <td width="100%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>c) Ensuring that the requirements contained in the General   Law of Banking, Financial and Insurance Institutions are fulfilled, and the   standards issued by the competing authorities in each country in which the   subsidiary or audited unit of the Corporation carries out activities and in   its own Normative System.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>d) Presenting the result of the completed audits to the   Presidency of the Board of Directors with copies to the management in charge   of the subsidiaries or audited units.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>e) Carrying out the follow up to the observations and   recommendations made as a consequence of the tests applied.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>f) Analyzing the processes and proposing, when relevant,   modifications to procedures and the incorporation of controls that will   minimize risks, raise the quality of customer service and increase the   efficiency and effectiveness of the Corporation.</b></font></p>  </td>
 </tr>
 <tr>
  <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"><b>The Audite Division exists <u>exclusively</u> to carry out   the Internal Audite. It does not have any other responsibilities assigned to   it.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the responsibilities described in   the previous questions are regulated in one or any of THE COMPANY&#146;s   documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Normative System &#150; Structure and Functions of the Audite   Division </b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>


<p>
<font size="2" face="Times New Roman"><b><u>THE RESPONSIBILITIES OF THE BOARD OF DIRECTORS</u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>11.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.D.1)</u>.- The Board of Directors must carry out certain key functions, namely:<br>
Evaluate, approve   and direct the corporate strategy; establish the objectives and goals as well   as the main action plans, the policy for follow-up, control and risk   management, the annual budgets and the business plans; control the   implementation of the afore-mentioned plans and budgets; and supervise the   main expenditure, investments, acquisitions and transfers.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the Board of Directors of THE COMPANY is   responsible for the function described in this principle, please indicate   whether this function of the Board of Directors is contained in one or any of   THE COMPANY&#146;s documents..</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS   RESPONSIBLE FOR THE DESCRIBED FUNCTION BUT IT IS NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THIS FUNCTION</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">44</font></p>

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

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="7"  valign="top">
  <p><font size="2" face="Times New Roman"><b><i>The Board of Directors   must carry out certain key functions, namely:</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>12.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (V.D.2)</u>.-   To select, supervise and, when necessary, replace the principal executives,   as well as establishing how much to pay them.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>13.</i></b></font></p>  </td>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle&#160; (V.D.3)</u>.- To evaluate   the remuneration of the principal executives and the members of the Board of   Directors, ensuring that procedures for selecting the directors are formal   and transparent.</i></b></font></p>  </td>
  <td  valign="top">
  <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>
<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="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the Board of Directors of THE COMPANY is   responsible for the functions described in this principle, please indicate   whether they are regulated in any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS   RESPONSIBLE FOR THE FUNCTIONS DESCRIBED BUT THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THESE FUNCTIONS</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Specify the entity which is responsible for:</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="60%" valign="top">
  <p>
<font size="1" face="Times New Roman"><b>F<small>UNCTION</small></b></font></p>  </td>
  <td width="15%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>B<small>OARD   OF</small> D<small>IRECTORS</small></b></font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>CEO</b></font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>OTHER  (Specify)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">H<small> IRING AND REPLACING THE</small> CEO</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(..X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</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">H<small>IRING AND REPLACING THE</small> M<small>ANAGEMENT</small> S<small>TAFF</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X..)</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">E<small>STABLISHING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</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">E<small>VALUATING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</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">E<small>VALUATING THE SALARIES OF THE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(&#133;)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">AGM approved</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY has internal policies   or defined policies for:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="80%" valign="top">
  <p>
<font size="1" face="Times New Roman"><b>P<small>OLICIES FOR :</small></b></font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>YES</b></font></p>  </td>
  <td width="10%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>NO</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">H<small>IRING AND REPLACING THE PRINCIPAL EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">E<small>STABLISHING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">E<small>VALUATING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">E<small>VALUATING THE SALARIES OF THE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">S<small>ELECTING THE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative for one or more of the procedures outlined, indicate whether such   procedures are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Shareholders&#146; Meeting approves the election and the   salaries of the Directors. <br>
The Salaries Committee proposes. Regulation of the Salaries   Commitee.</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>14.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>The Board of Directors must carry out certain key functions, namely:<br>
    <u>Principle (V.D.4)</u>.-   Follow-up and control of the possible conflicts of interest between the   administration, the members of the Board and the shareholders, including the   fraudulent use of corporate assets and the abuse of transactions between   interested parties.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">45</font></p>

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


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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If THE COMPANY&#146;s Board of Directors is responsible   for the function described in this principle, indicate whether this function   of the Board is contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Codes of Ethics and Ethics for Financial Professionals.   Policies on the denunciation system. Policies on the prevention of asset   laundering.</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE   FUNCTION DESCRIBED BUT IT IS NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD IS NOT RESPONSIBLE FOR   THIS FUNCTION</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Specify the number of conflict of interest cases   that have been the subject of discussion by the Board of Directors during the   financial year to which this report refers.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>

  <td width="25%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Number of cases</b></font></p>  </td>
  <td width="75%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>None</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY or its Board of   Directors has a Code of Ethics or similar document in which conflicts of   interest that could arise are regulated.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the reply is affirmative, please specify the   exact name of the document:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Codes of Ethics and Ethics for Financial Professionals   have been established in the Corporate Policies.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established procedures for   approving transactions between related parties.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Credit Management Committee evaluates the procedures   and approves the transactions between the related parties in the same way as   in any company.</b></font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>15.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>The Board of Directors must carry out certain key functions, namely:<br>
    <u>Principle&#160; (V.D.5)</u>.- Ensure the   integrity of the accounting systems and the company&#146;s financial statements,   including an independent audit, and the existence of the necessary control   systems, especially financial and non-financial risk control and fulfillment   of the law.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If THE COMPANY&#146;s Board of Directors is responsible   for the function described in this principle, indicate whether this function   of the Board is contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>In the Statutes and in the Corporate Policies &#150; Audite   Committee.</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE   FUNCTION DESCRIBED BUT IT IS NOT REGULATED&#160;   </font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THIS FUNCTION</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">46</font></p>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY has financial and   non-financial risk control systems.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the control systems referred to in   the previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Normative System &#150; Operational Risk Administration, Market   Risk and Credit Policy Administration.</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>16.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>The Board of Directors must carry out certain key functions, namely: <br>
    <u>Principle(V.D.6)</u>.-   Supervise the effectiveness of the governance practices in accordance with   which it operates, carrying out changes as they become necessary</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Is the Board of Directors of THE COMPANY responsible   for the function described in this principle?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established procedures for   supervising the effectiveness of the governance practices, specifying the   number of evaluations that have taken place during the period.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>In the sessions of the Board of   Directors and the Executive Committee. The number of evaluations is not   available.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the procedures described in the   previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>17.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>The Board of Directors must carry out certain key functions, namely:<br>
    <u>Principle (V.D.7)</u>.-   Supervise the information policy.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the Board of Directors is responsible for the   function described in this principle, please indicate whether this function   of the Board is contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">47</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS   RESPONSIBLE FOR THE FUNCTION DESCRIBED BUT THE FUNCTION IS NOT REGULATED.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THIS FUNCTION.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe THE COMPANY&#146;s policy on disclosure and   communication of information to the shareholders.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The controls and procedures in place for sharing   information are in accordance with the following guidelines:</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>a) Accounting Policies. These must be duly circulated,   presented and explained, and their application made uniform and continuous in   time. Should changes to the Accounting Policies be proposed, the reasons for   and corresponding details of such proposals must be submitted to the Auditing   Committee for consideration.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>b) Design of the controls and procedures for sharing   information: ensure that the information that needs to be presented and   circulated in the reports to CONASEV and SEC is registered, processed,   consolidated and sent within the time scales established by the standards   currently in force. Ensure that the information that needs to be presented   and circulated in the reports to CONSASEV and SEC is communicated at the   right time to the CEO and the Central Finance Manager and to the people who   perform similar functions, in order to allow them to take appropriate   decisions regarding the required presentations.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>c) Preparation of Form 20F</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>d) Communication of important facts in the reports to   CONASEV and SEC</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>e) There is a group which inspects the information to be   divulged.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE, THE COMPANY DOES NOT HAVE THE   AFORE-MENTIONED POLICY</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the policy described in the   previous question is regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Corporate Policies &#150; Controls and procedures for   divulgation of information</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">IT IS  NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>18.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (V.E.1</u>).-   The Board of Directors may establish special entities in accordance with the   needs and dimensions of the company, especially the entity that&#160; takes on the function of auditing.   Likewise, these special entities can be formed to take on functions of   appointments, payment, control and planning.  <br>
These special   entities will be constituted within the Board of Directors as support   mechanisms and should preferably be made up of independent directors, so that   impartial decisions can be made on matters where conflicts of interest could   arise.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p><font size="2" face="Times New Roman">If the reply to the previous question is   affirmative, please give the following information regarding each committee   of the Board of Directors within THE COMPANY.</font></p>  </td>
 </tr>
</table>

<p  align="center"><font size="2" face="Times New Roman">48</font></p>


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



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

 <tr>
  <td  colspan="7"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Audite   Committee</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">I.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Date of Creation: </b><b>31.10.2002</b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="70%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  colspan="7"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>II. Functions:</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="6"  valign="top">
  <p>
<font size="2" face="Times New Roman">The Auditing Committee has   the following functions with regard to:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;EXTERNAL   AUDITORS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Nominating the external   auditors within three months of the end of the financial year.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Hiring the external   auditors for auditing, revision or certification services and supervising the   execution of their work;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Revising all the reports   prepared by the external auditors and informing the Board of Directors;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the   professional team of external auditors has the necessary capacity for   carrying out the audit;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors fulfill the criteria of independence;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors report directly to the Auditing Committee concerning the results of   the audit;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors&#146; reports include the evaluation of Credicorp&#146;s internal accounting   control system;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Approving any additional   service that may be requested of the external auditors (or of persons or   firms affiliated to them);</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors (or persons or firms affiliated to or related to them) are not hired   to carry out any of the services prohibited by the standards of the SEC;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Resolving disputes that   arise between the External Auditors and the Corporation&#146;s Management   regarding the financial reports they are inspecting.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Checking and evaluating the   formal communication that the external auditors must send on independent   relationships and conflicts of interest with Credicorp.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;MANAGEMENT   OF COMPLAINTS AND INFORMATION RECEIVED</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
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  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Receiving and administering   the complaints and information received from the personnel of the Corporation   relating to matters of accounting, finance, internal control and auditing,   according to procedures established by the Committee in the Corporation&#146;s   Denunciation System policy;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Administering the anonymous   and confidencial denunciations presented by employees of the Corporation   relating to irregular accounting transactions, guaranteeing their protection   against reprisals, reprimands or other measures by the Management of the   Corporation.</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;HIRING   ADVISORS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Hiring the services of   external advisors or any expert or experts on legal and/or accounting   matters, as considered necessary for carrying out their repsonsibilities. If   another opinion is required on a technical matter or if the Committee   requires additional information, in order to avoid conflicts of interest, the   advisors contracted must not be the same as those hired by management for   those specific purposes.</font></p>  </td>
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  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;BUDGET</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Obtaining resources from   Credicorp to hire the firm of external auditors in order to issue an   auditor&#146;s report or related task, or any other auditing, inspection,   evaluation or certification service;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Obtaining resources from   Credicorp for paying any advisor hired by the Auditing Committee.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;INTERNAL   CONTROLS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the design of   the Corporation&#146;s internal control procedures in order to guarantee that:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">They protect the assets   effectively,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">They enable verification   that the transactions are being adequately authorized and registered;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that Management   has implemented the suggestions and recommendations resulting from the   internal control evaluations carried out by the Auditing Division and by the   External Auditors, by revising the corresponding reports;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Being involved in the   analysis of any deficiency in the internal control system and frauds declared   in the certifications that are sent to CONASEV and SEC.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">49</font></p>

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

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

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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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;FINANCIAL   CONTROLS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the main   accounting principles used in producing Credicorp&#146;s financial statements;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the presentation   of financial statements, including:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="75%" valign="top">
  <p>
<font size="2" face="Times New Roman">The most significant   matters in the selection and application of and/or changes in the accounting   principles,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The effectiveness and   operativeness of internal controls in the preparation of the financial   statements;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The corrective measures   adopted as a result of significant deficiencies in control that may have been   identified.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the analysis of   financial information or accounting matters prepared by the administration   and/or the external auditors, paying special attention to:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Significant matters of   financial information,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Opinions issued in   connection with the preparation of the financial statements,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The effects of using other   alternatives permitted by generally accepted accounting principles in the   preparation of the financial statements,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Off&#160; balance sheet operations.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting the reports that   are prepared on important accounting policies and practices applied by the   Corporation.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the alternative   accounting methods that are permitted by Generally Accepted Accounting   Principles that have been discussed by the external auditor with Credicorp&#146;s   management, including the possible effects of using such alternatives and the   approach preferred by the auditor;</font></p>  </td>
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  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Seeing and evaluating the   draft financial statements of the entity;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Seeing and evaluating the   report on the financial statements issued by the external auditors;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Seeing and evaluating the   annual work plan of Credicorp&#146;s Internal Auditing Division and the external   auditors and others that are of significant importance to the Corporation;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting the quarterly   financial statements;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting the annual   audited financial statements and the quarterly financial statements with   Credicorp&#146;s management and, in relevant cases, with the external auditors,   including the analysis of the financial situation and the results of the   operations.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<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  valign="top">
  <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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;REGULATORY   MATTERS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that regulatory   and legal requirements are fulfilled within the jurisdiction applicable to   each case;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Taking corrective measures   if reports are received from the Credicorp lawyers on the existence of   significant violations to the SEC standards or infulfillment of Credicorp&#146;s   fiduciary duties;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Checking the reports that   have to be presented to the SEC and other competing authorities with the   management and external auditors prior to their presentation;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;INTERNAL   AUDITORS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Approving the Annual Work   Plan.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting and evaluating   the reports that are issued.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting and evaluating   the bi-annual report on the controls and procedures of divulgation of   information (CPD).</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the fulfillment   of the Annual Work Plan.</font></p>  </td>
 </tr>
</table>
<br>

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

 <tr>
  <td  valign="top">
  <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  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;OTHER   MATTERS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><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> <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> <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  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Preparing periodic reports   for the Board of Directors on the principal tasks carried out during its   leadership. This report can be backed up by any member of the Committee or by   all its members.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Holding separate, periodic   meetings with:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="70%" valign="top">
  <p>
<font size="2" face="Times New Roman">The Management,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The Auditing Division,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The External Auditors;</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">50</font></p>

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

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 <tr>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>III. P<small>RINCIPAL RULES FOR ORGANIZATION AND FUNCTIONING:</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Audit Committee is selected by Credicorp&#146;s Board of Directors   and is made up of not fewer than four of its members.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Committee is responsible for the supervision,   monitoring and independent inspection of:</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">1.</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">The processes for the preparation of the financial   and accounting information of Credicorp and its subsidiaries;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">2.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Credicorp&#146;s internal control procedures;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">3.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The audits carried out into Credicorp&#146;s financial   statements; and</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">4.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The integrity of Credicorp&#146;s financial statements.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">5.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The Audit Committee looks out for the interests of   the investors and supervises the fulfillment of the standards established by   the Securities and Exchange Commission (hereonafter the &#147;SEC&#148;) and other   regulatory entitities.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b>IV. <small> MEMBERS OF THE COMMITTEE:</small></b></font></p>
<p>
<font size="2" face="Times New Roman"><b>&nbsp;</b></font></p>




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  rowspan="2"  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>NAMES AND   LAST NAMES</b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>DATE</b></font></p>  </td>
  <td  colspan="2" rowspan="2"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>ROLE   WITHIN THE COMMITTEE</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>START</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>FINISH</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Luis Enrique Yarur</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>President and financial expert</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Luis Nicolini B.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Director</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Reynaldo Llosa B.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Director</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b>Juan Carlos Verme G</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Director</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>V. N<small>UMBER OF SESSIONS HELD DURING THE FINANCIAL YEAR:</small></b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">4</font></p>  </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>VI. D<small>OES   IT HAVE DELEGATED FACULTIES IN ACCORDANCE WITH ARTICLE</small><br>   174 <small> OF </small>G<small>ENERAL</small> C<small>OMPANIES</small> L<small>AW</small>?</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)YES</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(&#133;)No</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE, THE COMPANY DOES NOT HAVE COMMITTEES   WITHIN THE BOARD OF DIRECTORS</font></p>  </td>
 </tr>
</table>

<br>

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>19.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.E.3)</u>.-   The number of members of a company&#146;s Board of Directors should ensure the   plurality of opinions within said Board, so that the decisions adopted are a   consequence of an appropriate deliberation, always considering the best   interests of the company and the shareholders.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Give the following information regarding the   directors of THE COMPANY during the financial year to which this report   refers.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="1" face="Times New Roman"><b>N<small>AMES   AND</small> L<small>AST</small> N<small>AMES</small></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman"><b>E<small>DUCATION</small><sup>2.</sup></b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>D<small>ATE</small></b></font></p>  </td>
  <td  align="Left"  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>S<small>HAREHOLDER</small><br>   P<small>ARTICIPATION</small><sup>/..</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left" width="25%" valign="top">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="30%" valign="top">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="10%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>S<small>TART</small><sup>1/.</sup></b></font></p>  </td>
  <td width="10%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>F<small>INISH</small></b></font></p>  </td>
  <td width="15%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N&#186;<small> OF SHARES</small></b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>ART</small><br>(%)</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p><font size="2" face="Times New Roman"><u>D<small>EPENDENT</small> D<small>IRECTORS</small></u></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Dionisio Romero S.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Master&#146;s in Business Administration, University of   Stanford, BA in Economic Science, Pomona College, California, both in the   United States of America. Mr Romero is Chairman of the Board of&#160;&#160; Credicorp Ltd., and President of the   Banco de Cr&#233;dito del Per&#250;. President of Atlantic Security Holding   Corporation, Gran Cayman. He is Director and President of the Banco de   Cr&#233;dito of&#160; Bolivia, President of the   Cr&#233;dito Group and BCP&#146;s subsidiaries: Credileasing, Credifondo SAFM,   Credit&#237;tulos, Inmobiliaria BCP, Soluciones en Procesamiento - Servicorp,   and&#160; Vice President of Pac&#237;fico   Peruano Suiza. Director of the Banco de Cr&#233;dito e Inversiones, Chile.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>




<p  align="center">
<font size="2" face="Times New Roman">51</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  align="Left"  valign="top">
  <p><font size="1" face="Times New Roman"><b>N<small>AMES   AND</small> L<small>AST</small> N<small>AMES</small></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman"><b>E<small>DUCATION</small><sup>2.</sup></b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>D<small>ATE</small></b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>S<small>HAREHOLDER</small><br>P<small>ARTICIPATION</small><sup>/..</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left" width="25%" valign="bottom">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="30%" valign="middle">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="10%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>S<small>TART</small><sup>1/.</sup></b></font></p>  </td>
  <td width="10%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>F<small>INISH</small></b></font></p>  </td>
  <td width="15%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N&#186;<small>OF SHARES</small></b></font></p>  </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>ART</small><br>   (%)</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="6"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><u>I<small>NDEPENDENT</small><br>   D<small>IRECTORS</small></u></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Luis Nicolini B.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Businessman dedicated specifically to financial, industrial   and agro-industrial activities. As a banker, he holds the position of Vice   President of the Banco de Cr&#233;dito del Per&#250;. He is also Vice President and   Director of the Banco de Cr&#233;dito of Bolivia and all BCP&#146;s subsidiaries. He is   Vice President of Credicorp and of Atlantic Security Bank. In addition, he is   Director of Inversiones Centenario, Alicorp and Pacifico Peruano Suiza, and   Chairman of the Board of the textile company F&#225;brica de Tejidos La Bellota.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p><font size="2" face="Times New Roman"><b>Fernando Fort M.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Lawyer and Partner of the Legal Firm Fort, Bertorini y   Godoy. He is Director of BCP&#146;s Subsidiaries and the Banco de Cr&#233;dito of   Bolivia. Director of Atlantic Security Bank. He is a member of the Board of   Directors of Inversiones Centenario, Generalima S.A., Almacenera del Per&#250;   S.A., Empresa de Generaci&#243;n Termoel&#233;ctrica Ventanilla S.A. - Etevensa,   Inversiones Distrilima S.A., Hermes Transportes Blindados S.A. and Motores   Diesel Andinos S.A.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>30.03.99</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Reynaldo Llosa B.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Administrator of Companies, he has studied at the Allied   School in Great Britain. Director of the Banco de Cr&#233;dito del Per&#250;. He is   Director of BCP&#146;s subsidiaries and of the Banco de Cr&#233;dito de Bolivia.   Director of Atlantic Security Bank. He is a Principal Partner and CEO of the   firm F.N. Jones S.R.Ltda, and Director of Pacifico Peruano Suiza, Distrilima,   Generalima, Etevensa, Edelnor.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Juan Carlos Verme G.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Businessman. He has studied at the University of Zurich,   Switzerland and has a Master&#146;s from ESAN, Lima. Director of the Banco de   Cr&#233;dito del Per&#250; and member of the Board of Directors of the Subsidiaries of   BCP and the Banco de Cr&#233;dito de Bolivia. He is Director of Atlantic Security   Bank. He is on the Board of Directors of important industrial companies. He   is a member of the General Assembly of Associates of the Patronage of the Art   Museum of Lima, of which he is the current Chairman.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>
<BR>



<p  align="center"><font size="2" face="Times New Roman">52</font></p>

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<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="1" face="Times New Roman"><b>N<small>AMES   AND</small> L<small>AST</small> N<small>AMES</small></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman"><b>E<small>DUCATION</small><sup>2.</sup></b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>D<small>ATE</small></b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>S<small>HAREHOLDER</small><br>   P<small>ARTICIPATION</small><sup>/..</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left" width="25%" valign="top">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="30%" valign="top">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="10%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>S<small>TART</small><sup>1/.</sup></b></font></p>  </td>
  <td width="10%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>F<small>INISH</small></b></font></p>  </td>
  <td width="15%" valign="middle">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N&#186;<small>OF SHARES</small></b></font></p>  </td>
  <td width="9%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>ART</small><br>   (%)</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p><font size="2" face="Times New Roman"><b>Luis Enrique Yarur</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Master&#146;s in Economics and Company Management from the EISE,   Spain, and Lawyer graduated from the University of Navarra, Spain. He is   currently President of Juan Yarur S.A.C., President of the Banco de Cr&#233;dito e   Inversiones, Chile, Vice President of the Asociaci&#243;n de Bancos e Instituciones   Financieras A.G. and&#160; Director of the   Stock Exchange in Santiago. He is also a member of the International Advisory   Board IESE, Espa&#241;a, Member of the Business Advisory Commission of the ESE,   University of the Andes, Director of Bci Seguros Generales S.A., Director Bci   Seguros de Vida S.A., President of Jordan S.A. and Vice President of Lourdes   S.A. Director of the Banco de Cr&#233;dito del Per&#250; </b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>31.03.05</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>

  <td  align="Left"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Felipe Ortiz de Zevallos</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Industrial Engineer with a Master&#146;s in Administrative   Science from the University of Rochester and a degree from the Administration   Program of the Harvard Business School. Mr Ortiz de Zevallos is the Rector of   the Universidad del Pac&#237;fico en Lima (elected for the 2004-2009 period). He   is also a member of the Board of Directors of several companies, among them   Grupo Apoyo (Chairman of the Board), Mining Company Buenaventura S.A. and   Universia.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>31.03.05</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p><font size="2" face="Times New Roman"><b>Germ&#225;n Su&#225;rez Ch&#225;vez</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Economist with a Master&#146;s in Economy from the University of   Columbia. Mr Su&#225;rez was the Executive Chairman of the Board of Directors of   the Central Reserve Bank of Peru from 1992 to 2001, and is a member of the   Board of the Mining Company Buenaventura S.A.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>31.03.05</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>1/.</sup></font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">Corresponds to the first appointment.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>2/</sup>.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Include professional education and whether he has   experience in other Boards of Directors.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>3/.</sup></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Only obligatory for directors with a participation   in the social capital that is equal to or greater than 5% of the company&#146;s   shares.</font></p>  </td>
 </tr>
</table>
<BR>
<p  align="center">
<font size="2" face="Times New Roman">53</font></p>

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

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>20.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.F, second
paragraph)</u>.- Information pertaining to the matters that will be dealt
with in each session must be at the disposal of the directors in sufficient time
for them to read it, unless it concerns strategic matters that demand
confidentiality, in which case it will be necessary to establish mechanisms by
which the directors can evaluate such matters adequately.</i></b></font></p>
</td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><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  valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">How is information on matters that will be
dealt with in a Board meeting communicated to the directors?</font></p> </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">ELECTRONIC MAIL</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">MAIL</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(.....)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(.X..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">IT IS COLLECTED IN PERSON   WITHIN THE COMPANY</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">How many days in advance is the information on   matters to be dealt with in a session at the disposal of the directors of THE   COMPANY?</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="40%" valign="bottom">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>F<small>EWER THAN</small> 3<br>D<small>AYS</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>F<small>ROM</small> 3 <small>   TO </small>5 D<small>AYS</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ORE THAN</small> 5 D<small>AYS</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">N<small>ON-CONFIDENTIAL INFORMATION</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">C<small>ONFIDENTIAL INFORMATION</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the procedures established to allow   directors to analyse information considered confidential are regulated in one   or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THE COMPANY  HAS AN   ESTABLISHED PROCEDURE BUT IT IS NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE COMPANY  DOES NOT HAVE A PROCEDURE</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>21.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.F,   third paragraph)</u>.- Following clearly established and   defined policies, the Board of Directors decides on the hiring of specialized   advisory services required by the company to take decisions.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established policies on contracting   specialized advisory services by on the Board or the directors.</font></p>  </td>
 </tr>
</table>
<BR>
<p  align="center">
<font size="2" face="Times New Roman">54</font></p>

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

<p>
<font size=1 face="Times New Roman">&nbsp;</font></p>
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<font size="2" face="Times New Roman"><b>T<small>HE</small> A<small>UDIT</small>   C<small>OMMITTEE IS   RESPONSIBLE FOR THIS FUNCTION, AS INDICATED IN ITS REGULATORY DOCUMENT</small>.</b></font></p>  </td>
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<font size="2" face="Times New Roman">The   services that are subject to approval from the Auditing Committee fall into   four categories:</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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<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="2" face="Times New Roman"><i>a)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><i>Audit Services:</i></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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<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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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">The   Audit services that can be approved by the Committee include:</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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<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="2" face="Times New Roman">&#149;</font></p>  </td>
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<font size="2" face="Times New Roman">Annual   auditing of the consolidated financial balances, the subsidiaries,   investments in other companies; and any procedures the external auditor may   need to carry out in order to form an opinion of Credicorp&#146;s consolidated   financial balances.</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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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">&#149;</font></p>  </td>
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<font size="2" face="Times New Roman">Tasks   that the external auditor may need to carry out as part of an audit, such as   revision of the information systems and accounting processes, and evaluations   carried out in order to understand and assess the internal control systems,   as well as consultations that are made in relation to the audit.</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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<font size="2" face="Times New Roman">&#149;</font></p>  </td>
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<font size="2" face="Times New Roman">Certification   of the external auditor for internal controls to which Section 404 of the   Sarbanes-Oxley Act refers.</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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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">The   Audit Committee will supervise the execution of the external auditing   services as necessary. It will also approve, if necessary, any modification   in the terms, conditions, cost and scope of the audit.</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="2" face="Times New Roman">The   Audit Committee may carry out a general approval of other auditing services,   which are those that only the external auditor can reasonably provide; such   as auditing services required by legal standards, financial audits for   subsidiaries or affiliates of Credicorp; and services associated with the   presentation of documents to the SEC or other documents published in relation   to the supply of bonds/securities.</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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<font size="2" face="Times New Roman"><i>b)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><i>Services related to audit:</i></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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<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="2" face="Times New Roman">The   services related to the audit are opinions or services that are in line with   the execution of the audit or the revision of Credicorp&#146;s financial balances,   and which are traditionally carried out by the external auditor. These   services include, among others:</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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<font size="2" face="Times New Roman">&#149;</font></p>  </td>
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<font size="2" face="Times New Roman">&#147;<i>Due   diligence&#148; </i>with regard to possible acquisitions;</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="2" face="Times New Roman">&#149;</font></p>  </td>
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<font size="2" face="Times New Roman">Advisory   services relating to accounting or financial reports;</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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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">&#149;</font></p>  </td>
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<font size="2" face="Times New Roman">Assistance   in the comprehension and/or implementation of new accounting and financial   rules established by regulatory entities;</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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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Auditing   procedures relating to accounting matters previously agreed with the   Management;</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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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
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<font size="2" face="Times New Roman">Advice   on matters of internal control.</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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<font size="2" face="Times New Roman">The   Audit Committee can give its general approval of the services relating to the   audit if its members consider that these services do not compromise the   independence of the external auditor and if they are consistent with the   rulings of the SEC.</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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<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"><i>c)</i></font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Taxation Services:</i></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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  <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>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Taxation   services include fulfillment of current taxation standards, planning and   recommendations that do not compromise the independence of the external   auditor.</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>
  <td  colspan="4"  valign="top">
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<font size="2" face="Times New Roman">The   Audit Committee can give its general approval of those taxation services that   have historically been provided by the external auditor and which are   consistent with regulations regarding the independence of the auditor issued   by the SEC. Any taxation service that involves complex transactions needs   specific approval from the Audit Committee.</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>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman"><i>d)</i></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>Other services:</i></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>
<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>
<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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">These   are the recurring or non-recurring services that do not compromise the   independence of the external auditor and which are permitted by the   regulations for the independence of the auditor issued by the SEC.</font></p>  </td>
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  <td  valign="top">
  <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>
 </tr>
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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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE COMPANY  DOES NOT HAVE THE AFORE-MENTIONED POLICIES</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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p><font size="2" face="Times New Roman">b.</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Indicate whether the policies described in the   previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
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<BR>
<p  align="center">
<font size="2" face="Times New Roman">55</font></p>

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<PAGE>
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<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
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  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
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  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
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  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
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  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Corporate Policies &#150; Audit Committee</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
   <td valign="top"><p><font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td valign="top"><p><font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td valign="top"><p><font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td valign="top"><p><font size="2" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Give the list of specialized advisors to the Board   of Directors who have provided services to aid THE COMPANY&#146;s decision making   during the financial year to which this report refers.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Medina,&#160; Zaldivar Paredez y Asociados</b></font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>22.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.H.1)   </u>.- The new directors must be instructed in their faculties   and responsibilities and on the characteristics and organizational structure   of the company.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If THE COMPANY has induction programs for the new   directors, indicate whether such programs are regulated in one or any of THE   COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE INDUCTION PROGRAMS ARE NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the   company DOES NOT HAVE THE AFORE-MENTIONED PROGRAMS</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>23.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle V.H.3)</u>.-   Procedures must be established for the Board of Directors to elect one or   more replacements should a case arise where there is a vacancy for one or   more directors and there are no substitute directors, in order to complete   the numbers for the remaining period, if there is no provision for a   different approach in the Statutes.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">During the financial year to which this report   refers, has a vacancy arisen for one or more directors?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p><font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative, in accordance with the second paragraph of article 157 of the   General Companies Law, please indicate the following:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="84%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>YES</b></font></p>  </td>
  <td width="8%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>NO</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>ID   THE</small> B<small>OARD OF</small> D<small>IRECTORS ELECT THE REPLACEMENT</small>?</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">If yes, what was the   average time taken to designate the new director (in calendar days)?</font></p>  </td>
  <td  valign="top">
  <p align="center">
<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>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established procedures for electing   replacements for directorship vacancies.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Majority decision of the Directors</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE COMPANY  DOES NOT HAVE PROCEDURES</font></p>  </td>
 </tr>
</table>
<BR>
<p  align="center">
<font size="2" face="Times New Roman">56</font></p>

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


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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the procedures described in the   previous question are contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>24.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.I,   first paragraph)</u>.- The functions of the Chairman of the   Board, Executive Chairman (if relevant), and the CEO, should be clearly   defined in the statutes or the internal regulations of the company in order   to avoid possible conflicts and duplication of functions.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<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>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b><i>25.</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.I,   second paragraph)</u>.- The organic structure of the company   should prevent all the functions, responsibilities and authority from being   centralized on the Chairman of the Board, the Executive Chairman, the CEO and   other officials with management responsibilities.&#160; </i></b></font></p>  </td>
  <td  valign="top">
  <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>
<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="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="6"  valign="top">
  <p>
<font size="2" face="Times New Roman">Should any of the replies to the previous question   be affirmative, indicate whether the responsibilities of the Chairman of the   Board of Directors, of the Executive Chairman (should there be one), of the   CEO and of other officials with management responsibilities are contained in   one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  align="Left" width="25%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>R<small>ESPONSIBILITIES OF</small>:</b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   R<small>EGULATION</small></b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE<br>   DOCUMENT</small> *</b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>T<small>HEY ARE NOT<br>   REGULATED</small></b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>OT</small><br>   A<small>PPLICABLE</small> <sup>**</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p><font size="2" face="Times New Roman"><b>Chairman of the board</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</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="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Executive chairman</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</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="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>CEO</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(X..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</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="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr valign="top">
  <td  align="Left">
  <p><font size="2" face="Times New Roman"><b>Management staff</b></font></p>  </td>
  <td>
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td>
  <p  align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td>
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td>
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td>
  <p align="center">
<font size="2" face="Times New Roman"><b>Structure and<br>functions</b></font></p>  </td>
  <td>
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td>
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">** The functions and responsibilities of the   officeholder indicated are not defined in the   company.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="middle">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>26.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle V.I.5)</u>.-   It is recommended that Management receive at least part of their payment on   the basis of the company&#146;s results, thus ensuring that the objective of   maximizing the value of the company in favor of the shareholders is achieved.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">With regard to the bonus policy for management   staff, indicate the way(s) in which bonuses are given:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">AWARDING OF SHARES</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">AWARDING OF OPTIONS</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">MONETARY AWARDS</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER. Give details_______________________</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the company   DOES NOT HAVE BONUS PROGRAMS FOR MANAGEMENT STAFF.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the payment (without taking bonuses   into account) received by the CEO and management staff is:</font></p>  </td>
 </tr>
</table>
<BR>
<p  align="center">
<font size="2" face="Times New Roman">57</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="35%" valign="top">
  <p><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="20%" valign="top">
  <p align="center">
<font size="1" face="Times New Roman"><b>A F<small>IXED</small> A<small>MOUNT</small></b></font></p>  </td>
  <td  align="Left" width="25%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>A V<small>ARIABLE</small> A<small>MOUNT</small></b></font></p>  </td>
  <td width="20%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>AYMENT</small> (%)<sup>*</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">CEO</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  rowspan="2"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(N/A)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">M<small>ANAGEMENT </small>S<small>TAFF</small></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">* Indicate the percentage represented by the total   amount of annual payments made to the members of the management staff and the   CEO, in relation to THE COMPANY&#146;s level of net income, according to the   financial statements.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY has some kind of   established guarantees or similar in the case of dismissals of the CEO and/or   management staff.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>I.</b></font></p>  </td>
  <td colspan="4" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>SECOND   SECTION: ADDITIONAL INFORMATION</b></font></p>  </td>

 </tr>
 <tr>
   <td  valign="top"><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  colspan="3"  valign="top"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
   <td  valign="top"><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  colspan="3"  valign="top"><p> <font size="2" face="Times New Roman"><b><u>R<small>IGHTS   OF THE SHAREHOLDERS</small></u></b></font></p></td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the means used to communicate to new   shareholders their rights and how they can exercise them.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman">ELECTRONIC MAIL</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">DIRECTLY WITHIN THE COMPANY</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">BY TELEPHONE</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">WEB PAGE</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">VIA MAIL</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER. PLEASE   SPECIFY_________________________________________________________</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. NEW   SHAREHOLDERS ARE NOT TOLD OF THEIR RIGHTS NOR OF HOW TO EXERCISE THEM</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the shareholders have a hard copy   of the points to be discussed on the agenda during the shareholder meeting   and the documents that give the background to them.</font></p>  </td>
 </tr>
</table>
<br>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate which person or entity of the company is responsible for   following up the agreements adopted in the Shareholder Meetings. If it is a   person, please include his/her position and the area in which he/she works.</font></p>  </td>
 </tr>
</table>

<br>




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="35%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>A<small>REA</small></b></font></p>  </td>
  <td width="65%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Corporate   Secretary</b></font></p>  </td>
 </tr>
</table>




<br>




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  colspan="3"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>ERSON RESPONSIBLE</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AMES AND LAST NAMES</small></b></font></p>  </td>
  <td width="30%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>P<small>OSITION</small></b></font></p>  </td>
  <td width="35%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>A<small>REA</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Fernando   Palao</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Corporate   Secretary</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Corporate   Secretary</b></font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the information relating to the   possessions of the company&#146;s   shareholders is in:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE COMPANY </font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(..x.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">A COMPENSATION AND   LIQUIDATION INSTITUTION</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p><font size="2" face="Times New Roman">e.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate how frequently the company updates the data referring to shareholders who appear   in their share register.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  rowspan="2"  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>F<small>REQUENCY</small></b></font></p>  </td>
  <td  colspan="3"  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NFORMATION SUBJECT TO   UPDATING</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>H<small>OME</small> A<small>DDRESS</small></b></font></p>  </td>
  <td  valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>E<small>LECTRONIC</small> M<small>AIL</small></b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>T<small>ELEPHONE</small> <small> NUMBER</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="22%" valign="top">
  <p>
<font size="2" face="Times New Roman">M<small>ORE   THAN MONTHLY</small></font></p>  </td>
  <td width="35%" valign="bottom">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="21%" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">M<small>ONTHLY</small></font></p>  </td>
  <td  valign="bottom">
  <p align="center">
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(X)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Q<small>UARTERLY</small></font></p>  </td>
  <td  valign="bottom">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">A<small>NNUALLY</small></font></p>  </td>
  <td  valign="bottom">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">L<small>ESS   THAN</small> A<small>NNUALLY</small></font></p>  </td>
  <td  valign="bottom">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td width="10%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.x.)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER, please   specify <b>The agent who registers the shares is The Bank of New   York and the SAP are responsible for communicating changes to CAVALI.</b></font></p>  </td>
 </tr>
</table>
<BR>
<p  align="center">
<font size="2" face="Times New Roman">58</font></p>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">f.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe THE COMPANY&#146;s dividend policy applicable to   the financial year to which this report refers.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="30%" valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>ATE   OF</small> A<small>PPROVAL</small></font></p>  </td>
  <td width="70%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">March   14, 1997</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">ENTITY THAT APPROVED IT</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Board of   Directors</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>IVIDENT</small> P<small>OLICY<br>   (CRITERIA FOR THE DISTRIBUTION<br>   OF PROFITS)</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>According to the Law of The Bermudas, the dividends can be   declared and paid periodically, on the condition that Credicorp can pay its   obligations on the deadlines, and the attainable value of Credicorp&#146;s assets   is not less than the aggregate of its obligations and the accounts of the   premiums of the shares and the social capital issued after the payment of   said dividends. If it is not possible to ensure that dividends will be paid,   or the amount of the dividends if there were any, Credicorp expects to   announce and pay dividends annually, and Credicorp&#146;s Board of Directors   currently intends to authorize payment to shareholders of annual dividends of   not less than 25% of the net consolidated profits. However, the payment of   dividends remains subject to the Law of The Bermudas and to the discretion of   the Board of Directors of Credicorp and will depend on the general situation   of Credicorp&#146;s business and financial
performance, the availability of   dividends from Credicorp&#146;s subsidiaries and the restrictions to their payment   and other factors that Credicorp&#146;s Board of Directors considers relevant. <br>   <br>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For   the payment of dividends to the holders of Credicorp&#146;s Common Shares and to   cover the company&#146;s costs, Credicorp depends almost exclusively on the   dividends from its subsidiaries, and will be able to determine that its   subsidiaries declare dividends subject to the certain demands on reserves and   capital, according to the laws applicable to the banking and insurance   industry. </b></font></p>
</td>
 </tr>
</table>




<br>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">g.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If relevant, specify which dividends are in cash and   which are in shares distributed by THE COMPANY in the financial year to which   this report refers and in the previous financial year.</font></p>  </td>
 </tr>
</table>

<br>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  rowspan="2"  valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>DELIVERY</b></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>D<small>IVIDEND PER SHARE</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>I<small>N CASH</small></b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>I<small>N SHARES</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="60%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;T<small>YPE OF UNIQUE SHARE</small></b></font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" 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"><b>&nbsp;&nbsp;&nbsp;</b>F<small>INANCIAL   YEAR N</small> -3<b>- May, 2006</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>US$1.10</b></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"><b>&nbsp;&nbsp;&nbsp;</b>F<small>INANCIAL   YEAR N</small> 2- <b>May, 2005</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>US$0.80</b></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"><b>&nbsp;&nbsp;&nbsp;T<small>YPE   OF SHARE</small></b></font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n-1</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;I<small>NVESTMENT</small> S<small>HARES</small></b></font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n-1</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
</table>




<p>
<font size="2" face="Times New Roman"><b><u>B<small>OARD OF </small>D<small>IRECTORS</small></u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">h.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Please provide the following information on the   sessions of THE COMPANY&#146;s Board of Directors carried out during the financial   year to which this report refers:</font></p>  </td>
 </tr>
</table>

<BR>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">N<small>UMBER OF SESSIONS CARRIED OUT:</small></font></p>  </td>
  <td width="15%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>12</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">N<small>UMBER   OF SESSIONS IN WHICH ONE OR MORE DIRECTORS WERE REPRESENTED BY SUBSTITUTE OR   ALTERNATE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>0</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">N<small>UMBER   OF TITLED DIRECTORS WHO WERE REPRESENTED ON AT LEAST ONE OCCASION</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>0</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">i.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the type of bonuses received by the Board   of Directors for fulfillment of goals in THE COMPANY.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>None</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the company   DOES NOT HAVE BONUS PROGRAMS FOR DIRECTORS</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="2" face="Times New Roman">j.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the types of bonuses described in   the previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>
<BR>
<p  align="center">
<font size="2" face="Times New Roman">59</font></p>

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

<p>
<font size=1 face="Times New Roman">&nbsp;</font></p>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="15%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL   REGULATION</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="40%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME   OF THE DOCUMENT</small> <sup>*</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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  valign="top">
  <p>
<font size="2" face="Times New Roman">k.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the percentage represented by the total   amount of annual payments to the directors, compared to the level of net   income, according to THE COMPANY&#146;s financial statements.</font></p>  </td>
 </tr>
</table>

<BR>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="50%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="50%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>T<small>OTAL</small> P<small>AYMENTS</small> (%)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">I<small>NDEPENDENT   DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>EPENDENT   DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">l.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether Board discussions on management   performance took place without the presence of the CEO.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">N/A</font></p>  </td>
  <td width="26%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<BR>
<p>
<font size="2" face="Times New Roman"><b><u>S<small>HAREHOLDERS AND POSSESSIONS </small> </u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">m.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the number of shareholders with the right   to vote, shareholders without the right to vote (if there are any) and   investment shareholders (if there are any) of THE COMPANY at the close of the   financial year to which this report refers.</font></p>  </td>
 </tr>
</table>

<BR>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="50%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>T<small>YPE OF SHARE</small> <br>   (including investment shares)</b></font></p>  </td>
  <td width="50%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>UMBER OF HOLDERS</small> <br>   (at the close of the financial year)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">S<small>HARES   WITH THE RIGHT TO VOTE</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>4.555</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">S<small>HARES   WITHOUT THE RIGHT TO VOTE</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>-</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">I<small>NVESTMENT   SHARES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>-</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>T<small>OTAL</small></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>4.555</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>n.</b></font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Give the following information on shareholders and   investment shareholders with a participation greater than 5% at the close of   the financial year to which this report refers.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Type   of Share: _____</b><b>ONLY ONE TYPE   ___________________</b></font></p>  </td>
 </tr>
</table>

<BR>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="33%" valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>N<small>AMES   AND</small> L<small>AST NAMES</small></b></font></p>  </td>
  <td width="22%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>N<small>UMBER   OF<br>   SHARES</small></b></font></p>  </td>
  <td width="22%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b><small>   PARTICIPATION </small>(%)</b></font></p>  </td>
  <td width="22%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>ATIONALITY</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&#193;TLANTIC   SECURITY<br>   HOLDING CORP</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>15.49</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>GRAN<br>   CAYMAN</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b>IN-FONDOS<br>   NV-FONDOS<br>   HO-FONDOS<br>   URIGELER INTERNATIONAL</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>10.00<br>   9.33<br>   7.83<br>   5.60</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>PERU<br>   PERU<br>   PERU<br>   PANAMA</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Type   of Share: ______</b><b>NEGATIVE__________________</b></font></p>  </td>
 </tr>
</table>

<BR>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="34%" valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>N<small>AMES   AND</small> L<small>AST NAMES</small></b></font></p>  </td>
  <td width="22%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>N<small>UMBER   OF<br>   SHARES</small></b></font></p>  </td>
  <td width="22%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b><small>   PARTICIPATION </small>(%)</b></font></p>  </td>
  <td width="21%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>ATIONALITY</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">-0-</font></p>  </td>
  <td  valign="top">
  <p align="center">
<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>
 </tr>
 <tr>
  <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 align="center">
<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>
 </tr>
</table>




<BR>
<p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Shares</b><b> NEGATIVE</b></font></p>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="34%" valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>N<small>AMES   AND</small> L<small>AST NAMES</small></b></font></p>  </td>
  <td width="22%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>N<small>UMBER   OF<br>   SHARES</small></b></font></p>  </td>
  <td width="22%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b><small>   PARTICIPATION </small>(%)</b></font></p>  </td>
  <td width="21%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>ATIONALITY</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">-0-</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <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>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>


<BR>

<p  align="center">
<font size="2" face="Times New Roman">60</font></p>

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

<p>
<font size="2" face="Times New Roman"><b><u>OTHER</u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">o.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the company has an internal code of   conduct or similar document concerning ethical criteria or professional   responsibility.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer is affirmative, give the exact name of   the document:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Code of Ethics</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Code of Ethics for Professionals with financial   responsibility</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">p.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Are records kept of cases where the afore-mentioned   regulations (question a) have not been fulfilled?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">q.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative, please give the name of the person or entity responsible for   maintaining said records in the company.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">r.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<BR>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="30%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>AREA RESPONSIBLE</b></font></p>  </td>
  <td width="70%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>LABOR RELATIONS DEPARTMENT &#150;<br>   HUMAN RESOURCES DIVISION</b></font></p>  </td>
 </tr>
</table>




<BR>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  colspan="3"  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>PERSON   RESPONSIBLE</b></font></p>  </td>
 </tr>
 <tr>
  <td width="30%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>NAMES AND   LAST NAMES</b></font></p>  </td>
  <td width="35%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>TITLE</b></font></p>  </td>
  <td width="35%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>AREA</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Rocio   Vignes Pareja</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>HEAD OF   THE LABOR RELATIONS<br>   DEPARTMENT</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>HUMAN   RESOURCES</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">s.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Please give the following information for all   documents mentioned in the present report (Statutes, Internal Regulations,   Manual or other documents):</font></p>  </td>
 </tr>
</table>

<BR>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="55%" valign="bottom">
  <p><font size="1" face="Times New Roman"><b>NAME OF THE DOCUMENT</b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>APPROVAL<br>   BODY</b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>DATE OF<br>   APPROVAL</b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>DATE OF   LAST<br>   MODIFICATION</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>C<small>REDICORP&#146;S</small>   C<small>ODE   OF</small>   E<small>THICS</small></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>B<small>OARD</small></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>30/03/03</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>18/09/06</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>C<small>ODE OF</small>   E<small>THICS</small> F<small>OR </small>P<small>ROFESSIONALS</small><small>   WITH FINANCIAL RESPONSIBILITIES </small>- C<small>REDICORP</small></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>B<small>OARD</small></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>30/03/03</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>18/09/06</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">t.</font></p>  </td>
  <td width="95%" valign="top">
  <p><font size="2" face="Times New Roman">Include any other information you consider relevant.</font></p>  </td>
 </tr>
</table>

<p  align="center"><font size="2" face="Times New Roman">61</font></p>
<br>
<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>


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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the responsibilities described in   the previous questions are regulated in one or any of THE COMPANY&#146;s   documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Normative System &#150; Structure and Functions of the Audite   Division</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b><u>T<small>HE RESPONSIBILITIES OF THE</small> B<small>OARD OF </small>D<small>IRECTORS</small> </u></b></font></p>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>2.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.D.1)</u>.-   The Board of Directors must carry out certain key functions, namely:<br>   Evaluate, approve and direct the corporate strategy; establish the objectives   and goals as well as the main action plans, the policy for follow-up, control   and risk management, the annual budgets and the business plans; control the   implementation of the afore-mentioned plans and budgets; and supervise the main   expenditure, investments, acquisitions and transfers.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the Board of Directors of THE COMPANY is   responsible for the function described in this principle, please indicate   whether this function of the Board of Directors is contained in one or any of   THE COMPANY&#146;s documents..</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(X.) </font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS   RESPONSIBLE FOR THE DESCRIBED FUNCTION BUT IT IS NOT REGULATED</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THIS FUNCTION</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="7"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>The Board of   Directors must carry out certain key functions, namely:</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>3.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.D.2)</u>.-   To select, supervise and, when necessary, replace the principal executives,   as well as establishing how much to pay them.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i>4.</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle&#160; (V.D.3)</u>.- To evaluate   the remuneration of the principal executives and the members of the Board of   Directors, ensuring that procedures for selecting the directors are formal   and transparent.</i></b></font></p>  </td>
  <td  valign="top">
  <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>
<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="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the Board of Directors of THE COMPANY is   responsible for the functions described in this principle, please indicate   whether they are regulated in any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">63</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE<BR> DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X) </font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS   RESPONSIBLE FOR THE FUNCTIONS DESCRIBED BUT THEY ARE NOT REGULATED</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THESE FUNCTIONS</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Specify the entity which is responsible for:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="55%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>F<small>UNCTION</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p align="center">
    <font size="1" face="Times New Roman"><b>B<small>OARD OF</small><br> D<small>IRECTORS</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>CEO</b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>OTHER<br>(Specify)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">H<small>IRING AND REPLACING THE</small> CEO</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(..X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  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="2" face="Times New Roman">H<small>IRING AND REPLACING THE</small> M<small>ANAGEMENT</small> S<small>TAFF</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X..)</font></p>  </td>
  <td  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="2" face="Times New Roman">E<small>STABLISHING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  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="2" face="Times New Roman">E<small>VALUATING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  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="2" face="Times New Roman">E<small>VALUATING THE SALARIES OF THE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(&#133;)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">AGM approved</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY has internal policies   or defined policies for:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr valign="bottom">
  <td width="79%">
  <p>
    <font size="1" face="Times New Roman"><b>P<small>OLICIES   FOR</small> :</b></font></p>  </td>
  <td width="10%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>YES</b></font></p>  </td>
  <td width="9%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>NO</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">H<small>IRING AND REPLACING THE PRINCIPAL EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">E<small>STABLISHING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">E<small>VALUATING THE SALARIES OF THE PRINCIPAL   EXECUTIVES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">E<small>VALUATING THE SALARIES OF THE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x..)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">S<small>ELECTING THE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.x.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative for one or more of the procedures outlined, indicate whether such   procedures are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Shareholders&#146; Meeting approves the election and the   salaries of the Directors. <br>   The Salaries Committee proposes. Regulation of the Salaries Commitee.</b></font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="4%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="4%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>5.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>The Board of   Directors must carry out certain key functions, namely: </i></b><br>
<b><i><u>Principle (V.D.4)</u>.-   Follow-up and control of the possible conflicts of interest between the   administration, the members of the Board and the shareholders, including the   fraudulent use of corporate assets and the abuse of transactions between   interested parties.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If THE COMPANY&#146;s Board of Directors is responsible   for the function described in this principle, indicate whether this function   of the Board is contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">64</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Codes of Ethics and Ethics for Financial Professionals.   Policies on the denunciation system. Policies on the prevention of asset   laundering.</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE   FUNCTION DESCRIBED BUT IT IS NOT REGULATED</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD IS NOT RESPONSIBLE FOR   THIS FUNCTION</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Specify the number of conflict of interest cases   that have been the subject of discussion by the Board of Directors during the   financial year to which this report refers.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>N<small>UMBER   OF CASES</small></b></font></p>  </td>
  <td width="75%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>None</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY or its Board of   Directors has a Code of Ethics or similar document in which conflicts of interest   that could arise are regulated.</font></p>  </td>
 </tr>
</table>

<br>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the reply is affirmative, please specify the   exact name of the document:<br>   <b>The Codes of Ethics and Ethics for Financial   Professionals have been established in the Corporate Policies.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

<br>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established procedures for   approving transactions between related parties.<br>   <b>The Credit Management Committee evaluates the   procedures and approves the transactions between the related parties in the   same way as in any company.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="7"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i>6.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>The Board of   Directors must carry out certain key functions, namely: <br>   <u>Principle&#160; (V.D.5)</u>.- Ensure the   integrity of the accounting systems and the company&#146;s financial statements,   including an independent audit, and the existence of the necessary control   systems, especially financial and non-financial risk control and fulfillment   of the law.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>X</i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If THE COMPANY&#146;s Board of Directors is responsible   for the function described in this principle, indicate whether this function   of the Board is contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>In the Statutes and in the Corporate Policies &#150; Audite   Committee.</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE   FUNCTION DESCRIBED BUT IT IS NOT REGULATED</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THIS FUNCTION</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY has financial and   non-financial risk control systems.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the control systems referred to in   the previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">65</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="2" face="Times New Roman">(X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Normative System &#150; Operational Risk Administration, Market   Risk and Credit Policy Administration.</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>7.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>The Board of   Directors must carry out certain key functions, namely: <br>   <u>Principle(V.D.6)</u>.- Supervise the effectiveness of the governance   practices in accordance with which it operates, carrying out changes as they   become necessary</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Is the Board of Directors of THE COMPANY responsible   for the function described in this principle?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p><font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established procedures for   supervising the effectiveness of the governance practices, specifying the   number of evaluations that have taken place during the period.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>I<small>N THE SESSIONS OF THE</small> B<small>OARD   OF</small> D<small>IRECTORS AND THE</small> E<small>XECUTIVE</small>   C<small>OMMITTEE</small>. T<small>HE NUMBER OF EVALUATIONS IS NOT AVAILABLE</small>.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the procedures described in the   previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE<br>DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="7"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i>8.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>The Board of   Directors must carry out certain key functions, namely:<br>   <u>Principle (V.D.7)</u>.- Supervise the information policy.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the Board of Directors is responsible for the   function described in this principle, please indicate whether this function   of the Board is contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X) </font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE BOARD OF DIRECTORS IS   RESPONSIBLE FOR THE FUNCTION DESCRIBED BUT THE FUNCTION IS NOT REGULATED.</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. THE BOARD OF DIRECTORS IS NOT   RESPONSIBLE FOR THIS FUNCTION.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">66</font></p>

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

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe THE COMPANY&#146;s policy on disclosure and   communication of information to the shareholders.</font></p>  </td>
 </tr>
 <tr>
   <td valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
   <td valign="top"><p><strong> <font size="2" face="Times New Roman">The controls and procedures in place for sharing information are in accordance with the following guidelines: </font></strong></p></td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>a) Accounting Policies. These must be duly circulated,   presented and explained, and their application made uniform and continuous in   time. Should changes to the Accounting Policies be proposed, the reasons for   and corresponding details of such proposals must be submitted to the Auditing   Committee for consideration.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>b) Design of the controls and procedures for sharing   information: ensure that the information that needs to be presented and   circulated in the reports to CONASEV and SEC is registered, processed,   consolidated and sent within the time scales established by the standards   currently in force. Ensure that the information that needs to be presented   and circulated in the reports to CONSASEV and SEC is communicated at the   right time to the CEO and the Central Finance Manager and to the people who   perform similar functions, in order to allow them to take appropriate   decisions regarding the required presentations.</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>c) Preparation of Form 20F</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>d) Communication of important facts in the reports to   CONASEV and SEC</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>e) There is a group which inspects the information to be   divulged.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td colspan="3"  valign="top"><hr size="1"  align="Left" width="25%" noshade color=black></td>
  </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE, THE COMPANY DOES NOT HAVE THE   AFORE-MENTIONED POLICY</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the policy described in the   previous question is regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Corporate Policies &#150; Controls and procedures for   divulgation of information</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">IT IS NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>9.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i><u>Principle (V.E.1</u>).-   The Board of Directors may establish special entities in accordance with the   needs and dimensions of the company, especially the entity that&#160; takes on the function of auditing.   Likewise, these special entities can be formed to take on functions of   appointments, payment, control and planning. <br>   These special entities will be constituted within the Board of Directors as   support mechanisms and should preferably be made up of independent directors,   so that impartial decisions can be made on matters where conflicts of   interest could arise.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the reply to the previous question is   affirmative, please give the following information regarding each committee   of the Board of Directors within THE COMPANY.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Audite Committee</b></font></p>  </td>
 </tr>
 <tr>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">I.</font></p>  </td>
  <td width="92%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>D<SMALL>ATE OF</SMALL> C<SMALL>REATION</SMALL>: 31.10.2002</b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">67</font></p>

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

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

 <tr>
  <td  colspan="4"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><SMALL>II.</SMALL> F<SMALL>UNCTIONS:</SMALL></b></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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">The Auditing Committee has   the following functions with regard to:</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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<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  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;EXTERNAL   AUDITORS</b></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  colspan="2" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">Nominating the external   auditors within three months of the end of the financial year.</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Hiring the external   auditors for auditing, revision or certification services and supervising the   execution of their work;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Revising all the reports   prepared by the external auditors and informing the Board of Directors;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the   professional team of external auditors has the necessary capacity for   carrying out the audit;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors fulfill the criteria of independence;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors report directly to the Auditing Committee concerning the results of   the audit;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors&#146; reports include the evaluation of Credicorp&#146;s internal accounting   control system;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Approving any additional   service that may be requested of the external auditors (or of persons or   firms affiliated to them);</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that the external   auditors (or persons or firms affiliated to or related to them) are not hired   to carry out any of the services prohibited by the standards of the SEC;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Resolving disputes that   arise between the External Auditors and the Corporation&#146;s Management   regarding the financial reports they are inspecting.</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Checking and evaluating the   formal communication that the external auditors must send on independent   relationships and conflicts of interest with Credicorp.</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>
<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  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  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;MANAGEMENT   OF COMPLAINTS AND INFORMATION RECEIVED</b></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  colspan="2" 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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Receiving and administering   the complaints and information received from the personnel of the Corporation   relating to matters of accounting, finance, internal control and auditing,   according to procedures established by the Committee in the Corporation&#146;s   Denunciation System policy;</font></p>  </td>
 </tr>
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  <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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Administering the anonymous   and confidencial denunciations presented by employees of the Corporation   relating to irregular accounting transactions, guaranteeing their protection   against reprisals, reprimands or other measures by the Management of the   Corporation.</font></p>  </td>
 </tr>
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  <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>
<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  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  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;HIRING   ADVISORS</b></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  colspan="2" 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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Hiring the services of   external advisors or any expert or experts on legal and/or accounting   matters, as considered necessary for carrying out their repsonsibilities. If   another opinion is required on a technical matter or if the Committee   requires additional information, in order to avoid conflicts of interest, the   advisors contracted must not be the same as those hired by management for   those specific purposes.</font></p>  </td>
 </tr>
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  <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>
<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  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  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;BUDGET</b></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  colspan="2" 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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Obtaining resources from   Credicorp to hire the firm of external auditors in order to issue an auditor&#146;s   report or related task, or any other auditing, inspection, evaluation or   certification service;</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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Obtaining resources from   Credicorp for paying any advisor hired by the Auditing Committee.</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>
<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  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  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;INTERNAL   CONTROLS</b></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  colspan="2" 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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the design of   the Corporation&#146;s internal control procedures in order to guarantee that:</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">o</font></p>  </td>
  <td width="75%" valign="top">
  <p>
<font size="2" face="Times New Roman">They protect the assets   effectively,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">o</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">They enable verification   that the transactions are being adequately authorized and registered;</font></p>  </td>
 </tr>
</table>

<br>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that Management   has implemented the suggestions and recommendations resulting from the   internal control evaluations carried out by the Auditing Division and by the   External Auditors, by revising the corresponding reports;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Being involved in the   analysis of any deficiency in the internal control system and frauds declared   in the certifications that are sent to CONASEV and SEC.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">68</font></p>

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

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

 <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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;FINANCIAL   CONTROLS</b></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
   <td  valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
   <td  valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
   <td  colspan="3"  valign="top"><font size="1" face="Times New Roman">&nbsp;</font></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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the main   accounting principles used in producing Credicorp&#146;s financial statements;</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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the presentation   of financial statements, including:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="75%" 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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The most significant   matters in the selection and application of and/or changes in the accounting   principles,</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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The effectiveness and   operativeness of internal controls in the preparation of the financial   statements;</font></p>  </td>
 </tr>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The corrective measures   adopted as a result of significant deficiencies in control that may have been   identified.</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the analysis of   financial information or accounting matters prepared by the administration   and/or the external auditors, paying special attention to:</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Significant matters of   financial information,</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Opinions issued in   connection with the preparation of the financial statements,</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The effects of using other   alternatives permitted by generally accepted accounting principles in the   preparation of the financial statements,</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Off&#160; balance sheet operations.</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting the reports that   are prepared on important accounting policies and practices applied by the   Corporation.</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the alternative   accounting methods that are permitted by Generally Accepted Accounting   Principles that have been discussed by the external auditor with Credicorp&#146;s   management, including the possible effects of using such alternatives and the   approach preferred by the auditor;</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Seeing and evaluating the   draft financial statements of the entity;</font></p>  </td>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Seeing and evaluating the   report on the financial statements issued by the external auditors;</font></p>  </td>
 </tr>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Seeing and evaluating the   annual work plan of Credicorp&#146;s Internal Auditing Division and the external   auditors and others that are of significant importance to the Corporation;</font></p>  </td>
 </tr>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting the quarterly   financial statements;</font></p>  </td>
 </tr>
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  <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>
<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>
<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>
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  <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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting the annual   audited financial statements and the quarterly financial statements with   Credicorp&#146;s management and, in relevant cases, with the external auditors,   including the analysis of the financial situation and the results of the   operations.</font></p>  </td>
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  <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  colspan="4"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;REGULATORY   MATTERS</b></font></p>  </td>
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  <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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Ensuring that regulatory   and legal requirements are fulfilled within the jurisdiction applicable to   each case;</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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Taking corrective measures   if reports are received from the Credicorp lawyers on the existence of   significant violations to the SEC standards or infulfillment of Credicorp&#146;s   fiduciary duties;</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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Checking the reports that   have to be presented to the SEC and other competing authorities with the   management and external auditors prior to their presentation;</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>
<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>
<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  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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;INTERNAL   AUDITORS</b></font></p>  </td>
 </tr>
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  <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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Approving the Annual Work   Plan.</font></p>  </td>
 </tr>
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  <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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting and evaluating   the reports that are issued.</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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Inspecting and evaluating   the bi-annual report on the controls and procedures of divulgation of   information (CPD).</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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Evaluating the fulfillment   of the Annual Work Plan.</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>
<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>
<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  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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;OTHER   MATTERS</b></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>
<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>
<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  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>
<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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Preparing periodic reports   for the Board of Directors on the principal tasks carried out during its   leadership. This report can be backed up by any member of the Committee or by   all its members.</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>
<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>
<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  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>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Holding separate, periodic   meetings with:</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>
<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>
<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  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>
<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>
    <font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The Management,</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>
<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>
<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  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>
<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>
    <font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The Auditing Division,</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>
<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>
<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  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>
<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>
    <font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The External Auditors;</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>
<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>
<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>
</table>

<p  align="center"><font size="2" face="Times New Roman">69</font></p>

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  <td  colspan="6"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><SMALL>III.</SMALL> <SMALL>P</SMALL><small>RINCIPAL RULES FOR ORGANIZATION AND FUNCTIONING:</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="75%" 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  colspan="5"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Audit Committee is selected by Credicorp&#146;s Board of   Directors and is made up of not fewer than four of its members.</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>The Committee is responsible for the supervision,   monitoring and independent inspection of:</b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">1.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The processes for the preparation of the financial   and accounting information of Credicorp and its subsidiaries;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">2.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Credicorp&#146;s internal control procedures;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">3.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The audits carried out into Credicorp&#146;s financial   statements; and</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">4.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The integrity of Credicorp&#146;s financial statements.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">5.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The Audit Committee looks out for the interests of   the investors and supervises the fulfillment of the standards established by   the Securities and Exchange Commission (hereonafter the &#147;SEC&#148;) and other   regulatory entitities.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>IV. M<small>EMBERS   OF THE</small> C<small> OMMITTEE:</small></b></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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="30%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="15%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="14%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  rowspan="2" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">NAMES<SMALL>   AND</SMALL> L<SMALL>AST</SMALL> N<SMALL>AMES</SMALL></font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">D<SMALL>ATE</SMALL></font></p>  </td>
  <td  colspan="2" rowspan="2" valign="bottom">
  <p  align="center">
    <font size="1" face="Times New Roman">ROLE  WITHIN THE COMMITTEE</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">S<SMALL>TART</SMALL></font></p>  </td>
  <td  valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">F<SMALL>INISH</SMALL></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Luis Enrique Yarur</b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;President and financial expert</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Luis Nicolini B.</b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Director</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Reynaldo Llosa B.</b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Director</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Juan Carlos Verme G</b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;28.11.02</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Currently</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Director</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>V. N<small>   UMBER OF SESSIONS HELD DURING THE FINANCIAL YEAR:</small></b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">4</font></p>  </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>VI. D<small>OES   IT HAVE DELEGATED FACULTIES IN ACCORDANCE WITH ARTICLE</small><br>
   174 <small> OF </small>G<small>ENERAL</small> C<small>OMPANIES</small> L<small>AW</small>?</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.) YES</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(&#133;) No</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(&#133;)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE, THE COMPANY DOES NOT HAVE COMMITTEES   WITHIN THE BOARD OF DIRECTORS</font></p>  </td>
 </tr>
</table>

<br>

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>10.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.E.3)</u>.-   The number of members of a company&#146;s Board of Directors should ensure the   plurality of opinions within said Board, so that the decisions adopted are a   consequence of an appropriate deliberation, always considering the best   interests of the company and the shareholders.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="6"  valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Give the following   information regarding the directors of THE COMPANY during the financial year   to which this report refers.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="25%" rowspan="2"  align="Left"  valign="bottom"><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>N<small>AMES AND</small> L<small>AST</small>   N<small>AMES</small></b></font></p>
  </td>
  <td width="30%" rowspan="2"  valign="bottom"><p align="center" style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>E<small>DUCATION</small><sup>2.</sup></b></font></p>
  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>D<small>ATE</small></b></font></p>  </td>
  <td  align="Left"  colspan="2" valign="bottom">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>S<small>HAREHOLDER</small> P<small>ARTICIPATION</small><sup>/..</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td width="10%" valign="bottom">
  <p align="center">
    <font size="1" face="Times New Roman"><b>S<small>TART</small><sup>1/.</sup></b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p align="center">
    <font size="1" face="Times New Roman"><b>F<small>INISH</small></b></font></p>  </td>
  <td width="15%" valign="bottom">
  <p align="center">
    <font size="1" face="Times New Roman"><b>N&#186; <small>   OF SHARES</small></b></font></p>  </td>
  <td width="10%" valign="bottom">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>P<small>ART</small>.<br>
    (%)</b></font></p>  </td>
 </tr>
 <tr>
  <td colspan="6"  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><u>D<small>EPENDENT</small> D<small>IRECTORS</small></u></font></p>
  </td>
  </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Dionisio Romero S.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Master&#146;s in Business Administration, University of   Stanford, BA in Economic Science, Pomona College, California, both in the   United States of America. Mr Romero is Chairman of the Board of Credicorp   Ltd., and President of the Banco de Cr&#233;dito del Per&#250;. President of Atlantic   Security Holding Corporation, Gran Cayman. He is Director and President of   the Banco de Cr&#233;dito of Bolivia, President of the Cr&#233;dito Group and BCP&#146;s   subsidiaries: Credileasing, Credifondo SAFM, Credit&#237;tulos, Inmobiliaria BCP,   Soluciones en Procesamiento - Servicorp, and Vice President of Pac&#237;fico   Peruano Suiza. Director of the Banco de Cr&#233;dito e Inversiones, Chile.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>




<p  align="center"><font size="2" face="Times New Roman">70</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr valign="bottom">
  <td  align="Left" width="25%">
  <p align="left" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>N<small>AMES AND</small> L<small>AST</small>   N<small>AMES</small></b></font></p>  </td>
  <td width="30%">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>E<small>DUCATION</small><sup>2.</sup></b></font></p>  </td>
  <td colspan="2">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>D<small>ATE</small></b></font></p>
  </td>
  <td colspan="2">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>S<small>HAREHOLDER</small> P<small>ARTICIPATION</small><sup>/..</sup></b></font></p>
  </td>
  </tr>
 <tr valign="bottom">
  <td  align="Left">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td>
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%">
  <p align="center">
    <font size="1" face="Times New Roman"><b>S<small>TART</small><sup>1/.</sup></b></font></p>  </td>
  <td width="10%">
  <p align="center">
    <font size="1" face="Times New Roman"><b>F<small>INISH</small></b></font></p>  </td>
  <td width="15%">
  <p align="center">
    <font size="1" face="Times New Roman"><b>N&#186; <small>   OF SHARES</small></b></font></p>  </td>
  <td width="10%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>P<small>ART</small><br>
    (%)</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="6"  valign="top">
  <p><font size="2" face="Times New Roman"><b><u>I<small>NDEPENDENT</small><br>   D<small>IRECTORS</small></u></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Luis Nicolini B.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Businessman dedicated specifically to financial, industrial   and agro-industrial activities. As a banker, he holds the position of Vice   President of the Banco de Cr&#233;dito del Per&#250;. He is also Vice President and   Director of the Banco de Cr&#233;dito of Bolivia and all BCP&#146;s subsidiaries. He is   Vice President of Credicorp and of Atlantic Security Bank. In addition, he is   Director of Inversiones Centenario, Alicorp and Pacifico Peruano Suiza, and   Chairman of the Board of the textile company F&#225;brica de Tejidos La Bellota.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Fernando Fort M.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Lawyer and Partner of the Legal Firm Fort, Bertorini y   Godoy. He is Director of BCP&#146;s Subsidiaries and the Banco de Cr&#233;dito of   Bolivia. Director of Atlantic Security Bank. He is a member of the Board of   Directors of Inversiones Centenario, Generalima S.A., Almacenera del Per&#250;   S.A., Empresa de Generaci&#243;n Termoel&#233;ctrica Ventanilla S.A. - Etevensa,   Inversiones Distrilima S.A., Hermes Transportes Blindados S.A. and Motores   Diesel Andinos S.A.<br><br></b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>30.03.99</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Reynaldo Llosa B.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Administrator of Companies, he has studied at the Allied   School in Great Britain. Director of the Banco de Cr&#233;dito del Per&#250;. He is   Director of BCP&#146;s subsidiaries and of the Banco de Cr&#233;dito de Bolivia.   Director of Atlantic Security Bank. He is a Principal Partner and CEO of the   firm F.N. Jones S.R.Ltda, and Director of Pacifico Peruano Suiza, Distrilima,   Generalima, Etevensa, Edelnor.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Juan Carlos Verme G.</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Businessman. He has studied at the University of Zurich,   Switzerland and has a Master&#146;s from ESAN, Lima. Director of the Banco de   Cr&#233;dito del Per&#250; and member of the Board of Directors of the Subsidiaries of   BCP and the Banco de Cr&#233;dito de Bolivia. He is Director of Atlantic Security   Bank. He is on the Board of Directors of important industrial companies. He   is a member of the General Assembly of Associates of the Patronage of the Art   Museum of Lima, of which he is the current Chairman.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>18.08.95</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>




<p  align="center">
<font size="2" face="Times New Roman">71</font></p>

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





<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">
 <tr valign="bottom">
   <td width="25%"  align="Left"><p align="left" style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"><b>N<small>AMES AND</small> L<small>AST</small> N<small>AMES</small></b></font></p></td>
   <td width="30%"><p align="center" style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"><b>E<small>DUCATION</small><sup>2.</sup></b></font></p></td>
   <td colspan="2"><p  align="center"> <font size="1" face="Times New Roman"><b>D<small>ATE</small></b></font></p></td>
   <td colspan="2"><p  align="center"> <font size="1" face="Times New Roman"><b>S<small>HAREHOLDER</small> P<small>ARTICIPATION</small><sup>/..</sup></b></font></p></td>
 </tr>
 <tr valign="bottom">
   <td  align="Left"><p align="center" style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td><p align="center" style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td width="10%"><p align="center"> <font size="1" face="Times New Roman"><b>S<small>TART</small><sup>1/.</sup></b></font></p></td>
   <td width="10%"><p align="center"> <font size="1" face="Times New Roman"><b>F<small>INISH</small></b></font></p></td>
   <td width="15%"><p align="center"> <font size="1" face="Times New Roman"><b>N&#186; <small> OF SHARES</small></b></font></p></td>
   <td width="10%"><p  align="center"> <font size="1" face="Times New Roman"><b>P<small>ART</small><br>
      (%)</b></font></p></td>
 </tr>
 <tr>
   <td  colspan="6"  valign="top"><p><font size="2" face="Times New Roman"><b><u>I<small>NDEPENDENT</small><br>
      D<small>IRECTORS</small></u></b></font></p></td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Luis Enrique Yarur</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Master&#146;s in Economics and Company Management from the EISE,   Spain, and Lawyer graduated from the University of Navarra, Spain. He is   currently President of Juan Yarur S.A.C., President of the Banco de Cr&#233;dito e   Inversiones, Chile, Vice President of the Asociaci&#243;n de Bancos e   Instituciones Financieras A.G. and Director of the Stock Exchange in   Santiago. He is also a member of the International Advisory Board IESE,   Espa&#241;a, Member of the Business Advisory Commission of the ESE, University of   the Andes, Director of Bci Seguros Generales S.A., Director Bci Seguros de   Vida S.A., President of Jordan S.A. and Vice President of Lourdes S.A.   Director of the Banco de Cr&#233;dito del Per&#250; .</b><br><br></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>31.03.05</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Felipe Ortiz de Zevallos</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Industrial Engineer with a Master&#146;s in Administrative   Science from the University of Rochester and a degree from the Administration   Program of the Harvard Business School. Mr Ortiz de Zevallos is the Rector of   the Universidad del Pac&#237;fico en Lima (elected for the 2004-2009 period). He   is also a member of the Board of Directors of several companies, among them   Grupo Apoyo (Chairman of the Board), Mining Company Buenaventura S.A. and   Universia.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>31.03.05</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Germ&#225;n Su&#225;rez Ch&#225;vez</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Economist with a Master&#146;s in Economy from the University of   Columbia. Mr Su&#225;rez was the Executive Chairman of the Board of Directors of   the Central Reserve Bank of Peru from 1992 to 2001, and is a member of the   Board of the Mining Company Buenaventura S.A.</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>31.03.05</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>1/. </sup>&#160;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">Corresponds to the first appointment.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>2/.</sup></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Include professional education and whether he has   experience in other Boards of Directors.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><sup>3/.</sup></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Only obligatory for directors with a participation   in the social capital that is equal to or greater than 5% of the company&#146;s   shares.</font></p>  </td>
 </tr>
</table>

<p  align="center"><font size="2" face="Times New Roman">72</font></p>

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

<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>11.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.F,   second paragraph)</u>.- Information pertaining to the matters   that will be&#160; dealt with in each   session must be at the disposal of the directors in sufficient time for them   to read it, unless it concerns strategic matters that demand confidentiality,   in which case it will be necessary to establish mechanisms by which the   directors can evaluate such matters adequately.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">How is information on matters that will be dealt   with in a Board meeting communicated to the directors?</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">ELECTRONIC MAIL</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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">MAIL</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>
<font size="2" face="Times New Roman">(&#133;.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER.</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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">IT IS COLLECTED IN PERSON   WITHIN the company</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">How many days in advance is the information on   matters to be dealt with in a session at the disposal of the directors of THE   COMPANY?</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="40%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>F<small>EWER THAN</small> 3<br>   D<small>AYS</small></b></font></p>  </td>
  <td width="20%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>F<small>ROM</small> 3 <small>   TO </small>5 D<small>AYS</small></b></font></p>  </td>
  <td width="20%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>M<small>ORE THAN</small> 5 D<small>AYS</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">N<small>ON-CONFIDENTIAL INFORMATION</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">C<small>ONFIDENTIAL INFORMATION</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the procedures established to allow   directors to analyse information considered confidential are regulated in one   or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THE</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
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  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<br>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
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  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">THE COMPANY HAS AN   ESTABLISHED PROCEDURE BUT IT IS NOT REGULATED</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the   company DOES NOT HAVE A PROCEDURE</font></p>  </td>
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<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

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  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
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  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
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  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
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  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman"><b><i>12.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.F,   third paragraph)</u>.- Following clearly established and   defined policies, the Board of Directors decides on the hiring of specialized   advisory services required by the company to take decisions.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
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<br>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">a.</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Describe the   pre-established policies on contracting specialized advisory services by on   the Board or the directors.</font></p>  </td>
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</table>

<p  align="center">
<font size="2" face="Times New Roman">73</font></p>

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

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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>T<small>HE</small> A<small>UDIT</small>   C<small>OMMITTEE IS   RESPONSIBLE FOR THIS FUNCTION, AS INDICATED IN ITS REGULATORY DOCUMENT</small>.</b></font></p>  </td>
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  <p>
<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>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">The   services that are subject to approval from the Auditing Committee fall into   four categories:</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>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <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>
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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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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>a)</i></font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Audit Services:</i></font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  </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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  <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>
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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>
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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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The   Audit services that can be approved by the Committee include:</font></p>  </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="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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Annual   auditing of the consolidated financial balances, the subsidiaries,   investments in other companies; and any procedures the external auditor may   need to carry out in order to form an opinion of Credicorp&#146;s consolidated   financial balances.</font></p>  </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="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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Tasks   that the external auditor may need to carry out as part of an audit, such as   revision of the information systems and accounting processes, and evaluations   carried out in order to understand and assess the internal control systems,   as well as consultations that are made in relation to the audit.</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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Certification   of the external auditor for internal controls to which Section 404 of the   Sarbanes-Oxley Act refers.</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">The   Audit Committee will supervise the execution of the external auditing   services as necessary. It will also approve, if necessary, any modification   in the terms, conditions, cost and scope of the audit.</font></p>  </td>
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  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">The   Audit Committee may carry out a general approval of other auditing services,   which are those that only the external auditor can reasonably provide; such   as auditing services required by legal standards, financial audits for   subsidiaries or affiliates of Credicorp; and services associated with the   presentation of documents to the SEC or other documents published in relation   to the supply of bonds/securities.</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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>b)</i></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>Services related to audit:</i></font></p>  </td>
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  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">The   services related to the audit are opinions or services that are in line with   the execution of the audit or the revision of Credicorp&#146;s financial balances,   and which are traditionally carried out by the external auditor. These   services include, among others:</font></p>  </td>
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  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">&#147;<i>Due   diligence&#148; </i>with regard to possible acquisitions;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Advisory   services relating to accounting or financial reports;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Assistance in the   comprehension and/or implementation of new accounting and financial rules   established by regulatory entities;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Auditing procedures   relating to accounting matters previously agreed with the Management;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Advice on matters of internal   control.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">The Audit Committee can   give its general approval of the services relating to the audit if its   members consider that these services do not compromise the independence of   the external auditor and if they are consistent with the rulings of the SEC.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>c)</i></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>Taxation Services:</i></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Taxation services include   fulfillment of current taxation standards, planning and recommendations that   do not compromise the independence of the external auditor.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">The Audit Committee can   give its general approval of those taxation services that have historically   been provided by the external auditor and which are consistent with   regulations regarding the independence of the auditor issued by the SEC. Any   taxation service that involves complex transactions needs specific approval   from the Audit Committee.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>d)</i></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>Other services:</i></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">These are the recurring or   non-recurring services that do not compromise the independence of the   external auditor and which are permitted by the regulations for the   independence of the auditor issued by the SEC.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="4"  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the   company DOES NOT HAVE THE AFORE-MENTIONED POLICIES</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
<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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the policies described in the   previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">74</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THE</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Corporate Policies &#150; Audit Committee</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Give the list of specialized advisors to the Board   of Directors who have provided services to aid THE COMPANY&#146;s decision making   during the financial year to which this report refers.</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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Medina,&#160; Zaldivar Paredez y Asociados</b></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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>13.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.H.1)   </u>.- The new directors must be instructed in their faculties   and responsibilities and on the characteristics and organizational structure   of the company.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="6"  valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If THE COMPANY has induction programs for the new   directors, indicate whether such programs are regulated in one or any of THE   COMPANY&#146;s documents. </font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THE</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THE INDUCTION PROGRAMS ARE NOT REGULATED</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the   company DOES NOT HAVE THE AFORE-MENTIONED PROGRAMS</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>14.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle V.H.3)</u>.-   Procedures must be established for the Board of Directors to elect one or   more replacements should a case arise where there is a vacancy for one or   more directors and there are no substitute directors, in order to complete the   numbers for the remaining period, if there is no provision for a different   approach in the Statutes.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="6"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the financial year to which this report   refers, has a vacancy arisen for one or more directors?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative, in accordance with the second paragraph of article 157 of the   General Companies Law, please indicate the following:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="84%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>YES</b></font></p>  </td>
  <td width="8%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>NO</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>ID   THE</small> B<small>OARD OF</small> D<small>IRECTORS ELECT THE REPLACEMENT</small>?</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">If yes, what was the   average time taken to designate the new director (in calendar days)?</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the pre-established procedures for electing   replacements for directorship vacancies.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Majority decision of the Directors</b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the   company DOES NOT HAVE PROCEDURES</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">75</font></p>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the procedures described in the   previous question are contained in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="20%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p align="center">
<font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>   <small> REGULATION</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="20%" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> *</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
    <blockquote>
      <p align="center">
        <font size="2" face="Times New Roman">(...)</font></p>
    </blockquote></td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>15.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.I,   first paragraph)</u>.- The functions of the Chairman of the   Board, Executive Chairman (if relevant), and the CEO, should be clearly   defined in the statutes or the internal regulations of the company in order   to avoid possible conflicts and duplication of functions.</i></b></font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></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>
<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>
<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>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>16.</i></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Principle (V.I,   second paragraph)</u>.- The organic structure of the company   should prevent all the functions, responsibilities and authority from being   centralized on the Chairman of the Board, the Executive Chairman, the CEO and   other officials with management responsibilities.&#160; </i></b></font></p>  </td>
  <td  valign="top">
  <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>
<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="2" face="Times New Roman"><b><i><u>X</u></i></b></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>
<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>
<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>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="6"  valign="top">
  <p>
<font size="2" face="Times New Roman">Should any of the replies to the previous question   be affirmative, indicate whether the responsibilities of the Chairman of the   Board of Directors, of the Executive Chairman (should there be one), of the   CEO and of other officials with management responsibilities are contained in   one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr valign="bottom">
  <td width="25%">
  <p align="left" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>R<small>ESPONSIBILITIES OF</small>:</b></font></p>  </td>
  <td width="10%">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="10%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>I<small>NTERNAL</small><br>
    R<small>EGULATION</small></b></font></p>  </td>
  <td width="10%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="10%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="15%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>N<small>AME OF THE<br>
    DOCUMENT</small> *</b></font></p>  </td>
  <td width="10%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>T<small>HEY ARE NOT<br>
    REGULATED</small></b></font></p>  </td>
  <td width="10%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>N<small>OT</small><br>
    A<small>PPLICABLE</small> <sup>**</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Chairman of the board</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Executive chairman</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>CEO</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(X..)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  align="Left"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Management staff</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(.X)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Structure and<br>   functions</b></font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">** The functions and responsibilities of the   officeholder indicated are not defined in the   company.</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" rowspan="2"  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b><i><u>Principle</u></i></b></font></p>  </td>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>Fulfillment</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>0</i></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>1</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>2</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>3</i></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i>4</i></b></font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b><i>17.</i></b></font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="2" face="Times New Roman">

<b><i><u>Principle V.I.5)</u>.- It is recommended that Management receive at least
part of their payment on the basis of the company&#146;s results, thus ensuring
that the objective of maximizing the value of the company in favor of the
shareholders is achieved.</i></b></font></p> </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="3%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b><i><u>X</u></i></b></font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">With regard to the bonus policy for management   staff, indicate the way(s) in which bonuses are given:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">AWARDING OF SHARES</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>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">AWARDING OF OPTIONS</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">MONETARY AWARDS</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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER. Give   details&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</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>
<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  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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the company   DOES NOT HAVE BONUS PROGRAMS FOR MANAGEMENT STAFF.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate whether the payment (without taking bonuses   into account) received by the CEO and management staff is:</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">76</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="35%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>A F<small>IXED</small> A<small>MOUNT</small></b></font></p>  </td>
  <td  align="Left" width="25%" valign="top">
  <p align="center">
    <font size="1" face="Times New Roman"><b>A V<small>ARIABLE</small> A<small>MOUNT</small></b></font></p>  </td>
  <td width="20%" valign="top">
  <p align="center">
    <font size="1" face="Times New Roman"><b>P<small>AYMENT</small> (%)<sup>*</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">CEO</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  rowspan="2"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(N/A)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">M<small>ANAGEMENT </small>S<small>TAFF</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  align="Left"  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">* Indicate the percentage represented by the total   amount of annual payments made to the members of the management staff and the   CEO, in relation to THE COMPANY&#146;s level of net income, according to the   financial statements.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether THE COMPANY has some kind of   established guarantees or similar in the case of dismissals of the CEO and/or   management staff.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>I.</b></font></p>  </td>
  <td colspan="3" valign="top">

  <p>
  <font size="2" face="Times New Roman"><b>SECOND   SECTION: ADDITIONAL INFORMATION</b></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  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><u>R<small>IGHTS OF THE SHAREHOLDERS</small></u></b></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  colspan="4"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<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="2" face="Times New Roman">a.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Describe the means used to communicate to new   shareholders their rights and how they can exercise them.</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  colspan="3"  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 width="5%"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%"  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td width="80%"  valign="top">
  <p>
<font size="2" face="Times New Roman">ELECTRONIC MAIL</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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">DIRECTLY WITHIN THE COMPANY</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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">BY TELEPHONE</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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">WEB PAGE</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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">VIA MAIL</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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(..)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER. PLEASE   SPECIFY_________________________________________________________</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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. NEW   SHAREHOLDERS ARE NOT TOLD OF THEIR RIGHTS NOR OF HOW TO EXERCISE THEM</font></p>  </td>
 </tr>
</table>

<br>

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

 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td valign="top">

  <p>
  <font size="2" face="Times New Roman">Indicate whether the shareholders have a hard copy   of the points to be discussed on the agenda during the shareholder meeting   and the documents that give the background to them.</font></p></td>
  </tr>
</table>
<br>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate which person or entity of the company is responsible for   following up the agreements adopted in the Shareholder Meetings. If it is a   person, please include his/her position and the area in which he/she works.</font></p>  </td>
 </tr>
</table>

<BR>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="35%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>A<small>REA</small></b></font></p>  </td>
  <td width="65%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>Corporate Secretary</b></font></p>  </td>
 </tr>
</table>




<BR>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  colspan="3"  valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>P<small>ERSON RESPONSIBLE</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="35%" valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>N<small>AMES AND LAST NAMES</small></b></font></p>  </td>
  <td width="30%" valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>P<small>OSITION</small></b></font></p>  </td>
  <td width="35%" valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>A<small>REA</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center"><font size="2" face="Times New Roman"><b>Fernando   Palao</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Corporate   Secretary</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Corporate   Secretary</b></font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">d.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Indicate whether the information relating to the   possessions of the company&#146;s   shareholders is in:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><small>THE COMPANY</small></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>
<font size="2" face="Times New Roman">(..x.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">A COMPENSATION AND   LIQUIDATION INSTITUTION</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">e.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Indicate how frequently the company updates the data referring to shareholders who   appear in their share register.</font></p>  </td>
 </tr>
</table>


<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  rowspan="2"  valign="bottom">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>F<small>REQUENCY</small></b></font></p>  </td>
  <td  colspan="3"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>I<small>NFORMATION SUBJECT TO UPDATING</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>H<small>OME</small>   A<small>DDRESS</small></b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>E<small>LECTRONIC</small>   M<small>AIL</small></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>T<small>ELEPHONE</small>   <small> NUMBER</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="22%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">M<small>ORE   THAN MONTHLY</small></font></p>  </td>
  <td width="35%" valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="20%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="21%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">M<small>ONTHLY</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(X)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Q<small>UARTERLY</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">A<small>NNUALLY</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">L<small>ESS   THAN</small> A<small>NNUALLY</small></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="10%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.x.)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">OTHER, please   specify <b>The agent who registers the shares is The Bank of New   York and the SAP are responsible for communicating changes to CAVALI.</b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">77</font></p>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">f.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Describe THE COMPANY&#146;s dividend policy applicable to   the financial year to which this report refers.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="30%" valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>ATE   OF</small> A<small>PPROVAL</small></font></p>  </td>
  <td width="70%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">March   14, 1997</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">ENTITY THAT APPROVED IT</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Board of   Directors</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>IVIDENT</small> P<small> OLICY<br>   (CRITERIA FOR THE DISTRIBUTION<br>   OF PROFITS)</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>According to the Law of The Bermudas, the dividends can be   declared and paid periodically, on the condition that Credicorp can pay its   obligations on the deadlines, and the attainable value of Credicorp&#146;s assets   is not less than the aggregate of its obligations and the accounts of the   premiums of the shares and the social capital issued after the payment of   said dividends. If it is not possible to ensure that dividends will be paid,   or the amount of the dividends if there were any, Credicorp expects to   announce and pay dividends annually, and Credicorp&#146;s Board of Directors   currently intends to authorize payment to shareholders of annual dividends of   not less than 25% of the net consolidated profits. However, the payment of   dividends remains subject to the Law of The Bermudas and to the discretion of   the Board of Directors of Credicorp and will depend on the general situation   of Credicorp&#146;s business and financial
performance, the availability of   dividends from Credicorp&#146;s subsidiaries and the restrictions to their payment   and other factors that Credicorp&#146;s Board of Directors considers relevant.<br>   <br>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For   the payment of dividends to the holders of Credicorp&#146;s Common Shares and to   cover the company&#146;s costs, Credicorp depends almost exclusively on the   dividends from its subsidiaries, and will be able to determine that its   subsidiaries declare dividends subject to the certain demands on reserves and   capital, according to the laws applicable to the banking and insurance   industry.<br><br></b></font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">g.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If relevant, specify which dividends are in cash and   which are in shares distributed by THE COMPANY in the financial year to which   this report refers and in the previous financial year.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  rowspan="2">
  <p>
<font size="2" face="Times New Roman"><SMALL>DELIVERY</SMALL></font></p>  </td>
  <td  colspan="2" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>D<small>IVIDEND PER SHARE</small></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>I<small>N CASH</small></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>I<small>N SHARES</small></b></font></p>  </td>
 </tr>
 <tr>
  <td width="60%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;T<small>YPE OF UNIQUE SHARE</small></b></font></p>  </td>
  <td width="20%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="20%" 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"><b>&nbsp;&nbsp;&nbsp;</b>F<small>INANCIAL   YEAR N</small> -3<b>- May, 2006</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>US$&nbsp;&nbsp;1.10</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>F<small>INANCIAL   YEAR N</small> 2- <b>May, 2005</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>US$&nbsp;&nbsp;0.80</b></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"><b>&nbsp;&nbsp;&nbsp;T<small>YPE   OF SHARE</small></b></font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n-1</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;I<small>NVESTMENT</small> S<small>HARES</small></b></font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n-1</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;</b>FINANCIAL YEAR n</font></p>  </td>
  <td  valign="top">
  <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>
 </tr>
</table>




<br>

<p>
<font size="2" face="Times New Roman"><b><u>B<small>OARD OF</small> D<small>IRECTORS</small> </u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">h.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Please provide the following information on the   sessions of THE COMPANY&#146;s Board of Directors carried out during the financial   year to which this report refers:</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">N<small>UMBER OF SESSIONS CARRIED OUT:</small></font></p>  </td>
  <td width="15%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>12</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">N<small>UMBER   OF SESSIONS IN WHICH ONE OR MORE DIRECTORS WERE REPRESENTED BY SUBSTITUTE OR   ALTERNATE DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>0</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">N<small>UMBER   OF TITLED DIRECTORS WHO WERE REPRESENTED ON AT LEAST ONE OCCASION</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>0</b></font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">i.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the type of bonuses received by the Board   of Directors for fulfillment of goals in THE COMPANY</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>None</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

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

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

 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">NOT APPLICABLE. the company   DOES NOT HAVE BONUS PROGRAMS FOR DIRECTORS</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">j.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the types of bonuses described in   the previous question are regulated in one or any of THE COMPANY&#146;s documents.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">78</font></p>

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




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr valign="bottom">
  <td width="15%">
  <p style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>S<small>TATUTES</small></b></font></p>  </td>
  <td width="15%">
  <p align="center">
    <font size="1" face="Times New Roman"><b>I<small>NTERNAL<BR>
    REGULATION</small></b></font></p>  </td>
  <td width="15%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>M<small>ANUAL</small></b></font></p>  </td>
  <td width="15%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>O<small>THER</small></b></font></p>  </td>
  <td width="40%" valign="bottom">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>N<small>AME OF THE DOCUMENT</small> <sup>*</sup></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <p align="center">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td  valign="top">
  <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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>

  </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  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">* Specify the name of the document, if not THE   COMPANY&#146;s statutes.</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" 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>
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">THEY ARE NOT REGULATED</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>
<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  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">k.</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the percentage represented by the total   amount of annual payments to the directors, compared to the level of net   income, according to THE COMPANY&#146;s financial statements.</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="50%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="50%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>T<small>OTAL</small> P<small>AYMENTS</small> (%)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">I<small>NDEPENDENT   DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">D<small>EPENDENT   DIRECTORS</small></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">l.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether Board discussions on management   performance took place without the presence of the CEO.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(X)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">N/A</font></p>  </td>
  <td width="26%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b><u>S<small>HAREHOLDERS AND POSSESSIONS</small> </u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">m.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate the number of shareholders with the right   to vote, shareholders without the right to vote (if there are any) and   investment shareholders (if there are any) of THE COMPANY at the close of the   financial year to which this report refers.</font></p>  </td>
 </tr>
</table>


<br>


<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="50%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>T<small>YPE OF SHARE</small> <br>   </b>(including investment shares)</font></p>  </td>
  <td width="50%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>N<small>UMBER OF HOLDERS</small> <br>   </b>(at the close of the financial year)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">S<small>HARES   WITH THE RIGHT TO VOTE</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>4.555</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">S<small>HARES   WITHOUT THE RIGHT TO VOTE</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>-</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">I<small>NVESTMENT   SHARES</small></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>-</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>T<SMALL>OTAL</SMALL></b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>4.555</b></font></p>  </td>
 </tr>
</table>




<br>

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>n.</b></font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Give the following information on shareholders and   investment shareholders with a participation greater than 5% at the close of   the financial year to which this report refers.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Type   of Share: _____</b><b>ONLY ONE TYPE   ___________________</b></font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">
  <tr>
    <td width="33%"><p align="center" style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"><b>N<small>AMES AND</small> L<small>AST NAMES</small></b></font></p></td>
    <td width="22%"><p align="center"> <font size="1" face="Times New Roman"><b>N<small>UMBER OF<br>
        SHARES</small></b></font></p></td>
    <td width="22%"><p  align="center"> <font size="1" face="Times New Roman"><b><small> PARTICIPATION </small>(%)</b></font></p></td>
    <td width="22%"><p  align="center"> <font size="1" face="Times New Roman"><b>N<small>ATIONALITY</small></b></font></p></td>
  </tr>
  <tr>
    <td  valign="top"><p> <font size="2" face="Times New Roman"><b>&#193;TLANTIC SECURITY<br>
        HOLDING CORP</b></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="2" face="Times New Roman"><b>15.49</b></font></p></td>
    <td  valign="top"><p  align="center"> <font size="2" face="Times New Roman"><b>GRAN<br>
        CAYMAN</b></font></p></td>
  </tr>
  <tr>
    <td  valign="top"><p><font size="2" face="Times New Roman"><b>IN-FONDOS<br>
        NV-FONDOS<br>
        HO-FONDOS<br>
        URIGELER INTERNATIONAL</b></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="2" face="Times New Roman"><b>10.00<br>
        9.33<br>
        7.83<br>
        5.60</b></font></p></td>
    <td  valign="top"><p  align="center"> <font size="2" face="Times New Roman"><b>PERU<br>
        PERU<br>
        PERU<br>
        PANAMA</b></font></p></td>
  </tr>
</table>
<br>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Type   of Share: ______</b><b>NEGATIVE__________________</b></font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="34%">
  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman"><b>N<small>AMES AND</small>   L<small>AST NAMES</small></b></font></p>  </td>
  <td width="22%">
  <p align="center">
    <font size="1" face="Times New Roman"><b>N<small>UMBER OF<br>
    SHARES</small></b></font></p>  </td>
  <td width="22%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b><small>   PARTICIPATION </small>(%)</b></font></p>  </td>
  <td width="21%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>N<small>ATIONALITY</small></b></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 align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">-0-</font></p>  </td>
  <td  valign="top">
  <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>
 </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>
<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>
</table>




<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Investment Shares</b><b> NEGATIVE</b></font></p>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="34%">
  <p align="center">
    <font size="1" face="Times New Roman"><b>N<small>AMES AND</small>   L<small>AST NAMES</small></b></font></p>  </td>
  <td width="22%">
  <p align="center">
    <font size="1" face="Times New Roman"><b>N<small>UMBER OF<br>
    SHARES</small></b></font></p>  </td>
  <td width="22%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b><small>   PARTICIPATION </small>(%)</b></font></p>  </td>
  <td width="21%">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>N<small>ATIONALITY</small></b></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 align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">-0-</font></p>  </td>
  <td  valign="top">
  <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>
 </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>
<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>
</table>




<p  align="center">
<font size="2" face="Times New Roman">79</font></p>


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

<p><font size="2" face="Times New Roman"><b><u>OTHER</u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">o.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Indicate whether the company has an internal code of   conduct or similar document concerning ethical criteria or professional   responsibility.</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer is affirmative, give the exact name of   the document:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Code of Ethics</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>&nbsp;&nbsp;Code of Ethics for Professionals with financial   responsibility</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">p.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Are records kept of cases where the afore-mentioned   regulations (question a) have not been fulfilled?</font></p>  </td>
 </tr>
</table>

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

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">(.X.)</font></p>  </td>
  <td width="16%" valign="top">
  <p>
<font size="2" face="Times New Roman">YES</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">(...)</font></p>  </td>
  <td width="8%" valign="top">
  <p>
<font size="2" face="Times New Roman">NO</font></p>  </td>
  <td width="50%" valign="top">
  <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="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">q.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">If the answer to the previous question is   affirmative, please give the name of the person or entity responsible for   maintaining said records in the company.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">r.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<br>



<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="30%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>AREA RESPONSIBLE</b></font></p>  </td>
  <td width="70%" valign="top">
  <p align="center">
<font size="2" face="Times New Roman"><b>LABOR RELATIONS DEPARTMENT &#150;<br>   HUMAN RESOURCES DIVISION</b></font></p>  </td>
 </tr>
</table>




<br>




<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td  colspan="3"  valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>PERSON   RESPONSIBLE</b></font></p>  </td>
 </tr>
 <tr>
  <td width="30%" valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>NAMES AND   LAST NAMES</b></font></p>  </td>
  <td width="35%" valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>TITLE</b></font></p>  </td>
  <td width="35%" valign="top">
  <p  align="center">
    <font size="1" face="Times New Roman"><b>AREA</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Rocio   Vignes Pareja</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>HEAD OF   THE LABOR RELATIONS<br>   DEPARTMENT</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>HUMAN   RESOURCES</b></font></p>  </td>
 </tr>
</table>




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

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">s.</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Please give the following information for all   documents mentioned in the present report (Statutes, Internal Regulations,   Manual or other documents):</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="1" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">

 <tr>
  <td width="55%" valign="middle">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"><b>NAME   OF THE DOCUMENT</b></font></p>  </td>
  <td width="15%" valign="top">
  <p>
    <font size="1" face="Times New Roman"><b>APPROVAL<br>
    BODY</b></font></p>  </td>
  <td width="15%" valign="top">
  <p>
    <font size="1" face="Times New Roman"><b>DATE   OF<br>
    APPROVAL</b></font></p>  </td>
  <td width="15%" valign="top">
  <p>
    <font size="1" face="Times New Roman"><b>DATE   OF LAST<br>
    MODIFICATION</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><B>C<SMALL>REDICORP&#146;S</SMALL> <SMALL>C</SMALL>ODE <SMALL>OF</SMALL> <SMALL>E</SMALL>THICS</B></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>B<SMALL>OARD</SMALL></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>30/03/03</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>18/09/06</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>C<SMALL>ODE OF</SMALL> E<SMALL>THICS FOR PROFESSIONALS WITH FINANCIAL RESPONSIBILITIES</SMALL> - C<SMALL>REDICORP</SMALL></b></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>B<SMALL>OARD</SMALL></b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>30/03/03</b></font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b>18/09/06</b></font></p>  </td>
 </tr>
</table>

<br>

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

 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman">t.</font></p>  </td>
  <td width="95%" valign="top">
  <p><font size="2" face="Times New Roman">Include any other information you consider relevant.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

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

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

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

<p  align="center"><font size="2" face="Times New Roman">80</font></p>



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

<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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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
