----

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| CREDICORP LTD.                                        |
|-------------------------------------------------------|
| (Exact name of registrant as specified in itscharter) |
| BERMUDA                                               |
| (Jurisdiction of incorporation or organization)       |

| Of our subsidiary                        |
|------------------------------------------|
| Banco de Crédito del Perú:     |
| Calle Centenario 156                     |
| La Molina                                |
| Lima 12, Perú                       |
| (Address of principal executive offices) |

| Alvaro Correa                                                                          |
|----------------------------------------------------------------------------------------|
| Chief Financial Officer                                                                |
| Credicorp Ltd                                                                          |
| Banco de Crédito del Perú:                                                   |
| Calle Centenario 156                                                                   |
| La Molina                                                                              |
| Lima 12, Perú                                                                     |
| Phone (+511) 313 2140                                                                  |
| Facsimile (+511) 313 2121                                                              |
| (Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person) |

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| Title of each class       | Name of each exchange on which registered |
|------------------------------------------|-------------------------------------------------------------------------|
| Common Shares, par value $5.00 per share | New York Stock Exchange                                                 |

|   | Large accelerated filer  x | Accelerated filer   ̈ | Non-accelerated filer  o |   |
|--------|--------------------------------------|-------------------------------------|------------------------------------|--------|

| U.S. GAAP  ̈ | International Financial Reporting Standards as issued              | Other  ̈ |
|------------------|--------------------------------------------------------------------|--------------|
|             | by the International Accounting Standards Board   x |         |

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|   | · | Item 3 “Key Information” |
|--------|--------|--------------------------------------|

|   | · | Item 4 “Information on the Company” |
|--------|--------|-------------------------------------------------|

|   | · | Item 5 “Operating and Financial Review and Prospects” |
|--------|--------|------------------------------------------------------------------------|

|   | · | Item 6 “Directors and Senior Management” |
|--------|--------|------------------------------------------------------|

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| TABLE OF CONTENTS                                               |                                                                         |
|-----------------------------------------------------------------|------------------------------------------------------------------------------|
|                                                            |                                                                         |
| PRESENTATION OF FINANCIAL INFORMATION                           | 1                                                                            |
| CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS | 2                                                                            |
|                                                            |                                                                         |
| PART I                                                          |                                                                         |   |
|                                                            |                                                                         |   |
| ITEM 1.                                                         | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS                        | 3 |
| ITEM 2.                                                         | OFFER STATISTICS AND EXPECTED TIMETABLE                                      | 3 |
| ITEM 3.                                                         | KEY INFORMATION                                                              | 3 |
| ITEM 4.                                                         | INFORMATION ON THE COMPANY                                                   | 12 |
| ITEM 4A.                                                        | UNRESOLVED STAFF COMMENTS                                                    | 87 |
| ITEM 5.                                                         | OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                 | 87 |
| ITEM 6.                                                         | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                   | 112 |
| ITEM 7.                                                         | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                            | 117 |
| ITEM 8.                                                         | FINANCIAL INFORMATION                                                        | 121 |
| ITEM 9.                                                         | THE OFFER AND LISTING                                                        | 123 |
| ITEM 10.                                                        | ADDITIONAL INFORMATION                                                       | 127 |
| ITEM 11.                                                        | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                   | 128 |
| ITEM 12.                                                        | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 138 |
| ITEM 13.                                                        | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 139 |
| ITEM 14.                                                        | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 139 |
| ITEM 15.                                                        | CONTROLS AND PROCEDURES                                                      | 139 |
| ITEM 15T.                                                       | CONTROLS AND PROCEDURES                                                      | 143 |
| ITEM 16A.                                                       | AUDIT COMMITTEE FINANCIAL EXPERT                                             | 143 |
| ITEM 16B.                                                       | CODE OF ETHICS                                                               | 143 |
| ITEM 16C.                                                       | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 143 |
| ITEM 16D.                                                       | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 144 |
| ITEM 16E.                                                       | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 145 |
| ITEM 16F.                                                       | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT                           | 145 |
| ITEM 16G.                                                       | CORPORATE GOVERNANCE                                                         | 145 |
| ITEM 17.                                                        | FINANCIAL STATEMENTS                                                         | 149 |
| ITEM 18.                                                        | FINANCIAL STATEMENTS                                                         | 149 |
| ITEM 19.                                                        | EXHIBITS                                                                     | 150 |

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|   | · | general economic conditions, including in particular economic conditions in Peru; |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | performance of financial markets, including emerging markets; |
|--------|--------|---------------------------------------------------------------|

|   | · | the frequency and severity of insured loss events; |
|--------|--------|----------------------------------------------------|

|   | · | interest rate levels; |
|--------|--------|-----------------------|

|   | · | currency exchange rates, including the Nuevo Sol/U.S. Dollar exchange rate; |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | increasing levels of competition in Peru and other emerging markets; |
|--------|--------|----------------------------------------------------------------------|

|   | · | changes in laws and regulations; |
|--------|--------|----------------------------------|

|   | · | changes in the policies of central banks and/or foreign governments; and |
|--------|--------|--------------------------------------------------------------------------|

|   | · | general competitive factors, in each case on a global, regional and/or national basis. |
|--------|--------|----------------------------------------------------------------------------------------|

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| ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
|---------|-------------------------------------------------------|

| ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
|---------|-----------------------------------------|

| ITEM 3. | KEY INFORMATION |
|---------|-----------------|

| (A) | Selected Financial Data |
|-----|-------------------------|

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|                                                                            |   | Year ended December 31,                                                                                              |   |
|---------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                            |   | 2005                                                                                                                                |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                                                                            |   | (U.S. Dollars in thousands, except percentages, ratios,and per common share data) |   |
| INCOME STATEMENT DATA:                                                          |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| IFRS:                                                                           |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                 |   |  US$ 612,432                                                                                                                   |   |   | US$ 782,002 |   |   | US$ 1,065,339 |   |   | US$ 1,382,844 |   |   | US$ 1,312,925 |   |
| Interest expense                                                                |   | (173,159                                                                                                                            | )      |   | (283,478 | ) |   | (431,365 | ) |   | (561,617 | ) |   | (420,564 | ) |
| Net Interest income                                                             |   | 439,273                                                                                                                             |   |   | 498,524 |   |   | 633,974 |   |   | 821,227 |   |   | 892,361 |   |
| Provision for loan losses  (1)                                             |   | 6,356                                                                                                                               |   |   | 4,243 |   |   | (28,439 | ) |   | (48,760 | ) |   | (163,392 | ) |
| Net interest income after provision for loan losses                             |   | 445,629                                                                                                                             |   |   | 502,767 |   |   | 605,535 |   |   | 772,467 |   |   | 728,969 |   |
| Fees and commissions from banking services                                      |   | 206,163                                                                                                                             |   |   | 243,778 |   |   | 324,761 |   |   | 394,247 |   |   | 436,819 |   |
| Net gains (loss) from sales of securities                                       |   | 8,965                                                                                                                               |   |   | 27,281 |   |   | 46,376 |   |   | 51,936 |   |   | 120,932 |   |
| Net gains on foreign exchangetransactions                                       |   | 29,286                                                                                                                              |   |   | 41,638 |   |   | 61,778 |   |   | 108,709 |   |   | 87,944 |   |
| Net premiums earned                                                             |   | 218,955                                                                                                                             |   |   | 251,261 |   |   | 297,272 |   |   | 393,903 |   |   | 424,682 |   |
| Other income                                                                    |   | 21,571                                                                                                                              |   |   | 26,197 |   |   | 90,022 |   |   | 37,672 |   |   | 74,936 |   |
| Claims on insurance activities                                                  |   | (175,500                                                                                                                            | )      |   | (186,522 | ) |   | (238,600 | ) |   | (341,910 | ) |   | (286,458 | ) |
| Operating expenses                                                              |   | (477,073                                                                                                                            | )      |   | (585,058 | ) |   | (747,089 | ) |   | (920,603 | ) |   | (957,110 | ) |
| Merger costs                                                                    |   | 0                                                                                                                                   |   |   | (5,706 | ) |   | 0 |   |   | 0 |   |   | 0 |   |
| Income before translation result and income tax                                 |   | 277,996                                                                                                                             |   |   | 315,636 |   |   | 440,055 |   |   | 496,421 |   |   | 630,714 |   |
| Translation result                                                              |   | (9,597                                                                                                                              | )      |   | 15,216 |   |   | 34,627 |   |   | (17,650 | ) |   | 12,222 |   |
| Income tax                                                                      |   | (73,546                                                                                                                             | )      |   | (83,587 | ) |   | (102,287 | ) |   | (109,508 | ) |   | (138,500 | ) |
| Net income                                                                      |   | 194,853                                                                                                                             |   |   | 247,265 |   |   | 372,395 |   |   | 369,263 |   |   | 504,436 |   |
| Attributable to:                                                                |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to Credicorp’s equity holders                     |   | 181,885                                                                                                                             |   |   | 230,013 |   |   | 350,735 |   |   | 357,756 |   |   | 469,785 |   |
| Minority interest                                                               |   | 12,968                                                                                                                              |   |   | 17,252 |   |   | 21,660 |   |   | 11,507 |   |   | 34,651 |   |
| Number of shares as adjusted to reflect changes in capital                      |   | 79,761,475                                                                                                                          |   |   | 79,761,475 |   |   | 79,761,475 |   |   | 79,761,475 |   |   | 79,591,225 |   |
| Net income per common share attributable to Credicorp ́s equity holders (2) |   | 2.28                                                                                                                                |   |   | 2.88 |   |   | 4.40 |   |   | 4.49 |   |   | 5.90 |   |
| Diluted net income per share                                                    |   | 2.28                                                                                                                                |   |   | 2.88 |   |   | 4.40 |   |   | 4.49 |   |   | 5.90 |   |
| Cash dividends declared per common share                                        |   | 1.10                                                                                                                                |   |   | 1.30 |   |   | 1.50 |   |   | 1.50 |   |   | 1.70 |   |
| BALANCE SHEET DATA:                                                             |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| IFRS:                                                                           |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets                                                                    |   | 11,036,075                                                                                                                          |   |   | 12,881,529 |   |   | 17,705,898 |   |   | 20,821,069 |   |   | 22,028,107 |   |
| Total loans (3)                                                                 |   | 4,972,975                                                                                                                           |   |   | 5,877,361 |   |   | 8,183,845 |   |   | 10,456,284 |   |   | 11,505,319 |   |
| Reserves for loan losses (1)                                                    |   | (218,636                                                                                                                            | )      |   | (210,586 | ) |   | (229,700 | ) |   | (248,063 | ) |   | (376,049 | ) |
| Total deposits                                                                  |   | 7,067,754                                                                                                                           |   |   | 8,799,134 |   |   | 11,299,671 |   |   | 13,877,028 |   |   | 14,038,710 |   |
| Equity attributable to  Credicorp’s equity holders                   |   | 1,190,440                                                                                                                           |   |   | 1,396,822 |   |   | 1,676,009 |   |   | 1,689,172 |   |   | 2,316,856 |   |
| Minority interest                                                               |   | 101,515                                                                                                                             |   |   | 136,946 |   |   | 139,264 |   |   | 106,933 |   |   | 186,496 |   |
| Net Equity                                                                      |   | 1,291,955                                                                                                                           |   |   | 1,533,768 |   |   | 1,815,273 |   |   | 1,796,105 |   |   | 2,503,352 |   |

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|                                                                                               |   | Year ended December 31,                                                                                              |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                               |   | 2005                                                                                                                                |   | 2006 |   | 2007 |   | 2008 |   | 2009 |
|                                                                                               |   | (U.S. Dollars in thousands, except percentages, ratios,and per common share data) |
| SELECTED RATIOS                                                                                    |   |                                                                                                                                |   |   |   |   |   |   |   |   |
| IFRS:                                                                                              |   |                                                                                                                                |   |   |   |   |   |   |   |   |
| Net interest margin (4)                                                                            |   | 4.90%                                                                                                                               |   | 4.64% |   | 4.50% |   | 4.46% |   | 4.70% |
| Return on average total assets (5)                                                                 |   | 1.81%                                                                                                                               |   | 1.92% |   | 2.29% |   | 1.86% |   | 2.19% |
| Return on average equity attributable to Credicorp’s equity holders (6)                      |   | 16.39%                                                                                                                              |   | 18.44% |   | 22.67% |   | 20.21% |   | 23.72% |
| Operating expenses as a percentage of net interest and non-interest income (7)                     |   | 46.25%                                                                                                                              |   | 50.26% |   | 50.62% |   | 40.27% |   | 46.18% |
| Operating expenses as a percentage of average assets                                               |   | 4.74%                                                                                                                               |   | 4.89% |   | 4.88% |   | 4.78% |   | 4.47% |
| Equity attributable to Credicorp’s equity holders as a percentage of period end total assets |   | 10.79%                                                                                                                              |   | 10.84% |   | 9.47% |   | 8.11% |   | 10.52% |
| Regulatory capital as a percentage of risk weighted assets (8)                                     |   | 13.10%                                                                                                                              |   | 11.98% |   | 12.80% |   | 12.33% |   | 14.32% |
| Total past-due loan amounts as a percentage of total loans (9)                                     |   | 1.93%                                                                                                                               |   | 1.31% |   | 0.75% |   | 0.79% |   | 1.60% |
| Reserves for loan losses as a percentage of total loans                                            |   | 3.97%                                                                                                                               |   | 3.24% |   | 2.58% |   | 2.15% |   | 3.08% |
| Reserves for loan losses as a percentage of total loans  and other contingent credits (10)    |   | 3.19%                                                                                                                               |   | 2.59% |   | 2.17% |   | 1.84% |   | 2.53% |
| Reserves for loan losses as a percentage of total past-due loans (11)                              |   | 206.22%                                                                                                                             |   | 247.85% |   | 343.68% |   | 270.72% |   | 191.99% |
| Reserves for loan losses as a percentage of substandard loans (12)                                 |   | 65.42%                                                                                                                              |   | 78.24% |   | 100.45% |   | 112.26% |   | 99.45% |

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| (1) | Provision for loan losses and reserve for loan losses include provisions and reserves with respect to total loans and contingent credits, net of write-off recoveries. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | We have 100 million authorized common shares. As of December 31, 2009, we had issued 94.4 million common shares, of which 14.6 million were held by ASHC. The per common share data given considers net outstanding shares (common shares net of shares held by BCP, ASHC and PPS) of 79.7 million in 2002 to 2009. See Notes 16 and 25 to the Credicorp Consolidated Financial Statements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Net of unearned interest, but prior to reserve for loan losses. In addition to loans outstanding, we had contingent loans of US$1,220.9 million, US$1,455.4 million, US$1,564.5 million, US$1,755.9 million and US$2,528.1 million, as of December 31, 2005, 2006, 2007, 2008 and 2009, respectively. See Note 19 to the Credicorp Consolidated Financial Statements. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Net interest income as a percentage of average interest-earning assets, computed as the average of period-beginning and period-ending balances on a monthly basis. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Net income as a percentage of average total assets, computed as the average of period-beginning and period-ending balances. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (6) | Net income as a percentage of average equity attributable to our equity holders, computed as the average of period-beginning and period-ending balances, and calculated on a monthly basis. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Sum of the salaries and employee’s benefits, administrative expenses, depreciation and amortization, as a percentage of the sum of net interest income and non-interest income, less net gains from sales of securities and other income. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Regulatory capital calculated in accordance with guidelines by the Basel Committee on Banking Regulations and Supervisory Practices of International Settlements (or the BIS I Accord) as adopted by the SBS. See “Item 5. Operating and Financial Review and Prospects—(B) Liquidity and Capital Resources—Regulatory Capital and Capital Adequacy Ratios.” |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | BCP considers loans past due after 90 days for installment loans, which include mortgage loans but exclude consumer loans. ASHC considers past due all overdue loans except for consumer loans, which are considered past due when the scheduled principal and/or interest payments are overdue for more than 90 days. For IFRS 7 disclosure requirements on past-due loans, See Note 29.1 to the Credicorp Consolidated Financial Statements. See “Item 4. Information on the Company—(B) Business Overview—(12) Selected Statistical Information—(iii) Loan Portfolio—Classification of the Loan Portfolio Based on the Borrower’s PaymentPerformance.” |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (10) | Other contingent credits primarily consist of guarantees, stand-by letters and letters of credit. See Note 19 to the Credicorp Consolidated Financial Statements. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Reserves for loan and contingent credit losses, as a percentage of all past-due loans, with no reduction for collateral securing such loans. Reserves for loan and contingent credit losses include reserves with respect to total loans and other credits. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Reserves for loan and contingent credit losses as a percentage of loans classified in categories C, D or E. See “Item 4. Information on the Company—(B) Business Overview—(12) Selected Statistical Information—(iii) Loan Portfolio—Classification of Loan Portfolio.” |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year ended December 31, |   | High (1)                                                   |   |   | Low (1) |   |   | Average (2) |   |   | Period-end (3) |   |
|----------------------------------------|--------|-----------------------------------------------------------------|--------|--------|--------------|--------|--------|------------------|--------|--------|---------------------|--------|
|                                   |   | (Nominal Nuevos Soles per U.S. Dollar) |   |
| 2005                                   |   | 3.440                                                           |   |   | 3.249        |   |   | 3.295            |   |   | 3.420               |   |
| 2006                                   |   | 3.455                                                           |   |   | 3.195        |   |   | 3.274            |   |   | 3.195               |   |
| 2007                                   |   | 3.197                                                           |   |   | 2.998        |   |   | 3.125            |   |   | 2.998               |   |
| 2008                                   |   | 3.135                                                           |   |   | 2.751        |   |   | 2.939            |   |   | 3.135               |   |
| 2009                                   |   | 3.258                                                           |   |   | 2.853        |   |   | 3.010            |   |   | 2.889               |   |

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| (1) | Highest and lowest of the 12 month-end exchange rates for each year based on the offered rate. |
|-----|------------------------------------------------------------------------------------------------|

| (2) | Average of month-end exchange rates based on the offered rate. |
|-----|----------------------------------------------------------------|

| (3) | End-of-period exchange rates based on the offered rate. |
|-----|---------------------------------------------------------|

|                   |   | High (1)                                                   |   |   | Low (1) |   |
|------------------------|--------|-----------------------------------------------------------------|--------|--------|--------------|--------|
|                   |   | (Nominal Nuevos Soles per U.S. Dollar) |   |
| 2009                   |   |                                                            |   |   |         |   |
| December               |   | 2.889                                                           |   |   | 2.863        |   |
| 2010                   |   |                                                            |   |   |         |   |
| January                |   | 2.889                                                           |   |   | 2.845        |   |
| February               |   | 2.871                                                           |   |   | 2.845        |   |
| March                  |   | 2.846                                                           |   |   | 2.837        |   |
| April                  |   | 2.848                                                           |   |   | 2.836        |   |
| May                    |   | 2.855                                                           |   |   | 2.836        |   |
| June (through June 14) |   | 2.851                                                           |   |   | 2.844        |   |

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| (B) | Capitalization and Indebtedness |
|-----|---------------------------------|

| (C) | Reasons for the Offer and Use of Proceeds |
|-----|-------------------------------------------|

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| (D) | Risk Factors |
|-----|--------------|

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----

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|   | · | Bolivia has reached a steady GDP growth rate that was not affected by the international financial crisis; |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | In 2009, Bolivia’s international reserve registered its highest level in Bolivian history; |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | The country’s inflation rate decreased to 0.3% and external debt was at its lowest level in 2009; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | The Central Government also maintained a significant fiscal surplus, and Bolivia’s domestic currency has strengthened, causing an important de-dollarization of the national economy. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | collect and analyze a substantial volume of data; |
|--------|--------|---------------------------------------------------|

|   | · | develop, test and apply appropriate rating formulae; |
|--------|--------|------------------------------------------------------|

|   | · | closely monitor changes in trends in a timely fashion; and |
|--------|--------|------------------------------------------------------------|

|   | · | project both severity and frequency with reasonable accuracy. |
|--------|--------|---------------------------------------------------------------|

|   | · | Highly liquid commercial banks in the market; |
|--------|--------|-----------------------------------------------|

|   | · | Local and foreign investment banks with substantial capital, technology, and marketing resources; and |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | Local pension funds that lend to BCP’s corporate customers through participation in those customers’ securities issues. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 4. | INFORMATION ON THE COMPANY |
|---------|----------------------------|

| (A) | History and Development of the Company |
|-----|----------------------------------------|

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|                 |   | As of and for the Year ended December 31, 2009 |   |
|----------------------|--------|---------------------------------------------------------------------------------------------|--------|
|                 |   | TotalRevenues                                                                               |   |   | OperatingIncome |   |   | TotalAssets |   |
|                 |   | (U.S. Dollars in millions)                                                   |   |
| Banking              |   | US$ 1,820                                                                                   |   |   | US$ 831 |   |   | US$ 20,120 |   |
| Insurance            |   | 518                                                                                         |   |   | 192 |   |   | 1,457 |   |
| Pension fund         |   | 80                                                                                          |   |   | 0 |   |   | 237 |   |
| Brokerage and others |   | 40                                                                                          |   |   | 8 |   |   | 214 |   |
| Credicorp            |   | US$ 2,458                                                                                   |   |   | US$ 1,031 |   |   | US$ 22,028 |   |

----

----

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|                                                                          |   | As of and for the Year ended December 31, 2009 (1) |   |
|-------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|
|                                                                          |   | Total Assets                                                                                    |   | Total Revenue |   | Net Income (Loss) |   | Net Equity |   |
| Banco de Crédito del Perú                                           |   | 87.2%                                                                                                |   | 72.8% |   | 84.6% |   | 70.6% |   |
| Atlantic Security Holding Corporation                                         |   | 4.6%                                                                                                 |   | 2.3% |   | 6.3% |   | 9.3% |   |
| El Pacífico-Peruano Suiza Compañía de Seguros y Reaseguros (2) |   | 6.6%                                                                                                 |   | 21.3% |   | 10.5% |   | 8.2% |   |
| Grupo Crédito (3)                                                        |   | 1.3%                                                                                                 |   | 3.5% |   | 5.7% |   | 9.4% |   |
| Others (4)                                                                    |   | 0.3%                                                                                                 |   | 0.1% |   | -7.1% |   | 2.5% |   |

----

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|                                     |   | As of and for the Year ended December 31, 2009 (2) |   |
|------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|
|                                     |   | TotalAssets                                                                                          |   | TotalRevenue |   | Net Income(Loss) |   | NetEquity |   |
| Banco de Crédito del Perú      |   | 92.0%                                                                                                |   | 90.6% |   | 86.5% |   | 83.3% |   |
| Banco de Crédito de Bolivia         |   | 5.6%                                                                                                 |   | 5.8% |   | 8.9% |   | 6.2% |   |
| Empresa Financiera Edyficar S.A.         |   | 1.4%                                                                                                 |   | 1.1% |   | 0.3% |   | 2.4% |   |
| Financiera de Crédito Solución |   | 0.3%                                                                                                 |   | 0.3% |   | 0.3% |   | 0.4% |   |
| Credifondo S.A.                          |   | 0.1%                                                                                                 |   | 1.2% |   | 3.0% |   | 1.5% |   |
| Credibolsa Sociedad Agente de Bolsa S.A. |   | 0.1%                                                                                                 |   | 0.3% |   | -0.1% |   | 0.6% |   |
| Others (3)                               |   | 0.5%                                                                                                 |   | 0.7% |   | 1.1% |   | 5.6% |   |

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|  (B) | Business Overview |
|-----------|-------------------|

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----

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|                   |   | 2007                                                                    |   | 2008   |   | 2009  |   | Variation 2009/2008 |   |
|------------------------|--------|-------------------------------------------------------------------------|--------|--------|--------|-------|--------|--------------------------|--------|
|                   |   | (U.S. Dollars in millions, except percentages) |   |
| BCP (1)                |   | 322.5                                                                   |   | 410.9  |   | 388.5 |   | -5%                      |   |
| ASCH                   |   | 20.5                                                                    |   | (50.4) |   | 29.7  |   | 159%                     |   |
| PPS                    |   | 9.4                                                                     |   | (15.9) |   | 37.4  |   | 335%                     |   |
| Grupo Crédito (2) |   | (1.7)                                                                   |   | 13.2   |   | 14.2  |   | 8%                       |   |
| Total                  |   | 350.7                                                                   |   | 357.8  |   | 469.8 |   | 31%                      |   |

----

| (1) | Includes Banco de Crédito de Bolivia, which contributed US$30.3 million in 2009, US$42.9 million in 2008 and US$27.0 million in 2007. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes Prima AFP (which recorded a net income of US$20.8 million in 2009, US$11.2 million in 2008 and US$3.0 million in 2007), Credicorp Securities, Credicorp Ltd. (which mainly includes expenses and the tax withheld in connection with the estimation of the dividends to be distributed to us by our Peruvian subsidiaries (BCP and PPS)) and others. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | Portfolio Management:  We seek to consolidate the good performance of our portfolios and funds through strict risk control and an appropriate level of diversification. To achieve this, we focus on improving three key aspects: investment policies, investment processes and management metrics. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Financial Management:  We focus on providing quality financial advisory services, building customer loyalty, and encouraging customers to invest in a diverse combination of securities according to their risk profile. Our objective is to improve the standards of the advisory services that our commercial bank offers and to distinguish between the levels of advisory services provided to different sectors. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Brokerage: We attempt to provide a timely and high quality service, offering competitive execution costs, channeling a greater proportion of the assets traded by our companies to profitable investments and identifying opportunities for joint action (resulting in better prices), in addition to improving controls aimed at avoiding possible conflicts of interest. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Risk Analysis: We seek to identify, quantify, regulate and, ultimately, minimize the risks associated with operations, credit, market, liquidity, legal contingencies, conflict of interests and other risks. Another objective of our risk analysis is setting corporate investment limits, creating a portfolio investments risk manual, and ensuring strict compliance with risk control rules. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Client Segmentation |
|--------------------------|
| Group                    |   | Sales (US$MM) |
| Micro-business           |   | Up to 0.5 or total debt of 0.2 |
| Small Business           |   | From 0.5 to 6.6 or total debt of 1.0 |
| Middle market            |   | From 6.7 to 30 |
| Corporate                |   | Higher than 30 |

----

|   | · | Banco de Crédito de Bolivia, or BCB, is BCP’s commercial bank in Bolivia. BCP owns 95.92% of BCB and we hold the remaining interest. Currently, BCB is the fourth largest bank in Bolivia in terms of deposits and loans market share and has a network of 65 offices located throughout Bolivia. BCB owns one of Bolivia’s largest brokerage houses, Credibolsa S.A. Agente de Bolsa, and this subsidiary owns Credifondo SAFI Bolivia, a mutual fund company. BCP targets middle- and small-sized clients and offers a broad range of corporate, personal banking and leasing products. BCB’s results are consolidated in BCP’s financial statements. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Empresa Financiera Edyficar S.A. was acquired in October 2009 and is 99.78% owned by BCP. It is engaged in micro finance in Peru. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | Credibolsa Sociedad Agente de Bolsa, or Credibolsa, was established in June 1991 and is 100% owned by BCP. It is engaged in portfolio advisory and brokerage activities in the Lima Stock Exchange. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Credifondo Sociedad Administradora de Fondos Mutuos, or Credifondo, is a mutual fund management company that was established in 1994. Credifondo is 100% owned by BCP. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Creditítulos S.A., or Creditítulos was established in 1997 and is 100% owned by BCP. Creditítulos serves as an asset securitization entity. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Inmobiliaria BCP is the real estate subsidiary of BCP. It manages and promotes the sale of real estate that has been foreclosed or received in payment by BCP. Inmobiliaria BCP is 100% owned by BCP. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Solución Financiera de Crédito del Perú S.A. was established in 1979 and is 100% owned by BCP. Its business includes mortgage lending, consumer lending and SME financing. In the company’s shareholders meeting on November 19, 2009, Solución Financiera de Crédito del Perú S.A.’s shareholders decided to change the company from a finance company to a mortgage administrator company and to change the company’s name to Solución Empresa Administradora Hipotecaria S.A. These changes were necessary because, according to Peruvian Law, no person is allowed to be the owner of two financial institutions of the same type. As a result, the company will primarily engage in the administration of mortgage portfolios. These changes were submitted to the SBSfor approval and are still under evaluation. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Corporate Banking, which provides loans and other credit services to companies with annual revenues in excess of US$30 million; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Middle Market Banking, which serves mid-sized companies; |
|--------|--------|----------------------------------------------------------|

|   | · | International Banking, which manages BCP’s relationship with financial institutions locally and abroad, trade products and international operations services; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Corporate Finance, which provides underwriting and financial advisory services to corporate and middle market clients; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | Business Finance, which finances business projects and manages the financial leasing product; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | Institutional Banking, which focuses principally on serving profit and non-profit organizations, state-owned companies and other major institutions; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Business Services, which develops transactional services. |
|--------|--------|-----------------------------------------------------------|

----

|   | · | Revolving credit lines to finance inventories and sales, as well as stand-by letters of credit and international trade financing; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | Financing for short-term requirements such as current account credits and temporary account advances (overdrafts); and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | Financing for medium and long-term requirements using intermediation resources (term deposits) and various types of financial leasing financing. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Creating hubs to meet the needs of its customers more efficiently |
|--------|--------|-------------------------------------------------------------------|

|   | · | Streamlining its lending process to provide middle market customers with prompt service; |
|--------|--------|------------------------------------------------------------------------------------------|

----

|   | · | Introducing new electronic financial products to make its services more accessible to customers; |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | Incorporating sophisticated technical tools that assist it in analyzing risk-based pricing and profitability; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | · | Focusing on risk based financial services revenues, which account for 50% of the total income generated by the middle market banking area |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | A leasing arrangement for US$162 million for Cemento Andino to expand their cement plant, representing the largest leasing transaction that has been structured and paid by a local bank; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A medium-term leaseback facility to Votorantim Metais Cajamarquilla for US$120 million to expand their zinc refinery capacity to 320 Tons per year. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A leaseback facility to Empresa de Generación Huanza for US$119 million to finance the construction of their 91.2MW hydroelectric plant. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A syndicated leasing to Compañia Electrica el Platanal, or CELEPSA, for US$60 million to complete the construction of their 220MW hydroelectric plant. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

| In US$ thousands |      | Risk without collateral or withonly personal collateral orguarantee |      | Risk with preferredguarantees (1) |   |
|----------------------------|--------------------------|--------------------------------------------------------------------------------------------------------|---------------------|--------------------------------------------------|--------|
| Board of Directors         |                     | Regulatory limit                                                                                  |                | Regulatory limit                            |   |
| Executive Committee        |                     | US$ 191,076                                                                                            |                | US$ 191,076                                      |   |
| General Manager            |                     | US$ 35,000                                                                                             |                | US$ 30,000                                       |   |
| Credit Group Manager       |                     | US$ 7,500                                                                                              |                | US$ 15,000                                       |   |
| Credit Risk Manager        |                     | US$ 4,000                                                                                              |                | US$ 8,000                                        |   |
| Credit Risk Chiefs         |                     | US$ 2,000                                                                                              |                | US$ 3,000                                        |   |
| Retail Credit Risk Manager |                     | US$ 500                                                                                                |                | US$ 500                                          |   |

----

| (1) | Preferred guarantees include deposits in cash, stand-by letters, securities and other liquid assets with market price, mortgages, non-real estate property guarantees and assets generated by leasing operations. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

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| Major Peruvian Banks as of December 31, 2009 |   | Assets |   | Deposits |   | Loans |   |
|---------------------------------------------------------------------------------|--------|--------|--------|----------|--------|-------|--------|
| BCP                                                                             |   | 36.6%  |   | 34.2%    |   | 33.4% |   |
| BBVA Banco Continental                                                          |   | 20.8%  |   | 22.2%    |   | 23.4% |   |
| Scotiabank Perú                                                            |   | 15.9%  |   | 16.2%    |   | 15.2% |   |
| Interbank                                                                       |   | 11.2%  |   | 11.9%    |   | 11.4% |   |
| Banco Interamericano de Finanzas                                                |   | 2.8%   |   | 3.4%     |   | 3.4%  |   |

----

----

----

|   | (ii) | Peruvian Economy |
|--------|------|------------------|

----

----

----

|   | (10)  | The Peruvian Financial System |
|--------|------------|-------------------------------|

|   | (i) | General |
|--------|-----|---------|

|   | (ii) | Central Bank |
|--------|------|--------------|

|   | (iii) | SBS |
|--------|-------|-----|

----

|   | (iv) | Financial System Institutions |
|--------|------|-------------------------------|

----

|   | (11)  | Supervision and Regulation |
|--------|------------|----------------------------|

|   | (i) | Credicorp |
|--------|-----|-----------|

----

|   | (ii) | BCP |
|--------|------|-----|

----

----

|                                                   |   | First Year |   | Second Year |   | Third Year |   |
|--------------------------------------------------------|--------|-----------------|--------|------------------|--------|-----------------|--------|
| Basic IRB and Internal Models of Credit Risk           |   | 95%             |   | 90%              |   | 80%             |   |
| Advanced Models of Credit Risk and/or Operational Risk |   | 90%             |   | 80%              |   | —         |   |

| Implementationdate  |   | Regulatory capital(% of total weightedassets) |   | Total risk-weighted assets                                                                                                                                                    |
|---------------------|--------|-------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| July 1st, 2009 |   | 9.5%                                                              |   | 10.5 times the regulatory capital needed to cover market risks;plus10.5 times regulatory capital needed to cover operational risks;plusTotal amount of credit risk-weighted assets.     |
| July 1st, 2010      |   | 9.8%                                                              |   | 10.2 times the regulatory capital needed to cover market risks;plus10.2 times the regulatory capital needed to cover operational risks;plusTotal amount of credit risk-weighted assets. |
| July 1st, 2011      |   | 10%                                                               |   | 10 times the regulatory capital needed to cover market risks;plus10 times the regulatory capital needed to cover operational risks;plusTotal amount of credit risk-weighted assets.     |

----

|   | · | Basic Capital: Basic Capital or Tier 1 capital is comprised of: (i) paid-in-capital (which includes common stock and perpetual non-cumulative preferred stock), legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval, and retained earnings with capitalization agreements (earnings that the shareholders or the Board of Directors, as the case may be, have committed to capitalize as common stock); (ii) other elements that have characteristics of permanence and loss absorption that are in compliance with regulations enacted by the SBS; and (iii) unrealized gains in Subsidiaries.  Items deducted from Tier 1 capital include: (i) current and past years’ unrealized losses;(ii) deficits of loan loss provisions; (iii) goodwill resulting from corporate reorganizations or acquisitions; and (iv) half of the amount referred to in “Deductions” below.  Absent any Tier 2 capital, 100% of the amount referred to in “Deductions” below must be deducted from Tier 1 capital.  The elements referred to in item (ii) above should not exceed 17.65% of the amount resulting from adding components (i) and (iii) of Tier 1 capital net of the deductions in (i), (ii) and (iii) in this paragraph. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Supplementary Capital: Supplementary capital is comprised of the sum of certain elements from Tier 2 capital and Tier 3 capital. Tier 2 capital elements include: (i) voluntary reserves that may be reduced without prior consent from the SBS; (ii) the eligible portion of redeemable subordinated debt and of any other components that have characteristics of debt and equity as provided by the SBS; (iii) for banks using the Standardized Approach Method (SAM), the generic loan loss provision up to 1.25% of credit risk-weighted assets; or, alternatively, for banks using the Internal Ratings-Based Method (IRB), the generic loan loss provision up to 0.6% of total credit risk-weighted assets (pursuant to article 189 of the Law); and (iv) half ofthe amount referred to in “Deductions” below.  Tier 3 capital is comprised of redeemable subordinated debt that is incurred with the exclusive purpose of covering market risk, as referred to in Article 233 of the Law. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Deductions: The following are deducted from Tier 1 and Tier 2 capital: (i) all investments in shares and subordinated debt issued by other local or foreign financial institutions and insurance companies; (ii) all investments in shares and subordinated debt issued by an affiliate with which the bank consolidates its financial statements, including its holding company and such subsidiaries referred to in Articles 34 and 224 of the Law; (iii) the amount in which an investment in shares issued by a company with which the bank does not consolidate its financial statements and which is not part of the bank’s negotiable portfolio, exceeds 15% of the bank’s regulatory capital; (iv) the aggregate amount of all investments in sharesissued by companies with which the bank does not consolidate its financial statements and which are not part of the bank’s negotiable portfolio, exceeds 60% of the regulatory capital; (v) when applicable, the amount resulting from the formula prescribed in Article 189 of the Law.  For the purposes herein, “regulatory capital” excludes the amounts referred to in (iii), (iv) and (iv) of this paragraph. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | (iii) | ASHC |
|--------|-------|------|

----

----

|   | (iv) | BCB |
|--------|------|-----|

|   | (v) | PPS |
|--------|-----|-----|

----

----

|   | (12)  | Selected Statistical Information |
|--------|------------|----------------------------------|

|   | (i) | Average Balance Sheets and Income from Interest-Earning Assets |
|--------|-----|----------------------------------------------------------------|

| R(s) | =  | real average interest rate on Nuevo Sol-denominated assets and liabilities for the period. |
|------|---------|--------------------------------------------------------------------------------------------|

| N(s) | =  | nominal average interest rate on Nuevo Sol-denominated assets and liabilities for the period. |
|------|---------|-----------------------------------------------------------------------------------------------|

| I | =  | inflation rate in Peru for the period (based on the Peruvian consumer price index). |
|---|---------|-------------------------------------------------------------------------------------|

----

|                                                                                             |   | Year ended December 31,          |   |
|--------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                                             |   | 2007                                            |   | 2008 |   | 2009 |   |
| ASSETS:                                                                                          |   | AverageBalance                                  |   | InterestEarned |   | Real Avg.Rate |   | NominalAvg.Rate |   | AverageBalance |   | InterestEarned |   | Real Avg.Rate |   | NominalAvg.Rate |   | AverageBalance |   | InterestEarned |   | RealAvg.Rate |   | NominalAvg. Rate |   |
|                                                                                             |   | (U.S. Dollars in thousands, except percentages) |   |
| Interest-earning assets:                                                                         |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits in Central Bank                                                                         |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | US$ 16,559                                 |   | US$ 339 |   | 1.00 | % | 2.05 | %  | US$ 221,485 |   | US$ 10,055 |   | 3.44 | % | 4.54 | %  | US$ 64,870 |   | US$ 1,425 |   | 1.12 | % | 2.20 | % |
| Foreign Currency                                                                            |   | 1,422,395                                       |   | 46,582 |   | 3.27 |   | 3.27 |   | 1,737,797 |   | 27,859 |   | 1.60 |   | 1.60 |   | 2,099,395 |   | 3,446 |   | 0.16 |   | 0.16 |   |
| Total                                                                                            |   | 1,438,954                                       |   | 46,921 |   | 3.25 |   | 3.26 |   | 1,959,282 |   | 37,914 |   | 1.81 |   | 1.94 |   | 2,164,265 |   | 4,871 |   | 0.19 |   | 0.23 |   |
| Deposits in other banks                                                                          |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 30,337                                          |   | 1,224 |   | 2.96 |   | 4.04 |   | 68,990 |   | 2,821 |   | 2.99 |   | 4.09 |   | 111,006 |   | 5,733 |   | 4.05 |   | 5.16 |   |
| Foreign Currency                                                                                 |   | 1,002,633                                       |   | 57,672 |   | 5.75 |   | 5.75 |   | 778,822 |   | 34,531 |   | 4.43 |   | 4.43 |   | 920,030 |   | 5,314 |   | 0.58 |   | 0.58 |   |
| Total                                                                                            |   | 1,032,970                                       |   | 58,896 |   | 5.67 |   | 5.70 |   | 847,812 |   | 37,352 |   | 4.32 |   | 4.41 |   | 1,031,036 |   | 11,047 |   | 0.95 |   | 1.07 |   |
| Investment securities                                                                            |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 2,110,943                                       |   | 138,028 |   | 5.44 |   | 6.54 |   | 2,453,796 |   | 187,156 |   | 6.49 |   | 7.63 |   | 1,536,677 |   | 38,313 |   | 1.41 |   | 2.49 |   |
| Foreign Currency                                                                                 |   | 2,131,911                                       |   | 93,734 |   | 4.40 |   | 4.40 |   | 3,355,232 |   | 110,865 |   | 3.30 |   | 3.30 |   | 3,288,724 |   | 148,316 |   | 4.51 |   | 4.51 |   |
| Total                                                                                            |   | 4,242,854                                       |   | 231,762 |   | 4.92 |   | 5.46 |   | 5,809,028 |   | 298,021 |   | 4.65 |   | 5.13 |   | 4,825,401 |   | 186,629 |   | 3.52 |   | 3.87 |   |
| Total loans (1)                                                                                  |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 1,942,261                                       |   | 262,401 |   | 12.34 |   | 13.51 |   | 2,987,721 |   | 400,394 |   | 12.20 |   | 13.40 |   | 3,893,475 |   | 537,357 |   | 12.60 |   | 13.80 |   |
| Foreign Currency                                                                                 |   | 5,101,392                                       |   | 439,070 |   | 8.61 |   | 8.61 |   | 6,533,987 |   | 563,546 |   | 8.62 |   | 8.62 |   | 6,810,072 |   | 524,689 |   | 7.70 |   | 7.70 |   |
| Total                                                                                            |   | 7,043,653                                       |   | 701,471 |   | 9.64 |   | 9.96 |   | 9,521,708 |   | 963,940 |   | 9.75 |   | 10.12 |   | 10,703,547 |   | 1,062,046 |   | 9.49 |   | 9.92 |   |
| Total dividend-earning assets                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 215,100                                         |   | 5,791 |   | 1.64 |   | 2.69 |   | 174,356 |   | 6,672 |   | 2.73 |   | 3.83 |   | 160,185 |   | 2,057 |   | 0.22 |   | 1.28 |   |
| Foreign Currency                                                                                 |   | 118,334                                         |   | 3,079 |   | 2.60 |   | 2.60 |   | 107,567 |   | 5,517 |   | 5.13 |   | 5.13 |   | 114,074 |   | 7,658 |   | 6.71 |   | 6.71 |   |
| Total                                                                                            |   | 333,434                                         |   | 8,870 |   | 1.98 |   | 2.66 |   | 281,923 |   | 12,189 |   | 3.65 |   | 4.32 |   | 274,259 |   | 9,715 |   | 2.92 |   | 3.54 |   |
| Total interest-earning assets                                                                    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 4,315,200                                       |   | 407,783 |   | 8.32 |   | 9.45 |   | 5,906,348 |   | 607,098 |   | 9.12 |   | 10.28 |   | 5,766,213 |   | 584,885 |   | 8.98 |   | 10.14 |   |
| Foreign Currency                                                                                 |   | 9,776,665                                       |   | 640,137 |   | 6.55 |   | 6.55 |   | 12,513,405 |   | 742,318 |   | 5.93 |   | 5.93 |   | 13,232,295 |   | 689,423 |   | 5.21 |   | 5.21 |   |
| Total                                                                                            |   | 14,091,865                                      |   | 1,047,920 |   | 7.09 |   | 7.44 |   | 18,419,753 |   | 1,349,416 |   | 6.95 |   | 7.33 |   | 18,998,508 |   | 1,274,308 |   | 6.35 |   | 6.71 |   |
| Noninterest-earning assets:                                                                      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and due from banks                                                                          |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 250,118                                         |   |   |   |   |   |   |   | 308,321 |   |   |   |   |   |   |   | 327,127 |   |   |   |   |   |   |   |
| Foreign Currency                                                                                 |   | 255,715                                         |   |   |   |   |   |   |   | 259,761 |   |   |   |   |   |   |   | 275,276 |   |   |   |   |   |   |   |
| Total                                                                                            |   | 505,833                                         |   |   |   |   |   |   |   | 568,082 |   |   |   |   |   |   |   | 602,403 |   |   |   |   |   |   |   |
| Reserves for loan losses                                                                         |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | (37,601                                         | )      |   |   |   |   |   |   | (68,072 | ) |   |   |   |   |   |   | (133,303 | ) |   |   |   |   |   |   |
| Foreign Currency                                                                                 |   | (154,917                                        | )      |   |   |   |   |   |   | (156,850 | ) |   |   |   |   |   |   | (156,364 | ) |   |   |   |   |   |   |
| Total                                                                                            |   | (192,518                                        | )      |   |   |   |   |   |   | (224,922 | ) |   |   |   |   |   |   | (289,667 | ) |   |   |   |   |   |   |
| Premises and equipment                                                                           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 182,308                                         |   |   |   |   |   |   |   | 269,221 |   |   |   |   |   |   |   | 303,170 |   |   |   |   |   |   |   |
| Foreign Currency                                                                                 |   | 73,948                                          |   |   |   |   |   |   |   | 26,805 |   |   |   |   |   |   |   | 19,242 |   |   |   |   |   |   |   |
| Total                                                                                            |   | 256,256                                         |   |   |   |   |   |   |   | 296,026 |   |   |   |   |   |   |   | 322,412 |   |   |   |   |   |   |   |
| Other non-interest-earning assets and gain fromderivatives instruments and other interest income |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 334,653                                         |   | 2,067 |   |   |   |   |   | 527,364 |   | 1,193 |   |   |   |   |   | 820,740 |   | 12,728 |   |   |   |   |   |
| Foreign Currency                                                                                 |   | 561,477                                         |   | 15,352 |   |   |   |   |   | 747,978 |   | 32,235 |   |   |   |   |   | 814,175 |   | 25,889 |   |   |   |   |   |
| Total                                                                                            |   | 896,130                                         |   | 17,419 |   |   |   |   |   | 1,275,342 |   | 33,428 |   |   |   |   |   | 1,634,915 |   | 38,617 |   |   |   |   |   |
| Total non-interest-earning assets                                                                |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 729,478                                         |   | 2,067 |   |   |   |   |   | 1,036,834 |   | 1,193 |   |   |   |   |   | 1,317,734 |   | 12,728 |   |   |   |   |   |
| Foreign Currency                                                                                 |   | 736,223                                         |   | 15,352 |   |   |   |   |   | 877,694 |   | 32,235 |   |   |   |   |   | 952,329 |   | 25,889 |   |   |   |   |   |
| Total                                                                                            |   | 1,465,701                                       |   | 17,419 |   |   |   |   |   | 1,914,528 |   | 33,428 |   |   |   |   |   | 2,270,063 |   | 38,617 |   |   |   |   |   |
| Total average assets                                                                             |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                                     |   | 5,044,678                                       |   | 409,850 |   | 7.01 |   | 8.12 |   | 6,943,182 |   | 608,291 |   | 7.61 |   | 8.76 |   | 7,083,947 |   | 597,613 |   | 7.29 |   | 8.44 |   |
| Foreign Currency                                                                                 |   | 10,512,888                                      |   | 655,489 |   | 6.24 |   | 6.24 |   | 13,391,099 |   | 774,553 |   | 5.78 |   | 5.78 |   | 14,184,624 |   | 715,312 |   | 5.04 |   | 5.04 |   |
| Total                                                                                            |   | 15,557,566                                      |   | 1,065,339 |   | 6.49 |   | 6.85 |   | 20,334,281 |   | 1,382,844 |   | 6.41 |   | 6.80 |   | 21,268,571 |   | 1,312,925 |   | 5.79 |   | 6.17 |   |

----

| (1) | Figures for total loans include past-due loans, but do not include accrued but unpaid interest on such past-due loans in the year in which such loans became past due. Accrued interest is included. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                |   | Year ended December 31,          |       |
|-------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                                                |   | 2007                                            |       | 2008 |   | 2009 |   |
| LIABILITIES                                                                         |   | AverageBalance                                  |       | InterestPaid |   | RealAvg. Rate |   | NominalAvg. Rate |   | AverageBalance |   | InterestPaid |   | Real Avg.Rate |   | NominalAvg. Rate |   | AverageBalance |   | InterestPaid |   | RealAvg.Rate |   | NominalAvg.Rate |   |
|                                                                                |   | (U.S. Dollars in thousands, except percentages) |       |
| Interest-bearing liabilities:                                                       |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand  deposits                                                          |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles (1)                                                                    |   | US$                                             | 1,120,416  |   | US$ | 12,761 |   |   | 0.10 | %  |   | 1.14 | %  | US$ | 1,685,905 |   | US$ | 22,986 |   |   | 0.29 | %  |   | 1.36 | %  | US$ | 1,723,108 |   | US$ | 15,378 |   |   | -0.17 | %  |   | 0.89 | % |
| Foreign Currency (1)                                                                |   |                                            | 2,206,983  |   |   | 12,362 |   |   | 0.56 |   |   | 0.56 |   |   | 2,603,193 |   |   | 15,099 |   |   | 0.58 |   |   | 0.58 |   |   | 2,685,555 |   |   | 6,036 |   |   | 0.22 |   |   | 0.22 |   |
| Total                                                                               |   |                                            | 3,327,399  |   |   | 25,123 |   |   | 0.40 |   |   | 0.76 |   |   | 4,289,098 |   |   | 38,085 |   |   | 0.47 |   |   | 0.89 |   |   | 4,408,663 |   |   | 21,414 |   |   | 0.07 |   |   | 0.49 |   |
| Savings deposits                                                                    |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles (1)                                                                    |   |                                            | 711,641    |   |   | 8,550 |   |   | 0.16 |   |   | 1.20 |   |   | 1,143,032 |   |   | 13,511 |   |   | 0.11 |   |   | 1.18 |   |   | 1,283,529 |   |   | 8,610 |   |   | -0.39 |   |   | 0.67 |   |
| Foreign Currency (1)                                                                |   |                                            | 1,396,318  |   |   | 11,319 |   |   | 0.81 |   |   | 0.81 |   |   | 1,560,084 |   |   | 13,654 |   |   | 0.88 |   |   | 0.88 |   |   | 1,952,183 |   |   | 9,899 |   |   | 0.51 |   |   | 0.51 |   |
| Total                                                                               |   |                                            | 2,107,959  |   |   | 19,869 |   |   | 0.59 |   |   | 0.94 |   |   | 2,703,116 |   |   | 27,165 |   |   | 0.55 |   |   | 1.00 |   |   | 3,235,712 |   |   | 18,509 |   |   | 0.15 |   |   | 0.57 |   |
| Time deposits                                                                       |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles (1)                                                                    |   |                                            | 1,440,081  |   |   | 82,746 |   |   | 4.66 |   |   | 5.75 |   |   | 2,659,712 |   |   | 156,137 |   |   | 4.75 |   |   | 5.87 |   |   | 1,988,784 |   |   | 86,312 |   |   | 3.24 |   |   | 4.34 |   |
| Foreign Currency (1)                                                                |   |                                            | 3,613,304  |   |   | 180,741 |   |   | 5.00 |   |   | 5.00 |   |   | 3,640,246 |   |   | 154,719 |   |   | 4.25 |   |   | 4.25 |   |   | 4,191,628 |   |   | 119,806 |   |   | 2.86 |   |   | 2.86 |   |
| Total                                                                               |   |                                            | 5,053,385  |   |   | 263,487 |   |   | 4.90 |   |   | 5.21 |   |   | 6,299,958 |   |   | 310,856 |   |   | 4.46 |   |   | 4.93 |   |   | 6,180,412 |   |   | 206,118 |   |   | 2.98 |   |   | 3.34 |   |
| Due to banks and correspondents                                                     |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            | 153,258    |   |   | 6,033 |   |   | 2.87 |   |   | 3.94 |   |   | 190,227 |   |   | 8,763 |   |   | 3.50 |   |   | 4.61 |   |   | 201,718 |   |   | 4,851 |   |   | 1.32 |   |   | 2.40 |   |
| Foreign Currency                                                                    |   |                                            | 1,411,710  |   |   | 77,037 |   |   | 5.46 |   |   | 5.46 |   |   | 2,341,164 |   |   | 96,055 |   |   | 4.10 |   |   | 4.10 |   |   | 1,969,158 |   |   | 46,803 |   |   | 2.38 |   |   | 2.38 |   |
| Total                                                                               |   |                                            | 1,564,968  |   |   | 83,070 |   |   | 5.20 |   |   | 5.31 |   |   | 2,531,391 |   |   | 104,818 |   |   | 4.06 |   |   | 4.14 |   |   | 2,170,876 |   |   | 51,654 |   |   | 2.28 |   |   | 2.38 |   |
| Bonds                                                                               |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            | 201,787    |   |   | 12,954 |   |   | 5.33 |   |   | 6.42 |   |   | 468,265 |   |   | 30,864 |   |   | 5.47 |   |   | 6.59 |   |   | 528,565 |   |   | 35,133 |   |   | 5.52 |   |   | 6.65 |   |
| Foreign Currency                                                                    |   |                                            | 341,643    |   |   | 20,638 |   |   | 6.04 |   |   | 6.04 |   |   | 294,716 |   |   | 20,892 |   |   | 7.09 |   |   | 7.09 |   |   | 452,412 |   |   | 31,860 |   |   | 7.04 |   |   | 7.04 |   |
| Total                                                                               |   |                                            | 543,430    |   |   | 33,592 |   |   | 5.78 |   |   | 6.18 |   |   | 762,981 |   |   | 51,756 |   |   | 6.09 |   |   | 6.78 |   |   | 980,977 |   |   | 66,993 |   |   | 6.22 |   |   | 6.83 |   |
| Total interest-bearing liabilities                                                  |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            | 3,627,183  |   |   | 123,044 |   |   | 2.33 |   |   | 3.39 |   |   | 6,147,141 |   |   | 232,261 |   |   | 2.68 |   |   | 3.78 |   |   | 5,725,704 |   |   | 150,284 |   |   | 1.54 |   |   | 2.62 |   |
| Foreign Currency                                                                    |   |                                            | 8,969,958  |   |   | 302,097 |   |   | 3.37 |   |   | 3.37 |   |   | 10,439,403 |   |   | 300,419 |   |   | 2.88 |   |   | 2.88 |   |   | 11,250,936 |   |   | 214,404 |   |   | 1.91 |   |   | 1.91 |   |
| Total                                                                               |   |                                            | 12,597,141 |   |   | 425,141 |   |   | 3.07 |   |   | 3.37 |   |   | 16,586,544 |   |   | 532,680 |   |   | 2.81 |   |   | 3.21 |   |   | 16,976,640 |   |   | 364,688 |   |   | 1.78 |   |   | 2.15 |   |
| Non-interest-bearing liabilities and net equity:                                    |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other liabilities and loss from derivatives instruments and other interest expenses |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            | 157,062    |   |   | 2,687 |   |   |   |   |   |   |   |   | 489,502 |   |   | 20,850 |   |   |   |   |   |   |   |   | 676,295 |   |   | (11,177 | ) |   |   |   |   |   |   |
| Foreign Currency                                                                    |   |                                            | 1,123,751  |   |   | 3,537 |   |   |   |   |   |   |   |   | 1,363,623 |   |   | 8,087 |   |   |   |   |   |   |   |   | 1,489,528 |   |   | 67,053 |   |   |   |   |   |   |   |
| Total                                                                               |   |                                            | 1,280,813  |   |   | 6,224 |   |   |   |   |   |   |   |   | 1,853,125 |   |   | 28,937 |   |   |   |   |   |   |   |   | 2,165,823 |   |   | 55,876 |   |   |   |   |   |   |   |
| Equity attributable to Credicorp equity holders                                     |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign Currency                                                                    |   |                                            | 1,547,283  |   |   |   |   |   |   |   |   |   |   |   | 1,770,400 |   |   |   |   |   |   |   |   |   |   |   | 1,980,856 |   |   |   |   |   |   |   |   |   |   |
| Total                                                                               |   |                                            | 1,547,283  |   |   |   |   |   |   |   |   |   |   |   | 1,770,400 |   |   |   |   |   |   |   |   |   |   |   | 1,980,856 |   |   |   |   |   |   |   |   |   |   |
| Minority Interest                                                                   |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign Currency                                                                    |   |                                            | 132,329    |   |   |   |   |   |   |   |   |   |   |   | 124,212 |   |   |   |   |   |   |   |   |   |   |   | 145,252 |   |   |   |   |   |   |   |   |   |   |
| Total                                                                               |   |                                            | 132,329    |   |   |   |   |   |   |   |   |   |   |   | 124,212 |   |   |   |   |   |   |   |   |   |   |   | 145,252 |   |   |   |   |   |   |   |   |   |   |
| Total non-interest-bearing liabilities and equity                                   |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            | 157,062    |   |   | 2,687 |   |   |   |   |   |   |   |   | 489,502 |   |   | 20,850 |   |   |   |   |   |   |   |   | 676,295 |   |   | (11,177 | ) |   |   |   |   |   |   |
| Foreign Currency                                                                    |   |                                            | 2,803,363  |   |   | 3,537 |   |   |   |   |   |   |   |   | 3,258,235 |   |   | 8,087 |   |   |   |   |   |   |   |   | 3,615,636 |   |   | 67,053 |   |   |   |   |   |   |   |
| Total                                                                               |   |                                            | 2,960,425  |   |   | 6,224 |   |   |   |   |   |   |   |   | 3,747,737 |   |   | 28,937 |   |   |   |   |   |   |   |   | 4,291,931 |   |   | 55,876 |   |   |   |   |   |   |   |
| Total average liabilities and equity                                                |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                                                                        |   |                                            | 3,784,245  |   |   | 125,731 |   |   | 2.26 |   |   | 3.32 |   |   | 6,636,643 |   |   | 253,111 |   |   | 2.72 |   |   | 3.81 |   |   | 6,401,999 |   |   | 139,107 |   |   | 1.09 |   |   | 2.17 |   |
| Foreign Currency                                                                    |   |                                            | 11,773,321 |   |   | 305,634 |   |   | 2.60 |   |   | 2.60 |   |   | 13,697,638 |   |   | 308,506 |   |   | 2.25 |   |   | 2.25 |   |   | 14,866,572 |   |   | 281,457 |   |   | 1.89 |   |   | 1.89 |   |
| Total                                                                               |   |                                            | 15,557,566 |   |   | 431,365 |   |   | 2.51 |   |   | 2.77 |   |   | 20,334,281 |   |   | 561,617 |   |   | 2.40 |   |   | 2.76 |   |   | 21,268,571 |   |   | 420,564 |   |   | 1.65 |   |   | 1.98 |   |

----

| (1)  | Includes the amount paid to Central Bank for the deposit insurance fund. |
|-----------|--------------------------------------------------------------------------|

----

|                                             |   | 2008/2007                                                  |   | 2009/2008                                             |
|--------------------------------------------------|--------|------------------------------------------------------------|--------|------------------------------------------------------------|
|                                             |   | Increase/(Decrease) due to changes in: |   | Increase/(Decrease) due to changes in: |
|                                             |   | Volume                                                     |   | Rate                                                       |   | Net Change |   | Volume |   | Rate |   | Net Change |
|                                             |   | (U.S. Dollars in thousands)                 |
| Interest Income:                                 |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Interest-earning deposits in Central Bank        |
| Nuevos Soles                                     |   | 4,194                                                      |   | 5,522                                                      |   | 9,716 |   | (7,110) |   | (1,520) |   | (8,630) |
| Foreign Currency                                 |   | 10,329                                                     |   | (29,052)                                                   |   | (18,723) |   | 5,797 |   | (30,210) |   | (24,413) |
| Total                                            |   | 14,523                                                     |   | (23,530)                                                   |   | (9,007) |   | (1,313) |   | (31,730) |   | (33,043) |
| Deposits in other banks                          |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 1,560                                                      |   | 37                                                         |   | 1,597 |   | 1,718 |   | 1,194 |   | 2,912 |
| Foreign Currency                                 |   | (12,873)                                                   |   | (10,268)                                                   |   | (23,141) |   | 6,261 |   | (35,478) |   | (29,217) |
| Total                                            |   | (11,313)                                                   |   | (10,231)                                                   |   | (21,544) |   | 7,979 |   | (34,284) |   | (26,305) |
| Investment securities                            |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 22,418                                                     |   | 26,710                                                     |   | 49,128 |   | (69,951) |   | (78,892) |   | (148,843) |
| Foreign Currency                                 |   | 53,786                                                     |   | (36,655)                                                   |   | 17,131 |   | (2,198) |   | 39,649 |   | 37,451 |
| Total                                            |   | 76,204                                                     |   | (9,945)                                                    |   | 66,259 |   | (72,149) |   | (39,243) |   | (111,392) |
| Total loans(1)                                   |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 141,242                                                    |   | (3,249)                                                    |   | 137,993 |   | 121,383 |   | 15,580 |   | 136,963 |
| Foreign Currency                                 |   | 123,302                                                    |   | 1,174                                                      |   | 124,476 |   | 23,812 |   | (62,669) |   | (38,857) |
| Total                                            |   | 264,544                                                    |   | (2,075)                                                    |   | 262,469 |   | 145,195 |   | (47,089) |   | 98,106 |
| Total dividend-earning assets                    |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | (1,097)                                                    |   | 1,978                                                      |   | 881 |   | (542) |   | (4,073) |   | (4,615) |
| Foreign Currency                                 |   | (280)                                                      |   | 2,718                                                      |   | 2,438 |   | 334 |   | 1,807 |   | 2,141 |
| Total                                            |   | (1,377)                                                    |   | 4,696                                                      |   | 3,319 |   | (208) |   | (2,266) |   | (2,474) |
| Total interest-earning assets                    |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 150,362                                                    |   | 48,953                                                     |   | 199,315 |   | (14,404) | ) | (7,809) |   | (22,213) |
| Foreign Currency                                 |   | 179,191                                                    |   | (77,010)                                                   |   | 102,181 |   | 42,646 |   | (95,541) |   | (52,895) |
| Total                                            |   | 329,553                                                    |   | (28,057)                                                   |   | 301,496 |   | 28,242 |   | (103,350) |   | (75,108) |
| Interest Expense:                                |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Demand deposits                                  |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 6,441                                                      |   | 3,784                                                      |   | 10,225 |   | 508 |   | (8,116) |   | (7,608) |
| Foreign Currency                                 |   | 2,219                                                      |   | 518                                                        |   | 2,737 |   | 477 |   | (9,540) |   | (9,063) |
| Total                                            |   | 8,660                                                      |   | 4,302                                                      |   | 12,962 |   | 985 |   | (17,656) |   | (16,671) |
| Savings deposits                                 |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 5,183                                                      |   | (222)                                                      |   | 4,961 |   | 1,660 |   | (6,561) |   | (4,901) |
| Foreign Currency                                 |   | 1,328                                                      |   | 1,007                                                      |   | 2,335 |   | 3,432 |   | (7,187) |   | (3,755) |
| Total                                            |   | 6,511                                                      |   | 785                                                        |   | 7,296 |   | 5,092 |   | (13,748) |   | (8,656) |
| Time deposits                                    |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 70,079                                                     |   | 3,312                                                      |   | 73,391 |   | (39,387) |   | (30,438) |   | (69,825) |
| Foreign Currency                                 |   | 1,348                                                      |   | (27,370)                                                   |   | (26,022) |   | 23,435 |   | (58,349) |   | (34,914) |
| Total                                            |   | 71,427                                                     |   | (24,058)                                                   |   | 47,369 |   | (15,952) |   | (88,787) |   | (104,739) |
| Due to banks and correspondents and issued bonds |
| Nuevos Soles                                     |   | 1,455                                                      |   | 1,275                                                      |   | 2,730 |   | 529 |   | (4,441) |   | (3,912) |
| Foreign Currency                                 |   | 50,720                                                     |   | (31,702)                                                   |   | 19,018 |   | (15,263) |   | (33,989) |   | (49,252) |
| Total                                            |   | 52,175                                                     |   | (30,427)                                                   |   | 21,748 |   | (14,734) |   | (38,430) |   | (53,164) |
| Bonds                                            |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 17,107                                                     |   | 803                                                        |   | 17,910 |   | 3,974 |   | 295 |   | 4,269 |
| Foreign Currency                                 |   | (2,835)                                                    |   | 3,089                                                      |   | 254 |   | 11,179 |   | (211) |   | 10,968 |
| Total                                            |   | 14,272                                                     |   | 3,892                                                      |   | 18,164 |   | 15,153 |   | 84 |   | 15,237 |
| Total interest-bearing liabilities               |   |                                                       |   |                                                       |   |   |   |   |   |   |   |   |
| Nuevos Soles                                     |   | 85,484                                                     |   | 23,733                                                     |   | 109,217 |   | (15,924) |   | (66,053) |   | (81,977) |
| Foreign Currency                                 |   | 49,489                                                     |   | (51,167)                                                   |   | (1,678) |   | 23,354 |   | (109,369) |   | (86,015) |
| Total                                            |   | 134,973                                                    |   | (27,434)                                                   |   | 107,539 |   | 7,430 |   | (175,422) |   | (167,992) |

----

| (1) | Figures for total loans include past-due loans, but do not include accrued but unpaid interest on such past-due loans in the year in which such loans became past due. Accrued interest is included. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                            |   | Year ended December 31,                                   |       |
|---------------------------------|--------|--------------------------------------------------------------------------|------------|
|                            |   | 2007                                                                     |       |   | 2008 |   |   | 2009 |   |
|                            |   | (U.S. Dollars in thousands, except percentages) |       |
| Average interest-earning assets |   |                                                                     |       |   |   |   |   |   |   |
| Nuevos Soles                    |   |                                                                     | 4,315,200  |   |   |   | 5,906,348 |   |   |   | 5,766,213 |   |
| Foreign Currency                |   |                                                                     | 9,776,665  |   |   |   | 12,513,405 |   |   |   | 13,232,295 |   |
| Total                           |   |                                                                     | 14,091,865 |   |   |   | 18,419,753 |   |   |   | 18,998,508 |   |
| Net interest income             |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                    |   |                                                                     | 284,739    |   |   |   | 374,837 |   |   |   | 434,601 |   |
| Foreign Currency                |   |                                                                     | 338,040    |   |   |   | 441,899 |   |   |   | 475,019 |   |
| Total                           |   |                                                                     | 622,779    |   |   |   | 816,736 |   |   |   | 909,620 |   |
| Gross yield (1)                 |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                    |   |                                                                     | 9.45       | % |   |   | 10.28 | % |   |   | 10.14 | % |
| Foreign Currency                |   |                                                                     | 6.55       | % |   |   | 5.93 | % |   |   | 5.21 | % |
| Weighted-average rate           |   |                                                                     | 7.44       | % |   |   | 7.33 | % |   |   | 6.71 | % |
| Net interest margin (2)         |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                    |   |                                                                     | 6.60       | % |   |   | 6.35 | % |   |   | 7.54 | % |
| Foreign Currency                |   |                                                                     | 3.46       | % |   |   | 3.53 | % |   |   | 3.59 | % |
| Weighted-average rate           |   |                                                                     | 4.42       | % |   |   | 4.43 | % |   |   | 4.79 | % |
| Yield spread (3)                |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| Nuevos Soles                    |   |                                                                     | 6.06       | % |   |   | 6.50 | % |   |   | 7.52 | % |
| Foreign Currency                |   |                                                                     | 3.18       | % |   |   | 3.05 | % |   |   | 3.30 | % |
| Weighted-average rate           |   |                                                                     | 4.06       | % |   |   | 4.11 | % |   |   | 4.56 | % |

----

| (1) | Gross yield is interest income divided by average interest-earning assets. |
|-----|----------------------------------------------------------------------------|

| (2) | Net interest margin represents net interest income divided by average interest-earning assets. |
|-----|------------------------------------------------------------------------------------------------|

| (3) | Yield spread, on a nominal basis, represents the difference between gross yield on average interest-earning assets and average cost of interest-bearing liabilities. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                 |   | Year ended December 31,     |               |
|--------------------------------------|--------|--------------------------------------------|--------------------|
|                                 |   | 2007                                       |               |   | 2008 |   |   | 2009 |   |
|                                 |   | (U.S. Dollars in thousands) |               |
|                                 |   |                                       |               |   |   |   |   |   |   |
| Nuevo Sol-denominated:               |   |                                       |               |   |   |   |   |   |   |
| Peruvian Central Bank                |   |                                  | US$ -         |   |   |   | US$ 1,601,574 |   |   |   | US$ 56,753 |   |
| Commercial banks                     |   |                                       | 41,826             |   |   |   | 36,184 |   |   |   | 43,982 |   |
| Total Nuevo Sol-denominated          |   |                                       | US$ 41,826    |   |   |   | US$ 1,637,758 |   |   |   | US$ 100,735 |   |
| Foreign Currency-denominated:        |   |                                       |               |   |   |   |   |   |   |   |   |   |
| Peruvian Central Bank (U.S. Dollars) |   |                                       | US$ 1,000,000 |   |   |   | US$                - |   |   |   | US$ 2,033,290 |   |
| U.S. Dollars, other                  |   |                                       | 1,360,649          |   |   |   | 1,030,665 |   |   |   | 763,631 |   |
| Other                                |   |                                       | 50,472             |   |   |   | 40,332 |   |   |   | 516 |   |
| Total Foreign Currency-denominated   |   |                                       | US$ 2,411,121 |   |   |   | US$ 1,070,997 |   |   |   | US$ 2,797,437 |   |
| Total                                |   |                                       | US$ 2,452,947 |   |   |   | US$ 2,708,755 |   |   |   | US$ 2,898,172 |   |

|   | (ii) | Investment Portfolio |
|--------|------|----------------------|

|                                    |   | On December 31,             |   |
|-----------------------------------------|--------|-----------------------------|--------|
|                                    |   | 2007                        |   |   | 2008 |   |   | 2009 |   |
|                                    |   | (U.S. Dollars in Thousands) |   |
|                                    |   |                        |   |   |   |   |   |   |   |
| Nuevo Sol-denominated:                  |   |                        |   |   |   |   |   |   |   |
| Peruvian government bonds               |   | US$ 274,391                 |   |   | US$ 244,037 |   |   | US$ 170,811 |   |
| Equity securities                       |   | 227,751                     |   |   | 119,481 |   |   | 199,410 |   |
| Bonds                                   |   | 110,916                     |   |   | 115,232 |   |   | 150,917 |   |
| Peruvian Central Bank certif. notes     |   | 2,407,005                   |   |   | 1,138,214 |   |   | 1,548,715 |   |
| Other investments                       |   | 132,788                     |   |   | 117,766 |   |   | 149,591 |   |
| Total Nuevo Sol-denominated             |   | 3,152,851                   |   |   | 1,734,730 |   |   | 2,219,444 |   |
| Foreign Currency-denominated:           |   |                        |   |   |   |   |   |   |   |
| Equity securities                       |   | US$ 118,313                 |   |   | US$ 93,208 |   |   | US$ 131,327 |   |
| Bonds                                   |   | 1,198,073                   |   |   | 1,030,151 |   |   | 1,634,708 |   |
| Investment in Peruvian Government Bonds |   | 362,603                     |   |   | 562,438 |   |   | 669,056 |   |
| Peruvian Central Bank certif. notes     |   | -                           |   |   | 1,070,728 |   |   | - |   |
| Other investment                        |   | 406,262                     |   |   | 452,347 |   |   | 443,493 |   |
| Total Foreign Currency-denominated      |   | US$ 2,085,251               |   |   | US$ 3,208,872 |   |   | US$ 2,878,584 |   |
| Total securities holdings:              |   | US$ 5,238,102               |   |   | US$ 4,943,602 |   |   | US$ 5,098,028 |   |

----

----

|                                |   | Within 1 year                    |   |   | After 1 yearbut within 3years |   |   | MaturingAfter 3 yearsbut within 5years |   |   | MaturingAfter 5 yearsbut within 10years |   |   | After 10years |   |   | Total         |   |
|-------------------------------------|--------|--------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|------------------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|--------|--------------------|--------|--------|---------------|--------|
|                                |   | (U.S. Dollars in thousands) |   |
| Nuevo Sol-denominated: (1)          |   |                                       |   |   |                                              |   |   |                                                       |   |   |                                                        |   |   |               |   |   |          |   |
| Peruvian government bonds           |   | US$ 10,782                                 |   |   | US$ 19,810                                        |   |   | US$ 18,843                                                 |   |   | US$ 4,961                                                   |   |   | US$ 116,415        |   |   | US$ 170,811   |   |
| Equity securities (1)               |   | 199,410                                    |   |   | -                                                 |   |   | -                                                          |   |   | -                                                           |   |   | -                  |   |   | 199,410       |   |
| Bonds and debentures                |   | 16,699                                     |   |   | 17,735                                            |   |   | 21,722                                                     |   |   | 29,729                                                      |   |   | 65,032             |   |   | 150,917       |   |
| Peruvian Central Bank certif. notes |   | 1,548,715                                  |   |   | -                                                 |   |   | -                                                          |   |   | -                                                           |   |   | -                  |   |   | 1,548,715     |   |
| Other investments                   |   | 126,322                                    |   |   | -                                                 |   |   | 9,661                                                      |   |   | 2,486                                                       |   |   | 11,122             |   |   | 149,591       |   |
| Total Nuevo Sol-denominated         |   | US$ 1,901,928                              |   |   | US$ 37,545                                        |   |   | US$ 50,226                                                 |   |   | US$ 37,176                                                  |   |   | US$ 192,569        |   |   | US$ 2,219,444 |   |
| Foreign Currency-denominated: (1)   |   |                                       |   |   |                                              |   |   |                                                       |   |   |                                                        |   |   |               |   |   |          |   |
| Peruvian government bonds           |   | 47,612                                     |   |   | 24,990                                            |   |   | 364,413                                                    |   |   | 57,954                                                      |   |   | 174,087            |   |   | 669,056       |   |
| Equity securities                   |   | 131,327                                    |   |   | -                                                 |   |   | -                                                          |   |   | -                                                           |   |   | -                  |   |   | 131,327       |   |
| Bonds                               |   | 336,380                                    |   |   | 457,315                                           |   |   | 298,994                                                    |   |   | 224,011                                                     |   |   | 318,008            |   |   | 1,634,708     |   |
| Peruvian Central Bank certif. notes |   | -                                          |   |   | -                                                 |   |   | -                                                          |   |   | -                                                           |   |   | -                  |   |   | -             |   |
| Other investments                   |   | 357,284                                    |   |   | 4,288                                             |   |   | 8,915                                                      |   |   | 3,255                                                       |   |   | 69,751             |   |   | 443,493       |   |
| Total Foreign Currency-denominated  |   | US$ 872,603                                |   |   | US$ 486,593                                       |   |   | US$ 672,322                                                |   |   | US$ 285,220                                                 |   |   | US$ 561,846        |   |   | US$ 2,878,584 |   |
| Total securities holdings:          |   | US$ 2,774,531                              |   |   | US$ 524,138                                       |   |   | US$ 722,548                                                |   |   | US$ 322,396                                                 |   |   | US$ 754,415        |   |   | US$ 5,098,028 |   |
| Weighted-average yield              |   |                                       |   |   |                                              |   |   |                                                       |   |   |                                                        |   |   |               |   |   | 3.49          | %      |

----

| (1) | Equity securities in our account are categorized as maturing within one year. |
|-----|-------------------------------------------------------------------------------|

|   | · | The length of time and the extent to which fair value has been below cost; |
|--------|--------|----------------------------------------------------------------------------|

|   | · | The severity of the impairment; |
|--------|--------|---------------------------------|

|   | · | The cause of the impairment and the financial condition and near-term prospects of the issuer; and |
|--------|--------|----------------------------------------------------------------------------------------------------|

----

|   | · | Activity in the market of the issuer which may indicate adverse credit conditions. |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | Management assesses the probability that the company will receive all amounts due (principal and interest) under the contract of the security.  It considers a number of factors in identifying a credit-impaired security, including:  (i) the nature of the security and the underlying collateral, (ii) the amount of subordination or credit enhancement supporting the security, (iii) the published credit rating and (iv) other analyses of the probable cash flows from the security. If recovery of all amounts due is not likely, management may determine that credit impairment exists and record unrealized losses in our consolidated income statement.  The unrealized loss recorded in income represents the security’s decline in fair value, which includes the decline dueto forecasted cash flow shortfalls as well as widening market spread. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | For securities with unrealized losses not identified as a credit impairment, management determines whether it is desirable to hold the security for a period of time to allow for a potential recovery in the security’s amortized cost.  Management estimates a security’s forecasted recovery period using current estimates of volatility in market interest rates (including liquidity and risk premiums).  Management considers a number of factors to determine whether to hold an investment, including (i) a quantitative estimate of the expected recovery period (which may extend to maturity), (ii) the severity of the impairment and (iii) its strategy with respect to the security or portfolio. If management determines it is not desirable to hold the security for asufficient period of time to allow for a potential recovery in the security’s amortized cost, we record the unrealized loss in our consolidated income statement. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Loan Portfolio |
|--------|-------|----------------|

|                         |   | On December 31,                  |      |
|------------------------------|--------|--------------------------------------------|-----------|
|                         |   | 2005                                       |      |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                         |   | (U.S. Dollars in thousands) |      |
| Loans                        |   | US$                                        | 3,865,643 |   |   | US$ | 4,662,730 |   |   | US$ | 6,520,116 |   |   | US$ | 8,179,453 |   |   | US$ | 8,986,884 |   |
| Leasing transactions         |   |                                       | 564,575   |   |   |   | 675,804 |   |   |   | 1,118,301 |   |   |   | 1,792,827 |   |   |   | 1,997,562 |   |
| Discounted notes             |   |                                       | 213,232   |   |   |   | 256,534 |   |   |   | 325,047 |   |   |   | 368,648 |   |   |   | 349,126 |   |
| Factoring                    |   |                                       | 87,757    |   |   |   | 89,171 |   |   |   | 109,928 |   |   |   | 124,537 |   |   |   | 163,443 |   |
| Advances and overdrafts      |   |                                       | 49,283    |   |   |   | 84,262 |   |   |   | 127,486 |   |   |   | 102,687 |   |   |   | 47,147 |   |
| Refinanced loans             |   |                                       | 175,211   |   |   |   | 126,006 |   |   |   | 88,451 |   |   |   | 55,179 |   |   |   | 59,459 |   |
| Past-due loans               |   |                                       | 95,769    |   |   |   | 76,770 |   |   |   | 61,488 |   |   |   | 82,867 |   |   |   | 184,567 |   |
| Unearned interest            |   |                                       | (78,495   | ) |   |   | (93,916 | ) |   |   | (166,972 | ) |   |   | (249,914 | ) |   |   | (282,869 | ) |
| Total loans:                 |   | US$                                        | 4,972,975 |   |   | US$ | 5,877,361 |   |   | US$ | 8,183,845 |   |   | US$ | 10,456,284 |   |   | US$ | 11,505,319 |   |
| Total past-due loans amounts |   |                                       | (95,769   | ) |   |   | (76,770 | ) |   |   | (61,488 | ) |   |   | (82,867 | ) |   |   | (184,567 | ) |
| Total performing loans       |   | US$                                        | 4,877,206 |   |   | US$ | 5,800,591 |   |   | US$ | 8,122,357 |   |   | US$ | 10,373,417 |   |   | US$ | 11,320,752 |   |

----

|   | · | Loans:  Basic term loans documented by promissory notes and other extensions of credit, such as mortgage loans, credit cards and other consumer loans in various forms, including trade finance loans to importers and exporters on specialized terms adapted to the needs of the international trade transaction. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Leasing Transactions: Transactions that involve our acquisition of an asset and the leasing of that asset to a client. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | Discounted Notes: Loans discounted at the outset (the client signs a promissory note or other evidence of indebtedness for the principal amount payable at a future date). Discounted loans also include discounting of drafts, where we make a loan supported by a draft signed by one party and discounted by another party, with recourse to both parties. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Factoring: The sale of title to a company’s accounts receivables to a bank (or financial company).  The receivables are sold without recourse, and the bank cannot recover from the seller in the event that the accounts are uncollectible.  Under factoring loans, the seller receives funds from the bank prior to the average maturity date based on the invoice amount of the receivable, less cash discounts and allowances for estimated claims and returns, among other items. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Advances and Overdrafts: Extensions of credit to clients by way of an overdraft facility in the client’s checking account. This category also includes secured short-term advances. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Refinanced Loans: Loans that were refinanced because the client was unable to pay at maturity. A loan is categorized as a refinanced loan when a debtor is experiencing payment problems, unless the debtor is current on all interest payments and pays down at least 20% of the principal amount of the original loan. We have distinguished a sub-group titled “Restructured Loans,” which is defined as loans extended under the bankruptcy protection procedures established in the Equity Restructuring Law. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Past-Due Loans: Includes overdue loans. See “—Past-Due Loan Portfolio” for further detail. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

----

|                                      |   | At December 31,                                                |   |
|-------------------------------------------|--------|--------------------------------------------------------------------------|--------|
|                                      |   | 2005                                                                     |   |   | 2006 |   |   | 2007 |   |
|                                      |   | (U.S. Dollars in thousands, except percentages) |   |
|                                      |   | Amount                                                                   |   |   | % Total |   |   | Amount |   |   | % Total |   |   | Amount |   |   | % Total |   |
| Economic Activity                         |   |                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Manufacturing                             |   |   US$ 1,430,559                                                     |   |   | 28.77% |   |   | US$ 1,624,765 |   |   | 27.64% |   |   | US$ 2,204,481 |   |   | 26.94% |   |
| Consumer Loans (1)                        |   | 1,364,910                                                                |   |   | 27.45 |   |   | 1,729,682 |   |   | 29.43 |   |   | 2,480,916 |   |   | 30.31 |   |
| Commerce                                  |   | 625,908                                                                  |   |   | 12.59 |   |   | 686,291 |   |   | 11.68 |   |   | 884,253 |   |   | 10.80 |   |
| Realty Business and Leasing Services      |   | 216,095                                                                  |   |   | 4.35 |   |   | 236,445 |   |   | 4.02 |   |   | 387,180 |   |   | 4.73 |   |
| Mining                                    |   | 223,156                                                                  |   |   | 4.49 |   |   | 303,238 |   |   | 5.16 |   |   | 463,577 |   |   | 5.66 |   |
| Communication, Storage and Transportation |   | 210,002                                                                  |   |   | 4.22 |   |   | 255,730 |   |   | 4.35 |   |   | 394,986 |   |   | 4.83 |   |
| Electricity, Gas and Water                |   | 192,096                                                                  |   |   | 3.86 |   |   | 256,541 |   |   | 4.36 |   |   | 341,718 |   |   | 4.18 |   |
| Agriculture                               |   | 153,410                                                                  |   |   | 3.08 |   |   | 150,020 |   |   | 2.55 |   |   | 179,509 |   |   | 2.19 |   |
| Fishing                                   |   | 117,104                                                                  |   |   | 2.35 |   |   | 152,538 |   |   | 2.60 |   |   | 134,235 |   |   | 1.64 |   |
| Financial Services                        |   | 105,484                                                                  |   |   | 2.12 |   |   | 163,946 |   |   | 2.79 |   |   | 219,850 |   |   | 2.69 |   |
| Education, Health and Other Services      |   | 69,468                                                                   |   |   | 1.40 |   |   | 75,376 |   |   | 1.28 |   |   | 106,423 |   |   | 1.30 |   |
| Construction                              |   | 68,217                                                                   |   |   | 1.37 |   |   | 74,482 |   |   | 1.27 |   |   | 201,298 |   |   | 2.46 |   |
| Others (2)                                |   | 275,061                                                                  |   |   | 5.53 |   |   | 262,223 |   |   | 4.46 |   |   | 352,391 |   |   | 4.31 |   |
| Sub total                                 |   | 5,051,470                                                                |   |   | 101.58 |   |   | 5,971,277 |   |   | 101.59 |   |   | 8,350,817 |   |   | 102.04 |   |
| Unearned interest                         |   | (78,495)                                                                 |   |   | (1.58) |   |   | (93,916) |   |   | (1.59) |   |   | (166,972) |   |   | (2.04) |   |
| Total                                     |   | US$ 4,972,975                                                            |   |   | 100.00% |   |   | US$ 5,877,361 |   |   | 100.00% |   |   | US$ 8,183,845 |   |   | 100.00% |   |

----

| (1) | Includes credit card and mortgage loans, other consumer loans and small business. |
|-----|-----------------------------------------------------------------------------------|

| (2) | Includes personal banking and small business loans and other sectors. |
|-----|-----------------------------------------------------------------------|

----

|                                      |   | At December 31,                                                |    |
|-------------------------------------------|--------|--------------------------------------------------------------------------|---------|
|                                      |   | 2008                                                                     |    |   | 2009 |   |
|                                      |   | (U.S. Dollars in thousands, except percentages) |    |
|                                      |   | Amount                                                                   |    |   | % Total |   |   | Amount |   |   | % Total |   |
| Economic Activity                         |   |                                                                     |    |   |   |   |   |   |   |   |   |   |
| Manufacturing                             |   | US$ 2,535,326                                                       |    |   | 24.25% |   |   | US$ 2,557,847 |   |   | 22.23% |   |
| Consumer Loans (1)                        |   | 3,146,698                                                                |    |   | 30.09 |   |   | 3,963,449 |   |   | 34.45 |   |
| Commerce                                  |   | 1,344,921                                                                |    |   | 12.86 |   |   | 1,330,023 |   |   | 11.56 |   |
| Realty Business and Leasing Services      |   | 488,202                                                                  |    |   | 4.67 |   |   | 489,614 |   |   | 4.26 |   |
| Mining                                    |   | 675,460                                                                  |    |   | 6.46 |   |   | 692,579 |   |   | 6.02 |   |
| Communication, Storage and Transportation |   | 515,412                                                                  |    |   | 4.93 |   |   | 559,025 |   |   | 4.86 |   |
| Electricity, Gas and Water                |   | 546,014                                                                  |    |   | 5.22 |   |   | 782,289 |   |   | 6.80 |   |
| Agriculture                               |   | 228,623                                                                  |    |   | 2.19 |   |   | 271,912 |   |   | 2.36 |   |
| Fishing                                   |   | 77,060                                                                   |    |   | 0.74 |   |   | 121,162 |   |   | 1.05 |   |
| Financial Services                        |   | 439,234                                                                  |    |   | 4.20 |   |   | 175,071 |   |   | 1.52 |   |
| Education, Health and Other Services      |   | 128,527                                                                  |    |   | 1.23 |   |   | 156,496 |   |   | 1.36 |   |
| Construction                              |   | 229,667                                                                  |    |   | 2.20 |   |   | 175,508 |   |   | 1.53 |   |
| Others (2)                                |   | 351,054                                                                  |    |   | 3.36 |   |   | 513,213 |   |   | 4.46 |   |
| Sub total                                 |   | 10,706,198                                                               |    |   | 102.40 |   |   | 11,788,188 |   |   | 102.46 |   |
| Unearned interest                         |   | (249,914                                                                 | )  |   | (2.40) |   |   | (282,869 | )  |   | (2.46) |   |
| Total                                     |   | US$ 10,456,284                                                      |    |   | 100.00% |   |   | US$ 11,505,319 |   |   | 100.00% |   |

----

| (1) | Includes credit card and mortgage loans, other consumer loans and small business. |
|-----|-----------------------------------------------------------------------------------|

| (2) | Includes personal banking and small business loans and other sectors. |
|-----|-----------------------------------------------------------------------|

----

|                         |   | At December 31,                                                |
|------------------------------|--------|--------------------------------------------------------------------------|
|                         |   | 2005                                                                     |   |   | 2006 |   | 2007 |
|                         |   | (U.S. Dollars in thousands, except percentages) |
| Total loan portfolio:        |   |                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevo Sol-denominated        |   | US$ 1,032,481                                                            |   |   | 20.76 | % |   | US$ 1,503,306 |   |   | 25.58 | % |   | US$ 2,461,787 |   |   | 30.08 | % |
| Foreign Currency-denominated |   | 3,940,494                                                                |   |   | 79.24 | % |   | 4,374,055 |   |   | 74.42 | % |   | 5,722,058 |   |   | 69.92 | % |
| Total loans (1)              |   | US$ 4,972,975                                                            |   |   | 100.00 | % |   | US$ 5,877,361 |   |   | 100.00 | % |   | US$ 8,183,845 |   |   | 100.00 | % |

|                         |   | At December 31,                                                |   |
|------------------------------|--------|--------------------------------------------------------------------------|--------|
|                         |   | 2008                                                                     |   |   | 2009 |   |
|                         |   | (U.S. Dollars in thousands, except percentages) |   |
| Total loan portfolio:        |   |                                                                     |   |   |   |   |   |   |   |   |   |   |
| Nuevo Sol-denominated        |   | US$ 3,351,720                                                            |   |   | 32.05 | % |   | US$ 4,385,965 |   |   | 38.12 | % |
| Foreign Currency-denominated |   | 7,104,564                                                                |   |   | 67.95 | % |   | 7,119,354 |   |   | 61.88 | % |
| Total loans (1)              |   | US$ 10,456,284                                                           |   |   | 100.00 | % |   | US$ 11,505,319 |   |   | 100.00 | % |

----

| (1) | Net of unearned interest. |
|-----|---------------------------|

----

|                                 |   | Maturing                                                                 |       |   |
|--------------------------------------|--------|--------------------------------------------------------------------------|------------|--------|
|                                 |   | Amount atDecember 31,2009                                      |       |   | Within3 months |   |   | After 3monthsbut within12 months |   |   | After 1 yearbut within3 years |   |   | After 3 yearsbut within5 years |   |   | After5 years |
|                                 |   | (U.S. Dollars in thousands, except percentages) |
| Loans                                |   | US$                                                                      | 8,986,884  |   |   | US$ | 2,476,635 |   |   | US$ | 2,159,197 |   |   | US$ | 1,456,366 |   |   | US$ | 922,486 |   |   | US$ | 1,972,200 |   |
| Leasing transactions                 |   |                                                                     | 1,997,562  |   |   |   | 398,187 |   |   |   | 651,697 |   |   |   | 609,942 |   |   |   | 286,742 |   |   |   | 50,994 |   |
| Discounted notes                     |   |                                                                     | 349,126    |   |   |   | 331,771 |   |   |   | 17,316 |   |   |   | 13 |   |   |   | 9 |   |   |   | 17 |   |
| Refinanced loans                     |   |                                                                     | 59,459     |   |   |   | 10,675 |   |   |   | 13,742 |   |   |   | 11,629 |   |   |   | 9,003 |   |   |   | 14,410 |   |
| Factoring                            |   |                                                                     | 163,443    |   |   |   | 140,530 |   |   |   | 22,913 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Advances and overdrafts              |   |                                                                     | 47,147     |   |   |   | 47,147 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total.                               |   | US$                                                                      | 11,603,621 |   |   | US$ | 3,404,945 |   |   | US$ | 2,864,865 |   |   | US$ | 2,077,950 |   |   | US$ | 1,218,240 |   |   | US$ | 2,037,621 |   |
| % of total performing loan portfolio |   |                                                                     | 100.00     | %      |   |   | 29.34 | % |   |   | 24.69 | % |   |   | 17.91 | % |   |   | 10.50 | % |   |   | 17.56 | % |

|                         |   | Amount at December 31, 2009 |       |   | Maturing After 1 year |   |
|------------------------------|--------|-------------------------------------------------|------------|--------|--------------------------------------|--------|
|                         |   | (U.S. Dollars in thousands)      |       |
| Variable Rate                |   |                                            |       |   |                                 |   |
| Nuevo Sol-denominated        |   | US$                                             | 624,400    |   |                                 | US$    | 595,639 |   |
| Foreign Currency-denominated |   |                                            | 991,712    |   |                                 |   | 637,874 |   |
| Total                        |   |                                            | 1,616,112  |   |                                 |   | 1,233,513 |   |
|                         |   |                                            |       |   |                                 |   |   |   |
| Fixed Rate (2)               |   |                                            |       |   |                                 |   |   |   |
| Nuevo Sol-denominated        |   |                                            | 3,761,565  |   |                                 |   | 1,211,264 |   |
| Foreign Currency-denominated |   |                                            | 6,127,642  |   |                                 |   | 2,889,032 |   |
| Total                        |   |                                            | 9,889,207  |   |                                 |   | 4,100,296 |   |
|                         |   |                                            |       |   |                                 |   |   |   |
| Total (1)                    |   | US$                                             | 11,505,319 |   |                                 | US$    | 5,333,809 |   |

----

|   | (1) | Net of unearned interest. |
|--------|-----|---------------------------|

|   | (2) | Most of the financial products with fixed rates can be switched to variable rates according to market conditions as specified on the contracts with clients. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Classification of the Loan Portfolio |
|--------|--------------------------------------|

----

|                  |   | At December 31,                  |      |
|----------------------------|--------|--------------------------------------------|-----------|
|                  |   | 2005                                       |      |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                  |   | (U.S. Dollars in thousands) |      |
| Commercial loans           |   | US$                                        | 3,771,488 |   |   | US$ | 4,390,547 |   |   | US$ | 6,055,206 |   |   | US$ | 7,808,671 |   |   | US$ | 8,283,790 |   |
| Consumer loans             |   |                                       | 356,595   |   |   |   | 506,184 |   |   |   | 874,804 |   |   |   | 1,162,399 |   |   |   | 1,467,793 |   |
| Residential mortgage loans |   |                                       | 844,892   |   |   |   | 980,630 |   |   |   | 1,253,835 |   |   |   | 1,485,214 |   |   |   | 1,753,736 |   |
| Total performing loans (1) |   | US$                                        | 4,972,975 |   |   | US$ | 5,877,361 |   |   | US$ | 8,183,845 |   |   | US$ | 10,456,284 |   |   | US$ | 11,505,319 |   |

----

| (1) | Net of unearned interest. |
|-----|---------------------------|

----

----

|                  |   | At December 31,                                                |      |
|-----------------------|--------|--------------------------------------------------------------------------|-----------|
|                  |   | 2005                                                                     |      |   | 2006 |   |   | 2007 |   |
|                  |   | (U.S. Dollars in thousands, except percentages) |      |
| Level of Risk         |   |                                                                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Classification        |   | Amount                                                                   |      |   | % Total |   |   | Amount |   |   | % Total |   |   | Amount |   |   | % Total |   |
| A: Normal             |   | US$                                                                      | 4,273,719 |   |   |   | 85.9 | % |   | US$ | 5,296,653 |   |   |   | 90.1 | % |   | US$ | 7,602,347 |   |   |   | 92.9 | % |
| B: Potential Problems |   | US$                                                                      | 397,387   |   |   |   | 8.0 | % |   | US$ | 337,497 |   |   |   | 5.7 | % |   | US$ | 371,119 |   |   |   | 4.5 | % |
| C: Substandard        |   | US$                                                                      | 82,858    |   |   |   | 1.7 | % |   | US$ | 62,192 |   |   |   | 1.1 | % |   | US$ | 71,340 |   |   |   | 0.9 | % |
| D: Doubtful           |   | US$                                                                      | 146,898   |   |   |   | 3.0 | % |   | US$ | 122,215 |   |   |   | 2.1 | % |   | US$ | 88,540 |   |   |   | 1.1 | % |
| E: Loss               |   | US$                                                                      | 72,113    |   |   |   | 1.4 | % |   | US$ | 58,804 |   |   |   | 1.0 | % |   | US$ | 50,499 |   |   |   | 0.6 | % |
| Total (1)             |   | US$                                                                      | 4,972,975 |   |   |   | 100.0 | % |   | US$ | 5,877,361 |   |   |   | 100.0 | % |   | US$ | 8,183,845 |   |   |   | 100.0 | % |
| C+D+E                 |   | US$                                                                      | 301,869   |   |   |   | 6.1 | % |   | US$ | 243,211 |   |   |   | 4.2 | % |   | US$ | 210,379 |   |   |   | 2.6 | % |

----

|                  |   | At December 31,                                 |       |
|-----------------------|--------|-------------------------------------------------|------------|
|                  |   | 2008                                            |       |   | 2009 |   |
|                  |   | (U.S. Dollars in thousands, except percentages) |       |
| Level of Risk         |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Classification        |   | Amount                                          |       |   | % Total |   |   | Amount |   |   | % Total |   |
| A: Normal             |   | US$                                             | 9,991,559  |   |   |   | 95.5 | % |   | US$ | 10,717,658 |   |   |   | 93.2 | % |
| B: Potential Problems |   | US$                                             | 264,890    |   |   |   | 2.5 | % |   | US$ | 431,356 |   |   |   | 3.7 | % |
| C: Substandard        |   | US$                                             | 70,268     |   |   |   | 0.7 | % |   | US$ | 115,629 |   |   |   | 1.0 | % |
| D: Doubtful           |   | US$                                             | 79,394     |   |   |   | 0.8 | % |   | US$ | 139,389 |   |   |   | 1.2 | % |
| E: Loss               |   | US$                                             | 50,173     |   |   |   | 0.5 | % |   | US$ | 101,287 |   |   |   | 0.9 | % |
| Total (1)             |   | US$                                             | 10,456,284 |   |   |   | 100.0 | % |   | US$ | 11,505,319 |   |   |   | 100.0 | % |
| C+D+E                 |   | US$                                             | 199,835    |   |   |   | 2.0 | % |   | US$ | 356,305 |   |   |   | 3.1 | % |

----

| (1) | Net of unearned interest. |
|-----|---------------------------|

----

|                                      |   | At December 31,                                                |      |
|-------------------------------------------|--------|--------------------------------------------------------------------------|-----------|
|                                      |   | 2005                                                                     |      |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                                      |   | (U.S. Dollars in thousands, except percentages) |      |
| Current                                   |   | US$                                                                      | 4,877,206 |   |   | US$ | 5,800,591 |   |   | US$ | 8,122,357 |   |   | US$ | 10,373,417 |   |   | US$ | 11,320,752 |   |
| Past due:                                 |   |                                                                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Overdue 16 - 119 days                     |   |                                                                     | 10,860    |   |   |   | 20,655 |   |   |   | 20,825 |   |   |   | 34,955 |   |   |   | 70,602 |   |
| Overdue 120 days or more                  |   |                                                                     | 84,909    |   |   |   | 56,115 |   |   |   | 40,663 |   |   |   | 47,912 |   |   |   | 113,965 |   |
| Subtotal                                  |   | US$                                                                      | 95,769    |   |   | US$ | 76,770 |   |   | US$ | 61,488 |   |   | US$ | 82,867 |   |   | US$ | 184,567 |   |
| Total loans                               |   | US$                                                                      | 4,972,975 |   |   | US$ | 5,877,361 |   |   | US$ | 8,183,845 |   |   | US$ | 10,456,284 |   |   | US$ | 11,505,319 |   |
| Past-due loan amounts as % of total loans |   |                                                                     | 1.93      | % |   |   | 1.31 | % |   |   | 0.75 | % |   |   | 0.79 | % |   |   | 1.60 | % |

|                                       |   | At December 31,             |     |
|--------------------------------------------|--------|-----------------------------|----------|
|                                       |   | 2005                        |     |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
| Past-due loan amounts:                     |   | (U.S. Dollars in thousands) |     |
| Loans                                      |   | US$                         | 63,889   |   |   | US$ | 57,345 |   |   | US$ | 48,088 |   |   | US$ | 65,947 |   |   | US$ | 153,112 |   |
| Discounted notes                           |   |                        | 1,124    |   |   |   | 596 |   |   |   | 636 |   |   |   | 1,242 |   |   |   | 2,151 |   |
| Advances and overdrafts in demand deposits |   |                        | 3,412    |   |   |   | 1,844 |   |   |   | 3,974 |   |   |   | 2,112 |   |   |   | 4,015 |   |
| Leasing transactions                       |   |                        | 6,412    |   |   |   | 5,237 |   |   |   | 2,110 |   |   |   | 3,468 |   |   |   | 9,653 |   |
| Refinanced loans                           |   |                        | 20,932   |   |   |   | 11,748 |   |   |   | 6,680 |   |   |   | 10,098 |   |   |   | 15,636 |   |
| Total past-due portfolio                   |   | US$                         | 95,769   |   |   | US$ | 76,770 |   |   | US$ | 61,488 |   |   | US$ | 82,867 |   |   | US$ | 184,567 |   |
| Less: Reserves for loan losses (1)         |   | US$                         | 218,636  |   |   | US$ | 210,586 |   |   | US$ | 229,700 |   |   | US$ | 248,063 |   |   | US$ | 376,049 |   |
| Total past-due portfolio net of reserves   |   | US$                         | (122,867 | ) |   | US$ | (133,816 | ) |   | US$ | (168,212 | ) |   | US$ | (165,196 | ) |   | US$ | (191,482 | ) |

----

| (1) | Includes reserves for indirect credits (see “—Loan Loss Reserves”). |
|-----|---------------------------------------------------------------------------------------|

----

|                                                  |   | Year ended December 31,     |    |
|-------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                  |   | 2005                                       |    |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                                                  |   | (U.S. Dollars in thousands) |    |
| Reserves for loan losses at the beginning of the year |   | US$                                        | 271,873 |   |   | US$ | 218,636 |   |   | US$ | 210,586 |   |   | US$ | 229,700 |   |   | US$ | 248,063 |   |
| Additional provisions (reversals)                     |   |                                       | (6,356  | ) |   |   | (4,243 | ) |   |   | 28,439 |   |   |   | 48,760 |   |   |   | 163,392 |   |
| Acquisitions and transfers                            |   |                                       | (9,024  | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 20,905 |   |
| Recoveries of write-offs                              |   |                                       | 35,032  |   |   |   | 44,284 |   |   |   | 34,084 |   |   |   | 31,279 |   |   |   | 23,928 |   |
| Write-offs                                            |   |                                       | (71,405 | ) |   |   | (49,859 | ) |   |   | (47,266 | ) |   |   | (59,308 | ) |   |   | (87,927 | ) |
| Monetary correction and other                         |   |                                       | (1,484  | ) |   |   | 1,768 |   |   |   | 3,857 |   |   |   | (2,368 | ) |   |   | 7,688 |   |
| Total reserves for loan losses at the end of the year |   | US$                                        | 218,636 |   |   | US$ | 210,586 |   |   | US$ | 229,700 |   |   | US$ | 248,063 |   |   | US$ | 376,049 |   |

|                       |   | At December 31,                  |    |
|----------------------------|--------|--------------------------------------------|---------|
|                       |   | 2005                                       |    |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                       |   | (U.S. Dollars in thousands) |    |
| Commercial loans           |   | US$                                        | 195,699 |   |   | US$ | 183,374 |   |   | US$ | 184,584 |   |   | US$ | 161,170 |   |   | US$ | 243,796 |   |
| Consumer loans             |   |                                       | 14,409  |   |   |   | 17,959 |   |   |   | 30,662 |   |   |   | 56,061 |   |   |   | 90,782 |   |
| Residential mortgage loans |   |                                       | 8,528   |   |   |   | 9,253 |   |   |   | 14,454 |   |   |   | 30,832 |   |   |   | 41,471 |   |
| Total reserves             |   | US$                                        | 218,636 |   |   | US$ | 210,586 |   |   | US$ | 229,700 |   |   | US$ | 248,063 |   |   | US$ | 376,049 |   |

----

|   | (iv) | Deposits |
|--------|------|----------|

|                                |   | At December 31,                  |       |
|-------------------------------------|--------|--------------------------------------------|------------|
|                                |   | 2007                                       |       |   | 2008 |   |   | 2009 |   |
|                                |   | (U.S. Dollars in thousands) |       |
| Demand deposits:                    |   |                                       |       |   |   |   |   |   |   |
| Nuevo Sol-denominated               |   | US$                                        | 1,457,155  |   |   | US$ | 1,735,869 |   |   | US$ | 1,944,404 |   |
| Foreign Currency-denominated        |   |                                       | 2,507,346  |   |   |   | 3,136,408 |   |   |   | 2,612,342 |   |
| Total                               |   | US$                                        | 3,964,501  |   |   | US$ | 4,872,277 |   |   | US$ | 4,556,746 |   |
| Savings deposits:                   |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Nuevo Sol-denominated               |   | US$                                        | 877,205    |   |   | US$ | 1,193,639 |   |   | US$ | 1,505,994 |   |
| Foreign Currency-denominated        |   |                                       | 1,503,699  |   |   |   | 1,775,100 |   |   |   | 2,033,671 |   |
| Total                               |   | US$                                        | 2,380,904  |   |   | US$ | 2,968,739 |   |   | US$ | 3,539,665 |   |
| Time deposits:                      |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Nuevo Sol-denominated               |   | US$                                        | 1,391,008  |   |   | US$ | 1,768,893 |   |   | US$ | 1,662,941 |   |
| Foreign Currency-denominated        |   |                                       | 2,576,856  |   |   |   | 3,087,219 |   |   |   | 3,088,920 |   |
| Total                               |   | US$                                        | 3,967,864  |   |   | US$ | 4,856,112 |   |   | US$ | 4,751,861 |   |
| Foreign Currency Bank Certificates  |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Foreign Currency-denominated        |   | US$                                        | 90,119     |   |   | US$ | 140,013 |   |   | US$ | 120,932 |   |
| Severance Indemnity Deposits (CTS): |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Nuevo Sol-denominated               |   | US$                                        | 149,308    |   |   | US$ | 229,716 |   |   | US$ | 256,761 |   |
| Foreign Currency-denominated        |   |                                       | 746,975    |   |   |   | 810,171 |   |   |   | 812,745 |   |
| Total                               |   | US$                                        | 896,283    |   |   | US$ | 1,039,887 |   |   | US$ | 1,069,506 |   |
| Total deposits:                     |   |                                       |       |   |   |   |   |   |   |   |   |   |
| Nuevo Sol-denominated               |   | US$                                        | 3,874,676  |   |   | US$ | 4,928,117 |   |   | US$ | 5,370,100 |   |
| Foreign Currency-denominated        |   |                                       | 7,424,995  |   |   |   | 8,948,911 |   |   |   | 8,668,610 |   |
| Total                               |   | US$                                        | 11,299,671 |   |   | US$ | 13,877,028 |   |   | US$ | 14,038,710 |   |

|                                   |   | At December 31, 2009        |      |
|----------------------------------------|--------|--------------------------------------------|-----------|
|                                   |   | (U.S. Dollars in thousands) |      |
| Certificates of deposit:               |   |                                       |      |
| Maturing within 30 days                |   | US$                                        | 714       |   |
| Maturing after 30 but within 60 days   |   |                                       | 2,165     |   |
| Maturing after 60 but within 90 days   |   |                                       | -         |   |
| Maturing after 90 but within 180 days  |   |                                       | 5,146     |   |
| Maturing after 180 but within 360 days |   |                                       | 173       |   |
| Maturing after 360 days                |   |                                       | 21,558    |   |
| Total certificates of deposits         |   | US$                                        | 29,756    |   |
| Time deposits:                         |   |                                       |      |   |
| Maturing within 30 days                |   | US$                                        | 2,397,794 |   |
| Maturing after 30 but within 60 days   |   |                                       | 329,612   |   |
| Maturing after 60 but within 90 days   |   |                                       | 232,021   |   |
| Maturing after 90 but within 180 days  |   |                                       | 453,219   |   |
| Maturing after 180 but within 360 days |   |                                       | 381,610   |   |
| Maturing after 360 days                |   |                                       | 234,768   |   |
| Total time deposits                    |   |                                       | 4,029,024 |   |
| Total                                  |   | US$                                        | 4,058,780 |   |

----

|   | (v) | Return on Equity and Assets |
|--------|-----|-----------------------------|

|                                           |   | At December 31, |   |
|------------------------------------------------|--------|---------------------------|--------|
|                                           |   | 2007                      |   |   | 2008 |   |   | 2009 |   |
|                                           |   |                      |   |   |   |   |   |   |   |
| Return on assets (1)                           |   |                      | 2.29   | % |   |   | 1.86 | % |   |   | 2.19 | % |
|                                           |   |                      |   |   |   |   |   |   |   |   |   |   |
| Return on equity (2)                           |   |                      | 22.87  | % |   |   | 22.31 | % |   |   | 24.07 | % |
|                                           |   |                      |   |   |   |   |   |   |   |   |   |   |
| Dividend payout ratio (3)                      |   |                      | 34.11  | % |   |   | 33.44 | % |   |   | 28.81 | % |
|                                           |   |                      |   |   |   |   |   |   |   |   |   |   |
| Equity to assets ratio (4)                     |   |                      | 10.80  | % |   |   | 9.32 | % |   |   | 10.00 | % |
|                                           |   |                      |   |   |   |   |   |   |   |   |   |   |
| Shareholders’ equity to assets ratio (5) |   |                      | 9.95   | % |   |   | 8.71 | % |   |   | 9.31 | % |

----

| (1) | Net income attributable to our equity holders as a percentage of average total assets, computed as the average of period beginning and period ending balances. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net income attributable to our equity holders as a percentage of average net equity attributable to our equity holders, computed as the average of monthly balances. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Dividends declared per share divided by net income attributable to our equity holders per share. |
|-----|--------------------------------------------------------------------------------------------------|

| (4) | Average equity attributable to our equity holders divided by average total assets, both averages computed as the average of month-ending balances. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Average equity attributable to our equity shareholders divided by average total assets, both averages computed as the average of month-ending balances. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | Short-Term Borrowing |
|--------|------|----------------------|

|                                            |   | At December 31,                  |      |
|-------------------------------------------------|--------|--------------------------------------------|-----------|
|                                            |   | 2007                                       |      |   | 2008 |   |   | 2009 |   |
|                                            |   | (U.S. Dollars in thousands) |      |
|                                            |   |                                       |      |   |   |   |   |   |   |
| Year-end balance                                |   |                                       | 878,183   |   |   |   | 601,464 |   |   |   | 673,234 |   |
|                                            |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Average balance                                 |   |                                       | 742,310   |   |   |   | 935,460 |   |   |   | 641,177 |   |
|                                            |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Maximum quarter-end balance                     |   |                                       | 1,105,704 |   |   |   | 1,197,637 |   |   |   | 1,141,131 |   |
|                                            |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Weighted-average nominal year-end interest rate |   |                                       | 4.70      | % |   |   | 4.47 | % |   |   | 2.83 | % |
|                                            |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Weighted-average nominal interest rate          |   |                                       | 4.72      | % |   |   | 4.22 | % |   |   | 3.40 | % |

| (C) | Organizational Structure |
|-----|--------------------------|

----

----

| (D) | Property, Plants and Equipment |
|-----|--------------------------------|

| ITEM 4A. | UNRESOLVED STAFF COMMENTS |
|----------|---------------------------|

| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
|---------|----------------------------------------------|

| (A) | Operating Results |
|-----|-------------------|

|   | (1) | Critical Accounting Policies |
|--------|-----|------------------------------|

----

----

|   | (i) | Financial assets and financial liabilities at fair value through profit or loss |
|--------|-----|---------------------------------------------------------------------------------|

----

|   | (ii) | Loans and receivables |
|--------|------|-----------------------|

|   | (iii) | Available-for-sale financial investments |
|--------|-------|------------------------------------------|

----

|   | (iv) | Other financial liabilities |
|--------|------|-----------------------------|

----

|   | (i) | Loans and receivables |
|--------|-----|-----------------------|

|   | (ii) | Available-for-sale financial investments |
|--------|------|------------------------------------------|

----

|   | (iii) | Renegotiated loans |
|--------|-------|--------------------|

----

----

----

----

|                                                            |   | Year ended December 31, |      |
|-----------------------------------------------------------------|--------|----------------------------------------|-----------|
|                                                            |   | 2007                                   |      |   | 2008 |   |   | 2009 |   |
|                                                            |   | (U.S. Dollars in thousands)            |      |
| Interest income                                                 |   | US$                                    | 1,065,339 |   |   | US$ | 1,382,844 |   |   | US$ | 1,312,925 |   |
| Interest expense                                                |   |                                   | (431,365  | ) |   |   | (561,617 | ) |   |   | (420,564 | ) |
| Net interest income                                             |   | US$                                    | 633,974   |   |   | US$ | 821,227 |   |   | US$ | 892,361 |   |
| Provision for loan losses                                       |   |                                   | (28,439   | ) |   |   | (48,760 | ) |   |   | (163,392 | ) |
| Net interest income after Provision                             |   | US$                                    | 605,535   |   |   | US$ | 772,467 |   |   | US$ | 728,969 |   |
| Noninterest income                                              |   |                                   | 522,937   |   |   |   | 592,564 |   |   |   | 720,631 |   |
| Insurance premiums earned net of claims on insurance activities |   |                                   | 58,672    |   |   |   | 51,993 |   |   |   | 138,224 |   |
| Other expenses                                                  |   |                                   | (747,089  | ) |   |   | (920,603 | ) |   |   | (957,110 | ) |
| Merger costs                                                    |   |                                   | -         |   |   |   | - |   |   |   | - |   |
| Income before translation result and income tax                 |   | US$                                    | 440,055   |   |   | US$ | 496,421 |   |   | US$ | 630,714 |   |
| Translation result (loss) gain                                  |   | US$                                    | 34,627    |   |   | US$ | ( 17,650 | ) |   | US$ | 12,222 |   |
| Income tax                                                      |   |                                   | (102,287  | ) |   |   | (109,508 | ) |   |   | (138,500 | ) |
| Net income                                                      |   | US$                                    | 372,395   |   |   | US$ | 369,263 |   |   | US$ | 504,436 |   |
| Net income attributable to:                                     |   |                                   |      |   |   |   |   |   |   |   |   |   |
| Equity holders                                                  |   |                                   | 350,735   |   |   |   | 357,756 |   |   |   | 469,785 |   |
| Minority interests                                              |   |                                   | 21,660    |   |   |   | 11,507 |   |   |   | 34,651 |   |
| Net income                                                      |   | US$                                    | 372,395   |   |   | US$ | 369,263 |   |   | US$ | 504,436 |   |

----

|                                                               |   | Year ended December 31,     |      |
|--------------------------------------------------------------------|--------|--------------------------------------------|-----------|
|                                                               |   | 2007                                       |      |   | 2008 |   |   | 2009 |   |
|                                                               |   | (U.S. Dollars in thousands) |      |
| Interest income:                                                   |   |                                       |      |   |   |   |   |   |   |
| Loans                                                              |   | US$                                        | 701,471   |   |   | US$ | 963,940 |   |   | US$ | 1,062,046 |   |
| Deposits in banks                                                  |   |                                       | 58,896    |   |   |   | 37,352 |   |   |   | 13,731 |   |
| Deposits in Central Bank                                           |   |                                       | 46,921    |   |   |   | 37,914 |   |   |   | 2,187 |   |
| Investment securities and others                                   |   |                                       | 231,762   |   |   |   | 298,021 |   |   |   | 186,629 |   |
| Dividends                                                          |   |                                       | 8,870     |   |   |   | 12,189 |   |   |   | 9,715 |   |
| Gain from derivatives instruments and other interest income   |   |                                       | 17,419    |   |   |   | 33,428 |   |   |   | 38,617 |   |
| Total interest income                                              |   | US$                                        | 1,065,339 |   |   | US$ | 1,382,844 |   |   | US$ | 1,312,925 |   |
|                                                               |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Interest expense:                                                  |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Saving deposits                                                    |   | US$                                        | 19,869    |   |   | US$ | 27,165 |   |   | US$ | 18,509 |   |
| Time deposits                                                      |   |                                       | 263,487   |   |   |   | 310,856 |   |   |   | 206,118 |   |
| Issued bonds                                                       |   |                                       | 33,592    |   |   |   | 51,756 |   |   |   | 66,993 |   |
| Borrowing from other financial institutions and others             |   |                                       | 83,070    |   |   |   | 104,818 |   |   |   | 51,654 |   |
| Demand deposits                                                    |   |                                       | 25,123    |   |   |   | 38,085 |   |   |   | 21,414 |   |
| Loss from derivatives instruments and other interest expenses |   |                                       | 6,224     |   |   |   | 28,937 |   |   |   | 55,876 |   |
| Total interest expense                                             |   | US$                                        | 431,365   |   |   | US$ | 561,617 |   |   | US$ | 420,564 |   |
| Net interest income                                                |   | US$                                        | 633,974   |   |   | US$ | 821,227 |   |   | US$ | 892,361 |   |

----

----

|                                                       |   | Year ended December 31      |    |
|------------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                       |   | 2005                                       |    |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                                                       |   | (U.S. Dollars in thousands) |    |
| Reserves for loan losses at the beginning of the year |   | US$                                        | 271,873 |   |   | US$ | 218,636 |   |   | US$ | 210,586 |   |   | US$ | 229,700 |   |   | US$ | 248,063 |   |
| Additional provisions (reversals)                          |   |                                       | (6,356  | ) |   |   | (4,243 | ) |   |   | 28,439 |   |   |   | 48,760 |   |   |   | 163,392 |   |
| Acquisitions and sales                                     |   |                                       | (9,024  | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 20,905 |   |
| Recoveries of write-offs                                   |   |                                       | 35,032  |   |   |   | 44,284 |   |   |   | 34,084 |   |   |   | 31,279 |   |   |   | 23,928 |   |
| Write-offs                                                 |   |                                       | (71,405 | ) |   |   | (49,859 | ) |   |   | (47,266 | ) |   |   | (59,308 | ) |   |   | (87,927 | ) |
| Monetary correction and other                         |   |                                       | (1,484  | ) |   |   | 1,768 |   |   |   | 3,857 |   |   |   | (2,368 | ) |   |   | 7,688 |   |
| Reserves for loan losses at the End of the year            |   | US$                                        | 218,636 |   |   | US$ | 210,586 |   |   | US$ | 229,700 |   |   | US$ | 248,063 |   |   | US$ | 376,049 |   |

|                                       |   | Year ended December 31,     |    |
|--------------------------------------------|--------|--------------------------------------------|---------|
|                                       |   | 2007                                       |    |   | 2008 |   |   | 2009 |   |
|                                       |   | (U.S. Dollars in thousands) |    |
| Fees and commissions from banking services |   | US$                                        | 324,761 |   |   | US$ | 394,247 |   |   | US$ | 436,819 |   |
| Net gains from sales of securities         |   |                                       | 46,376  |   |   |   | 51,936 |   |   |   | 120,932 |   |
| Net gains on foreign exchange transactions |   |                                       | 61,778  |   |   |   | 108,709 |   |   |   | 87,944 |   |
| Other income                               |   |                                       | 90,022  |   |   |   | 37,672 |   |   |   | 74,936 |   |
| Total non-interest income                  |   | US$                                        | 522,937 |   |   | US$ | 592,564 |   |   | US$ | 720,631 |   |

----

|                                                                    |   | Year ended December 31,     |     |
|-------------------------------------------------------------------------|--------|--------------------------------------------|----------|
|                                                                    |   | 2007                                       |     |   | 2008 |   |   | 2009 |   |
|                                                                    |   | (U.S. Dollars in thousands) |     |
| Net premiums earned                                                     |   | US$                                        | 297,272  |   |   | US$ | 393,903 |   |   | US$ | 424,682 |   |
| Net claims incurred                                                     |   |                                       | (67,689  | ) |   |   | (101,890 | ) |   |   | (59,248 | ) |
| Increase in costs for future benefits for life and health policies |   |                                       | (170,911 | ) |   |   | (240,020 | ) |   |   | (227,210 | ) |
| Total net premiums and claims                                           |   | US$                                        | 58,672   |   |   | US$ | 51,993 |   |   | US$ | 138,224 |   |

----

----

|                                  |   | Year ended December 31,     |    |
|---------------------------------------|--------|--------------------------------------------|---------|
|                                  |   | 2007                                       |    |   | 2008 |   |   | 2009 |   |
|                                  |   | (U.S. Dollars in thousands) |    |
| Salaries and employee benefits        |   | US$                                        | 409,037 |   |   | US$ | 365,201 |   |   | US$ | 467,116 |   |
| General and administrative            |   |                                       | 206,966 |   |   |   | 269,291 |   |   |   | 312,256 |   |
| Depreciation and amortization         |   |                                       | 51,013  |   |   |   | 57,369 |   |   |   | 71,099 |   |
| Provision for assets seized           |   |                                       | 3,057   |   |   |   | 1,067 |   |   |   | 64 |   |
| Other                                 |   |                                       | 77,016  |   |   |   | 227,675 |   |   |   | 106,575 |   |
| Total other expenses and merger costs |   | US$                                        | 747,089 |   |   | US$ | 920,603 |   |   | US$ | 957,110 |   |

----

|   | (3) | Financial Condition |
|--------|-----|---------------------|

----

| (B)  | Liquidity and Capital Resources |
|-----------|---------------------------------|

|                                                                                       |   | As of December 31,                                        |       |
|--------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|------------|
|                                                                                       |   | 2007                                                                     |       |   | 2008 |   |   | 2009 |   |
|                                                                                       |   | (U.S. Dollars in thousands, except percentages) |       |
| Capital stock                                                                              |   | US$                                                                      | 539,498    |   |   | US$ | 539,498 |   |   | US$ | 528,011 |   |
| Legal and other reserves                                                                   |   |                                                                     | 587,218    |   |   |   | 770,216 |   |   |   | 1,053,494 |   |
| Capital stock, reserves and retained earnings of minority interest                         |   |                                                                     | 38,929     |   |   |   | 45,894 |   |   |   | 104,052 |   |
| Accepted provisions for loan losses                                                        |   |                                                                     | 82,261     |   |   |   | 104,635 |   |   |   | 114,104 |   |
| Subordinated debt                                                                          |   |                                                                     | 294,648    |   |   |   | 278,688 |   |   |   | 683,222 |   |
| Total                                                                                      |   |                                                                     | 1,542,554  |   |   |   | 1,738,931 |   |   |   | 2,482,883 |   |
| Less: investment in multilateral organizations, banks and insurance companies and goodwill |   |                                                                     | (122,387   | ) |   |   | (134,216 | ) |   |   | (261,749 | ) |
| Total Regulatory Capital (1)                                                               |   |                                                                     | 1,420,167  |   |   |   | 1,604,715 |   |   |   | 2,221,134 |   |
|                                                                                       |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| Financial Entities Capital Ratio                                                           |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| Regulatory Capital attributable to Financial Entities (1)                                  |   |                                                                     | 1,320,068  |   |   |   | 1,520,318 |   |   |   | 2,033,401 |   |
| Risk-Weighted Assets From Financial Entities (3)                                           |   |                                                                     | 10,313,188 |   |   |   | 12,335,063 |   |   |   | 14,200,280 |   |
| Capital Ratio for Financial Entities (1) / (3)                                             |   |                                                                     | 12.80      | % |   |   | 12.33 | % |   |   | 14.32 | % |
|                                                                                       |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| Minimum Regulatory Capital Required (MRCR)(2)                                              |   |                                                                     |       |   |   |   |   |   |   |   |   |   |
| MRCR for Financial Entities (3)                                                            |   |                                                                     | 890,643    |   |   |   | 1,122,464 |   |   |   | 1,266,502 |   |
| MRCR for Insurance Entities (3)                                                            |   |                                                                     | 112,261    |   |   |   | 137,766 |   |   |   | 149,808 |   |
| MRCR for Other Entities (3)                                                                |   |                                                                     | 66,849     |   |   |   | 80,921 |   |   |   | 144,494 |   |
| Total Minimum Regulatory Capital Required                                                  |   | US$                                                                      | 1,069,753  |   |   | US$ | 1,341,151 |   |   | US$ | 1,560,804 |   |
| Regulatory capital as percentage of Minimum Regulatory Capital Required                    |   |                                                                     | 132.76     | % |   |   | 119.65 | % |   |   | 142.31 | % |

----

| (1) | Total Regulatory Capital and Financial Entities Regulatory Capital is prepared under the guidelines of the BIS I Accord (by the Basel Committee) as adopted by the SBS. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Minimum Regulatory Capital Required, or MRCR, is prepared under the guidelines of the BIS I Accord (by the Basel Committee) as adopted by the SBS, and must not exceed from the Total Regulatory Capital calculated. The consolidated MRCR is calculated by the addition of the MRCR of each one of the entities. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Peruvian financial entities (BCP, Credileasing and Solución) have a MRCR of 9.5% of the Risk-Weighted Assets (or RWA). For ASHC (Cayman Islands), the MRCR is 12% of the RWA. For BCB (Bolivia), the MRCR is 10% of the RWA. For the insurance companies, MRCR is calculated on the basis of the solvency margin, the guarantee funds and the credit risk. Other entities, with no MRCR, must be considered by the sum of the capital, reserves and retained earnings. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                             |   | At December 31,                  |                  |
|------------------------------------------------------------------|--------|--------------------------------------------|-----------------------|
|                                                             |   | 2007                                       |                  |   | 2008 |   |   | 2009 |   |
|                                                             |   | (U.S. Dollars in thousands) |                  |
| Core Deposits:                                                   |   |                                       |                  |   |   |   |   |   |   |
| Demand deposits                                   |   | US$                                        |   3,964,501 |   |   | US$ |  4,872,277 |   |   | US$ |  4,556,746 |   |
| Savings deposits                                                 |   |                                       | 2,380,904             |   |   |   | 2,968,739 |   |   |   | 3,539,665 |   |
| Severance indemnity deposits                                     |   |                                       | 896,283               |   |   |   | 1,039,887 |   |   |   | 1,069,506 |   |
| Total core deposits                                              |   | US$                                        | 7,241,688             |   |   | US$ | 8,880,903 |   |   | US$ | 9,165,917 |   |
|                                                             |   |                                       |                  |   |   |   |   |   |   |   |   |   |
| Other Deposits:                                                  |   |                                       |                  |   |   |   |   |   |   |   |   |   |
| Time deposits                                                    |   |                                       | 3,967,864             |   |   |   | 4,856,112 |   |   |   | 4,751,861 |   |
| Bank certificates                                                |   |                                       | 90,119                |   |   |   | 140,013 |   |   |   | 120,932 |   |
| Total deposits                                                   |   | US$                                        | 11,299,671            |   |   | US$ | 13,877,028 |   |   | US$ | 14,038,710 |   |
|                                                             |   |                                       |                  |   |   |   |   |   |   |   |   |   |
| Due to banks and correspondents                                  |   | US$                                        | 2,314,418             |   |   | US$ | 2,316,594 |   |   | US$ | 2,251,541 |   |
|                                                             |   |                                       |                  |   |   |   |   |   |   |   |   |   |
| Issued bonds                                                     |   |                                       | 694,982               |   |   |   | 777,390 |   |   |   | 1,273,731 |   |
|                                                             |   |                                       |                  |   |   |   |   |   |   |   |   |   |
| Total sources of funds                                           |   | US$                                        | 14,309,071            |   |   | US$ | 16,971,012 |   |   | US$ | 17,563,982 |   |
| Core deposits as a percent of total deposits                     |   |                                       | 64.1                  | % |   |   | 64.0 | % |   |   | 65.3 | % |
| Core deposits as a percent of total sources of liquid funds |   |                                       | 50.6                  | % |   |   | 52.3 | % |   |   | 52.2 | % |

|                                                                         |   | At December 31,                  |      |
|------------------------------------------------------------------------------|--------|--------------------------------------------|-----------|
|                                                                         |   | 2007                                       |      |   | 2008 |   |   | 2009 |   |
|                                                                         |   | (U.S. Dollars in thousands) |      |
| Funds at Central Bank                                                        |   |                                       |      |   |   |   |   |   |   |
| Deposits                                                                     |   | US$                                        | 1,798,581 |   |   | US$ | 1,952,952 |   |   | US$ | 2,107,635 |   |
| Certificates of deposits                                                     |   |                                       | 2,164,188 |   |   |   | 1,914,707 |   |   |   | 1,548,715 |   |
| BCRP-Repo Transactions                                                       |   |                                       | 242,817   |   |   |   | 294,235 |   |   |   | 0 |   |
| Total funds at Central Bank                                                  |   | US$                                        | 4,205,586 |   |   | US$ | 4,161,894 |   |   | US$ | 3,656,350 |   |
| Total funds at Central Bank of Perú as a percent of total deposits |   |                                       | 37.2      | % |   |   | 30.0 | % |   |   | 26.0 | % |

----

|               |   | Years ended December 31,   |   |
|--------------------|--------|-------------------------------------------|--------|
|               |   | 2007                                      |   |   | 2008 |   |   | 2009 |   |
|               |   | (U.S. Dollars in millions) |   |
| Issued bonds       |   |                                      |   |   |   |   |   |   |   |
| Corporate bonds    |   | US$                                       | 50.1   |   |   | US$ | 130.6 |   |   | US$ | 192.3 |   |
| Leasing bonds      |   |                                      | 39.6   |   |   |   | 228.4 |   |   |   | 0.0 |   |
| Subordinated bonds |   |                                      | 5.0    |   |   |   | 0.0 |   |   |   | 113.8 |   |
| Subordinated debt  |   |                                      | 161.3  |   |   |   | 0.0 |   |   |   | 250.0 |   |
| Total issuance     |   | US$                                       | 256.0  |   |   | US$ | 359.0 |   |   | US$ | 556.1 |   |

----

| (C) | Research and Development, Patents and Licenses, Etc. |
|-----|------------------------------------------------------|

| (D) | Trend Information |
|-----|-------------------|

----

| (E) | Off-Balance Sheet Arrangements |
|-----|--------------------------------|

|                                          |   | Year ended December 31,     |      |
|-----------------------------------------------|--------|--------------------------------------------|-----------|
|                                          |   | 2007                                       |      |   | 2008 |   |   | 2009 |   |
|                                          |   | (U.S. Dollars in thousands) |      |
| Contingent Credits                            |   |                                       |      |   |   |   |   |   |   |
| Guarantees and stand by letters               |   | US$                                        | 1,133,476 |   |   | US$ | 1,506,506 |   |   | US$ | 2,108,761 |   |
| Import and export letters of credit           |   |                                       | 431,049   |   |   |   | 249,396 |   |   |   | 419,374 |   |
| Sub Total                                     |   |                                       | 1,564,525 |   |   |   | 1,755,902 |   |   |   | 2,528,135 |   |
|                                          |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Responsibilities under credit line agreements |   |                                       | 1,082,115 |   |   |   | 1,234,964 |   |   |   | 1,557,674 |   |
| Forward and options, net                      |   |                                       | (331,117  | ) |   |   | 627,600 |   |   |   | (54,011 | ) |
| Swap contracts (notional amount)              |   |                                       | 1,446,813 |   |   |   | 2,670,332 |   |   |   | 3,156,013 |   |
|                                          |   |                                       |      |   |   |   |   |   |   |   |   |   |
| Total                                         |   | US$                                        | 3,762,336 |   |   | US$ | 6,288,798 |   |   | US$ | 7,187,811 |   |

----

| (F) | Tabular Disclosure of Contractual Obligations |
|-----|-----------------------------------------------|

|                        |   |                                       |      |   | Payments due by period |   |
|-----------------------------|--------|--------------------------------------------|-----------|--------|---------------------------------------|--------|
|                        |   | Total atDecember 31,2009         |      |   | Less than1 year             |   |   | 1–3 years |   |   | 3–5 years |   |   | More than5 years |   |
|                        |   | (U.S. Dollars in thousands) |      |
| Borrowed funds              |   | US$                                        | 2,140,960 |   |                                  | US$    | 938,262 |   |   | US$ | 588,593 |   |   | US$ | 330,755 |   |   | US$ | 283,350 |   |
| Promotional credit lines    |   |                                       | 81,550    |   |                                  |   | 4,819 |   |   |   | 16,291 |   |   |   | 12,590 |   |   |   | 47,850 |   |
| Interbank funds             |   |                                       | 29,031    |   |                                  |   | 29,031 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Time deposits               |   |                                       | 4,751,861 |   |                                  |   | 4,519,104 |   |   |   | 147,135 |   |   |   | 82,088 |   |   |   | 3,534 |   |
| Operating lease obligations |   |                                       | 62,380    |   |                                  |   | 12,305 |   |   |   | 18,714 |   |   |   | 13,323 |   |   |   | 18,038 |   |
| Total                       |   | US$                                        | 7,065,782 |   |                                  | US$    | 5,503,521 |   |   | US$ | 770,733 |   |   | US$ | 438,756 |   |   | US$ | 352,772 |   |

----

| ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
|---------|--------------------------------------------|

| (A) | Directors and Senior Management |
|-----|---------------------------------|

| Name                     |   | Position      |   | Years served as a Director(1) |
|--------------------------|--------|---------------|--------|---------------------------------------------------|
| Dionisio Romero Paoletti |   | Chairman      |   | 6                                                 |
| Raimundo Morales         |   | Vice Chairman |   | 2                                                 |
| Fernando Fort            |   | Director      |   | 28                                                |
| Reynaldo Llosa           |   | Director      |   | 27                                                |
| Juan Carlos Verme        |   | Director      |   | 20                                                |
| Luis Enrique Yarur       |   | Director      |   | 14                                                |
| Felipe Ortiz de Zevallos |   | Director      |   | 5                                                 |
| Germán Suárez  |   | Director      |   | 5                                                 |

----

| (1) | Of Credicorp, our subsidiaries and their predecessors as of December 31, 2009. |
|-----|-------------------------------------------------------------------------------------|

----

----

| Name               |   | Position                |   | Years Served asan Officer(1) |
|--------------------|--------|-------------------------|--------|---------------------------------------------|
| Dionisio Romero P. |   | Chief Executive Officer |   | 1                                           |
| Walter Bayly       |   | General Manager         |   | 17                                          |
| Alvaro Correa      |   | Chief Financial Officer |   | 13                                          |
| David Saettone     |   | Chief Insurance Officer |   | 12                                          |

----

|   | (1) | Of Credicorp, our subsidiaries and their predecessors as of December 31, 2009. |
|--------|-----|--------------------------------------------------------------------------------|

| (B) | Compensation |
|-----|--------------|

----

| Year |   | Number of Outstanding SARs granted |    |   | Exercise price in US$ |   |
|------|--------|--------------------------------------------------------|---------|--------|--------------------------------------|--------|
| 2002 |   |                                                   | 52,500  |   |                                 |   | 5.98 |   |
| 2003 |   |                                                   | 96,900  |   |                                 |   | 7.17 |   |
| 2004 |   |                                                   | 118,750 |   |                                 |   | 9.99 |   |
| 2005 |   |                                                   | 155,000 |   |                                 |   | 15.00 |   |
| 2006 |   |                                                   | 226,250 |   |                                 |   | 24.32 |   |
| 2007 |   |                                                   | 235,785 |   |                                 |   | 24.32 |   |
| 2008 |   |                                                   | 262,278 |   |                                 |   | 24.32 |   |

|                              |   | 2009            |      |   | 2008             |   |
|-----------------------------------|--------|-----------------|-----------|--------|------------------|--------|
|                              |   | OutstandingSARs |      |   | Vested SARs |   |   | OutstandingSARs |   |   | Vested SARs |   |
|                              |   | Number          |      |   | Number           |   |   | Amount |   |   | Number |   |   | Number |   |   | Amount |   |
|                              |   |            |      |   |             |   |   | US$(000) |   |   |   |   |   |   |   |   | US$(000) |   |
| Balance as of January 1st         |   |            | 2,215,225 |   |             |   | 1,617,818 |   |   |   | 42,987 |   |   |   | 2,134,650 |   |   |   | 1,537,119 |   |   |   | 89,602 |   |
| SAR ́s modification           |   |            | (451,143) |   |             |   | (451,143) |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Granted and vested                |   |            | -         |   |             |   | 366,845 |   |   |   | 19,333 |   |   |   | 665,500 |   |   |   | 576,874 |   |   |   | 9,498 |   |
| Exercised                         |   |            | (495,244) |   |             |   | (495,244) |   |   |   | (17,761) |   |   |   | (496,175) |   |   |   | (496,175) |   |   |   | (19,734) |   |
| Decrease                          |   |            | (121,375) |   |             |   | - |   |   |   | - |   |   |   | (88,750) |   |   |   | - |   |   |   | - |   |
| Increase in the option fair value |   |            | -         |   |             |   | - |   |   |   | 15,929 |   |   |   | - |   |   |   | - |   |   |   | (36,379) |   |
| Balance as of December 31         |   |            | 1,147,463 |   |             |   | 1,038,276 |   |   |   | 60,488 |   |   |   | 2,215,225 |   |   |   | 1,617,818 |   |   |   | 42,987 |   |

----

| Year ofInsurance |   | Numberof outstanding SARsas of December 31, 2009 |      |   | Number of Vested SARsas of December 31 |   |      | Exercise price |   |
|-----------------------|--------|--------------------------------------------------------------------------------|-----------|--------|----------------------------------------------------------------------|--------|-----------|---------------------|--------|
|                  |   |                                                                           |      |   | 2009                                                                 |   |      | 2008                |   |   | 2009 |   |   | 2008 |   |
|                  |   |                                                                           |      |   |                                                                 |   |      |                |   |   |   |   |   |   |   |
| 2001                  |   |                                                                           | -         |   |                                                                 |   | -         |                |   |   | 60,000 |   |   |   | US$ 4.30 |   |   |   | US$ 4.80 |   |
| 2002                  |   |                                                                           | 52,500    |   |                                                                 |   | 52,500    |                |   |   | 60,000 |   |   |   | 5.98 |   |   |   | 6.48 |   |
| 2003                  |   |                                                                           | 96,900    |   |                                                                 |   | 96,900    |                |   |   | 134,900 |   |   |   | 7.17 |   |   |   | 7.67 |   |
| 2004                  |   |                                                                           | 118,750   |   |                                                                 |   | 118,750   |                |   |   | 185,950 |   |   |   | 9.99 |   |   |   | 10.49 |   |
| 2005                  |   |                                                                           | 155,000   |   |                                                                 |   | 155,000   |                |   |   | 241,700 |   |   |   | 15.00 |   |   |   | 15.50 |   |
| 2006                  |   |                                                                           | 226,250   |   |                                                                 |   | 226,250   |                |   |   | 327,784 |   |   |   | 24.32 |   |   |   | 24.82 |   |
| 2007                  |   |                                                                           | 235,785   |   |                                                                 |   | 214,831   |                |   |   | 320,859 |   |   |   | 24.32 |   |   |   | 48.00 |   |
| 2008                  |   |                                                                           | 262,278   |   |                                                                 |   | 174,045   |                |   |   | 286,625 |   |   |   | 24.32 |   |   |   | 72.04 |   |
|                  |   |                                                                           | 1,147,463 |   |                                                                 |   | 1,038,276 |                |   |   | 1,617,818 |   |   |   |   |   |   |   |   |   |

| (C) | Board Practices |
|-----|-----------------|

----

| (D) | Employees |
|-----|-----------|

|            |   | At December 31,  |   |
|-----------------|--------|----------------------------|--------|
|            |   | 2007                       |   |   | 2008 |   |   | 2009 |   |
|            |   | (Full-time employees) |   |
| BCP             |   |                       | 9,593  |   |   |   | 11,654 |   |   |   | 16,748 |   |
| PPS             |   |                       | 1,665  |   |   |   | 2,306 |   |   |   | 2,567 |   |
| ASHC            |   |                       | 65     |   |   |   | 73 |   |   |   | 74 |   |
| Prima AFP       |   |                       | 1,464  |   |   |   | 1,015 |   |   |   | 750 |   |
| Others          |   |                       | 350    |   |   |   | 430 |   |   |   | 9 |   |
| Total Credicorp |   |                       | 13,137 |   |   |   | 15,478 |   |   |   | 20,148 |   |

| (E) | Share Ownership |
|-----|-----------------|

| ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
|---------|---------------------------------------------------|

| (A) | Major Shareholders |
|-----|--------------------|

----

| Owner                                     |   | Common Shares |       |   | Percent of Class(1) |   |
|-------------------------------------------|--------|--------------------|------------|--------|-------------------------------|--------|
| Atlantic Security Holding Corporation (2) |   |               | 14,620,845 |   |                          |   | 15.49% |   |
| Romero family (3)                         |   |               | 14,167,331 |   |                          |   | 15.01% |   |
| AFP Integra                               |   |               | 6,635,516  |   |                          |   | 7.03% |   |
| Prima AFP                                 |   |               | 5,657,373  |   |                          |   | 5.99% |   |

----

| (B) | Related Party Transactions |
|-----|----------------------------|

|   | (i) | Credicorp |
|--------|-----|-----------|

----

|                                 |   | Related companies |   |
|--------------------------------------|--------|------------------------|--------|
|                                 |   | 2007                   |   |   | 2008 |   |   | 2009 |   |
|                                 |   |                   |   |   | (U.S. Dollars inthousands) |   |   |   |   |
|                                 |   |                   |   |   |   |   |   |   |   |
| Direct loans                         |   | US$                    | 94,102 |   |   | US$ | 143,855 |   |   | US$ | 214,182 |   |
| Investments available-for-sale       |   |                   | 90,396 |   |   |   | 63,782 |   |   |   | 92,747 |   |
| Deposits                             |   |                   | 31,689 |   |   |   | 34,669 |   |   |   | 82,051 |   |
| Contingent credits                   |   |                   | 14,026 |   |   |   | 23,574 |   |   |   | 20,122 |   |
| Interest income related to loans     |   |                   | 2,288  |   |   |   | 2,889 |   |   |   | 4,896 |   |
| Interest expense related to deposits |   |                   | 2,009  |   |   |   | 2,669 |   |   |   | 1,680 |   |
| Trading securities                   |   |                   | 1,673  |   |   |   | 1 |   |   |   | 2 |   |
| Derivatives at fair value            |   |                   | 386    |   |   |   | 4,179 |   |   |   | (283 | ) |
| Other income                         |   | US$                    | 1,192  |   |   | US$ | 2,533 |   |   | US$ | 1,196 |   |

----

|                      |   | 2007   |   |   | 2008                                 |   |   | 2009   |   |
|---------------------------|--------|--------|--------|--------|--------------------------------------|--------|--------|--------|--------|
|                      |   |   |   |   | (U.S. Dollars inthousands) |   |   |   |   |
| Stock appreciation rights |   |   | 27,113 |   |                                 |   | 27,362 |   |   |   | 4,720 |   |
| Salaries                  |   |   | 5,535  |   |                                 |   | 5,625  |   |   |   | 4,717 |   |
| Director compensation     |   |   | 1,162  |   |                                 |   | 1,303  |   |   |   | 1,698 |   |
| Other                     |   |   | 12,947 |   |                                 |   | 8,209  |   |   |   | 1,415 |   |
| Total                     |   |   | 46,757 |   |                                 |   | 42,499 |   |   |   | 12,550 |   |

| (C) | Interests of Experts and Counsel |
|-----|----------------------------------|

----

| ITEM 8. | FINANCIAL INFORMATION |
|---------|-----------------------|

| (A) | Consolidated Statements and Other Financial Information |
|-----|---------------------------------------------------------|

----

| Year ended December 31, |   | Number of Shares Entitledto Dividends |       |   | Cash DividendsPer Share |   |     | StockDividendsPer Share |   |
|----------------------------------------|--------|-----------------------------------------------------------|------------|--------|-----------------------------------|--------|----------|------------------------------|--------|
| 1999                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 0.20 |                         |   |   | 0.00 |   |
| 2000                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 0.10 |                         |   |   | 0.00 |   |
| 2001                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 0.10 |                         |   |   | 0.00 |   |
| 2002                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 0.40 |                         |   |   | 0.00 |   |
| 2003                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 0.30 |                         |   |   | 0.00 |   |
| 2004                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 0.40 |                         |   |   | 0.00 |   |
| 2005                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 0.80 |                         |   |   | 0.00 |   |
| 2006                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 1.10 |                         |   |   | 0.00 |   |
| 2007                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 1.30 |                         |   |   | 0.00 |   |
| 2008                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 1.50 |                         |   |   | 0.00 |   |
| 2009                                   |   |                                                      | 94,382,317 |   |                              |   | US$ 1.70 |                         |   |   | 0.00 |   |

----

| ITEM 9. | THE OFFER AND LISTING |
|---------|-----------------------|

| (A) | Offer and Listing Details |
|-----|---------------------------|

|                             |   | High   |      |   | Low    |   |      | AverageDailyVolume |   |
|----------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------------------|--------|
| 2005                             |   |   | US$ 28.81 |   |   |   | US$ 14.41 |               |   |   | 82,338 |   |
| 2006                             |   |   | US$ 45.42 |   |   |   | US$ 21.88 |               |   |   | 176,388 |   |
| 2007                             |   |   | US$ 76.81 |   |   |   | US$ 38.04 |               |   |   | 279,602 |   |
| 2008                             |   |   | US$ 86.19 |   |   |   | US$ 30.23 |               |   |   | 399,661 |   |
| 2009                             |   |   | US$ 78.35 |   |   |   | US$ 32.91 |               |   |   | 359,807 |   |
|                             |   |   |      |   |   |   |      |               |   |   |   |   |
| 2008                             |   |   |      |   |   |   |      |               |   |   |   |   |
| First quarter                    |   |   | US$ 80.25 |   |   |   | US$ 69.99 |               |   |   | 366,249 |   |
| Second quarter                   |   |   | US$ 86.19 |   |   |   | US$ 75.01 |               |   |   | 340,571 |   |
| Third quarter                    |   |   | US$ 81.33 |   |   |   | US$ 55.64 |               |   |   | 421,241 |   |
| Fourth quarter                   |   |   | US$ 60.68 |   |   |   | US$ 30.23 |               |   |   | 469,019 |   |
| 2009                             |   |   |      |   |   |   |      |               |   |   |   |   |
| First quarter                    |   |   | US$ 53.02 |   |   |   | US$ 34.58 |               |   |   | 503,904 |   |
| Second quarter                   |   |   | US$ 61.52 |   |   |   | US$ 45.83 |               |   |   | 408,861 |   |
| Third quarter                    |   |   | US$ 76.26 |   |   |   | US$ 54.81 |               |   |   | 264,382 |   |
| Fourth quarter                   |   |   | US$ 78.35 |   |   |   | US$ 66.70 |               |   |   | 269,604 |   |
| 2010                             |   |   |      |   |   |   |      |               |   |   |   |   |
| First quarter                    |   |   | US$ 86.48 |   |   |   | US$ 70.46 |               |   |   | 205,535 |   |
| Second quarter (through June 14) |   |   | US$ 93.22 |   |   |   | US$ 78.39 |               |   |   | 225,722 |   |

----

----

|                             |   | High                |   |   | Low    |   |   | AverageDailyVolume |   |
|----------------------------------|--------|---------------------|--------|--------|--------|--------|--------|--------------------|--------|
|                             |   | (U.S. Dollars) |   |
| 2005                             |   |                | 28.99  |   |   |   | 14.33  |               |   |   | 15,744 |   |
| 2006                             |   |                | 45.58  |   |   |   | 38.27  |               |   |   | 16,950 |   |
| 2007                             |   |                | 76.48  |   |   |   | 38.24  |               |   |   | 22,553 |   |
| 2008                             |   |                | 86.00  |   |   |   | 31.01  |               |   |   | 15,386 |   |
| 2009                             |   |                | 77.95  |   |   |   | 33.21  |               |   |   | 11,713 |   |
|                             |   |                |   |   |   |   |   |               |   |   |   |   |
| 2008                             |   |                |   |   |   |   |   |               |   |   |   |   |
| First quarter                    |   |                | 80.12  |   |   |   | 70.00  |               |   |   | 10,460 |   |
| Second quarter                   |   |                | 84.80  |   |   |   | 73.54  |               |   |   | 12,763 |   |
| Third quarter                    |   |                | 81.50  |   |   |   | 56.20  |               |   |   | 17,033 |   |
| Fourth quarter                   |   |                | 60.40  |   |   |   | 31.01  |               |   |   | 20,598 |   |
| 2009                             |   |                |   |   |   |   |   |               |   |   |   |   |
| First quarter                    |   |                | 53.10  |   |   |   | 34.90  |               |   |   | 16,530 |   |
| Second quarter                   |   |                | 61.59  |   |   |   | 45.75  |               |   |   | 12,652 |   |
| Third quarter                    |   |                | 75.71  |   |   |   | 54.54  |               |   |   | 7,704 |   |
| Fourth quarter                   |   |                | 77.95  |   |   |   | 67.41  |               |   |   | 10,599 |   |
| 2010                             |   |                |   |   |   |   |   |               |   |   |   |   |
| First quarter                    |   |                | 86.60  |   |   |   | 70.86  |               |   |   | 10,624 |   |
| Second quarter (through June 14) |   |                | 93.00  |   |   |   | 78.50  |               |   |   | 5,535 |   |

----

|                   |   | High                |   |   | Low    |   |
|------------------------|--------|---------------------|--------|--------|--------|--------|
|                   |   | (U.S. Dollars) |   |
| 2009                   |   |                |   |   |   |   |
| December               |   |                | 75.53  |   |   |   | 71.25 |   |
| 2010                   |   |                |   |   |   |   |   |   |
| January                |   |                | 77.08  |   |   |   | 70.46 |   |
| February               |   |                | 77.47  |   |   |   | 71.41 |   |
| March                  |   |                | 86.48  |   |   |   | 77.03 |   |
| April                  |   |                | 90.37  |   |   |   | 85.93 |   |
| May                    |   |                | 89.40  |   |   |   | 78.39 |   |
| June (through June 14) |   |                | 93.22  |   |   |   | 87.58 |   |

----

----

|                   |   | High                |   |   | Low    |   |
|------------------------|--------|---------------------|--------|--------|--------|--------|
|                   |   | (U.S. Dollars) |   |
| 2009                   |   |                |   |   |   |   |
| December               |   |                | 74.92  |   |   |   | 70.95 |   |
| 2010                   |   |                |   |   |   |   |   |   |
| January                |   |                | 76.76  |   |   |   | 70.86 |   |
| February               |   |                | 77.33  |   |   |   | 71.83 |   |
| March                  |   |                | 86.60  |   |   |   | 76.99 |   |
| April                  |   |                | 90.00  |   |   |   | 85.45 |   |
| May                    |   |                | 88.60  |   |   |   | 78.50 |   |
| June (through June 14) |   |                | 93.00  |   |   |   | 87.60 |   |

----

| (B) | Plan of Distribution |
|-----|----------------------|

| (C) | Markets |
|-----|---------|

|   | (i) | Trading |
|--------|-----|---------|

----

|   | (ii) | Market Regulation |
|--------|------|-------------------|

| (D) | Selling Shareholders |
|-----|----------------------|

| (E) | Dilution |
|-----|----------|

| (F) | Expenses of the issue |
|-----|-----------------------|

----

| ITEM 10. | ADDITIONAL INFORMATION |
|----------|------------------------|

| (A) | Share Capital |
|-----|---------------|

| (B) | Memorandum and Articles of Association |
|-----|----------------------------------------|

| (C) | Material Contracts |
|-----|--------------------|

| (D) | Exchange Controls |
|-----|-------------------|

----

| (E) | Taxation |
|-----|----------|

| (F) | Dividends and Paying Agents |
|-----|-----------------------------|

| (G) | Statement by Experts |
|-----|----------------------|

| (H) | Documents on Display |
|-----|----------------------|

| (I) | Subsidiary Information |
|-----|------------------------|

| ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------|------------------------------------------------------------|

----

----

----

|                              |   | 2009     |   |   | 2008     |   |
|-----------------------------------|--------|----------|--------|--------|----------|--------|
|                              |   | US$(000) |   |   | US$(000) |   |
| Equity securities                 |   |     | 2      |   |     |   | 55 |   |
| Mutual funds                      |   |     | -      |   |     |   | 1,034 |   |
| Fixed income                      |   |     | 1,142  |   |     |   | 1,116 |   |
| Derivatives                       |   |     | 2,541  |   |     |   | - |   |
| Consolidated VaR by type of asset |   |     | 2,269  |   |     |   | 1,064 |   |

|                          |   | 2009     |   |   | 2008     |   |
|-------------------------------|--------|----------|--------|--------|----------|--------|
|                          |   | US$(000) |   |   | US$(000) |   |
| Foreign exchange risk         |   |     | 985    |   |     |   | 579 |   |
| Interest rate risk            |   |     | 1,802  |   |     |   | 1,063 |   |
| Equity risk                   |   |     | 1      |   |     |   | 850 |   |
| Consolidated VaR by risk type |   |     | 2,269  |   |     |   | 1,604 |   |

----

----

|                                                                    |   | As of December 31, 2009 |      |
|-------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                                    |   | Up to 1month                      |      | 1 to 3months |   | 3 to 12months |   | 1 to 5 years |   | More than 5years |   | Non-interestbearing |   | Total |   |
|                                                                    |   | US$(000)                                    |      | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
| Assets                                                                  |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and due from banks                                                 |   |                                        | 2,745,587 |   |   | 70,616 |   |   | 81,969 |   |   | - |   |   | - |   |   | 938,486 |   |   | 3,836,658 |   |
| Investments                                                             |   |                                        | 494,937   |   |   | 1,009,295 |   |   | 1,009,704 |   |   | 1,254,765 |   |   | 928,562 |   |   | 453,117 |   |   | 5,150,380 |   |
| Loans                                                                   |   |                                        | 1,739,632 |   |   | 3,144,271 |   |   | 2,142,219 |   |   | 3,176,243 |   |   | 1,028,915 |   |   | - |   |   | 11,231,280 |   |
| Assets designated at fair value through profit and loss                 |   |                                        | -         |   |   | 258 |   |   | 310 |   |   | 1,657 |   |   | 3,565 |   |   | 129,880 |   |   | 135,670 |   |
| Premiums and other policies receivables                                 |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 121,338 |   |   | 121,338 |   |
| Accounts receivable from re-insurers and co-insurers                    |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 137,098 |   |   | 137,098 |   |
| Other assets                                                            |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,415,683 |   |   | 1,415,683 |   |
| Total assets                                                            |   |                                        | 4,890,156 |   |   | 4,224,440 |   |   | 3,234,202 |   |   | 4,432,665 |   |   | 1,961,042 |   |   | 3,195,602 |   |   | 22,028,107 |   |
| Liabilities                                                             |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligations                                                |   |                                        | 4,025,133 |   |   | 3,716,882 |   |   | 2,711,965 |   |   | 311,252 |   |   | 28,601 |   |   | 3,297,995 |   |   | 14,091,828 |   |
| Due to banks and correspondents                                         |   |                                        | 310,694   |   |   | 633,874 |   |   | 10,208 |   |   | 128,643 |   |   | 57,835 |   |   | 26,184 |   |   | 1,167,438 |   |
| Liabilities designated at fair value through profit or loss             |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 48,009 |   |   | 48,009 |   |
| Technical, insurance claims reserves and reserves for unearned premiums |   |                                        | 39,932    |   |   | 24,949 |   |   | 112,373 |   |   | 164,216 |   |   | 367,552 |   |   | 309,769 |   |   | 1,018,791 |   |
| Borrowed funds                                                          |   |                                        | 953,461   |   |   | 2,815 |   |   | 13,385 |   |   | 93,177 |   |   | 26,383 |   |   | - |   |   | 1,089,221 |   |
| Bonds and subordinated notes issued                                     |   |                                        | 5,880     |   |   | 18,768 |   |   | 71,627 |   |   | 448,803 |   |   | 728,653 |   |   | 13,291 |   |   | 1,287,022 |   |
| Other liabilities                                                       |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 822,446 |   |   | 822,446 |   |
| Equity                                                                  |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 2,503,352 |   |   | 2,503,352 |   |
| Total liabilities and equity                                            |   |                                        | 5,335,100 |   |   | 4,397,288 |   |   | 2,919,558 |   |   | 1,146,091 |   |   | 1,209,024 |   |   | 7,021,046 |   |   | 22,028,107 |   |
| Off-Balance sheet items                                                 |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives assets                                                      |   |                                        | 2,094,179 |   |   | 1,574,953 |   |   | 976,153 |   |   | 1,152,853 |   |   | 67,810 |   |   | - |   |   | 5,865,948 |   |
| Derivatives liabilities                                                 |   |                                        | 957,368   |   |   | 1,238,661 |   |   | 1,221,097 |   |   | 2,042,343 |   |   | 406,479 |   |   | - |   |   | 5,865,948 |   |
|                                                                    |   |                                        | 1,136,811 |   |   | 336,292 |   |   | (244,944 | ) |   | (889,490 | ) |   | (338,669 | ) |   | - |   |   | - |   |
| Marginal gap                                                            |   |                                        | 781,867   |   |   | 163,444 |   |   | 69,700 |   |   | 2,397,084 |   |   | 413,349 |   |   | (3,825,444 | ) |   | - |   |
| Accumulated gap                                                         |   |                                        | 781,867   |   |   | 945,311 |   |   | 1,015,011 |   |   | 3,412,095 |   |   | 3,825,444 |   |   | - |   |   | - |   |

----

|                                                                    |   | As of December 31, 2008 |      |
|-------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                                    |   | Up to 1month                      |      | 1 to 3months |   | 3 to 12months |   | 1 to 5 years |   | More than 5years |   | Non-interestbearing |   | Total |   |
|                                                                    |   | US$(000)                                    |      | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
| Assets                                                                  |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and due from banks                                                 |   |                                        | 2,455,413 |   |   | 196,588 |   |   | 46,536 |   |   | 10,218 |   |   | - |   |   | 1,057,416 |   |   | 3,766,171 |   |
| Investments                                                             |   |                                        | 818,153   |   |   | 1,208,344 |   |   | 988,796 |   |   | 542,759 |   |   | 1,139,201 |   |   | 289,585 |   |   | 4,986,838 |   |
| Loans                                                                   |   |                                        | 2,038,457 |   |   | 2,412,234 |   |   | 2,274,854 |   |   | 2,992,480 |   |   | 604,016 |   |   | - |   |   | 10,322,041 |   |
| Assets designated at fair value through profit and loss                 |   |                                        | -         |   |   | 249 |   |   | 329 |   |   | 790 |   |   | 1,954 |   |   | 134,623 |   |   | 137,945 |   |
| Premiums and other policies receivables                                 |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 111,561 |   |   | 111,561 |   |
| Accounts receivable from re-insurers and co-insurers                    |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 165,144 |   |   | 165,144 |   |
| Other assets                                                            |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,331,369 |   |   | 1,331,369 |   |
| Total assets                                                            |   |                                        | 5,312,023 |   |   | 3,817,415 |   |   | 3,310,515 |   |   | 3,546,247 |   |   | 1,745,171 |   |   | 3,089,698 |   |   | 20,821,069 |   |
| Liabilities                                                             |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligations                                                |   |                                        | 4,114,430 |   |   | 3,268,610 |   |   | 2,991,905 |   |   | 321,984 |   |   | 39,979 |   |   | 3,213,529 |   |   | 13,950,437 |   |
| Due to banks and correspondents                                         |   |                                        | 178,539   |   |   | 745,155 |   |   | 197,935 |   |   | 11,705 |   |   | 32,544 |   |   | 14,113 |   |   | 1,179,991 |   |
| Accounts payable to re-insurers and co-insurers                         |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 55,841 |   |   | 55,841 |   |
| Technical, insurance claims reserves and reserves for unearned premiums |   |                                        | 31,254    |   |   | 19,357 |   |   | 86,935 |   |   | 148,437 |   |   | 331,697 |   |   | 350,090 |   |   | 967,770 |   |
| Borrowed funds                                                          |   |                                        | 1,008,997 |   |   | 2,474 |   |   | 11,762 |   |   | 81,871 |   |   | 45,612 |   |   | - |   |   | 1,150,716 |   |
| Bonds and subordinated notes issued                                     |   |                                        | 817       |   |   | - |   |   | 63,208 |   |   | 284,577 |   |   | 428,788 |   |   | 7,840 |   |   | 785,230 |   |
| Other liabilities                                                       |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 934,979 |   |   | 934,979 |   |
| Equity                                                                  |   |                                        | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,796,105 |   |   | 1,796,105 |   |
| Total liabilities and equity                                            |   |                                        | 5,334,037 |   |   | 4,035,596 |   |   | 3,351,745 |   |   | 848,574 |   |   | 878,620 |   |   | 6,372,497 |   |   | 20,821,069 |   |
| Off-Balance sheet items                                                 |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives assets                                                      |   |                                        | 2,499,906 |   |   | 1,295,838 |   |   | 590,446 |   |   | 469,276 |   |   | 293,100 |   |   | - |   |   | 5,148,566 |   |
| Derivatives liabilities                                                 |   |                                        | 1,618,002 |   |   | 788,307 |   |   | 834,589 |   |   | 1,471,042 |   |   | 436,626 |   |   | - |   |   | 5,148,566 |   |
|                                                                    |   |                                        | 881,904   |   |   | 507,531 |   |   | (244,143) |   |   | (1,001,766) |   |   | (143,526) |   |   | - |   |   | - |   |
| Marginal gap                                                            |   |                                        | 859,890   |   |   | 289,350 |   |   | (285,373) |   |   | 1,695,907 |   |   | 723,025 |   |   | (3,282,799) |   |   | - |   |
| Accumulated gap                                                         |   |                                        | 859,890   |   |   | 1,149,240 |   |   | 863,867 |   |   | 2,559,774 |   |   | 3,282,799 |   |   | - |   |   | - |   |

----

|              |   | As of December 31, 2009 |   |
|-------------------|--------|---------------------------------------------|--------|
| Currency          |   | Changes inbasis points            |   |   | Sensitivity ofnet income |   |   | Sensitivity ofcomprehensiveincome |   |
|              |   |                                        |   |   | US$(000) |   |   | US$(000) |   |
| U.S. Dollar       |   | +/-                                         | 50     |   |   | +/- | 10,484 |   |   | -/+ | 43,174 |   |
| U.S. Dollar       |   | +/-                                         | 75     |   |   | +/- | 15,727 |   |   | -/+ | 64,762 |   |
| U.S. Dollar       |   | +/-                                         | 100    |   |   | +/- | 20,969 |   |   | -/+ | 86,349 |   |
| U.S. Dollar       |   | +/-                                         | 150    |   |   | +/- | 31,453 |   |   | -/+ | 129,523 |   |
| Peruvian Currency |   | +/-                                         | 50     |   |   | -/+ | 3,446 |   |   | -/+ | 24,856 |   |
| Peruvian Currency |   | +/-                                         | 75     |   |   | -/+ | 5,169 |   |   | -/+ | 37,284 |   |
| Peruvian Currency |   | +/-                                         | 100    |   |   | -/+ | 6,892 |   |   | -/+ | 49,711 |   |
| Peruvian Currency |   | +/-                                         | 150    |   |   | -/+ | 10,339 |   |   | -/+ | 74,567 |   |

----

| Market price sensitivity |   | Changes in market prices |   |   | As of December 31, 2009 |   |
|------------------------------------|--------|-----------------------------------------|--------|--------|---------------------------------------------|--------|
|                               |   | %                                       |   |   | US$(000)                                    |   |
|                               |   |                                    |   |   |                                        |   |
| Equity securities                  |   | +/-                                     | 10     |   |                                        | +/-    | 33,073 |   |
| Equity securities                  |   | +/-                                     | 25     |   |                                        | +/-    | 82,683 |   |
| Equity securities                  |   | +/-                                     | 30     |   |                                        | +/-    | 99,220 |   |
| Mutual funds                       |   | +/-                                     | 10     |   |                                        | +/-    | 17,454 |   |
| Mutual funds                       |   | +/-                                     | 25     |   |                                        | +/-    | 43,635 |   |
| Mutual funds                       |   | +/-                                     | 30     |   |                                        | +/-    | 52,361 |   |

| 2009                                                                     |   | U.S. Dollars |        |   | Peruvian currency |   |       | Othercurrencies |   |   | Total     |   |
|--------------------------------------------------------------------------|--------|-------------------|-------------|--------|------------------------|--------|------------|-----------------|--------|--------|-----------|--------|
|                                                                     |   | US$(000)          |        |   | US$(000)               |   |       | US$(000)        |   |   | US$(000)  |   |
|                                                                     |   |              |        |   |                   |   |       |            |   |   |      |   |
| Monetary assets -                                                        |   |              |        |   |                   |   |       |            |   |   |      |   |
| Cash and due from banks                                                  |   |              | 3,094,366   |   |                   |   | 501,769    |            |   |   | 240,523   |   |   |   | 3,836,658 |   |
| Trading securities                                                       |   |              | 13,982      |   |                   |   | 8,920      |            |   |   | 47,872    |   |   |   | 70,774 |   |
| Available-for-sale investments                                           |   |              | 2,354,804   |   |                   |   | 2,034,768  |            |   |   | 690,034   |   |   |   | 5,079,606 |   |
| Loans, net                                                               |   |              | 6,755,563   |   |                   |   | 4,285,076  |            |   |   | 190,641   |   |   |   | 11,231,280 |   |
| Financial assets designated to fair value through profit and loss        |   |              | 135,670     |   |                   |   | -          |            |   |   | -         |   |   |   | 135,670 |   |
| Other assets                                                             |   |              | 507,057     |   |                   |   | 563,065    |            |   |   | 22,977    |   |   |   | 1,093,099 |   |
|                                                                     |   |              | 12,861,442  |   |                   |   | 7,393,598  |            |   |   | 1,192,047 |   |   |   | 21,447,087 |   |
| Monetary liabilities -                                                   |   |              |        |   |                   |   |       |            |   |   |      |   |   |   |   |   |
| Deposits and obligations                                                 |   |              | (8,156,869  | )      |                   |   | (5,398,780 | )               |   |   | (536,179  | )      |   |   | (14,091,828 | ) |
| Due to bank and correspondents and borrowed funds                        |   |              | (2,126,963  | )      |                   |   | (128,800   | )               |   |   | (896      | )      |   |   | (2,256,659 | ) |
| Financial liabilities designated at fair value through profits and loss  |   |              | -           |   |                   |   | -          |            |   |   | -         |   |   |   | - |   |
| Bonds and subordinated notes issued                                      |   |              | (612,098    | )      |                   |   | (562,739   | )               |   |   | (112,185  | )      |   |   | (1,287,022 | ) |
| Other liabilities                                                        |   |              | (1,187,739  | )      |                   |   | (651,365   | )               |   |   | (50,142   | )      |   |   | (1,889,246 | ) |
|                                                                     |   |              | (12,083,669 | )      |                   |   | (6,741,684 | )               |   |   | (699,402  | )      |   |   | (19,524,755 | ) |
|                                                                     |   |              | 777,773     |   |                   |   | 651,914    |            |   |   | 492,645   |   |   |   | 1,922,332 |   |
| Forwards position, net                                                   |   |              | 265,114     |   |                   |   | (198,637   | )               |   |   | (66,477   | )      |   |   | - |   |
| Currency swaps position, net                                             |   |              | (142,015    | )      |                   |   | 183,598    |            |   |   | (41,583   | )      |   |   | - |   |
| Cross-currency swaps position, net and interest rate swaps position, net |   |              | 77,768      |   |                   |   | 129,049    |            |   |   | (206,817  | )      |   |   | - |   |
| Options                                                                  |   |              | (3,711      | )      |                   |   | 3,711      |            |   |   | -         |   |   |   | - |   |
| Net monetary position                                                    |   |              | 974,929     |   |                   |   | 769,635    |            |   |   | 177,768   |   |   |   | 1,922,332 |   |

----

| 2008                                                                     |   | U.S. Dollars |        |   | Peruvian currency |   |       | Othercurrencies |   |   | Total    |   |
|--------------------------------------------------------------------------|--------|-------------------|-------------|--------|------------------------|--------|------------|-----------------|--------|--------|----------|--------|
|                                                                     |   | US$(000)          |        |   | US$(000)               |   |       | US$(000)        |   |   | US$(000) |   |
|                                                                     |   |              |        |   |                   |   |       |            |   |   |     |   |
| Monetary assets -                                                        |   |              |        |   |                   |   |       |            |   |   |     |   |
| Cash and due from banks                                                  |   |              | 3,156,279   |   |                   |   | 495,550    |            |   |   | 114,342  |   |   |   | 3,766,171 |   |
| Trading securities                                                       |   |              | 23,220      |   |                   |   | 11,523     |            |   |   | 1,341    |   |   |   | 36,084 |   |
| Available-for-sale investments                                           |   |              | 2,890,978   |   |                   |   | 1,734,526  |            |   |   | 325,250  |   |   |   | 4,950,754 |   |
| Loans, net                                                               |   |              | 6,930,125   |   |                   |   | 3,298,579  |            |   |   | 93,337   |   |   |   | 10,322,041 |   |
| Financial assets designated to fair value through profit and loss        |   |              | 136,311     |   |                   |   | 1,634      |            |   |   | -        |   |   |   | 137,945 |   |
| Other assets                                                             |   |              | 594,107     |   |                   |   | 255,476    |            |   |   | 12,383   |   |   |   | 861,966 |   |
|                                                                     |   |              | 13,731,020  |   |                   |   | 5,797,288  |            |   |   | 546,653  |   |   |   | 20,074,961 |   |
| Monetary liabilities -                                                   |   |              |        |   |                   |   |       |            |   |   |     |   |   |   |   |   |
| Deposits and obligations                                                 |   |              | (8,614,042  | )      |                   |   | (4,963,932 | )               |   |   | (372,463 | )      |   |   | (13,950,437 | ) |
| Due to bank and correspondents and borrowed funds                        |   |              | (2,189,114  | )      |                   |   | (140,155   | )               |   |   | (1,438   | )      |   |   | (2,330,707 | ) |
| Bonds and subordinated notes issued                                      |   |              | (311,860    | )      |                   |   | (473,370   | )               |   |   | -        |   |   |   | (785,230 | ) |
| Other liabilities                                                        |   |              | (1,425,817  | )      |                   |   | (508,063   | )               |   |   | (24,710  | )      |   |   | (1,958,590 | ) |
|                                                                     |   |              | (12,540,833 | )      |                   |   | (6,085,520 | )               |   |   | (398,611 | )      |   |   | (19,024,964 | ) |
|                                                                     |   |              | 1,190,187   |   |                   |   | (288,232   | )               |   |   | 148,042  |   |   |   | 1,049,997 |   |
| Forwards position, net                                                   |   |              | (627,600    | )      |                   |   | 591,628    |            |   |   | 35,972   |   |   |   | - |   |
| Currency swaps position, net                                             |   |              | 71,154      |   |                   |   | (71,154    | )               |   |   | -        |   |   |   | - |   |
| Cross-currency swaps position, net and interest rate swaps position, net |   |              | (317,043    | )      |                   |   | 317,043    |            |   |   | -        |   |   |   | - |   |
| Net monetary position                                                    |   |              | 316,698     |   |                   |   | 549,285    |            |   |   | 184,014  |   |   |   | 1,049,997 |   |

----

| Sensitivity Analysis |   | Change in Currency Rates |   |   | 2009     |   |    | 2008     |   |
|---------------------------|--------|-----------------------------------------|--------|--------|----------|--------|---------|----------|--------|
|                      |   | %                                       |   |   | US$(000) |   |    | US$(000) |   |
| Devaluation -             |   |                                    |   |   |     |   |    |     |   |
| Peruvian Currency         |   |                                    | 5      |   |     |   | (40,507 | )        |   |   | (28,910 | ) |
| Peruvian Currency         |   |                                    | 10     |   |     |   | (85,515 | )        |   |   | (61,032 | ) |
|                      |   |                                    |   |   |     |   |    |     |   |   |   |   |
| Revaluation -             |   |                                    |   |   |     |   |    |     |   |   |   |   |
| Peruvian Currency         |   |                                    | 5      |   |     |   | 36,649  |     |   |   | 26,156 |   |
| Peruvian Currency         |   |                                    | 10     |   |     |   | 69,967  |     |   |   | 49,935 |   |

| ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
|----------|--------------------------------------------------------|

----

| ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
|----------|-------------------------------------------------|

| (A) | Material Defaults |
|-----|-------------------|

| (B) | Dividend Arrearages and Delinquencies |
|-----|---------------------------------------|

| ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
|----------|------------------------------------------------------------------------------|

| ITEM 15. | CONTROLS AND PROCEDURES |
|----------|-------------------------|

| (A)  | Disclosure Controls and Procedures |
|-----------|------------------------------------|

| (B)  | Management’s Annual Report on Internal Control over Financial Reporting |
|-----------|-------------------------------------------------------------------------------|

|   | · | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Provide reasonable assurance that transactions are recorded as necessary to permit preparation and fair presentation of financial statements, and our receipts and expenditures are being made only in accordance with authorizations of our management; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| By:    | /s/  DIONISIO ROMERO P. |   | By:    | /s/ ALVARO CORREA       |   |
|--------|-----------------------------------|--------|--------|-------------------------|--------|
| Name:  | Dionisio Romero                   |   | Name:  | Alvaro Correa           |   |
| Title: | Chief Executive Officer           |   | Title: | Chief Financial Officer |   |

----

| (C)  | Attestation Report of the Registered Public Accounting Firm |
|-----------|-------------------------------------------------------------|

----

| Countersigned by: |  |
|-------------------|--|

|                                 |   |   |
|---------------------------------|--------|--------|
| Cristian Emmerich               |   |   |
| C.P.C.C. Register No19-289 |   |   |
| Lima, Peru,                     |   |   |
| June 15, 2010                   |   |   |

----

| (D)  | Changes in Internal Control over Financial Reporting |
|-----------|------------------------------------------------------|

| ITEM 15T. | CONTROLS AND PROCEDURES |
|-----------|-------------------------|

| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT |
|-----------|----------------------------------|

| ITEM 16B. | CODE OF ETHICS |
|-----------|----------------|

| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|-----------|----------------------------------------|

|                       |   | Years ended December 31,    |   |
|----------------------------|--------|--------------------------------------------|--------|
|                       |   | 2007                                       |   |   | 2008 |   |   | 2009 |   |
|                       |   | (U.S. Dollars in thousands) |   |
|                       |   |                                       |   |   |   |   |   |   |   |
| Audit                      |   | US$                                        | 2,264  |   |   | US$ | 2,005 |   |   | US$ | 2,436 |   |
| Audit – Related |   |                                       | -      |   |   |   | - |   |   |   | - |   |
| Tax                        |   |                                       | 28     |   |   |   | 31 |   |   |   | 69 |   |
| All Other                  |   |                                       | 32     |   |   |   | 203 |   |   |   | 287 |   |
| Total                      |   | US$                                        | 2,323  |   |   | US$ | 2,239 |   |   | US$ | 2,792 |   |

----

| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
|-----------|------------------------------------------------------------|

----

| ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
|-----------|------------------------------------------------------------------------|

| ITEM 16F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
|-----------|----------------------------------------------------|

| ITEM 16G. | CORPORATE GOVERNANCE |
|-----------|----------------------|

| (A)  | New York Stock Exchange – Corporate Governance |
|-----------|-----------------------------------------------------------|

|   | · | Director independence; |
|--------|--------|------------------------|

|   | · | The role of non-management directors; |
|--------|--------|---------------------------------------|

|   | · | Nominating/corporate governance committee; |
|--------|--------|--------------------------------------------|

|   | · | Compensation committees; |
|--------|--------|--------------------------|

|   | · | Audit committees; |
|--------|--------|-------------------|

|   | · | Disclosure of corporate governance guidelines, including those in relation to (i) director qualification standards, (ii) director responsibilities, (iii) director access to management and, as necessary and appropriate, independent advisors, (iv) director compensation, (v) director orientation and continuing education, (vi) management succession and (vii) annual performance evaluation of the Board of Directors; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Code of business conduct and ethics for directors, officers and employees addressing, at a minimum, (i) conflicts of interest, (ii) corporate opportunities, (iii) confidentiality, (iv) fair dealing, (v) protection and proper use of company assets, (v) compliance with laws, rules and regulations (including insider trading laws) and (vi) encouraging the reporting of any illegal or unethical behavior; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Disclosure by foreign private issuers of differences between their corporate governance practices and those of U.S. domestic companies under NYSE’s listing standards; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Certification of compliance with the NYSE’s corporate governance standards and disclosure of violations of Section 303A; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | NYSE actions resulting from violations of the NYSE’s listing standards. |
|--------|--------|-------------------------------------------------------------------------------|

----

| (B)  | Bermuda Law – Corporate Governance |
|-----------|-----------------------------------------------|

|   | · | A duty to act honestly and in good faith. A director has a duty to act honestly and in good faith in what he considers are the best interests of the company and not for any collateral purpose. The courts allow the director wide discretion in determining this, interfering only if no reasonable director could have believed that a course of action was in the best interests of the company. However, a director acting honestly, but not in the best interests of the company, is in breach of such duty. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A duty to exercise powers for a proper purpose. Directors must act within the powers set out in the company’s memorandum of association and bye-laws and exercise their powers in the company’s interests and for the purposes for which those powers were conferred. Even if the directors are acting in good faith in the interests of the company as a whole, they must still use their powers for the purposes for which they were intended. For example, in general directors are not allowed to exercise their powers in such a way as to prevent a majority of the members from exercising their rights. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A duty to avoid conflicts of interest. A director must not put himself in a position where there is an actual or potential conflict between a personal interest and his duty to the company. However, a director may enter into a contract where a conflict of interest might arise if the bye-laws allow it or the company gives its approval in a general meeting. Our blaws do not prohibit a director from entering into a contract where a conflict of interest may arise, but they do prohibit a director from voting with respect to any contract or proposed contract or arrangement in which such director is interested or with which such director has a conflict of interest. In addition, section 97(4) of the Companies Act requires our directors and officers to disclose at the first opportunity any interestin a material contract, proposed material contract or person that is a party to a material contract or proposed material contract with us or any of our subsidiaries. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A duty not to appropriate, divert or personally profit from corporate opportunities. Unless the bye-laws specifically provide otherwise, a director’s fiduciary position precludes him from appropriating, diverting or taking a personal profit from any opportunities that result from the directorship. Our bye-laws do provide an exception to this rule. They provide that any director, any director’s firm or partner, or any company with which any director is associated may act for us in a professional capacity. Such director, firm, partner or company will be entitled to compensation for professional services as if the director were not a member of our board of directors. However, such director, firm, partner or company may not act as our auditor. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Degree of Skill. A director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of like knowledge and experience. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Attention to the Business. A director must diligently attend to the affairs of the company. In the performance of this duty, a director must at a minimum display the reasonable care an ordinary person would be expected to take in the same circumstances on his own behalf. Mere errors of judgment have been held not to breach the duty of skill and care. A director, as such, is not bound to give continuous attention to the affairs of the company, as his or her duties are of an intermittent nature. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reliance on Others. A director is not liable for the acts of co-directors or other company officers solely by virtue of the position. A director is entitled to rely on his co-directors or company officers as well as subordinates who are expressly put in charge of attending to the detail of management, provided such reliance is honest and reasonable (although a director cannot absolve himself entirely of responsibility by delegation to others). As a general rule, before delegating responsibility to others, the directors in question should satisfy themselves that the delegates have the requisite skills to discharge the functions delegated to them. In addition, the directors must ensure that there is set up an adequate system of monitoring such delegates (e.g., managers). The directors must, on a regular basis, ensure that their delegates have fulfilled their obligations. The directors should require a regular flow of information from the delegates to ensure that they are carrying out their duties satisfactorily. In addition, section 97(5A) of the Companies Act provides that a director shall not have breached the fiduciary duty or duty of skill and care required by section 97(1) if he relies in good faith upon financial statements of the company represented to him by another director or officer of the company or a report of an attorney, accountant, engineer, appraiser or other person whose profession lends credibility to a statement made by him. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (C)  | Peruvian Law – Corporate Governance |
|-----------|------------------------------------------------|

----

| ITEM 17. | FINANCIAL STATEMENTS |
|----------|----------------------|

| ITEM 18. | FINANCIAL STATEMENTS |
|----------|----------------------|

|                                                                                                                          |   | Page   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| Index to Credicorp Consolidated Financial Statements                                                                          |   | F-2    |
|                                                                                                                          |   |   |
| Report of Medina, Zaldívar, Paredes & Asociados, members of Ernst & Young Global, Independent Public Accountants |   | F-3    |
|                                                                                                                          |   |   |
| Consolidated Balance Sheets as of December 31, 2009 and 2008                                                             |   | F-5    |
|                                                                                                                          |   |   |
| Consolidated Income Statements for the Three Years in the Period Ended December 31, 2009                                 |   | F-6    |
|                                                                                                                          |   |   |
| Consolidated Statements of Changes in Equity for the Three Years in the Period Ended December 31, 2009                   |   | F-9    |
|                                                                                                                          |   |   |
| Consolidated Cash Flow Statements for the Three Years in the Period Ended December 31, 2009                              |   | F-10   |
|                                                                                                                          |   |   |
| Notes to Consolidated Financial Statements                                                                                    |   | F-12   |

----

----

| Report of Independent Registered Public Accounting Firm |   |   |   |   |
|---------------------------------------------------------|--------|--------|--------|--------|
|                                                    |   |   |   |   |
| Consolidated financial statements                       |   |   |   |   |
|                                                    |   |   |   |   |
| Consolidated statements of financial position           |   |   | F-5    |   |
| Consolidated statements of income                       |   |   | F-6    |   |
| Consolidated statements of comprehensive income         |   |   | F-8    |   |
| Consolidated statements of changes in equity            |   |   | F-9    |   |
| Consolidated statements of cash flows                   |   |   | F-10   |   |
| Notes to the consolidated financial statements          |   |   | F-12   |   |

----

----

| Countersigned by: |   |
|-------------------|--------|

|                               |   |
|-------------------------------|--------|
| Cristian Emmerich             |   |
| C.P.C. Register No19-289 |   |

----

Credicorp Ltd. and Subsidiaries

|                                                             |   | Note   |         |   | 2009     |       |   | 2008     |   |
|------------------------------------------------------------------|--------|--------|--------------|--------|----------|------------|--------|----------|--------|
|                                                             |   |   |         |   | US$(000) |       |   | US$(000) |   |
|                                                             |   |   |         |   |     |       |   |     |   |
| Assets                                                           |   |   |         |   |     |       |   |     |   |
| Cash and due from banks:                                         |   | 4      |         |   |     |       |   |     |   |
| Non-interest bearing                                             |   |   |         |   |     | 938,486    |   |     |   | 1,057,416 |   |
| Interest bearing                                                 |   |   |         |   |     | 2,898,172  |   |     |   | 2,708,755 |   |
|                                                             |   |   |         |   |     | 3,836,658  |   |     |   | 3,766,171 |   |
|                                                             |   |   |         |   |     |       |   |     |   |   |   |
| Investments:                                                     |   |   |         |   |     |       |   |     |   |   |   |
| Trading securities                                               |   |   |         |   |     | 70,774     |   |     |   | 36,084 |   |
| Investments available-for-sale                                   |   | 5      |         |   |     | 5,079,606  |   |     |   | 4,950,754 |   |
|                                                             |   |   |         |   |     | 5,150,380  |   |     |   | 4,986,838 |   |
|                                                             |   |   |         |   |     |       |   |     |   |   |   |
| Loans, net:                                                      |   | 6      |         |   |     |       |   |     |   |   |   |
| Loans, net of unearned income                                    |   |   |         |   |     | 11,585,635 |   |     |   | 10,546,378 |   |
| Allowance for loan losses                                        |   |   |         |   |     | (354,355   | )      |     |   | (224,337 | ) |
|                                                             |   |   |         |   |     | 11,231,280 |   |     |   | 10,322,041 |   |
|                                                             |   |   |         |   |     |       |   |     |   |   |   |
| Financial assets designated at fair value through profit or loss |   | 7      |         |   |     | 135,670    |   |     |   | 137,945 |   |
| Premiums and other policies receivable                           |   | 8(a)   |    |   |     | 121,338    |   |     |   | 111,561 |   |
| Accounts receivable from reinsurers and coinsurers               |   | 8(b)   |         |   |     | 137,098    |   |     |   | 165,144 |   |
| Property, furniture and equipment, net                           |   | 9      |         |   |     | 338,535    |   |     |   | 329,458 |   |
| Due from customers on acceptances                                |   |   |         |   |     | 96,423     |   |     |   | 232,580 |   |
| Seized assets, net                                               |   |   |         |   |     | 11,233     |   |     |   | 11,454 |   |
| Intangible assets and goodwill, net                              |   | 10     |         |   |     | 341,951    |   |     |   | 246,957 |   |
| Other assets                                                     |   | 11     |         |   |     | 627,541    |   |     |   | 510,920 |   |
|                                                             |   |   |         |   |     |       |   |     |   |   |   |
| Total assets                                                     |   |   |         |   |     | 22,028,107 |   |     |   | 20,821,069 |   |

|                                                                             |   | Note   |   |   | 2009     |       |   | 2008     |   |
|----------------------------------------------------------------------------------|--------|--------|--------|--------|----------|------------|--------|----------|--------|
|                                                                             |   |   |   |   | US$(000) |       |   | US$(000) |   |
|                                                                             |   |   |   |   |     |       |   |     |   |
| Liabilities and equity                                                           |   |   |   |   |     |       |   |     |   |
| Deposits and obligations:                                                        |   | 12     |   |   |     |       |   |     |   |
| Non-interest bearing                                                             |   |   |   |   |     | 3,297,995  |   |     |   | 3,213,529 |   |
| Interest bearing                                                                 |   |   |   |   |     | 10,793,833 |   |     |   | 10,736,908 |   |
|                                                                             |   |   |   |   |     | 14,091,828 |   |     |   | 13,950,437 |   |
|                                                                             |   |   |   |   |     |       |   |     |   |   |   |
| Due to banks and correspondents                                                  |   | 13(a)  |   |   |     | 1,167,438  |   |     |   | 1,179,991 |   |
| Bankers’ acceptances outstanding                                           |   |   |   |   |     | 96,423     |   |     |   | 232,580 |   |
| Accounts payable to reinsurers and coinsurers                                    |   | 8(b)   |   |   |     | 48,009     |   |     |   | 55,841 |   |
| Technical reserves, insurance claims reserves and reserves for unearned premiums |   | 14     |   |   |     | 1,018,791  |   |     |   | 967,770 |   |
| Borrowed funds                                                                   |   | 13(b)  |   |   |     | 1,089,221  |   |     |   | 1,150,716 |   |
| Bonds and subordinated notes issued                                              |   | 15     |   |   |     | 1,287,022  |   |     |   | 785,230 |   |
| Other liabilities                                                                |   | 11     |   |   |     | 726,023    |   |     |   | 702,399 |   |
| Total liabilities                                                                |   |   |   |   |     | 19,524,755 |   |     |   | 19,024,964 |   |
|                                                                             |   |   |   |   |     |       |   |     |   |   |   |
| Equity                                                                           |   | 16     |   |   |     |       |   |     |   |   |   |
| Capital and reserves attributable to Credicorp’s equity holders:           |   |   |   |   |     |       |   |     |   |   |   |
| Capital stock                                                                    |   |   |   |   |     | 471,912    |   |     |   | 471,912 |   |
| Treasury stock                                                                   |   |   |   |   |     | (74,242    | )      |     |   | (73,107 | ) |
| Capital surplus                                                                  |   |   |   |   |     | 130,341    |   |     |   | 140,693 |   |
| Reserves                                                                         |   |   |   |   |     | 1,059,344  |   |     |   | 815,387 |   |
| Other reserves                                                                   |   |   |   |   |     | 237,446    |   |     |   | (45,393 | ) |
| Retained earnings                                                                |   |   |   |   |     | 492,055    |   |     |   | 379,680 |   |
|                                                                             |   |   |   |   |     | 2,316,856  |   |     |   | 1,689,172 |   |
| Minority interest                                                                |   |   |   |   |     | 186,496    |   |     |   | 106,933 |   |
|                                                                             |   |   |   |   |     |       |   |     |   |   |   |
| Total equity                                                                     |   |   |   |   |     | 2,503,352  |   |     |   | 1,796,105 |   |
|                                                                             |   |   |   |   |     |       |   |     |   |   |   |
| Total liabilities and equity                                                     |   |   |   |   |     | 22,028,107 |   |     |   | 20,821,069 |   |

----

|                                                                                         |   | Note   |   |   | 2009     |      |   | 2008     |   |      | 2007     |   |
|----------------------------------------------------------------------------------------------|--------|--------|--------|--------|----------|-----------|--------|----------|--------|-----------|----------|--------|
|                                                                                         |   |   |   |   | US$(000) |      |   | US$(000) |   |      | US$(000) |   |
|                                                                                         |   |   |   |   |     |      |   |     |   |      |     |   |
| Interest and dividend income                                                                 |   | 20     |   |   |     | 1,312,925 |   |     |   | 1,382,844 |     |   |   | 1,065,339 |   |
| Interest expense                                                                             |   | 20     |   |   |     | (420,564  | )      |     |   | (561,617  | )        |   |   | (431,365 | ) |
| Net interest and dividend income                                                             |   |   |   |   |     | 892,361   |   |     |   | 821,227   |     |   |   | 633,974 |   |
|                                                                                         |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Provision for loan losses, net of recoveries                                                 |   | 6(d)   |   |   |     | (163,392  | )      |     |   | (48,760   | )        |   |   | (28,439 | ) |
|                                                                                         |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Net interest and dividend income after provision for loan losses                             |   |   |   |   |     | 728,969   |   |     |   | 772,467   |     |   |   | 605,535 |   |
|                                                                                         |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Other income                                                                                 |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Banking services commissions                                                                 |   | 21     |   |   |     | 436,819   |   |     |   | 394,247   |     |   |   | 324,761 |   |
| Net gain on foreign exchange transactions                                                    |   |   |   |   |     | 87,944    |   |     |   | 108,709   |     |   |   | 61,778 |   |
| Net gain on sale of securities                                                               |   |   |   |   |     | 120,932   |   |     |   | 51,936    |     |   |   | 46,376 |   |
| Net gain on financial assets and liabilities designated at fair value through profit or loss |   | 7      |   |   |     | 42,792    |   |     |   | -         |     |   |   | 65,088 |   |
| Other                                                                                        |   | 24     |   |   |     | 32,144    |   |     |   | 37,672    |     |   |   | 24,934 |   |
|                                                                                         |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Total other income                                                                           |   |   |   |   |     | 720,631   |   |     |   | 592,564   |     |   |   | 522,937 |   |
|                                                                                         |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Insurance premiums and claims                                                                |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Net premiums earned                                                                          |   | 22     |   |   |     | 424,682   |   |     |   | 393,903   |     |   |   | 297,272 |   |
| Net claims incurred for life, property and casualty and health insurance contracts           |   | 23     |   |   |     | (286,458  | )      |     |   | (341,910  | )        |   |   | (238,600 | ) |
|                                                                                         |   |   |   |   |     |      |   |     |   |      |     |   |   |   |   |
| Total premiums earned less claims                                                            |   |   |   |   |     | 138,224   |   |     |   | 51,993    |     |   |   | 58,672 |   |

----

|                                                                                                           |   | Note                     |   |   | 2009     |     |   | 2008     |   |     | 2007     |   |
|----------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|--------|----------|----------|--------|----------|--------|----------|----------|--------|
|                                                                                                           |   |                     |   |   | US$(000) |     |   | US$(000) |   |     | US$(000) |   |
|                                                                                                           |   |                     |   |   |     |     |   |     |   |     |     |   |
| Other expenses                                                                                                 |   |                     |   |   |     |     |   |     |   |     |     |   |
| Salaries and employees benefits                                                                                |   |                     |   |   |     | (467,116 | )      |     |   | (365,201 | )        |   |   | (409,037 | ) |
| Administrative expenses                                                                                        |   |                     |   |   |     | (312,256 | )      |     |   | (269,291 | )        |   |   | (206,966 | ) |
| Net loss on financial assets and liabilities designated at fair value through profit or loss                   |   | 7                        |   |   |     | -        |   |     |   | (65,364  | )        |   |   | - |   |
| Depreciation and amortization                                                                                  |   | 9(a) and 10(a) |   |   |     | (71,099  | )      |     |   | (57,369  | )        |   |   | (51,013 | ) |
| Provision for seized assets                                                                                    |   |                     |   |   |     | (64      | )      |     |   | (1,067   | )        |   |   | (3,057 | ) |
| Impairment loss on available-for-sale investments                                                              |   | 5(c)                     |   |   |     | (9,825   | )      |     |   | (60,435  | )        |   |   | (5,017 | ) |
| Other                                                                                                          |   | 24                       |   |   |     | (96,750  | )      |     |   | (101,876 | )        |   |   | (71,999 | ) |
| Total other expenses                                                                                           |   |                     |   |   |     | (957,110 | )      |     |   | (920,603 | )        |   |   | (747,089 | ) |
|                                                                                                           |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
|                                                                                                           |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
| Income before translation result and income tax                                                                |   |                     |   |   |     | 630,714  |   |     |   | 496,421  |     |   |   | 440,055 |   |
|                                                                                                           |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
| Translation result                                                                                             |   |                     |   |   |     | 12,222   |   |     |   | (17,650  | )        |   |   | 34,627 |   |
| Income tax                                                                                                     |   | 17(b)                    |   |   |     | (138,500 | )      |     |   | (109,508 | )        |   |   | (102,287 | ) |
| Net income                                                                                                     |   |                     |   |   |     | 504,436  |   |     |   | 369,263  |     |   |   | 372,395 |   |
|                                                                                                           |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
| Attributable to:                                                                                               |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
| Equity holders of Credicorp Ltd.                                                                               |   |                     |   |   |     | 469,785  |   |     |   | 357,756  |     |   |   | 350,735 |   |
| Minority interest                                                                                              |   |                     |   |   |     | 34,651   |   |     |   | 11,507   |     |   |   | 21,660 |   |
|                                                                                                           |   |                     |   |   |     | 504,436  |   |     |   | 369,263  |     |   |   | 372,395 |   |
|                                                                                                           |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
| Earnings per share for net income attributable to equity holders of Credicorp Ltd. (in United States dollars): |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
| Basic                                                                                                          |   | 25                       |   |   |     | 5.90     |   |     |   | 4.49     |     |   |   | 4.40 |   |
|                                                                                                           |   |                     |   |   |     |     |   |     |   |     |     |   |   |   |   |
| Diluted                                                                                                        |   | 25                       |   |   |     | 5.90     |   |     |   | 4.49     |     |   |   | 4.40 |   |

----

|                                                       |   | Note   |   |   | 2009     |    |   | 2008     |   |     | 2007     |   |
|------------------------------------------------------------|--------|--------|--------|--------|----------|---------|--------|----------|--------|----------|----------|--------|
|                                                       |   |   |   |   | US$(000) |    |   | US$(000) |   |     | US$(000) |   |
|                                                       |   |   |   |   |     |    |   |     |   |     |     |   |
| Net income                                                 |   |   |   |   |     | 504,436 |   |     |   | 369,263  |     |   |   | 372,395 |   |
| Other comprehensive income:                                |   |   |   |   |     |    |   |     |   |     |     |   |   |   |   |
|                                                       |   |   |   |   |     |    |   |     |   |     |     |   |   |   |   |
| Net gain (loss) on investments available–for-sale    |   | 16(d)  |   |   |     | 268,550 |   |     |   | (198,646 | )        |   |   | 83,132 |   |
| Net movement of cash flow hedge                            |   | 16(d)  |   |   |     | 66,024  |   |     |   | (81,293  | )        |   |   | (40,371 | ) |
| Income tax                                                 |   | 16(d)  |   |   |     | (5,841  | )      |     |   | 21,516   |     |   |   | (11,046 | ) |
|                                                       |   |   |   |   |     |    |   |     |   |     |     |   |   |   |   |
| Other comprehensive income for the year, net of income tax |   |   |   |   |     | 328,733 |   |     |   | (258,423 | )        |   |   | 31,715 |   |
|                                                       |   |   |   |   |     |    |   |     |   |     |     |   |   |   |   |
| Total comprehensive income for the year, net of income tax |   |   |   |   |     | 833,169 |   |     |   | 110,840  |     |   |   | 404,110 |   |
|                                                       |   |   |   |   |     |    |   |     |   |     |     |   |   |   |   |
| Attributable to:                                           |   |   |   |   |     |    |   |     |   |     |     |   |   |   |   |
| Equity holders of Credicorp Ltd.                           |   |   |   |   |     | 752,624 |   |     |   | 132,813  |     |   |   | 382,876 |   |
| Minority interest                                          |   |   |   |   |     | 80,545  |   |     |   | (21,973  | )        |   |   | 21,234 |   |
|                                                       |   |   |   |   |     |    |   |     |   |     |     |   |   |   |   |
|                                                       |   |   |   |   |     | 833,169 |   |     |   | 110,840  |     |   |   | 404,110 |   |

----

|                                                   |   | Attributable to Credicorp ́s equity holders |   |
|--------------------------------------------------------|--------|---------------------------------------------------------------------|--------|
|                                                   |   | Number of sharesissued, note 25                 |   |   | Capitalstock |   |   | Treasurystock |   |   | Capitalsurplus |   |   | Reserves |   |   | Available-for- saleinvestmentsreserve |   |   | Cash flow hedgereserve |   |   | Retained earnings |   |   | Total |   |   | Minorityinterest |   |   | Totalnet equity |   |
|                                                   |   | (In thousands of units)                                             |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances as of January 1, 2007                         |   |                                                                | 94,382 |   |   |   | 471,912 |   |   |   | (73,107 | ) |   |   | 140,693 |   |   |   | 479,902 |   |   |   | 144,471 |   |   |   | 2,938 |   |   |   | 230,013 |   |   |   | 1,396,822 |   |   |   | 136,946 |   |   |   | 1,533,768 |   |
|                                                   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Changes in equity for 2007 -                           |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 350,735 |   |   |   | 350,735 |   |   |   | 21,660 |   |   |   | 372,395 |   |
| Other comprehensive income                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 72,512 |   |   |   | (40,371 | ) |   |   | - |   |   |   | 32,141 |   |   |   | (426 | ) |   |   | 31,715 |   |
| Total comprehensive income                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 72,512 |   |   |   | (40,371 | ) |   |   | 350,735 |   |   |   | 382,876 |   |   |   | 21,234 |   |   |   | 404,110 |   |
| Transfer of retained earnings to reserves, note 16(c)  |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 107,316 |   |   |   | - |   |   |   | - |   |   |   | (107,316 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash dividends, note 16(e)                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (103,690 | ) |   |   | (103,690 | ) |   |   | - |   |   |   | (103,690 | ) |
| Dividends of subsidiaries and other                    |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 1 |   |   |   | (18,916 | ) |   |   | (18,915 | ) |
| Balances as of December 31, 2007                       |   |                                                                | 94,382 |   |   |   | 471,912 |   |   |   | (73,107 | ) |   |   | 140,693 |   |   |   | 587,218 |   |   |   | 216,983 |   |   |   | (37,433 | ) |   |   | 369,743 |   |   |   | 1,676,009 |   |   |   | 139,264 |   |   |   | 1,815,273 |   |
|                                                   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Changes in equity for 2008 -                           |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 357,756 |   |   |   | 357,756 |   |   |   | 11,507 |   |   |   | 369,263 |   |
| Other comprehensive income                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (144,254 | ) |   |   | (80,689 | ) |   |   | - |   |   |   | (224,943 | ) |   |   | (33,480 | ) |   |   | (258,423 | ) |
| Total comprehensive income                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (144,254 | ) |   |   | (80,689 | ) |   |   | 357,756 |   |   |   | 132,813 |   |   |   | (21,973 | ) |   |   | 110,840 |   |
| Transfers of retained earnings to reserves, note 16(c) |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 228,169 |   |   |   | - |   |   |   | - |   |   |   | (228,169 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash dividends, note 16(e)                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (119,648 | ) |   |   | (119,648 | ) |   |   | - |   |   |   | (119,648 | ) |
| Dividends of subsidiaries and other                    |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2 | ) |   |   | (2 | ) |   |   | (10,358 | ) |   |   | (10,360 | ) |
| Balances as of December 31, 2008                       |   |                                                                | 94,382 |   |   |   | 471,912 |   |   |   | (73,107 | ) |   |   | 140,693 |   |   |   | 815,387 |   |   |   | 72,729 |   |   |   | (118,122 | ) |   |   | 379,680 |   |   |   | 1,689,172 |   |   |   | 106,933 |   |   |   | 1,796,105 |   |
|                                                   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Changes in equity for 2009 -                           |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 469,785 |   |   |   | 469,785 |   |   |   | 34,651 |   |   |   | 504,436 |   |
| Other comprehensive income                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 216,248 |   |   |   | 66,591 |   |   |   | - |   |   |   | 282,839 |   |   |   | 45,894 |   |   |   | 328,733 |   |
| Total comprehensive income                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 216,248 |   |   |   | 66,591 |   |   |   | 469,785 |   |   |   | 752,624 |   |   |   | 80,545 |   |   |   | 833,169 |   |
| Transfer of retained earnings to reserves, note 16(c)  |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 238,107 |   |   |   | - |   |   |   | - |   |   |   | (238,107 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash dividends, note 16(e)                             |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (119,303 | ) |   |   | (119,303 | ) |   |   | - |   |   |   | (119,303 | ) |
| Purchase of treasury stock                             |   |                                                                | -      |   |   |   | - |   |   |   | (1,135 | ) |   |   | (10,352 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (11,487 | ) |   |   | - |   |   |   | (11,487 | ) |
| Share-based payments transactions, note 18(b)          |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,850 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,850 |   |   |   | - |   |   |   | 5,850 |   |
| Dividends of subsidiaries and other                    |   |                                                                | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (982 | ) |   |   | (982 | ) |
|                                                   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances as of December 31, 2009                       |   |                                                                | 94,382 |   |   |   | 471,912 |   |   |   | (74,242 | ) |   |   | 130,341 |   |   |   | 1,059,344 |   |   |   | 288,977 |   |   |   | (51,531 | ) |   |   | 492,055 |   |   |   | 2,316,856 |   |   |   | 186,496 |   |   |   | 2,503,352 |   |

----

|                                                                                                            |   | 2009     |     |   | 2008     |   |       | 2007     |   |
|-----------------------------------------------------------------------------------------------------------------|--------|----------|----------|--------|----------|--------|------------|----------|--------|
|                                                                                                            |   | US$(000) |     |   | US$(000) |   |       | US$(000) |   |
|                                                                                                            |   |     |     |   |     |   |       |     |   |
| Cash flows from operating activities                                                                            |   |     |     |   |     |   |       |     |   |
| Net income                                                                                                      |   |     | 504,436  |   |     |   | 369,263    |     |   |   | 372,395 |   |
| Add (deduct)                                                                                                    |   |     |     |   |     |   |       |     |   |   |   |   |
| Provision  for loan losses                                                                            |   |     | 163,392  |   |     |   | 48,760     |     |   |   | 28,439 |   |
| Depreciation and amortization                                                                                   |   |     | 71,099   |   |     |   | 57,369     |     |   |   | 51,013 |   |
| Provision for seized assets                                                                                     |   |     | 64       |   |     |   | 1,067      |     |   |   | 3,057 |   |
| Provision for sundry risks                                                                                      |   |     | 14,425   |   |     |   | 37,549     |     |   |   | 8,096 |   |
| Deferred income tax                                                                                             |   |     | (8,552   | )      |     |   | (4,394     | )        |   |   | (14,921 | ) |
| Net gain on sales of securities available-for-sale                                                              |   |     | (120,932 | )      |     |   | (51,936    | )        |   |   | (46,376 | ) |
| Impairment loss on available-for-sale investments                                                               |   |     | 9,825    |   |     |   | 60,435     |     |   |   | 5,017 |   |
| Net (gain) loss  on financial assets and liabilities designated at fair value through profit and loss |   |     | (42,792  | )      |     |   | 65,364     |     |   |   | (65,088 | ) |
| Gain on sales of property, furniture and equipment                                                              |   |     | (388     | )      |     |   | (979       | )        |   |   | (42 | ) |
| Translation result                                                                                              |   |     | (12,222  | )      |     |   | 17,650     |     |   |   | (34,627 | ) |
| Loss (gain) for shared-based compensation plan                                                                  |   |     | 56,338   |   |     |   | (27,402    | )        |   |   | 68,332 |   |
| (Sale) purchase  of trading securities, net                                                           |   |     | (34,690  | )      |     |   | 14,911     |     |   |   | (5,859 | ) |
| Net changes in assets and liabilities:                                                                          |   |     |     |   |     |   |       |     |   |   |   |   |
| Increase in loans                                                                                               |   |     | (944,021 | )      |     |   | (2,339,675 | )        |   |   | (2,172,418 | ) |
| Decrease (Increase) in other assets                                                                             |   |     | 8,186    |   |     |   | (463,273   | )        |   |   | (404,175 | ) |
| Increase in deposits and obligations                                                                            |   |     | 139,929  |   |     |   | 2,614,020  |     |   |   | 2,269,568 |   |
| (Decrease) increase in due to banks and correspondents                                                          |   |     | (151,781 | )      |     |   | (274,714   | )        |   |   | 875,447 |   |
| Increase (decrease) in other liabilities                                                                        |   |     | (141,027 | )      |     |   | 328,204    |     |   |   | 402,631 |   |
| Net cash (used in) provided by operating activities                                                             |   |     | (488,711 | )      |     |   | 452,219    |     |   |   | 1,340,489 |   |
|                                                                                                            |   |     |     |   |     |   |       |     |   |   |   |   |
| Cash flows from investing activities                                                                            |   |     |     |   |     |   |       |     |   |   |   |   |
| Acquisition of subsidiary net of cash received, note 2                                                          |   |     | (92,329  | )      |     |   | -          |     |   |   | - |   |
| Net sale (purchase) of investments available-for-sale                                                           |   |     | 284,371  |   |     |   | 125,416    |     |   |   | (1,541,621 | ) |
| Purchase of property, furniture and equipment                                                                   |   |     | (45,051  | )      |     |   | (91,353    | )        |   |   | (53,901 | ) |
| Sales of property, furniture and equipment                                                                      |   |     | 2,745    |   |     |   | 1,775      |     |   |   | 951 |   |
| Net cash provided by (used in) investing activities                                                             |   |     | 149,736  |   |     |   | 35,838     |     |   |   | (1,594,571 | ) |

----

|                                                   |   | 2009     |      |   | 2008     |   |      | 2007     |   |
|--------------------------------------------------------|--------|----------|-----------|--------|----------|--------|-----------|----------|--------|
|                                                   |   | US$(000) |      |   | US$(000) |   |      | US$(000) |   |
|                                                   |   |     |      |   |     |   |      |     |   |
| Cash flows from financing activities                   |   |     |      |   |     |   |      |     |   |
| Issuance of bonds and subordinated debt                |   |     | 564,170   |   |     |   | 257,509   |     |   |   | 256,014 |   |
| Redemption of bonds and subordinated debt              |   |     | (53,396   | )      |     |   | (190,402  | )        |   |   | (75,728 | ) |
| Increase in borrowed funds                             |   |     | -         |   |     |   | 300,000   |     |   |   | 499,792 |   |
| Payments of borrowed funds                             |   |     | (61,495   | )      |     |   | (19,688   | )        |   |   | - |   |
| Acquisition of Credicorp’s shares                |   |     | (11,487   | )      |     |   | -         |     |   |   | - |   |
| Cash dividends                                         |   |     | (119,303  | )      |     |   | (119,648  | )        |   |   | (103,690 | ) |
| Net cash provided by financing activities              |   |     | 318,489   |   |     |   | 227,771   |     |   |   | 576,388 |   |
|                                                   |   |     |      |   |     |   |      |     |   |   |   |   |
| Net increase in cash and cash equivalents              |   |     | (20,486   | )      |     |   | 715,828   |     |   |   | 322,306 |   |
|                                                   |   |     |      |   |     |   |      |     |   |   |   |   |
| Translation (loss) gain on cash and cash equivalents   |   |     | 90,973    |   |     |   | (23,522   | )        |   |   | 18,029 |   |
|                                                   |   |     |      |   |     |   |      |     |   |   |   |   |
| Cash and cash equivalents at the beginning of the year |   |     | 3,766,171 |   |     |   | 3,073,865 |     |   |   | 2,733,530 |   |
|                                                   |   |     |      |   |     |   |      |     |   |   |   |   |
| Cash and cash equivalents at the end of the year       |   |     | 3,836,658 |   |     |   | 3,766,171 |     |   |   | 3,073,865 |   |
|                                                   |   |     |      |   |     |   |      |     |   |   |   |   |
| Supplementary cash flows information:                  |   |     |      |   |     |   |      |     |   |   |   |   |
| Cash paid during the year for -                        |   |     |      |   |     |   |      |     |   |   |   |   |
| Interest                                               |   |     | 444,398   |   |     |   | 533,861   |     |   |   | 415,157 |   |
| Income tax                                             |   |     | 142,516   |   |     |   | 124,754   |     |   |   | 86,754 |   |
| Cash received during the year for -                    |   |     |      |   |     |   |      |     |   |   |   |   |
| Interest                                               |   |     | 1,315,704 |   |     |   | 1,361,143 |     |   |   | 1,106,972 |   |

----

|   1. | Operations |
|----------------|------------|

|   2. | Acquisition of Empresa Financiera Edyficar S.A. |
|----------------|-------------------------------------------------|

----

|                             |   | Book value |    |   | Fair valueadjustments |   |    | Fair value of theentity acquired |   |
|----------------------------------|--------|-----------------|---------|--------|----------------------------|--------|---------|------------------------------------------------------|--------|
|                             |   | US$(000)        |    |   | US$(000)                   |   |    | US$(000)                                             |   |
|                             |   |            |    |   |                       |   |    |                                                 |   |
| Assets -                         |   |            |    |   |                       |   |    |                                                 |   |
| Cash and due from banks          |   |            | 3,810   |   |                       |   | -       |                                                 |   |   | 3,810 |   |
| Loans, net                       |   |            | 218,218 |   |                       |   | (10,295 | )                                                    |   |   | 207,923 |   |
| Client relationships, note 10(a) |   |            | -       |   |                       |   | 6,574   |                                                 |   |   | 6,574 |   |
| Fixed assets, net                |   |            | 8,255   |   |                       |   | -       |                                                 |   |   | 8,255 |   |
| Brand name, note 10(a)           |   |            | -       |   |                       |   | 13,159  |                                                 |   |   | 13,159 |   |
| Goodwill, note 10(b)             |   |            | -       |   |                       |   | 50,696  |                                                 |   |   | 50,696 |   |
| Other assets                     |   |            | 11,802  |   |                       |   | 3,263   |                                                 |   |   | 15,065 |   |
|                             |   |            |    |   |                       |   |    |                                                 |   |   |   |   |
| Liabilities -                    |   |            |    |   |                       |   |    |                                                 |   |   |   |   |
| Obligations                      |   |            | 38,590  |   |                       |   | -       |                                                 |   |   | 38,590 |   |
| Due to banks                     |   |            | 138,257 |   |                       |   | -       |                                                 |   |   | 138,257 |   |
| Deferred income tax liability    |   |            | -       |   |                       |   | 6,611   |                                                 |   |   | 6,611 |   |
| Other liabilities                |   |            | 25,054  |   |                       |   | 831     |                                                 |   |   | 25,885 |   |
|                             |   |            |    |   |                       |   |    |                                                 |   |   |   |   |
| Net acquired assets              |   |            | 40,184  |   |                       |   | 55,955  |                                                 |   |   | 96,139 |   |

| 3. | Significant accounting policies |
|----|---------------------------------|

|   | (a) | Basis of presentation and use of estimates - |
|--------|-----|----------------------------------------------|

----

|   | - | IFRS 2 “Share-based Payments - Vesting conditions and cancellations”, the standard restricts the definition of “vesting condition” to a condition that includes an explicit or implicit requirement to provide services. The indicated definition does not impact the accounting for the Group’s share-based payment agreements. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRS 7 “Financial Instruments: Disclosures” (Amendments). The amended standard requires additional disclosures covering fair value measurement and liquidity risk.  Fair value measurements related to items recorded at fair value are to be disclosed by source of inputs using a three level fair value hierarchy, by class, for all financial instrument recognized at fair value.  In addition, reconciliation between the beginning and ending balance for level 3 fair value measurements is now required, as well as significant transfers between levels in the fair value hierarchy.  The amendments also clarify the requirements for liquidity risk disclosures with respect to derivative transactions and assets used for liquidity management.  The fair valuemeasurement disclosures are presented in Note 29.7.  The liquidity risk disclosures are not significantly impacted by the amendments and are presented in Note 29.3. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRS 8 “Operating Segments”, the standard adopts a full management approach identifying, measuring and disclosing the results of its operating segments. The Group concluded that operating segments determined in accordance with IFRS 8 are the same as the business segments previously identified under IAS 14.  IFRS 8 disclosures are shown in Note 26. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IAS 1 (Revised) “Presentation of Financial Statements”. The revised standard separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non-owner changes in equity presented in a reconciliation of each component of equity.  In addition, the standard introduces the statement of comprehensive income: it presents all items of recognized income and expense, either in one single statement, or in two linked statements. The Group has elected to present two statements. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | IAS 23 (Amendment) “Borrowing Costs”. The revised standard eliminates the option of expensing all borrowing costs and requires borrowing costs to be capitalized if they are directly attributable to the acquisition, construction or production of a qualifying asset. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IAS 32 “Financial Instruments: Presentation” and IAS 1 “Puttable Financial Instruments and Obligations Arising on Liquidation”.  The standards have been amended to allow a limited scope exception for puttable financial instruments to be classified as equity if they fulfill a number of specified criteria. These amendments did not have any impact on the Group’s financial position or performance. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 9 “Reassessment of embedded derivatives and IAS 39 Financial Instruments: Recognition and Measurement - Embedded Derivatives” (Amendments).  This amendment requires an entity to assess whether an embedded derivative must be separated from a host contract when the entity reclassifies a hybrid financial asset out of the fair value through profit or loss category.  This assessment is to be made based on circumstances that existed on the later of the date the entity first became a party to the contract and the date of any contract amendments that significantly change the cash flows of the contract.  IAS 39 now states that if an embedded derivative cannot be reliably measured, the entire hybrid instrument must remain classified as at fair valuethrough profit or loss.  This interpretation did not have any impact in the Group’s consolidated financial statement. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 13 “Customer Loyalty Programs”.  The interpretation requires loyalty award credits granted to customers in connection with a sales transaction to be accounted for as a separate component of the sales transaction.  This interpretation did not have any significant impact on the Group’s consolidated financial statement. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 15 “Agreement for the Construction of Real State”.  It clarifies when and how revenue and related expenses from the sale of a real estate unit should be recognized if an agreement between a developer and a buyer is reached before the construction of the real estate is completed. This interpretation did not have any impact on the Group’s consolidated financial statements. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”.  This interpretation provides guidance on the accounting for a hedge of a net investment. This interpretation did not have any impact on the Group’s consolidated financial statements. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Improvements to IFRSs |
|--------|---|-----------------------|

----

|   | (b) | Consolidation - |
|--------|-----|-----------------|

----

----

| Entity                                                                                           |   | Percentage of participation (directand indirect) |   |   | Assets |   |   | Liabilities |   |   | Equity     |   |   | Net income (loss) |       |
|--------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|--------|--------|--------|--------|-------------|--------|--------|------------|--------|--------|-----------------------------|------------|
|                                                                                             |   | 2009                                                                 |   |   | 2008   |   |   | 2009        |   |   | 2008       |   |   | 2009                        |       |   | 2008 |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                                                                             |   | %                                                                    |   |   | %      |   |   | US$(000)    |   |   | US$(000)   |   |   | US$(000)                    |       |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                                                             |   |                                                                 |   |   |   |   |   |        |   |   |       |   |   |                        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Banco de Crédito del Perú and Subsidiaries (i)                                         |   |                                                                 | 97.41  |   |   |   | 97.41  |        |   |   | 19,563,309 |   |   |                        | 18,514,133 |   |   |   | 17,886,706 |   |   |   | 17,112,683 |   |   |   | 1,676,603 |   |   |   | 1,401,450 |   |   |   | 397,378 |   |   |   | 423,529 |   |
| Atlantic Security Holding Corporation and Subsidiaries (ii)                                      |   |                                                                 | 100.00 |   |   |   | 100.00 |        |   |   | 1,483,811  |   |   |                        | 1,453,915  |   |   |   | 1,269,175 |   |   |   | 1,360,471 |   |   |   | 214,636 |   |   |   | 93,444 |   |   |   | 29,716 |   |   |   | (50,395 | ) |
| El Pacífico Peruano-Suiza Compañía de Seguros y Reaseguros and Subsidiaries (iii) |   |                                                                 | 75.98  |   |   |   | 75.74  |        |   |   | 1,496,709  |   |   |                        | 1,307,547  |   |   |   | 1,190,799 |   |   |   | 1,155,405 |   |   |   | 305,910 |   |   |   | 152,142 |   |   |   | 49,192 |   |   |   | (20,994 | ) |
| Grupo Crédito S.A. and Subsidiaries (iv)                                               |   |                                                                 | 99.99  |   |   |   | 100.00 |        |   |   | 376,949    |   |   |                        | 335,854    |   |   |   | 159,767 |   |   |   | 101,748 |   |   |   | 217,182 |   |   |   | 234,106 |   |   |   | 26,556 |   |   |   | 18,271 |   |
| CCR Inc. (v)                                                                                     |   |                                                                 | 99.99  |   |   |   | 99.99  |        |   |   | 1,089,659  |   |   |                        | 1,152,336  |   |   |   | 1,152,537 |   |   |   | 1,247,465 |   |   |   | (62,878 | ) |   |   | (95,129 | ) |   |   | (1,289 | ) |   |   | 138 |   |
| Credicorp Securities Inc. (vi)                                                                   |   |                                                                 | 99.99  |   |   |   | 99.99  |        |   |   | 4,639      |   |   |                        | 2,851      |   |   |   | 402 |   |   |   | 470 |   |   |   | 4,237 |   |   |   | 2,381 |   |   |   | 1,867 |   |   |   | 549 |   |
| BCP Emisiones Latam 1 S.A. (vii)                                                                 |   |                                                                 | 100.00 |   |   |   | -      |        |   |   | 115,127    |   |   |                        | -          |   |   |   | 114,356 |   |   |   | - |   |   |   | 771 |   |   |   | - |   |   |   | (329 | ) |   |   | - |   |

|   | (i) | Banco de Crédito (BCP) is a universal bank incorporated in Peru in 1889.  Its activities are supervised by the Superintendence of Banking, Insurance and AFP (the Peruvian banking, insurance and AFP authority, hereafter “the SBS” for its Spanish acronym).  During 2009 and 2008, Credicorp acquired 0.002 percent and 0.08 percent of BCP shares, respectively, owned by minority interest. The consolidated financial statements of Banco de Crédito del Perú and Subsidiaries as of December 31, 2009, include the financial statement of Edyficar, see note 2.  BCP and Subsidiaries hold as of December 31, 2009 and 2008, 95.92 percent of the capital stock of Banco de Crédito de Bolivia (BCB), a universal bank operating in Bolivia (Credicorp holds4.08 percent).  As of December 31, 2009, BCB ́s assets, liabilities, equity, income and net income amounted to US$1,097.8, US$991.2, US$106.6, US$108.3 and US$28.7 million, respectively (US$939.8, US$831.6, US$108.2, US$117.7 and US$44.5 million, respectively, as of December 31, 2008). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Atlantic Security Holding Corporation (ASHC) is incorporated in the Cayman Islands; its main activity is to invest in capital stock.  Its most significant subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands, and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activity is private and institutional banking services and trustee administration. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | El Pacífico Peruano-Suiza Compañía de Seguros y Reaseguros (PPS) is incorporated in Peru, provides property, casualty, life, health and personal insurance.  Its main subsidiaries are El Pacífico Vida Compañía de Seguros y Reaseguros S.A. and Pacífico S.A.  Entidad Prestadora de Salud (EPS), holding 62.0 percent and 100.00 percent, respectively, of their capital stock.  PPS and its subsidiaries activities are supervised by the SBS. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Grupo Crédito S.A. is incorporated in Peru, its main activity is to invest in listed and not listed securities in Peru.  Its main subsidiary is Prima AFP, a private pension fund administrator incorporated in Perú, whose activities are supervised by the SBS.  As of December 31, 2009, Prima AFP total assets, liabilities and net income amounted to US$249.8, US$87.9, and U$20.8 million, respectively (US$225.6 million, US$96.3 million and US$ 11.2 million, respectively, as of December 31, 2008). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | CCR Inc., is a special purposes entity incorporated in The Bahamas in 2001, its main activity is to manage certain loans granted to BCP by foreign financial entities, note 13(b).  These loans are collateralized by transactions performed by BCP.  As of December 31, 2009 and 2008, the negative equity is generated by unrealized losses of cash flow hedge derivatives, as it is explained in notes 11(b)(ii) and 16(c) . |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | Credicorp Securities Inc., is incorporated in the United States of America and began operations on January, 2003; it provides securities brokerage services, mainly to retail customers in Latin America. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | BCP Emisiones Latam 1 S.A., is a special purposes entity incorporated in Chile in 2009, through which the Group issued corporate bonds, see note 15(a)(i). |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Foreign currency translation - |
|--------|-----|--------------------------------|

|   | - | Monetary assets and liabilities are translated at the free market exchange rate at the date of the consolidated statements of financial position. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Non-monetary accounts are translated at the free market exchange rate prevailing at the transaction date. |
|--------|---|-----------------------------------------------------------------------------------------------------------|

|   | - | Income and expenses, except for those related to non-monetary assets which are translated at the free market exchange rate prevailing at the transaction date, are translated monthly at the average monthly exchange rate. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Income and expense recognition from banking activities - |
|--------|-----|----------------------------------------------------------|

----

|   | (e) | Insurance activities - |
|--------|-----|------------------------|

----

----

|   | (i) | Life insurance contracts liabilities |
|--------|-----|--------------------------------------|

|   | (ii) | Non-life insurance (which comprises general insurance and healthcare) contract liabilities |
|--------|------|--------------------------------------------------------------------------------------------|

----

|   | (i) | Gross premiums |
|--------|-----|----------------|

|   | (ii) | Reinsurance premiums |
|--------|------|----------------------|

----

|   | (iii) | Fees and commission income |
|--------|-------|----------------------------|

|   | (i) | Gross benefits and claims |
|--------|-----|---------------------------|

|   | (ii) | Reinsurance claims |
|--------|------|--------------------|

|   | (f) | Financial Instruments: Initial recognition and subsequent measurement - |
|--------|-----|-------------------------------------------------------------------------|

----

|   | (i) | Financial assets and financial liabilities at fair value through profit or loss: |
|--------|-----|----------------------------------------------------------------------------------|

|   | - | the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring assets or liabilities or recognizing gains or losses on them on a different basis; or |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | the assets and liabilities are part of a group of financial assets, financial liabilities or both which are managed and their performance evaluated on a fair value basis, in accordance with a documented risk management or investment strategy; or |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | the financial instrument contains one or more embedded derivatives, which significantly modify the cash flows that otherwise would be required by the contract. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Loans and receivables: |
|--------|------|------------------------|

----

----

|   | (iii) | Available-for-sale financial investments: |
|--------|-------|-------------------------------------------|

|   | (iv) | Other financial liabilities: |
|--------|------|------------------------------|

----

|   | (g) | Derecognition of financial assets and financial liabilities - |
|--------|-----|---------------------------------------------------------------|

|   | (h) | Offsetting financial instruments - |
|--------|-----|------------------------------------|

|   | (i) | Impairment of financial assets - |
|--------|-----|----------------------------------|

----

|   | (i) | Loans and receivables: |
|--------|-----|------------------------|

----

|   | (ii) | Available-for-sale financial investments: |
|--------|------|-------------------------------------------|

|   | (iii) | Renegotiated loans: |
|--------|-------|---------------------|

|   | (j) | Leases - |
|--------|-----|----------|

----

|   | (k) | Property, furniture and equipment - |
|--------|-----|-------------------------------------|

|                             |   | Years  |   |
|----------------------------------|--------|--------|--------|
| Buildings and other construction |   |   | 33     |   |
| Installations                    |   |   | 10     |   |
| Furniture and fixtures           |   |   | 10     |   |
| Computer hardware                |   |   | 4      |   |
| Vehicles and equipment           |   |   | 5      |   |

----

|   | (l) | Seized assets - |
|--------|-----|-----------------|

|   | (m) | Intangible assets - |
|--------|-----|---------------------|

|                                             |   | Years  |   |
|--------------------------------------------------|--------|--------|--------|
| Client relationships – AFP Unión Vida |   |   | 20     |   |
| Client relationships – Edyficar            |   |   | 10     |   |
| Brand name – Edyficar                      |   |   | 20     |   |
|  Other                                      |   |   | 5      |   |

|   | (n) | Goodwill - |
|--------|-----|------------|

----

|   | (o) | Impairment of non-financial assets - |
|--------|-----|--------------------------------------|

|   | (p) | Due from customers on acceptances - |
|--------|-----|-------------------------------------|

|   | (q) | Financial guarantees - |
|--------|-----|------------------------|

|   | (r) | Defined contribution pension plan - |
|--------|-----|-------------------------------------|

----

|   | (s) | Provisions - |
|--------|-----|--------------|

|   | (t) | Contingencies - |
|--------|-----|-----------------|

|   | (u) | Income tax and workers’ profit sharing - |
|--------|-----|------------------------------------------------|

----

|   | (v) | Earnings per share - |
|--------|-----|----------------------|

|   | (w) | Share-based payment transactions - |
|--------|-----|------------------------------------|

----

|   | (x)    | Derivative financial instruments - |
|--------|--------|------------------------------------|
|   |   | Trading:                           |

----

|   | (i) | Cash flow hedges |
|--------|-----|------------------|

|   | (ii) | Fair value hedges |
|--------|------|-------------------|

----

|   | (iii) | Embedded derivates: |
|--------|-------|---------------------|

|   | (y) | Segment reporting - |
|--------|-----|---------------------|

|   | (z) | Fiduciary activities, management of funds and pension funds - |
|--------|-----|---------------------------------------------------------------|

|   | (aa) | Sale and repurchase agreements - |
|--------|------|----------------------------------|

----

|   | (ab) | Cash and cash equivalents - |
|--------|------|-----------------------------|

|   | (ac) | Reclassifications - |
|--------|------|---------------------|

|   | (ad) | Recently issued International Financial Reporting Standards but not yet effective - |
|--------|------|-------------------------------------------------------------------------------------|

|   | - | IFRS 2 “Share-based Payment (Revised): Group Cash-settled Share-based Payment”, effective for periods beginning on or after January 1, 2010, with retrospective application.  This amendment provides guidance on how to account for cash-settled share-based payment transactions in the separate financial statements of an entity. This amendment will not have any impact on the Group ́s consolidated financial statements. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRS 9 “Financial Instruments “, the IASB issued this IFRS as the first step in its project to replace IAS 39 “Financial Instruments: Recognition and Measurement”.  IFRS 9 introduces new requirements for classifying and measuring financial assets that must be applied starting on January 1, 2013, with early adoption permitted.  The IASB intends to expand IFRS 9 during 2010 to add new requirements for classifying and measuring financial liabilities, derecognition of financial instruments, impairment, and hedge accounting. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRS 3 (Revised) “Business Combination and Consolidation” and IAS 27 (Revised) “Separated Financial Statements Consolidation”, effective modifications for periods beginning on or after July 1, 2009. Changes in IFRS 3 (Revised) affect the valuation of non-controlling interest, the accounting for transactions costs, the initial recognition and subsequent measurement of a contingent consideration and business combination achieved in stages. IAS 27 (amended) requires that a change in the ownership interest of a subsidiary (without loss of control) is accounted for as a transaction with owners in their capacity as owners. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | IAS 24 “Related Party Disclosures” (Revised), effective for periods beginning on or after January 1, 2011.  The amendment simplifies the identification of related party relationships, particularly in relation to significant influence and joint control.  In addition, a partial exemption from the disclosures has been included for government-related entities. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IAS 32 “Financial Instruments: Presentation – Classification of Rights Issues” (Amendment), effective for periods beginning on or after February 1, 2010.  The definition of a financial liability has been amended to classify rights issues (and certain options or warrants) as equity instruments if, the rights are given pro rata to all of the existing owners of the same class of an entity’s non-derivative equity instruments, and they are used to acquire a fixed number of the entity’s own equity instruments for a fixed amount in any currency. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IAS 39 “Financial Instruments: Recognition and Measurement – Eligible Hedged Items”,  effective for periods beginning on or after July 1, 2009, the amendment addresses the designation of a one-sided risk in a hedged item, and the designation of inflation as a hedged risk or portion in particular situations. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 14 “Prepayments of a Minimum Funding Requirement” (Amendment), effective for periods beginning on or after January 1, 2011.  The IFRIC permits an entity to treat the prepayment of a minimum funding requirement as an asset. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 17, “Distributions of Non-Cash Assets to owners”, effective for periods beginning on or after July 1, 2009.  Early application is permitted.  This interpretation provides guidance in the accounting treatment of distribution of - non cash assets to owners. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 18, “Transfer of Assets from Customers”, effective for periods beginning on or after July 1, 2009. This interpretation clarifies the requirements of IFRS for agreements in which an entity receives from a customer an item of property, plant and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments”, effective for periods beginning on or after July 1, 2010. The interpretation clarifies that equity instruments issued to a creditor to extinguish a financial liability are consideration paid in accordance with paragraph 41 of IAS 39 “Financial Instruments; Recognition and Measurement”. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | Improvements to IFRSs |
|--------|---|-----------------------|

| 4. | Cash and due from banks |
|----|-------------------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                                     |   | 2009     |      |   | 2008     |   |
|------------------------------------------|--------|----------|-----------|--------|----------|--------|
|                                     |   | US$(000) |      |   | US$(000) |   |
|                                     |   |     |      |   |     |   |
| Cash and clearing                        |   |     | 679,694   |   |     |   | 625,954 |   |
| Deposits in Peruvian Central Bank - BCRP |   |     | 2,107,635 |   |     |   | 1,952,952 |   |
| Deposits in banks                        |   |     | 1,047,830 |   |     |   | 1,184,729 |   |
|                                     |   |     | 3,835,159 |   |     |   | 3,763,635 |   |
| Accrued interest                         |   |     | 1,499     |   |     |   | 2,536 |   |
|                                     |   |     |      |   |     |   |   |   |
| Total                                    |   |     | 3,836,658 |   |     |   | 3,766,171 |   |

|   | (b) | As of December 31, 2009 and 2008, cash and due from banks balances include approximately US$2,605.1 and US$2,488.7 million, respectively, mainly from Banco de Crédito del Perú (BCP), which represent the legal reserve that Peruvian banks must maintain for its obligations with the public, and are within the limits established by prevailing Peruvian legislation at those dates. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | Investments available-for-sale |
|----|--------------------------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                                                         |   | 2009          |      |   | 2008                    |   |
|--------------------------------------------------------------|--------|---------------|-----------|--------|-------------------------|--------|
|                                                         |   |          |      |   | Unrealized gross amount |   |   |   |   |   |   |   |   | Unrealized gross amount |   |   |   |   |
|                                                         |   | Amortizedcost |      |   | Gains                   |   |   | Losses (b) |   |   | Estimatedfair value |   |   | Amortizedcost |   |   | Gains |   |   | Losses (b) |   |   | Estimatedfair value |   |
|                                                         |   | US$(000)      |      |   | US$(000)                |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                         |   |          |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed maturity -                                             |   |          |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BCRP certificates of deposit (d)                             |   |          | 1,545,343 |   |                    |   | 386 |   |   |   | (24 | ) |   |   | 1,545,705 |   |   |   | 2,209,460 |   |   |   | 2,939 |   |   |   | (3,457 | ) |   |   | 2,208,942 |   |
| Corporate, leasing and subordinated bonds (e)                |   |          | 1,440,006 |   |                    |   | 54,932 |   |   |   | (9,302 | ) |   |   | 1,485,636 |   |   |   | 947,991 |   |   |   | 16,015 |   |   |   | (58,109 | ) |   |   | 905,897 |   |
| Government’s treasury bonds (f)                        |   |          | 904,424   |   |                    |   | 103,787 |   |   |   | (438 | ) |   |   | 1,007,773 |   |   |   | 833,153 |   |   |   | 57,678 |   |   |   | (10,231 | ) |   |   | 880,600 |   |
| Central Bank of Bolivia certificates of deposit (g)          |   |          | 111,102   |   |                    |   | 793 |   |   |   | - |   |   |   | 111,895 |   |   |   | 217,516 |   |   |   | 115 |   |   |   | (81 | ) |   |   | 217,550 |   |
| Participations in mutual funds                               |   |          | 167,052   |   |                    |   | 7,726 |   |   |   | (240 | ) |   |   | 174,538 |   |   |   | 97,234 |   |   |   | 2,189 |   |   |   | (2,479 | ) |   |   | 96,944 |   |
| Collateralized mortgage obligations (CMO) (h)                |   |          | 67,810    |   |                    |   | 15 |   |   |   | (5,092 | ) |   |   | 62,733 |   |   |   | 96,256 |   |   |   | 46 |   |   |   | (22,375 | ) |   |   | 73,927 |   |
| US Government – Agencies and Sponsored Enterprises (i) |   |          | 16,824    |   |                    |   | 540 |   |   |   | - |   |   |   | 17,364 |   |   |   | 41,000 |   |   |   | 3,718 |   |   |   | (67 | ) |   |   | 44,651 |   |
| Restricted mutual funds (j)                                  |   |          | 53,104    |   |                    |   | 18,976 |   |   |   | - |   |   |   | 72,080 |   |   |   | 49,775 |   |   |   | 1,887 |   |   |   | - |   |   |   | 51,662 |   |
| Participation in RAL’s funds (k)                       |   |          | 83,898    |   |                    |   | - |   |   |   | - |   |   |   | 83,898 |   |   |   | 73,268 |   |   |   | - |   |   |   | - |   |   |   | 73,268 |   |
| Negotiable certificates of deposit                           |   |          | 24,126    |   |                    |   | 2,337 |   |   |   | - |   |   |   | 26,463 |   |   |   | 41,628 |   |   |   | 1,003 |   |   |   | (76 | ) |   |   | 42,555 |   |
| Hedge funds                                                  |   |          | 10,811    |   |                    |   | 3,691 |   |   |   | - |   |   |   | 14,502 |   |   |   | 31,742 |   |   |   | 2,920 |   |   |   | (284 | ) |   |   | 34,378 |   |
| Bonds of international financial entities                    |   |          | 66,267    |   |                    |   | 2,811 |   |   |   | - |   |   |   | 69,078 |   |   |   | 34,799 |   |   |   | 116 |   |   |   | (587 | ) |   |   | 34,328 |   |
| Other                                                        |   |          | 24,933    |   |                    |   | 674 |   |   |   | (9 | ) |   |   | 25,598 |   |   |   | 30,892 |   |   |   | 5 |   |   |   | (770 | ) |   |   | 30,127 |   |
|                                                         |   |          | 4,515,700 |   |                    |   | 196,668 |   |   |   | (15,105 | ) |   |   | 4,697,263 |   |   |   | 4,704,714 |   |   |   | 88,631 |   |   |   | (98,516 | ) |   |   | 4,694,829 |   |
|                                                         |   |          |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares -                                                     |   |          |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Listed securities (l)                                        |   |          | 106,071   |   |                    |   | 185,412 |   |   |   | (1,304 | ) |   |   | 290,179 |   |   |   | 101,593 |   |   |   | 109,032 |   |   |   | (5,936 | ) |   |   | 204,689 |   |
| Not-listed securities                                        |   |          | 35,464    |   |                    |   | 5,284 |   |   |   | (194 | ) |   |   | 40,554 |   |   |   | 6,242 |   |   |   | 1,761 |   |   |   | (3 | ) |   |   | 8,000 |   |
|                                                         |   |          | 141,535   |   |                    |   | 190,696 |   |   |   | (1,498 | ) |   |   | 330,733 |   |   |   | 107,835 |   |   |   | 110,793 |   |   |   | (5,939 | ) |   |   | 212,689 |   |
|                                                         |   |          |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |          | 4,657,235 |   |                    |   | 387,364 |   |   |   | (16,603 | ) |   |   | 5,027,996 |   |   |   | 4,812,549 |   |   |   | 199,424 |   |   |   | (104,455 | ) |   |   | 4,907,518 |   |
|                                                         |   |          |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued interest                                             |   |          |      |   |                    |   |   |   |   |   |   |   |   |   | 51,610 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 43,236 |   |
|                                                         |   |          |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                        |   |          |      |   |                    |   |   |   |   |   |   |   |   |   | 5,079,606 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,950,754 |   |

----

|   | (b) | Credicorp’s Management has determined that the unrealized losses as of December 31, 2009 and 2008 are of temporary nature.  Management intents and has the ability to hold each investment for a period of time sufficient to allow for an anticipated recovery in fair value, until the earlier of its anticipated recovery or maturity. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | -  | the length of time and the extent to which fair value has been below cost; |
|--------|---------|----------------------------------------------------------------------------|

|   | -  | the severity of the impairment; |
|--------|---------|---------------------------------|

|   | - | the cause of the impairment and the financial condition and near-term prospects of the issuer; and |
|--------|---|----------------------------------------------------------------------------------------------------|

|   | -  | activity in the market of the issuer which may indicate adverse credit conditions. |
|--------|---------|------------------------------------------------------------------------------------|

|   | - | Assess whether it is probable that the Group will receive all amounts due according to the contractual terms (principal and interest). The identification of credit-impaired debt investments considers a number of factors, including the nature of the debt investment and the underlying collateral, the amount of subordination or credit enhancement, published credit rating and other information, and other evidential data of the probable cash flows from the debt investment. If recovery of all amounts due is not probable; a “credit impairment” is deemed to exist, and the unrealized loss is recorded directly in the consolidated income statement.  This unrealized loss recorded in income represents the debt investment decline in fair value, including the decline due to forecastedcash flow shortfalls as well as general market spread widening. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | For debt investments with unrealized losses but not identified as impairment, Credicorp’s Management determines whether it has the positive intent and ability to hold each investment for a period of time sufficient to allow for an anticipated recovery in its amortized cost.  Credicorp’s Management estimates the forecasted recovery period using current estimates of volatility in market interest rates (including liquidity and risk premiums).  Management’s assertion regarding its intent and ability to hold investments considers a number of factors, including a quantitative estimate of the expected recovery period and the length of that period (which may extend to maturity), the severity of the impairment, and Credicorp’s Management intended strategy. IfCredicorp’s Management does not have the intent and ability to hold the security for a sufficient time period, the unrealized loss is recorded directly in the consolidated income statement. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | For the year ended December 31, 2009, as a result of the impairment assessment of its investments available-for-sale, the Group recorded an impairment amounting to US$9.8 million (US$60.4 million of gross impairment, and US$55.7 million net of deferred taxes and minority interest as of December 31, 2008), which is presented in the consolidated income statement caption “Impairment loss on available-for-sale investments”. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | BCRP certificates of deposit are discounted Nuevo Sol instruments with maturities due within one year and are acquired in public auctions.  Annual effective interest rates in Peruvian currency range between 1.13 and 1.39 percent as of December 31, 2009 (between 6.55 and 7.06 annual percent as of December 31, 2008). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | As of December 31, 2009 and 2008, comprise mainly corporate bonds for US$1,460.9 and US$898.4 million, respectively, with maturities between January 2010 and November 2066 (between January 2009 and November 2066 as of December 31, 2008).  These bonds accrue interests at annual effective rates that range between 0.67 and 7.47 percent for the bonds denominated in Peruvian currency (between 2.81 and 8.80 percent as of December 31, 2008), and between 0.38 and 13.93 percent for the bonds denominated in U.S. Dollars (between 1.58 and 18.4 percent as of December 31, 2008).  The unrealized losses on these investments as of December 31, 2008, corresponded to 178 items of which the highest individualunrealized loss amounts to approximately US$2 million. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | Includes principally debt instruments issued by the Peruvian Government in Euros for an equivalent of US$364.4 million, in U.S. dollars for US$257.0 million and in Nuevo Sol for an equivalent of US$165.3 million, the Colombian Government in U.S. dollars for US$89.5 million and Colombian Peso for an equivalent of US$64.3 million, and the Government of Brazil in U.S. dollars for US$19.1 million, as of December 31, 2009 (US$795.2, US$67.7 and US$4.9 million, issued by the Peruvian Government, the Colombian Government and El Salvador Government, respectively, as of December 31, 2008).  Their maturities are between March 2010 and August 2046 (between January 2009 and August 2046 as of December 31, 2008) andearned interests at annual effective rates that range between 1.06 and 9.50 percent (between 2.85 and 9.15 percent as of December 31, 2008). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | As of December 31, 2009 and 2008, certificates of deposit issued by the Central Bank of Bolivia are denominated in Pesos Bolivianos, had maturities between January and December 2010 and between January and July 2009, respectively, and accrued interest at annual effective rates that ranges between 1.50 and 11.77 percent and between 7.42 and 11.45 percent, respectively. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Collaterized mortgage obligations are not related with “sub prime mortgages”, they correspond to senior tranches and have maturities between May 2033 and January 2047 (between December 2015 and January 2047 as of December 31, 2008) and accrues interest at annual effective rates that ranges between 3.43 and 13.70 percent (between 3.80 and 14.20 percent as of December 31, 2008).  The unrealized losses on these instruments as of December 31, 2009 correspond to 21 items of which the highest individual unrealized loss amounts to approximately US$1.8 million (23 items and US$1.5 million, respectively, as of December 31, 2008). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Corresponds to debt instruments issued by US Government – Agencies and Sponsored Enterprises.  Their maturities are between January 2010 and August 2038 (between April 2009 and August 2038 as of December 31, 2008) and earned interest at annual effective rates between 3.98 and 5.77 percent (between 4.05 and 6.30 percent as of December 31, 2008). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Restricted mutual funds comprise participation quotas on the private pension funds managed by the Group as required by Peruvian regulations.  They have a restricted disposal and their profitability is the same as the one obtained by the private pension funds managed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | The participation quotas in the Fund “Requirement of Cash Assets” (RAL for its Spanish acronym) are denominated in Pesos Bolivianos and comprise investments made by the Group in the Central Bank of Bolivia as collateral for the deposits maintained with the public.  Such fund has restrictions for its use and it is required for all banks established in Bolivia.  The fund accrues interest at an average annual effective rate of 8.58 and 5.48 percent as of December 31, 2009 and 2008, respectively. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (l) | As of December 31, 2009, the unrealized gains on listed securities arises mainly from shares in Banco de Crédito e Inversiones de Chile - BCI Chile, Inversiones Centenario S.A., Alicorp S.A.A. and Edelnor S.A., which amounted to US$70.9, US$41.2, US$25.6 and US$22.8 million, respectively (US$18.2, US$28.8, US$8.8 y US$14.9 million, respectively, as of December 31, 2008). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | As of December 31, 2009, the Group has cash flow hedges and fair value hedges over investments available for sale for a notional amount of US$71.1 million and US$373.3 million, respectively.  These investment under cash flow hedges were economically converted to US$ Dollars with fixed rate; and investment under fair value hedges were economically converted to US$ Dollars with variable rate (global bonds in Euros), and variable rate (fixed bonds in US$), see note 11(b). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | Amortized cost and estimated fair value of investments available-for-sale classified by maturity are as follows: |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|                      |   | 2009          |      |   | 2008      |   |
|---------------------------|--------|---------------|-----------|--------|-----------|--------|
|                      |   | Amortizedcost |      |   | Fairvalue |   |   | Amortizedcost |   |   | Fair value |   |
|                      |   | US$(000)      |      |   | US$(000)  |   |   | US$(000) |   |   | US$(000) |   |
|                      |   |          |      |   |      |   |   |   |   |   |   |   |
| Up to 3 months            |   |          | 1,419,936 |   |      |   | 1,451,352 |   |   |   | 2,021,269 |   |   |   | 2,023,679 |   |
| From 3 months to 1 year   |   |          | 919,290   |   |      |   | 922,408 |   |   |   | 950,129 |   |   |   | 946,040 |   |
| From 1 to 3 years         |   |          | 505,941   |   |      |   | 524,139 |   |   |   | 284,307 |   |   |   | 279,245 |   |
| From 3 to 5 years         |   |          | 677,097   |   |      |   | 722,548 |   |   |   | 262,785 |   |   |   | 258,791 |   |
| Over 5 years              |   |          | 993,436   |   |      |   | 1,076,816 |   |   |   | 1,186,224 |   |   |   | 1,187,074 |   |
| Without maturity (shares) |   |          | 141,535   |   |      |   | 330,733 |   |   |   | 107,835 |   |   |   | 212,689 |   |
|                      |   |          |      |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Total                     |   |          | 4,657,235 |   |      |   | 5,027,996 |   |   |   | 4,812,549 |   |   |   | 4,907,518 |   |

----

| 6. | Loans, net |
|----|------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                                      |   | 2009     |       |   | 2008     |   |
|-------------------------------------------|--------|----------|------------|--------|----------|--------|
|                                      |   | US$(000) |       |   | US$(000) |   |
| Direct loans -                            |   |     |       |   |     |   |
| Loans                                     |   |     | 7,927,451  |   |     |   | 7,324,485 |   |
| Leasing receivables                       |   |     | 1,997,562  |   |     |   | 1,792,827 |   |
| Credit card receivables                   |   |     | 1,059,433  |   |     |   | 854,968 |   |
| Discounted notes                          |   |     | 349,126    |   |     |   | 368,648 |   |
| Advances and overdrafts                   |   |     | 47,147     |   |     |   | 102,687 |   |
| Factoring receivables                     |   |     | 163,443    |   |     |   | 124,537 |   |
| Refinanced and restructured loans         |   |     | 59,459     |   |     |   | 55,179 |   |
| Past due and under legal collection loans |   |     | 184,567    |   |     |   | 82,867 |   |
|                                      |   |     | 11,788,188 |   |     |   | 10,706,198 |   |
| Add (less) -                              |   |     |       |   |     |   |   |   |
| Accrued interest                          |   |     | 80,316     |   |     |   | 90,094 |   |
| Unearned interest                         |   |     | (282,869   | )      |     |   | (249,914 | ) |
| Allowance for loan losses (d)             |   |     | (354,355   | )      |     |   | (224,337 | ) |
|                                      |   |     |       |   |     |   |   |   |
| Total direct loans, net                   |   |     | 11,231,280 |   |     |   | 10,322,041 |   |
|                                      |   |     |       |   |     |   |   |   |
| Indirect loans, note 19(a)                |   |     | 2,528,135  |   |     |   | 1,755,902 |   |

|   | (b) | Loans by class, are as follows: |
|--------|-----|---------------------------------|

|                       |   | 2009     |       |   | 2008     |   |
|----------------------------|--------|----------|------------|--------|----------|--------|
|                       |   | US$(000) |       |   | US$(000) |   |
|                       |   |     |       |   |     |   |
| Commercial loans           |   |     | 8,566,659  |   |     |   | 8,058,585 |   |
| Residential mortgage loans |   |     | 1,753,736  |   |     |   | 1,485,214 |   |
| Consumer loans             |   |     | 1,467,793  |   |     |   | 1,162,399 |   |
|                       |   |     |       |   |     |   |   |   |
| Total                      |   |     | 11,788,188 |   |     |   | 10,706,198 |   |

|   | (c) | Interest rates on loans are set considering the rates prevailing in the markets where the Group’s subsidiaries operate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | The movement in the allowance for loan losses (direct and indirect loans) is shown below: |
|--------|-----|-------------------------------------------------------------------------------------------|

|                            |   | 2009             |    |
|---------------------------------|--------|------------------|---------|
|                            |   | Commercial loans |    |   | Residential mortgage loans |   |   | Consumerloans |   |   | Total |   |
|                            |   | US$(000)         |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                            |   |             |    |   |   |   |   |   |   |   |   |   |
| Beginning balances              |   |             | 161,170 |   |   |   | 30,832 |   |   |   | 56,061 |   |   |   | 248,063 |   |
| Provision                       |   |             | 79,551  |   |   |   | 9,781 |   |   |   | 74,060 |   |   |   | 163,392 |   |
| Recoveries of written-off loans |   |             | 12,984  |   |   |   | 939 |   |   |   | 10,005 |   |   |   | 23,928 |   |
| Acquisition of Edyficar, note 2 |   |             | 19,443  |   |   |   | 106 |   |   |   | 1,356 |   |   |   | 20,905 |   |
| Loan portfolio written-off      |   |             | (32,364 | ) |   |   | (958 | ) |   |   | (54,605 | ) |   |   | (87,927 | ) |
| Translation result              |   |             | 3,012   |   |   |   | 771 |   |   |   | 3,905 |   |   |   | 7,688 |   |
| Ending balances (*)             |   |             | 243,796 |   |   |   | 41,471 |   |   |   | 90,782 |   |   |   | 376,049 |   |

|                            |   | 2008             |    |
|---------------------------------|--------|------------------|---------|
|                            |   | Commercial loans |    |   | Residential mortgage loans |   |   | Consumerloans |   |   | Total |   |
|                            |   | US$(000)         |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                            |   |             |    |   |   |   |   |   |   |   |   |   |
| Beginning balances              |   |             | 184,584 |   |   |   | 14,454 |   |   |   | 30,662 |   |   |   | 229,700 |   |
| Provision (recoveries)          |   |             | (10,667 | ) |   |   | 16,024 |   |   |   | 43,403 |   |   |   | 48,760 |   |
| Recoveries of written-off loans |   |             | 19,956  |   |   |   | 808 |   |   |   | 10,515 |   |   |   | 31,279 |   |
| Loan portfolio written-off      |   |             | (31,595 | ) |   |   | (291 | ) |   |   | (27,422 | ) |   |   | (59,308 | ) |
| Translation result              |   |             | (1,108  | ) |   |   | (163 | ) |   |   | (1,097 | ) |   |   | (2,368 | ) |
|                            |   |             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balances (*)             |   |             | 161,170 |   |   |   | 30,832 |   |   |   | 56,061 |   |   |   | 248,063 |   |

----

|                            |   | 2007            |    |
|---------------------------------|--------|-----------------|---------|
|                            |   | Commercialloans |    |   | Residentialmortgageloans |   |   | Consumerloans |   |   | Total |   |
|                            |   | US$(000)        |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                            |   |            |    |   |   |   |   |   |   |   |   |   |
| Beginning balances              |   |            | 183,374 |   |   |   | 9,253 |   |   |   | 17,959 |   |   |   | 210,586 |   |
| Provision (recoveries)          |   |            | (5,591  | ) |   |   | 4,884 |   |   |   | 29,146 |   |   |   | 28,439 |   |
| Recoveries of written-off loans |   |            | 26,016  |   |   |   | 2,587 |   |   |   | 5,481 |   |   |   | 34,084 |   |
| Loan portfolio written-off      |   |            | (22,079 | ) |   |   | (2,395 | ) |   |   | (22,792 | ) |   |   | (47,266 | ) |
| Translation result              |   |            | 2,864   |   |   |   | 125 |   |   |   | 868 |   |   |   | 3,857 |   |
|                            |   |            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balances (*)             |   |            | 184,584 |   |   |   | 14,454 |   |   |   | 30,662 |   |   |   | 229,700 |   |

|   | (*) | The movement in the allowance for loan losses includes the allowance for direct and indirect loans for approximately US$354.4  and US$21.7 million, respectively, as of December 31, 2009 (approximately US$224.3 and US$23.7 million; and US$211.3 and US$18.4 million, as of December 31, 2008 and 2007, respectively).  The allowance for indirect loan losses is included in the caption “Other liabilities” of the consolidated statements of financial position, note 11(a). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Part of the loan portfolio is collateralized with guarantees received from clients, which mainly consist of mortgages, trust assignments, financial instruments and industrial and mercantile pledges. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Interest on past due and under legal collection loans are recognized when collected. |
|--------|-----|--------------------------------------------------------------------------------------|

----

|   | (g) | As of December 31, 2009 and 2008, the direct gross loan portfolio classified by maturity, based on the remaining period to repayment date is as follows: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                         |   | 2009     |       |   | 2008     |   |
|------------------------------|--------|----------|------------|--------|----------|--------|
|                         |   | US$(000) |       |   | US$(000) |   |
|                         |   |     |       |   |     |   |
| Outstanding loans -          |   |     |       |   |     |   |
| Up to 1 year                 |   |     | 6,269,810  |   |     |   | 6,307,197 |   |
| From 1 to 3 years            |   |     | 2,077,950  |   |     |   | 1,648,821 |   |
| From 3 to 5 years            |   |     | 1,218,240  |   |     |   | 1,033,375 |   |
| Over 5 years                 |   |     | 2,037,621  |   |     |   | 1,633,938 |   |
|                         |   |     |       |   |     |   |   |   |
| Past due loans -             |   |     |       |   |     |   |   |   |
| Up to 4 months               |   |     | 70,602     |   |     |   | 34,955 |   |
| Over 4 months                |   |     | 64,105     |   |     |   | 22,569 |   |
| Under legal collection loans |   |     | 49,860     |   |     |   | 25,343 |   |
|                         |   |     |       |   |     |   |   |   |
| Total                        |   |     | 11,788,188 |   |     |   | 10,706,198 |   |

| 7. | Financial assets designated at fair value through profit or loss |
|----|------------------------------------------------------------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                               |   | 2009     |    |   | 2008     |   |
|------------------------------------|--------|----------|---------|--------|----------|--------|
|                               |   | US$(000) |    |   | US$(000) |   |
|                               |   |     |    |   |     |   |
| Citigroup indexed certificates (b) |   |     | 115,007 |   |     |   | 129,631 |   |
| Investment – Unit Link (c)   |   |     | 20,663  |   |     |   | 8,314 |   |
|                               |   |     |    |   |     |   |   |   |
|                               |   |     | 135,670 |   |     |   | 137,945 |   |

|   | (b) | In connection with the liabilities that result from Credicorp ́s stock appreciation rights (SARs), (note 18), BCP signed several contracts with Citigroup Global Markets Holdings Inc., Citigroup Capital Limited, Citigroup Capital Market Inc (hereinafter “Citigroup”) and Calyon Financial Products (Guernsey) Limited (hereinafter “Calyon”). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The Group issues unit-linked investment policies whereby the policyholder bears the investment risk on the assets held in the unit-linked funds as the policy benefits are directly linked to the value of the assets in the fund. The Group’s exposure to market risk on this business is limited to the extent that income arising from asset management charges is based on the value of assets in the fund.  For the year 2009, the gain recorded for these investment amounting to approximately US$5.5 million (gain of US$1.7 million for the year 2008) are presented in the caption “Net gain (loss) on financial assets and liabilities designated at fair value through profit and loss” of the consolidated statement of income, according to the accounting principles described in note3(x). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Receivable and payable accounts from insurance contracts |
|----|----------------------------------------------------------|

|   | (a) | As of December 31, 2009 and 2008, the caption “Premiums and other policies receivable” includes balances which primarily due in a current period, have no collaterals and present no material past due balances. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The movements of the captions “Accounts receivable and payable to reinsurers and coinsurers” are as follows: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

----

|                                                      |   | 2009     |    |   | 2008     |   |
|-----------------------------------------------------------|--------|----------|---------|--------|----------|--------|
|                                                      |   | US$(000) |    |   | US$(000) |   |
|                                                      |   |     |    |   |     |   |
| Beginning balances                                        |   |     | 165,144 |   |     |   | 116,141 |   |
| Reported claims of premiums ceded                         |   |     | 51,895  |   |     |   | 64,787 |   |
| Premiums ceded unearned during the year                   |   |     | (15,381 | )      |     |   | 1,054 |   |
| Premiums assumed                                          |   |     | 8,304   |   |     |   | 22,664 |   |
| Settled claims of premiums ceded by facultative contracts |   |     | 18,713  |   |     |   | 14,885 |   |
| Collections and other                                     |   |     | (91,577 | )      |     |   | (54,387 | ) |
|                                                      |   |     |    |   |     |   |   |   |
| Ending balances                                           |   |     | 137,098 |   |     |   | 165,144 |   |

|                                                  |   | 2009     |    |   | 2008     |   |
|-------------------------------------------------------|--------|----------|---------|--------|----------|--------|
|                                                  |   | US$(000) |    |   | US$(000) |   |
|                                                  |   |     |    |   |     |   |
| Beginning balances                                    |   |     | 55,841  |   |     |   | 33,963 |   |
| Premiums ceded to reinsurers by facultative contracts |   |     | 72,925  |   |     |   | 85,355 |   |
| Coinsurance granted                                   |   |     | 12,171  |   |     |   | 2,531 |   |
| Payments and other                                    |   |     | (92,928 | )      |     |   | (66,008 | ) |
|                                                  |   |     |    |   |     |   |   |   |
| Ending balances                                       |   |     | 48,009  |   |     |   | 55,841 |   |

----

| 9. | Property, furniture and equipment, net |
|----|----------------------------------------|

|   | (a) | The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2009 and 2008, is as follows: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|                            |   | Land     |   |   | Buildings and otherconstruction |   |    | Installations |   |   | Furnitureand fixtures |   |   | Computer hardware |   |   | Vehiclesand equipment |   |    | Workin progress |   |   | 2009     |   |   | 2008     |    |
|---------------------------------|--------|----------|--------|--------|-------------------------------------------|--------|---------|---------------|--------|--------|----------------------------|--------|--------|------------------------|--------|--------|----------------------------|--------|---------|----------------------|--------|--------|----------|--------|--------|----------|---------|
|                            |   | US$(000) |   |   | US$(000)                                  |   |    | US$(000)      |   |   | US$(000)                   |   |   | US$(000)               |   |   | US$(000)                   |   |    | US$(000)             |   |   | US$(000) |   |   | US$(000) |    |
|                            |   |     |   |   |                                      |   |    |          |   |   |                       |   |   |                   |   |   |                       |   |    |                 |   |   |     |   |   |     |    |
| Cost -                          |   |     |   |   |                                      |   |    |          |   |   |                       |   |   |                   |   |   |                       |   |    |                 |   |   |     |   |   |     |    |
| Balance as of January 1st       |   |     | 38,367 |   |                                      |   | 277,825 |          |   |   | 110,758                    |   |   |                   | 81,099 |   |                       |   | 219,112 |                 |   |   | 29,066   |   |   |     | 28,766  |   |   |   | 784,993 |   |   |   | 708,483 |   |
| Additions                       |   |     | 1,271  |   |                                      |   | 2,203   |          |   |   | 2,068                      |   |   |                   | 4,714  |   |                       |   | 18,554  |                 |   |   | 1,537    |   |   |     | 14,704  |   |   |   | 45,051 |   |   |   | 91,353 |   |
| Acquisition of Edyficar, note 2 |   |     | 2,000  |   |                                      |   | 2,733   |          |   |   | -                          |   |   |                   | 2,662  |   |                       |   | 2,640   |                 |   |   | 1,771    |   |   |     | -       |   |   |   | 11,806 |   |   |   | - |   |
| Transfers                       |   |     | -      |   |                                      |   | 11,978  |          |   |   | 5,268                      |   |   |                   | 1,397  |   |                       |   | 767     |                 |   |   | 642      |   |   |     | (20,052 | ) |   |   | - |   |   |   | - |   |
| Sales and other                 |   |     | (1,348 | )      |                                      |   | (66     | )             |   |   | (493                       | )      |   |                   | (862   | )      |                       |   | (6,213  | )                    |   |   | (4,275   | )      |   |     | 1,296   |   |   |   | (11,961 | ) |   |   | (14,843 | ) |
| Balance as of December 31       |   |     | 40,290 |   |                                      |   | 294,673 |          |   |   | 117,601                    |   |   |                   | 89,010 |   |                       |   | 234,860 |                 |   |   | 28,741   |   |   |     | 24,714  |   |   |   | 829,889 |   |   |   | 784,993 |   |
|                            |   |     |   |   |                                      |   |    |          |   |   |                       |   |   |                   |   |   |                       |   |    |                 |   |   |     |   |   |     |    |   |   |   |   |   |   |   |   |   |
| Accumulated depreciation -      |   |     |   |   |                                      |   |    |          |   |   |                       |   |   |                   |   |   |                       |   |    |                 |   |   |     |   |   |     |    |   |   |   |   |   |   |   |   |   |
| Balance as of January 1st       |   |     | -      |   |                                      |   | 145,950 |          |   |   | 70,116                     |   |   |                   | 60,515 |   |                       |   | 169,398 |                 |   |   | 9,556    |   |   |     | -       |   |   |   | 455,535 |   |   |   | 433,548 |   |
| Depreciation for the year       |   |     | -      |   |                                      |   | 7,193   |          |   |   | 7,249                      |   |   |                   | 3,684  |   |                       |   | 21,060  |                 |   |   | 2,686    |   |   |     | -       |   |   |   | 41,872 |   |   |   | 36,034 |   |
| Acquisition of Edyficar, note 2 |   |     | -      |   |                                      |   | 151     |          |   |   | -                          |   |   |                   | 759    |   |                       |   | 1,801   |                 |   |   | 840      |   |   |     | -       |   |   |   | 3,551 |   |   |   | - |   |
| Sales and other                 |   |     | -      |   |                                      |   | 78      |          |   |   | (472                       | )      |   |                   | (878   | )      |                       |   | (6,123  | )                    |   |   | (2,209   | )      |   |     | -       |   |   |   | (9,604 | ) |   |   | (14,047 | ) |
| Balance as of December 31       |   |     | -      |   |                                      |   | 153,372 |          |   |   | 76,893                     |   |   |                   | 64,080 |   |                       |   | 186,136 |                 |   |   | 10,873   |   |   |     | -       |   |   |   | 491,354 |   |   |   | 455,535 |   |
|                            |   |     |   |   |                                      |   |    |          |   |   |                       |   |   |                   |   |   |                       |   |    |                 |   |   |     |   |   |     |    |   |   |   |   |   |   |   |   |   |
| Net book value                  |   |     | 40,290 |   |                                      |   | 141,301 |          |   |   | 40,708                     |   |   |                   | 24,930 |   |                       |   | 48,724  |                 |   |   | 17,868   |   |   |     | 24,714  |   |   |   | 338,535 |   |   |   | 329,458 |   |

|   | (b) | Banks, financial institutions and insurance entities operating in Peru are not allowed to pledge their fixed assets. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (c) | As of December 31, 2009, Credicorp and its Subsidiaries have property available for sale for approximately US$24.2 million, net of its accumulated depreciation amounting to approximately US$9.6 million (US$25.0  and US$8.8 million, respectively, as of December 31, 2008). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Management periodically reviews the residual value, useful life and method of depreciation of the Group’s property, furniture and equipment to ensure that they are consistent with their actual economic benefits and life expectations.  In Management’s opinion, as of December 31, 2009 and 2008 there is no evidence of impairment of the Group’s property, furniture and equipment. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10. | Intangibles assets and goodwill, net |
|-----|--------------------------------------|

|   | (a) | Intangibles – |
|--------|-----|---------------------|

| Description                     |   | ClientRelationships |   |   | Brand name |   |   | Software |   |   | Developments |   |   | Other    |   |   | 2009     |   |    | 2008     |   |
|---------------------------------|--------|---------------------|--------|--------|-----------------|--------|--------|----------|--------|--------|--------------|--------|--------|----------|--------|--------|----------|--------|---------|----------|--------|
|                            |   | US$(000)            |   |   | US$(000)        |   |   | US$(000) |   |   | US$(000)     |   |   | US$(000) |   |   | US$(000) |   |    | US$(000) |   |
|                            |   |                |   |   |            |   |   |     |   |   |         |   |   |     |   |   |     |   |    |     |   |
| Cost -                          |   |                |   |   |            |   |   |     |   |   |         |   |   |     |   |   |     |   |    |     |   |
| Balance as of January 1st       |   |                | 88,378 |   |            |   | -      |     |   |   | 69,160       |   |   |     | 54,926 |   |     |   | 11,598  |     |   |   | 224,062 |   |   |   | 187,237 |   |
| Additions                       |   |                | -      |   |            |   | -      |     |   |   | 12,128       |   |   |     | 935    |   |     |   | 39,612  |     |   |   | 52,675 |   |   |   | 39,261 |   |
| Acquisition of Edyficar, note 2 |   |                | 6,574  |   |            |   | 13,159 |     |   |   | 2,951        |   |   |     | -      |   |     |   | -       |     |   |   | 22,684 |   |   |   | - |   |
| Transfers                       |   |                | -      |   |            |   | -      |     |   |   | 4            |   |   |     | 19,767 |   |     |   | (19,771 | )        |   |   | - |   |   |   | - |   |
| Withdrawls and other            |   |                | -      |   |            |   | -      |     |   |   | (349         | )      |   |     | (619   | )      |     |   | (1,375  | )        |   |   | (2,343 | ) |   |   | (2,436 | ) |
| Balance as of December 31       |   |                | 94,952 |   |            |   | 13,159 |     |   |   | 83,894       |   |   |     | 75,009 |   |     |   | 30,064  |     |   |   | 297,078 |   |   |   | 224,062 |   |
|                            |   |                |   |   |            |   |   |     |   |   |         |   |   |     |   |   |     |   |    |     |   |   |   |   |   |   |   |   |
| Accumulated amortization -      |   |                |   |   |            |   |   |     |   |   |         |   |   |     |   |   |     |   |    |     |   |   |   |   |   |   |   |   |
| Balance as of January 1st       |   |                | 9,436  |   |            |   | -      |     |   |   | 29,483       |   |   |     | 21,461 |   |     |   | 7,339   |     |   |   | 67,719 |   |   |   | 47,552 |   |
| Amortization of the year        |   |                | 4,500  |   |            |   | 105    |     |   |   | 12,483       |   |   |     | 9,952  |   |     |   | 2,187   |     |   |   | 29,227 |   |   |   | 21,335 |   |
| Acquisition of Edyficar, note 2 |   |                | -      |   |            |   | -      |     |   |   | 1,072        |   |   |     | -      |   |     |   | -       |     |   |   | 1,072 |   |   |   | - |   |
| Withdrawls and other            |   |                | 23     |   |            |   | -      |     |   |   | (353         | )      |   |     | (512   | )      |     |   | (615    | )        |   |   | (1,457 | ) |   |   | (1,168 | ) |
| Balance as of December 31       |   |                | 13,959 |   |            |   | 105    |     |   |   | 42,685       |   |   |     | 30,901 |   |     |   | 8,911   |     |   |   | 96,561 |   |   |   | 67,719 |   |
|                            |   |                |   |   |            |   |   |     |   |   |         |   |   |     |   |   |     |   |    |     |   |   |   |   |   |   |   |   |
| Net book value                  |   |                | 80,993 |   |            |   | 13,054 |     |   |   | 41,209       |   |   |     | 44,108 |   |     |   | 21,153  |     |   |   | 200,517 |   |   |   | 156,343 |   |

----

|   | (b) | Goodwill - |
|--------|-----|------------|

|                                                                              |   | 2009     |    |   | 2008     |   |
|-----------------------------------------------------------------------------------|--------|----------|---------|--------|----------|--------|
|                                                                              |   | US$(000) |    |   | US$(000) |   |
|                                                                              |   |     |    |   |     |   |
| Goodwill -                                                                        |   |     |    |   |     |   |
| Edyficar, note 2                                                                  |   |     | 50,696  |   |     |   | - |   |
| Prima AFP                                                                         |   |     | 44,594  |   |     |   | 44,594 |   |
| Banco de Crédito del Perú                                               |   |     | 18,733  |   |     |   | 18,609 |   |
| El Pacífico Peruano – Suiza Compañía de Seguros y Reaseguros |   |     | 13,007  |   |     |   | 13,007 |   |
| Atlantic Security Holding Corporation                                             |   |     | 10,660  |   |     |   | 10,660 |   |
| Coporación Novasalud Perú S.A. EPS                                      |   |     | 3,744   |   |     |   | 3,744 |   |
|                                                                              |   |     |    |   |     |   |   |   |
| Book value, net                                                                   |   |     | 141,434 |   |     |   | 90,614 |   |

----

| 11. | Other assets and other liabilities |
|-----|------------------------------------|

|   | (a) | These items are made up as follows: |
|--------|-----|-------------------------------------|

|                                                  |   | 2009     |    |   | 2008     |   |
|-------------------------------------------------------|--------|----------|---------|--------|----------|--------|
|                                                  |   | US$(000) |    |   | US$(000) |   |
|                                                  |   |     |    |   |     |   |
| Other assets -                                        |   |     |    |   |     |   |
| Financial instruments:                                |   |     |    |   |     |   |
| Value added tax credit                                |   |     | 152,548 |   |     |   | 124,880 |   |
| Derivatives receivable (b)                            |   |     | 97,341  |   |     |   | 79,275 |   |
| Accounts receivable                                   |   |     | 61,086  |   |     |   | 56,886 |   |
| Income tax prepayments, net                           |   |     | 59,175  |   |     |   | 27,417 |   |
| Operations in process (c)                             |   |     | 50,072  |   |     |   | 38,282 |   |
|                                                  |   |     | 420,222 |   |     |   | 326,740 |   |
| Non-financial instruments:                            |   |     |    |   |     |   |   |   |
| Deferred income tax asset, note 17(c)                 |   |     | 84,070  |   |     |   | 67,173 |   |
| Prepaid expenses                                      |   |     | 66,213  |   |     |   | 56,252 |   |
| Deferred fees                                         |   |     | 30,130  |   |     |   | 36,526 |   |
| Investments in associates                             |   |     | 8,541   |   |     |   | 8,474 |   |
| Other                                                 |   |     | 18,365  |   |     |   | 15,755 |   |
|                                                  |   |     | 207,319 |   |     |   | 184,180 |   |
| Total                                                 |   |     | 627,541 |   |     |   | 510,920 |   |
|                                                  |   |     |    |   |     |   |   |   |
| Other liabilities -                                   |   |     |    |   |     |   |   |   |
| Financial instruments:                                |   |     |    |   |     |   |   |   |
| Payroll, taxes, salaries and other personnel expenses |   |     | 173,953 |   |     |   | 126,295 |   |
| Derivatives payable (b)                               |   |     | 167,849 |   |     |   | 256,792 |   |
| Accounts payable                                      |   |     | 156,032 |   |     |   | 126,421 |   |
| Operations in process (c)                             |   |     | 51,187  |   |     |   | 36,996 |   |
| Contributions                                         |   |     | 25,874  |   |     |   | 4,882 |   |
| Allowance for indirect loan losses, note 6(d)         |   |     | 21,694  |   |     |   | 23,726 |   |
|                                                  |   |     | 596,589 |   |     |   | 575,112 |   |
| Non-financial instruments:                            |   |     |    |   |     |   |   |   |
| Deferred income tax liability, note 17(c)             |   |     | 89,406  |   |     |   | 66,133 |   |
| Provision for sundry risks (d)                        |   |     | 27,225  |   |     |   | 47,512 |   |
| Other                                                 |   |     | 12,803  |   |     |   | 13,642 |   |
|                                                  |   |     | 129,434 |   |     |   | 127,287 |   |
| Total                                                 |   |     | 726,023 |   |     |   | 702,399 |   |

----

|   | (b) | The table below presents the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts.  The notional amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which changes in the value of derivatives are measured.  The notional amounts indicate the volume of transactions outstanding at year end and are not indicative of market risk on credit risk, note 19(c). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                               |   |        |   |   | 2009     |   |
|----------------------------------------------------|--------|-------------|--------|--------|----------|--------|
|                                               |   | Note        |   |   | Assets   |   |   | Liabilities |   |   | Notional amount |   |   | Hedgedinstrument |   |
|                                               |   |        |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   |   |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Derivatives held for trading (i) -                 |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Forward exchange contracts                         |   |        |   |   |     | 39,611 |   |   |   | 19,138 |   |   |   | 2,614,381 |   |   |   | - |   |
| Interest rate swaps                                |   |        |   |   |     | 29,023 |   |   |   | 31,695 |   |   |   | 618,006 |   |   |   | - |   |
| Currency swaps                                     |   |        |   |   |     | 14,245 |   |   |   | 12,025 |   |   |   | 435,518 |   |   |   | - |   |
| Options                                            |   |        |   |   |     | 198    |   |   |   | 161 |   |   |   | 24,374 |   |   |   | - |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives held as hedges -                       |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow hedge (ii) :                             |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward exchange contracts                         |   | 5(m)        |   |   |     | -      |   |   |   | 13,532 |   |   |   | 71,180 |   |   | Investments available for-sale |   |
| Interest rate swaps                                |   | 12(a)       |   |   |     | 1,706  |   |   |   | 1,614 |   |   |   | 316,021 |   |   | Deposits |   |
| Interest rate swaps                                |   | 13(a)(i)(*) |   |   |     | -      |   |   |   | 11,395 |   |   |   | 410,000 |   |   | Due to banks |   |
| Interest rate swaps                                |   | 13(b)       |   |   |     | -      |   |   |   | 63,629 |   |   |   | 649,177 |   |   | Borrowed funds |   |
| Cross currency swaps                               |   | 15(a)(i)(*) |   |   |     | 1,737  |   |   |   | - |   |   |   | 111,508 |   |   | Bonds issued |   |
| Cross currency swaps                               |   | 15(a)(i)    |   |   |     | 24     |   |   |   | 106 |   |   |   | 15,687 |   |   | Bonds issued |   |
| Cross currency swaps and interest rate swaps (iii) |   | 15(a)(i)    |   |   |     | 7,761  |   |   |   | 2,855 |   |   |   | 113,362 |   |   | Bonds issued |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair value hedge (iv) :                            |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cross currency swaps                               |   | 5(m)        |   |   |     | 2,464  |   |   |   | 11,646 |   |   |   | 318,325 |   |   | Investments available-for-sale |   |
| Interest rate swaps                                |   | 5(m)        |   |   |     | 572    |   |   |   | 53 |   |   |   | 55,047 |   |   | Investments available-for-sale |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |        |   |   |     | 97,341 |   |   |   | 167,849 |   |   |   | 5,752,586 |   |   |   |   |   |

----

|                                               |   |        |   |   | 2008     |   |
|----------------------------------------------------|--------|-------------|--------|--------|----------|--------|
|                                               |   | Note        |   |   | Assets   |   |   | Liabilities |   |   | Notional amount |   |   | Hedgee instruments |   |
|                                               |   |        |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   |   |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Derivatives held for trading (i) -                 |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Forward exchange contracts                         |   |        |   |   |     | 33,427 |   |   |   | 49,979 |   |   |   | 2,478,234 |   |   | - |   |
| Interest rate swaps                                |   |        |   |   |     | 32,918 |   |   |   | 38,181 |   |   |   | 763,126 |   |   | - |   |
| Currency swaps                                     |   |        |   |   |     | 12,904 |   |   |   | 9,675 |   |   |   | 192,899 |   |   | - |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives held as hedges -                       |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow hedge (ii) :                             |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                |   | 12(a)       |   |   |     | -      |   |   |   | 4,558 |   |   |   | 177,902 |   |   | Deposits |   |
| Interest rate swaps                                |   | 13(a)(i)(*) |   |   |     | -      |   |   |   | 13,038 |   |   |   | 410,000 |   |   | Due to banks |   |
| Interest rate swaps                                |   | 13(b)       |   |   |     | -      |   |   |   | 95,382 |   |   |   | 696,000 |   |   | Borrowed funds |   |
| Cross currency swaps                               |   |        |   |   |     | -      |   |   |   | 3,126 |   |   |   | 24,009 |   |   | Due to banks |   |
| Cross currency swaps                               |   | 15(a)(i)    |   |   |     | -      |   |   |   | 2,866 |   |   |   | 15,687 |   |   | Bonds issued |   |
| Cross currency swaps and interest rate swaps (iii) |   | 15(a)(i)    |   |   |     | 26     |   |   |   | 19,389 |   |   |   | 113,362 |   |   | Bonds issued |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair value hedge (v) :                             |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cross currency swaps                               |   | 15(a)(iii)  |   |   |     | -      |   |   |   | 20,598 |   |   |   | 163,985 |   |   | Subordinated notes |   |
|                                               |   |        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |        |   |   |     | 79,275 |   |   |   | 256,792 |   |   |   | 5,035,204 |   |   |   |   |

|   | (i)    | The Group’s derivative trading activities mainly relate to transactions with customers.  The Group may also take positions with the expectation of profiting from favorable movements in prices, rates or indexes.  Also included under this caption are any derivatives which do not meet IAS 39 hedging requirements. |
|--------|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii)    | The Group is exposed to variability in future interest cash flows on assets and liabilities in foreign currency and/or which bear interest at variable rates.  The Group uses interest rate swaps - IRS, cross currency swaps - CCS and forward exchange contract as cash flow hedges of these risks. |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                          |   | Up to 1 year |     |   | From 1 to 3 years |   |     | From 3 to 5 years |   |   | Over 5 years |   |
|-------------------------------|--------|-----------------------------|----------|--------|---------------------------------------|--------|----------|---------------------------------------|--------|--------|------------------------|--------|
|                     |   | US$(000)                    |     |   | US$(000)                              |   |     | US$(000)                              |   |   | US$(000)               |   |
|                          |   |                        |     |   |                                  |   |     |                                  |   |   |                   |   |
| Cash outflows (liabilities)   |   |                        | (508,574 | )      |                                  |   | (683,522 | )                                     |   |   | (466,844               | )      |   |   | (224,984 | ) |
|                          |   |                        |     |   |                                  |   |     |                                  |   |   |                   |   |   |   |   |   |
| Consolidated income statement |   |                        | (65,449  | )      |                                  |   | (35,232  | )                                     |   |   | 29,488                 |   |   |   | 615 |   |

|   | As of December 31, 2009 and 2008, the accumulated balance of unrealized loss on cash flow hedges recorded as other comprehensive income in the cash flow hedge reserve amounted to US$51.5 and US$118.1 million, respectively, see note 16(c).  The transfer of net loss on cash flow hedges to the consolidated income statement is presented in note 16(c). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | On December 2007 and during the first months of 2008, the Group entered into three CCS contracts which were initially designated as fair value hedges as they reduced the Group’s exposure to changes in the fair value of three fixed-rate corporate bonds issued in Peruvian currency, see note 15 (a)(i); arising from changes in the exchange rate and interest rates. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | The Group maintains CCS and IRS designated as fair value hedge of certain investments available for sale.  CCS reduce the exposure to changes in the fair value of fixed rate global bonds denominated in Euros, related to variations in the foreign currency exchange and interest rates.  Furthermore, IRS reduce the exposure to changes in the fair value of fixed bonds in US$ issued by the Peruvian Government, corporative entities, and international financial entities related to variations in the interest rates, see note 5(m). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | On January 2008, the Group entered into a CCS contract, initially designated as fair value hedges as it reduced the Group’s exposure to changes in the fair value of fixed-rate subordinated notes issued by BCP in Peruvian currency, see note 15 (a)(iii); arising from changes in the exchange rate and interest rates (Libor). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Operations in process include deposits received, loans disbursed, loans collected, funds transferred and other similar types of transactions, which are made at the end of the month and not reclassified to their final consolidated statements of financial position account until the first days of the following month.  These transactions do not affect the Group’s net consolidated income. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The movement of the provision for sundry risks for the years ended on December 31, 2009, 2008 and 2007 is as follows: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|                   |   | 2009     |    |   | 2008     |   |    | 2007     |   |
|------------------------|--------|----------|---------|--------|----------|--------|---------|----------|--------|
|                   |   | US$(000) |    |   | US$(000) |   |    | US$(000) |   |
|                   |   |     |    |   |     |   |    |     |   |
| Beginning balance      |   |     | 47,512  |   |     |   | 24,038  |     |   |   | 17,179 |   |
| Provision (i), note 24 |   |     | 14,425  |   |     |   | 37,549  |     |   |   | 8,096 |   |
| Decreases              |   |     | (34,712 | )      |     |   | (14,075 | )        |   |   | (1,237 | ) |
|                   |   |     |    |   |     |   |    |     |   |   |   |   |
| Ending balance         |   |     | 27,225  |   |     |   | 47,512  |     |   |   | 24,038 |   |

|   | (i) | The year 2008 provision include US$36.4 million related to the estimated liability arising from a fund managed by ASHC, which had invested with Bernard L. Madoff Investment Securities LLC (Madoff Securities) on behalf of its clients. The Group disbursed most part of this liability during 2009. In Management’s opinion, based in the information available up to date, it is not expected that any additional liability will be incurred. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12. | Deposits and obligations |
|-----|--------------------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                                 |   | 2009     |       |   | 2008     |   |
|--------------------------------------|--------|----------|------------|--------|----------|--------|
|                                 |   | US$(000) |       |   | US$(000) |   |
|                                 |   |     |       |   |     |   |
| Time deposits                        |   |     | 4,751,861  |   |     |   | 4,856,112 |   |
| Demand deposits                      |   |     | 4,521,746  |   |     |   | 4,578,247 |   |
| Saving deposits                      |   |     | 3,539,665  |   |     |   | 2,968,739 |   |
| Severance indemnity deposits         |   |     | 1,069,506  |   |     |   | 1,039,887 |   |
| Client - Repurchase agreements       |   |     | 35,000     |   |     |   | 294,030 |   |
| Bank’s negotiable certificates |   |     | 120,932    |   |     |   | 140,013 |   |
|                                 |   |     |       |   |     |   |   |   |
|                                 |   |     | 14,038,710 |   |     |   | 13,877,028 |   |
|                                 |   |     |       |   |     |   |   |   |
| Interest payable                     |   |     | 53,118     |   |     |   | 73,409 |   |
|                                 |   |     |       |   |     |   |   |   |
| Total                                |   |     | 14,091,828 |   |     |   | 13,950,437 |   |

----

|   | (b) | The amounts of non-interest and interest bearing deposits and obligations are made up as follows: |
|--------|-----|---------------------------------------------------------------------------------------------------|

|                                            |   | 2009     |       |   | 2008     |   |
|-------------------------------------------------|--------|----------|------------|--------|----------|--------|
|                                            |   | US$(000) |       |   | US$(000) |   |
| Non-interest bearing deposits and obligations - |   |     |       |   |     |   |
|    In Peru                       |   |     | 2,613,118  |   |     |   | 2,710,770 |   |
|    In other countries            |   |     | 684,877    |   |     |   | 502,759 |   |
|                                            |   |     | 3,297,995  |   |     |   | 3,213,529 |   |
| Interest bearing deposits and obligations -     |   |     |       |   |     |   |   |   |
|    In Peru                       |   |     | 8,778,750  |   |     |   | 8,689,977 |   |
|    In other countries            |   |     | 1,961,965  |   |     |   | 1,973,522 |   |
|                                            |   |     | 10,740,715 |   |     |   | 10,663,499 |   |
|                                            |   |     |       |   |     |   |   |   |
| Total                                           |   |     | 14,038,710 |   |     |   | 13,877,028 |   |

|   | (c) | Time deposits balance classified by maturity is as follows: |
|--------|-----|-------------------------------------------------------------|

|                         |   | 2009     |      |   | 2008     |   |
|------------------------------|--------|----------|-----------|--------|----------|--------|
|                         |   | US$(000) |      |   | US$(000) |   |
|                         |   |     |      |   |     |   |
| Up to 3 months               |   |     | 3,384,624 |   |     |   | 3,039,029 |   |
| From 3 months to 1 year      |   |     | 1,134,480 |   |     |   | 1,578,258 |   |
| From 1 to 3 years            |   |     | 147,135   |   |     |   | 147,008 |   |
| From 3 to 5  years |   |     | 82,088    |   |     |   | 51,876 |   |
| More than 5 years            |   |     | 3,534     |   |     |   | 39,941 |   |
|                         |   |     |      |   |     |   |   |   |
| Total                        |   |     | 4,751,861 |   |     |   | 4,856,112 |   |

----

| 13. | Due to banks and correspondents and borrowed funds |
|-----|----------------------------------------------------|

|   | (a) | Due to bank and correspondents - |
|--------|-----|----------------------------------|

|                               |   | 2009     |      |   | 2008     |   |
|------------------------------------|--------|----------|-----------|--------|----------|--------|
|                               |   | US$(000) |      |   | US$(000) |   |
|                               |   |     |      |   |     |   |
| International funds and others (i) |   |     | 1,051,739 |   |     |   | 1,016,932 |   |
| Promotional credit lines (ii)      |   |     | 81,550    |   |     |   | 109,730 |   |
| Inter-bank funds                   |   |     | 29,031    |   |     |   | 39,216 |   |
|                               |   |     | 1,162,320 |   |     |   | 1,165,878 |   |
| Interest payable                   |   |     | 5,118     |   |     |   | 14,113 |   |
|                               |   |     |      |   |     |   |   |   |
| Total                              |   |     | 1,167,438 |   |     |   | 1,179,991 |   |

|   | (i) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                                     |   | 2009     |      |   | 2008     |   |
|------------------------------------------|--------|----------|-----------|--------|----------|--------|
|                                     |   | US$(000) |      |   | US$(000) |   |
|                                     |   |     |      |   |     |   |
| Syndicated loan (*)                      |   |     | 410,000   |   |     |   | 410,000 |   |
| Corporación Andina de Fomento - CAF |   |     | 202,941   |   |     |   | 180,000 |   |
| Citibank N.A.                            |   |     | 71,552    |   |     |   | 20,000 |   |
| Wells Fargo & Co.                    |   |     | 60,000    |   |     |   | 60,326 |   |
| Standard Chartered Bank                  |   |     | 51,030    |   |     |   | 2,730 |   |
| Bank of America                          |   |     | 45,000    |   |     |   | - |   |
| Commercebank N.A.                        |   |     | 39,000    |   |     |   | 20,000 |   |
| Chase Manhattan Bank                     |   |     | 30,000    |   |     |   | - |   |
| Bank of New York                         |   |     | 30,000    |   |     |   | 20,000 |   |
| Toronto Dominion Bank                    |   |     | -         |   |     |   | 47,000 |   |
| Dresdner Bank AG. Frankfurt              |   |     | -         |   |     |   | 45,000 |   |
| JP Morgan Chase & Co.                |   |     | -         |   |     |   | 32,000 |   |
| Other                                    |   |     | 112,216   |   |     |   | 179,876 |   |
|                                     |   |     |      |   |     |   |   |   |
| Total                                    |   |     | 1,051,739 |   |     |   | 1,016,932 |   |

|   | (*) | As of December 31, 2009 and 2008, this amount was related to a syndicated loan amounting to US$ 410.0 million obtained from several international financial entities, with maturity due within three years and an interest rate of Libor plus 0.70 percent during the first year, Libor plus 0.75 percent during the second year and Libor plus 0.85 percent during the third year.  The syndicated loan, subject to variable interest rate risk, has been hedged through interest rate swap operations for a notional amount of US$410.0 million with the same maturities; as a result, this loan was economically converted to fixed rate, see note 11(b). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | Promotional credit lines represent loans granted to BCP by Corporación Financiera de Desarrollo (COFIDE) to promote the development of Peru, they have maturities between January 2010 and December 2029 and their annual interest rates are between 6.25 and 7.75 percent (between October 2009 and December 2028 and annual interest rate between 6.20 and 7.75 percent as of December 31, 2008). These credit lines are secured by a loan portfolio amounting to US$81.6 and US$109.7 million as of December 31, 2009 and 2008, respectively. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Borrowed funds - |
|--------|-----|------------------|

|                                                |   | Interest           |   | Maturity   |   | 2009     |      |   | 2008     |   |
|-----------------------------------------------------|--------|--------------------|--------|------------|--------|----------|-----------|--------|----------|--------|
|                                                |   | %                  |   |       |   | US$(000) |      |   | US$(000) |   |
|                                                |   |               |   |       |   |     |      |   |     |   |
| CCR Inc. MT-100, Payment rights master Trust - |   |               |   |       |   |     |      |   |     |   |
| 2005 Series A Floating Rate Certificates            |   | Libor 1m + 21 bps  |   | 10/10/2012 |   |     | 213,110   |   |     |   | 221,079 |   |
| 2005 Series B Floating Rate Certificates            |   | Libor 1m + 60 bps  |   | 12/10/2009 |   |     | -         |   |     |   | 37,918 |   |
| 2006 Series A Floating Rate Certificates            |   | Libor 1m + 24 bps  |   | 10/03/2016 |   |     | 100,000   |   |     |   | 100,000 |   |
| 2007 Series A Floating Rate Certificates            |   | Libor 1m + 28 bps  |   | 10/07/2017 |   |     | 350,000   |   |     |   | 350,000 |   |
| 2007 Series B Floating Rate Certificates            |   | Libor 1m + 25 bps  |   | 10/07/2014 |   |     | 150,000   |   |     |   | 150,000 |   |
| 2008 Series A Fixed Rate Certificates               |   | 6.27               |   | 10/06/2015 |   |     | 126,111   |   |     |   | 141,719 |   |
| 2008 Series B Floating Rate Certificates            |   | Libor 1m + 225 bps |   | 10/12/2015 |   |     | 150,000   |   |     |   | 150,000 |   |
|                                                |   |               |   |       |   |     |      |   |     |   |   |   |
| Total                                               |   |               |   |       |   |     | 1,089,221 |   |     |   | 1,150,716 |   |

----

|   | (c) | As of December 31, 2009 and 2008, maturities of due to bank and correspondents and borrowed funds are shown below, based on the remaining period to the repayment date: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Due to bank and correspondents |   | 2009     |      |   | 2008     |   |
|--------------------------------|--------|----------|-----------|--------|----------|--------|
|                           |   | US$(000) |      |   | US$(000) |   |
|                           |   |     |      |   |     |   |
| Up to 3 months                 |   |     | 622,342   |   |     |   | 369,483 |   |
| From 3 months to 1 year        |   |     | 235,913   |   |     |   | 256,884 |   |
| From 1 to 3 years              |   |     | 210,125   |   |     |   | 502,039 |   |
| From 3 to 5 years              |   |     | 31,048    |   |     |   | 6,468 |   |
| More than 5 years              |   |     | 62,892    |   |     |   | 31,004 |   |
|                           |   |     |      |   |     |   |   |   |
| Total                          |   |     | 1,162,320 |   |     |   | 1,165,878 |   |
|                           |   |     |      |   |     |   |   |   |
| Borrowed funds                 |   | 2009     |      |   | 2008     |   |
|                           |   | US$(000) |      |   | US$(000) |   |
|                           |   |     |      |   |     |   |   |   |
| Up to 1 year                   |   |     | 113,857   |   |     |   | 63,324 |   |
| From 1 to 3 years              |   |     | 394,759   |   |     |   | 317,541 |   |
| From 3 to 5 years              |   |     | 312,297   |   |     |   | 362,374 |   |
| More than 5 years              |   |     | 268,308   |   |     |   | 407,477 |   |
|                           |   |     |      |   |     |   |   |   |
| Total                          |   |     | 1,089,221 |   |     |   | 1,150,716 |   |

|   | (d) | As of December 31, 2009 and 2008, credit lines granted by several local and foreign financial institutions, available for future operating activities or to settle capital commitments amounted to US$1,812.2 million (US$1,617.0 million as of December 31, 2008). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14. | Technical reserves, insurance claims reserves and reserves for unearned premiums |
|-----|----------------------------------------------------------------------------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|              |   | 2009                                      |    |
|-------------------|--------|-------------------------------------------|---------|
|              |   | Reserves for direct claims |    |   | Claims assumed |   |   | Technical reserves |   |   | Total |   |
|              |   | US$(000)                                  |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|              |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Life insurance    |   |                                      | 70,960  |   |   |   | - |   |   |   | 630,183 |   |   |   | 701,143 |   |
| General insurance |   |                                      | 139,539 |   |   |   | 2,828 |   |   |   | 112,804 |   |   |   | 255,171 |   |
| Health insurance  |   |                                      | 38,625  |   |   |   | 8 |   |   |   | 23,844 |   |   |   | 62,477 |   |
|              |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total             |   |                                      | 249,124 |   |   |   | 2,836 |   |   |   | 766,831 |   |   |   | 1,018,791 |   |

|              |   | 2008                                      |    |
|-------------------|--------|-------------------------------------------|---------|
|              |   | Reserves for direct claims |    |   | Claims assumed |   |   | Technical reserves |   |   | Total |   |
|              |   | US$(000)                                  |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|              |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Life insurance    |   |                                      | 64,553  |   |   |   | - |   |   |   | 553,127 |   |   |   | 617,680 |   |
| General insurance |   |                                      | 137,297 |   |   |   | 32,812 |   |   |   | 124,846 |   |   |   | 294,955 |   |
| Health insurance  |   |                                      | 37,741  |   |   |   | 27 |   |   |   | 17,367 |   |   |   | 55,135 |   |
|              |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total             |   |                                      | 239,591 |   |   |   | 32,839 |   |   |   | 695,340 |   |   |   | 967,770 |   |

----

|   | (b) | Insurance claims reserves (direct and assumed): |
|--------|-----|-------------------------------------------------|

|               |   | 2009                |    |
|--------------------|--------|---------------------|---------|
|               |   | Life insurance |    |   | General insurance |   |   | Health insurance |   |   | Total |   |
|               |   | US$(000)            |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|               |   |                |    |   |   |   |   |   |   |   |   |   |
| Initial balance    |   |                | 64,553  |   |   |   | 170,109 |   |   |   | 37,768 |   |   |   | 272,430 |   |
| Claims             |   |                | 80,970  |   |   |   | 108,397 |   |   |   | 148,985 |   |   |   | 338,352 |   |
| Payments           |   |                | (76,301 | ) |   |   | (136,315 | ) |   |   | (149,731 | ) |   |   | (362,347 | ) |
| Translation result |   |                | 1,738   |   |   |   | 176 |   |   |   | 1,611 |   |   |   | 3,525 |   |
|               |   |                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Final balance      |   |                | 70,960  |   |   |   | 142,367 |   |   |   | 38,633 |   |   |   | 251,960 |   |

|               |   | 2008                |    |
|--------------------|--------|---------------------|---------|
|               |   | Life insurance |    |   | General insurance |   |   | Health insurance |   |   | Total |   |
|               |   | US$(000)            |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|               |   |                |    |   |   |   |   |   |   |   |   |   |
| Initial balance    |   |                | 50,046  |   |   |   | 114,144 |   |   |   | 25,108 |   |   |   | 189,298 |   |
| Claims             |   |                | 88,059  |   |   |   | 163,251 |   |   |   | 155,387 |   |   |   | 406,697 |   |
| Payments           |   |                | (72,676 | ) |   |   | (107,197 | ) |   |   | (141,470 | ) |   |   | (321,343 | ) |
| Translation result |   |                | (876    | ) |   |   | (89 | ) |   |   | (1,257 | ) |   |   | (2,222 | ) |
|               |   |                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Final balance      |   |                | 64,553  |   |   |   | 170,109 |   |   |   | 37,768 |   |   |   | 272,430 |   |

----

|   | (c) | Technical reserves: |
|--------|-----|---------------------|

|                                                |   | 2009          |    |
|-----------------------------------------------------|--------|---------------|---------|
|                                                |   | Lifeinsurance |    |   | General insurance |   |   | Healthinsurance |   |   | Total |   |
|                                                |   | US$(000)      |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                |   |          |    |   |   |   |   |   |   |   |   |   |
| Initial balance                                     |   |          | 553,127 |   |   |   | 124,846 |   |   |   | 17,367 |   |   |   | 695,340 |   |
| Accretion expenses and other                        |   |          | 16,384  |   |   |   | - |   |   |   | - |   |   |   | 16,384 |   |
| Unearned premium reserves and annual variation, net |   |          | 3,393   |   |   |   | (14,016 | ) |   |   | 6,580 |   |   |   | (4,043 | ) |
| Insurance subscriptions                             |   |          | 79,990  |   |   |   | - |   |   |   | - |   |   |   | 79,990 |   |
| Payments                                            |   |          | (8,122  | ) |   |   | - |   |   |   | - |   |   |   | (8,122 | ) |
| Translation result                                  |   |          | (14,589 | ) |   |   | 1,974 |   |   |   | (103 | ) |   |   | (12,718 | ) |
|                                                |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Final balance                                       |   |          | 630,183 |   |   |   | 112,804 |   |   |   | 23,844 |   |   |   | 766,831 |   |

|                                                |   | 2008          |    |
|-----------------------------------------------------|--------|---------------|---------|
|                                                |   | Lifeinsurance |    |   | General insurance |   |   | Healthinsurance |   |   | Total |   |
|                                                |   | US$(000)      |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                |   |          |    |   |   |   |   |   |   |   |   |   |
| Initial balance                                     |   |          | 500,768 |   |   |   | 97,646 |   |   |   | 15,766 |   |   |   | 614,180 |   |
| Accretion expenses and other                        |   |          | 14,808  |   |   |   | - |   |   |   | - |   |   |   | 14,808 |   |
| Unearned premium reserves and annual variation, net |   |          | 1,433   |   |   |   | 27,200 |   |   |   | 1,601 |   |   |   | 30,234 |   |
| Insurance subscriptions                             |   |          | 70,311  |   |   |   | - |   |   |   | - |   |   |   | 70,311 |   |
| Payments                                            |   |          | (26,732 | ) |   |   | - |   |   |   | - |   |   |   | (26,732 | ) |
| Translation result                                  |   |          | (7,461  | ) |   |   | - |   |   |   | - |   |   |   | (7,461 | ) |
|                                                |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Final balance                                       |   |          | 553,127 |   |   |   | 124,846 |   |   |   | 17,367 |   |   |   | 695,340 |   |

| Modality                          |   | Mortality Table          |   | Technical rates                 |
|-----------------------------------|--------|-------------------------------|--------|--------------------------------------|
|                              |   |                          |   |                                 |
| Life Immediate Annuity            |   | RV–2004, B-85 and MI-85 |   | 4.90% - 5.22% in US$ and 3.20% in S/ |
| Survorship and Disability Pension |   | RV-85, B-85 and MI-85         |   | Old regime 3.00%                     |
| Individual Life                   |   | CSO 80 adjustable             |   | 4.00% - 5.00%                        |

----

|                                 |   |                           |    |   | Variation of the reserve |                                    |
|--------------------------------------|--------|--------------------------------|---------|--------|-----------------------------------------|-----------------------------------------|
| Variables                       |   | Amount of thereserve |    |   | Amount                                  |                                    |   | Percentage |   |
|                                 |   | US$(000)                       |    |   | US$(000)                                |                                    |   | % |   |
|                                 |   |                           |    |   |                                    |                                    |   |   |   |
| Portfolio in US$ - Basis amount      |   |                           | 340,580 |   |                                    |                                    |   |   |   |   |
| Changes in interest rates: + 100 bps |   |                           | 310,604 |   |                                    |                                    | (29,976 | ) |   |   | (8.80 | ) |
| Changes in interest rates: - 100 bps |   |                           | 376,083 |   |                                    |                                    | 35,503 |   |   |   | 10.42 |   |
| Changes in Mortality tables to 105%  |   |                           | 336,740 |   |                                    |                                    | (3,840 | ) |   |   | (1.13 | ) |
| Changes in Mortality tables to 95%   |   |                           | 344,631 |   |                                    |                                    | 4,051 |   |   |   | 1.19 |   |
|                                 |   |                           |    |   |                                    |                                    |   |   |   |   |   |   |
|                                 |   |                           |    |   |                                    | Variation of the reserve |   |
| Variables                       |   | Amount of thereserve           |    |   | Amount                                  |                                    |   | Percentage |   |
|                                 |   | US$ (000)                      |    |   | US$ (000)                               |                                    |   | % |   |
|                                 |   |                           |    |   |                                    |                                    |   |   |   |   |   |   |
| Portfolio in S/ - Basis amount       |   |                           | 24,386  |   |                                    |                                    |   |   |   |   |   |   |
| Changes in interest rates: + 100 bps |   |                           | 21,700  |   |                                    |                                    | (2,686 | ) |   |   | (11.01 | ) |
| Changes in interest rates: - 100 bps |   |                           | 27,728  |   |                                    |                                    | 3,342 |   |   |   | 13.70 |   |
| Changes in Mortality tables to 105%  |   |                           | 24,205  |   |                                    |                                    | (181 | ) |   |   | (0.74 | ) |
| Changes in Mortality tables to 95%   |   |                           | 24,577  |   |                                    |                                    | 191 |   |   |   | 0.78 |   |

----

| 15. | Bonds and subordinated notes issued |
|-----|-------------------------------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                                            |   | Weightedaverage annual interest rate |   |   |   |   |     |   |                                  |   |
|-------------------------------------------------|--------|-----------------------------------------------------|--------|--------|--------|--------|----------|--------|---------------------------------------|--------|
|                                            |   | 2009                                                |   |   | 2008   |   | Maturity |   | 2009                                  |   |   | 2008 |   |
|                                            |   | %                                                   |   |   | %      |   |     |   | US$(000)                              |   |   | US$(000) |   |
|                                            |   |                                                |   |   |   |   |     |   |                                  |   |   |   |   |
| Corporate bonds (i)                             |   |                                                | 6.04   |   |   |   | 6.91     |   | Between September 2010 and July 2018  |   |   | 440,092 |   |   |   | 227,902 |   |
| Leasing bonds (i)                               |   |                                                | 7.11   |   |   |   | 6.87     |   | Between February 2010 and August 2018 |   |   | 188,265 |   |   |   | 217,863 |   |
| Subordinated bonds (i)                          |   |                                                | 7.35   |   |   |   | 6.71     |   | Between October 2010 and May 2027     |   |   | 113,281 |   |   |   | 61,074 |   |
| Mortgage bonds                                  |   |                                                | 7.67   |   |   |   | 7.69     |   | Between January 2011 and April 2012   |   |   | 10,504 |   |   |   | 15,278 |   |
| Subordinated negotiable certificates notes (ii) |   |                                                | 6.95   |   |   |   | 6.95     |   | November 2021                         |   |   | 117,560 |   |   |   | 117,512 |   |
| Subordinated notes (iii)                        |   |                                                | 7.17   |   |   |   | 7.17     |   | October 2017                          |   |   | 154,329 |   |   |   | 137,761 |   |
| Junior subordinated notes (iv)                  |   |                                                | 9.75   |   |   |   | -        |   | November 2069                         |   |   | 249,700 |   |   |   | - |   |
|                                            |   |                                                |   |   |   |   |     |   |                                  |   |   | 1,273,731 |   |   |   | 777,390 |   |
|                                            |   |                                                |   |   |   |   |     |   |                                  |   |   |   |   |   |   |   |   |
| Interest payable                                |   |                                                |   |   |   |   |     |   |                                  |   |   | 13,291 |   |   |   | 7,840 |   |
|                                            |   |                                                |   |   |   |   |     |   |                                  |   |   |   |   |   |   |   |   |
| Total                                           |   |                                                |   |   |   |   |     |   |                                  |   |   | 1,287,022 |   |   |   | 785,230 |   |

----

|   | (i) | During 2009 y 2008, the Group issued corporate, subordinated and leasing bonds for the following amounts: |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

| Issuances 2009                        |   | Amount   |    | Currency |      | Maturity |   | Rate   |              |
|--------------------------------------------|--------|----------|---------|----------|-----------|----------|--------|--------|-------------------|
|                                       |   | US$(000) |    |     |      |     |   |   |              |
|                                       |   |     |    |     |      |     |   |   |              |
| Corporate Bonds BCP -                      |   |     |    |     |      |     |   |   |              |
| Fourth issuance - Series A, B, C and D     |   |     | 63,465  |     | Nuevo sol |     | 2014   |   | 6.31 - 6.88       |   |
| Fifth issuance – Series A            |   |     | 17,301  |     | Nuevo sol |     | 2013   |   | 5.31              |   |
|                                       |   |     | 80,766  |     |      |     |   |   |              |   |
|                                       |   |     |    |     |      |     |   |   |              |   |
| Subordinated Bonds BCP -                   |   |     |    |     |      |     |   |   |              |   |
| Fourth issuance Series A, B, C and D       |   |     | 113,822 |     | US$       |     | 2016   |   | 6.53 – 8.50 |   |
|                                       |   |     |    |     |      |     |   |   |              |   |
| Corporate Bonds BCP Emisiones Latam 1 S.A. |   |     |    |     |      |     |   |   |              |   |
| First issuance – Series A (*)        |   |     | 111,508 |     | UF        |     | 2014   |   | 3.50              |   |

|   | (*) | BCP Emisiones Latam 1 S.A. issued corporate bonds (Series A) for 2.7 million “Chilean Unidades de Fomento - UF”.  The Group can redeem 100 percent of the bonds only if the legal reserve funds legislation and tax law, related to income tax and value added tax, change in Peru, Panama or Chile.  This debt, subject to foreign exchange risk, has been hedged through CCS, as a result, these bonds were economically converted to US$ Dollars, see note 11(b). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Issuances 2008             |   | Amount   |    | Currency |      | Maturity |   | Rate   |              |
|---------------------------------|--------|----------|---------|----------|-----------|----------|--------|--------|-------------------|
|                            |   | US$(000) |    |     |      |     |   |   |              |
|                            |   |     |    |     |      |     |   |   |              |
| Corporate Bonds BCP -           |   |     |    |     |      |     |   |   |              |
| Second issuance - Series A      |   |     | 25,932  |     | Nuevo sol |     | 2011   |   | 5.78              |   |
| First issuance - Series B       |   |     | 38,152  |     | Nuevo sol |     | 2015   |   | 6.81              |   |
| Third issuance - Series A and B |   |     | 63,694  |     | Nuevo sol |     | 2018   |   | 7.47 – 8.50 |   |
|                            |   |     | 127,778 |     |      |     |   |   |              |   |

----

| Issuances 2008                  |   | Amount   |    | Currency |      | Maturity |   | Rate   |              |
|--------------------------------------|--------|----------|---------|----------|-----------|----------|--------|--------|-------------------|
|                                 |   | US$(000) |    |     |      |     |   |   |              |
|                                 |   |     |    |     |      |     |   |   |              |
| Leasing Bonds BCP -                  |   |     |    |     |      |     |   |   |              |
| Fourth issuance - Series A, B, C y D |   |     | 83,492  |     | US$       |     | 2011   |   | 5.47 – 6.25 |   |
| Fourth issuance - Series A y B       |   |     | 14,392  |     | Nuevo sol |     | 2011   |   | 5.72 – 6.06 |   |
| Sixth issuance - Series A            |   |     | 31,487  |     | Nuevo sol |     | 2018   |   | 8.72              |   |
|                                 |   |     | 129,371 |     |      |     |   |   |              |   |

|     | (ii) | These certificates were issued in US dollars and accrue a fixed annual interest rate of 6.95 percent for the first 10 years (November 2016), with payment each six months.  After the first 10 years, the interest rate will change to a variable interest rate, established as Libor plus 2.79 percent, with semiannual payments. At the end of the first 10 years, the Group can redeem 100 percent of the debt, without penalties. |
|--------------------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|     | (iii) | In October 2007, BCP through its Panama branch, issued Subordinated Notes for S/483.3 million in the international market with principal maturity on 2022.  This debt accrues a fixed annual interest rate of 7.17 percent for the first 10 years, with semiannual payments.  After the first 10 years, interest rate will be the market interest rate for sovereign bonds issued by the Peruvian Government with maturity on 2037, plus 150 basis points, with semiannual payments.  At that date, BCP can redeem 100 percent of the notes, without penalties.  This debt, subject to foreign exchange risk and interest rate risk, was hedged until October 2009, see note 11(b)(v). |
|--------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|     | (iv) | In November 2009, BCP through its Panama branch issued Junior Subordinated Notes for US$250.0 million in the international market with principal maturity on 2069.  This debt accrues a fixed annual interest rate of 9.75 percent, for the first 10 years, with semiannual payments.  After the first 10 years, in November 2019, interest rate will be variable, Libor 3 months plus 816.7 basis points, with quarterly payments; at that date and or any interest payment date, BCP can redeem 100 percent of the notes, without penalties and after full filing certain requirements. |
|---------------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Bonds and subordinated notes, classified by maturity are shown below: |
|--------|-----|-----------------------------------------------------------------------|

|                    |   | 2009     |      |   | 2008     |   |
|-------------------------|--------|----------|-----------|--------|----------|--------|
|                    |   | US$(000) |      |   | US$(000) |   |
|                    |   |     |      |   |     |   |
| Up to 3 months          |   |     | 26,076    |   |     |   | 1,717 |   |
| From 3 months to 1 year |   |     | 74,413    |   |     |   | 64,190 |   |
| From 1 to 3 years       |   |     | 191,344   |   |     |   | 235,867 |   |
| From 3 to 5 years       |   |     | 274,781   |   |     |   | 75,398 |   |
| Over 5 years            |   |     | 707,117   |   |     |   | 400,218 |   |
|                    |   |     |      |   |     |   |   |   |
| Total                   |   |     | 1,273,731 |   |     |   | 777,390 |   |

----

| 16.  | Equity |
|-----------|--------|

|   | (a) | Share capital - |
|--------|-----|-----------------|

|   | (b) | Treasury stock - |
|--------|-----|------------------|

|   | (c) | Reserves - |
|--------|-----|------------|

----

|                                                                                                            |   | Unrealized net gain (loss) of: |     |
|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|----------|
|                                                                                                            |   | Available-for-sale investmentsreserve         |     |   | Cash flow hedgereserve |   |   | Total |   |
|                                                                                                            |   | US$(000)                                           |     |   | US$(000) |   |   | US$(000) |   |
|                                                                                                            |   |                                               |     |   |   |   |   |   |   |
| Balances as of January 1, 2007                                                                                  |   |                                               | 144,471  |   |   |   | 2,938 |   |   |   | 147,409 |   |
|                                                                                                            |   |                                               |     |   |   |   |   |   |   |   |   |   |
| Net unrealized gain from available-for-sale investments                                                         |   |                                               | 85,129   |   |   |   | - |   |   |   | 85,129 |   |
| Transfer of net realized gain from investments available-for-sale to the income statement, net of realized loss |   |                                               | (17,634  | ) |   |   | - |   |   |   | (17,634 | ) |
| Transfer of impairment on investment available-for-sale to income statement                                     |   |                                               | 5,017    |   |   |   | - |   |   |   | 5,017 |   |
| Net unrealized loss on cash flow hedge                                                                          |   |                                               | -        |   |   |   | (39,385 | ) |   |   | (39,385 | ) |
| Transfer of net realized gain from cash flow hedge to the income statement                                      |   |                                               | -        |   |   |   | (986 | ) |   |   | (986 | ) |
| Balances as of December 31, 2007                                                                                |   |                                               | 216,983  |   |   |   | (37,433 | ) |   |   | 179,550 |   |
|                                                                                                            |   |                                               |     |   |   |   |   |   |   |   |   |   |
| Net unrealized loss from available-for-sale investments                                                         |   |                                               | (164,302 | ) |   |   | - |   |   |   | (164,302 | ) |
| Transfer of net realized gain from investments available-for-sale to the income statement, net of realized loss |   |                                               | (35,684  | ) |   |   | - |   |   |   | (35,684 | ) |
| Transfer of impairment on investment available-for-sale to income statement, note 5(c)                          |   |                                               | 55,732   |   |   |   | - |   |   |   | 55,732 |   |
| Net unrealized loss on cash flow hedge, note 11(b)(ii)                                                          |   |                                               | -        |   |   |   | (94,937 | ) |   |   | (94,937 | ) |
| Transfer of net realized loss from cash flow hedge to the income statement, note 11(b)(ii)                      |   |                                               | -        |   |   |   | 14,248 |   |   |   | 14,248 |   |
|                                                                                                            |   |                                               |     |   |   |   |   |   |   |   |   |   |
| Balances as of December 31, 2008                                                                                |   |                                               | 72,729   |   |   |   | (118,122 | ) |   |   | (45,393 | ) |
|                                                                                                            |   |                                               |     |   |   |   |   |   |   |   |   |   |
| Net unrealized gain from available-for-sale investments                                                         |   |                                               | 319,041  |   |   |   | - |   |   |   | 319,041 |   |
| Transfer of net realized gain from investments available-for-sale to the income statement, net of realized loss |   |                                               | (112,618 | ) |   |   | - |   |   |   | (112,618 | ) |
| Transfer of impairment on investment available-for-sale to income statement, note 5(c)                          |   |                                               | 9,825    |   |   |   | - |   |   |   | 9,825 |   |
| Net unrealized gain from cash flow hedge, note 11(b)(ii)                                                        |   |                                               | -        |   |   |   | 30,317 |   |   |   | 30,317 |   |
| Transfer of net realized loss from cash flow hedge to the income statement, note 11(b)(ii)                      |   |                                               | -        |   |   |   | 36,274 |   |   |   | 36,274 |   |
|                                                                                                            |   |                                               |     |   |   |   |   |   |   |   |   |   |
| Balances as of December 31, 2009                                                                                |   |                                               | 288,977  |   |   |   | (51,531 | ) |   |   | 237,446 |   |

----

|   | (d) | Components of other comprehensive income - |
|--------|-----|--------------------------------------------|

|                                                                                                            |   | 2009     |     |   | 2008     |   |     | 2007     |   |
|-----------------------------------------------------------------------------------------------------------------|--------|----------|----------|--------|----------|--------|----------|----------|--------|
|                                                                                                            |   | US$(000) |     |   | US$(000) |   |     | US$(000) |   |
|                                                                                                            |   |     |     |   |     |   |     |     |   |
| Available-for-sale investments:                                                                                 |   |     |     |   |     |   |     |     |   |
|                                                                                                            |   |     |     |   |     |   |     |     |   |
| Net unrealized gain (loss) from available-for-sale investments                                                  |   |     | 319,041  |   |     |   | (164,302 | )        |   |   | 85,129 |   |
| Transfer of net realized gain from investments available-for-sale to the income statement, net of realized loss |   |     | (112,618 | )      |     |   | (35,684  | )        |   |   | (17,634 | ) |
| Transfer of impairment on investment available-for-sale to income statement                                     |   |     | 9,825    |   |     |   | 55,732   |     |   |   | 5,017 |   |
| Sub total                                                                                                       |   |     | 216,248  |   |     |   | (144,254 | )        |   |   | 72,512 |   |
| Minority interest of available-for-sale                                                                         |   |     | 45,019   |   |     |   | (32,876  | )        |   |   | (426 | ) |
|                                                                                                            |   |     |     |   |     |   |     |     |   |   |   |   |
| Income tax                                                                                                      |   |     | 7,283    |   |     |   | (21,516  | )        |   |   | 11,046 |   |
|                                                                                                            |   |     | 268,550  |   |     |   | (198,646 | )        |   |   | 83,132 |   |
|                                                                                                            |   |     |     |   |     |   |     |     |   |   |   |   |
| Cash flow hedge:                                                                                                |   |     |     |   |     |   |     |     |   |   |   |   |
| Net unrealized gain (loss) on cash flow hedge                                                                   |   |     | 30,317   |   |     |   | (94,937  | )        |   |   | (39,385 | ) |
| Transfer of net realized loss (gain) from cash flow hedge to the income statement                               |   |     | 36,274   |   |     |   | 14,248   |     |   |   | (986 | ) |
| Sub total                                                                                                       |   |     | 66,591   |   |     |   | (80,689  | )        |   |   | (40,371 | ) |
| Minority interest of cash flow hedge                                                                            |   |     | 875      |   |     |   | (604     | )        |   |   | - |   |
| Income tax                                                                                                      |   |     | (1,442   | )      |     |   | -        |     |   |   | - |   |
|                                                                                                            |   |     |     |   |     |   |     |     |   |   |   |   |
|                                                                                                            |   |     | 66,024   |   |     |   | (81,293  | )        |   |   | (40,371 | ) |

|   | (e) | Dividend distribution - |
|--------|-----|-------------------------|

----

|   | (f) | Equity for legal purposes (Regulatory capital) - |
|--------|-----|--------------------------------------------------|

| 17. | Taxes |
|-----|-------|

|   | (a) | Credicorp is not subject to income tax or any taxes on capital gains, equity or property.  Credicorp’s Peruvian subsidiaries are subject to corporate taxation on income under the Peruvian Tax system.  The statutory Income Tax rate is 30 percent on taxable income after calculating the workers’ profit sharing, which in accordance with current legislation is determined using a 5 percent rate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                  |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|---------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                  |   | %      |   |   | %      |   |   | %      |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |
| Peruvian statutory income tax rate                                                    |   |   | 30.00  |   |   |   | 30.00  |   |   |   | 30.00 |   |
| Increase (decrease) in the statutory tax rate due to:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| (i)  Increase arising from net income of subsidiaries not domiciled in Peru |   |   | 0.26   |   |   |   | 4.39   |   |   |   | 0.46 |   |
| (ii)  Non-taxable income, net                                                    |   |   | (3.98  | )      |   |   | (14.90 | )      |   |   | (5.76 | ) |
| (iii) Translation results not considered for tax purposes                             |   |   | (4.74  | )      |   |   | 3.38   |   |   |   | (3.15 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Effective income tax rate                                                             |   |   | 21.54  |   |   |   | 22.87  |   |   |   | 21.55 |   |

----

|   | (b) | Income tax expense as of December 31, 2009, 2008 and 2007 comprises: |
|--------|-----|----------------------------------------------------------------------|

|               |   | 2009     |    |   | 2008     |   |    | 2007     |   |
|--------------------|--------|----------|---------|--------|----------|--------|---------|----------|--------|
|               |   | US$(000) |    |   | US$(000) |   |    | US$(000) |   |
|               |   |     |    |   |     |   |    |     |   |
| Current -          |   |     |    |   |     |   |    |     |   |
| In Peru            |   |     | 143,925 |   |     |   | 110,365 |     |   |   | 114,496 |   |
| In other countries |   |     | 3,127   |   |     |   | 3,537   |     |   |   | 2,712 |   |
|               |   |     | 147,052 |   |     |   | 113,902 |     |   |   | 117,208 |   |
|               |   |     |    |   |     |   |    |     |   |   |   |   |
| Deferred -         |   |     |    |   |     |   |    |     |   |   |   |   |
| In Peru            |   |     | (8,552  | )      |     |   | (4,394  | )        |   |   | (14,921 | ) |
|               |   |     |    |   |     |   |    |     |   |   |   |   |
| Total              |   |     | 138,500 |   |     |   | 109,508 |     |   |   | 102,287 |   |

|   | (c) | The following table presents a summary of the Group’s deferred income tax: |
|--------|-----|----------------------------------------------------------------------------------|

|                                      |   | 2009     |    |   | 2008     |   |
|-------------------------------------------|--------|----------|---------|--------|----------|--------|
|                                      |   | US$(000) |    |   | US$(000) |   |
|                                      |   |     |    |   |     |   |
| Assets                                    |   |     |    |   |     |   |
| Allowance for loan losses, net            |   |     | 40,830  |   |     |   | 28,337 |   |
| Share-based compensation rights provision |   |     | 14,539  |   |     |   | 11,578 |   |
| Reserve for sundry risks, net             |   |     | 11,369  |   |     |   | 9,709 |   |
| Non-accrued interest                      |   |     | 1,763   |   |     |   | 1,713 |   |
| Tax loss carry-forward –PPS         |   |     | 251     |   |     |   | 6,013 |   |
| Other                                     |   |     | 15,318  |   |     |   | 9,823 |   |
| Deferred income tax asset                 |   |     | 84,070  |   |     |   | 67,173 |   |
|                                      |   |     |    |   |     |   |   |   |
| Liabilities                               |   |     |    |   |     |   |   |   |
| Unrealized net gains on investments       |   |     | (28,771 | )      |     |   | (13,494 | ) |
| Intangibles assets, net                   |   |     | (24,960 | )      |     |   | (23,128 | ) |
| Deferred commissions                      |   |     | (7,996  | )      |     |   | (6,926 | ) |
| Indexed certificates                      |   |     | (7,388  | )      |     |   | (815 | ) |
| Leasing operations, net                   |   |     | (2,303  | )      |     |   | (1,862 | ) |
| Gain for difference tax exchange          |   |     | (1,434  | )      |     |   | (5,502 | ) |
| Other                                     |   |     | (16,554 | )      |     |   | (14,406 | ) |
| Deferred income tax liability             |   |     | (89,406 | )      |     |   | (66,133 | ) |
|                                      |   |     |    |   |     |   |   |   |
| Net deferred income tax asset (liability) |   |     | (5,336  | )      |     |   | 1,040 |   |

----

|   | (d) | The Peruvian Tax Authority has the right to review and, if necessary, amend the annual tax returns of the Peruvian subsidiaries up to four years after their filing.  BCP’s tax returns for years 2001-2005 and PPS’s tax returns for years 2001-2006, were reviewed by the Tax Authority; no significant additional taxes arose from said reviews.  Management of each subsidiary has filed an appeal in the applicable cases. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | Share-based compensation plans |
|-----|--------------------------------|

|   | (a) | Stock appreciation rights - |
|--------|-----|-----------------------------|

----

| Year ofIssuance |   | Number of outstanding SARsissued as of December 31 |      |   | Number of Vested SARsas of December 31 |    |         | Exercise price |   |
|----------------------|--------|---------------------------------------------------------------------------------------|-----------|--------|----------------------------------------------------------------------|---------|--------------|---------------------|--------|
|                 |   | 2009                                                                                  |      |   |                                                                 | 2008(*) |    |                | 2009   |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                 |   |                                                                                  |      |   |                                                                 |    |         |                |   |   |   |   |   |   | US$ |   |   | US$ |   |
|                 |   |                                                                                  |      |   |                                                                 |    |         |                |   |   |   |   |   |   |   |   |   |   |   |
| 2001                 |   |                                                                                  | -         |   |                                                                 |    | 60,000       |                |   |   | - |   |   |   | 60,000 |   |   |   | 4.30 |   |   |   | 4.80 |   |
| 2002                 |   |                                                                                  | 52,500    |   |                                                                 |    | 60,000       |                |   |   | 52,500 |   |   |   | 60,000 |   |   |   | 5.98 |   |   |   | 6.48 |   |
| 2003                 |   |                                                                                  | 96,900    |   |                                                                 |    | 134,900      |                |   |   | 96,900 |   |   |   | 134,900 |   |   |   | 7.17 |   |   |   | 7.67 |   |
| 2004                 |   |                                                                                  | 118,750   |   |                                                                 |    | 185,950      |                |   |   | 118,750 |   |   |   | 185,950 |   |   |   | 9.99 |   |   |   | 10.49 |   |
| 2005                 |   |                                                                                  | 155,000   |   |                                                                 |    | 241,700      |                |   |   | 155,000 |   |   |   | 241,700 |   |   |   | 15.00 |   |   |   | 15.50 |   |
| 2006                 |   |                                                                                  | 226,250   |   |                                                                 |    | 362,800      |                |   |   | 226,250 |   |   |   | 327,784 |   |   |   | 24.32 |   |   |   | 24.82 |   |
| 2007                 |   |                                                                                  | 235,785   |   |                                                                 |    | 513,125      |                |   |   | 214,831 |   |   |   | 320,859 |   |   |   | 24.32 |   |   |   | 48.00 |   |
|                 |   |                                                                                  |      |   |                                                                 |    |         |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2008                 |   |                                                                                  | 262,278   |   |                                                                 |    | 656,750      |                |   |   | 174,045 |   |   |   | 286,625 |   |   |   | 24.32 |   |   |   | 72.04 |   |
|                 |   |                                                                                  |      |   |                                                                 |    |         |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   |                                                                                  | 1,147,463 |   |                                                                 |    | 2,215,225    |                |   |   | 1,038,276 |   |   |   | 1,617,818 |   |   |   |   |   |   |   |   |   |

|   | (*) | On April 2009, the number of outstanding SARs and their exercise prices were modified; these changes did not have an impact on the recorded liability. Also, since that date, no more SARs are granted and a new supplementary plan was implemented to benefit the same employees in the form of stock awards, see (b). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Key assumptions                              |   | 2009       |   |   | 2008       |   |
|----------------------------------------------|--------|------------|--------|--------|------------|--------|
|                                         |   |       |   |   |       |   |
| Expected volatility                          |   |       | 37.48  | %      |       |   | 34.98 | % |
| Risk free interest rate                      |   |       | 4.23   | %      |       |   | 6.25 | % |
| Expected lifetime                            |   | 3.93 years |   |   | 4.84 years |   |
| Quoted price of Credicorp shares at year-end |   | US$        | 77.02  |   |       | US$    | 49.96 |   |

----

|                                         |   | 2009            |      |   | 2008       |   |
|----------------------------------------------|--------|-----------------|-----------|--------|------------|--------|
|                                         |   | OutstandingSARs |      |   | VestedSARs |   |   | OutstandingSARs |   |   | VestedSARs |   |
|                                         |   | Number          |      |   | Number     |   |   | Amount |   |   | Number |   |   | Number |   |   | Amount |   |
|                                         |   |            |      |   |       |   |   | US$(000) |   |   |   |   |   |   |   |   | US$(000) |   |
|                                         |   |            |      |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of January 1st                    |   |            | 2,215,225 |   |       |   | 1,617,818 |   |   |   | 42,987 |   |   |   | 2,134,650 |   |   |   | 1,537,119 |   |   |   | 89,602 |   |
| SARs modification                            |   |            | (451,143  | )      |       |   | (451,143 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Granted and vested                           |   |            | -         |   |       |   | 366,845 |   |   |   | 19,333 |   |   |   | 665,500 |   |   |   | 576,874 |   |   |   | 9,498 |   |
| Exercised                                    |   |            | (495,244  | )      |       |   | (495,244 | ) |   |   | (17,761 | ) |   |   | (496,175 | ) |   |   | (496,175 | ) |   |   | (19,734 | ) |
| Decrease                                     |   |            | (121,375  | )      |       |   | - |   |   |   | - |   |   |   | (88,750 | ) |   |   | - |   |   |   | - |   |
| Increase (decrease) in the option fair value |   |            | -         |   |       |   | - |   |   |   | 15,929 |   |   |   | - |   |   |   | - |   |   |   | (36,379 | ) |
|                                         |   |            |      |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of December 31                    |   |            | 1,147,463 |   |       |   | 1,038,276 |   |   |   | 60,488 |   |   |   | 2,215,225 |   |   |   | 1,617,818 |   |   |   | 42,987 |   |

|   | (b) | Stock awards (“equity-settled transaction”) |
|--------|-----|---------------------------------------------------------|

----

| 19. | Off-balance sheet accounts |
|-----|----------------------------|

|   | (a) | This item is made up as follows: |
|--------|-----|----------------------------------|

|                                               |   | 2009     |       |   | 2008     |   |
|----------------------------------------------------|--------|----------|------------|--------|----------|--------|
|                                               |   | US$(000) |       |   | US$(000) |   |
|                                               |   |     |       |   |     |   |
| Contingent credits - indirect loans (b)            |   |     |       |   |     |   |
| Guarantees and standby letters                     |   |     | 2,108,761  |   |     |   | 1,506,506 |   |
| Import and export letters of credit                |   |     | 419,374    |   |     |   | 249,396 |   |
|                                               |   |     | 2,528,135  |   |     |   | 1,755,902 |   |
|                                               |   |     |       |   |     |   |   |   |
| Responsibilities under credit lines agreements (d) |   |     | 1,557,674  |   |     |   | 1,234,964 |   |
| Forward currency contracts - sell (c)              |   |     | 1,303,588  |   |     |   | 1,552,917 |   |
| Forward currency contracts - buy (c)               |   |     | (1,381,973 | )      |     |   | (925,317 | ) |
| Options                                            |   |     | 24,374     |   |     |   | - |   |
| Swaps Contracts (c)                                |   |     |       |   |     |   |   |   |
| Interest rate swaps                                |   |     | 2,161,613  |   |     |   | 2,160,390 |   |
| Currency swaps                                     |   |     | 435,518    |   |     |   | 192,899 |   |
| Cross currency swaps                               |   |     | 558,882    |   |     |   | 317,043 |   |
|                                               |   |     |       |   |     |   |   |   |
| Total                                              |   |     | 7,187,811  |   |     |   | 6,288,798 |   |

|   | (b) | In the normal course of its business, the Group’s banking subsidiaries are party to transactions with off-balance sheet risk.  These transactions expose them to credit risk in addition to the amounts recognized in the consolidated statements of financial position. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | As explained in note 11(b), as of December 31, 2009 and 2008, Credicorp has signed different contracts related to derivative financial instruments as follows: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Responsibilities under credit lines agreements include credit lines and other consumer loans facilities (credit card) and are cancelable upon notification to the client. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20. | Interest and dividend income and interest expenses |
|-----|----------------------------------------------------|

|                                                                 |   | 2009     |      |   | 2008     |   |      | 2007     |   |
|----------------------------------------------------------------------|--------|----------|-----------|--------|----------|--------|-----------|----------|--------|
|                                                                 |   | US$(000) |      |   | US$(000) |   |      | US$(000) |   |
|                                                                 |   |     |      |   |     |   |      |     |   |
| Interest and dividend income                                         |   |     |      |   |     |   |      |     |   |
| Interest on loans                                                    |   |     | 1,062,046 |   |     |   | 963,940   |     |   |   | 701,471 |   |
| Interest on investments available-for-sale                           |   |     | 183,309   |   |     |   | 296,853   |     |   |   | 228,473 |   |
| Interest on due from banks                                           |   |     | 15,918    |   |     |   | 75,266    |     |   |   | 105,817 |   |
| Dividends from investments available-for-sale and trading securities |   |     | 9,715     |   |     |   | 12,189    |     |   |   | 8,870 |   |
| Interest on trading securities                                       |   |     | 3,320     |   |     |   | 1,168     |     |   |   | 3,289 |   |
| Other interest income                                                |   |     | 38,617    |   |     |   | 33,428    |     |   |   | 17,419 |   |
|                                                                 |   |     |      |   |     |   |      |     |   |   |   |   |
| Total                                                                |   |     | 1,312,925 |   |     |   | 1,382,844 |     |   |   | 1,065,339 |   |
|                                                                 |   |     |      |   |     |   |      |     |   |   |   |   |
| Interest expenses                                                    |   |     |      |   |     |   |      |     |   |   |   |   |
| Interest on deposits and obligations                                 |   |     | (226,875  | )      |     |   | (360,238  | )        |   |   | (295,750 | ) |
| Interest on bonds and subordinated notes issued                      |   |     | (66,993   | )      |     |   | (51,756   | )        |   |   | (33,592 | ) |
| Interest on due to banks and correspondents and borrowed funds       |   |     | (51,654   | )      |     |   | (104,818  | )        |   |   | (83,070 | ) |
| Loss from hedging derivatives instruments                            |   |     | (10,593   | )      |     |   | (502      | )        |   |   | - |   |
| Other interest expenses                                              |   |     | (64,449   | )      |     |   | (44,303   | )        |   |   | (18,953 | ) |
|                                                                 |   |     |      |   |     |   |      |     |   |   |   |   |
| Total                                                                |   |     | (420,564  | )      |     |   | (561,617  | )        |   |   | (431,365 | ) |

----

| 21. | Banking services commissions |
|-----|------------------------------|

|                                                                     |   | 2009     |    |   | 2008     |   |    | 2007     |   |
|--------------------------------------------------------------------------|--------|----------|---------|--------|----------|--------|---------|----------|--------|
|                                                                     |   | US$(000) |    |   | US$(000) |   |    | US$(000) |   |
|                                                                     |   |     |    |   |     |   |    |     |   |
| Maintenance of accounts and transfers and credit and debit card services |   |     | 196,642 |   |     |   | 180,512 |     |   |   | 152,626 |   |
| Funds management                                                         |   |     | 100,160 |   |     |   | 102,760 |     |   |   | 83,726 |   |
| Collection services                                                      |   |     | 42,841  |   |     |   | 26,795  |     |   |   | 27,163 |   |
| Contingent credits                                                       |   |     | 33,339  |   |     |   | 30,174  |     |   |   | 23,819 |   |
| Commissions for banking services                                         |   |     | 14,657  |   |     |   | 12,851  |     |   |   | 9,468 |   |
| Brokerage and custody services                                           |   |     | 10,130  |   |     |   | 10,075  |     |   |   | 13,708 |   |
| Other                                                                    |   |     | 39,050  |   |     |   | 31,080  |     |   |   | 14,251 |   |
|                                                                     |   |     |    |   |     |   |    |     |   |   |   |   |
| Total                                                                    |   |     | 436,819 |   |     |   | 394,247 |     |   |   | 324,761 |   |

| 22. | Net premiums earned |
|-----|---------------------|

|              |   | Grosspremiums (*) |    |   | Premiumsceded toreinsurers, net(**) |   |     | Assumedfrom othercompanies, net |   |   | Net premiumsearned |   |   | Percentageof assumed netpremiums |    |
|-------------------|--------|------------------------|---------|--------|-----------------------------------------------|--------|----------|-------------------------------------------|--------|--------|-------------------------|--------|--------|--------------------------------------------|---------|
|              |   | US$(000)               |    |   | US$(000)                                      |   |     | US$(000)                                  |   |   | US$(000)                |   |   | %                                          |    |
|              |   |                   |    |   |                                          |   |     |                                      |   |   |                    |   |   |                                       |    |
| 2009              |   |                   |    |   |                                          |   |     |                                      |   |   |                    |   |   |                                       |    |
| Life insurance    |   |                   | 121,449 |   |                                          |   | -        |                                      |   |   | -                       |   |   |                                       | 121,449 |   |   |   | - |   |
| Health insurance  |   |                   | 174,396 |   |                                          |   | (2,536   | )                                         |   |   | 2,967                   |   |   |                                       | 174,827 |   |   |   | 1.70 |   |
| General insurance |   |                   | 232,369 |   |                                          |   | (110,613 | )                                         |   |   | 6,650                   |   |   |                                       | 128,406 |   |   |   | 5.18 |   |
|              |   |                   |    |   |                                          |   |     |                                      |   |   |                    |   |   |                                       |    |   |   |   |   |   |
| Total             |   |                   | 528,214 |   |                                          |   | (113,149 | )                                         |   |   | 9,617                   |   |   |                                       | 424,682 |   |   |   | 2.26 |   |
|              |   |                   |    |   |                                          |   |     |                                      |   |   |                    |   |   |                                       |    |   |   |   |   |   |
| 2008              |   |                   |    |   |                                          |   |     |                                      |   |   |                    |   |   |                                       |    |   |   |   |   |   |
| Life insurance    |   |                   | 110,730 |   |                                          |   | (2,484   | )                                         |   |   | 6                       |   |   |                                       | 108,252 |   |   |   | - |   |
| Health insurance  |   |                   | 169,410 |   |                                          |   | (2,692   | )                                         |   |   | -                       |   |   |                                       | 166,718 |   |   |   | - |   |
| General insurance |   |                   | 218,563 |   |                                          |   | (105,431 | )                                         |   |   | 5,801                   |   |   |                                       | 118,933 |   |   |   | 4.88 |   |
|              |   |                   |    |   |                                          |   |     |                                      |   |   |                    |   |   |                                       |    |   |   |   |   |   |
| Total             |   |                   | 498,703 |   |                                          |   | (110,607 | )                                         |   |   | 5,807                   |   |   |                                       | 393,903 |   |   |   | 1.47 |   |

----

|              |   | Grosspremiums (*) |    |   | Premiumsceded toreinsurers, net(**) |   |    | Assumedfrom othercompanies, net |   |   | Net premiumsearned |   |   | Percentageof assumed netpremiums |    |
|-------------------|--------|------------------------|---------|--------|-----------------------------------------------|--------|---------|-------------------------------------------|--------|--------|-------------------------|--------|--------|--------------------------------------------|---------|
|              |   | US$(000)               |    |   | US$(000)                                      |   |    | US$(000)                                  |   |   | US$(000)                |   |   | %                                          |    |
|              |   |                   |    |   |                                          |   |    |                                      |   |   |                    |   |   |                                       |    |
| 2007              |   |                   |    |   |                                          |   |    |                                      |   |   |                    |   |   |                                       |    |
| Life insurance    |   |                   | 89,598  |   |                                          |   | (2,658  | )                                         |   |   | 1,408                   |   |   |                                       | 88,348  |   |   |   | 1.59 |   |
| Health insurance  |   |                   | 129,306 |   |                                          |   | (2,488  | )                                         |   |   | 116                     |   |   |                                       | 126,934 |   |   |   | 0.09 |   |
| General insurance |   |                   | 146,331 |   |                                          |   | (71,759 | )                                         |   |   | 7,418                   |   |   |                                       | 81,990  |   |   |   | 9.05 |   |
|              |   |                   |    |   |                                          |   |    |                                      |   |   |                    |   |   |                                       |    |   |   |   |   |   |
| Total             |   |                   | 365,235 |   |                                          |   | (76,905 | )                                         |   |   | 8,942                   |   |   |                                       | 297,272 |   |   |   | 3.01 |   |

|   | (*)  | Includes the annual variation of the technical and unearned premiums reserves. |
|--------|-----------|--------------------------------------------------------------------------------|

|   | (**)  | “Premiums ceded to reinsurers, net” include: |
|--------|------------|----------------------------------------------------------|

|   | (i) | US$20.8 million for non- proportional automatic contracts (excess of loss) (US$22.6 million in the year 2008), |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | US$4.0 million for reinstallation premiums (US$3.7 million in the year 2008) and |
|--------|------|----------------------------------------------------------------------------------|

|   | (iii) | US$72.9 million for facultative contracts and US$15.4 for not accrual premiums ceded reserves (US$85.4 y US$(1.1) million in the year 2008). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | Net claims incurred for life, general and health insurance contracts |
|-----|----------------------------------------------------------------------|

|                   |   | 2009                |   |
|------------------------|--------|---------------------|--------|
|                   |   | Life insurance |   |   | General insurance |   |   | Health insurance |   |   | Total |   |
|                   |   | US$(000)            |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                   |   |                |   |   |   |   |   |   |   |   |   |   |
| Gross insurance claims |   |                | 80,971 |   |   |   | 108,397 |   |   |   | 148,985 |   |   |   | 338,353 |   |
| Ceded claims           |   |                | (1,762 | ) |   |   | (49,149 | ) |   |   | (984 | ) |   |   | (51,895 | ) |
|                   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net insurance claims   |   |                | 79,209 |   |   |   | 59,248 |   |   |   | 148,001 |   |   |   | 286,458 |   |

----

|                   |   | 2008                |   |
|------------------------|--------|---------------------|--------|
|                   |   | Life insurance |   |   | General insurance |   |   | Health insurance |   |   | Total |   |
|                   |   | US$(000)            |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                   |   |                |   |   |   |   |   |   |   |   |   |   |
| Gross insurance claims |   |                | 88,059 |   |   |   | 163,251 |   |   |   | 155,387 |   |   |   | 406,697 |   |
| Ceded claims           |   |                | (1,693 | ) |   |   | (61,361 | ) |   |   | (1,733 | ) |   |   | (64,787 | ) |
|                   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net insurance claims   |   |                | 86,366 |   |   |   | 101,890 |   |   |   | 153,654 |   |   |   | 341,910 |   |

|                   |   | 2007                |   |
|------------------------|--------|---------------------|--------|
|                   |   | Life insurance |   |   | General insurance |   |   | Health insurance |   |   | Total |   |
|                   |   | US$(000)            |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                   |   |                |   |   |   |   |   |   |   |   |   |   |
| Gross insurance claims |   |                | 63,744 |   |   |   | 152,351 |   |   |   | 108,767 |   |   |   | 324,862 |   |
| Ceded claims           |   |                | (52    | ) |   |   | (84,662 | ) |   |   | (1,548 | ) |   |   | (86,262 | ) |
|                   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net insurance claims   |   |                | 63,692 |   |   |   | 67,689 |   |   |   | 107,219 |   |   |   | 238,600 |   |

| 24. | Other income and expenses |
|-----|---------------------------|

|                                                     |   | 2009     |   |   | 2008     |   |    | 2007     |   |
|----------------------------------------------------------|--------|----------|--------|--------|----------|--------|---------|----------|--------|
|                                                     |   | US$(000) |   |   | US$(000) |   |    | US$(000) |   |
|                                                     |   |     |   |   |     |   |    |     |   |
| Other income                                             |   |     |   |   |     |   |    |     |   |
| Recoveries of other accounts receivable and other assets |   |     | 8,520  |   |     |   | 2,859   |     |   |   | 3,113 |   |
| Income from the sale of seized assets                    |   |     | 4,092  |   |     |   | 12,895  |     |   |   | 10,689 |   |
| Real estate rental income                                |   |     | 4,035  |   |     |   | 7,743   |     |   |   | 3,519 |   |
| Other                                                    |   |     | 15,497 |   |     |   | 14,175  |     |   |   | 7,613 |   |
|                                                     |   |     |   |   |     |   |    |     |   |   |   |   |
| Total other income                                       |   |     | 32,144 |   |     |   | 37,672  |     |   |   | 24,934 |   |
|                                                     |   |     |   |   |     |   |    |     |   |   |   |   |
| Other expenses                                           |   |     |   |   |     |   |    |     |   |   |   |   |
| Commissions from insurance activities                    |   |     | 42,701 |   |     |   | 39,364  |     |   |   | 29,135 |   |
| Provision for sundry risks, note 11(d)                   |   |     | 14,425 |   |     |   | 37,549  |     |   |   | 8,096 |   |
| Sundry technical insurance expenses                      |   |     | 13,574 |   |     |   | 9,158   |     |   |   | 21,929 |   |
| Provision for other accounts receivables                 |   |     | 9,590  |   |     |   | 3,288   |     |   |   | 2,836 |   |
| Other                                                    |   |     | 16,460 |   |     |   | 12,517  |     |   |   | 10,003 |   |
|                                                     |   |     |   |   |     |   |    |     |   |   |   |   |
| Total other expenses                                     |   |     | 96,750 |   |     |   | 101,876 |     |   |   | 71,999 |   |

----

| 25. | Earnings per share |
|-----|--------------------|

|                                                                                  |   | 2009     |        |   | 2008     |   |        | 2007     |   |
|---------------------------------------------------------------------------------------|--------|----------|-------------|--------|----------|--------|-------------|----------|--------|
|                                                                                  |   | US$(000) |        |   | US$(000) |   |        | US$(000) |   |
|                                                                                  |   |     |        |   |     |   |        |     |   |
| Net income attributable to equity holders of Credicorp (in thousands of U.S. dollars) |   |     | 469,785     |   |     |   | 357,756     |     |   |   | 350,735 |   |
|                                                                                  |   |     |        |   |     |   |        |     |   |   |   |   |
| Number of shares:                                                                     |   |     |        |   |     |   |        |     |   |   |   |   |
| Ordinary shares, note 16(a)                                                           |   |     | 94,382,317  |   |     |   | 94,382,317  |     |   |   | 94,382,317 |   |
| Less - treasury shares, note 16(b)                                                    |   |     | (14,620,842 | )      |     |   | (14,620,842 | )        |   |   | (14,620,842 | ) |
| Acquisition  of treasury shares                                             |   |     | (170,250    | )      |     |   | -           |     |   |   | - |   |
| Weighted average number of ordinary shares for basic earnings                         |   |     | 79,591,225  |   |     |   | 79,761,475  |     |   |   | 79,761,475 |   |
|                                                                                  |   |     |        |   |     |   |        |     |   |   |   |   |
| Plus - effect of dilution:                                                            |   |     |        |   |     |   |        |     |   |   |   |   |
| Stock awards                                                                          |   |     | 72,243      |   |     |   | -           |     |   |   | - |   |
| Weighted average number of ordinary shares adjusted for the effect of dilution        |   |     | 79,663,468  |   |     |   | 79,761,475  |     |   |   | 79,761,475 |   |
|                                                                                  |   |     |        |   |     |   |        |     |   |   |   |   |
| Basic earnings per share (in U.S. Dollars)                                            |   |     | 5.90        |   |     |   | 4.49        |     |   |   | 4.40 |   |
| Diluted earnings per share (in U.S. Dollars)                                          |   |     | 5.90        |   |     |   | 4.49        |     |   |   | 4.40 |   |

| 26. | Operating segments |
|-----|--------------------|

----

----

|   | (i) | The following table presents income and certain asset information recording the Group ́s operating segments (in millions of U.S. Dollars) for the years ended 31 December 2009, 2008, and 2007: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                |   | Externalincome |   |   | Income fromothersegments |   |   | Eliminations |   |   | Totalincome (*) |   |   | Operatingincome (**) |   |   | Provision forloan losses, netofrecoveries |   |   | Depreciationandamortization |   |   | Impairment ofavailable–for–sale investments |   |   | Income beforetranslation resultand income tax |   |   | Translationresult andincome tax |   |   | Netincome |   |   | Capitalexpenditures,intangibleassets andgoodwill |   |   | Total assets |   |
|---------------------|--------|----------------|--------|--------|-------------------------------|--------|--------|--------------|--------|--------|----------------------|--------|--------|---------------------------|--------|--------|----------------------------------------------------------|--------|--------|-----------------------------|--------|--------|-------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|--------|-------------------------------------------|--------|--------|-----------|--------|--------|-------------------------------------------------------|--------|--------|-------------------|--------|
|                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |
| 2009                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |
| Banking             |   |           | 1,820  |   |                          |   | 66     |         |   |   | (66                  | )      |   |                      | 1,820  |   |                                                     |   | 831    |                        |   |   | (167                                                              | )      |   |                                                              | (57    | )      |                                      |   | (10    | )         |   |   | 502                                                   |   |   |              | (96    | ) |   |   | 406 |   |   |   | 163 |   |   |   | 20,120 |   |
| Insurance           |   |           | 518    |   |                          |   | 15     |         |   |   | (15                  | )      |   |                      | 518    |   |                                                     |   | 192    |                        |   |   | -                                                                 |   |   |                                                              | (5     | )      |                                      |   | -      |      |   |   | 68                                                    |   |   |              | (4     | ) |   |   | 64 |   |   |   | 17 |   |   |   | 1,457 |   |
| Pension funds       |   |           | 80     |   |                          |   | -      |         |   |   | -                    |   |   |                      | 80     |   |                                                     |   | -      |                        |   |   | -                                                                 |   |   |                                                              | (9     | )      |                                      |   | -      |      |   |   | 35                                                    |   |   |              | (10    | ) |   |   | 25 |   |   |   | 2 |   |   |   | 237 |   |
| Brokerage and other |   |           | 40     |   |                          |   | 65     |         |   |   | (65                  | )      |   |                      | 40     |   |                                                     |   | 8      |                        |   |   | 4                                                                 |   |   |                                                              | -      |   |                                      |   | -      |      |   |   | 25                                                    |   |   |              | (16    | ) |   |   | 9 |   |   |   | 1 |   |   |   | 214 |   |
|                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total consolidated  |   |           | 2,458  |   |                          |   | 146    |         |   |   | (146                 | )      |   |                      | 2,458  |   |                                                     |   | 1,031  |                        |   |   | (163                                                              | )      |   |                                                              | (71    | )      |                                      |   | (10    | )         |   |   | 630                                                   |   |   |              | (126   | ) |   |   | 504 |   |   |   | 183 |   |   |   | 22,028 |   |
|                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2008                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Banking             |   |           | 1,794  |   |                          |   | 83     |         |   |   | (83                  | )      |   |                      | 1,794  |   |                                                     |   | 749    |                        |   |   | (53                                                               | )      |   |                                                              | (44    | )      |                                      |   | (44    | )         |   |   | 457                                                   |   |   |              | (114   | ) |   |   | 343 |   |   |   | 114 |   |   |   | 19,168 |   |
| Insurance           |   |           | 454    |   |                          |   | 15     |         |   |   | (15                  | )      |   |                      | 454    |   |                                                     |   | 116    |                        |   |   | -                                                                 |   |   |                                                              | (4     | )      |                                      |   | (11    | )         |   |   | (6                                                    | )      |   |              | 6      |   |   |   | - |   |   |   | 14 |   |   |   | 1,231 |   |
| Pension funds       |   |           | 71     |   |                          |   | 1      |         |   |   | (1                   | )      |   |                      | 71     |   |                                                     |   | -      |                        |   |   | -                                                                 |   |   |                                                              | (9     | )      |                                      |   | -      |      |   |   | 20                                                    |   |   |              | (5     | ) |   |   | 15 |   |   |   | 3 |   |   |   | 224 |   |
| Brokerage and other |   |           | 50     |   |                          |   | 62     |         |   |   | (62                  | )      |   |                      | 50     |   |                                                     |   | 8      |                        |   |   | 4                                                                 |   |   |                                                              | -      |   |                                      |   | (5     | )         |   |   | 25                                                    |   |   |              | (14    | ) |   |   | 11 |   |   |   | 3 |   |   |   | 198 |   |
|                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total consolidated  |   |           | 2,369  |   |                          |   | 161    |         |   |   | (161                 | )      |   |                      | 2,369  |   |                                                     |   | 873    |                        |   |   | (49                                                               | )      |   |                                                              | (57    | )      |                                      |   | (60    | )         |   |   | 496                                                   |   |   |              | (127   | ) |   |   | 369 |   |   |   | 134 |   |   |   | 20,821 |   |
|                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2007                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Banking             |   |           | 1,407  |   |                          |   | 65     |         |   |   | (65                  | )      |   |                      | 1,407  |   |                                                     |   | 578    |                        |   |   | (33                                                               | )      |   |                                                              | (39    | )      |                                      |   | (5     | )         |   |   | 391                                                   |   |   |              | (53    | ) |   |   | 338 |   |   |   | 76 |   |   |   | 16,245 |   |
| Insurance           |   |           | 377    |   |                          |   | 13     |         |   |   | (13                  | )      |   |                      | 377    |   |                                                     |   | 110    |                        |   |   | -                                                                 |   |   |                                                              | (4     | )      |                                      |   | -      |      |   |   | 18                                                    |   |   |              | -      |   |   |   | 18 |   |   |   | 4 |   |   |   | 1,138 |   |
| Pension funds       |   |           | 55     |   |                          |   | (4     | )            |   |   | 4                    |   |   |                      | 55     |   |                                                     |   | (1     | )                           |   |   | -                                                                 |   |   |                                                              | (8     | )      |                                      |   | -      |      |   |   | 7                                                     |   |   |              | (1     | ) |   |   | 6 |   |   |   | 5 |   |   |   | 244 |   |
| Brokerage and other |   |           | 47     |   |                          |   | 7      |         |   |   | (7                   | )      |   |                      | 47     |   |                                                     |   | 6      |                        |   |   | 5                                                                 |   |   |                                                              | -      |   |                                      |   | -      |      |   |   | 24                                                    |   |   |              | (14    | ) |   |   | 10 |   |   |   | 3 |   |   |   | 79 |   |
|                |   |           |   |   |                          |   |   |         |   |   |                 |   |   |                      |   |   |                                                     |   |   |                        |   |   |                                                              |   |   |                                                              |   |   |                                      |   |   |      |   |   |                                                  |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total consolidated  |   |           | 1,886  |   |                          |   | 81     |         |   |   | (81                  | )      |   |                      | 1,886  |   |                                                     |   | 693    |                        |   |   | (28                                                               | )      |   |                                                              | (51    | )      |                                      |   | (5     | )         |   |   | 440                                                   |   |   |              | (68    | ) |   |   | 372 |   |   |   | 88 |   |   |   | 17,706 |   |

----

|   | (ii) | The following tables show the distribution of the Group’s external income, operating income, and non-current assets all allocated based on the location of the customers and assets respectively for the years ended 31 December 2009, 2008, and 2007: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                     |   | 2009                               |   |   | 2008                      |   |   | 2007                                                 |   |
|--------------------------|--------|------------------------------------|--------|--------|---------------------------|--------|--------|------------------------------------------------------|--------|
|                     |   | Total externalincome (*) |   |   | Operatingincome (**) |   |   | Non-current  assets (***)   |   |   | Total income (*) |   |   | Operatingincome (**) |   |   | Non-current  assets (***)   |   |   | Total income (*) |   |   | Operatingincome (**) |   |   | Non-current  assets (***)   |   |
|                     |   |                               |   |   |                      |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Peru                     |   |                               | 2,226  |   |                      |   | 958    |                                                 |   |   | 651 |   |   |   | 2,020 |   |   |   | 803 |   |   |   | 547 |   |   |   | 1,573 |   |   |   | 625 |   |   |   | 475 |   |
| Panama                   |   |                               | 46     |   |                      |   | 13     |                                                 |   |   | - |   |   |   | 204 |   |   |   | 19 |   |   |   | - |   |   |   | 107 |   |   |   | 10 |   |   |   | - |   |
| Cayman Islands           |   |                               | 66     |   |                      |   | 1      |                                                 |   |   | 10 |   |   |   | 21 |   |   |   | (4 | ) |   |   | 10 |   |   |   | 100 |   |   |   | 19 |   |   |   | 11 |   |
| Bolivia                  |   |                               | 107    |   |                      |   | 50     |                                                 |   |   | 17 |   |   |   | 112 |   |   |   | 52 |   |   |   | 17 |   |   |   | 78 |   |   |   | 38 |   |   |   | 16 |   |
| United States of America |   |                               | 10     |   |                      |   | 7      |                                                 |   |   | 2 |   |   |   | 12 |   |   |   | 3 |   |   |   | 2 |   |   |   | 28 |   |   |   | 1 |   |   |   | - |   |
| Chile                    |   |                               | 3      |   |                      |   | 2      |                                                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                     |   |                               |   |   |                      |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total consolidated       |   |                               | 2,458  |   |                      |   | 1,031  |                                                 |   |   | 680 |   |   |   | 2,369 |   |   |   | 873 |   |   |   | 576 |   |   |   | 1,886 |   |   |   | 693 |   |   |   | 502 |   |

|   | (*) | Includes total interest and dividend income, other income and net premiums earned from insurance activities. |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (**) | Operating income includes the net interest income from banking activities and the amount of the net premiums earned, less insurance claims. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (***) | Non-current assets consist of property, furniture and equipment, intangible assets, and goodwill, net. |
|--------|-------|--------------------------------------------------------------------------------------------------------|

----

| 27. | Transactions with related parties |
|-----|-----------------------------------|

|   | (a) | The Group’s consolidated financial statements as of December 31, 2009 and 2008 include transactions with related companies, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp’s ) and enterprises which are controlled by these individuals through their majority shareholding or their role as chairman or CEO. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The following table shows the main transactions with related parties as of December 31, 2009 and 2008. |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|                                                  |   | 2009     |    |   | 2008     |   |
|-------------------------------------------------------|--------|----------|---------|--------|----------|--------|
|                                                  |   | US$(000) |    |   | US$(000) |   |
|                                                  |   |     |    |   |     |   |
| Direct loans                                          |   |     | 214,182 |   |     |   | 143,855 |   |
| Investments available-for-sale and trading securities |   |     | 92,749  |   |     |   | 63,782 |   |
| Deposits                                              |   |     | 82,051  |   |     |   | 34,669 |   |
| Contingent credits                                    |   |     | 20,122  |   |     |   | 23,574 |   |
| Derivatives at fair value                             |   |     | (283    | )      |     |   | 4,179 |   |
| Interest income related to loans – income       |   |     | 4,896   |   |     |   | 2,889 |   |
| Interest expense related to deposits - expense        |   |     | 1,680   |   |     |   | 2,669 |   |
| Other income                                          |   |     | 1,196   |   |     |   | 2,533 |   |

|   | (c) | All transactions with related parties are made in accordance with normal market conditions available to other customers.  As of December 31, 2009, direct loans to related companies are secured by collaterals, and had maturities between January 2010 and November 2018 and accrued an annual average interest rate of 5.50 percent (as of December 31, 2008 had maturities between February 2009 and July 2017 and accrued an annual average interest rate of 7.98 percent).  Likewise, as of December 31, 2009, the Group does not maintain an allowance for loan losses to related parties (allowance for US$1.2 million as of December 31, 2008). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | As of December 31, 2009 and 2008, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law No26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company.  As of December 31, 2009 and 2008, direct loans to employees, directors and key Management amounts to US$133.3 and US$116.3 million, respectively and are paid monthly and earn interest at market rates. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2009, 2008 and 2007, comprised the following: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   | 2009     |   |   | 2008     |   |   | 2007     |   |
|-----------------------------------------|--------|----------|--------|--------|----------|--------|--------|----------|--------|
|                                    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                    |   |     |   |   |     |   |   |     |   |
| Salaries                                |   |     | 4,720  |   |     |   | 5,625  |     |   |   | 5,535 |   |
| Share-based compensation plans, note 18 |   |     | 4,717  |   |     |   | 27,362 |     |   |   | 27,113 |   |
| Directors’ compensations          |   |     | 1,698  |   |     |   | 1,303  |     |   |   | 1,162 |   |
| Other                                   |   |     | 1,415  |   |     |   | 8,209  |     |   |   | 12,947 |   |
|                                    |   |     |   |   |     |   |   |     |   |   |   |   |
| Total                                   |   |     | 12,550 |   |     |   | 42,499 |     |   |   | 46,757 |   |

|   | (f) | As of December 31, 2009 and 2008, the Group has participations in different mutual funds and hedge funds managed by certain Group’s Subsidiaries, which are classified as trading securities or Investments available-for-sale for a total amount of US$62.4 million and US$94.7 million, respectively. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 28. | Financial instruments classification |
|-----|--------------------------------------|

|                                                             |   | As of December 31, 2009                              |    |   | As of December 31, 2008 |   |
|------------------------------------------------------------------|--------|--------------------------------------------------------------------------|---------|--------|---------------------------------------------|--------|
|                                                             |   | Financial assets/liabilities designatedat fair value |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   | Financial assets/liabilities designatedat fair value |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   | Held for tradingor hedging                                |    |   | At inception                           |   |   | Loans andreceivables |   |   |      Investments     available-for-sale |   |   | Liabilities atamortized cost |   |   | Total |   |   | Held for trading |   |   | At inception |   |   | Loans andreceivables |   |   |      Investments     available-for-sale |   |   | Liabilities at amortizedcost |   |   | Total |   |
|                                                             |   | US$(000)                                                                 |    |   | US$(000)                                    |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
| Assets                                                           |   |                                                                     |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and due from banks                                          |   |                                                                     | -       |   |                                        |   | - |   |   |   | 3,836,658 |   |   |   | - |   |   |   | - |   |   |   | 3,836,658 |   |   |   | - |   |   |   | - |   |   |   | 3,766,171 |   |   |   | - |   |   |   | - |   |   |   | 3,766,171 |   |
| Trading securities                                               |   |                                                                     | 70,774  |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 70,774 |   |   |   | 36,084 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 36,084 |   |
| Investments available-for-sale                                   |   |                                                                     | -       |   |                                        |   | - |   |   |   | - |   |   |   | 5,079,606 |   |   |   | - |   |   |   | 5,079,606 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,950,754 |   |   |   | - |   |   |   | 4,950,754 |   |
| Loans, net                                                       |   |                                                                     | -       |   |                                        |   | - |   |   |   | 11,231,280 |   |   |   | - |   |   |   | - |   |   |   | 11,231,280 |   |   |   | - |   |   |   | - |   |   |   | 10,322,041 |   |   |   | - |   |   |   | - |   |   |   | 10,322,041 |   |
| Financial assets designated at fair value through profit or loss |   |                                                                     | -       |   |                                        |   | 135,670 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 135,670 |   |   |   | - |   |   |   | 137,945 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 137,945 |   |
| Premiums and other policies receivable                           |   |                                                                     | -       |   |                                        |   | - |   |   |   | 121,338 |   |   |   | - |   |   |   | - |   |   |   | 121,338 |   |   |   | - |   |   |   | - |   |   |   | 111,561 |   |   |   | - |   |   |   | - |   |   |   | 111,561 |   |
| Accounts receivable from reinsurers and coinsurers               |   |                                                                     | -       |   |                                        |   | - |   |   |   | 137,098 |   |   |   | - |   |   |   | - |   |   |   | 137,098 |   |   |   | - |   |   |   | - |   |   |   | 165,144 |   |   |   | - |   |   |   | - |   |   |   | 165,144 |   |
| Due from customers on acceptances                                |   |                                                                     |    |   |                                        |   |   |   |   |   | 96,423 |   |   |   | - |   |   |   | - |   |   |   | 96,423 |   |   |   | - |   |   |   | - |   |   |   | 232,580 |   |   |   | - |   |   |   | - |   |   |   | 232,580 |   |
| Other assets, note 11                                            |   |                                                                     | 97,341  |   |                                        |   | - |   |   |   | 322,881 |   |   |   | - |   |   |   |   |   |   |   | 420,222 |   |   |   | 79,275 |   |   |   | - |   |   |   | 247,465 |   |   |   | - |   |   |   | - |   |   |   | 326,740 |   |
|                                                             |   |                                                                     |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |                                                                     | 168,115 |   |                                        |   | 135,670 |   |   |   | 15,745,678 |   |   |   | 5,079,606 |   |   |   | - |   |   |   | 21,129,069 |   |   |   | 115,359 |   |   |   | 137,945 |   |   |   | 14,844,962 |   |   |   | 4,950,754 |   |   |   | - |   |   |   | 20,049,020 |   |
|                                                             |   |                                                                     |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                                      |   |                                                                     |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligation                                          |   |                                                                     | -       |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,091,828 |   |   |   | 14,091,828 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 13,950,437 |   |   |   | 13,950,437 |   |
| Due to banks and correspondents                                  |   |                                                                     | -       |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,167,438 |   |   |   | 1,167,438 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,179,991 |   |   |   | 1,179,991 |   |
| Due from customers on acceptances                                |   |                                                                     | -       |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 96,423 |   |   |   | 96,423 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 232,580 |   |   |   | 232,580 |   |
| Accounts payable to reinsurers and coinsurers                    |   |                                                                     | -       |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 48,009 |   |   |   | 48,009 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 55,841 |   |   |   | 55,841 |   |
| Borrowed funds                                                   |   |                                                                     | -       |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,089,221 |   |   |   | 1,089,221 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,150,716 |   |   |   | 1,150,716 |   |
| Bonds and subordinated notes issued                              |   |                                                                     | -       |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,287,022 |   |   |   | 1,287,022 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 785,230 |   |   |   | 785,230 |   |
| Other liabilities, note 11                                       |   |                                                                     | 167,849 |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 428,740 |   |   |   | 596,589 |   |   |   | 256,792 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 318,320 |   |   |   | 575,112 |   |
|                                                             |   |                                                                     |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |                                                                     | 167,849 |   |                                        |   | - |   |   |   | - |   |   |   | - |   |   |   | 18,208,681 |   |   |   | 18,376,530 |   |   |   | 256,792 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 17,673,115 |   |   |   | 17,929,907 |   |

----

| 29. | Financial risk management |
|-----|---------------------------|

|   | (a) | Risk management structure- |
|--------|-----|----------------------------|

|   | (i) | Board of Directors |
|--------|-----|--------------------|

----

|   | (ii) | Risk Management Committee |
|--------|------|---------------------------|

|   | (iii) | Risk Management Department |
|--------|-------|----------------------------|

|   | (iv) | Internal Audit |
|--------|------|----------------|

|   | (v) | Treasury and Foreign Exchange Departments |
|--------|-----|-------------------------------------------|

|   | (b) | Risk measurement and reporting systems- |
|--------|-----|-----------------------------------------|

----

|   | (c) | Risk mitigation- |
|--------|-----|------------------|

|   | (d) | Excessive risk concentration- |
|--------|-----|-------------------------------|

| 29.1 | Credit risk - |
|------|---------------|

|   | (a) | The Group takes on exposure to credit risk, which is the risk that a counterparty will cause a financial loss by failing to discharge an obligation.  Credit risk is the most important risk for the Group’s business; Management therefore carefully manages its exposure to credit risk.  Credit exposures arise principally in lending activities that lead to loans, and investment activities that bring debt securities and other bills into the Group’s asset portfolio.  There is also credit risk in off-balance sheet financial instruments, such as contingent credits, which expose the Group to similar risks to loans and these are mitigated by the same control processes and policies.  Likewise, credit risk arising from derivative financial instruments is,at any time, limited to those with positive fair values, as recorded in the consolidated statements of financial position. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | Collateral |
|--------|-----|------------|

----

|   | (ii) | Derivatives |
|--------|------|-------------|

|   | (iii) | Credit-related commitments |
|--------|-------|----------------------------|

----

|   | (b) | The maximum exposure to credit risk as of December 31, 2009 and 2008, before the effect of mitigation through any collateral, is the book value of each class of financial assets indicated in note 29.7 and the contingent credits detailed in note 19(a). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 97 percent of the gross loan portfolio is categorized in the top two grades of the internal rating system as of December 31, 2009 (98 percent as of December 31, 2008); |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 94 percent of the loan portfolio is considered to be neither past due nor impaired as of December 31, 2009 (95 percent as of December 31, 2008); |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 77 percent of the investments have at least investment credit rating (BBB- or higher) or are debt securities issued by BCRP (not rated) as of December 31, 2009 (83 percent as of December 31, 2008); and |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 18 percent and 55 percent of the cash and due from banks represent amounts deposited in the Group’s vaults or in the BCRP (including overnight operations), respectively, as of December 31, 2009 (17 percent and 52 percent, respectively, as of December 31, 2008). |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Credit risk management for loans - |
|--------|-----|------------------------------------|

----

----

|   | -  | Individually assessed allowance - |
|--------|---------|-----------------------------------|

----

|   | -  | Collectively assessed allowance - |
|--------|---------|-----------------------------------|

----

|                            |   | As of December 31, 2009 |      |
|---------------------------------|--------|-------------------------|-----------|
|                            |   | Commercialloans         |      |   | Residentialmortgageloans |   |   | Consumerloans |   |   | Total |   |   | % |   |
|                            |   | US$(000)                |      |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   |   |   |
| Neither past due nor impaired - |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Normal                          |   |                    | 7,853,574 |   |   |   | 1,585,761 |   |   |   | 1,254,928 |   |   |   | 10,694,263 |   |   |   | 94 |   |
| Potential problem               |   |                    | 321,864   |   |   |   | 26,962 |   |   |   | 11,437 |   |   |   | 360,263 |   |   |   | 3 |   |
|                            |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Past due but not impaired -     |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Normal                          |   |                    | 154,075   |   |   |   | 74,621 |   |   |   | 76,312 |   |   |   | 305,008 |   |   |   | 3 |   |
| Potential problem               |   |                    | 36,525    |   |   |   | 17,690 |   |   |   | 18,091 |   |   |   | 72,306 |   |   |   | - |   |
|                            |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impaired -                      |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Substandard                     |   |                    | 65,122    |   |   |   | 15,809 |   |   |   | 34,741 |   |   |   | 115,672 |   |   |   | 1 |   |
| Doubtful                        |   |                    | 78,475    |   |   |   | 19,050 |   |   |   | 41,864 |   |   |   | 139,389 |   |   |   | 1 |   |
| Loss                            |   |                    | 57,024    |   |   |   | 13,843 |   |   |   | 30,420 |   |   |   | 101,287 |   |   |   | 1 |   |
| Gross                           |   |                    | 8,566,659 |   |   |   | 1,753,736 |   |   |   | 1,467,793 |   |   |   | 11,788,188 |   |   |   | 103 |   |
| Less: Allowance for loan losses |   |                    | 222,104   |   |   |   | 41,470 |   |   |   | 90,781 |   |   |   | 354,355 |   |   |   | 3 |   |
|                            |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total, net                      |   |                    | 8,344,555 |   |   |   | 1,712,266 |   |   |   | 1,377,012 |   |   |   | 11,433,833 |   |   |   | 100 |   |

----

|                            |   | As of December 31, 2008 |      |
|---------------------------------|--------|-------------------------|-----------|
|                            |   | Commercialloans         |      |   | Residentialmortgageloans |   |   | Consumerloans |   |   | Total |   |   | % |   |
|                            |   | US$(000)                |      |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   |   |   |
|                            |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Neither past due nor impaired - |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Normal                          |   |                    | 7,526,355 |   |   |   | 1,350,793 |   |   |   | 1,020,352 |   |   |   | 9,897,500 |   |   |   | 94 |   |
| Potential problem               |   |                    | 214,040   |   |   |   | 18,348 |   |   |   | 8,932 |   |   |   | 241,320 |   |   |   | 2 |   |
|                            |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Past due but not impaired -     |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Normal                          |   |                    | 186,887   |   |   |   | 83,757 |   |   |   | 78,629 |   |   |   | 349,273 |   |   |   | 3 |   |
| Potential problem               |   |                    | 14,231    |   |   |   | 387 |   |   |   | 1,027 |   |   |   | 15,645 |   |   |   | - |   |
|                            |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impaired -                      |   |                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Substandard                     |   |                    | 41,570    |   |   |   | 11,337 |   |   |   | 18,982 |   |   |   | 71,889 |   |   |   | 1 |   |
| Doubtful                        |   |                    | 46,309    |   |   |   | 12,630 |   |   |   | 21,146 |   |   |   | 80,085 |   |   |   | 1 |   |
| Loss                            |   |                    | 29,193    |   |   |   | 7,962 |   |   |   | 13,331 |   |   |   | 50,486 |   |   |   | 1 |   |
| Gross                           |   |                    | 8,058,585 |   |   |   | 1,485,214 |   |   |   | 1,162,399 |   |   |   | 10,706,198 |   |   |   | 102 |   |
| Less: Allowance for loan losses |   |                    | 137,444   |   |   |   | 30,832 |   |   |   | 56,061 |   |   |   | 224,337 |   |   |   | 2 |   |
| Total, net                      |   |                    | 7,921,141 |   |   |   | 1,454,382 |   |   |   | 1,106,338 |   |   |   | 10,481,861 |   |   |   | 100 |   |

----

|                      |   | As of December 31, 2009 |    |
|---------------------------|--------|-------------------------|---------|
|                      |   | Commercialloans         |    |   | Residentialmortgageloans |   |   | Consumerloans |   |   | Total |   |
|                      |   | US$(000)                |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                      |   |                    |    |   |   |   |   |   |   |   |   |   |
| Impaired loans            |   |                    | 200,621 |   |   |   | 48,702 |   |   |   | 107,025 |   |   |   | 356,348 |   |
| Fair value of collateral  |   |                    | 97,265  |   |   |   | 34,378 |   |   |   | 12,113 |   |   |   | 143,756 |   |
|                      |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses |   |                    | 86,749  |   |   |   | 11,551 |   |   |   | 64,361 |   |   |   | 162,661 |   |

|                      |   | As of December 31, 2008 |    |
|---------------------------|--------|-------------------------|---------|
|                      |   | Commercialloans         |    |   | Residentialmortgageloans |   |   | Consumerloans |   |   | Total |   |
|                      |   | US$(000)                |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                      |   |                    |    |   |   |   |   |   |   |   |   |   |
| Impaired loans            |   |                    | 117,072 |   |   |   | 31,929 |   |   |   | 53,459 |   |   |   | 202,460 |   |
|                      |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair value of collateral  |   |                    | 49,254  |   |   |   | 18,742 |   |   |   | 4,386 |   |   |   | 72,382 |   |
|                      |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses |   |                    | 50,782  |   |   |   | 11,395 |   |   |   | 29,722 |   |   |   | 91,899 |   |

|   | (d) | Credit risk management on investments in trading securities and available-for-sale - |
|--------|-----|--------------------------------------------------------------------------------------|

----

|                                 |   | As of December 31, 2009 |      |   | As of December 31, 2008 |   |
|--------------------------------------|--------|-------------------------|-----------|--------|-------------------------|--------|
|                                 |   | US$(000)                |      |   | %                       |   |   | US$(000) |   |   | % |   |
|                                 |   |                    |      |   |                    |   |   |   |   |   |   |   |
| Instruments rated in Peru and abroad |   |                    |      |   |                    |   |   |   |   |   |   |   |
| AAA                                  |   |                    | 341,344   |   |                    |   | 7 |   |   |   | 530,132 |   |   |   | 11 |   |
| AA- to AA+                           |   |                    | 283,103   |   |                    |   | 6 |   |   |   | 165,050 |   |   |   | 3 |   |
| A- to A+                             |   |                    | 470,347   |   |                    |   | 9 |   |   |   | 428,319 |   |   |   | 9 |   |
| BBB- to BBB+                         |   |                    | 1,284,826 |   |                    |   | 25 |   |   |   | 785,250 |   |   |   | 16 |   |
| BB- to BB+                           |   |                    | 324,118   |   |                    |   | 6 |   |   |   | 326,398 |   |   |   | 7 |   |
| Lower than B-                        |   |                    | 243,199   |   |                    |   | 5 |   |   |   | 20,394 |   |   |   | - |   |
| Unrated (*)                          |   |                    | 2,132,669 |   |                    |   | 42 |   |   |   | 2,695,211 |   |   |   | 54 |   |
| Total                                |   |                    | 5,079,606 |   |                    |   | 100.0 |   |   |   | 4,950,754 |   |   |   | 100.0 |   |

|   | (*) | As of December 31, 2009, includes principally US$1,545.7 million of Peruvian Central Bank Certificates of Deposit, which represent 30.43 percent of the investments available-for-sale balance (US$2,209 million, which represent 44.62 percent as of December 31, 2008).  It also includes US$330.7 and US$102.1 million of listed and non-listed equity securities and mutual funds, respectively (US$212.7 and US$96.9 million as of December 31, 2008, respectively). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | Concentration of financial instruments exposed to credit risk: |
|--------|-----|----------------------------------------------------------------|

|                                       |   | 2009                                                                               |    |   | 2008         |   |
|--------------------------------------------|--------|------------------------------------------------------------------------------------|---------|--------|--------------|--------|
|                                       |   | Designated at fair value through profit or loss |    |   |         |   |   |   |   |   |   |   |   | Designated at fair value through profit or loss |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Held for trading andhedging                                                        |    |   | At inception |   |   | Loans andreceivables |   |   | Investmentsavailable-for-sale |   |   | Total |   |   | Held for trading andhedging |   |   | At inception |   |   | Loans andreceivables |   |   | Investmentsavailable-for-sale |   |   | Total |   |
|                                       |   | US$(000)                                                                           |    |   | US$(000)     |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                       |   |                                                                               |    |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Central Reserve Bank of Perú          |   |                                                                               | -       |   |         |   | - |   |   |   | 2,107,635 |   |   |   | 1,545,705 |   |   |   | 3,653,340 |   |   |   | - |   |   |   | - |   |   |   | 1,952,952 |   |   |   | 2,208,942 |   |   |   | 4,161,894 |   |
| Financial services                         |   |                                                                               | 114,185 |   |         |   | 125,912 |   |   |   | 2,058,327 |   |   |   | 1,243,021 |   |   |   | 3,541,445 |   |   |   | 101,126 |   |   |   | 134,385 |   |   |   | 1,944,796 |   |   |   | 1,031,463 |   |   |   | 3,211,770 |   |
| Government and public administration       |   |                                                                               | 53,874  |   |         |   | 642 |   |   |   | 233,446 |   |   |   | 1,034,479 |   |   |   | 1,322,441 |   |   |   | 13,466 |   |   |   | 595 |   |   |   | 273,506 |   |   |   | 931,632 |   |   |   | 1,219,199 |   |
| Manufacturing                              |   |                                                                               | 4       |   |         |   | 2,161 |   |   |   | 2,462,733 |   |   |   | 266,048 |   |   |   | 2,730,946 |   |   |   | 44 |   |   |   | 507 |   |   |   | 2,536,277 |   |   |   | 156,418 |   |   |   | 2,693,246 |   |
| Commerce                                   |   |                                                                               | 1       |   |         |   | - |   |   |   | 1,282,188 |   |   |   | 68,740 |   |   |   | 1,350,929 |   |   |   | 5 |   |   |   | - |   |   |   | 1,484,431 |   |   |   | 64,595 |   |   |   | 1,549,031 |   |
| Mortgage loans                             |   |                                                                               | -       |   |         |   | - |   |   |   | 1,673,089 |   |   |   | - |   |   |   | 1,673,089 |   |   |   | - |   |   |   | - |   |   |   | 1,401,296 |   |   |   | - |   |   |   | 1,401,296 |   |
| Consumer loans                             |   |                                                                               | -       |   |         |   | - |   |   |   | 1,402,422 |   |   |   | - |   |   |   | 1,402,422 |   |   |   | - |   |   |   | - |   |   |   | 1,126,301 |   |   |   | - |   |   |   | 1,126,301 |   |
| Electricity, gas and water                 |   |                                                                               | 47      |   |         |   | 2,564 |   |   |   | 745,613 |   |   |   | 376,496 |   |   |   | 1,124,720 |   |   |   | 523 |   |   |   | 879 |   |   |   | 556,937 |   |   |   | 202,716 |   |   |   | 761,055 |   |
| Communications, storage and transportation |   |                                                                               | 2       |   |         |   | - |   |   |   | 554,944 |   |   |   | 154,305 |   |   |   | 709,251 |   |   |   | - |   |   |   | - |   |   |   | 632,895 |   |   |   | 117,103 |   |   |   | 749,998 |   |
| Mining                                     |   |                                                                               | 2       |   |         |   | 3,781 |   |   |   | 667,970 |   |   |   | 109,351 |   |   |   | 781,104 |   |   |   | 130 |   |   |   | 1,058 |   |   |   | 660,855 |   |   |   | 77,358 |   |   |   | 739,401 |   |
| Leaseholds and real estate activities      |   |                                                                               | -       |   |         |   | - |   |   |   | 468,229 |   |   |   | 49,401 |   |   |   | 517,630 |   |   |   | - |   |   |   | - |   |   |   | 608,651 |   |   |   | 47,321 |   |   |   | 655,972 |   |
| Micro-business loans                       |   |                                                                               | -       |   |         |   | - |   |   |   | 703,651 |   |   |   | - |   |   |   | 703,651 |   |   |   | - |   |   |   | - |   |   |   | 619,680 |   |   |   | - |   |   |   | 619,680 |   |
| Community services                         |   |                                                                               | -       |   |         |   | - |   |   |   | 322,429 |   |   |   | - |   |   |   | 322,429 |   |   |   | - |   |   |   | - |   |   |   | 247,144 |   |   |   | - |   |   |   | 247,144 |   |
| Construction                               |   |                                                                               | -       |   |         |   | 307 |   |   |   | 186,397 |   |   |   | 5,250 |   |   |   | 191,954 |   |   |   | - |   |   |   | 57 |   |   |   | 236,163 |   |   |   | 2,226 |   |   |   | 238,446 |   |
| Agriculture                                |   |                                                                               | -       |   |         |   | - |   |   |   | 269,882 |   |   |   | 8,002 |   |   |   | 277,884 |   |   |   | - |   |   |   | 68 |   |   |   | 224,417 |   |   |   | 7,693 |   |   |   | 232,178 |   |
| Education, health and other services       |   |                                                                               |    |   |         |   |   |   |   |   | 151,569 |   |   |   | 119,006 |   |   |   | 270,575 |   |   |   | - |   |   |   | - |   |   |   | 127,670 |   |   |   | 29,699 |   |   |   | 157,369 |   |
| Fishing                                    |   |                                                                               | -       |   |         |   | - |   |   |   | 119,123 |   |   |   | 291 |   |   |   | 119,414 |   |   |   | 2 |   |   |   | - |   |   |   | 80,277 |   |   |   | 159 |   |   |   | 80,438 |   |
| Insurance                                  |   |                                                                               | -       |   |         |   | - |   |   |   | 167,101 |   |   |   | - |   |   |   | 167,101 |   |   |   | - |   |   |   | - |   |   |   | 27,430 |   |   |   | - |   |   |   | 27,430 |   |
| Other                                      |   |                                                                               | -       |   |         |   | 303 |   |   |   | 168,930 |   |   |   | 99,511 |   |   |   | 268,744 |   |   |   | 63 |   |   |   | 396 |   |   |   | 103,284 |   |   |   | 73,429 |   |   |   | 177,172 |   |
|                                       |   |                                                                               |    |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                      |   |                                                                               | 168,115 |   |         |   | 135,670 |   |   |   | 15,745,678 |   |   |   | 5,079,606 |   |   |   | 21,129,069 |   |   |   | 115,359 |   |   |   | 137,945 |   |   |   | 14,844,962 |   |   |   | 4,950,754 |   |   |   | 20,049,020 |   |

----

|                     |   | 2009                                                                         |    |
|--------------------------|--------|------------------------------------------------------------------------------|---------|
|                     |   | Designated at fair value throughprofit or loss |    |   |   |   |   |   |   |   |   |   |
|                     |   | Held fortrading andhedging                                         |    |   | At inception |   |   | Loans andreceivables |   |   | Investmentsavailable-for-sale |   |   | Total |   |
|                     |   | US$(000)                                                                     |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                     |   |                                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Peru                     |   |                                                                         | 133,292 |   |   |   | 11,231 |   |   |   | 13,749,305 |   |   |   | 3,156,355 |   |   |   | 17,050,183 |   |
| United States of America |   |                                                                         | 23,596  |   |   |   | 123,570 |   |   |   | 806,511 |   |   |   | 943,922 |   |   |   | 1,897,599 |   |
| Bolivia                  |   |                                                                         | 21      |   |   |   | - |   |   |   | 727,883 |   |   |   | 216,016 |   |   |   | 943,920 |   |
| Europe                   |   |                                                                         | 4,276   |   |   |   | - |   |   |   | 154,131 |   |   |   | 122,527 |   |   |   | 280,934 |   |
| Colombia                 |   |                                                                         | -       |   |   |   | - |   |   |   | 25,502 |   |   |   | 191,036 |   |   |   | 216,538 |   |
| Chile                    |   |                                                                         | 104     |   |   |   | - |   |   |   | 45,457 |   |   |   | 165,856 |   |   |   | 211,417 |   |
| Other                    |   |                                                                         | 6,826   |   |   |   | 869 |   |   |   | 236,889 |   |   |   | 283,894 |   |   |   | 528,478 |   |
|                     |   |                                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                    |   |                                                                         | 168,115 |   |   |   | 135,670 |   |   |   | 15,745,678 |   |   |   | 5,079,606 |   |   |   | 21,129,069 |   |

|                     |   | 2008                                                                         |    |
|--------------------------|--------|------------------------------------------------------------------------------|---------|
|                     |   | Designated at fair value throughprofit or loss |    |   |   |   |   |   |   |   |   |   |
|                     |   | Held for tradingand hedging                                   |    |   | At inception |   |   | Loans andreceivables |   |   | Investmentsavailable-for-sale |   |   | Total |   |
|                     |   | US$(000)                                                                     |    |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                     |   |                                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Peru                     |   |                                                                         | 113,015 |   |   |   | 4,497 |   |   |   | 12,565,873 |   |   |   | 3,566,716 |   |   |   | 16,250,101 |   |
| United States of America |   |                                                                         | 109     |   |   |   | 132,722 |   |   |   | 871,859 |   |   |   | 678,093 |   |   |   | 1,682,783 |   |
| Bolivia                  |   |                                                                         | 2,224   |   |   |   | - |   |   |   | 566,170 |   |   |   | 309,530 |   |   |   | 877,924 |   |
| Europe                   |   |                                                                         | -       |   |   |   | - |   |   |   | 307,533 |   |   |   | 84,445 |   |   |   | 391,978 |   |
| Chile                    |   |                                                                         | -       |   |   |   | - |   |   |   | 115,883 |   |   |   | 90,587 |   |   |   | 206,470 |   |
| Colombia                 |   |                                                                         | -       |   |   |   | - |   |   |   | 101,173 |   |   |   | 72,178 |   |   |   | 173,351 |   |
| Other                    |   |                                                                         | 11      |   |   |   | 726 |   |   |   | 316,471 |   |   |   | 149,205 |   |   |   | 466,413 |   |
|                     |   |                                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                    |   |                                                                         | 115,359 |   |   |   | 137,945 |   |   |   | 14,844,962 |   |   |   | 4,950,754 |   |   |   | 20,049,020 |   |

----

| 29.2 | Market risk - |
|------|---------------|

|   | (a) | Trading Book - |
|--------|-----|----------------|

----

|                              |   | 2009     |   |   | 2008     |   |
|-----------------------------------|--------|----------|--------|--------|----------|--------|
|                              |   | US$(000) |   |   | US$(000) |   |
|                              |   |     |   |   |     |   |
| Equity securities                 |   |     | 2      |   |     |   | 55 |   |
| Mutual funds                      |   |     | -      |   |     |   | 1,034 |   |
| Fixed income                      |   |     | 1,142  |   |     |   | 1,116 |   |
| Derivatives                       |   |     | 2,541  |   |     |   | - |   |
| Consolidated VaR by type of asset |   |     | 2,269  |   |     |   | 1,604 |   |

|                          |   | 2009     |   |   | 2008     |   |
|-------------------------------|--------|----------|--------|--------|----------|--------|
|                          |   | US$(000) |   |   | US$(000) |   |
|                          |   |     |   |   |     |   |
| Foreign exchange risk         |   |     | 985    |   |     |   | 579 |   |
| Interest rate risk            |   |     | 1,802  |   |     |   | 1,063 |   |
| Equity risk                   |   |     | 1      |   |     |   | 850 |   |
| Consolidated VaR by risk type |   |     | 2,269  |   |     |   | 1,604 |   |

|   | (b) | ALM Book - |
|--------|-----|------------|

----

|   | (i) | Interest risk - |
|--------|-----|-----------------|

----

|                                                                    |   | As of December 31, 2009 |      |
|-------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                                    |   | Up to 1 month                |      |   | 1 to 3 months |   |   | 3 to 12 months |   |   | 1 to 5 years |   |   | More than 5years |   |   | Non-interestbearing |   |   | Total |   |
|                                                                    |   | US$(000)                                    |      |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                                  |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and due from banks                                                 |   |                                        | 2,745,587 |   |   |   | 70,616 |   |   |   | 81,969 |   |   |   | - |   |   |   | - |   |   |   | 938,486 |   |   |   | 3,836,658 |   |
| Investments                                                             |   |                                        | 494,937   |   |   |   | 1,009,295 |   |   |   | 1,009,704 |   |   |   | 1,254,765 |   |   |   | 928,562 |   |   |   | 453,117 |   |   |   | 5,150,380 |   |
| Loans                                                                   |   |                                        | 1,739,632 |   |   |   | 3,144,271 |   |   |   | 2,142,219 |   |   |   | 3,176,243 |   |   |   | 1,028,915 |   |   |   | - |   |   |   | 11,231,280 |   |
| Assets designated at fair value through profit or loss                  |   |                                        | -         |   |   |   | 258 |   |   |   | 310 |   |   |   | 1,657 |   |   |   | 3,565 |   |   |   | 129,880 |   |   |   | 135,670 |   |
| Premiums and other policies receivables                                 |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 121,338 |   |   |   | 121,338 |   |
| Accounts receivable from reinsurers and coinsurers                      |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 137,098 |   |   |   | 137,098 |   |
| Other assets                                                            |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,415,683 |   |   |   | 1,415,683 |   |
| Total assets                                                            |   |                                        | 4,980,156 |   |   |   | 4,224,440 |   |   |   | 3,234,202 |   |   |   | 4,432,665 |   |   |   | 1,961,042 |   |   |   | 3,195,602 |   |   |   | 22,028,107 |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                                             |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligations                                                |   |                                        | 4,025,133 |   |   |   | 3,716,882 |   |   |   | 2,711,965 |   |   |   | 311,252 |   |   |   | 28,601 |   |   |   | 3,297,995 |   |   |   | 14,091,828 |   |
| Due to banks and correspondents                                         |   |                                        | 310,694   |   |   |   | 633,874 |   |   |   | 10,208 |   |   |   | 128,643 |   |   |   | 57,835 |   |   |   | 26,184 |   |   |   | 1,167,438 |   |
| Accounts payable to reinsurers and coinsurers                           |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 48,009 |   |   |   | 48,009 |   |
| Technical, insurance claims reserves and reserves for unearned premiums |   |                                        | 39,932    |   |   |   | 24,949 |   |   |   | 112,373 |   |   |   | 164,216 |   |   |   | 367,552 |   |   |   | 309,769 |   |   |   | 1,018,791 |   |
| Borrowed funds                                                          |   |                                        | 953,461   |   |   |   | 2,815 |   |   |   | 13,385 |   |   |   | 93,177 |   |   |   | 26,383 |   |   |   | - |   |   |   | 1,089,221 |   |
| Bonds and subordinated notes issued                                     |   |                                        | 5,880     |   |   |   | 18,768 |   |   |   | 71,627 |   |   |   | 448,803 |   |   |   | 728,653 |   |   |   | 13,291 |   |   |   | 1,287,022 |   |
| Other liabilities                                                       |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 822,446 |   |   |   | 822,446 |   |
| Equity                                                                  |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,503,352 |   |   |   | 2,503,352 |   |
| Total liabilities and equity                                            |   |                                        | 5,335,100 |   |   |   | 4,397,288 |   |   |   | 2,919,558 |   |   |   | 1,146,091 |   |   |   | 1,209,024 |   |   |   | 7,021,046 |   |   |   | 22,028,107 |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Off-Balance sheet items                                                 |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives assets                                                      |   |                                        | 2,094,179 |   |   |   | 1,574,953 |   |   |   | 976,153 |   |   |   | 1,152,853 |   |   |   | 67,810 |   |   |   | - |   |   |   | 5,865,948 |   |
| Derivatives liabilities                                                 |   |                                        | 957,368   |   |   |   | 1,238,661 |   |   |   | 1,221,097 |   |   |   | 2,042,343 |   |   |   | 406,479 |   |   |   | - |   |   |   | 5,865,948 |   |
|                                                                    |   |                                        | 1,136,811 |   |   |   | 336,292 |   |   |   | (244,944 | ) |   |   | (889,490 | ) |   |   | (338,669 | ) |   |   | - |   |   |   | - |   |
| Marginal gap                                                            |   |                                        | 781,867   |   |   |   | 163,444 |   |   |   | 69,700 |   |   |   | 2,397,084 |   |   |   | 413,349 |   |   |   | (3,825,444 | ) |   |   | - |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated gap                                                         |   |                                        | 781,867   |   |   |   | 945,311 |   |   |   | 1,015,011 |   |   |   | 3,412,095 |   |   |   | 3,825,444 |   |   |   | - |   |   |   | - |   |

----

|                                                                    |   | As of December 31, 2008 |      |
|-------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                                    |   | Up to 1 month                |      |   | 1 to 3 months |   |   | 3 to 12 months |   |   | 1 to 5 years |   |   | More than 5years |   |   | Non-interestbearing |   |   | Total |   |
|                                                                    |   | US$(000)                                    |      |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                                  |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and due from banks                                                 |   |                                        | 2,455,413 |   |   |   | 196,588 |   |   |   | 46,536 |   |   |   | 10,218 |   |   |   | - |   |   |   | 1,057,416 |   |   |   | 3,766,171 |   |
| Investments                                                             |   |                                        | 818,153   |   |   |   | 1,208,344 |   |   |   | 988,796 |   |   |   | 542,759 |   |   |   | 1,139,201 |   |   |   | 289,585 |   |   |   | 4,986,838 |   |
| Loans                                                                   |   |                                        | 2,038,457 |   |   |   | 2,412,234 |   |   |   | 2,274,854 |   |   |   | 2,992,480 |   |   |   | 604,016 |   |   |   | - |   |   |   | 10,322,041 |   |
| Assets designated at fair value through profit or loss                  |   |                                        | -         |   |   |   | 249 |   |   |   | 329 |   |   |   | 790 |   |   |   | 1,954 |   |   |   | 134,623 |   |   |   | 137,945 |   |
| Premiums and other policies receivables                                 |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 111,561 |   |   |   | 111,561 |   |
| Accounts receivable from reinsurers and coinsurers                      |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 165,144 |   |   |   | 165,144 |   |
| Other assets                                                            |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,331,369 |   |   |   | 1,331,369 |   |
| Total assets                                                            |   |                                        | 5,312,023 |   |   |   | 3,817,415 |   |   |   | 3,310,515 |   |   |   | 3,546,247 |   |   |   | 1,745,171 |   |   |   | 3,089,698 |   |   |   | 20,821,069 |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                                             |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligations                                                |   |                                        | 4,114,430 |   |   |   | 3,268,610 |   |   |   | 2,991,905 |   |   |   | 321,984 |   |   |   | 39,979 |   |   |   | 3,213,529 |   |   |   | 13,950,437 |   |
| Due to banks and correspondents                                         |   |                                        | 178,539   |   |   |   | 745,155 |   |   |   | 197,935 |   |   |   | 11,705 |   |   |   | 32,544 |   |   |   | 14,113 |   |   |   | 1,179,991 |   |
| Accounts payable to reinsurers and coinsurers                           |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 55,841 |   |   |   | 55,841 |   |
| Technical, insurance claims reserves and reserves for unearned premiums |   |                                        | 31,254    |   |   |   | 19,357 |   |   |   | 86,935 |   |   |   | 148,437 |   |   |   | 331,697 |   |   |   | 350,090 |   |   |   | 967,770 |   |
| Borrowed funds                                                          |   |                                        | 1,008,997 |   |   |   | 2,474 |   |   |   | 11,762 |   |   |   | 81,871 |   |   |   | 45,612 |   |   |   | - |   |   |   | 1,150,716 |   |
| Bonds and subordinated notes issued                                     |   |                                        | 817       |   |   |   | - |   |   |   | 63,208 |   |   |   | 284,577 |   |   |   | 428,788 |   |   |   | 7,840 |   |   |   | 785,230 |   |
| Other liabilities                                                       |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 934,979 |   |   |   | 934,979 |   |
| Equity                                                                  |   |                                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,796,105 |   |   |   | 1,796,105 |   |
| Total liabilities and equity                                            |   |                                        | 5,334,037 |   |   |   | 4,035,596 |   |   |   | 3,351,745 |   |   |   | 848,574 |   |   |   | 878,620 |   |   |   | 6,372,497 |   |   |   | 20,821,069 |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Off-Balance sheet items                                                 |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives assets                                                      |   |                                        | 2,499,906 |   |   |   | 1,295,838 |   |   |   | 590,446 |   |   |   | 469,276 |   |   |   | 293,100 |   |   |   | - |   |   |   | 5,148,566 |   |
| Derivatives liabilities                                                 |   |                                        | 1,618,002 |   |   |   | 788,307 |   |   |   | 834,589 |   |   |   | 1,471,042 |   |   |   | 436,626 |   |   |   | - |   |   |   | 5,148,566 |   |
|                                                                    |   |                                        | 881,904   |   |   |   | 507,531 |   |   |   | (244,143 | ) |   |   | (1,001,766 | ) |   |   | (143,526 | ) |   |   | - |   |   |   | - |   |
| Marginal gap                                                            |   |                                        | 859,890   |   |   |   | 289,350 |   |   |   | (285,373 | ) |   |   | 1,695,907 |   |   |   | 723,025 |   |   |   | (3,282,799 | ) |   |   | - |   |
|                                                                    |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated gap                                                         |   |                                        | 859,890   |   |   |   | 1,149,240 |   |   |   | 863,867 |   |   |   | 2,559,774 |   |   |   | 3,282,799 |   |   |   | - |   |   |   | - |   |

----

|              |   | As of December 31, 2009 |   |
|-------------------|--------|---------------------------------------------|--------|
| Currency          |   | Changes in basispoints            |   |   | Sensitivity of netincome |   |   | Sensitivity ofcomprehensiveincome |   |
|              |   |                                        |   |   |   |   |   | US$(000) |   |   | US$(000) |   |
|              |   |                                        |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 50 |   |   |   | +/- |   |   |   | 10,484 |   |   |   | -/ | + |   |   | 43,174 |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 75 |   |   |   | +/- |   |   |   | 15,727 |   |   |   | -/ | + |   |   | 64,762 |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 100 |   |   |   | +/- |   |   |   | 20,969 |   |   |   | -/ | + |   |   | 86,349 |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 150 |   |   |   | +/- |   |   |   | 31,453 |   |   |   | -/ | + |   |   | 129,523 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 50 |   |   |   | -/+ |   |   |   | 3,446 |   |   |   | -/ | + |   |   | 24,856 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 75 |   |   |   | -/+ |   |   |   | 5,169 |   |   |   | -/ | + |   |   | 37,284 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 100 |   |   |   | -/+ |   |   |   | 6,892 |   |   |   | -/ | + |   |   | 49,711 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 150 |   |   |   | -/+ |   |   |   | 10,339 |   |   |   | -/ | + |   |   | 74,567 |   |

|              |   | As of December 31, 2008 |   |
|-------------------|--------|---------------------------------------------|--------|
| Currency          |   | Changes in basispoints            |   |   | Sensitivity of netincome |   |   | Sensitivity ofcomprehensiveincome |   |
|              |   |                                        |   |   |   |   |   | US$(000) |   |   | US$(000) |   |
|              |   |                                        |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 50 |   |   |   | +/- |   |   |   | 6,842 |   |   |   | -/ | + |   |   | 16,709 |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 100 |   |   |   | +/- |   |   |   | 13,684 |   |   |   | -/ | + |   |   | 33,417 |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 200 |   |   |   | +/- |   |   |   | 27,368 |   |   |   | -/ | + |   |   | 66,834 |   |
| U.S. Dollar       |   |                                        | +/-    |   |   |   | 300 |   |   |   | +/- |   |   |   | 41,052 |   |   |   | -/ | + |   |   | 100,251 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 50 |   |   |   | -/+ |   |   |   | 12,227 |   |   |   | -/ | + |   |   | 16,791 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 100 |   |   |   | -/+ |   |   |   | 24,454 |   |   |   | -/ | + |   |   | 33,581 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 200 |   |   |   | -/+ |   |   |   | 48,908 |   |   |   | -/ | + |   |   | 67,162 |   |
| Peruvian Currency |   |                                        | +/-    |   |   |   | 300 |   |   |   | -/+ |   |   |   | 73,362 |   |   |   | -/ | + |   |   | 100,743 |   |

----

| Market price sensitivity |   | Changes inmarket prices |   |   | As of December 31,2009 |   |   | Changes inmarketprices | As of December31, 2008 |   |
|------------------------------------|--------|-----------------------------------|--------|--------|---------------------------------------|--------|--------|-----------------------------|---------------------------------------|--------|
|                               |   | %                                 |   |   | US$(000)                              |   |   | %                           | US$(000)                              |   |
|                               |   |                              |   |   |                                  |   |   |                        |                                  |   |   |   |   |   |   |   |   |
| Equity securities                  |   | +/-                               |   |   |                                  | 10     |   |                        |                                  | 33,073 |   |   | +/- |   |   |   | 10 |   |   |   | 21,762 |   |
| Equity securities                  |   | +/-                               |   |   |                                  | 25     |   |                        |                                  | 82,683 |   |   | +/- |   |   |   | 30 |   |   |   | 65,285 |   |
| Equity securities                  |   | +/-                               |   |   |                                  | 30     |   |                        |                                  | 99,220 |   |   | +/- |   |   |   | 50 |   |   |   | 108,809 |   |
| Mutual funds                       |   | +/-                               |   |   |                                  | 10     |   |                        |                                  | 17,454 |   |   | +/- |   |   |   | 10 |   |   |   | 13,132 |   |
| Mutual funds                       |   | +/-                               |   |   |                                  | 25     |   |                        |                                  | 43,635 |   |   | +/- |   |   |   | 20 |   |   |   | 26,264 |   |
| Mutual funds                       |   | +/-                               |   |   |                                  | 30     |   |                        |                                  | 52,361 |   |   | +/- |   |   |   | 30 |   |   |   | 39,397 |   |

----

|   | (ii) | Foreign exchange risk - |
|--------|------|-------------------------|

|                                                                             |   | 2009              |        |   | 2008                   |   |
|----------------------------------------------------------------------------------|--------|-------------------|-------------|--------|------------------------|--------|
|                                                                             |   | U.S. Dollars |        |   | Peruvian currency |   |   | Othercurrencies |   |   | Total |   |   | U.S. Dollars |   |   | Peruvian currency |   |   | Othercurrencies |   |   | Total |   |
|                                                                             |   | US$(000)          |        |   | US$(000)               |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                                             |   |              |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Monetary assets -                                                                |   |              |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and due from banks                                                          |   |              | 3,094,366   |   |                   |   | 501,769 |   |   |   | 240,523 |   |   |   | 3,836,658 |   |   |   | 3,156,279 |   |   |   | 495,550 |   |   |   | 114,342 |   |   |   | 3,766,171 |   |
| Trading securities                                                               |   |              | 13,982      |   |                   |   | 8,920 |   |   |   | 47,872 |   |   |   | 70,774 |   |   |   | 23,220 |   |   |   | 11,523 |   |   |   | 1,341 |   |   |   | 36,084 |   |
| Available-for-sale investments                                                   |   |              | 2,354,804   |   |                   |   | 2,034,768 |   |   |   | 690,034 |   |   |   | 5,079,606 |   |   |   | 2,890,978 |   |   |   | 1,734,526 |   |   |   | 325,250 |   |   |   | 4,950,754 |   |
| Loans, net                                                                       |   |              | 6,755,563   |   |                   |   | 4,285,076 |   |   |   | 190,641 |   |   |   | 11,231,280 |   |   |   | 6,930,125 |   |   |   | 3,298,579 |   |   |   | 93,337 |   |   |   | 10,322,041 |   |
| Financial assets designated to fair value through profit or loss                 |   |              | 135,670     |   |                   |   | - |   |   |   | - |   |   |   | 135,670 |   |   |   | 136,311 |   |   |   | 1,634 |   |   |   | - |   |   |   | 137,945 |   |
| Other assets                                                                     |   |              | 507,057     |   |                   |   | 563,065 |   |   |   | 22,977 |   |   |   | 1,093,099 |   |   |   | 594,107 |   |   |   | 255,476 |   |   |   | 12,383 |   |   |   | 861,966 |   |
|                                                                             |   |              | 12,861,442  |   |                   |   | 7,393,598 |   |   |   | 1,192,047 |   |   |   | 21,447,087 |   |   |   | 13,731,020 |   |   |   | 5,797,288 |   |   |   | 546,653 |   |   |   | 20,074,961 |   |
|                                                                             |   |              |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Monetary liabilities -                                                           |   |              |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligations                                                         |   |              | (8,156,869  | )      |                   |   | (5,398,780 | ) |   |   | (536,179 | ) |   |   | (14,091,828 | ) |   |   | (8,614,042 | ) |   |   | (4,963,932 | ) |   |   | (372,463 | ) |   |   | (13,950,437 | ) |
| Due to bank and correspondents and borrowed funds                                |   |              | (2,126,963  | )      |                   |   | (128,800 | ) |   |   | (896 | ) |   |   | (2,256,659 | ) |   |   | (2,189,114 | ) |   |   | (140,155 | ) |   |   | (1,438 | ) |   |   | (2,330,707 | ) |
| Technical reserves, insurance claims reserves and reserves for unearned premiums |   |              | (744,393    | )      |                   |   | (274,398 | ) |   |   | - |   |   |   | (1,018,791 | ) |   |   | (734,537 | ) |   |   | (233,233 | ) |   |   | - |   |   |   | (967,770 | ) |
| Bonds and subordinated notes issued                                              |   |              | (612,098    | )      |                   |   | (562,739 | ) |   |   | (112,185 | ) |   |   | (1,287,022 | ) |   |   | (311,860 | ) |   |   | (473,370 | ) |   |   | - |   |   |   | (785,230 | ) |
| Other liabilities                                                                |   |              | (443,346    | )      |                   |   | (376,967 | ) |   |   | (50,142 | ) |   |   | (870,455 | ) |   |   | (691,280 | ) |   |   | (274,830 | ) |   |   | (24,710 | ) |   |   | (990,820 | ) |
|                                                                             |   |              | (12,083,669 | )      |                   |   | (6,741,684 | ) |   |   | (699,402 | ) |   |   | (19,524,755 | ) |   |   | (12,540,833 | ) |   |   | (6,085,520 | ) |   |   | (398,611 | ) |   |   | (19,024,964 | ) |
|                                                                             |   |              | 777,773     |   |                   |   | 651,914 |   |   |   | 492,645 |   |   |   | 1,922,332 |   |   |   | 1,190,187 |   |   |   | (288,232 | ) |   |   | 148,042 |   |   |   | 1,049,997 |   |
|                                                                             |   |              |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forwards position, net                                                           |   |              | 265,114     |   |                   |   | (198,637 | ) |   |   | (66,477 | ) |   |   | - |   |   |   | (627,600 | ) |   |   | 591,628 |   |   |   | 35,972 |   |   |   | - |   |
| Currency swaps position, net                                                     |   |              | (142,015    | )      |                   |   | 183,598 |   |   |   | (41,583 | ) |   |   | - |   |   |   | 71,154 |   |   |   | (71,154 | ) |   |   | - |   |   |   | - |   |
| Cross currency swaps position, net                                               |   |              | 77,768      |   |                   |   | 129,049 |   |   |   | (206,817 | ) |   |   | - |   |   |   | (317,043 | ) |   |   | 317,043 |   |   |   | - |   |   |   | - |   |
| Options, net                                                                     |   |              | (3,711      | )      |                   |   | 3,711 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                             |   |              |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net monetary position                                                            |   |              | 974,929     |   |                   |   | 769,635 |   |   |   | 177,768 |   |   |   | 1,922,332 |   |   |   | 316,698 |   |   |   | 549,285 |   |   |   | 184,014 |   |   |   | 1,049,997 |   |

----

| Sensitivity Analysis |   | Change in currencyrates |   |   | 2009     |   |    | 2008     |   |
|---------------------------|--------|-----------------------------------|--------|--------|----------|--------|---------|----------|--------|
|                      |   | %                                 |   |   | US$(000) |   |    | US$(000) |   |
|                      |   |                              |   |   |     |   |    |     |   |
| Devaluation -             |   |                              |   |   |     |   |    |     |   |
| Peruvian Currency         |   |                              | 5      |   |     |   | (40,507 | )        |   |   | (28,910 | ) |
| Peruvian Currency         |   |                              | 10     |   |     |   | (85,515 | )        |   |   | (61,032 | ) |
|                      |   |                              |   |   |     |   |    |     |   |   |   |   |
| Revaluation -             |   |                              |   |   |     |   |    |     |   |   |   |   |
| Peruvian Currency         |   |                              | 5      |   |     |   | 36,649  |     |   |   | 26,156 |   |
| Peruvian Currency         |   |                              | 10     |   |     |   | 69,967  |     |   |   | 49,935 |   |

----

| 29.3 | Liquidity risk - |
|------|------------------|

----

|                                                                    |   | As of December 31, 2009 |      |   | As of December 31, 2008 |   |
|-------------------------------------------------------------------------|--------|---------------------------------------------|-----------|--------|---------------------------------------------|--------|
|                                                                    |   | Up to a month                |      |   | From 1 to 3months            |   |   | From 3 to 12months |   |   | From 1 to 5 years |   |   | Over 5 years |   |   | Total |   |   | Up to a month |   |   | From 1 to 3months |   |   | From 3 to 12months |   |   | From 1 to 5 years |   |   | Over 5 years |   |   | Total |   |
|                                                                    |   | US$(000)                                    |      |   | US$(000)                                    |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|                                                                    |   |                                        |      |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligations                                                |   |                                        | 4,100,737 |   |                                        |   | 1,589,588 |   |   |   | 6,382,365 |   |   |   | 2,071,812 |   |   |   | 119,360 |   |   |   | 14,263,862 |   |   |   | 4,200,202 |   |   |   | 1,573,685 |   |   |   | 6,727,731 |   |   |   | 1,485,233 |   |   |   | 381,475 |   |   |   | 14,368,326 |   |
| Due to bank and correspondents and Borrowed funds                       |   |                                        | 382,789   |   |                                        |   | 364,018 |   |   |   | 418,620 |   |   |   | 1,285,930 |   |   |   | 368,271 |   |   |   | 2,819,628 |   |   |   | 222,667 |   |   |   | 262,027 |   |   |   | 355,464 |   |   |   | 1,226,162 |   |   |   | 564,212 |   |   |   | 2,630,532 |   |
| Accounts payable to reinsurer and coinsurers                            |   |                                        | 7,058     |   |                                        |   | 31,974 |   |   |   | 10,119 |   |   |   | - |   |   |   | - |   |   |   | 49,151 |   |   |   | 16,232 |   |   |   | 13,663 |   |   |   | 25,946 |   |   |   | - |   |   |   | - |   |   |   | 55,841 |   |
| Technical, insurance claims reserves and reserves for unearned premiums |   |                                        | 61,464    |   |                                        |   | 112,548 |   |   |   | 266,121 |   |   |   | 210,524 |   |   |   | 630,396 |   |   |   | 1,281,053 |   |   |   | 57,470 |   |   |   | 117,509 |   |   |   | 280,424 |   |   |   | 200,023 |   |   |   | 606,096 |   |   |   | 1,261,522 |   |
| Bonds and subordinates notes issued                                     |   |                                        | 13,078    |   |                                        |   | 27,855 |   |   |   | 154,433 |   |   |   | 749,497 |   |   |   | 1,004,251 |   |   |   | 1,949,114 |   |   |   | 6,635 |   |   |   | 5,883 |   |   |   | 110,975 |   |   |   | 444,563 |   |   |   | 589,016 |   |   |   | 1,157,072 |   |
| Other liabilities                                                       |   |                                        | 454,405   |   |                                        |   | 26,387 |   |   |   | 89,225 |   |   |   | 102,950 |   |   |   | 20,045 |   |   |   | 693,012 |   |   |   | 122,619 |   |   |   | 155,032 |   |   |   | 379,563 |   |   |   | 90,430 |   |   |   | 60,048 |   |   |   | 807,692 |   |
|                                                                    |   |                                        |      |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities                                                       |   |                                        | 5,019,531 |   |                                        |   | 2,152,370 |   |   |   | 7,320,883 |   |   |   | 4,420,713 |   |   |   | 2,142,323 |   |   |   | 21,055,820 |   |   |   | 4,625,825 |   |   |   | 2,127,799 |   |   |   | 7,880,103 |   |   |   | 3,446,411 |   |   |   | 2,200,847 |   |   |   | 20,280,985 |   |

|               |   | As of December 31, 2009 |    |   | As of December 31, 2008 |   |
|--------------------|--------|---------------------------------------------|---------|--------|---------------------------------------------|--------|
|               |   | Up to a month                |    |   | From 1 to 3months            |   |   | From 3 to 12months |   |   | From 1 to 5 years |   |   | Over 5 years |   |   | Total |   |   | Up to a month |   |   | From 1 to 3months |   |   | From 1 to 12months |   |   | From 1 to 5 years |   |   | Over 5 years |   |   | Total |   |
|               |   | US$(000)                                    |    |   | US$(000)                                    |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |   | US$(000) |   |
|               |   |                                        |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contingent credits |   |                                        | 283,051 |   |                                        |   | 798,222 |   |   |   | 1,019,234 |   |   |   | 303,597 |   |   |   | 124,031 |   |   |   | 2,528,135 |   |   |   | 208,248 |   |   |   | 541,900 |   |   |   | 705,150 |   |   |   | 279,693 |   |   |   | 20,911 |   |   |   | 1,755,902 |   |

----

| 29.4 | Operational risk - |
|------|--------------------|

| 29.5 | Risk of the insurance activity - |
|------|----------------------------------|

----

----

|   | (a) | Sensitivity to changes in interest rates - |
|--------|-----|--------------------------------------------|

|              |   | As of December 31, 2009 |   |
|-------------------|--------|---------------------------------------------|--------|
| Currency          |   | Changes in basispoints            |   |   | Sensitivity of netincome |   |   | Sensitivity ofcomprehensiveincome |   |
|              |   |                                        |   |   |   |   |   | US$(000) |   |   | US$(000) |   |
|              |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 50 |   |   | -/+ |   |   |   | 164 |   |   | -/ | + |   |   | 15,967 |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 75 |   |   | -/+ |   |   |   | 246 |   |   | -/ | + |   |   | 23,951 |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 100 |   |   | -/+ |   |   |   | 328 |   |   | -/ | + |   |   | 31,935 |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 150 |   |   | -/+ |   |   |   | 493 |   |   | -/ | + |   |   | 47,902 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 50 |   |   | +/- |   |   |   | 35 |   |   | -/ | + |   |   | 3,469 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 75 |   |   | +/- |   |   |   | 52 |   |   | -/ | + |   |   | 5,204 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 100 |   |   | +/- |   |   |   | 69 |   |   | -/ | + |   |   | 6,939 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 150 |   |   | +/- |   |   |   | 104 |   |   | -/ | + |   |   | 10,408 |   |

|              |   | As of December 31, 2008 |   |
|-------------------|--------|---------------------------------------------|--------|
| Currency          |   | Changes in basispoints            |   |   | Sensitivity of netincome |   |   | Sensitivity ofcomprehensiveincome |   |
|              |   |                                        |   |   |   |   |   | US$(000) |   |   | US$(000) |   |
|              |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 50 |   |   | -/+ |   |   |   | 201 |   |   | -/ | + |   |   | 6,734 |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 100 |   |   | -/+ |   |   |   | 402 |   |   | -/ | + |   |   | 13,468 |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 200 |   |   | -/+ |   |   |   | 805 |   |   | -/ | + |   |   | 26,935 |   |
| U.S. Dollar       |   | +/-                                         |   |   |   | 300 |   |   | -/+ |   |   |   | 1,207 |   |   | -/ | + |   |   | 40,403 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 50 |   |   | +/- |   |   |   | 58 |   |   | -/ | + |   |   | 2,597 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 100 |   |   | +/- |   |   |   | 117 |   |   | -/ | + |   |   | 5,193 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 200 |   |   | +/- |   |   |   | 234 |   |   | -/ | + |   |   | 10,386 |   |
| Peruvian Currency |   | +/-                                         |   |   |   | 300 |   |   | +/- |   |   |   | 351 |   |   | -/ | + |   |   | 15,579 |   |

----

|   | (b) | Liquidity risk of the insurance activity - |
|--------|-----|--------------------------------------------|

|   | (c) | Credit risk of the insurance activity - |
|--------|-----|-----------------------------------------|

|   | - | The Group sets the maximum amounts and limits that may be advanced to corporate counterparties by reference to their long- term credit ratings. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Credit risk from customer balances, will only persist during the grace period specified in the policy document or trust deed until the policy is paid up or terminated. Commissions paid to intermediaries are netted off against amounts receivable from them in order to reduce the risk of doubtful accounts. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Reinsurance is placed with counterparties that have a good credit rating and concentration of risk is avoided by following guidelines in respect of counterparties’ limits which are set each year by the Board of Directors and are subject to regular reviews. At each reporting date, Management performs an assessment of creditworthiness of reinsurers and updates the reinsurance purchase strategy, ascertaining suitable allowance for impairment. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | A Group policy setting out the assessment and determination of what constitutes credit risk for the Group is in place, its compliance is monitored and exposures and breaches are reported to the Group risk committee.  The policy is regularly reviewed for pertinence and for changes in the risk environment. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | The Group issues unit-linked investment policies whereby the policyholder bears the investment risk on the assets held in the unit-linked funds as the policy benefits are directly linked to the value of the assets in the fund. Therefore, the Group has no material credit risk on unit-linked financial assets. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | The Group has not provided the credit risk analysis for the financial assets of the unit-linked business. This is due to the fact that, in unit-linked business, the liability to policyholders is linked to the performance and value of the assets that back those liabilities and the shareholders have no direct exposure to any credit risk in those assets. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.6 | Capital management |
|------|--------------------|

----

| 29.7 | Fair value |
|------|------------|

|   | (a) | Fair value is defined as the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties in an arm’s length transaction, assuming an on-going enterprise. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | Assets for which fair value approximates carrying value - For financial assets and financial liabilities that are liquid or having a short term maturity (less than three months) it is assumed that the carrying amounts approximate to their fair value.  This assumption is also applied to demand deposits, savings accounts without a specific maturity and variable rate financial instruments. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Fixed rate financial instruments - The fair value of fixed rate financial assets and liabilities carried at amortized cost are estimated by comparing market interest rates when they were first recognized with current market rates offered for similar financial instruments.  The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and maturity.  For quoted debt issued the fair values are calculated based on quoted market prices.  For those notes issued where quoted market prices are not available, a discounted cash flow model is used based on a current interest rate yieldcurve appropriate for the remaining term to maturity. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Financial instrument recorded at fair value - The fair value for financial instruments traded in active markets at the dates of the consolidated statements of financial position is based on their quoted market price or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.  For all other financial instruments not listed in an active market, the fair value is determined by using appropriate valuation techniques.  Valuation techniques include net present value techniques and comparison to similar instruments for which market observable prices exist, see (b). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                             |   | 2009            |       |   | 2008            |   |
|------------------------------------------------------------------|--------|-----------------|------------|--------|-----------------|--------|
|                                                             |   | Book value |       |   | Fair value |   |   | Book value |   |   | Fair value |   |
|                                                             |   | US$(000)        |       |   | US$(000)        |   |   | US$(000) |   |   | US$(000) |   |
|                                                             |   |            |       |   |            |   |   |   |   |   |   |   |
| Assets                                                           |   |            |       |   |            |   |   |   |   |   |   |   |
| Cash and due from banks                                          |   |            | 3,836,658  |   |            |   | 3,836,658 |   |   |   | 3,766,171 |   |   |   | 3,766,171 |   |
| Trading securities                                               |   |            | 70,774     |   |            |   | 70,774 |   |   |   | 36,084 |   |   |   | 36,084 |   |
| Investments available-for-sale                                   |   |            | 5,079,606  |   |            |   | 5,079,606 |   |   |   | 4,950,754 |   |   |   | 4,950,754 |   |
| Loans, net                                                       |   |            | 11,231,280 |   |            |   | 11,253,024 |   |   |   | 10,322,041 |   |   |   | 10,330,518 |   |
| Financial assets designated at fair value through profit or loss |   |            | 135,670    |   |            |   | 135,670 |   |   |   | 137,945 |   |   |   | 137,945 |   |
| Premiums and other policies receivable                           |   |            | 121,338    |   |            |   | 121,338 |   |   |   | 111,561 |   |   |   | 111,561 |   |
| Accounts receivable from reinsurers and coinsurers               |   |            | 137,098    |   |            |   | 137,098 |   |   |   | 165,144 |   |   |   | 165,144 |   |
| Due from customers on acceptances                                |   |            | 96,423     |   |            |   | 96,423 |   |   |   | 232,580 |   |   |   | 232,580 |   |
| Other assets                                                     |   |            | 420,222    |   |            |   | 420,222 |   |   |   | 326,740 |   |   |   | 326,740 |   |
| Total                                                            |   |            | 21,129,069 |   |            |   | 21,150,813 |   |   |   | 20,049,020 |   |   |   | 20,057,497 |   |
|                                                             |   |            |       |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                                      |   |            |       |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Deposits and obligation                                          |   |            | 14,091,828 |   |            |   | 14,091,828 |   |   |   | 13,950,437 |   |   |   | 13,950,437 |   |
| Due to banks and correspondents                                  |   |            | 1,167,438  |   |            |   | 1,167,502 |   |   |   | 1,179,991 |   |   |   | 1,180,404 |   |
| Banker’s acceptances outstanding                           |   |            | 96,423     |   |            |   | 96,423 |   |   |   | 232,580 |   |   |   | 232,580 |   |
| Accounts payable to reinsurers and coinsurers                    |   |            | 48,009     |   |            |   | 48,009 |   |   |   | 55,841 |   |   |   | 55,841 |   |
| Borrowed funds                                                   |   |            | 1,089,221  |   |            |   | 1,093,215 |   |   |   | 1,150,716 |   |   |   | 1,153,108 |   |
| Bonds and subordinated notes issued                              |   |            | 1,287,022  |   |            |   | 1,321,004 |   |   |   | 785,230 |   |   |   | 773,652 |   |
| Other liabilities                                                |   |            | 596,589    |   |            |   | 596,589 |   |   |   | 575,112 |   |   |   | 575,112 |   |
| Total                                                            |   |            | 18,376,530 |   |            |   | 18,414,570 |   |   |   | 17,929,907 |   |   |   | 17,921,134 |   |

----

|   | (b) | Determination of fair value and fair values hierarchy - |
|--------|-----|---------------------------------------------------------|

|                                                             |   |   |   |   | Level 1  |      |   | Level 2  |   |      | Level 3  |   |   | Total    |   |
|------------------------------------------------------------------|--------|--------|--------|--------|----------|-----------|--------|----------|--------|-----------|----------|--------|--------|----------|--------|
| December 31, 2009                                                |   | Note   |   |   | US$(000) |      |   | US$(000) |   |      | US$(000) |   |   | US$(000) |   |
|                                                             |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |
| Financial assets                                                 |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |
|                                                             |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |
| Derivative financial instruments:                                |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |
| Held for trading                                                 |   |   |   |   |     | -         |   |     |   | 83,077    |     |   |   | -        |   |   |   | 83,077 |   |
| Held as hedges                                                   |   |   |   |   |     | -         |   |     |   | 14,264    |     |   |   | -        |   |   |   | 14,264 |   |
|                                                             |   | 11(b)  |   |   |     | -         |   |     |   | 97,341    |     |   |   | -        |   |   |   | 97,341 |   |
| Trading securities                                               |   |   |   |   |     | 53,716    |   |     |   | 17,058    |     |   |   | -        |   |   |   | 70,774 |   |
| Financial assets designated at fair value through profit or loss |   | 7      |   |   |     | 135,670   |   |     |   | -         |     |   |   | -        |   |   |   | 135,670 |   |
|                                                             |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |   |   |   |   |
| Investments available-for-sale:                                  |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |   |   |   |   |
| Debt securities                                                  |   |   |   |   |     | 1,490,567 |   |     |   | 3,164,273 |     |   |   | 42,423   |   |   |   | 4,697,263 |   |
| Equity securities                                                |   |   |   |   |     | 301,420   |   |     |   | 22,058    |     |   |   | 7,255    |   |   |   | 330,733 |   |
|                                                             |   | 5(a)   |   |   |     | 1,791,987 |   |     |   | 3,186,331 |     |   |   | 49,678   |   |   |   | 5,027,996 |   |
| Total financial assets                                           |   |   |   |   |     | 1,981,373 |   |     |   | 3,300,730 |     |   |   | 49,678   |   |   |   | 5,331,781 |   |
|                                                             |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |   |   |   |   |
| Financial liabilities                                            |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |   |   |   |   |
|                                                             |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |   |   |   |   |
| Derivative financial instruments:                                |   |   |   |   |     |      |   |     |   |      |     |   |   |     |   |   |   |   |   |
| Held for trading                                                 |   |   |   |   |     | -         |   |     |   | 63,019    |     |   |   | -        |   |   |   | 63,019 |   |
| Held as hedges                                                   |   |   |   |   |     | -         |   |     |   | 104,830   |     |   |   | -        |   |   |   | 104,830 |   |
| Total financial liabilities                                      |   | 11(b)  |   |   |     | -         |   |     |   | 167,849   |     |   |   | -        |   |   |   | 167,849 |   |

----

| 29.8 | Fiduciary activities, management of funds and pension funds - |
|------|---------------------------------------------------------------|

----

|              |   | 2009   |     |   | 2008   |   |
|-------------------|--------|--------|----------|--------|--------|--------|
|              |   |   |     |   |   |   |
| Investments funds |   |   | 1,997.2  |   |   |   | 1,394.6 |   |
| Pension funds     |   |   | 6,582.8  |   |   |   | 4,199.0 |   |
| Equity managed    |   |   | 2,534.4  |   |   |   | 1,966.8 |   |
|              |   |   |     |   |   |   |   |   |
| Total             |   |   | 11,114.4 |   |   |   | 7,560.4 |   |

----

| ITEM 19. | EXHIBITS |
|----------|----------|

| (a) Index to Exhibits |
|-----------------------|
|                  |
| 1.1                   | Bye-laws of Credicorp Ltd., incorporated herein by reference to Exhibit 1.1 to Credicorp’s Annual Report on Form 20-F dated June 30, 2005 |
|                  |   |
| 1.2                   | Memorandum of Association of Credicorp Ltd., incorporated herein by reference to Exhibit 1.2 to Credicorp’s Annual Report on Form 20-F dated June 27, 2003 |
|                  |   |
| 8                     | List of Subsidiaries, incorporated herein by reference to Exhibit 8 to Credicorp’s Annual Report on Form 20-F dated June 27, 2003 |
|                  |   |
| 12.1                  | Certification by the Chief Executive Officer Pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002 |
|                  |   |
| 12.2                  | Certification by the Chief Financial Officer Pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002 |
|                  |   |
| 13.1                  | Certification by the Chief Executive Officer Pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002 |
|                  |   |
| 13.2                  | Certification by the Chief Financial Officer Pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002 |

----

| CREDICORP LTD. |                    |
|----------------|-------------------------|
|           |                    |   |
| By:            | /s/ ALVARO CORREA       |   |
| Name:          | Alvaro Correa           |   |
| Title:         | Chief Financial Officer |   |

----

|   | 1.1    | Bye-laws of Credicorp Ltd., incorporated herein by reference to Exhibit 1.1 to Credicorp’s Annual Report on Form 20-F dated June 30, 2005                  |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                             |
|   | 1.2    | Memorandum of Association of Credicorp Ltd., incorporated herein by reference to Exhibit 1.2 to Credicorp’s Annual Report on Form 20-F dated June 27, 2003 |
|   |   |                                                                                                                                                             |
|   | 8      | List of Subsidiaries, incorporated herein by reference to Exhibit 8 to Credicorp’s Annual Report on Form 20-F dated June 27, 2003                          |
|   |   |                                                                                                                                                             |
|   | 12.1   | Certification by the Chief Executive Officer Pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002                                                      |
|   |   |                                                                                                                                                             |
|   | 12.2   | Certification by the Chief Financial and Accounting Officer Pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002                                       |
|   |   |                                                                                                                                                             |
|   | 13.1   | Certification by the Chief Executive Officer Pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002                                                      |
|   |   |                                                                                                                                                             |
|   | 13.2   | Certification by the Chief Financial and Accounting Officer Pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002                                       |

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