----

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**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**FORM      20-F**

|   | o | REGISTRATION STATEMENT              PURSUANT TO              SECTION 12(b) OR (g) OF THE SECURITIES              EXCHANGE ACT OF 1934 |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------|

|   | x | ANNUAL REPORT PURSUANT                TO SECTION                13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF 1934 |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------|

|   | o | TRANSITION REPORT PURSUANT                  TO                  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF 1934 |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | o | SHELL COMPANY REPORT                    PURSUANT TO                    SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE                    ACT OF 1934 |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------|

**CREDICORP      LTD.**

**BERMUDA**

**Calle      Centenario 156 **

**La      Molina**

**Lima      12, Perú**

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**Securities      registered or to be registered pursuant to Section 12(b) of the      Act.**

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

**Securities      registered or to be registered pursuant to Section 12(g) of the      Act.**

**Securities      for which there is a reporting obligation pursuant to Section 15(d) of the      Act.**

**Indicate      the number of outstanding shares of each of the issuer’s classes of capital or      common stock as of the close of the period covered by the annual      report.**

**Indicate      by check mark if the registrant is a well-known seasoned issuer, as defined      in      Rule 405 of the Securities Act. **

o

**If      this report is an annual or transition report, indicate by check mark if the      registrant is not required to file reports pursuant to Section 13 or 15(d)      of the Securities Exchange Act of 1934.**

Nox

**Indicate      by check mark whether the registrant (1) has filed all reports required to      be      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during      the      preceding 12 months (or for such shorter period that the registrant was required      to file such reports), and (2) has been subject to such filing requirements      for      the past 90 days.**

**Indicate      by check mark whether the registrant is a large accelerated filer, an      accelerated filer, or a non-accelerated filer. See definition of“accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange      Act. **

**Indicate      by check mark which financial statement item the registrant has elected to      follow.**

** **

**If      this is an annual report, indicate by check mark whether the registrant is      a      shell company (as defined in Rule 12b-2 of the Exchange Act).**

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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**                                                                  |    | **11** |
| **ITEM                5.**                                                       | **OPERATING                AND FINANCIAL REVIEW AND PROSPECTS**                                                |    | **89** |
| **ITEM                6.**                                                       | **DIRECTORS,                SENIOR MANAGEMENT AND EMPLOYEES**                                                  |    | **111** |
| **ITEM                7.**                                                       | **MAJOR                SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**                                           |    | **117** |
| **ITEM                8.**                                                       | **FINANCIAL                INFORMATION**                                                                       |    | **120** |
| **ITEM                9.**                                                       | **THE                OFFER AND LISTING**                                                                       |    | **122** |
| **ITEM                10.**                                                      | **ADDITIONAL                INFORMATION**                                                                      |    | **126** |
| **ITEM                11.**                                                      | **QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**                                  |    | **128** |
| **ITEM                12.**                                                      | **DESCRIPTION                OF SECURITIES OTHER THAN EQUITY SECURITIES**                                      |    | **135** |
| **ITEM                13.**                                                      | **DEFAULTS,                DIVIDEND ARREARAGES AND DELINQUENCIES**                                             |    | **135** |
| **ITEM                14.**                                                      | **MATERIAL                MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF                PROCEEDS** |    | **135** |
| **ITEM                15.**                                                      | **CONTROLS                AND PROCEDURES**                                                                     |    | **135** |
| **ITEM                16A.**                                                     | **AUDIT                COMMITTEE FINANCIAL EXPERT**                                                            |    | **138** |
| **ITEM                16B.**                                                     | **CODE                OF ETHICS**                                                                              |    | **138** |
| **ITEM                16C.**                                                     | **PRINCIPAL                ACCOUNTANT FEES AND SERVICES**                                                      |    | **139** |
| **ITEM                16D.**                                                     | **EXEMPTIONS                FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**                                  |    | **140** |
| **ITEM                16E.**                                                     | **PURCHASES                OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED                PURCHASERS**       |    | **140** |
| **ITEM                17.**                                                      | **FINANCIAL                STATEMENTS**                                                                        |    | **141** |
| **ITEM                18.**                                                      | **FINANCIAL                STATEMENTS**                                                                        |    | **141** |
| **ITEM                19.**                                                      | **EXHIBITS**                                                                                                   |    | **142** |
|                                                                             |                                                                                                           |    |   |
| **SIGNATURES**                                                                   |                                                                                                           |    | **143** |
|                                                                             |                                                                                                           |    |   |
| **CREDICORP              CONSOLIDATED FINANCIAL STATEMENTS**                     |                                                                                                           | **F-1** |

----

**PRESENTATION      OF FINANCIAL INFORMATION**

----

**CAUTIONARY      STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS**

|  | · | 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. |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

----

**PART      I**

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

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

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

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

----

**SELECTED      FINANCIAL DATA**

|                                                                                                                             |   | **Year                ended December 31,**                                                                                   |       |
|----------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                             |   | **2002**                                                                                                                          |       | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                                                                                                             |   | *(U.S.                Dollars in thousands, except percentages, ratios, and per common                share                data)* |       |
| **INCOME                STATEMENT DATA:****IFRS:**                                                                               |   |                                                                                                                              |       |   |   |   |   |   |   |   |   |
| Interest                income                                                                                                   |   |                                                                                                                              | US$531,874 |   |   | US$548,285 |   |   | US$542,842 |   |   | US$612,432 |   |   | US$782,002 |   |
| Interest                expense                                                                                                  |   |                                                                                                                              | (178,070   | ) |   | (163,580 | ) |   | (160,298 | ) |   | (173,159 | ) |   | (283,478 | ) |
| Net                interest income                                                                                               |   |                                                                                                                              | 353,804    |   |   | 384,705 |   |   | 382,544 |   |   | 439,273 |   |   | 498,524 |   |
| Provision                for loan losses (1)                                                                                     |   |                                                                                                                              | (99,596    | ) |   | (66,421 | ) |   | (16,131 | ) |   | 6,356 |   |   | 4,243 |   |
| Net                interest income after provision for loan losses                                                               |   |                                                                                                                              | 254,208    |   |   | 318,284 |   |   | 366,413 |   |   | 445,629 |   |   | 502,767 |   |
| Fees                and commissions from banking services                                                                        |   |                                                                                                                              | 177,305    |   |   | 189,472 |   |   | 201,474 |   |   | 206,163 |   |   | 243,778 |   |
| Net                gains (losses) from sales of securities                                                                       |   |                                                                                                                              | (1,097     | ) |   | 3,235 |   |   | 10,135 |   |   | 8,965 |   |   | 27,281 |   |
| Net                gains on foreign exchange transactions                                                                        |   |                                                                                                                              | 22,582     |   |   | 23,681 |   |   | 24,165 |   |   | 29,286 |   |   | 41,638 |   |
| Net                premiums earned                                                                                               |   |                                                                                                                              | 125,218    |   |   | 125,115 |   |   | 192,672 |   |   | 218,955 |   |   | 251,261 |   |
| Other                income                                                                                                      |   |                                                                                                                              | 11,651     |   |   | 23,227 |   |   | 8,105 |   |   | 21,571 |   |   | 26,197 |   |
| Claims                on insurance activities                                                                                    |   |                                                                                                                              | (97,901    | ) |   | (99,774 | ) |   | (154,325 | ) |   | (175,500 | ) |   | (186,522 | ) |
| Operating                expenses                                                                                                |   |                                                                                                                              | (404,186   | ) |   | (430,373 | ) |   | (459,928 | ) |   | (477,073 | ) |   | (585,058 | ) |
| Merger                costs                                                                                                      |   |                                                                                                                              | 0          |   |   | (18,587 | ) |   | (3,742 | ) |   | 0 |   |   | (5,706 | ) |
| Income                before translation result and income tax                                                                   |   |                                                                                                                              | 87,780     |   |   | 134,280 |   |   | 184,969 |   |   | 277,996 |   |   | 315,636 |   |
| Translation                result                                                                                                |   |                                                                                                                              | (2,482     | ) |   | (3,675 | ) |   | 2,040 |   |   | (9,597 | ) |   | 15,216 |   |
| Income                tax                                                                                                        |   |                                                                                                                              | (32,628    | ) |   | (39,695 | ) |   | (45,497 | ) |   | (73,546 | ) |   | (83,587 | ) |
| Net                income                                                                                                        |   |                                                                                                                              | 52,670     |   |   | 90,910 |   |   | 141,512 |   |   | 194,853 |   |   | 247,265 |   |
| Net                income attributable to Credicorp’s equity holders                                                       |   |                                                                                                                              | 42,383     |   |   | 80,607 |   |   | 130,747 |   |   | 181,885 |   |   | 230,013 |   |
| Minority                interests                                                                                                |   |                                                                                                                              | 10,287     |   |   | 10,303 |   |   | 10,765 |   |   | 12,968 |   |   | 17,252 |   |
| Net                income per Common Share attributable to Credicorp’s equity holders                (2)                   |   |                                                                                                                              | 0.53       |   |   | 1.01 |   |   | 1.64 |   |   | 2.28 |   |   | 2.88 |   |
| Cash                dividends declared per Common Share                                                                          |   |                                                                                                                              | 0.30       |   |   | 0.40 |   |   | 0.80 |   |   | 1.10 |   |   | 1.30 |   |
| **U.S.                GAAP:**                                                                                                    |   |                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (3)                                                                                                    |   |                                                                                                                              | 44,238     |   |   | 85,710 |   |   | 122,454 |   |   | 230,123 |   |   | 175,024 |   |
| Net                income per Common Share (2),(3)                                                                               |   |                                                                                                                              | 0.55       |   |   | 1.07 |   |   | 1.54 |   |   | 2.89 |   |   | 2.19 |   |
| **BALANCE                SHEET DATA:****IFRS:**                                                                                  |   |                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                assets                                                                                                      |   |                                                                                                                              | 8,629,631  |   |   | 8,321,783 |   |   | 9,087,560 |   |   | 11,036,075 |   |   | 12,881,529 |   |
| Total                loans (4)                                                                                                   |   |                                                                                                                              | 4,817,663  |   |   | 4,481,496 |   |   | 4,559,018 |   |   | 4,972,975 |   |   | 5,877,361 |   |
| Reserves                for loan losses (1)                                                                                      |   |                                                                                                                              | (424,031   | ) |   | (326,677 | ) |   | (271,873 | ) |   | (218,636 | ) |   | (210,586 | ) |
| Total                deposits                                                                                                    |   |                                                                                                                              | 6,381,200  |   |   | 5,976,506 |   |   | 6,270,972 |   |   | 7,067,754 |   |   | 8,799,134 |   |
| Equity                attributable to Credicorp's equity holders                                                                 |   |                                                                                                                              | 823,800    |   |   | 910,730 |   |   | 1,065,197 |   |   | 1,190,440 |   |   | 1,396,822 |   |
| Minority                interest                                                                                                 |   |                                                                                                                              | 64,742     |   |   | 72,841 |   |   | 85,253 |   |   | 101,515 |   |   | 136,946 |   |
| Equity                                                                                                                           |   |                                                                                                                              | 888,542    |   |   | 983,571 |   |   | 1,150,450 |   |   | 1,291,955 |   |   | 1,533,768 |   |
| **U.S.                GAAP:**                                                                                                    |   |                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders’                equity                                                                                        |   |                                                                                                                              | 826,833    |   |   | 917,986 |   |   | 1,077,306 |   |   | 1,202,549 |   |   | 1,403,944 |   |
| **SELECTED                RATIOS:****IFRS:**                                                                                     |   |                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                interest margin (5)                                                                                           |   |                                                                                                                              | 5.07       | % |   | 5.15 | % |   | 4.85 | % |   | 4.90 | % |   | 4.64 | % |
| Return                on average total assets (6)                                                                                |   |                                                                                                                              | 0.52       |   |   | 0.95 |   |   | 1.50 |   |   | 1.81 |   |   | 1.92 |   |
| Return                on average equity attributable to Credicorp's equity holders                (7)                            |   |                                                                                                                              | 5.23       |   |   | 9.27 |   |   | 13.55 |   |   | 16.39 |   |   | 18.47 |   |
| Operating                expenses as a percentage of net interest and non-interest                income (8)                     |   |                                                                                                                              | 52.78      |   |   | 50.66 |   |   | 49.18 |   |   | 46.25 |   |   | 50.26 |   |
| Operating                expenses as a percentage of average assets                                                              |   |                                                                                                                              | 4.99       |   |   | 5.08 |   |   | 5.28 |   |   | 4.74 |   |   | 4.89 |   |
| Equity                attributable to Credicorp’s equity holders as a percentage of period end                total assets |   |                                                                                                                              | 9.55       |   |   | 10.94 |   |   | 11.72 |   |   | 10.79 |   |   | 10.84 |   |
| Regulatory                capital as a percentage of risk-weighted assets                (9)                                     |   |                                                                                                                              | 14.38      |   |   | 15.28 |   |   | 14.04 |   |   | 13.10 |   |   | 11.98 |   |
| Total                past due loan amounts as a percentage of total loans                (10)                                    |   |                                                                                                                              | 8.43       |   |   | 5.72 |   |   | 3.49 |   |   | 1.93 |   |   | 1.31 |   |
| Reserves                for loan losses as a percentage of total loans                                                           |   |                                                                                                                              | 8.80       |   |   | 7.29 |   |   | 5.96 |   |   | 3.97 |   |   | 3.24 |   |
| Reserves                for loan losses as a percentage of total loans and                other contingent credits (11)          |   |                                                                                                                              | 6.57       |   |   | 5.38 |   |   | 4.99 |   |   | 3.19 |   |   | 2.59 |   |
| Reserves                for loan losses as a percentage of total past due                loans (12)                              |   |                                                                                                                              | 104.41     |   |   | 127.50 |   |   | 170.93 |   |   | 206.22 |   |   | 247.85 |   |
| Reserves                for loan losses as a percentage of substandard loans                (13)                                 |   |                                                                                                                              | 51.81      |   |   | 50.26 |   |   | 54.11 |   |   | 65.42 |   |   | 78.24 |   |

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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) | Credicorp                has 100 million authorized common shares (“Common Shares”). As of December                31, 2006, Credicorp had issued 94.4 million Common Shares, of which                14.6                million are held by ASHC. Per Common Share data presented considers                net                outstanding shares (Common Shares net of shares held by BCP, ASHC                and PPS)                of 79.7 million in 2002 to 2006. See Notes 17 and 24 to the Credicorp                Consolidated Financial Statements. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (3) | As                explained in Note 29 paragraph (c) to Credicorp Consolidated Financial                Statements included elsewhere herein, net income and net income per                common                share have been restated from the year 2002 to 2005 due to the application                of EITF 96-15. As a result, the previous reported amounts have been                restated in increasing (decreasing) the net income reported by (in                thousands) US$(1,178), US$(880), US$(13,146) and US$48,238 for 2002,                2003,                2004 and 2005, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (4) | Net                of unearned interest, but prior to reserve for loan losses. In addition                to                loans outstanding, Credicorp had contingent loans of US$956.9 million,                US$782.9 million, US$889.1 million, US$1,220.9 million and US$1,455.4                million, as of December 31, 2002, 2003, 2004, 2005 and 2006, respectively.                See Note 20 to the Credicorp Consolidated Financial                Statements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (5) | 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (6) | Net                income as a percentage of average total assets, computed as the average                of                period-beginning and period-ending                balances. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (7) | Net                income as a percentage of average equity attributable to Credicorp ́s                equity holders, computed as the average of period-beginning and                period-ending balances. Calculated on a monthly                basis. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (8) | 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. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (9) | Regulatory                capital calculated in accordance with guidelines by the Basel Committee                on                Banking Regulations and Supervisory Practices of International Settlements                (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.” |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (10) | 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. 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                Payment Performance.” |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (11) | Other                contingent credits primarily consist of guarantees, stand-by letters                and                letters of credit. See Note 20 to the Credicorp Consolidated Financial                Statements. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (12) | 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 includes reserves with respect                to total                loans and other credits. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (13) | 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.” |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Exchange      Rates**

| **Year                ended December 31,** |   | **High(1)**                                             |   | **Low(1)** |   | **Average(2)** |   | **Period-end(3)** |   |
|--------------------------------------------|--------|---------------------------------------------------------|--------|------------|--------|----------------|--------|-------------------|--------|
|                                       |   | *(Nominal                Nuevos Soles per U.S. Dollar)* |   |
|                                       |   |                                                    |   |       |   |           |   |              |   |
| 2001                                       |   |                                                    | 3.623  |       |   | 3.435          |   |              | 3.508  |   |   | 3.446 |   |
| 2002                                       |   |                                                    | 3.644  |       |   | 3.435          |   |              | 3.460  |   |   | 3.520 |   |
| 2003                                       |   |                                                    | 3.496  |       |   | 3.463          |   |              | 3.477  |   |   | 3.464 |   |
| 2004                                       |   |                                                    | 3.500  |       |   | 3.283          |   |              | 3.410  |   |   | 3.283 |   |
| 2005                                       |   |                                                    | 3.440  |       |   | 3.249          |   |              | 3.295  |   |   | 3.420 |   |
| 2006                                       |   |                                                    | 3.455  |       |   | 3.195          |   |              | 3.274  |   |   | 3.195 |   |
|                                       |   |                                                    |   |       |   |           |   |              |   |   |   |   |   |

----

|   |   |
|--------|--------|
| (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)* |   |
| **2006**                             |   |                                                          |   |       |   |
| December                             |   |                                                          | 3.218  |       |   | 3.195 |   |
| **2007**                             |   |                                                          |   |       |   |   |   |
| January                              |   |                                                          | 3.203  |       |   | 3.187 |   |
| February                             |   |                                                          | 3.196  |       |   | 3.187 |   |
| March                                |   |                                                          | 3.188  |       |   | 3.182 |   |
| April                                |   |                                                          | 3.184  |       |   | 3.171 |   |
| May                                  |   |                                                          | 3.175  |       |   | 3.161 |   |
| June                (through June 8) |   |                                                          | 3.175  |       |   | 3.170 |   |

----

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

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

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

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

*The      Group’s geographic location exposes it to risk related to the Peruvian political      and economic conditions*

----

*Foreign      exchange fluctuations and exchange controls may adversely affect Credicorp’s      financial condition and results of operations*

----

*It      may be difficult to serve process on or enforce judgments against Credicorp      or      Credicorp’s principals residing outside of the United States*

*As      a      holding company, Credicorp’s ability to pay dividends to its shareholders and to      pay corporate expenses may be adversely affected by restrictions on its      subsidiaries to pay dividends to Credicorp*

----

*A      deterioration in the quality of our loan portfolio may adversely affect our      results of operations*

*We      are subject to banking regulation and supervision in Peru. Changes in the      regulatory framework in Peru could adversely affect our      business*

*Banco      Central de Reserva*

*We      are subject to insurance regulation in Peru. Changes in insurance regulations      may impact the ability of our insurance subsidiary to underwrite and price      risk      effectively and may adversely affect Credicorp’s operating performance and      financial condition*

----

*We      are facing increased competition that may impede our growth*

----

*Fluctuation      and volatility of capital markets and interest rates may decrease our net      income*

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

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

|                                         |   | **As                of and for the Year ended December 31, 2006**        |     |
|----------------------------------------------|--------|--------------------------------------------------------------------------|----------|
|                                         |   | **Total****Revenues**                                                    |     | **Operating****Income** |   | **Total****Assets** |   |
|                                         |   | *(U.S.                Dollars in millions)*     |     |
| Commercial                Banking            |   |                                                                     | US$975   |   |   | US$447 |   |   | US$11,090 |   |
| Insurance                                    |   |                                                                     | 316      |   |   | 115 |   |   | 989 |   |
| Pension                Fund Administration   |   |                                                                     | 23       |   |   | - |   |   | 227 |   |
| Investment                Banking and others |   |                                                                     | 58       |   |   | 1 |   |   | 576 |   |
| Credicorp                                    |   |                                                                     | US$1,372 |   |   | US$563 |   |   | US$12,882 |   |

----

** **

----

----

|                                                                                     |   | **As                of and for the Year ended December 31, 2006**(2) |   |
|------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|
|                                                                                     |   | **Total                Assets**                                           |   | **Total                Revenue** |   | **Net                Income****(Loss)** |   | **Shareholders’****Equity** |   |
| Banco                de Crédito del Perú                                       |   |                                                                      | 82.2   | % |   | 69.7 | % |   | 88.3 | % |   | 71.6 | % |
| Atlantic                Security Holding Corporation                                     |   |                                                                      | 8.1    | % |   | 4.6 | % |   | 14.6 | % |   | 7.2 | % |
| El                Pacífico-Peruano Suiza Compañía de Seguros y Reaseguros |   |                                                                      | 7.0    | % |   | 22.8 | % |   | 8.2 | % |   | 14.6 | % |
| Grupo                Crédito (1)                                                    |   |                                                                      | 2.4    | % |   | 2.4 | % |   | -5.8 | % |   | 14.3 | % |
| Others                (3)                                                                |   |                                                                      | 0.3    | % |   | 0.5 | % |   | -5.3 | % |   | -7.7 | % |

----

| (1) | Includes                Prima AFP and others. |
|-----|-----------------------------------------------|

| (2) | Percentages                determined based on the Credicorp Consolidated Financial                Statements. |
|-----|----------------------------------------------------------------------------------------------------------------|

| (3) | Includes                Credicorp Securities Inc. and                others. |
|-----|------------------------------------------------------------------------------|

|                                                    |   | **As                of and for the Year ended December 31, 2006(2)** |   |
|---------------------------------------------------------|--------|----------------------------------------------------------------------|--------|
|                                                    |   | **Total                Assets**                                      |   | **Total                Revenue** |   | **Net                Income****(Loss)** |   | **Shareholders’****Equity** |   |
| Banco                de Crédito del Perú      |   |                                                                 | 91.0   | % |   | 89.2 | % |   | 81.0 | % |   | 82.7 | % |
| Banco                de Crédito de Bolivia         |   |                                                                 | 5.8    | % |   | 6.2 | % |   | 6.3 | % |   | 7.4 | % |
| Crédito                Leasing S.A.                |   |                                                                 | 2.4    | % |   | 2.0 | % |   | 4.1 | % |   | 2.5 | % |
| Financiera                de Crédito Solucion      |   |                                                                 | 0.3    | % |   | 0.2 | % |   | 0.6 | % |   | 0.6 | % |
| Credifondo                S.A.                          |   |                                                                 | 0.1    | % |   | 1.1 | % |   | 3.3 | % |   | 1.9 | % |
| Credibolsa                Sociedad Agente de Bolsa S.A. |   |                                                                 | 0.1    | % |   | 0.5 | % |   | 1.1 | % |   | 0.6 | % |
| Others(3)                                               |   |                                                                 | 0.3    | % |   | 0.8 | % |   | 3.6 | % |   | 4.3 | % |

----

| (1) | Credicorp                  holds an additional 4.08%                  stake. |
|-----|------------------------------------------------------------------------------|

| (2) | Percentages                determined based on BCP’s consolidated financial statements as of and for                the year ended December 31, 2006. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes                Creditítulos S.A., Inmobiliaria BCP and                others. |
|-----|---------------------------------------------------------------------------------------------|

----

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

**(1)**
**Introduction      - Review of 2006**

----

----

*The      Insurance Business*

*e.g.*

----

|                                 |   | **2004**                                                        |   | **2005** |   | **2006** |   | **Variation                2006/2005** |   |
|--------------------------------------|--------|-----------------------------------------------------------------|--------|----------|--------|----------|--------|----------------------------------------|--------|
|                                 |   | *(U.S.                Dollars in millions, except percentages)* |   |
| BCP(1)                               |   |                                                            | 111.4  |     |   | 176.5    |   |                                   | 238.9  |   |   | 35.4 | % |
| ASCH                                 |   |                                                            | 13.3   |     |   | 13.5     |   |                                   | 15.4   |   |   | 14.1 | % |
| PPS                                  |   |                                                            | 9.6    |     |   | 5.6      |   |                                   | 14.5   |   |   | 158.9 | % |
| Grupo                Crédito(2) |   |                                                            | -3.6   |     |   | -13.7    |   |                                   | -38.8  |   |   | 183.2 | % |
| Total                                |   |                                                            | 130.7  |     |   | 181.9    |   |                                   | 230.0  |   |   | 26.4 | % |

----

| (1) | Includes                Banco de Crédito de Bolivia, which contributed US$14.1 million in 2006,                US$10.2 million in 2005 and US$4.8 million in                2004. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (2) | Includes                Prima AFP (which recorded losses of US$20.7 million in 2006 and US$7.6                million in 2005), Credicorp Securities, Credicorp Ltd. holding company,                which mainly includes tax withheld in connection with the distribution                of                dividends to Credicorp by its Peruvian subsidiaries (BCP and PPS),                and                others. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**(2)**
**Strategy**

|   | · | expanding                the banking business (BCP, BCB) through strong retail and transactional                business expansion; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | restructuring                the insurance business (PPS); |
|--------|--------|------------------------------------------------------------|

|   | · | positioning                of Prima AFP, the pension fund management business;                and |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | · | improving                the management of the assets held by Credicorp’s companies. |
|--------|--------|--------------------------------------------------------------------------------------------|

*Banking      Business*

*Banco      de Crédito del Perú - BCP*

|   | · | Focusing                on all retail sector products                offered; |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | Increasing                banking penetration (investing in the development of innovative channels                and specifically tailored                products); |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Focusing                on income from transactional services;                and |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | Investing                in simplifying processes and strengthening the security of support                systems. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

*Insurance      Business*

*Pacífico      Peruano Suiza - PPS*

|   | · | Cost                control, to increase profitability by                area; |
|--------|--------|--------------------------------------------------------------------------------|

----

|   | · | Designing                new products for the retail sector extracting better                margins; |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | Focusing                on differentiation through excellence in service; and |
|--------|--------|-------------------------------------------------------------------------------|

|  | · | Pursuing                know-how synergies between the insurance business (with its AIG partner),                the distribution business (with BCP), and the management of investments                and information (with the Credicorp group’s asset management database). |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Asset      Management Business*

*Prima      AFP*

*Outlook      for 2007*

*Prioritizing      Retail banking*

----

*Asset      Management*

*Insurance*

*Risk      Management *

**(3)**
**Credicorp      Operating Groups **

----

|   | · | Portfolio                Management: Credicorp seeks to consolidate the good performance of                its                portfolios and funds through strict risk control and an appropriate                level                of diversification. To achieve this, it focuses on improving three                key                aspects: investment policies, investment processes and management                metrics. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Financial                Management: Credicorp focuses 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.                Credicorp’s objective is to improve the standards of the advisory services                that the commercial bank offers and to distinguish between the levels                of                advisory services provided to different                sectors. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Brokerage:                Credicorp attempts to provide a timely and high quality service,                offering                competitive execution costs, channeling a greater proportion of the                assets                traded by the group’s 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: Credicorp seeks 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 risk analysis is setting corporate investment limits,                creating a portfolio investments risk manual, and ensuring strict                compliance with risk control rules. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*i.e.*

**(4)**
**BCP      and Subsidiaries**

**(i)**
**General**

----

| **Before**                     |   | **After**                     |
|--------------------------------|--------|-------------------------------|
| Sales                *(US$MM)* |   | Group                         |   | Sales                *(US$MM)* |   | Group |
| Up                to 0.3       |   | Micro-business                |   | Until                0.3 |   | Micro-business |
| From                0.3 to 1   |   | Small                Business |   | From                0.3 to 1.5 |   | Small                Business |
| From                1 to 15    |   | Middle                market  |   | From                1.5 to 30 |   | Middle                market |
| Higher                than 15  |   | Corporate                     |   | Higher                than 30 |   | Corporate |

*Subsidiaries*

|   | · | Banco                de Crédito de Bolivia is BCP’s commercial bank in Bolivia. BCP owns 96% of                BCB and Credicorp holds the remaining interest. BCB initiated operations                under the BCP umbrella in February 1994. In July 1998, BCB absorbed                Banco                de la Paz’s operations for US$140 million, making BCB the fourth                largest bank in Bolivia. In May 1999, BCB acquired the portfolio                of Banco                Boliviano Americano for US$116 million and became Bolivia’s second                largest bank. Currently, BCB is the fourth largest bank in Bolivia                in                terms of market share and has a network of 57 offices located throughout                Bolivia. BCB owns one of Bolivia’s largest brokerage houses, Credibolsa                S.A. Agente de Bolsa. BCP targets middle- and small-sized clients                and                offers a broad range of corporate, personal banking and leasing products.                Credicorp’s total direct and indirect investment in Bolivia is currently                delimited to be US$70 million. BCB’s results are consolidated in                BCP’s financial statements. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Credibolsa                Sociedad Agente de Bolsa (“Credibolsa”) was established in June 1991 and                is fully owned by BCP. It is engaged in portfolio advisory and brokerage                activities in the Lima Stock                Exchange. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Credileasing                offers a large variety of financial leasing products. Credileasing                was                established in July 1996 and is 100% owned by                BCP. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Credifondo                Sociedad Administradora de Fondos Mutuos (“Credifondo”) is a mutual fund                management company, established in 1994. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Creditítulos                (“Creditítulos”) was established in 1997 and is fully owned by BCP. The                company serves as an asset securitization                entity. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Inmobiliaria                BCP is the real estate subsidiary of BCP. This subsidiary was created                to                manage and promote the sale of real estate that had been foreclosed                or                received in payment by BCP. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**(ii)**
**Wholesale      Banking Group**

|   | · | Corporate                Banking, which provides loans and other credit services to companies                with                annual revenues in excess of US$15 million (US$30 million beginning                February 2007); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | International                Trade Finance, which manages BCP’s relationship with financial                institutions abroad; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 non-profit organizations,                state-owned companies and other major institutions; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

*Corporate      Banking*

*Middle      Market Banking *

----

|   | · | 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. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Institutional      Banking*

*International      Trade Finance*

----

*Corporate      Finance*

----

*Leasing*

*Business      Services*

**(iii)**
**Retail      Banking Group**

----

*Exclusive      Banking*

*Small      Business Banking and Micro Business Banking (SME)*

*i.e.*

----

*Consumer      Banking*

*Mortgage      Lending*

----

*Credit      Cards*

----

**(iv)**
**Service      Banking Group**

** **

**(v)**
**Capital      Markets Group**

----

*Trading      and Brokerage Services*

*Treasury,      Foreign Exchange and Proprietary Trading*

----

*Asset      Management*

*Trust,      Custody and Securitization Services*

**(vi)**
**Lending      Policies and Procedures**

----

| In                US$ thousands     |   | Risk                without collateral or with only personal collateral or                guarantee |                           | Risk                with preferred guarantees (1) |   | Years                          |   |
|-------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------|--------|--------------------------------|--------|
| Board                of Directors   |   |                                                                                                | No                credit limit |                                              |   | No                credit limit |   |   | No                credit limit |   |
| Executive                Committee  |   |                                                                                                | 60,000                         |                                              |   | 60,000                         |   |   | 15 |   |
| General                Manager      |   |                                                                                                | 15,000                         |                                              |   | 30,000                         |   |   | 15 |   |
| Credit                Group Manager |   |                                                                                                | 7,500                          |                                              |   | 15,000                         |   |   | 15 |   |
| Credit                Risk Manager  |   |                                                                                                | 4,000                          |                                              |   | 8,000                          |   |   | 10 |   |
| Credit                Risk Chiefs   |   |                                                                                                | 1,000                          |                                              |   | 3,000                          |   |   | 10 |   |
|                                |

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

----

**(vii)**
**Deposits**

**(viii)**
**Support      Areas**

----

** **

*Information      Technology*

----

*The      ECO Program*

*CMMI*

----

*Centenario      Technological Center*

*Marketing*

*Generating      Value*

*Quality      in Service*

----

**(ix)**
**Anti      Money Laundering Policies**

**(x)**
**Employees      **

**(5)**
**Atlantic      Security Holding Corporation**

----

----

**(6)**
**Pacífico      Peruano Suiza**

----

**(i)**
**Underwriting,      Clients and Reinsurance**

**(ii)**
**Claims      and Reserves**

*i.e.*

----

**(iii)**
**Investment      Portfolio**

----

**(7)**
**Grupo      Crédito/Prima AFP**

----

**(8)**
**Competition**

|   | **(i)** | **Banking** |
|--------|---------|-------------|

----

| **Major                Peruvian Banks as of December 31, 2006** |   | **Assets** |   | **Deposits** |   | **Loans** |   |
|-----------------------------------------------------------------|--------|------------|--------|--------------|--------|-----------|---|
| BCP                                                             |   |       | 36.1   | %            |   | 36.2      | % |   | 30.5 | % |
| Banco                Continental                                |   |       | 23.6   | %            |   | 24.5      | % |   | 27.2 | % |
| Scotiabank                Perú                             |   |       | 16.8   | %            |   | 16.7      | % |   | 16.3 | % |
| Interbank                                                       |   |       | 9.4    | %            |   | 9.8       | % |   | 9.3 | % |
| Citibank                                                        |   |       | 3..7   | %            |   | 2.9       | % |   | 4.2 | % |

----

|   | **(ii)** | **Capital                Markets** |
|--------|----------|------------------------------------|

----

|   | **(iii)** | **Other                Financial Institutions** |
|--------|-----------|-------------------------------------------------|

|   | **(iv)** | **Insurance** |
|--------|----------|---------------|

**(9)**
**Peruvian      Government and Economy**

----

|   | **(i)** | **Peruvian                Government** |
|--------|---------|----------------------------------------|

*coups      d’état*

*Sendero      Luminoso*
*Movimiento      Revolucionario Tupac Amaru*

----

***President***

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

----

----

----

**(10)**
**The      Peruvian Financial System**

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

----

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

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

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

*Banks*

----

*Finance      Companies*

*Other      Financial Institutions*

*Insurance      Companies*

----

**(11)**
**Supervision      and Regulation**

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

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

*Overview*

----

*Authority      of the SBS*

*Central      de Riesgos*

*Management      of Operational Risk*

----

*Capital      Adequacy Requirements*

----

*Legal      Reserve Requirements*

*Provisions      for Loan Losses*

*Provisions      for Country Risk*

*Central      Bank Reserve Requirements*

*encaje*

----

*Lending      Activities*

----

*Related      Party Transactions*

*i.e.*

*Ownership      Restrictions*

*Risk      Rating*

----

*Deposit      Fund*

*Fondo      de Seguro de Depósitos*

*Intervention      by the SBS*

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

*General*

----

*Continuing      Requirements*

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

*Ley      de Bancos y Entidades Financieras*
*Superintendencia      de Pensiones, Valores y Seguros*
*Ley      del Mercado de Valores*

----

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

*Overview*

*Establishment      of an Insurance Company*

*Solvency      Requirements*

*Legal      Reserve Requirements*

----

*Reserve      Requirements*

*Investment      Requirements*

*Related      Party Transactions*

*Ownership      Restrictions*

**(12)**
**Selected      Statistical Information**

----

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

*Real      Average Interest Rates*

|  |
|--|

*i.e.*

----

**Average      Balance Sheets**

**Assets,      Interest Earned and Average Interest Rates**

|                                               |   | **Year                  ended December 31,**                  |      |
|----------------------------------------------------|--------|--------------------------------------------------------------------|-----------|
|                                                    |   | **2004**                                                           |           | **2005** |  | **2006** |  |
|                                                    |   | **Average****Balance**                                             |      | **Interest****Earned** |   | **Real                  Avg.****Rate** |   | **Nominal                  Avg.****Rate** |   | **Average****Balance** |   | **Interest****Earned** |   | **Real                  Avg.****Rate** |   | **Nominal                  Avg. Rate** |   | **Average****Balance** |   | **Interest****Earned** |   | **Real                  Avg.****Rate** |   | **Nominal****Avg.                  Rate** |   |
|                                               |   | *(U.S.                  Dollars in thousands, except percentages)* |
| **ASSETS:**                                        |   |                                                               |
| *Interest-earning                  assets:*        |   |                                                                    |
| Deposits                  in Central Bank          |   |                                                          |      |    |   |    |   |    |   |    |   |    |   |    |   |    |   |    |   |    |   |    |   |   |   |
| Nuevos                  Soles                      |   |                                                               | US$5,892  |   |   | US$11 |   |   | -3.20 | % |   | 0.19 | % |   | US$5,361 |   |   | US$50 |  |   | -0.55 | % |   | 0.93 | % |   | US$13,346 |   |   | US$157 |   |   | 0.16 | % |   | 1.18 | % |
| Foreign                  Currency                  |   |                                                               | 1,031,626 |   |   | 15,346 |   |   | 1.49 |   |   | 1.49 |   |   | 1,118,471 |   |   | 24,004 |   |   | 2.15 |   |   | 2.15 |   |   | 1,763,854 |   |   | 56,813 |   |   | 3.22 |   |   | 3.22 |   |
| Total                                              |   |                                                               | 1,037,518 |   |   | 15,357 |   |   | 1.46 |   |   | 1.48 |   |   | 1,123,832 |   |   | 24,054 |   |   | 2.13 |   |   | 2.14 |   |   | 1,777,200 |   |   | 56,970 |   |   | 3.20 |   |   | 3.21 |   |
| Deposits                  in other banks           |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 17,895    |   |   | 791 |   |   | 0.89 |   |   | 4.42 |   |   | 31,926 |   |   | 1,073 |   |   | 1.84 |   |   | 3.36 |   |   | 43,684 |   |   | 1,762 |   |   | 2.99 |   |   | 4.03 |   |
| Foreign                  Currency                  |   |                                                               | 416,413   |   |   | 3,998 |   |   | 0.96 |   |   | 0.96 |   |   | 443,948 |   |   | 12,000 |   |   | 2.70 |   |   | 2.70 |   |   | 711,694 |   |   | 35,154 |   |   | 4.94 |   |   | 4.94 |   |
| Total                                              |   |                                                               | 434,308   |   |   | 4,789 |   |   | 0.96 |   |   | 1.10 |   |   | 475,874 |   |   | 13,073 |   |   | 2.65 |   |   | 2.75 |   |   | 755,378 |   |   | 36,916 |   |   | 4.83 |   |   | 4.89 |   |
| Investment                  securities             |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 560,910   |   |   | 21,547 |   |   | 0.33 |   |   | 3.84 |   |   | 1,221,669 |   |   | 51,222 |   |   | 2.66 |   |   | 4.19 |   |   | 985,054 |   |   | 51,545 |   |   | 4.18 |   |   | 5.23 |   |
| Foreign                  Currency                  |   |                                                               | 1,186,002 |   |   | 72,356 |   |   | 6.10 |   |   | 6.10 |   |   | 1,290,919 |   |   | 73,138 |   |   | 5.67 |   |   | 5.67 |   |   | 1,589,978 |   |   | 89,760 |   |   | 5.65 |   |   | 5.65 |   |
| Total                                              |   |                                                               | 1,746,912 |   |   | 93,903 |   |   | 4.25 |   |   | 5.38 |   |   | 2,512,588 |   |   | 124,360 |   |   | 4.21 |   |   | 4.95 |   |   | 2,575,032 |   |   | 141,305 |   |   | 5.08 |   |   | 5.49 |   |
| Total                  loans (1)                   |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 691,749   |   |   | 119,512 |   |   | 13.31 |   |   | 17.28 |   |   | 831,393 |   |   | 132,692 |   |   | 14.26 |   |   | 15.96 |   |   | 1,307,784 |   |   | 178,469 |   |   | 12.51 |   |   | 13.65 |   |
| Foreign                  Currency                  |   |                                                               | 3,823,383 |   |   | 307,025 |   |   | 8.03 |   |   | 8.03 |   |   | 3,888,576 |   |   | 314,700 |   |   | 8.09 |   |   | 8.09 |   |   | 4,104,477 |   |   | 359,202 |   |   | 8.75 |   |   | 8.75 |   |
| Total                                              |   |                                                               | 4,515,132 |   |   | 426,537 |   |   | 8.84 |   |   | 9.45 |   |   | 4,719,969 |   |   | 447,392 |   |   | 9.18 |   |   | 9.48 |   |   | 5,412,261 |   |   | 537,671 |   |   | 9.66 |   |   | 9.93 |   |
| Total                  dividend-earning assets     |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 99,098    |   |   | 833 |   |   | -2.57 |   |   | 0.84 |   |   | 65,234 |   |   | 2,252 |   |   | 1.93 |   |   | 3.45 |   |   | 119,106 |   |   | 6,171 |   |   | 4.13 |   |   | 5.18 |   |
| Foreign                  Currency                  |   |                                                               | 62,237    |   |   | 1,423 |   |   | 2.29 |   |   | 2.29 |   |   | 65,511 |   |   | 1,301 |   |   | 1.99 |   |   | 1.99 |   |   | 109,129 |   |   | 2,970 |   |   | 2.72 |   |   | 2.72 |   |
| Total                                              |   |                                                               | 161,335   |   |   | 2,256 |   |   | -0.70 |   |   | 1.40 |   |   | 130,745 |   |   | 3,553 |   |   | 1.96 |   |   | 2.72 |   |   | 228,235 |   |   | 9,141 |   |   | 3.46 |   |   | 4.01 |   |
| Total                  interest-earning assets     |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 1,375,544 |   |   | 142,694 |   |   | 6.64 |   |   | 10.37 |   |   | 2,155,583 |   |   | 187,289 |   |   | 7.09 |   |   | 8.69 |   |   | 2,468,974 |   |   | 238,104 |   |   | 8.55 |   |   | 9.64 |   |
| Foreign                  Currency                  |   |                                                               | 6,519,661 |   |   | 400,148 |   |   | 6.14 |   |   | 6.14 |   |   | 6,807,425 |   |   | 425,143 |   |   | 6.25 |   |   | 6.25 |   |   | 8,279,132 |   |   | 543,899 |   |   | 6.57 |   |   | 6.57 |   |
| Total                                              |   |                                                               | 7,895,205 |   |   | 542,842 |   |   | 6.23 |   |   | 6.88 |   |   | 8,963,008 |   |   | 612,432 |   |   | 6.45 |   |   | 6.83 |   |   | 10,748,106 |   |   | 782,003 |   |   | 7.02 |   |   | 7.28 |   |
| *Noninterest-earning                  assets:*     |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  and due from banks           |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 98,764    |   |   |   |   |   |   |   |   |   |   |   | 135,168 |   |   |   |   |   |   |   |   |   |   |   | 168,332 |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                  |   |                                                               | 161,976   |   |   |   |   |   |   |   |   |   |   |   | 179,250 |   |   |   |   |   |   |   |   |   |   |   | 200,523 |   |   |   |   |   |   |   |   |   |   |
| Total                                              |   |                                                               | 260,740   |   |   |   |   |   |   |   |   |   |   |   | 314,418 |   |   |   |   |   |   |   |   |   |   |   | 368,855 |   |   |   |   |   |   |   |   |   |   |
| Reserves                  for loan losses          |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | (40,008   | ) |   |   |   |   |   |   |   |   |   |   | (33,020 | ) |   |   |   |   |   |   |   |   |   |   | (33,859 | ) |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                  |   |                                                               | (242,115  | ) |   |   |   |   |   |   |   |   |   |   | (191,132 | ) |   |   |   |   |   |   |   |   |   |   | (167,337 | ) |   |   |   |   |   |   |   |   |   |
| Total                                              |   |                                                               | (282,123  | ) |   |   |   |   |   |   |   |   |   |   | (224,152 | ) |   |   |   |   |   |   |   |   |   |   | (201,196 | ) |   |   |   |   |   |   |   |   |   |
| Premises                  and equipment            |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 195,230   |   |   |   |   |   |   |   |   |   |   |   | 177,012 |   |   |   |   |   |   |   |   |   |   |   | 165,610 |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                  |   |                                                               | 57,960    |   |   |   |   |   |   |   |   |   |   |   | 66,559 |   |   |   |   |   |   |   |   |   |   |   | 79,281 |   |   |   |   |   |   |   |   |   |   |
| Total                                              |   |                                                               | 253,190   |   |   |   |   |   |   |   |   |   |   |   | 243,571 |   |   |   |   |   |   |   |   |   |   |   | 244,891 |   |   |   |   |   |   |   |   |   |   |
| Other                  non-interest-earning assets |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 175,316   |   |   |   |   |   |   |   |   |   |   |   | 141,397 |   |   |   |   |   |   |   |   |   |   |   | 84,716 |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                  |   |                                                               | 261,810   |   |   |   |   |   |   |   |   |   |   |   | 320,424 |   |   |   |   |   |   |   |   |   |   |   | 412,659 |   |   |   |   |   |   |   |   |   |   |
| Total                                              |   |                                                               | 437,126   |   |   |   |   |   |   |   |   |   |   |   | 461,821 |   |   |   |   |   |   |   |   |   |   |   | 497,375 |   |   |   |   |   |   |   |   |   |   |
| Total                  non-interest-earning assets |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 429,301   |   |   |   |   |   |   |   |   |   |   |   | 420,557 |   |   |   |   |   |   |   |   |   |   |   | 384,799 |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                  |   |                                                               | 239,630   |   |   |   |   |   |   |   |   |   |   |   | 375,101 |   |   |   |   |   |   |   |   |   |   |   | 525,126 |   |   |   |   |   |   |   |   |   |   |
| Total                                              |   |                                                               | 668,931   |   |   |   |   |   |   |   |   |   |   |   | 795,658 |   |   |   |   |   |   |   |   |   |   |   | 909,925 |   |   |   |   |   |   |   |   |   |   |
| Total                  average assets              |   |                                                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                      |   |                                                               | 1,804,845 |   |   | 142,694 |   |   | 4.26 |   |   | 7.91 |   |   | 2,576,140 |   |   | 187,289 |   |   | 5.70 |   |   | 7.27 |   |   | 2,853,773 |   |   | 238,104 |   |   | 7.26 |   |   | 8.34 |   |
| Foreign                  Currency                  |   |                                                               | 6,759,291 |   |   | 400,148 |   |   | 5.92 |   |   | 5.92 |   |   | 7,182,526 |   |   | 425,143 |   |   | 5.92 |   |   | 5.92 |   |   | 8,804,258 |   |   | 543,899 |   |   | 6.18 |   |   | 6.18 |   |
| Total                                              |   |                                                               | 8,564,136 |   |   | 542,842 |   |   | 5.57 |   |   | 6.34 |   |   | 9,758,666 |   |   | 612,432 |   |   | 5.86 |   |   | 6.28 |   |   | 11,658,031 |   |   | 782,003 |   |   | 6.44 |   |   | 6.71 |   |

----

| (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. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Average      Balance Sheets**

**Liabilities,      Interest Paid and Average Interest Rates**

|                                                                                |   | **Year                  ended December 31,**                        |       |
|-------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|------------|
|                                                                                |   | **2004**                                                                 |       | **2005** |   | **2006** |   |
|                                                                                     |   | **Average****Balance**                                                   |       | **Interest****Paid** |   | **Real****Avg.                  Rate** |   | **Nominal****Avg.                  Rate** |   | **Average****Balance** |   | **Interest****Paid** |   | **Real                  Avg.****Rate** |   | **Nominal                  Avg. Rate** |   | **Average****Balance** |   | **Interest****Paid** |   | **Real                  Avg.****Rate** |   | **Nominal                  Avg. Rate** |   |
|                                                                                |   | *(U.S.                  Dollars in thousands, except percentages)*  |
| **LIABILITIES**                                                                     |   |                                                                     |
| *Interest-bearing                  liabilities:*                                    |   |                                                                          |
| Demand                  deposits                                                    |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles(1)                                                    |   |                                                                     | US$349,584 |  |  | 2,911 |  |  | -2.58 | % |  | 0.83 | % |  | US$641,920 |  |  | US$6,056 |  |  | -0.54 | % |  | 0.94 | % |  | US$776,964 |  |  | US$8,631 |  |  | 0.10 | % |  | 1.11 | % |
| Foreign                  Currency(1)                                                |   |                                                                     | 758,990    |   |   | 1,873 |   |   | 0.25 |   |   | 0.25 |   |   | 926,710 |   |   | 10,861 |   |   | 1.17 |   |   | 1.17 |   |   | 1,512,284 |   |   | 16,150 |   |   | 1.07 |   |   | 1.07 |   |
| Total                                                                               |   |                                                                     | 1,108,574  |   |   | 4,784 |   |   | -0.64 |   |   | 0.43 |   |   | 1,568,630 |   |   | 16,917 |   |   | 0.47 |   |   | 1.08 |   |   | 2,289,248 |   |   | 24,781 |   |   | 0.74 |   |   | 1.08 |   |
| Savings                  deposits                                                   |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles(1)                                                    |   |                                                                     | 277,051    |   |   | 2,476 |   |   | -2.52 |   |   | 0.89 |   |   | 452,826 |   |   | 3,495 |   |   | -0.71 |   |   | 0.77 |   |   | 518,859 |   |   | 4,917 |   |   | -0.06 |   |   | 0.95 |   |
| Foreign                  Currency(1)                                                |   |                                                                     | 1,024,073  |   |   | 3,740 |   |   | 0.37 |   |   | 0.37 |   |   | 1,118,117 |   |   | 5,739 |   |   | 0.51 |   |   | 0.51 |   |   | 1,238,890 |   |   | 7,919 |   |   | 0.64 |   |   | 0.64 |   |
| Total                                                                               |   |                                                                     | 1,301,124  |   |   | 6,216 |   |   | -0.25 |   |   | 0.48 |   |   | 1,570,943 |   |   | 9,234 |   |   | 0.16 |   |   | 0.59 |   |   | 1,757,749 |   |   | 12,836 |   |   | 0.43 |   |   | 0.73 |   |
| Time                  deposits                                                      |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles(1)                                                    |   |                                                                     | 426,074    |   |   | 17,094 |   |   | 0.49 |   |   | 4.01 |   |   | 562,148 |   |   | 24,300 |   |   | 2.79 |   |   | 4.32 |   |   | 709,208 |   |   | 36,221 |   |   | 4.05 |   |   | 5.11 |   |
| Foreign                  Currency(1)                                                |   |                                                                     | 2,210,780  |   |   | 67,871 |   |   | 3.07 |   |   | 3.07 |   |   | 2,944,558 |   |   | 76,954 |   |   | 2.61 |   |   | 2.61 |   |   | 3,068,947 |   |   | 124,344 |   |   | 4.05 |   |   | 4.05 |   |
| Total                                                                               |   |                                                                     | 2,636,854  |   |   | 84,965 |   |   | 2.65 |   |   | 3.22 |   |   | 3,506,706 |   |   | 101,254 |   |   | 2.64 |   |   | 2.89 |   |   | 3,778,155 |   |   | 160,565 |   |   | 4.05 |   |   | 4.25 |   |
| Due                  to banks and correspondents                                    |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | 134,280    |   |   | 11,257 |   |   | 4.72 |   |   | 8.38 |   |   | 159,892 |   |   | 3,162 |   |   | 0.48 |   |   | 1.98 |   |   | 249,212 |   |   | 14,870 |   |   | 4.91 |   |   | 5.97 |   |
| Foreign                  Currency                                                   |   |                                                                     | 539,268    |   |   | 25,425 |   |   | 4.71 |   |   | 4.71 |   |   | 448,419 |   |   | 18,260 |   |   | 4.07 |   |   | 4.07 |   |   | 865,365 |   |   | 45,143 |   |   | 5.22 |   |   | 5.22 |   |
| Total                                                                               |   |                                                                     | 673,548    |   |   | 36,682 |   |   | 4.72 |   |   | 5.45 |   |   | 608,311 |   |   | 21,422 |   |   | 3.13 |   |   | 3.52 |   |   | 1,114,577 |   |   | 60,013 |   |   | 5.15 |   |   | 5.38 |   |
| Bonds                                                                               |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | 122,006    |   |   | 9,658 |   |   | 4.27 |   |   | 7.92 |   |   | 122,521 |   |   | 9,655 |   |   | 6.30 |   |   | 7.88 |   |   | 153,178 |   |   | 11,041 |   |   | 6.13 |   |   | 7.21 |   |
| Foreign                  Currency                                                   |   |                                                                     | 298,816    |   |   | 17,993 |   |   | 6.02 |   |   | 6.02 |   |   | 295,821 |   |   | 14,677 |   |   | 4.96 |   |   | 4.96 |   |   | 292,984 |   |   | 14,242 |   |   | 4.86 |   |   | 4.86 |   |
| Total                                                                               |   |                                                                     | 420,822    |   |   | 27,651 |   |   | 5.51 |   |   | 6.57 |   |   | 418,342 |   |   | 24,332 |   |   | 5.35 |   |   | 5.82 |   |   | 446,162 |   |   | 25,283 |   |   | 5.30 |   |   | 5.67 |   |
| Total                  interest-bearing liabilities                                 |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | 1,308,995  |   |   | 43,396 |   |   | -0.18 |   |   | 3.32 |   |   | 1,939,307 |   |   | 46,668 |   |   | 0.90 |   |   | 2.41 |   |   | 2,407,421 |   |   | 75,680 |   |   | 2.11 |   |   | 3.14 |   |
| Foreign                  Currency                                                   |   |                                                                     | 4,831,927  |   |   | 116,902 |   |   | 2.42 |   |   | 2.42 |   |   | 5,733,625 |   |   | 126,491 |   |   | 2.21 |   |   | 2.21 |   |   | 6,978,470 |   |   | 207,798 |   |   | 2.98 |   |   | 2.98 |   |
| Total                                                                               |   |                                                                     | 6,140,922  |   |   | 160,298 |   |   | 1.87 |   |   | 2.61 |   |   | 7,672,932 |   |   | 173,159 |   |   | 1.88 |   |   | 2.26 |   |   | 9,385,891 |   |   | 283,478 |   |   | 2.76 |   |   | 3.02 |   |
| *Non-interest-bearing                  liabilities and shareholders’ equity:* |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                  liabilities                                                  |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | 45,773     |   |   |   |   |   |   |   |   |   |   |   | 108,140 |   |   |   |   |   |   |   |   |   |   |   | 56,016 |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                                                   |   |                                                                     | 1,334,980  |   |   |   |   |   |   |   |   |   |   |   | 770,712 |   |   |   |   |   |   |   |   |   |   |   | 862,715 |   |   |   |   |   |   |   |   |   |   |
| Total                                                                               |   |                                                                     | 1,380,753  |   |   |   |   |   |   |   |   |   |   |   | 878,852 |   |   |   |   |   |   |   |   |   |   |   | 918,731 |   |   |   |   |   |   |   |   |   |   |
| Equity                  attributable to Credicorp equity holders                    |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | —    |   |   |   |   |   |   |   |   |   |   |   | — |   |   |   |   |   |   |   |   |   |   |   | — |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                                                   |   |                                                                     | 967,288    |   |   |   |   |   |   |   |   |   |   |   | 1,133,773 |   |   |   |   |   |   |   |   |   |   |   | 1,247,195 |   |   |   |   |   |   |   |   |   |   |
| Total                                                                               |   |                                                                     | 967,288    |   |   |   |   |   |   |   |   |   |   |   | 1,133,773 |   |   |   |   |   |   |   |   |   |   |   | 1,247,195 |   |   |   |   |   |   |   |   |   |   |
| Minority                  Interest                                                  |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | —    |   |   |   |   |   |   |   |   |   |   |   | — |   |   |   |   |   |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                                                   |   |                                                                     | 75,173     |   |   |   |   |   |   |   |   |   |   |   | 93,109 |   |   |   |   |   |   |   |   |   |   |   | 106,214 |   |   |   |   |   |   |   |   |   |   |
| Total                                                                               |   |                                                                     | 75,173     |   |   |   |   |   |   |   |   |   |   |   | 93,109 |   |   |   |   |   |   |   |   |   |   |   | 106,214 |   |   |   |   |   |   |   |   |   |   |
| Total                  non-interest-bearing liabilities and  equity            |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | 45,773     |   |   |   |   |   |   |   |   |   |   |   | 108,140 |   |   |   |   |   |   |   |   |   |   |   | 56,016 |   |   |   |   |   |   |   |   |   |   |
| Foreign                  Currency                                                   |   |                                                                     | 2,377,441  |   |   |   |   |   |   |   |   |   |   |   | 1,977,594 |   |   |   |   |   |   |   |   |   |   |   | 2,216,124 |   |   |   |   |   |   |   |   |   |   |
| Total                                                                               |   |                                                                     | 2,423,214  |   |   |   |   |   |   |   |   |   |   |   | 2,085,734 |   |   |   |   |   |   |   |   |   |   |   | 2,272,140 |   |   |   |   |   |   |   |   |   |   |
| Total                  average liabilities and equity                          |   |                                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                       |   |                                                                     | 1,354,768  |   |   | 43,396 |   |   | -0.29 |   |   | 3.20 |   |   | 2,047,447 |   |   | 46,668 |   |   | 0.78 |   |   | 2.28 |   |   | 2,463,437 |   |   | 75,680 |   |   | 2.04 |   |   | 3.07 |   |
| Foreign                  Currency                                                   |   |                                                                     | 7,209,368  |   |   | 116,902 |   |   | 1.62 |   |   | 1.62 |   |   | 7,711,219 |   |   | 126,491 |   |   | 1.64 |   |   | 1.64 |   |   | 9,194,594 |   |   | 207,798 |   |   | 2.20 |   |   | 2.26 |   |
| Total                                                                               |   |                                                                     | 8,564,136  |   |   | 160,298 |   |   | 1.32 |   |   | 1.87 |   |   | 9,758,666 |   |   | 173,159 |   |   | 1.46 |   |   | 1.77 |   |   | 11,658,031 |   |   | 283,478 |   |   | 2.21 |   |   | 2.43 |   |

----

----

*Changes      in Net Interest Income and Expense: Volume and Rate Analysis*

|                                                                              |   | **2005/2004**                                                   |   | **2006/2005**                                                   |   |
|-----------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|--------|-----------------------------------------------------------------|--------|
|                                                                              |   | **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                                                     |   |                                                            | (1     | )                                                               |   | 40 |   |   | 39 |   |   | 74 |   |   | 33 |   |   | 107 |   |
| Foreign                  Currency                                                 |   |                                                            | 1,292  |                                                            |   | 7,366 |   |   | 8,658 |   |   | 13,851 |   |   | 18,958 |   |   | 32,809 |   |
| Total                                                                             |   |                                                            | 1,291  |                                                            |   | 7,406 |   |   | 8,697 |   |   | 13,925 |   |   | 18,991 |   |   | 32,916 |   |
| Deposits                  in other banks                                          |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 620    |                                                            |   | (338 | ) |   | 282 |   |   | 395 |   |   | 294 |   |   | 689 |   |
| Foreign                  Currency                                                 |   |                                                            | 264    |                                                            |   | 7,738 |   |   | 8,002 |   |   | 7,237 |   |   | 15,917 |   |   | 23,154 |   |
| Total                                                                             |   |                                                            | 884    |                                                            |   | 7,400 |   |   | 8,284 |   |   | 7,632 |   |   | 16,211 |   |   | 23,843 |   |
| Investment                  securities                                            |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 25,383 |                                                            |   | 4,292 |   |   | 29,675 |   |   | (9,921 | ) |   | 10,244 |   |   | 323 |   |
| Foreign                  Currency                                                 |   |                                                            | 6,401  |                                                            |   | (5,619 | ) |   | 782 |   |   | 16,943 |   |   | (321 | ) |   | 16,622 |   |
| Total                                                                             |   |                                                            | 31,784 |                                                            |   | (1,327 | ) |   | 30,457 |   |   | 7,022 |   |   | 9,923 |   |   | 16,945 |   |
| Total                  loans(1)                                                   |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 24,126 |                                                            |   | (10,946 | ) |   | 13,180 |   |   | 76,033 |   |   | (30,256 | ) |   | 45,777 |   |
| Foreign                  Currency                                                 |   |                                                            | 5,235  |                                                            |   | 2,440 |   |   | 7,675 |   |   | 17,473 |   |   | 27,029 |   |   | 44,502 |   |
| Total                                                                             |   |                                                            | 29,361 |                                                            |   | (8,506 | ) |   | 20,855 |   |   | 93,506 |   |   | (3,227 | ) |   | 90,279 |   |
| Total                  dividend-earning assets                                    |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | (285   | )                                                               |   | 1,704 |   |   | 1,419 |   |   | 1,860 |   |   | 2,059 |   |   | 3,919 |   |
| Foreign                  Currency                                                 |   |                                                            | 75     |                                                            |   | (197 | ) |   | (122 | ) |   | 866 |   |   | 803 |   |   | 1,669 |   |
| Total                                                                             |   |                                                            | (210   | )                                                               |   | 1,507 |   |   | 1,297 |   |   | 2,726 |   |   | 2,862 |   |   | 5,588 |   |
| Total                  interest-earning assets                                    |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 80,918 |                                                            |   | (36,323 | ) |   | 44,595 |   |   | 27,229 |   |   | 23,586 |   |   | 50,815 |   |
| Foreign                  Currency                                                 |   |                                                            | 17.662 |                                                            |   | 7,333 |   |   | 24,995 |   |   | 91,912 |   |   | 26,844 |   |   | 118,756 |   |
| Total                                                                             |   |                                                            | 98,580 |                                                            |   | (28,990 | ) |   | 69,590 |   |   | 119,141 |   |   | 50,430 |   |   | 169,571 |   |
| **Interest                  Expense:**                                            |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand                  deposits                                                  |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 2,434  |                                                            |   | 711 |   |   | 3,145 |   |   | 1,274 |   |   | 1,301 |   |   | 2,575 |   |
| Foreign                  Currency                                                 |   |                                                            | 414    |                                                            |   | 8,574 |   |   | 8,988 |   |   | 6,863 |   |   | (1,574 | ) |   | 5,289 |   |
| Total                                                                             |   |                                                            | 2,848  |                                                            |   | 9,285 |   |   | 12,133 |   |   | 8,137 |   |   | (273 | ) |   | 7,864 |   |
| Savings                  deposits                                                 |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 1,571  |                                                            |   | (552 | ) |   | 1,019 |   |   | 510 |   |   | 912 |   |   | 1,422 |   |
| Foreign                  Currency                                                 |   |                                                            | 343    |                                                            |   | 1,656 |   |   | 1,999 |   |   | 620 |   |   | 1,560 |   |   | 2,180 |   |
| Total                                                                             |   |                                                            | 1,914  |                                                            |   | 1,104 |   |   | 3,018 |   |   | 1,130 |   |   | 2,472 |   |   | 3,602 |   |
| Time                  deposits                                                    |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 5,459  |                                                            |   | 1,747 |   |   | 7,206 |   |   | 6,357 |   |   | 5,564 |   |   | 11,921 |   |
| Foreign                  Currency                                                 |   |                                                            | 22,527 |                                                            |   | (13,444 | ) |   | 9,083 |   |   | 3,251 |   |   | 44,139 |   |   | 47,390 |   |
| Total                                                                             |   |                                                            | 27,986 |                                                            |   | (11,697 | ) |   | 16,289 |   |   | 9,608 |   |   | 49,703 |   |   | 59,311 |   |
| Due                  to banks and correspondentsand                  issued bonds |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 2,147  |                                                            |   | (10,242 | ) |   | (8,095 | ) |   | 1,766 |   |   | 9,942 |   |   | 11,708 |   |
| Foreign                  Currency                                                 |   |                                                            | (4,283 | )                                                               |   | (2,882 | ) |   | (7,165 | ) |   | 16,978 |   |   | 9,905 |   |   | 26,883 |   |
| Total                                                                             |   |                                                            | (2,136 | )                                                               |   | (13,124 | ) |   | (15,260 | ) |   | 18,744 |   |   | 19,847 |   |   | 38,591 |   |
| Bonds                                                                             |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 41     |                                                            |   | (44 | ) |   | (3 | ) |   | 2,416 |   |   | (1,030 | ) |   | 1,386 |   |
| Foreign                  Currency                                                 |   |                                                            | (180   | )                                                               |   | (3,136 | ) |   | (3,316 | ) |   | (141 | ) |   | (294 | ) |   | (435 | ) |
| Total                                                                             |   |                                                            | (139   | )                                                               |   | (3,180 | ) |   | (3,319 | ) |   | 2,275 |   |   | (1,324 | ) |   | 951 |   |
| Total                  interest-bearing liabilities                               |   |                                                            |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuevos                  Soles                                                     |   |                                                            | 20,896 |                                                            |   | (17,624 | ) |   | 3,272 |   |   | 11,265 |   |   | 17,747 |   |   | 29,012 |   |
| Foreign                  Currency                                                 |   |                                                            | 21,815 |                                                            |   | (12,226 | ) |   | 9,589 |   |   | 27,463 |   |   | 53,844 |   |   | 81,307 |   |
| Total                                                                             |   |                                                            | 42,711 |                                                            |   | (29,850 | ) |   | 12,861 |   |   | 38,728 |   |   | 71,591 |   |   | 110,319 |   |

----

| (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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Interest-Earning      Assets, Net Interest Margin and Yield Spread*

|                                             |   | **Year                  ended December 31,**                       |      |
|--------------------------------------------------|--------|--------------------------------------------------------------------|-----------|
|                                             |   | **2004**                                                           |      | **2005** |   | **2006** |   |
|                                             |   | *(U.S.                  Dollars in thousands, except percentages)* |      |
| Average                  interest-earning assets |   |                                                               |      |   |   |   |   |
| Nuevos                  Soles                    |   |                                                               | 1,375,544 |   |   | 2,155,583 |   |   | 2,468,974 |   |
| Foreign                  Currency                |   |                                                               | 6,519,661 |   |   | 6,807,425 |   |   | 8,279,132 |   |
| Total                                            |   |                                                               | 7,895,205 |   |   | 8,963,008 |   |   | 10,748,106 |   |
| Net                  interest income             |   |                                                               |      |   |   |   |   |   |   |   |
| Nuevos                  Soles                    |   |                                                               | 99,298    |   |   | 140,621 |   |   | 162,424 |   |
| Foreign                  Currency                |   |                                                               | 283,246   |   |   | 298,652 |   |   | 336,101 |   |
| Total                                            |   |                                                               | 382,544   |   |   | 439,273 |   |   | 498,525 |   |
| Gross                  yield (1)                 |   |                                                               |      |   |   |   |   |   |   |   |
| Nuevos                  Soles                    |   |                                                               | 10.37     | % |   | 8.69 | % |   | 9.64 | % |
| Foreign                  Currency                |   |                                                               | 6.14      | % |   | 6.25 | % |   | 6.57 | % |
| Weighted-average                  rate           |   |                                                               | 6.88      | % |   | 6.83 | % |   | 7.28 | % |
| Net                  interest margin (2)         |   |                                                               |      |   |   |   |   |   |   |   |
| Nuevos                  Soles                    |   |                                                               | 7.22      | % |   | 6.52 | % |   | 6.58 | % |
| Foreign                  Currency                |   |                                                               | 4.34      | % |   | 4.39 | % |   | 4.06 | % |
| Weighted-average                  rate           |   |                                                               | 4.85      | % |   | 4.90 | % |   | 4.64 | % |
| Yield                  spread (3)                |   |                                                               |      |   |   |   |   |   |   |   |
| Nuevos                  Soles                    |   |                                                               | 7.06      | % |   | 6.28 | % |   | 6.50 | % |
| Foreign                  Currency                |   |                                                               | 3.72      | % |   | 4.04 | % |   | 3.59 | % |
| Weighted-average                  rate           |   |                                                               | 4.27      | % |   | 4.58 | % |   | 4.26 | % |

----

| (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. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Interest-Earning      Deposits With Other Banks*

|                                                  |   | **Year                  ended December 31,**   |      |
|-------------------------------------------------------|--------|------------------------------------------------|-----------|
|                                                  |   | **2004**                                       |      | **2005** |   | **2006** |   |
|                                                  |   | *(U.S.                  Dollars in thousands*) |      |
| Nuevo                  Sol-denominated:               |   |                                           |      |   |   |   |   |
| Peruvian                  Central Bank                |   |                                           | 17,142    |   |   | 1,224 |   |   | 53,163 |   |
| Commercial                  banks                     |   |                                           | 31,379    |   |   | 55,941 |   |   | 55,819 |   |
| Total                  Nuevo Sol-denominated          |   |                                           | 48,521    |   |   | 57,165 |   |   | 108,982 |   |
| Foreign                  Currency-denominated:        |   |                                           |      |   |   |   |   |   |   |   |
| Peruvian                  Central Bank (U.S. Dollars) |   |                                           | 1,085,349 |   |   | 1,597,929 |   |   | 1.355,155 |   |
| U.S.                  Dollars, other                  |   |                                           | 455,178   |   |   | 632,698 |   |   | 739,028 |   |
| Other                                                 |   |                                           | 4,852     |   |   | 8,076 |   |   | 55,506 |   |
| Total                  Foreign Currency-denominated   |   |                                           | 1,545,379 |   |   | 2,238,703 |   |   | 2,149,689 |   |
| Total                                                 |   |                                           | 1,593,900 |   |   | 2,295,868 |   |   | 2,258,671 |   |

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

|                                                 |   | **At                  December 31,**           |      |
|------------------------------------------------------|--------|------------------------------------------------|-----------|
|                                                 |   | **2004**                                       |      | **2005** |   | **2006** |   |
|                                                 |   | *(U.S.                  Dollars in thousands)* |      |
| **Nuevo                  Sol-denominated:**          |   |
| Peruvian                  government bonds           |   |                                           | 56,594    |   |   | 129,137 |   |   | 156,890 |   |
| Equity                  securities                   |   |                                           | 112,785   |   |   | 144,919 |   |   | 148,333 |   |
| Bonds                                                |   |                                           | 67,878    |   |   | 91,065 |   |   | 74,010 |   |
| Peruvian                  Central Bank certif. notes |   |                                           | 682,418   |   |   | 835,287 |   |   | 1,277,613 |   |
| Other                  investments                   |   |                                           | 5,994     |   |   | 40,287 |   |   | 264,112 |   |
| Total                  Nuevo Sol-denominated         |   |                                           | 925,669   |   |   | 1,240,695 |   |   | 1,920,958 |   |
| **Foreign                  Currency-denominated:**   |   |                                           |      |   |   |   |   |   |   |   |
| Equity                  securities                   |   |                                           | 68,573    |   |   | 63,332 |   |   | 102,543 |   |
| Bonds                                                |   |                                           | 610,402   |   |   | 891,666 |   |   | 1,114,211 |   |
| Investment                  in Peruvian debt         |   |                                           | 357,145   |   |   | 185,138 |   |   | 268,235 |   |
| Peruvian                  Central Bank certif. notes |   |                                           | —   |   |   | 310,528 |   |   | — |   |
| Other                  investment                    |   |                                           | 257,458   |   |   | 163,894 |   |   | 61,634 |   |
| Total                  Foreign Currency-denominated  |   |                                           | 1,293,578 |   |   | 1,614,558 |   |   | 1,546,623 |   |
|                                                 |   |                                           |      |   |   |   |   |   |   |   |
| Total                  securities holdings           |   |                                           | 2,219,247 |   |   | 2,855,253 |   |   | 3,467,581 |   |

----

----

|                                                            |   | **Within****1                  year**                              |         | **After                  1 year****but                  within****3years** |   | **Maturing                  After 3 years but within 5 years** |   | **Maturing                  After 5 years but within****10                  years** |       | **After                  10****Years** |   | **Total**  |   |
|-----------------------------------------------------------------|--------|--------------------------------------------------------------------|--------------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|------------|----------------------------------------|--------|------------|--------|
|                                                            |   | *(U.S.                  Dollars in thousands, except percentages)* |         |
| **Nuevo                  Sol-denominated:**                     |   |                                                               |         |                                                                       |   |                                                           |   |                                                                                |       |                                   |   |       |   |
| Peruvian                  government bonds                      |   |                                                               | US$1,725     |                                                                       |   | US$6,845                                                       |   |                                                                                | US$36,212  |                                   |   | US$29,816  |   |   | US$82,292 |   |   | US$156,890 |   |
| Equity                  securities (1)                          |   |                                                               | 148,333      |                                                                       |   | —                                                        |   |                                                                                | —    |                                   |   | —    |   |   | — |   |   | 148,333 |   |
| Bonds                  and debentures                           |   |                                                               | 12,843       |                                                                       |   | 22,362                                                         |   |                                                                                | 10,462     |                                   |   | 3,130      |   |   | 25,213 |   |   | 74,010 |   |
| Peruvian                  Central Bank certif. notes            |   |                                                               | 1,236,091    |                                                                       |   | 41,522                                                         |   |                                                                                | —    |                                   |   | —    |   |   | — |   |   | 1,277,613 |   |
| Other                  investments                              |   |                                                               | 241,681      |                                                                       |   | 5,718                                                          |   |                                                                                | 4,781      |                                   |   | —    |   |   | 11,932 |   |   | 264,112 |   |
| Total                  Nuevo Sol-denominated                    |   |                                                               | US$1,640,673 |                                                                       |   | US$76,447                                                      |   |                                                                                | US$51,455  |                                   |   | US$32,946  |   |   | US$119,437 |   |   | US$1,920,958 |   |
| **Foreign                  Currency-denominated:**              |   |                                                               |         |                                                                       |   |                                                           |   |                                                                                |       |                                   |   |       |   |   |   |   |   |   |   |
| Peruvian                  Government Bonds                      |   |                                                               | 1,475        |                                                                       |   | 24,034                                                         |   |                                                                                | 4,874      |                                   |   | 114,327    |   |   | 123,525 |   |   | 268,235 |   |
| Equity                  securities (1)                          |   |                                                               | 102,543      |                                                                       |   | —                                                        |   |                                                                                | —    |                                   |   | —    |   |   | — |   |   | 102,543 |   |
| Bonds                  Peruvian Central Bank certificates notes |   |                                                               | 160,131      |                                                                       |   | 342,635                                                        |   |                                                                                | 160,143    |                                   |   | 167,549    |   |   | 283,753 |   |   | 1,114,211 |   |
| Other                  investments                              |   |                                                               | 18,257       |                                                                       |   | 6,197                                                          |   |                                                                                | 12,334     |                                   |   | 18,292     |   |   | 6,554 |   |   | 61,634 |   |
| Total                  Foreign Currency-denominated             |   |                                                               | US$282,406   |                                                                       |   | US$372,866                                                     |   |                                                                                | US$177,351 |                                   |   | US$300,168 |   |   | US$413,832 |   |   | US$1,546,623 |   |
| Total                  securities holdings:                     |   |                                                               | US$1,923,079 |                                                                       |   | US$449,313                                                     |   |                                                                                | US$228,806 |                                   |   | US$333,114 |   |   | US$533,269 |   |   | US$3,467,581 |   |
|                                                            |   |                                                               |         |                                                                       |   |                                                           |   |                                                                                |       |                                   |   |       |   |   |   |   |   |   |   |
| Weighted                  average yield                         |   |                                                               |         |                                                                       |   |                                                           |   |                                                                                |       |                                   |   |       |   |   |   |   |   | 5.37 | % |

----

| (1) | Equity                securities in Credicorp’s trading account are categorized as maturing                within one year. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

----

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

*Loans      by Type of Loan*

|                                            |   |  **At                    December 31,**     |         |
|-------------------------------------------------|--------|--------------------------------------------------|--------------|
|                                            |   | **2002**                                         |         | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                            |   | *(U.S.                    Dollars in thousands)* |         |
| Loans                                           |   |                                             | US$3,268,103 |   |   | US$3,284,141 |   |   | US$3,507,831 |   |   | US$3,865,643 |   |   | US$4,662,730 |   |
| Leasing                    transactions         |   |                                             | 491,666      |   |   | 452,635 |   |   | 424,902 |   |   | 564,575 |   |   | 675,804 |   |
| Discounted                    notes             |   |                                             | 180,314      |   |   | 176,991 |   |   | 183,519 |   |   | 213,232 |   |   | 256,534 |   |
| Factoring                                       |   |                                             | 62,302       |   |   | 56,446 |   |   | 58,116 |   |   | 87,757 |   |   | 89,171 |   |
| Advances                    and overdrafts      |   |                                             | 169,132      |   |   | 45,827 |   |   | 48,506 |   |   | 49,283 |   |   | 84,262 |   |
| Refinanced                    loans             |   |                                             | 330,842      |   |   | 296,116 |   |   | 243,892 |   |   | 175,211 |   |   | 126,006 |   |
| Past                    due loans               |   |                                             | 406,135      |   |   | 256,208 |   |   | 159,057 |   |   | 95,769 |   |   | 76,770 |   |
| Unearned                    interest            |   |                                             | (90,831      | ) |   | (86,868 | ) |   | (66,805 | ) |   | (78,495 | ) |   | (93,916 | ) |
| Total                    loans:                 |   |                                             | US$4,817,663 |   |   | US$4,481,496 |   |   | US$4,559,018 |   |   | US$4,972,975 |   |   | US$5,877,361 |   |
| Total                    past due loans amounts |   |                                             | (406,135     | ) |   | (256,208 | ) |   | (159,057 | ) |   | (95,769 | ) |   | (76,770 | ) |
| Total                    performing loans       |   |                                             | US$4,411,528 |   |   | US$4,225,288 |   |   | US$4,399,961 |   |   | US$4,877,206 |   |   | US$5,800,591 |   |

*Loans:*

*Leasing      transactions:*

*Discounted      notes:*

*Factoring*

*Advances      and overdrafts:*

*Refinanced      loans:*
*Restructured      Loans*

*Past      due loans:*

----

*Loans      by Economic Activity*

|                                                                           |   | **At                    December 31,**                               |         |
|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------------|
|                                                                           |   | **2002**                                                             |         | **2003** |   | **2004** |   |
| Economic                    Activity                                           |   | Amount                                                               |         | %                    Total |   | Amount |   | %                    Total |   | Amount |   | %                    Total |   |
|                                                                           |   | *(U.S.                    Dollars in thousands, except percentages)* |         |
| Manufacturing                                                                  |   |                                                                 | US$1,592,191 |   |   | 33.05 | % |   | US$1,461,350 |   |   | 32.61 | % |   | US$1,376,874 |   |   | 30.20 | % |
| Consumer                    Loans (1)                                     |   |                                                                 | 522,998      |   |   | 10.86 |   |   | 1,033,881 |   |   | 23.07 |   |   | 1,187,378 |   |   | 26.04 |   |
| Commerce                                                                       |   |                                                                 | 617,491      |   |   | 12.82 |   |   | 560,052 |   |   | 12.50 |   |   | 523,574 |   |   | 11.48 |   |
| Realty                    Businesses andLeasing                    Services    |   |                                                                 | 281,753      |   |   | 5.85 |   |   | 233,506 |   |   | 5.21 |   |   | 224,745 |   |   | 4.93 |   |
| Mining                                                                         |   |                                                                 | 227,879      |   |   | 4.73 |   |   | 233,355 |   |   | 5.21 |   |   | 194,022 |   |   | 4.26 |   |
| Communication,                    Storageand                    Transportation |   |                                                                 | 209,174      |   |   | 4.34 |   |   | 189,612 |   |   | 4.23 |   |   | 181,018 |   |   | 3.97 |   |
| Electricity,                    Gas and Water                                  |   |                                                                 | 302,976      |   |   | 6.29 |   |   | 211,610 |   |   | 4.72 |   |   | 248,571 |   |   | 5.45 |   |
| Agriculture                                                                    |   |                                                                 | 158,500      |   |   | 3.29 |   |   | 142,697 |   |   | 3.18 |   |   | 160,167 |   |   | 3.51 |   |
| Fishing                                                                        |   |                                                                 | 104,604      |   |   | 2.17 |   |   | 90,786 |   |   | 2.03 |   |   | 68,604 |   |   | 1.50 |   |
| Financial                    Services                                          |   |                                                                 | 210,404      |   |   | 4.37 |   |   | 96,371 |   |   | 2.15 |   |   | 90,042 |   |   | 1.98 |   |
| Education,                    Health andOther                    Services      |   |                                                                 | 93,851       |   |   | 1.95 |   |   | 99,702 |   |   | 2.22 |   |   | 62,341 |   |   | 1.37 |   |
| Construction                                                                   |   |                                                                 | 86,632       |   |   | 1.80 |   |   | 70,676 |   |   | 1.58 |   |   | 72,879 |   |   | 1.60 |   |
| Others                    (2)                                                  |   |                                                                 | 500,041      |   |   | 10.38 |   |   | 144,766 |   |   | 3.23 |   |   | 235,608 |   |   | 5.17 |   |
| Sub                    total                                                   |   |                                                                 | 4,908,494    |   |   | 101.89 |   |   | 4,568,364 |   |   | 101.94 |   |   | 4,625,823 |   |   | 101.47 |   |
| Unearned                    interest                                           |   |                                                                 | (90,831      | ) |   | -1.89 |   |   | (86,868 | ) |   | -1.94 |   |   | (66,805 | ) |   | -1.47 |   |
| Total                                                                          |   |                                                                 | US$4,817,663 |   |   | 100.00 | % |   | US$4,481,496 |   |   | 100.00 | % |   | US$4,559,018 |   |   | 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** |   |
| **Economy                  Activity**                                      |   | **Amount**                                                         |         | **%                  Total** |   | **Amount** |   | **%                  Total** |   |
|                                                                       |   | *(U.S.                  Dollars in thousands, except percentages)* |         |
| Manufacturing                                                              |   |                                                               | US$1,430,559 |   |   | 28.77 | % |   | US$1,624,765 |   |   | 27.65 | % |
| Consumer                  Loans (1)                                        |   |                                                               | 1,364,910    |   |   | 27.45 |   |   | 1,729,682 |   |   | 29.43 |   |
| Commerce                                                                   |   |                                                               | 625,908      |   |   | 12.59 |   |   | 686,291 |   |   | 11.68 |   |
| Realty                  Businesses andLeasing                  Services    |   |                                                               | 216,095      |   |   | 4.35 |   |   | 236,445 |   |   | 5.16 |   |
| Mining                                                                     |   |                                                               | 223,156      |   |   | 4.49 |   |   | 303,238 |   |   | 4.36 |   |
| Communication,                  Storageand                  Transportation |   |                                                               | 210,002      |   |   | 4.22 |   |   | 255,730 |   |   | 2.55 |   |
| Electricity,                  Gas and Water                                |   |                                                               | 192,096      |   |   | 3.86 |   |   | 256,541 |   |   | 4.02 |   |
| Agriculture                                                                |   |                                                               | 153,410      |   |   | 3.08 |   |   | 150,020 |   |   | 2.79 |   |
| Fishing                                                                    |   |                                                               | 117,104      |   |   | 2.35 |   |   | 152,538 |   |   | 1.27 |   |
| Financial                  Services                                        |   |                                                               | 105,484      |   |   | 2.12 |   |   | 163,946 |   |   | 4.35 |   |
| Education,                  Health andOther                  Services      |   |                                                               | 69,468       |   |   | 1.40 |   |   | 75,376 |   |   | 1.28 |   |
| Construction                                                               |   |                                                               | 68,217       |   |   | 1.37 |   |   | 74,482 |   |   | 2.60 |   |
| Others                  (2)                                                |   |                                                               | 275,061      |   |   | 5.53 |   |   | 262,223 |   |   | 4.46 |   |
| Sub                  total                                                 |   |                                                               | 5,051,470    |   |   | 101.58 |   |   | 5,971,277 |   |   | 101.60 |   |
| Unearned                  interest                                         |   |                                                               | (78,495      | ) |   | -1.58 |   |   | (93,916 | ) |   | -1.60 |   |
| Total                                                                      |   |                                                               | US$4,972,975 |   |   | 100.00 | % |   | US$5,877,361 |   |   | 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. |
|-----|-----------------------------------------------------------------------------------------------------|

----

*Concentrations      of Loan Portfolio and Lending Limits*

----

*Loan      Portfolio Denomination*

|                                          |   | **At                  December 31,**                               |         |
|-----------------------------------------------|--------|--------------------------------------------------------------------|--------------|
|                                          |   | **2002**                                                           |         | **2003** |   | **2004** |   |
| Total                  loan portfolio:        |   | *(U.S.                  Dollars in thousands, except percentages)* |         |
| Nuevo                  Sol-denominated        |   |                                                               | US$677,506   |   |   | 14.06 | % |   | US$723,955 |   |   | 16.15 | % |   | US$662,058 |   |   | 14.52 | % |
| Foreign                  Currency-denominated |   |                                                               | 4,140,157    |   |   | 85.94 | % |   | 3,757,541 |   |   | 83.85 | % |   | 3,896,960 |   |   | 85.48 | % |
| Total                  loans                  |   |                                                               | US$4,817,663 |   |   | 100.00 | % |   | US$4,481,496 |   |   | 100.00 | % |   | US$4,559,018 |   |   | 100.00 | % |

|                                          |   | **At                  December 31,**                                     |         |
|-----------------------------------------------|--------|--------------------------------------------------------------------------|--------------|
|                                          |   | **2005**                                                            |         | **2006** |   |
| Total                  loan portfolio:        |   | *(U.S.                  Dollars in thousands, except percentages)*  |         |
| Nuevo                  Sol-denominated        |   |                                                                     | US$1,032,481 |   |   | 20.76 | % |   | US$1,492,681 |   |   | 25.40 | % |
| Foreign                  Currency-denominated |   |                                                                     | 3,940,494    |   |   | 79.24 | % |   | 4,384,680 |   |   | 74.60 | % |
| Total                  loans                  |   |                                                                     | US$4,972,975 |   |   | 100.00 | % |   | US$5,877,361 |   |   | 100.00 | % |

*Maturity      Composition of the Performing Loan Portfolio*

|                                                                            |   |                                                                    |         | **Maturing**              |   |
|---------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|--------------|---------------------------|--------|
|                                                                            |   | **Amount                  at****December                  31,****2006** |         | **Within****3****months** |   | **After                  3 months****but                  within****12                  months** |   | **After                  1 year****but                  within****3                  years** |   | **After                  3 years****but                  within****5                  years** |   | **After                  5****years** |   |
|                                                                            |   | *(U.S.                  Dollars in thousands, except percentages)*      |         |
|                                                                            |   |                                                                    |         |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                                           |   |                                                                    | US$4,662,730 |                      |   | US$1,939,902 |   |   | US$1,070,786 |   |   | US$493,145 |   |   | US$354,986 |   |   | US$803,911 |   |
| Leasing                  transactions                                           |   |                                                                    | 675,804      |                      |   | 135,036 |   |   | 137,211 |   |   | 276,230 |   |   | 97,490 |   |   | 29,837 |   |
| Discounted                  notes                                               |   |                                                                    | 256,534      |                      |   | 239,559 |   |   | 16,663 |   |   | 260 |   |   | 24 |   |   | 28 |   |
| Refinanced                  loans                                               |   |                                                                    | 126,006      |                      |   | 44,141 |   |   | 18,301 |   |   | 27,603 |   |   | 12,158 |   |   | 23,803 |   |
| Factoring                                                                       |   |                                                                    | 89,171       |                      |   | 88,836 |   |   | 335 |   |   | — |   |   | — |   |   | — |   |
| Advances                  and overdrafts                                        |   |                                                                    | 84,262       |                      |   | 81,375 |   |   | 2,566 |   |   | 220 |   |   | 60 |   |   | 41 |   |
| Total                                                                           |   |                                                                    | US$5,894,507 |                      |   | US$2,528,849 |   |   | US$1,245,862 |   |   | US$797,458 |   |   | US$464,718 |   |   | US$857,620 |   |
| Percentage                  of total performing loan                  portfolio |   |                                                                    | 100.00       | %                         |   | 42.90 | % |   | 21.14 | % |   | 13.53 | % |   | 7.88 | % |   | 14.55 | % |

----

*Interest      Rate Sensitivity of the Loan Portfolio*

|                                          |   | **Amount                  at December 31, 2006** |         | **Maturing                  After 1 year** |   |
|-----------------------------------------------|--------|--------------------------------------------------|--------------|--------------------------------------------|--------|
|                                          |   | *(U.S.                  Dollars in thousands)*   |         |
| **Variable                  Rate**            |   |                                             |         |                                       |   |
| Nuevo                  Sol-denominated        |   |                                                  | US$82,035    |                                       |   | US$109 |   |
| Foreign                  Currency-denominated |   |                                             | 860,633      |                                       |   | 68,700 |   |
| Total                                         |   |                                             | 942,668      |                                       |   | 68,809 |   |
|                                          |   |                                             |         |                                       |   |   |   |
| **Fixed                  Rate (2)**           |   |                                             |         |                                       |   |   |   |
| Nuevo                  Sol-denominated        |   |                                             | 1,410,646    |                                       |   | 289,825 |   |
| Foreign                  Currency-denominated |   |                                             | 3,524,047    |                                       |   | 1,761,162 |   |
| Total                                         |   |                                             | 4,934,693    |                                       |   | 2,050,987 |   |
|                                          |   |                                             |         |                                       |   |   |   |
| Total                  (1)                    |   |                                             | US$5,877,361 |                                       |   | US$2,119,796 |   |

----

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

| (2) | Most                of 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,**      |         |
|---------------------------------------------|--------|------------------------------------------------|--------------|
|                                        |   | **2002**                                       |         | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                        |   | *(U.S.                  Dollars in thousands)* |         |
| Commercial                  loans           |   |                                           | US$3,659,762 |   |   | US$3,308,112 |   |   | US$3,259,950 |   |   | US$3,252,018 |   |   | US$3,792,756 |   |
| Consumer                  loans             |   |                                           | 205,696      |   |   | 251,785 |   |   | 283,410 |   |   | 356,595 |   |   | 506,184 |   |
| Residential                  mortgage loans |   |                                           | 547,005      |   |   | 549,220 |   |   | 649,930 |   |   | 844,892 |   |   | 980,630 |   |
| Leasing                  transactions (1)   |   |                                           | 405,200      |   |   | 372,379 |   |   | 365,728 |   |   | 519,470 |   |   | 597,791 |   |
| Total                  performing loans     |   |                                           | US$4,817,663 |   |   | US$4,481,496 |   |  | US$4,559,018 |   |   | US$4,972,975 |   |   | US$5,877,361 |   |

----

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

*Class      “A.”*

----

*Class      “B.”*

*Class      “C.”*

*Class      “D.”*

----

*Class      “E.”*

|                                                |   | **At                  December 31,**                               |         |
|-----------------------------------------------------|--------|--------------------------------------------------------------------|--------------|
|                                                |   | **2002**                                                           |         | **2003** |   | **2004** |   |
| Level                        of Risk Classification |   | **Amount**                                                         |         | **%                  Total** |   | **Amount** |   | **%                  Total** |   | **Amount** |   | **%                  Total** |   |
|                                                |   | *(U.S.                  Dollars in thousands, except percentages)* |         |
| A:                  Normal (1)                      |   |                                                               | US$3,543,152 |   |   | 73.5 | % |   | US$3,393,833 |   |   | 75.7 | % |  | US$3,719,973 |   |   | 81.6 | % |
| B:                  Potential Problems              |   |                                                               | 456,056      |   |   | 9.5 |   |   | 437,682 |   |   | 9.8 |   |   | 336,619 |   |   | 7.4 |   |
| C:                  Substandard                     |   |                                                               | 334,423      |   |   | 6.9 |   |   | 240,316 |   |   | 5.4 |   |   | 195,062 |   |   | 4.3 |   |
| D:                  Doubtful                        |   |                                                               | 239,101      |   |   | 5.0 |   |   | 266,723 |   |   | 6.0 |   |   | 184,206 |   |   | 4.0 |   |
| E:                  Loss                            |   |                                                               | 244,931      |   |   | 5.1 |   |   | 142,942 |   |   | 3.1 |   |   | 123,158 |   |   | 2.7 |   |
| Total                                               |   |                                                               | US$4,817,663 |   |   | 100.00 | % |   | US$4,481,496 |   |   | 100.00 | % |   | US$4,559,018 |   |   | 100.0 | % |
| C+D+E                                               |   |                                                               | US$818,455   |   |   | 17.0 | % |   | US$649,981 |   |   | 14.5 | % |   | US$502,426 |   |   | 11.0 | % |

|                                            |   | **At                  December 31,** |         |
|-------------------------------------------------|--------|--------------------------------------|--------------|
|                                            |   | **2005**                             |         | **2006** |   |
| Level                    of Risk Classification |   | **Amount**                           |         | **%                  Total** |   | **Amount** |   | **%                  Total** |   |
| A:                  Normal (1)                  |   |                                 | US$4,273,719 |   |   | 85.9 | % |   | US$5,296,653 |   |   | 90.1 | % |
| B:                  Potential Problems          |   |                                 | 397,387      |   |   | 8.0 | % |   | 337,497 |   |   | 5.7 | % |
| C:                  Substandard                 |   |                                 | 82,858       |   |   | 1.7 | % |   | 62,192 |   |   | 1.1 | % |
| D:                  Doubtful                    |   |                                 | 146,898      |   |   | 3.0 | % |   | 122,215 |   |   | 2.1 | % |
| E:                  Loss                        |   |                                 | 72,113       |   |   | 1.4 | % |   | 58,804 |   |   | 1.0 | % |
| Total                                           |   |                                 | US$4,972,975 |   |   | 100.0 | % |   | US$5,877,361 |   |   | 100.0 | % |
| C+D+E                                           |   |                                 | US$301,869   |   |   | 6.1 | % |   | US$243,211 |   |   | 4.1 | % |

----

----

*Classification      of the Loan Portfolio Based on the Borrower’s Payment      Performance*

|                                                                                   |   | **At                  December 31,**                               |         |
|----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------------|
|                                                                                   |   | **2002**                                                           |         | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                                                                   |   | *(U.S.                  Dollars in thousands, except percentages)* |         |
| Current                                                                                |   |                                                               | US$4,411,528 |   |   | US$4,225,288 |   |   | US$4,399,961 |   |   | US$4,877,206 |   |   | US$5,800,591 |   |
| Past                  due:                                                             |   |                                                               |         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Overdue                  16-119 days                                                   |   |                                                               | 82,259       |   |   | 50,981 |   |   | 11,572 |   |   | 10,860 |   |   | 20,655 |   |
| Overdue                  120 days or more                                              |   |                                                               | 323,876      |   |   | 205,227 |   |   | 147,485 |   |   | 84,909 |   |   | 56,115 |   |
| Subtotal                                                                               |   |                                                               | US$406,135   |   |   | US$256,208 |   |   | US$159,057 |   |   | US$95,769 |   |   | US$76,770 |   |
| Total                  loans                                                           |   |                                                               | US$4,817,663 |   |   | US$4,481,496 |   |   | US$4,559,018 |   |   | US$4,972,975 |   |   | US$5,877,361 |   |
| Past                  due loan amounts as a percentage                  of total loans |   |                                                               | 8.43         | % |   | 5.72 | % |   | 3.49 | % |   | 1.93 | % |   | 1.31 | % |

----

*Past      Due Loan Portfolio*

|                                                        |   | **At                  December 31,**           |       |
|-------------------------------------------------------------|--------|------------------------------------------------|------------|
|                                                        |   | **2002**                                       |       | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
| **Past                  due loan amounts:**                 |   | *(U.S.                  Dollars in thousands)* |       |
| Loans                                                       |   |                                           | US$322,179 |   |   | US$194,761 |   |   | US$85,467 |   |   | US$63,889 |   |   | US$57,345 |   |
| Discounted                  notes                           |   |                                           | 4,513      |   |   | 1,531 |   |   | 776 |   |   | 1,124 |   |   | 596 |   |
| Advances                  and overdrafts in demand deposits |   |                                           | 7,892      |   |   | 3,400 |   |   | 4,157 |   |   | 3,412 |   |   | 1,844 |   |
| Leasing                  transactions                       |   |                                           | 17,231     |   |   | 8,716 |   |   | 9,387 |   |   | 6,412 |   |   | 5,237 |   |
| Refinanced                  loans                           |   |                                           | 54,320     |   |   | 47,800 |   |   | 59,270 |   |   | 20,932 |   |   | 11,748 |   |
| Total                  past due portfolio                   |   |                                           | US$406,135 |   |   | US$256,208 |   |   | US$159,057 |   |   | US$95,769 |   |   | US$76,770 |   |
| Less:                  Reserves for loan losses(1)          |   |                                           | US$424,031 |   |   | US$326,677 |   |   | US$271,873 |   |   | US$218,636 |   |   | US$210,586 |   |
| Total                  past due portfolio net of reserves   |   |                                           | (US$17,896 | ) |   | (US$70,469 | ) |   | (US$112,816 | ) |   | (US$122,867 | ) |   | (US$133,816 | ) |

----

**Loan      Loss Reserves**

|                                                                               |   | **Year                ended December 31,**   |       |
|------------------------------------------------------------------------------------|--------|----------------------------------------------|------------|
|                                                                               |   | **2002**                                     |       | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                                                               |   | *(U.S.                Dollars in thousands)* |       |
| Reserves                for loan losses atthe                beginning of the year |   |                                         | US$344,433 |   |   | US$424,031 |   |   | US$326,677 |   |   | US$271,873 |   |   | US$218,636 |   |
| Additional                provisions (reversals)                                   |   |                                         | 99,596     |   |   | 66,421 |   |   | 16,131 |   |   | (6,356 | ) |   | (4,243 | ) |
| Acquisitions                and transfers                                          |   |                                         | 122,841    |   |   | — |   |   | — |   |   | (9,024 | ) |   | — |   |
| Recoveries                of write-offs                                            |   |                                         | 12,050     |   |   | 17,416 |   |   | 32,287 |   |   | 35,032 |   |   | 44,284 |   |
| Write-offs                                                                         |   |                                         | (150,102   | ) |   | (185,688 | ) |   | (105,267 | ) |   | (71,405 | ) |   | (49,859 | ) |
| Monetary                correction and other                                       |   |                                         | (4,787     | ) |   | 4,497 |   |   | 2,045 |   |   | (1,484 | ) |   | 1,768 |   |
| Total                reserves for loan lossesat                the end of the year |   |                                         | US$424,031 |   |   | US$326,677 |   |   | US$271,873 |   |   | US$218,636 |   |   | US$210,586 |   |

*Other      liabilities*

----

*Allocation      of Loan Loss Reserves*

|                                        |   | **At                  December 31,**           |       |
|---------------------------------------------|--------|------------------------------------------------|------------|
|                                        |   | **2002**                                       |       | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                        |   | *(U.S.                  Dollars in thousands)* |
| Commercial                  loans           |   |                                           | US$388,809 |   |   | US$283,470 |   |   | US$228,554 |   |   | US$174,929 |   |   | US$170,755 |   |
| Consumer                  loans             |   |                                           | 14,879     |   |   | 14,479 |   |   | 14,079 |   |   | 16,433 |   |   | 16,717 |   |
| Residential                  mortgage loans |   |                                           | 13,521     |   |   | 24,414 |   |   | 21,375 |   |   | 14,291 |   |   | 20,522 |   |
| Leasing                  transactions       |   |                                           | 6,822      |   |   | 4,314 |   |   | 7,865 |   |   | 12,983 |   |   | 2,592 |   |
|                                        |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  reserves             |   |                                           | US$424,031 |   |   | US$326,677 |   |   | US$271,873 |   |   | US$218,636 |   |   | US$210,586 |   |

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

|                                               |   | **At                December 31,**           |         |
|----------------------------------------------------|--------|----------------------------------------------|--------------|
|                                               |   | **2004**                                     |         | **2005** |   | **2006** |   |
|                                               |   | *(U.S.                Dollars in thousands)* |         |
| Demand                deposits:                    |   |                                         |         |   |   |   |   |
| Nuevo                Sol-denominated               |   |                                         | US$507,924   |   |   | US$725,878 |   |   | US$996,246 |   |
| Foreign                Currency-denominated        |   |                                         | 1,242,353    |   |   | 1,075,436 |   |   | 1,796,187 |   |
| Total                                              |   |                                         | US$1,750,277 |   |   | US$1,801,314 |   |   | 2,792,433 |   |
| Savings                deposits:                   |   |                                         |         |   |   |   |   |   |   |   |
| Nuevo                Sol-denominated               |   |                                         | US$403,579   |   |   | US$483,695 |   |   | US$610,292 |   |
| Foreign                Currency-denominated        |   |                                         | 1,179,923    |   |   | 1,621,669 |   |   | 1,341,686 |   |
| Total                                              |   |                                         | US$1,583,502 |   |   | US$2,105,364 |   |   | US$1,951,978 |   |
| Time                deposits:                      |   |                                         |         |   |   |   |   |   |   |   |
| Nuevo                Sol-denominated               |   |                                         | US$431,741   |   |   | US$391,374 |   |   | US$862,901 |   |
| Foreign                Currency-denominated        |   |                                         | 1,920,459    |   |   | 2,068,533 |   |   | 2,355,256 |   |
| Total                                              |   |                                         | US$2,352,200 |   |   | US$2,459,907 |   |   | US$3,218,157 |   |
| Foreign                Currency Bank Certificates  |   |                                         |         |   |   |   |   |   |   |   |
| Foreign                Currency-denominated        |   |                                         | US$54,310    |   |   | US$46,378 |   |   | US$61,539 |   |
| Severance                Indemnity Deposits (CTS): |   |                                         |         |   |   |   |   |   |   |   |
| Nuevo                Sol-denominated               |   |                                         | US$47,986    |   |   | US$70,435 |   |   | US$103,282 |   |
| Foreign                Currency-denominated        |   |                                         | 482,697      |   |   | 584,356 |   |   | 671,745 |   |
| Total                                              |   |                                         | US$530,683   |   |   | US$654,791 |   |   | US$775,027 |   |
| Total                deposits:                     |   |                                         |         |   |   |   |   |   |   |   |
| Nuevo                Sol-denominated               |   |                                         | US$1,391,230 |   |   | US$1,671,382 |   |   | US$2,572,721 |   |
| Foreign                Currency-denominated        |   |                                         | 4,879,742    |   |   | 5,396,372 |   |   | 6,226,413 |   |
| Total                                              |   |                                              | US$6,270,972 |   |   | US$7,067,754 |   |   | US$8,799,134 |   |

----

|                                                  |   | **At                December 31, 2006**      |         |
|-------------------------------------------------------|--------|----------------------------------------------|--------------|
|                                                  |   | *(U.S.                Dollars in thousands)* |         |
| Certificates                of deposit:               |   |                                         |         |
| Maturing                within 30 days           |   |                                         | US$32,474    |   |
| Maturing                after 30 but within 60 days   |   |                                         | 876          |   |
| Maturing                after 60 but within 90 days   |   |                                         | 5,122        |   |
| Maturing                after 90 but within 180 days  |   |                                         | 5.570        |   |
| Maturing                after 180 but within 360 days |   |                                         | —      |   |
| Maturing                after 360 days                |   |                                         | 27,184       |   |
| Total                certificates of deposits         |   |                                         | US$71,226    |   |
| Time                deposits:                         |   |                                         |         |   |
| Maturing                within 30 days                |   |                                         | US$1,356,792 |   |
| Maturing                after 30 but within 60 days   |   |                                         | 378,776      |   |
| Maturing                after 60 but within 90 days   |   |                                         | 166,582      |   |
| Maturing                after 90 but within 180 days  |   |                                         | 321,409      |   |
| Maturing                after 180 but within 360 days |   |                                         | 300,195      |   |
| Maturing                after 360 days                |   |                                         | 127,608      |   |
| Total                time deposits                    |   |                                         | US$2,651,362 |   |
| Total                                                 |   |                                         | US$2,722,588 |   |

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

|                                                          |   | **At                December 31,** |   |
|---------------------------------------------------------------|--------|------------------------------------|--------|
|                                                          |   | **2004**                           |   | **2005** |   | **2006** |   |
|                                                          |   |                               |   |   |   |   |   |
| Return                on assets (1)                           |   |                               | 1.50   | % |   | 1.81 | % |   | 1.92 | % |
|                                                          |   |                               |   |   |   |   |   |   |   |   |
| Return                on equity (2)                           |   |                               | 13.55  | % |   | 16.39 | % |   | 18.47 | % |
|                                                          |   |                               |   |   |   |   |   |   |   |   |
| Dividend                payout ratio (3)                      |   |                               | 48.80  | % |   | 48.24 | % |   | 45.08 | % |
|                                                          |   |                               |   |   |   |   |   |   |   |   |
| Credicorp's                equity to assets ratio (4)         |   |                               | 11.29  | % |   | 11.41 | % |   | 10.70 | % |
|                                                          |   |                               |   |   |   |   |   |   |   |   |
| Shareholders’                equity to assets ratio (5) |   |                               | 10.42  | % |   | 10.46 | % |   | 9.79 | % |

----

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

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

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

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

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

----

**(vi)**
**Short-Term        Borrowings**

|                                       |   | **At                December 31,**           |       |
|--------------------------------------------|--------|----------------------------------------------|------------|
|                                       |   | **2004**                                     |       | **2005** |   | **2006** |   |
|                                       |   | *(U.S.                Dollars in thousands)* |       |
|                                       |   |                                         |       |   |   |   |   |
| Year-end                balance            |   |                                         | US$233,951 |   |   | US$878,237 |   |   | US$360,801 |   |
|                                       |   |                                         |       |   |   |   |   |   |   |   |
| Average                balance             |   |                                         | US$150,279 |   |   | US$307,930 |   |   | US$479,657 |   |
|                                       |   |                                         |       |   |   |   |   |   |   |   |
| Maximum                quarter-end balance |   |                                         | US$233,951 |   |   | US$878,237 |   |   | US$792,609 |   |
|                                       |   |                                         |       |   |   |   |   |   |   |   |
| Weighted                average nominal    |   |                                         |       |   |   |   |   |   |   |   |
| Year-end                interest rate      |   |                                         | 4.22       | % |   | 4.38 | % |   | 5.00 | % |
|                                       |   |                                         |       |   |   |   |   |   |   |   |
| Weighted                average nominal    |   |                                         |       |   |   |   |   |   |   |   |
| Interest                rate               |   |                                         | 3.83       | % |   | 4.69 | % |   | 4.81 | % |

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

*e.g.*

----

** **

----

*      Fondo de Garantía de Depósitos y Protección Bancaria*

** **

| **(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**

*Allowance      for loan losses*

----

*Investments*

----

*Derivative      financial instruments*

----

*Foreign      currency translation*

*Income      and expense recognition from banking activities*

----

*Recognition      of income and expenses of insurance activities *

----

*Use      of estimates *

**(2)**
**Historical      Discussion and Analysis**

----

*Results      of Operations for the Three Years Ended December 31, 2006*

|                                                                                         |   | **Year                ended December 31,**   |           |
|----------------------------------------------------------------------------------------------|--------|----------------------------------------------|----------------|
|                                                                                         |   | **2004**                                     |           | **2005** |   | **2006** |   |
|                                                                                         |   | *(U.S.                Dollars in thousands)* |           |
| Interest                income                                                          |   |                                         | US$542,842     |   |   | US$612,432 |   |   | US$782,002 |   |
| Interest                expense                                                              |   |                                         | (160,298       | ) |   | (173,159 | ) |   | (283.478 | ) |
| Net                interest income                                                           |   |                                         | US$382,544     |   |   | US$439,273 |   |   | US$498,524 |   |
| Provision                for loan losses                                                     |   |                                         | (16,131        | ) |   | 6,356 |   |   | 4,243 |   |
| Net                interest income after Provision                                           |   |                                         | US$366,413     |   |   | US$445,629 |   |   | US$502,767 |   |
| Noninterest                income                                                            |   |                                         | 243,879        |   |   | 265,985 |   |   | 338,894 |   |
| Insurance                premiums earned net ofclaims                on insurance activities |   |                                         | 38,347         |   |   | 43,455 |   |   | 64,739 |   |
| Other                expenses                                                                |   |                                         | (459,928       | ) |   | (477,073 | ) |   | (585,058 | ) |
| Merger                costs                                                                  |   |                                         | (3,742         | ) |   | — |   |   | (5,706 | ) |
| Income                before translation result and income tax                          |   |                                         | US$184,969     |   |   | US$277,996 |   |   | US$315,636 |   |
| Translation                result (loss) gain                                                |   |                                         | US$2,040       |   |   | US$(9,597 | ) |   | US$15,216 |   |
| Income                tax                                                                    |   |                                         | (45,497        | ) |   | (73,546 | ) |   | (83,587 | ) |
|  **Net                income**                                                          |   |                                         | **US$**141,512 |   |   | **US$**194,853 |   |   | **US$**247,265 |   |
| Net                income attributable to:                                                   |   |                                         |           |   |   |   |   |   |   |   |
| Credicorp ́s                shareholders                                            |   |                                         | 130,747        |   |   | 181,885 |   |   | 230,013 |   |
| Minority                interests                                                            |   |                                         | 10,765         |   |   | 12,968 |   |   | 17,252 |   |
| **Net                income**                                                                |   |                                         | **US$**141,512 |   |   | **US$**194,853 |   |   | **US$**247,265 |   |

*Net      Interest Income*

----

|                                                                        |   | **Year                ended December 31,**   |       |
|-----------------------------------------------------------------------------|--------|----------------------------------------------|------------|
|                                                                        |   | **2004**                                     |       | **2005** |   | **2006** |   |
|                                                                        |   | *(U.S.                Dollars in thousands)* |       |
|                                                                        |   |                                         |       |   |   |   |   |
| **Interest                income:**                                         |   |                                         |       |   |   |   |   |   |   |   |
| Loans                                                                       |   |                                         | US$426,537 |   |   | US$447,392 |   |   | US$537,670 |   |
| Deposits                in banks                                            |   |                                         | 4,789      |   |   | 13,073 |   |   | 36,916 |   |
| Deposits                in Central Bank                                     |   |                                         | 15,357     |   |   | 24,054 |   |   | 56,970 |   |
| Investment                securities and others                             |   |                                         | 93,903     |   |   | 124,360 |   |   | 141,305 |   |
| Dividends                                                                   |   |                                         | 2,256      |   |   | 3,553 |   |   | 9,141 |   |
| Total                interest income                                        |   |                                         | US$542,842 |   |   | US$612,432 |   |   | US$782,002 |   |
|                                                                        |   |                                         |       |   |   |   |   |   |   |   |
|                                                                        |   |                                         |       |   |   |   |   |   |   |   |
| **Interest                expense:**                                        |   |                                         |       |   |   |   |   |   |   |   |
| Saving                deposits                                              |   |                                         | US$6,216   |   |   | US$9,234 |   |   | US$12,836 |   |
| Time                deposits                                                |   |                                         | 84,965     |   |   | 101,254 |   |   | 160,565 |   |
| Issued                bonds                                                 |   |                                         | 27,651     |   |   | 24,332 |   |   | 25,283 |   |
| Borrowing                from other financial institutions and others  |   |                                         | 36,682     |   |   | 21,422 |   |   | 60,013 |   |
| Demand                deposits                                              |   |                                         | 4,784      |   |   | 16,917 |   |   | 24,781 |   |
| Total                interest expense                                       |   |                                         | US$160,298 |   |   | US$173,159 |   |  | US$283,478 |   |
| Net                interest income                                          |   |                                         | US$382,544 |   |   | US$439,273 |   |   | US$498,524 |   |

*Interest      Income*

*Interest      expense. *
** **

----

*Net      interest margin. *

*Provision      for Loan Losses*

|                                                                                |   | **Year                ended December 31,**   |       |
|-------------------------------------------------------------------------------------|--------|----------------------------------------------|------------|
|                                                                                |   | **2002**                                     |       | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                                                                |   | *(U.S.                Dollars in thousands)* |       |
| Reserves                for loan losses at the                beginning of the year |   |                                         | US$344,433 |   |   | US$424,031 |   |   | US$326,677 |   |   | US$271,873 |   |   | US$218,636 |   |
| Provisions                                                                          |   |                                         | 99,596     |   |   | 66,421 |   |   | 16,131 |   |   | (6,356 | ) |   | (4,243 | ) |
| Acquisitions                and sales                                               |   |                                         | 122,841    |   |   | — |   |   | — |   |   | (9,024 | ) |   | — |   |
| Recoveries                of write-offs                                             |   |                                         | 12,050     |   |   | 17,416 |   |   | 32,287 |   |   | 35,032 |   |   | 44,284 |   |
| Write-offs                                                                          |   |                                         | (150,102   | ) |   | (185,688 | ) |   | (105,267 | ) |   | (71,405 | ) |   | (49,859 | ) |
| Monetary                Correction and Other                                        |   |                                         | (4,787     | ) |   | 4,497 |   |   | 2,045 |   |   | (1,484 | ) |   | 1,768 |   |
| Reserves                for loan losses at the End of the year                      |   |                                         | US$424,031 |   |   | US$326,677 |   |   | US$271,873 |   |   | US$218,636 |   |   | US$210,586 |   |

----

*Noninterest      income*

|                                                      |   | **Year                ended December 31,**   |       |
|-----------------------------------------------------------|--------|----------------------------------------------|------------|
|                                                      |   | **2004**                                     |       | **2005** |   | **2006** |   |
|                                                      |   | *(U.S.                Dollars in thousands)* |       |
| Fees                and commissions from banking services |   |                                         | US$201,474 |   |   | US$206,163 |   |   | US$243,778 |   |
| Net                gains from sales of securities         |   |                                         | 10,135     |   |   | 8,965 |   |   | 27,281 |   |
| Net                gains on foreign exchange transactions |   |                                         | 24,165     |   |   | 29,286 |   |   | 41,638 |   |
| Other                income                               |   |                                         | 8,105      |   |   | 21,571 |   |   | 26,197 |   |
| Total                non-interest income                  |   |                                         | US$243,879 |   |   | US$265,985 |   |   | US$338,894 |   |

----

*Insurance      premiums and claims on insurance activities*

|                                                                              |   | **Year                ended December 31,**   |       |
|-----------------------------------------------------------------------------------|--------|----------------------------------------------|------------|
|                                                                              |   | **2004**                                     |       | **2005** |   | **2006** |   |
|                                                                              |   | *(U.S.                Dollars in thousands)* |       |
| Net                premiums earned                                                |   |                                         | US$192,672 |   |   | US$218,955 |   |   | US$251,261 |   |
| Net                claims incurred                                                |   |                                         | (34,791    | ) |   | (42,569 | ) |   | (46,587 | ) |
| Increase                in costs for future benefits for life and health policies |   |                                         | (119,534   | ) |   | (132,931 | ) |   | (139,935 | ) |
| Total                net premiums and claims                                      |   |                                         | US$38,347  |   |   | US$43,455 |   |   | US$64,739 |   |

----

*Other      Expenses*

|                                                 |   | **Year                ended December 31,**   |       |
|------------------------------------------------------|--------|----------------------------------------------|------------|
|                                                 |   | **2004**                                     |       | **2005** |   | **2006** |   |
|                                                 |   | *(U.S.                Dollars in thousands)* |       |
| Salaries                and employee benefits        |   |                                         | US$202,729 |   |   | US$236,347 |   |   | US$303,332 |   |
| General                and administrative            |   |                                         | 153,096    |   |   | 138,294 |   |   | 172,304 |   |
| Depreciation                and amortization         |   |                                         | 46,595     |   |   | 38,728 |   |   | 50,317 |   |
| Provision                for assets seized           |   |                                         | 14,639     |   |   | 16,959 |   |   | 6,387 |   |
| Other                                                |   |                                         | 42,869     |   |   | 46,745 |   |   | 52,718 |   |
| Merger                costs                          |   |                                         | 3,742      |   |   | — |   |   | 5,706 |   |
| Total                other expenses and merger costs |   |                                              | US$463,670 |   |   | US$477,073 |   |   | US$590,764 |   |

*Translation      Result*

----

*Income      Taxes*

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

*Total      Assets*

----

*Total      Liabilities*

----

|   | **(4)                Reconciliation of Differences Between IFRS and U.S.                GAAP** |
|--------|------------------------------------------------------------------------------------------------|

----

**(B)**
**Liquidity      and Capital Resources**

*Regulatory      Capital and Capital Adequacy Ratios*

|                                                                                                        |   | **As                of December 31,**                            |      |
|-------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|-----------|
|                                                                                                        |   | **2004**                                                         |      | **2005** |   | **2006** |   |
|                                                                                                        |   | *(U.S.                Dollars in thousands, except percentages)* |      |
| Capital                stock                                                                                |   |                                                             | 539,498   |   |   | 539,498 |   |   | 539,498 |   |
| Legal                and other reserves                                                                     |   |                                                             | 269,527   |   |   | 269,527 |   |   | 479,902 |   |
| Capital                stock, reserves and retained earnings of minority interest                           |   |                                                             | 46,767    |   |   | 61,251 |   |   | 37,281 |   |
| Accepted                Provisions for loan losses                                                          |   |                                                             | 43,946    |   |   | 49,169 |   |   | 58,562 |   |
| Subordinated                debt                                                                            |   |                                                             | 43,891    |   |   | 31,276 |   |   | 140,086 |   |
| Total                                                                                                       |   |                                                             | 943,629   |   |   | 950,721 |   |   | 1,255,329 |   |
| Less:                investment in multilateral organizations, banks and insurance                companies |   |                                                             | (32,360   | ) |   | (35,697 | ) |   | (30,075 | ) |
| Total                Regulatory Capital(1)                                                                  |   |                                                             | 911,269   |   |   | 915,024 |   |   | 1,225,254 |   |
| Financial                Entities Capital Ratio                                                             |   |                                                             |      |   |   |   |   |   |   |   |
| Regulatory                Capital attributable to Financial Entities(1)                                     |   |                                                             | 776,202   |   |   | 761,342 |   |   | 871,377 |   |
| Risk-weighted                Assets From Financial Entities(3)                                              |   |                                                             | 5,529,440 |   |   | 5,810,046 |   |   | 7,273,023 |   |
| Capital                Ratio for Financial Entities                                                         |   |                                                             | 14.04     | % |   | 13.10 | % |   | 11.98 | % |
|                                                                                                        |   |                                                             |      |   |   |   |   |   |   |   |
| Minimum                Regulatory Capital Required (MRCR)(2)                                                |   |                                                             |      |   |   |   |   |   |   |   |
| MRCR                for Financial Entities(3)                                                               |   |                                                             | 499,512   |   |   | 559,074 |   |   | 690,045 |   |
| MRCR                for Insurance Entities(3)                                                               |   |                                                             | 42,110    |   |   | 88,019 |   |   | 100,447 |   |
| MRCR                for Other Entities(3)                                                                   |   |                                                             | 31,536    |   |   | 101,348 |   |   | 60,437 |   |
| Total                Minimum Regulatory Capital Required                                                    |   |                                                             | 573,158   |   |   | 748,441 |   |   | 850,959 |   |
| Regulatory                capital as percentage of Minimum Regulatory Capital                Required       |   |                                                             | 158.99    | % |   | 122.26 | % |   | 143.99 | % |

----

| (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 (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) has a MRCR of 9.09% of                the Risk-Weighted Assets (RWA). For ASB (Panama), the MRCR is 8%                of the                RWA. For ASHC (Cayman Islands), the MRCR is 15% 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. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *Liquidity                Risk* |
|--------|---------------------------------|

----

----

|                                                                                          |   | **At                December 31,**           |             |
|-----------------------------------------------------------------------------------------------|--------|----------------------------------------------|------------------|
|                                                                                          |   | **2004**                                     |             | **2005** |   | **2006** |   |
|                                                                                          |   | *(U.S.                Dollars in thousands)* |             |
| **Core                Deposits**:                                                             |   |                                         |             |   |   |   |   |
| Demand                deposits                                                                |   |                                         | US$1,750,277     |   |   | US$1,801,314 |   |   | US$2,792,433 |   |
| Savings                deposits                                                               |   |                                         | 1,583,502        |   |   | 2,105,364 |   |   | 1,951,978 |   |
| Severance                indemnity deposits                                                   |   |                                         | 530,683          |   |   | 654,791 |   |   | 775,027 |   |
| **Total                core deposits**                                                        |   |                                         | **US$**3,864,462 |   |   | **US$**4,561,469 |   |   | **US$**5,519,438 |   |
|                                                                                          |   |                                         |             |   |   |   |   |   |   |   |
| **Other                Deposits**:                                                            |   |                                         |             |   |   |   |   |   |   |   |
| Time                deposits                                                                  |   |                                         | 2,352,200        |   |   | 2,459,907 |   |   | 3,218,157 |   |
| Bank                certificates                                                              |   |                                         | 54,310           |   |   | 46,378 |   |   | 61,539 |   |
| **Total                deposits**                                                             |   |                                         | **US$**6,270,972 |   |   | **US$**7,067,754 |   |   | **US$**8,799,134 |   |
|                                                                                          |   |                                         |             |   |   |   |   |   |   |   |
| Due                to banks and correspondents                                                |   |                                         | US$431,052       |   |   | US$1,303,371 |   |   | US$941,601 |   |
|                                                                                          |   |                                         |             |   |   |   |   |   |   |   |
| Issued                bonds                                                                   |   |                                         | US$423,977       |   |   | 429,224 |   |   | 512,572 |   |
|                                                                                          |   |                                         |             |   |   |   |   |   |   |   |
| **Total                sources of liquid funds**                                              |   |                                         | **US$**7,126,001 |   |   | **US$**8,800,349 |   |  | **US$**10,253,307 |   |
|                                                                                          |   |                                         |             |   |   |   |   |   |   |   |
| **Core                deposits as a percent of total deposits**                               |   |                                         | **61.6**         | **%** |   | **64.5** | **%** |   | **62.7** | **%** |
| **Core                deposits as a percent of total sources of liquid                funds** |   |                                         | **54.2**         | **%** |   | **51.8** | **%** |   | **53.8** | **%** |

|                                                                                                  |   | **At                December 31,**           |             |
|-------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|------------------|
|                                                                                                  |   | **2004**                                     |             | **2005** |   | **2006** |   |
|                                                                                                  |   | *(U.S.                Dollars in thousands)* |             |
| **Funds                at Central Bank**                                                              |   |                                         |             |   |   |   |   |
| Deposits                                                                                              |   |                                         | US$1,100,450     |   |   | US$1,599,153 |   |   | US$1,405,853 |   |
|                                                                                                  |   |                                         |             |   |   |   |   |   |   |   |
| Certificates                of deposits                                                               |   |                                         | US$682,418       |   |   | US$554,530 |   |   | US$1,110,002 |   |
|                                                                                                  |   |                                         |             |   |   |   |   |   |   |   |
| BCRP-Repo                Transactions                                                                 |   |                                         | —          |   |   | US$591,285 |   |   | 167,611 |   |
|                                                                                                  |   |                                         |             |   |   |   |   |   |   |   |
| **Total                funds at Central Bank**                                                        |   |                                         | **US$**1,782,868 |   |   | **US$**2,744,968 |   |   | **US$**2,683,466 |   |
| Total                funds at Central Bank of Perú as a percent of total                deposits |   |                                         | 28.4             | % |   | 38.8 | % |   | 30.5 | % |

----

|                              |   | **Years                ended December 31,** |        |
|-----------------------------------|--------|---------------------------------------------|-------------|
|                              |   | **2004**                                    |        | **2005** |   | **2006** |   |
|                              |   | *(U.S.                Dollars in millions)* |        |
| **Issued                bonds**   |   |                                        |        |   |   |   |   |
| Corporate                Bonds    |   |                                        | US$35.2     |   |   | US$35.0 |   |  | US$47.2 |   |
| Leasing                Bonds      |   |                                        | 14.0        |   |   | 40.0 |   |   | 0.0 |   |
| Subordinated                debt  |   |                                        | 0.0         |   |   | 0.0 |   |   | 120.0 |   |
| **Total                issuance** |   |                                        | **US$**49.3 |   |   | **US$**75.0 |   |  | **US$**167.2 |   |

----

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

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

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

----

|                                                         |   | **At                  December 31,**               |             |
|--------------------------------------------------------------|--------|----------------------------------------------------|------------------|
|                                                         |   | **2004**                                      |             | **2005**  |   | **2006**  |   |
|                                                         |   | *(U.S.                Dollars in thousands)*  |             |
|                                                         |   |                                               |             |   |   |   |   |
| **Contingent                Credits**                        |   |                                               |             |   |   |   |   |
|                                                         |   |                                               |             |   |   |   |   |
| Guarantees                and stand by letters               |   |                                               | US$655,313       |   |   | US$982,044 |   |   | US$1,204,500 |   |
| Import                and export letters of credit           |   |                                               | 233,806          |   |   | 238,902 |   |   | 250,876 |   |
| **Sub                Total**                                 |   |                                               | 889,119          |   |   | 1,220,946 |   |   | 1,455,376 |   |
|                                                         |   |                                               |             |   |   |   |   |   |   |   |
| Responsibilities                under credit line agreements |   |                                               | 569,332          |   |   | 531,816 |   |   | 814,746 |   |
| Financial                derivative contracts, net           |   |                                               | 211,520          |   |   | 310,944 |   |   | (30,970 | ) |
| Swap                contracts                                |   |                                               | 212,417          |   |   | 572,160 |   |   | 543,041 |   |
|                                                         |   |                                               |             |   |   |   |   |   |   |   |
| **Total**                                                    |   |                                               | **US$**1,882,388 |   |   | **US$**2,635,866 |   |  | **US$2,782,193** |   |

----

----

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

|                                       |   |   |                                                                     |   |   | **Payments                due by period**              |   |
|--------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|
|                                       |   |   | **Total                at****December                31,****2006**  |   |   | **Less                than****1                year**  |   |   | **1-3****years**  |   |   | **3-5****years**  |   |   | **More                than****5                years**  |   |
|                                       |   |   |  *(U.S.                Dollars in thousands)*                  |   |
| Borrowed                funds              |   |   | US$717,557                                                               |   |   | US$343,101                                                  |   |   | US$65,061 |   |   | US$166,817 |   |   | US$142,578 |   |
| Promotional                credit lines    |   |   | 177,900                                                                  |   |   | 22,071                                                      |   |   | 19,613 |   |   | 22,001 |   |   | 114,215 |   |
| Interbank                funds             |   |   | 41,077                                                                   |   |   | 41,077                                                      |   |   | — |   |   | — |   |   | — |   |
| Time                deposits               |   |   | 3,218,157                                                                |   |   | 3,019,532                                                   |   |   | 163,283 |   |   | 29,226 |   |   | 6,116 |   |
| Operating                lease obligations |   |   | 12,243                                                                   |   |   | 2,590                                                       |   |   | 2,957 |   |   | 1,373 |   |   | 5,323 |   |
| Total.                                     |   |   | US$4,166,934                                                             |   |   | US$3,428,371                                                |   |   | US$250,914 |   |   | US$219,417 |   |   | US$268,232 |   |

|   | · | In                November 2005 BCP entered into a loan transaction for US$230.0 million,                related to Series 2005-A Floating Rate Certificates due 2012, and                US$50.0                million related to Series 2005-B Floating Rate Certificates due 2009.                The                loan is secured by the collection of BCP’s future inflows from electronic                messages sent through the Society for Worldwide Interbank Financial                Telecommunications network and utilized within the network to instruct                the                corresponding bank to make payments to beneficiaries that are not                financial institutions. In this transaction, Wilmington Trust Company                acted as trustee under the trust agreement and The Bank of New York                acted                as indenture trustee and administrator of the contract. The certificates                bear a variable interest rate of one month Libor plus 0.21% for the                2005-A                Series and one month Libor plus 0.60% for the Series 2005-B. As of                December 31, 2006 and 2005, the balance of this obligation amounted                to                US$280.0 million. A portion (70%), of the loan, subject to variable                interest rate risk, has been hedged through an interest rate swap                hedge                operation for a notional amount of US$196.0 million (see Note 20(d)                to the                Credicorp Consolidated Financial                Statements). |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | The                promotional credit lines represent loans granted to BCP by Corporación                Financiera de Desarrollo (COFIDE) and Banco Interamericano de Desarrollo                (Inter-American Development Bank or IDB), to promote the development                of                Peru, have maturities between January 2007 and December 2021 and                their                interest rates range between 5.65 and 7.90%. These credit lines are                secured by a loan portfolio totaling US$177.9 million and US$212.1                million                as of December 31, 2006 and December 31, 2005, respectively. These                lines                include covenants specifying the use of the funds, financial conditions                that the borrower must maintain and other administrative matters.                In                Management’s opinion, these covenants do not limit Credicorp’s operations                and at the balance sheet date, Credicorp is not in violation of these                covenants. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | ***Board                of Directors*** |
|--------|-----------------------------------------|

----

| **Name**                                |   | **Position**                   |   | **Years                served as a****Director**(1) |
|-----------------------------------------|--------|--------------------------------|--------|-----------------------------------------------------|
| Dionisio                Romero          |   | Chairman                       |   | 37                                                  |
| Luis                Nicolini            |   | Deputy                Chairman |   | 31                                                  |
| Fernando                Fort            |   | Director                       |   | 25                                                  |
| Reynaldo                Llosa           |   | Director                       |   | 24                                                  |
| Juan                Carlos Verme        |   | Director                       |   | 17                                                  |
| Luis                Enrique Yarur       |   | Director                       |   | 11                                                  |
| Felipe                Ortiz de Zevallos |   | Director                       |   | 2(2)                                                |
| Germán                Suárez  |   | Director                       |   | 2(2)                                                |

----

|   | (1) | Of                Credicorp, its subsidiaries and their predecessors as of December 31,                2006. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (2) | Elected                at the Annual General Shareholders’ Meeting on March 31,                2005. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

*Dionisio      Romero*

*Luis      Nicolini*

*Fernando      Fort*

*Reynaldo      Llosa*

*Juan      Carlos Verme*

*Luis      Enrique Yarur*

----

*Felipe      Ortiz de Zevallos*

*Germán      Suárez*

***Executive      Officers***

| **Name**                                |   | **Position**                                                             |   | **Years                Served as****an                Officer**(1) |
|-----------------------------------------|--------|--------------------------------------------------------------------------|--------|--------------------------------------------------------------------|
| Dionisio                Romero     |   | Chief                Executive Officer                                   |   | 37(2)                                                              |
| Raimundo                Morales         |   | Chief                Operating Officer                                   |   | 27                                                                 |
| Carlos                Muñoz        |   | Executive                Vice President                                  |   | 26                                                                 |
| Walter                Bayly             |   | Chief                Financial and Accounting Officer                    |   | 14                                                                 |
| José                Luis Gagliardi |   | Senior                Vice President, Administration and Human Resources |   | 26(3)                                                              |
| David                Saettone           |   | Senior                Vice President, Insurance                          |   | 10                                                                 |

----

----

*Dionisio      Romero*

*Raimundo      Morales*

*Carlos      Muñoz*

*Walter      Bayly*

*José      Luis Gagliardi*

*David      Saettone*

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

----

| Year |   | Number                of Outstanding SARs granted |    | Exercise                price in US$ |   |
|------|--------|---------------------------------------------------|---------|--------------------------------------|--------|
| 2000 |   |                                              | 509,000 |                                 |   | 8.80 |   |
| 2001 |   |                                              | 555,000 |                                 |   | 5.60 |   |
| 2002 |   |                                              | 558,750 |                                 |   | 7.28 |   |
| 2003 |   |                                              | 562,500 |                                 |   | 8.47 |   |
| 2004 |   |                                              | 570,000 |                                 |   | 11.29 |   |
| 2005 |   |                                              | 585,000 |                                 |   | 16.30 |   |
| 2006 |   |                                              | 621,000 |                                 |   | 25.62 |   |

|                                                            |   | **2006**                            |      | **2005**                             |   |
|-----------------------------------------------------------------|--------|-------------------------------------|-----------|--------------------------------------|--------|
|                                                            |   | **Outstanding                SARs** |      |  **Vested                SARs** |   | **Outstanding                SARs** |   |  **Vested                SARs** |   |
|                                                            |   | **Number**                          |      | **Number**                           |   | **Amount** |   | **Number** |   | **Number** |   | **Amount** |   |
|                                                            |   |                                |      |                                 |   | US$(000) |   |   |   |   |   | US$(000) |   |
| **Balance                as of January 1****st**                |   |                                | 2,201,275 |                                 |   | 1,658,932 |   |   | 22,813 |   |   | 2,278,475 |   |   | 1,759,601 |   |   | 11,700 |   |
| Granted                and vested                               |   |                                | 621,000   |                                 |   | 600,046 |   |   | 12,838 |   |   | 585,000 |   |   | 561,531 |   |   | 7,448 |   |
| Exercised                                                       |   |                                | (948,925  | )                                    |   | (948,925 | ) |   | (29,292 | ) |   | (662,200) |   |   | (662,200) |   |   | (9,614) |   |
| Decrease                                                        |   |                                | (15,000   | )                                    |   | (8,125 | ) |   | (232 | ) |   | - |   |   | - |   |   | - |   |
| Increase                in the option                fair value |   |                                | -         |                                 |   | - |   |   | 32,634 |   |   | - |   |   | - |   |   | 13,279 |   |
| **Balance                as of December 31**                    |   |                                | 1,858,350 |                                 |   | 1,301,928 |   |   | 38,761 |   |   | 2,201,275 |   |   | 1,658,932 |   |   | 22,813 |   |

----

| **Year                of****Insurance** |   | **Number****of                outstanding SARs as of December 31, 2006** |           | **Number                of Vested SARs****as                of December 31** |   | **Exercise                price** |   |
|-----------------------------------------|--------|--------------------------------------------------------------------------|----------------|------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                    |   |                                                                     |           | **2006**                                                                     |   | **2005**                          |   | **2006** |   | **2005** |   |
|                                    |   |                                                                     |           |                                                                         |   |                              |   | US$ |   | US$ |   |
|                                    |   |                                                                     |           |                                                                         |   |                              |   |   |   |   |   |
| 1999                                    |   |                                                                     | -              |                                                                         |   | -                                 |   |   | 110,000 |   |   | 7.64 |   |   | 8.34 |   |
| 2000                                    |   |                                                                     | 68,750         |                                                                         |   | 68,750                            |   |   | 187,250 |   |   | 8.80 |   |   | 9.50 |   |
| 2001                                    |   |                                                                     | 81,500         |                                                                         |   | 81,500                            |   |   | 192,550 |   |   | 5.60 |   |   | 6.30 |   |
| 2002                                    |   |                                                                     | 117,500        |                                                                         |   | 117,500                           |   |   | 285,225 |   |   | 7.28 |   |   | 7.98 |   |
| 2003                                    |   |                                                                     | 220,000        |                                                                         |   | 220,000                           |   |   | 359,844 |   |   | 8.47 |   |   | 9.17 |   |
| 2004                                    |   |                                                                     | 352,750        |                                                                         |   | 317,984                           |   |   | 294,375 |   |   | 11.29 |   |   | 11.99 |   |
| 20052006                                |   |                                                                     | 457,600560,250 |                                                                         |   | 281,038215,156                    |   |   | 229,688- |   |   | 16.3025.62 |   |   | 17.00- |   |
|                                    |   |                                                                     | 1,858,350      |                                                                         |   | 1,301,928                         |   |   | 1,658,932 |   |   |   |   |   |   |   |

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

----

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

|                            |   |   | **At                December 31,**      |   |
|---------------------------------|--------|--------|----------------------------------------------|--------|
|                            |   |   | **2004**                                |   |   | **2005**  |   |   | **2006**  |   |
|                            |   |   | *(Full-time                employees)*  |   |
| BCP                             |   |   | 7,694                                        |   |   | 7,568 |   |   | 8,243 |   |
| Banco                Tequendama |   |   | 345                                          |   |   | 0 |   |   | 0 |   |
| PPS                             |   |   | 1,093                                        |   |   | 1,099 |   |   | 1,159 |   |
| ASHC                            |   |   | 56                                           |   |   | 57 |   |   | 61 |   |
| Prima                AFPOthers  |   |   | -370                                         |   |   | 457363 |   |   | 1,729340 |   |
|                            |   |   |                                         |   |   |   |   |   |   |   |
| Total                Credicorp  |   |   | 9,558                                        |   |   | 9,544 |   |   | 11,532 |   |

*Federación      de Empleados Bancarios*

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

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

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

----

|  **Owner**                                      |   | **Common****Shares** |       | **Percent                of****Class**(1) |   |
|------------------------------------------------------|--------|----------------------|------------|-------------------------------------------|--------|
| Romero                family(2)                      |   |                 | 15,106,752 |                                      |   | 16.01 | % |
| Atlantic                Security Holding Corporation |   |                 | 14,620,842 |                                      |   | 15.49 | % |
| AFP                Integra                           |   |                 | 9,439,882  |                                      |   | 10.00 | % |
| AFP                Horizonte                         |   |                 | 6,583,769  |                                      |   | 6.98 | % |
| AFP                Prima                             |   |                 | 8,810,060  |                                      |   | 9.33 | % |
|                                                 |   |                 |       |                                      |   |   |   |

----

| (1) | As                a percentage of issued and outstanding shares (including shares held                by                BCP, ASHC and PPS). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (2) | Includes                Common Shares directly or indirectly owned by Dionisio Romero and                his                family or companies owned or controlled by him. Mr. Romero is the                Chairman                and Chief Executive Officer of                Credicorp. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

*i.e.*

----

|                                                |   | **Related                companies**                        |   |
|-----------------------------------------------------|--------|-------------------------------------------------------------|--------|
|                                                |   | **2006**                                                    |   | **2005** |   |
|                                                |   |  *(In                U.S. Dollars in thousands)*  |   |
| Direct                loans                         |   |                                                        | 70,636 |   |   | 48,533 |   |
| Unrealized                gain from investments     |   |                                                        | 34,226 |   |   | 23,393 |   |
| Investments                available por sale       |   |                                                        | 27,899 |   |   | 21,815 |   |
| Deposits                                            |   |                                                        | 25,074 |   |   | 21,305 |   |
| Contingent                operations                |   |                                                        | 13,925 |   |   | 8,379 |   |
| Interest                income related to loans     |   |                                                        | 2,097  |   |   | 1,991 |   |
| Interest                expense related to deposits |   |                                                        | 1,505  |   |   | 991 |   |
| Derivatives                (market value)           |   |                                                        | 179    |   |   | 388 |   |
| Other                income                         |   |                                                        | 953    |   |   | 546 |   |

|                                     |   | **2006**                                                    |   | **2005** |   |
|------------------------------------------|--------|-------------------------------------------------------------|--------|----------|--------|
|                                     |   |  *(In                U.S. Dollars in thousands)*  |   |
| Stock                appreciation rights |   |                                                        | 23,206 |     |   | 7,284 |   |
| Salaries                                 |   |                                                        | 4,824  |     |   | 4,357 |   |
| Directors                compensations   |   |                                                        | 1,173  |     |   | 1,115 |   |
| Other                                    |   |                                                        | 6,962  |     |   | 2,185 |   |
| Total                                    |   |                                                        | 36,165 |     |   | 14,941 |   |

----

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

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

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

***Consolidated      Financial Statements***

|   | ***Legal                Proceedings*** |
|--------|----------------------------------------|

***Government      Investigations***

***Dividend      Policy***

----

| **Year                ended December 31,** |   | **Number                of Shares Entitled****to                Dividends** |       | **Cash                Dividends****Per                Share** |   | **Stock                Dividends****Per                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 |   |

| **(B)** | **Significant                Changes** |
|---------|----------------------------------------|

----

**ITEM      9.**
**THE      OFFER AND LISTING**

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

***Price      History of Credicorp’s Stock***

|                                                |   | **High**(1) |     | **Low**(1)** ** |   | **Average****Daily****Volume** |   |
|------------------------------------------------|--------|-------------|----------|----------------------|--------|--------------------------------|--------|
| 2002                                           |   |        | US$10.10 |                 |   | US$6.91                        |   |   | 38,371 |   |
| 2003                                           |   |        | US$13.38 |                 |   | US$9.35                        |   |   | 41,931 |   |
| 2004                                           |   |        | US$15.87 |                 |   | US$12.00                       |   |   | 22,184 |   |
| 2005                                           |   |        | US$28.81 |                 |   | US$14.41                       |   |   | 82,338 |   |
| 2006                                           |   |        | US$45.42 |                 |   | US$21.88                       |   |   | 176,388 |   |
|                                           |   |        |     |                 |   |                           |   |   |   |   |
| 2005                                           |   |        |     |                 |   |                           |   |   |   |   |
| First                quarter                   |   |        | US$17.71 |                 |   | US$14.41                       |   |   | 18,500 |   |
| Second                quarter                  |   |        | US$19.09 |                 |   | US$16.70                       |   |   | 32,672 |   |
| Third                quarter                   |   |        | US$27.43 |                 |   | US$19.00                       |   |   | 46,200 |   |
| Fourth                quarter                  |   |        | US$28.81 |                 |   | US$21.88                       |   |   | 231,554 |   |
| 2006                                           |   |        |     |                 |   |                           |   |   |   |   |
| First                quarter                   |   |        | US$28.99 |                 |   | US$21.88                       |   |   | 145,969 |   |
| Second                quarter                  |   |        | US$29.21 |                 |   | US$24.81                       |   |   | 178.809 |   |
| Third                quarter                   |   |        | US$41.17 |                 |   | US$28.13                       |   |   | 206,243 |   |
| Fourth                quarter                  |   |        | US$45.42 |                 |   | US$38.42                       |   |   | 154,515 |   |
| 2007                                           |   |        |     |                 |   |                           |   |   |   |   |
| First                quarter                   |   |        | US$51.68 |                 |   | US$38.80                       |   |   | 283,922 |   |
| Second                quarter (through June 8) |   |        | US$61.95 |                 |   | US$47.92                       |   |   | 277,383 |   |

----

| (1) | The                Common Share prices shown above have been adjusted retroactively                to                reflect stock dividends. Credicorp declared a stock dividend on February                26, 1998 of 0.100 Common Shares for each Common Share held at the                close of                business on March 31, 1998. Credicorp has not declared a stock                dividend since 1998. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                           |   | **High**(1) |     | **Low**(1) |   | **Average****Daily****Volume** |   |
|------------------------------------------------|--------|-------------|----------|------------|--------|--------------------------------|--------|
|                                           |   |        |     |       |   |                           |   |
| 2002                                           |   |        | US$10.06 |       |   | US$7.01                        |   |   | 39,355 |   |
| 2003                                           |   |        | US$12.60 |       |   | US$9.38                        |   |   | 29,701 |   |
| 2004                                           |   |        | US$15.70 |       |   | US$12.08                       |   |   | 21,564 |   |
| 2005                                           |   |        | US$28.99 |       |   | US$14.33                       |   |   | 15,744 |   |
| 2006                                           |   |        | US$45.58 |       |   | US$38.27                       |   |   | 16,950 |   |
|                                           |   |        |     |       |   |                           |   |   |   |   |
| 2005                                           |   |        |     |       |   |                           |   |   |   |   |
| First                quarter                   |   |        | US$17.62 |       |   | US$14.33                       |   |   | 11,153 |   |
| Second                quarter                  |   |        | US$19.01 |       |   | US$15.97                       |   |   | 19,616 |   |
| Third                quarter                   |   |        | US$27.45 |       |   | US$18.74                       |   |   | 10,742 |   |
| Fourth                quarter                  |   |        | US$28.99 |       |   | US$21.90                       |   |   | 21,472 |   |
| 2006                                           |   |        |     |       |   |                           |   |   |   |   |
| First                quarter                   |   |        | US$28.99 |       |   | US$22.41                       |   |   | 9,277 |   |
| Second                quarter                  |   |        | US$28.96 |       |   | US$24.83                       |   |   | 19,336 |   |
| Third                quarter                   |   |        | US$40.95 |       |   | US$27.96                       |   |   | 11,625 |   |
| Fourth                quarter                  |   |        | US$45.58 |       |   | US$38.27                       |   |   | 27,562 |   |
| 2007                                           |   |        |     |       |   |                           |   |   |   |   |
| First                quarter                   |   |        | US$51.68 |       |   | US$39.00                       |   |   | 14,553 |   |
| Second                quarter (through June 8) |   |        | US$61.80 |       |   | US$47.93                       |   |   | 42,703 |   |

----

| (1) | The                Common Share prices shown above have been adjusted retroactively                to                reflect stock dividends. Credicorp declared a stock dividend on February                26, 1998 of 0.100 Common Shares for each Common Share held at the                close of                business on March 31, 1998. Credicorp has not declared a stock dividend                since 1998. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 |   | **High** |     | **Low** |   |
|--------------------------------------|--------|----------|----------|---------|--------|
|                                 |   |     |     |    |   |
| 2006                                 |   |     |     |    |   |
| December                             |   |     | US$42.00 |    |   | US$39.04 |   |
|                                 |   |     |     |    |   |   |   |
| 2007                                 |   |     |     |    |   |   |   |
| January                              |   |     | US$41.67 |    |   | US$38.80 |   |
| February                             |   |     | US$51.68 |    |   | US$42.45 |   |
| March                                |   |     | US$48.17 |    |   | US$43.02 |   |
| April                                |   |     | US$52.61 |    |   | US$47.92 |   |
| May                                  |   |     | US$61.95 |    |   | US$53.15 |   |
| June                (through June 8) |   |     | US$58.04 |    |   | US$55.49 |   |

----

----

|                                 |   | **High** |     | **Low** |   |
|--------------------------------------|--------|----------|----------|---------|--------|
|                                 |   |     |     |    |   |
| **2006**                             |   |     |     |    |   |
| December                             |   |     | US$41.83 |    |   | US$39.00 |   |
| **2007**                             |   |     |     |    |   |   |   |
| January                              |   |     | US$41.15 |    |   | US$39.00 |   |
| February                             |   |     | US$51.68 |    |   | US$42.07 |   |
| March                                |   |     | US$48.26 |    |   | US$43.10 |   |
| April                                |   |     | US$52.81 |    |   | US$47.93 |   |
| May                                  |   |     | US$61.80 |    |   | US$54.50 |   |
| June                (through June 9) |   |     | US$58.15 |    |   | US$55.50 |   |

----

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

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

***The      Lima Stock Exchange***

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

*Bolsa      de Valores de Lima *

----

*Indice      General de la Bolsa de Valores de Lima*

**(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**

*Market      Risk*

*Asset      and Liability Management*

----

*Degree      of Portfolio Diversification*

----

|                                                      |   | **Within****3                  months**                            |          | **After                  3 months****But                  within****1                  year** |   | **Total**    |   | **Fair****Value** |          |
|-----------------------------------------------------------|--------|--------------------------------------------------------------------|---------------|-----------------------------------------------------------------------------------------------|--------|--------------|--------|-------------------|---------------|
|                                                      |   | (*U.S.                  Dollars in thousands, except percentages)* |          |
| Nuevo                  Sol-denominated:                   |   |                                                               |          |                                                                                          |   |         |   |              |          |
| Peruvian                  Government Bonds                |   |                                                               | US$—    |                                                                                          |   | US$—   |   |              | US$—    |   |   | US$— |   |
| Equity                  securities                        |   |                                                               | 30,800        |                                                                                          |   | —      |   |              | 30,800        |   |   | 30,800 |   |
| Bonds                  and debentures                     |   |                                                               | —       |                                                                                          |   | —      |   |              | —       |   |   | — |   |
| Peruvian                  Central Bank certificates notes |   |                                                               | —       |                                                                                          |   | —      |   |              | —       |   |   | — |   |
| Other                  investments                        |   |                                                               | —       |                                                                                          |   | —      |   |              | —       |   |   | — |   |
| Total                  Nuevo Sol-denominated              |   |                                                               | US$30,800     |                                                                                          |   | US$—   |   |              | US$30,800     |   |   | US$30,800 |   |
| Foreign                  Currency-denominated:            |   |                                                               |          |                                                                                          |   |         |   |              |          |   |   |  |   |
| Equity                  securities                        |   |                                                               | US$3,892      |                                                                                          |   | US$—   |   |              | US$3,892      |   |   | US$3,892 |   |
| Bonds                                                     |   |                                                               | 531           |                                                                                          |   | 1,729        |   |              | 2,260         |   |   | 2,260 |   |
| Investment                  in Peruvian debt              |   |                                                               | —       |                                                                                          |   | —      |   |              | —       |   |   | — |   |
| Other                  investments                        |   |                                                               | 7,334         |                                                                                          |   | 848          |   |              | 8,182         |   |   | 8,182 |   |
| Total                  Foreign Currency-denominated       |   |                                                               | US$11,757     |                                                                                          |   | US$2,577     |   |              | US$14,334     |   |   | US$14,334 |   |
| **Total                  securities holdings**            |   |                                                               | **US$**42,557 |                                                                                          |   | **US$**2,577 |   |              | **US$**45,134 |   |   | **US$**45,134 |   |

----

|                                                      |   | **Within****1                  year**          |             | **After                  1 year but within****3                  years** |   | **After                  3 years but within****5                  years** |       | **Maturing                  after 5 years but within****10                  years** |           | **After****10                  years** |   | **Total                  Fair****Value** |       |
|-----------------------------------------------------------|--------|------------------------------------------------|------------------|--------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------|----------------|----------------------------------------|--------|------------------------------------------|------------|
|                                                      |   | *(U.S.                  Dollars in thousands)* |             |
| Nuevo                  Sol-denominated:                   |   |                                           |             |                                                                     |   |                                                                      |       |                                                                                |           |                                   |   |                                     |       |
| Peruvian                  Government Bonds                |   |                                           | US$1,725         |                                                                     |   | US$6,845                                                                  |       |                                                                                | US$36,212      |                                   |   | US$29,816                                |       |   | US$82,292 |   |   |  US$156,890 |   |
| Equity                  securities (1)                    |   |                                           | 117,533          |                                                                     |   | —                                                                   |       |                                                                                | —        |                                   |   | —                                  |       |   | — |   |   | 117,533 |   |
| Bonds                  and debentures                     |   |                                           | 12,843           |                                                                     |   | 22,362                                                                    |       |                                                                                | 10,462         |                                   |   | 3,130                                    |       |   | 25,213 |   |   | 74,010 |   |
| Peruvian                  Central Bank Certificates Notes |   |                                           | 1,236,091        |                                                                     |   | 41,522                                                                    |       |                                                                                | —        |                                   |   | —                                  |       |   | — |   |   | 1,277,613 |   |
| Other                  Investments                        |   |                                           | 241,682          |                                                                     |   | 5,718                                                                     |       |                                                                                | 4,781          |                                   |   | —                                  |       |   | 11,932 |   |   | 264,113 |   |
| Total                  Nuevo Sol-denominated              |   |                                           | US$1,609,874     |                                                                     |   | US$76,447                                                                 |       |                                                                                | US$51,455      |                                   |   | US$32,946                                |       |   | US$119,437 |   |   | US$1,890,159 |   |
|                                                      |   |                                           |             |                                                                     |   |                                                                      |       |                                                                                |           |                                   |   |                                     |       |   |   |   |   |   |   |
| Foreign                  currency-denominated:            |   |                                           |             |                                                                     |   |                                                                      |       |                                                                                |           |                                   |   |                                     |       |   |   |   |   |   |   |
| Peruvian                  Government Bonds                |   |                                           | US$1,475         |                                                                     |   | US$24,034                                                                 |       |                                                                                | US$4,874       |                                   |   | US$114,327                               |       |   | US$123,525 |   |   | US$268,235 |   |
| Equity                  securities                        |   |                                           | 98,651           |                                                                     |   | —                                                                   |       |                                                                                | —        |                                   |   | —                                  |       |   | — |   |   | 98,651 |   |
| Bonds                                                     |   |                                           | 157,871          |                                                                     |   | 342,635                                                                   |       |                                                                                | 160,143        |                                   |   | 167,549                                  |       |   | 283,753 |   |   | 1,111,951 |   |
| Other                  investments                        |   |                                           | 10,074           |                                                                     |   | 6,197                                                                     |       |                                                                                | 12,334         |                                   |   | 18,292                                   |       |   | 6,554 |   |   | 53,451 |   |
| Total                  Foreign currency-denominated       |   |                                           |  US$268,071 |                                                                     |   | US$372,866                                                                |       |                                                                                | US$177,351     |                                   |   | US$300,168                               |       |   | US$413,832 |   |   | US$1,532,288 |   |
| **Total                  securities holding**             |   |                                           | **US$1,877,945** | ** **                                                               |   | **US$449,313**                                                            | ** ** |                                                                                | **US$228,806** | ** **                             |   | **US$333,114**                           | ** ** |   | **US$533,269** | ** ** |   | **US$3,422,447** |   |

----

|  | (1) | Equity                  securities in Credicorp’s trading account are categorized as maturing                  within one year, while other equity securities are categorized                  according                  to their maturity. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Fondo      RAL*

*Interest      Rate Risk Management*

----

|                                                                                                                                             |   | **Earliest                Repricing Interval at December 31, 2006**(2) |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------|-----------|
|                                                                                                                                             |   | **Overnight                to****3                months**             |      | **Over                3 to****12                months** |   | **Total****within****1                year** |   | **Over                1****to                5 years** |   | **Over                5****Years** |   | **Total** |   |
|                                                                                                                                             |   | *(U.S.                Dollars in thousands, except percentages)*       |      |
| **Nuevo                Sol-denominated:**                                                                                                        |   |                                                                   |      |   |   |   |   |   |   |   |   |   |   |
| **Assets:**                                                                                                                                      |   |                                                                   |      |   |   |   |   |   |   |   |   |   |   |
| Loans,                net                                                                                                                        |   |                                                                   | 926,736   |   |   | 260,750 |   |   | 1,187,486 |   |   | 277,431 |   |   | 19,160 |   |   | 1,484,077 |   |
| Investment                securities                                                                                                             |   |                                                                   | 514,419   |   |   | 744,133 |   |   | 1,258,552 |   |   | 114,532 |   |   | 50,978 |   |   | 1,424,061 |   |
| Deposits                in other banks                                                                                                           |   |                                                                   | 46,697    |   |   | 7,011 |   |   | 53,708 |   |   | — |   |   | — |   |   | 53,708 |   |
| Off-Balance                debit accounts, Forwards                                                                                              |   |                                                                   | 280.794   |   |   | 275,614 |   |   | 556,408 |   |   | 3,636 |   |   | 14 |   |   | 560,058 |   |
| Total                                                                                                                                            |   |                                                                   | 1,768,646 |   |   | 1,287,508 |   |   | 3,056,154 |   |   | 395,598 |   |   | 70,151 |   |   | 3,521,903 |   |
| **Liabilities:**                                                                                                                                 |   |                                                                   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand                and saving deposits                                                                                                        |   |                                                                   | 921,572   |   |   | 182,055 |   |   | 1,103,627 |   |   | 9,803 |   |   | — |   |   | 1,113,430 |   |
| Time                deposits (1)                                                                                                                 |   |                                                                   | 738,432   |   |   | 233,460 |   |   | 971,892 |   |   | 267 |   |   | — |   |   | 972,159 |   |
| Interbank                deposits received                                                                                                       |   |                                                                   | 58,405    |   |   | 8,855 |   |   | 67,260 |   |   | 6,691 |   |   | — |   |   | 73,951 |   |
| Bonds                and other liabilities                                                                                                       |   |                                                                   | 10,825    |   |   | 24,937 |   |   | 35,761 |   |   | 130,916 |   |   | 11,319 |   |   | 177,996 |   |
| Off-Balance                credit accounts, Forwards                                                                                             |   |                                                                   | 545,580   |   |   | 31,000 |   |   | 576,580 |   |   | 20,450 |   |   | — |   |   | 597,030 |   |
| Total                                                                                                                                            |   |                                                                   | 2,274,814 |   |   | 480,307 |   |   | 2,755,120 |   |   | 168,127 |   |   | 11,319 |   |   | 2,934,566 |   |
| Interest                Sensitivity gap                                                                                                          |   |                                                                   | (506,168  | ) |   | 807,201 |   |   | 301,034 |   |   | 227,471 |   |   | 58,832 |   |   | 587,337 |   |
| Cumulative                interest sensitivity gap                                                                                               |   |                                                                   | (506,168  | ) |   | 301,034 |   |   | 301,034 |   |   | 528,504 |   |   | 587,337 |   |   | 587,337 |   |
| Cumulative                interest-earning assets                                                                                                |   |                                                                   | 1,768,646 |   |   | 3,056,154 |   |   | 3,056,154 |   |   | 3,451,752 |   |   | 3,521,903 |   |   | 3,521,903 |   |
| Cumulative                interest sensitivity gap                                                                                               |   |                                                                   | -28.62    | % |   | 9.85 | % |   | 9.85 | % |   | 15.31 | % |   | 16.68 | % |   | 16.68 | % |
| **Foreign                Currency-denominated:**                                                                                                 |   |                                                                   |           |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| **Assets:**                                                                                                                                      |   |                                                                   |           |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Loans,                net                                                                                                                        |   |                                                                   | 2,149,194 |   |   | 1,242,188 |   |   | 3,391,382 |   |   | 787,563 |   |   | 290,311 |   |   | 4,469,256 |   |
| Investment                securities                                                                                                             |   |                                                                   | 353,935   |   |   | 103,163 |   |   | 457,098 |   |   | 367,019 |   |   | 328,107 |   |   | 1,152,225 |   |
| Deposits                in other banks, and Other                instruments                                                                     |   |                                                                   | 975,254   |   |   | 1,298,272 |   |   | 2,273,527 |   |   | 5,948 |   |   | 6,117 |   |   | 2,285,592 |   |
| Off-Balance                debit accounts, Forwards                Swaps                                                                         |   |                                                                   | 745,704   |   |   | 85,157 |   |   | 830,861 |   |   | 66,579 |   |   | 13,081 |   |   | 910,520 |   |
| Total                                                                                                                                            |   |                                                                   | 4,224,087 |   |   | 2,728,781 |   |   | 6,952,868 |   |   | 1,227,109 |   |   | 637,616 |   |   | 8,817,594 |   |
| **Liabilities:**                                                                                                                                 |   |                                                                   |           |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Demand                and saving deposits                                                                                                        |   |                                                                   | 1,942,655 |   |   | 698,877 |   |   | 2,641,533 |   |   | 57,001 |   |   | — |   |   | 2,698,534 |   |
| Time                deposits (1)                                                                                                                 |   |                                                                   | 1,861,562 |   |   | 811,864 |   |   | 2,673,426 |   |   | 241,305 |   |   | 196,836 |   |   | 3,111,568 |   |
| Interbank                deposits received and                Borrowings                                                                         |   |                                                                   | 319,942   |   |   | 71,747 |   |   | 391,689 |   |   | 85,729 |   |   | 128,408 |   |   | 605,827 |   |
| Bonds                and mortgage notes                                                                                                          |   |                                                                   | 41,670    |   |   | 45,628 |   |   | 87,298 |   |   | 179,046 |   |   | 7,777 |   |   | 274,120 |   |
| Off-Balance                credit accounts, Forwards                Swaps                                                                        |   |                                                                   | 385,255   |   |   | 327,839 |   |   | 713,094 |   |   | 125,668 |   |   | 39,143 |   |   | 877,904 |   |
| Total                                                                                                                                            |   |                                                                   | 4,551,084 |   |   | 1,955,956 |   |   | 6,507,039 |   |   | 688,749 |   |   | 372,164 |   |   | 7,567,952 |   |
| Interest                sensitivity gap                                                                                                          |   |                                                                   | (326,996  | ) |   | 772,825 |   |   | 445,829 |   |   | 538,360 |   |   | 265,453 |   |   | 1,249,641 |   |
| Cumulative                interest sensitivity gap                                                                                               |   |                                                                   | (326,996  | ) |   | 445,829 |   |   | 445,829 |   |   | 984,189 |   |   | 1,249,641 |   |   | 1,249,641 |   |
| Cumulative                interest-earning assets                                                                                                |   |                                                                   | 4,224,087 |   |   | 6,952,868 |   |   | 6,952,868 |   |   | 8,179,977 |   |   | 8,817,594 |   |   | 8,817,594 |   |
| Cumulative                interest sensitivity gap                                                                                               |   |                                                                   | -7.74     | % |   | 6.41 | % |   | 6.41 | % |   | 12.03 | % |   | 14.17 | % |   | 14.17 | % |
|                                                                                                                                             |   |                                                                   |           |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| **Total                interest sensitivity gap**                                                                                                |   |                                                                   | (833,164  | ) |   | 1,580,027 |   |   | 746,862 |   |   | 765,831 |   |   | 324,285 |   |   | 1,836,978 |   |
| **Cumulative                interest sensitivity gap**                                                                                           |   |                                                                   | (833,164  | ) |   | 746,862 |   |   | 746,862 |   |   | 1,512,693 |   |   | 1,836,978 |   |   | 1,836,978 |   |
| **Total                interest-earning assets**                                                                                                 |   |                                                                   | 5,992,733 |   |   | 4,016,289 |   |   | 10,009,022 |   |   | 1,622,708 |   |   | 707,767 |   |   | 12,339,497 |   |
| **Cumulative                interest-earning assets**                                                                                            |   |                                                                   | 5,992,733 |   |   | 10,009,022 |   |   | 10,009,022 |   |   | 11,631,729 |   |   | 12,339,497 |   |   | 12,339,497 |   |
| **Cumulative                interest sensitivity gap****as                a percentage of cumulative****interest-earning                assets** |   |                                                                   | -13.90    | % |   | 7.46 | % |   | 7.46 | % |   | 13.00 | % |   | 14.89 | % |   | 14.89 | % |

----

| (1) | Includes                severance indemnity deposits |
|-----|------------------------------------------------------|

|   |   |
|--------|--------|
| (2) | This                table has been elaborated for administration on the bases of diverse                assumptions, and is based on management figures, which do not necessarily                conform to the figures on Credicorp Consolidated Financial Statements. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

*Exchange      Rate Sensitivity*

----

*Derivatives      Trading Activities*

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

**PART      II**

| **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** |
|---------|-----------------------------------------------------------------------------------------------------------------|

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

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

|   |   |
|--------|--------|
| (iii) | Provide                reasonable assurance regarding prevention or timely detection of                unauthorized acquisition, use or disposition of the company’s assets that                could have a material effect on the financial                statements. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                 |   |   |                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------|
| /s/                DIONISIO ROMERO                                                                                   |   |   | By: /s/                WALTER BAYLY                                                           |
| Name:                Dionisio RomeroTitle:                Chief Executive Officer  June                28, 2007 |   |   | Name: Walter                BaylyTitle: Chief                Financial and Accounting Officer |

----

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

|  |   |
|--|--------|

----

|  |   |
|--|--------|

|  |  |
|--|--|

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

**ITEM      16A.  AUDIT COMMITTEE FINANCIAL EXPERT**

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

*Código      de Etica*
*Código      de Etica Para Profesionales con Responsibilidad Financiera*

----

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

|                           |   | **Years                ended December 31,**  |         |
|--------------------------------|--------|----------------------------------------------|--------------|
|                           |   | **2004**                                     |         | **2005** |   | **2006** |   |
|                           |   | *(U.S.                Dollars in thousands)* |         |
|                           |   |                                         |         |   |   |   |   |
| Audit                          |   |                                         | US$1,132     |   |   | US$1,293 |   |   | US$1,779 |   |
| Audit                - Related |   |                                         | 14           |   |   | — |   |   | 61 |   |
| Tax                            |   |                                         | 7            |   |   | 21 |   |   | 15 |   |
| All                Other       |   |                                         | 134          |   |   | 557 |   |   | 29 |   |
|                           |   |                                         |         |   |   |   |   |   |   |   |
| **Total**                      |   |                                         | **US$1,287** | ** ** |   | **US$1,871** | ** ** |   | **US$1,884** |   |

*Audit      fees*

*Audit-related        fees*

*Tax      fees*

*All      other fees *

----

*Audit      Committee Pre-Approval Policies and Procedures*

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

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

----

**PART      III**

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

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

|                                                                                                                                                                |   | Page   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| **Credicorp                    Consolidated Financial Statements**                                                                                                  |   |   | F-1    |   |
|                                                                                                                                                                |   |   |   |   |
|                            Index to Financial Statements and Schedules                                                           |   |   |   |   |
|                                                                                                                                                                |   |   |   |   |
| Index                    to 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, 2006 and 2005                                                                                |   |   | F-5    |   |
|                                                                                                                                                                |   |   |   |   |
| Consolidated                    Income Statements for the Three Years in the Period Ended December 31,                    2006                                 |   |   | F-7    |   |
|                                                                                                                                                                |   |   |   |   |
| Consolidated                    Statements of Changes in Equity for                    the Three Years in the Period Ended December 31, 2006                   |   |   | F-9    |   |
|                                                                                                                                                                |   |   |   |   |
| Consolidated                    Cash Flow Statements for the Three Years in the Period Ended                    December 31, 2006                              |   |   | F-11   |   |
|                                                                                                                                                                |   |   |   |   |
| Notes                    to Consolidated Financial Statements                                                                                                       |   |   | F-13   |   |

----

| **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 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 |

----

**SIGNATURES**

**CREDICORP      LTD.**

----

----

**CREDICORP      CONSOLIDATED FINANCIAL STATEMENTS**

**Credicorp        Ltd. and Subsidiaries**

----

**Credicorp        Ltd. and Subsidiaries**

**Content**

**Report        of Independent Registered Public Accounting Firm**

**Consolidated        financial statements**

| Consolidated                    balance sheets                                      |   |   | F-4  |   |
|-------------------------------------------------------------------------------------|--------|--------|------|--------|
| Consolidated                    income statements                                   |   |   | F-6  |   |
| Consolidated                    statements of changes in shareholders’ equity |   |   | F-8  |   |
| Consolidated                    cash flows statements                               |   |   | F-10 |   |
| Notes                    to the consolidated financial statements                   |   |   | F-12 |   |

----

|  |   |
|--|--------|

|  |  |
|--|--|

|  |
|--|

----

**Credicorp        Ltd. and Subsidiaries**

|                                                                  |   | **Note** |   | **2006** |   | **2005**   |   |
|-----------------------------------------------------------------------|--------|----------|--------|----------|--------|------------|--------|
|                                                                  |   |     |        | US$(000) |        | US$(000)   |   |
| **Assets**                                                            |   |     |   |     |   |       |   |
| Cash                  and due from banks:                             |   |     | 4      |     |   |       |   |   |   |   |
| Non-interest                  bearing                                 |   |     |   |     |   | 474,859    |   |   | 364,947 |   |
| Interest                  bearing                                     |   |     |   |     |   | 2,258,671  |   |   | 2,295,868 |   |
|                                                                       |   |     |   |     |   |       |   |   |  |   |
|                                                                  |   |     |   |     |   | 2,733,530  |   |   | 2,660,815 |   |
|                                                                  |   |     |   |     |   |       |   |   |   |   |
| Investments:                                                          |   |     |   |     |   |       |   |   |   |   |
| Trading                  securities                                   |   |     | 5      |     |   | 45,136     |   |   | 60,785 |   |
| Investments                  available-for-sale                       |   |     | 6      |     |   | 3,450,711  |   |   | 2,810,705 |   |
|                                                                  |   |     |   |     |   | 3,495,847  |   |   | 2,871,490 |   |
|                                                                  |   |     |   |     |   |       |   |   |   |   |
| Loans,                  net:                                          |   |     | 7      |     |   |       |   |   |   |   |
| Loans,                  net of unearned income                        |   |     |   |     |   | 5,927,101  |   |   | 5,014,255 |   |
| Allowance                  for loan losses                            |   |     |   |     |   | (190,278   | )      |   | (197,495 | ) |
|                                                                       |   |     |   |     |   |       |   |   |   |   |
|                                                                  |   |     |   |     |   | 5,736,823  |   |   | 4,816,760 |   |
|                                                                  |   |     |   |     |   |       |   |   |   |   |
| Premiums                  and other policies receivable               |   |     |   |     |   | 61,279     |   |   | 57,301 |   |
| Accounts                  receivable from re-insurers and co-insurers |   |     | 12     |     |   | 35,181     |   |   | 35,288 |   |
| Property,                  furniture and equipment, net               |   |     | 8      |     |   | 255,478    |   |   | 248,299 |   |
| Due                  from customers on acceptances                    |   |     |   |     |   | 45,129     |   |   | 45,423 |   |
| Assets                  seized, net                                   |   |     | 9      |     |   | 29,427     |   |   | 39,373 |   |
| Intangible                  assets and goodwill, net                  |   |     | 10     |     |   | 215,647    |   |   | 58,217 |   |
| Other                  assets                                         |   |     | 11     |     |   | 273,188    |   |   | 203,109 |   |
|                                                                  |   |     |   |     |   |       |   |   |   |   |
| **Total                  assets**                                     |   |     |   |     |   | 12,881,529 |   |   | 11,036,075 |   |

----

|                                                                                                      |   | **Note** |   | **2006** |   | **2005**   |   |
|-----------------------------------------------------------------------------------------------------------|--------|----------|--------|----------|--------|------------|--------|
|                                                                                                           |   |     |   |     |        | US$(000)   |   |  | US$(000) |   |
|                                                                                                      |   |     |   |     |   |       |   |   |   |   |
| **Liabilities                  and Equity**                                                               |   |     |   |     |   |       |   |   |   |   |
| Deposits                  and obligations:                                                                |   |     | 13     |     |   |       |   |   |   |   |
| Non-interest                  bearing                                                                     |   |     |   |     |   | 1,989,564  |   |   | 1,671,621 |   |
| Interest                  bearing                                                                         |   |     |   |     |   | 6,849,427  |   |   | 5,421,807 |   |
|                                                                                                      |   |     |   |     |   | 8,838,991  |   |   | 7,093,428 |   |
|                                                                                                      |   |     |   |     |   |       |   |   |   |   |
| Due                  to banks and correspondents                                                          |   |     | 14     |     |   | 570,989    |   |   | 1,023,371 |   |
| Bankers’                  acceptances outstanding                                                   |   |     |   |     |   | 45,129     |   |   | 45,423 |   |
| Accounts                  payable to re-insurers and co-insurers                                          |   |     | 12     |     |   | 25,134     |   |   | 36,580 |   |
| Technical,                  insurance claims reserves and reserves for unearned                  premiums |   |     | 15     |     |   | 628,221    |   |   | 546,094 |   |
| Borrowed                  funds                                                                           |   |     | 14     |     |   | 370,612    |   |   | 280,000 |   |
| Bonds                  and subordinated notes issued                                                      |   |     | 16     |     |   | 512,572    |   |   | 429,224 |   |
| Other                  liabilities                                                                        |   |     | 11     |     |   | 356,113    |   |   | 290,000 |   |
|                                                                                                      |   |     |   |     |   |            |   |   |  |   |
| **Total                  liabilities**                                                                    |   |     |   |     |   | 11,347,761 |   |   | 9,744,120 |   |
|                                                                                                      |   |     |   |     |   |            |   |   |  |   |
| **Equity**                                                                                                |   |     | 17     |     |   |       |   |   |   |   |
| Capital                  and reserves attributable to Credicorp’s equity holders:                   |   |     |   |     |   |       |   |   |   |   |
| Capital                  stock                                                                            |   |     |   |     |   | 471,912    |   |   | 471,912 |   |
| Treasury                  stock                                                                           |   |     |   |     |   | (73,107    | )      |   | (73,107 | ) |
| Capital                  surplus                                                                          |   |     |   |     |   | 140,693    |   |   | 140,693 |   |
| Reserves                                                                                                  |   |     |   |     |   | 479,902    |   |   | 269,527 |   |
| Other                  reserves                                                                           |   |     |   |     |   | 147,409    |   |   | 83,302 |   |
| Retained                  earnings                                                                        |   |     |   |     |   | 230,013    |   |   | 298,113 |   |
|                                                                                                      |   |     |   |     |   |            |   |   |  |   |
|                                                                                                      |   |     |   |     |   | 1,396,822  |   |   | 1,190,440 |   |
|                                                                                                      |   |     |   |     |   |       |   |   |   |   |
| Minority                  interest                                                                        |   |     |   |     |   | 136,946    |   |   | 101,515 |   |
|                                                                                                      |   |     |   |     |   |            |   |   |  |   |
| **Total                  equity**                                                                         |   |     |   |     |   | 1,533,768  |   |   | 1,291,955 |   |
|                                                                                                      |   |     |   |     |   |       |   |   |   |   |
| **Total                  liabilities and equity**                                                         |   |     |   |     |   | 12,881,529 |   |   | 11,036,075 |   |

----

**Credicorp        Ltd. and Subsidiaries**

|                                                                                                   |   | **Note** |   | **2006** |   | **2005** |   | **2004** |     |
|--------------------------------------------------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|----------|----------|
|                                                                                                        |   |     |   |     |        | US$(000) |   |          | US$(000) |  |  | US$(000) |  |
|                                                                                                   |   |     |   |     |   |     |   |     |     |   |   |   |   |
| **Interest                  and dividend income**                                                      |   |     |   |     |   |     |   |     |     |   |   |   |   |
| Interest                  on loans                                                                     |   |     |   |     |   | 537,671  |   |     | 447,392  |   |   | 426,537 |   |
| Interest                  on deposits in banks                                                         |   |     |   |     |   | 93,886   |   |     | 37,127   |   |   | 20,146 |   |
| Interest                  from trading securities and investments available-for-sale                   |   |     |   |     |   | 135,705  |   |     | 117,242  |   |   | 81,276 |   |
| Dividend                  income                                                                       |   |     |   |     |   | 9,140    |   |     | 3,553    |   |   | 2,256 |   |
| Other                  interest income                                                                 |   |     |   |     |   | 5,600    |   |     | 7,118    |   |   | 12,627 |   |
| **Total                  interest and dividend income**                                                |   |     |   |     |   | 782,002  |   |     | 612,432  |   |   | 542,842 |   |
| **Interest                  expense**                                                                  |   |     |   |     |   |     |   |     |     |   |   |   |   |
| Interest                  on deposits and obligations                                                  |   |     |   |     |   | (189,552 | )      |     | (119,138 | ) |   | (95,965 | ) |
| Interest                  on bonds and subordinated notes issued                                       |   |     |   |     |   | (25,282  | )      |     | (24,332  | ) |   | (27,651 | ) |
| Interest                  on due to banks and correspondents and borrowed funds                        |   |     |   |     |   | (56,634  | )      |     | (20,288  | ) |   | (16,366 | ) |
| Other                  interest expense                                                                |   |     |   |     |   | (12,010  | )      |     | (9,401   | ) |   | (20,316 | ) |
| **Total                  interest expense**                                                            |   |     |   |     |   | (283,478 | )      |     | (173,159 | ) |   | (160,298 | ) |
|                                                                                                   |   |     |   |     |   |     |   |     |     |   |   |   |   |
| **Net                  interest and dividend income**                                                  |   |     |   |     |   | 498,524  |   |     | 439,273  |   |   | 382,544 |   |
|                                                                                                   |   |     |   |     |   |     |   |     |     |   |   |   |   |
| Provision                  for loan losses                                                             |   |     | 7(f    | )        |   | 4,243    |   |     | 6,356    |   |   | (16,131 | ) |
| **Net                  interest and dividend income after provision for loan                  losses** |   |     |   |     |   | 502,767  |   |     | 445,629  |   |   | 366,413 |   |
| **Other                  income**                                                                      |   |     |   |     |   |     |   |     |     |   |   |   |   |
| Banking                  services commissions                                                          |   |     |   |     |   | 243,778  |   |     | 206,163  |   |   | 201,474 |   |
| Net                  gain on foreign exchange transactions                                             |   |     |   |     |   | 41,638   |   |     | 29,286   |   |   | 24,165 |   |
| Net                  gain on sales of securities                                                       |   |     |   |     |   | 27,281   |   |     | 8,965    |   |   | 10,135 |   |
| Other                                                                                                  |   |     | 23     |     |   | 26,197   |   |     | 21,571   |   |   | 8,105 |   |
| **Total                  other income**                                                                |   |     |   |     |   | 338,894  |   |     | 265,985  |   |   | 243,879 |   |

----

|                                                                                                                                                             |   | **Note** |                           | **2006** |   | **2005** |   | **2004** |     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------------------------------|----------|--------|----------|--------|----------|----------|
|                                                                                                                                                             |   |     |                                | US$(000) |        | US$(000) |   | US$(000) |     |
|                                                                                                                                                             |   |     |                           |     |   |     |   |     |     |
| **Insurance                  premiums and claims**                                                                                                               |   |     |                           |     |   |     |   |     |     |
| Net                  premiums earned                                                                                                                             |   |     | 21                             |     |   | 251,261  |   |     | 218,955  |   |   | 192,672 |   |
| Net                  claims incurred for property and casualty insurance                  contracts                                                              |   |     | 22                             |     |   | (46,587  | )      |     | (42,569  | ) |   | (34,791 | ) |
| Net                  claims incurred for life and health insurance contracts                                                                                     |   |     | 22                             |     |   | (139,935 | )      |     | (132,931 | ) |   | (119,534 | ) |
| **Total                  premiums earned less claims**                                                                                                           |   |     |                           |     |   | 64,739   |   |     | 43,455   |   |   | 38,347 |   |
|                                                                                                                                                             |   |     |                           |     |   |     |   |     |     |   |   |   |   |
| **Other                  expenses**                                                                                                                              |   |     |                           |     |   |     |   |     |     |   |   |   |   |
| Salaries                  and employees benefits                                                                                                                 |   |     |                           |     |   | (303,332 | )      |     | (236,347 | ) |   | (202,729 | ) |
| Administrative                  expenses                                                                                                                         |   |     |                           |     |   | (172,304 | )      |     | (138,294 | ) |   | (153,096 | ) |
| Depreciation                  and amortization                                                                                                                   |   |     | 8(a)                  and 10(a | )        |   | (50,317  | )      |     | (38,728  | ) |   | (41,742 | ) |
| Provision                  for assets seized                                                                                                                     |   |     | 9(b                            | )        |   | (6,387   | )      |     | (16,959  | ) |   | (14,639 | ) |
| Merger                  expenses                                                                                                                                 |   |     | 2(a)                  and (d   | )        |   | (5,706   | )      |     | -        |   |   | (3,742 | ) |
| Goodwill                  amortization                                                                                                                           |   |     | 10(b                           | )        |   | -        |   |     | -        |   |   | (4,853 | ) |
| Other                                                                                                                                                            |   |     | 23                             |     |   | (52,718  | )      |     | (46,745  | ) |   | (42,869 | ) |
| **Total                  other expenses**                                                                                                                        |   |     |                           |     |   | (590,764 | )      |     | (477,073 | ) |   | (463,670 | ) |
|                                                                                                                                                             |   |     |                           |     |   |     |   |     |     |   |   |   |   |
| **Income                  before translation result and income tax**                                                                                             |   |     |                           |     |   | 315,636  |   |     | 277,996  |   |   | 184,969 |   |
|                                                                                                                                                             |   |     |                           |     |   |     |   |     |     |   |   |   |   |
| Translation                  result                                                                                                                              |   |     |                           |     |   | 15,216   |   |     | (9,597   | ) |   | 2,040 |   |
| Income                  tax                                                                                                                                      |   |     | 18(b                           | )        |   | (83,587  | )      |     | (73,546  | ) |   | (45,497 | ) |
| **Net                  income**                                                                                                                                  |   |     |                           |     |   | 247,265  |   |     | 194,853  |   |   | 141,512 |   |
| **Attributable                  to:**                                                                                                                            |   |     |                           |     |   |     |   |     |     |   |   |   |   |
| Equity                  holders of Credicorp                                                                                                                     |   |     |                           |     |   | 230,013  |   |     | 181,885  |   |   | 130,747 |   |
| Minority                  interest                                                                                                                               |   |     |                           |     |   | 17,252   |   |     | 12,968   |   |   | 10,765 |   |
|                                                                                                                                                             |   |     |                           |     |   | 247,265  |   |     | 194,853  |   |   | 141,512 |   |
| **Basic                  and diluted earnings per share for net income attributable to equity                  holders of Credicorp (in United States dollars)** |   |     | 24                             |     |   | 2.88     |   |     | 2.28     |   |   | 1.64 |   |

----

**Credicorp        Ltd. and Subsidiaries**

|                                                                                                                                      |   | **Attributable                  to the equity holders of Credicorp**      |   |                 |   |                  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|----------------------|--------|-----------------------|--------|
|                                                                                                                                      |   | **Number                  of shares issued,****note                  24** |   | **Capital****stock** |   | **Treasury****stock** |   | **Capital****surplus** |   | **Reserves** |   | **Other****reserves** |   | **Retained                  earnings** |   | **Total** |   | **Minority                  interest** |   | **Total****net                  equity** |   |
|                                                                                                                                      |   |  (In                  thousands of units)                            |   |  US$(000)       |   | US$(000)              |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                                                                                                      |   |                                                                 |   |            |   |             |   |    |   |    |   |    |   |    |   |    |   |    |   |    |   |
| **Balances                  as of January 1st****,                  2004**                                                                |   |                                                                      | 94,382 |                 |   | 471,912               |   |   | (73,177 | ) |   | 140,500 |   |   | 269,527 |   |   | 20,750 |   |   | 81,218 |   |   | 910,730 |   |   | 72,841 |   |   | 983,571 |   |
| Changes                  in equity for 2004 -                                                                                             |   |                                                                      |   |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  unrealized gains from investments available-for-sale, note                  6(c)                                     |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | 56,746 |   |   | - |   |   | 56,746 |   |   | 9,762 |   |   | 66,508 |   |
| Transfer                  of net realized gain the operations results, net of realized gains,                  note                  6(c) |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | (1,365 | ) |   | - |   |   | (1,365 | ) |   | 53 |   |   | (1,312 | ) |
| Income                  for the year recognized directly in equity                                                                        |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | 55,381 |   |   | - |   |   | 55,381 |   |   | 9,815 |   |   | 65,196 |   |
| Net                  income                                                                                                               |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 130,747 |   |   | 130,747 |   |   | 10,765 |   |   | 141,512 |   |
| Total                  recognized income for the period                                                                                   |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | 55,381 |   |   | 130,747 |   |   | 186,128 |   |   | 20,580 |   |   | 206,708 |   |
| Decrease                  in treasury stock                                                                                               |   |                                                                      | -      |                 |   | -                     |   |   | 70 |   |   | 193 |   |   | - |   |   | - |   |   | - |   |   | 263 |   |   | - |   |   | 263 |   |
| Cash                  dividends, note 17(d)                                                                                               |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (31,900 | ) |   | (31,900 | ) |   | - |   |   | (31,900 | ) |
| Dividends                  of subsidiaries and other                                                                                      |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (24 | ) |   | (24 | ) |   | (8,168 | ) |   | (8,192 | ) |
| **Balances                  as of December 31, 2004**                                                                                     |   |                                                                      | 94,382 |                 |   | 471,912               |   |   | (73,107 | ) |   | 140,693 |   |   | 269,527 |   |   | 76,131 |   |   | 180,041 |   |   | 1,065,197 |   |   | 85,253 |   |   | 1,150,450 |   |
| Changes                  in equity for 2005 -                                                                                             |   |                                                                      |   |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  unrealized gain from investments available-for-sale, note                  6(c)                                      |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | 7,121 |   |   | - |   |   | 7,121 |   |   | 4,764 |   |   | 11,885 |   |
| Transfer                  of net realized gain the operations results, net of realized gains,                  note                  6(c) |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | (1,572 | ) |   | - |   |   | (1,572 | ) |   | (165 | ) |   | (1,737 | ) |
| Net                  gain on cash flow hedge, note 20(d)                                                                                  |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | 1,622 |   |   | - |   |   | 1,622 |   |   | - |   |   | 1,622 |   |
| Income                  for the year recognized directly in equity                                                                        |   |                                                                      | -      |                 |   | -                     |   |   | - |   |   | - |   |   | - |   |   | 7,171 |   |   | - |   |   | 7,171 |   |   | 4,599 |   |   | 11,770 |   |

----

|                                                                                                                                      |   |  **Attributable                  to the equity holders of Credicorp**      |   |                  |   |                        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|----------------------------|--------|----------------------------------|--------|
|                                                                                                                                      |   |  **Number                  of shares issued,****note                  24** |   |  **Capital****stock** |   |  **Treasury****stock**      |   |  **Capital****surplus** |   |  **Reserves** |   |  **Other****reserves** |   |  **Retained                  earnings** |   |  **Total** |   |  **Minority                  interest** |   |  **Total****net                  equity** |   |
|                                                                                                                                      |   |  (In                  thousands of units)                                  |   | US$(000)                   |   |                    US$(000) |   |                    US$(000) |   |                    US$(000) |   |                    US$(000) |   |                    US$(000) |   |                    US$(000) |   |                    US$(000) |   |                    US$(000) |   |
| Net                  income                                                                                                               |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 181,885 |   |   | 181,885 |   |   | 12,968 |   |   | 194,853 |   |
| Total                  recognized income for the period                                                                                   |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | 7,171 |   |   | 181,885 |   |   | 189,056 |   |   | 17,567 |   |   | 206,623 |   |
| Cash                  dividends, note 17(d)                                                                                               |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (63,810 | ) |   | (63,810 | ) |   | - |   |   | (63,810 | ) |
| Dividends                  of subsidiaries and other                                                                                      |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (3 | ) |   | (3 | ) |   | (1,305 | ) |   | (1,308 | ) |
| **Balances                  as of December 31, 2005 carried forward**                                                                     |   |                                                                            | 94,382 |                       |   | 471,912                          |   |   | (73,107 | ) |   | 140,693 |   |   | 269,527 |   |   | 83,302 |   |   | 298,113 |   |   | 1,190,440 |   |   | 101,515 |   |   | 1,291,955 |   |
|                                                                                                                                      |   |                                                                            |   |                       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Changes                  in equity for 2006 -                                                                                             |   |                                                                            |   |                       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  unrealized gain from investments available-for-sale, note                  6(c)                                      |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | 69,411 |   |   | - |   |   | 69,411 |   |   | 20,728 |   |   | 90,139 |   |
| Transfer                  of net realized gain the operations results, net of realized gains,                  note                  6(c) |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | (6,620 | ) |   | - |   |   | (6,620 | ) |   | (379 | ) |   | (6,999 | ) |
| Net                  gain on cash flow hedge, note 20(d)                                                                                  |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | 1,316 |   |   | - |   |   | 1,316 |   |   | - |   |   | 1,316 |   |
| Income                  for the year recognized directly in equity                                                                        |   |                                                                            |   |                       |   |                             |   |   |   |   |   |   |   |   |   |   |   | 64,107 |   |   | - |   |   | 64,107 |   |   | 20,349 |   |   | 84,456 |   |
| Net                  income                                                                                                               |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 230,013 |   |   | 230,013 |   |   | 17,252 |   |   | 247,265 |   |
| Total                  recognized income for the period                                                                                   |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | 64,107 |   |   | 230,013 |   |   | 294,120 |   |   | 37,601 |   |   | 331,721 |   |
| Transfer                  of retained earnings to reserves, note 17(c)                                                                    |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | 210,375 |   |   | - |   |   | (210,375 | ) |   | - |   |   | - |   |   | - |   |
| Cash                  dividends, note 17(d)                                                                                               |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (87,738 | ) |   | (87,738 | ) |   | - |   |   | (87,738 | ) |
| Dividends                  of subsidiaries and other                                                                                      |   |                                                                            | -      |                       |   | -                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (2,170 | ) |   | (2,170 | ) |
| **Balances                  as of December 31, 2006 carried forward**                                                                     |   |                                                                            | 94,382 |                       |   | 471,912                          |   |   | (73,107 | ) |   | 140,693 |   |   | 479,902 |   |   | 147,409 |   |   | 230,013 |   |   | 1,396,822 |   |   | 136,946 |   |   | 1,533,768 |   |

----

**Credicorp        Ltd. and Subsidiaries**

|                                                                                                 |   | **2006** |      | **2005** |   | **2004**  |   |
|------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|-----------|--------|
|                                                                                                 |   | US$(000) |      | US$(000) |   | US$(000)  |   |
| **Cash                  flows from operating activities**                                            |   |     |      |     |   |      |   |
| Net                  income                                                                          |   |     | 247,265   |     |   | 194,853   |   |   | 141,512 |   |
| **Add                  (deduct)**                                                                    |   |     |      |     |   |      |   |   |   |   |
| Provision                  for loan losses                                                           |   |     | (4,243    | )        |   | (6,356    | )      |   | 16,131 |   |
| Depreciation                  and amortization                                                       |   |     | 50,317    |     |   | 38,728    |   |   | 41,742 |   |
| Amortization                  of goodwill                                                            |   |     | -         |     |   | -         |   |   | 4,853 |   |
| Provision                  for assets seized                                                         |   |     | 6,387     |     |   | 16,959    |   |   | 14,639 |   |
| Provision                  for sundry risks, note 23                                                 |   |     | 6,461     |     |   | 5,567     |   |   | 9,819 |   |
| Deferred                  income tax, note 18(b)                                                     |   |     | (4,786    | )        |   | (11,502   | )      |   | (6,325 | ) |
| Net                  gain on securities available-for-sale                                           |   |     | (27,281   | )        |   | (8,965    | )      |   | (10,135 | ) |
| Loss                  (gain) on sales of property, furniture and equipment, note                  23 |   |     | (169      | )        |   | (1,875    | )      |   | 4,525 |   |
| Translation                  result                                                                  |   |     | (15,216   | )        |   | 9,597     |   |   | (2,040 | ) |
| Purchase                  (sale) of trading securities, net                                          |   |     | 15,649    |     |   | 22,843    |   |   | (3,788 | ) |
| Purchase                  of loan portfolio, note 2(b)                                               |   |     | -         |     |   | (353,769  | )      |   | - |   |
| **Changes                  in assets and liabilities:**                                              |   |     |      |     |   |      |   |   |   |   |
| Increase                  (decrease) in loans, net                                                   |   |     | (871,970  | )        |   | 90,521    |   |   | (142,316 | ) |
| Decrease                  (increase) in other assets                                                 |   |     | (104,091  | )        |   | (15,062   | )      |   | 52,049 |   |
| Increase                  in deposits and obligations, net                                           |   |     | 1,632,960 |     |   | 648,648   |   |   | 296,094 |   |
| Increase                  (decrease) in due to banks and correspondents, net                         |   |     | (455,381  | )        |   | 540,824   |   |   | 130,369 |   |
| Increase                  (decrease) in other liabilities, net                                       |   |     | 114,717   |     |   | 149,920   |   |   | 139,626 |   |
| **Net                  cash provided by operating activities**                                       |   |     | 590,619   |     |   | 1,320,931 |   |   | 686,755 |   |
|                                                                                                 |   |     |      |     |   |      |   |   |   |   |
| **Cash                  flows from investing activities**                                            |   |     |      |     |   |      |   |   |   |   |
| Acquisition                  of subsidiaries net of cash received, notes 2(a) and (d)                |   |     | (140,085  | )        |   | -         |   |   | (4,900 | ) |
| Disposal                  of subsidiaries, net of cash disposed, note 2(c)                           |   |     | -         |     |   | 17,977    |   |   | - |   |
| Net                  purchase of investments available-for-sale                                      |   |     | (433,702  | )        |   | (712,879  | )      |   | (410,693 | ) |
| Purchase                  of property, furniture and equipment                                       |   |     | (43,973   | )        |   | (48,769   | )      |   | (41,087 | ) |
| Sales                  of property, furniture and equipment                                          |   |     | 7,546     |     |   | 19,448    |   |   | 7,788 |   |
| **Net                  cash used in investing activities**                                           |   |     | (610,214  | )        |   | (724,223  | )      |   | (448,892 | ) |

----

|                                                                     |   |   | **2006**  |   |   | **2005**  |   |   | **2004**  |   |
|--------------------------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
|                                                                     |   |   | US$(000)  |   |   | US$(000)  |   |   | US$(000)  |   |
| **Cash                  flows from financing activities**                |   |   |      |   |   |      |   |   |      |   |
| Issuance                  of bonds and subordinated notes                |   |   | 167,247   |   |   | 74,985    |   |   | 35,235    |   |
| Redemption                  of bonds and subordinated notes              |   |   | (91,925   | )      |   | (57,469   | )      |   | (30,719   | )      |
| Sales                  of treasury stocks                                |   |   | -         |   |   | -         |   |   | 263       |   |
| Increase                  in borrowed funds                              |   |   | 90,612    |   |   | 348,500   |   |   | 140,500   |   |
| Payments                  of borrowed funds                              |   |   | -         |   |   | (68,500   | )      |   | (114,054  | )      |
| Cash                  dividends                                          |   |   | (87,738   | )      |   | (63,810   | )      |   | (31,900   | )      |
| **Net                  cash provided by (used in) financing activities** |   |   | 78,196    |   |   | 233,706   |   |   | (675      | )      |
| Translation                  gain (loss) on cash and cash equivalents    |   |   | 14,114    |   |   | (15,060   | )      |   | (6,787    | )      |
|                                                                     |   |   |      |   |   |      |   |   |      |   |
| **Net                  increase in cash and cash equivalents**           |   |   | 72,715    |   |   | 815,354   |   |   | 230,401   |   |
|                                                                     |   |   |      |   |   |      |   |   |      |   |
| Cash                  and cash equivalents at the beginning of the year  |   |   | 2,660,815 |   |   | 1,845,461 |   |   | 1,615,060 |   |
|                                                                     |   |   |      |   |   |      |   |   |      |   |
| **Cash                  and cash equivalents at the end of the year**    |   |   | 2,733,530 |   |   | 2,660,815 |   |   | 1,845,461 |   |
|                                                                     |   |   |      |   |   |      |   |   |      |   |
| **Supplementary                  cash flows information:**               |   |   |      |   |   |      |   |   |      |   |
| **Cash                  paid during the year for -**                     |   |   |      |   |   |      |   |   |      |   |
| Interest                                                                 |   |   | 265,838   |   |   | 171,495   |   |   | 158,414   |   |
| Income                  tax                                              |   |   | 96,284    |   |   | 47,760    |   |   | 43,866    |   |
| **Cash                  received during the year for -**                 |   |   |      |   |   |      |   |   |      |   |
| Interest                                                                 |   |   | 810,266   |   |   | 628,508   |   |   | 554,205   |   |

----

**Credicorp        Ltd. and Subsidiaries**

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

| **2.** | **Business                  developments** |
|--------|--------------------------------------------|

|  | (a) | Incorporation                  of a Private Pension Fund Management and acquisition of AFP Unión Vida                  S.A. - |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------|

----

|                                               |   | **Book                  value of the entity acquired** |   | **Fair                  value recognition** |   | **Fair                  value of the entity acquired** |   |
|----------------------------------------------------|--------|--------------------------------------------------------|--------|---------------------------------------------|--------|--------------------------------------------------------|--------|
|                                               |   | US$(000)                                               |   | US$(000)                                    |   | US$(000)                                               |   |
| **Assets                  -**                      |   |                                                   |   |                                        |   |                                                   |   |
| Cash                  and cash equivalents         |   |                                                   | 1,428  |                                        |   | -                                                      |   |   | 1,428 |   |
| Restricted                  mutual fund            |   |                                                   | 32,265 |                                        |   | -                                                      |   |   | 32,265 |   |
| Client                  relationships              |   |                                                   | -      |                                        |   | 88,378                                                 |   |   | 88,378 |   |
| Other                  Intangibles                 |   |                                                   | 3,424  |                                        |   | 9,603                                                  |   |   | 13,027 |   |
| Property,                  furniture and equipment |   |                                                   | 2,060  |                                        |   | -                                                      |   |   | 2,060 |   |
| Goodwill                                           |   |                                                   | -      |                                        |   | 49,047                                                 |   |   | 49,047 |   |
| Other                  assets                      |   |                                                   | 5,605  |                                        |   | -                                                      |   |   | 5,605 |   |
|                                               |   |                                                   |   |                                        |   |                                                   |   |   |   |   |
| **Liabilities                  -**                 |   |                                                   |   |                                        |   |                                                   |   |   |   |   |
| Trade                  accounts payable            |   |                                                   | 4,688  |                                        |   | -                                                      |   |   | 4,688 |   |
| Other                  accounts payable            |   |                                                   | 5,352  |                                        |   | -                                                      |   |   | 5,352 |   |
| Other                  liabilities                 |   |                                                   | 7,433  |                                        |   | 32,824                                                 |   |   | 40,257 |   |
| **Net                  acquired assets**           |   |                                                   | 27,309 |                                        |   | 114,204                                                |   |   | 141,513                  (* | ) |

|  | (*) | Cash                  paid for the acquisition and related direct                  cost |
|--|-----|-----------------------------------------------------------------------------------------|

----

|  | (b) | Acquisition                  of the loan portfolio of Bank Boston N.A. Peru Subsidiary                  - |
|--|-----|-----------------------------------------------------------------------------------------------------------|

|  | (c) | Sale                  of Banco Tequendama S.A. - |
|--|-----|--------------------------------------------------|

|  | (d) | Acquisition                  of Corporación Novasalud Perú S.A.                  - |
|--|-----|----------------------------------------------------------------------------------------------|

----

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

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

|  | · | The                    trading securities, the derivatives and the financial instruments                    with                    embedded derivatives (see the paragraphs (h) and (u) below),                    which are                    recorded as financial assets at their fair value through profit                    or                    loss. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The                  investments available-for-sale, as it is indicated in the paragraph                  (h)                  below. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|  | · | IAS                  1 (revised in 2003) has affected mainly the presentation of minority                  interest as part of the net equity. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | IAS                  8, 10, 16, 17, 27, 28, 32, 33 (all revised in 2003) and IAS 39                  (revised in                  2004) had no material effect on the Group’s                  policies. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | IAS                  21 (revised in 2003) had no material effect on the Group’s policy. The                  functional currency of each of the consolidated entities has been                  re-evaluated based on the guidance to the revised standard. All                  the Group                  entities have the same functional currency as used in previous                  years. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | IAS                  24 (revised in 2003) has affected the identification of related                  parties                  and other related-party                  disclosures. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The                  adoption of IFRS 2 had no material effect for the consolidated                  financial                  statements. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The                  adoption of IFRS 3, IAS 36 (revised in 2004) and IAS 38 (revised                  in 2004)                  resulted in a change in the accounting policy for goodwill. In                  accordance                  with the provisions of IFRS 3, see paragraph (m)                  below: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | The                  Group ceased the amortization of goodwill from January 1st,                  2005. |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (ii) | Accumulated                  amortization as of December 31, 2004 has been eliminated with a                   corresponding                  decrease in the cost of goodwill. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | From                  the year ended December 31, 2004 onwards, goodwill is tested annually                  for                   impairment. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The                  adoption of IFRS 4 does not require significant changes in the                  Group’s                  accounting policies. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The                  Group has reassessed the useful lives of its intangible assets                  in                  accordance with the provision of IAS 38 (revised in 2004). No adjustment                  resulted from this reassessment. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

| **Entity**                                                                                                                         |   | **Percentage                  of participation** |   | **Assets** |   | **Liabilities** |   | **Equity** |       | **Net                  income (loss)** |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|------------|--------|-----------------|--------|------------|------------|----------------------------------------|--------|
|                                                                                                                               |   | **2006**                                         |   | **2005**   |   | **2006**        |   | **2005**   |       | **2006**                               |   | **2005** |   | **2006** |   | **2005** |   | **2006** |   | **2005** |   |
|                                                                                                                                    |   | %                                                |   |  %    |   | US$(000)        |   | US$(000)   |       | US$(000)                               |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
| Banco                  de Crédito del Perú and Subsidiaries (i)                                                          |   |                                             | 97.24  |       |   | 96.98           |   |       | 10,802,737 |                                   |   | 9,262,352 |   |   | 9,838,881 |   |   | 8,402,202 |   |   | 963,856 |   |   | 860,150 |   |   | 247,756 |   |   | 184,156 |   |
| Atlantic                  Security Holding Corporation and Subsidiaries (ii)                                                       |   |                                             | 100.00 |       |   | 100.00          |   |       | 1,320,535  |                                   |   | 1,052,386 |   |   | 1,200,170 |   |   | 949,757 |   |   | 120,365 |   |   | 102,629 |   |   | 15,402 |   |   | 13,483 |   |
| El                  Pacífico Peruano-Suiza Compañía de Seguros y Reaseguros and Subsidiaries                  (iii) |   |                                             | 75.72  |       |   | 75.72           |   |       | 1,002,358  |                                   |   | 833,573 |   |   | 712,430 |   |   | 613,978 |   |   | 289,928 |   |   | 219,595 |   |   | 59,087 |   |   | 13,117 |   |
| Grupo                  Crédito S.A. and Subsidiaries (iv)                                                                     |   |                                             | 99.99  |       |   | 99.99           |   |       | 314,540    |                                   |   | 61,832 |   |   | 115,702 |   |   | 4,877 |   |   | 198,838 |   |   | 56,955 |   |   | (12,380 | ) |   | (5,491 | ) |
| CCV                  Inc. (v)                                                                                                      |   |                                             | 99.99  |       |   | 99.99           |   |       | -          |                                   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (244 | ) |
| CCR                  Inc. (v)                                                                                                      |   |                                             | 99.99  |       |   | 99.99           |   |       | 382,930    |                                   |   | 282,124 |   |   | 380,000 |   |   | 280,000 |   |   | 2,930 |   |   | 2,124 |   |   | 121 |   |   | (197 | ) |
| Credicorp                  Securities Inc. (vi)                                                                                    |   |                                             | 99.99  |       |   | 99.99           |   |       | 1,503      |                                   |   | 1,019 |   |   | 18 |   |   | 21 |   |   | 1,485 |   |   | 998 |   |   | 487 |   |   | 203 |   |

|  | (i) | Banco                  de Crédito (BCP) is a universal bank, incorporated in Peru in 1889,                  authorized to engage in banking activities by the Superintendence                  of                  Banking, Insurance and AFP (SBS), the Peruvian banking, insurance                  and AFP                  authority. On November 2006, Credicorp acquired equivalent to 0.25                  percent                  of BCP shares owned by minority interest. See (iii)                  below. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | Atlantic                  Security Holding Corporation (ASHC) is incorporated in the Cayman                  Islands.                  Its main activity is to invest in the capital stock of companies.                  Its most                  significant subsidiary is Atlantic Security Bank (ASB). ASB is                  also                  incorporated in the Cayman Islands and began operations on December                  1981,                  carrying out its activities through branches and offices in Grand                  Cayman                  and the Republic of Panama, its main activity is private and institutional                  banking and trustee administration. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (iii) | El                  Pacífico Peruano-Suiza Compañía de Seguros y Reaseguros (PPS) is a                  Peruvian corporation, whose main activity is the issuance and                  administration of insurance for property and casualty and related                  activities, and also provides insurance for life, health and personal                  accidents. Its main subsidiaries are El Pacífico Vida Compañía de Seguros                  y Reaseguros S.A. and Pacífico S.A. Entidad Prestadora de Salud (EPS), in                  which maintain a share of 61.99 percent and 100.00 percent, respectively.                  On November 2006, PPS sold to Credicorp 1.02 percent of BCP shares                  that                  maintained to that date, generating a goodwill for the purchase                  of the                  corresponding percentage of minority interest (0.25 percent) amounted                  to                  approximately US$ 7.2 million, note 10(b). |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | Grupo                  Crédito S.A. is a company incorporated in Peru on February 1987, whose                  main activity is to invest in listed and not listed securities                  in Peru.                  Since 2005, Group Crédito incorporated Prima AFP, a new subsidiary engaged                  in fund management activities. On August, 2006, Prima AFP acquired                  99.97                  percent of the representative capital shares of AFP Unión Vida S.A., which                  was merged on December 2006, note 2(a). As of December 31, 2006,                  Prima AFP                  total assets amount approximately US$233.9 million, liabilities                  for                  US$115.4 million and a net loss of US$20.7 million (US$18.3 million,                  US$2.8 million and US$7.6 million, respectively, as of December                  31,2005).                  Additionally, the Company owns 100.00 percent of the shares of                  Soluciones                  en Procesamiento S.A. (Servicorp), an entity specialized in collection                  services. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | CCV                  Inc. and CCR Inc., are special purposes entities incorporated in                  Bahamas                  in 2001, whose main activity is to manage the loans granted to                  BCP from                  foreign financial entities, note 14(b). These loans are collateralized                  by                  transactions realized by the Bank. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vi) | Credicorp                  Securities Inc., an entity incorporated in the United States of                  America on                  January 2003, whose main activity is to be engaged in brokerage                  activities                  in the securities market, directed principally to retail customers                  in                  Latin America. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|  | · | Monetary                  assets and liabilities for each balance sheet presented are translated                  at                  the free market exchange rate at the date of the consolidated balance                  sheet. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Non-monetary                  accounts for each balance sheet presented are translated at the                  free                  market exchange rate at the date of the                  transactions. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|  | (e) | Recognition                  of income and expenses of insurance activities                  - |
|--|-----|------------------------------------------------------------------------------------------------|

----

----

|  | (f) | Loans                  and allowance for loan losses - |
|--|-----|--------------------------------------------------------|

----

|  | (g) | Leases                  - |
|--|-----|---------------------------|

|  | (h) | Investments                  - |
|--|-----|--------------------------------|

----

|  | (i) | Offsetting                  financial instruments - |
|--|-----|-----------------------------------------------------|

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

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

----

|  | (k) | Assets                  seized - |
|--|-----|----------------------------------|

|  | (l) | Intangible                  assets - |
|--|-----|--------------------------------------|

|  | (m) | Goodwill                  - |
|--|-----|-----------------------------|

|                                                           |   | **Years** |   |
|----------------------------------------------------------------|--------|-----------|--------|
| ASHC                  and PPS                                  |   |      | 20     |   |
| Banco                  de Crédito del Perú           |   |      | 5      |   |
| Corporación                  Novasalud Perú S.A. EPS |   |      | 7      |   |

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

----

|  | (o) | Bonds                  and subordinated notes issued - |
|--|-----|--------------------------------------------------------|

|   | (p) | Provisions                  - |
|--------|-----|-------------------------------|

|  | (q) | Contingencies                  - |
|--|-----|----------------------------------|

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

----

|  | (s) | Earnings                  per share - |
|--|-----|---------------------------------------|

|  | (t) | Stock                  appreciation rights - |
|--|-----|----------------------------------------------|

|  | (u) | Derivative                  financial instruments - |
|--|-----|-----------------------------------------------------|

----

|  | (v) | Segment                  reporting - |
|--|-----|--------------------------------------|

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

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

----

|  | (y) | Operations                  with reinsurers and coinsurers - |
|--|-----|--------------------------------------------------------------|

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

----

|  | (aa) | Reclassifications                  - |
|--|------|--------------------------------------|

|  | (i) | At                  December 31, 2005, the intangibles assets and goodwill were shown                  as part                  of the caption “Other assets” on the consolidated balance sheet. As of                  December 31, 2006, these concepts are shown separately of the caption                  “Other assets” due to the increase of the balances, due to the purchase of                  AFP Unión Vida S.A., note 2(a). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | At                  December 31, 2005, the borrowed fund were presented in the consolidated                  balance sheet together with due to banks and correspondents. Since                  2006,                  these concepts have been shown separately for a better presentation                  of the                  long term borrowed funds of the                  Group. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | IFRS                  8, Operating Segments (effective for accounting periods beginning                  on or                  after January 1st                  ,                  2009). |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | · | IFRIC                  7, Applying the Restatement Approach under IAS 29 (effective for                  annual                  periods beginning on or after March 1st                  ,                  2006). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | · | IFRIC                  8, Scope of IFRS 2 (effective for annual periods beginning on or                  after May                  1st                  ,                  2006). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | · | IFRIC                  9, Reassessment of Embedded Derivatives (effective for annual periods                  beginning on or after June 1st                  ,                  2006). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | · | IFRIC                  11 and IFRS 2 - Group Treasury Share Transactions (effective for                  annual                  periods beginning on or after March 1st                  ,                  2007). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

|                                                      |   | **2006** |      | **2005** |   |
|-----------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                      |   | US$(000) |      | US$(000) |   |
| Cash                  and clearing                        |   |     | 470,584   |     |   | 361,490 |   |
| Deposits                  in Peruvian Central Bank - BCRP |   |     | 1,405,853 |     |   | 1,599,153 |   |
| Deposits                  in banks                        |   |     | 853,203   |     |   | 693,601 |   |
|                                                      |   |     | 2,729,640 |     |   | 2,654,244 |   |
| Accrued                  interest                         |   |     | 3,890     |     |   | 6,571 |   |
| **Total**                                                 |   |     | 2,733,530 |     |   | 2,660,815 |   |

|  | (b) | As                  of December 31, 2006 and 2005, cash and due from banks balances                  include                  approximately US$1,675.1 and US$1,288.9 million, respectively,                  mainly from                  Banco de Crédito del Perú, which represent the legal reserve that the                  Peruvian banks must maintain for its obligations with the public.                  These                  funds are deposited in the vaults of the Bank and in the BCRP,                  and are                  within the limits established by prevailing legislation. In addition,                  as                  of December 31, 2006, the cash and due from banks caption includes                  US$70.0                  million and S/120.0 (equivalent to US$37.5 million), corresponds                  to                  overnight operations deposited in the BCRP, these operations earned                  interest at a nominal rate of 4.97 percent and an effective rate                  of 3.75                  percent and had a 4 day maturity (approximately US$450.0 million,                  interest                  at an annual nominal rate of 3.97 percent and 3 day maturity as                  of                  December 31, 2005). |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **5.** | **Trading                  securities** |
|--------|-----------------------------------------|

|                                                 |   | **2006** |   | **2005** |   |
|------------------------------------------------------|--------|----------|--------|----------|--------|
| **Shares**                                           |   | US$(000) |   | US$(000) |   |
| Listed                  equity securities (b)        |   |     | 34,692 |     |   | 45,487 |   |
| **Bonds                  and similar instruments -** |   |     |   |     |   |   |   |
| Participation                  in mutual funds       |   |     | 6,456  |     |   | 655 |   |
| Corporate                  and leasing bonds         |   |     | 2,260  |     |   | 8,442 |   |
| Bank                  certificates                   |   |     | 1,726  |     |   | 662 |   |
| Peruvian                  treasury bonds (c)         |   |     | -      |     |   | 5,361 |   |
| Other                                                |   |     | -      |     |   | 17 |   |
|                                                 |   |     | 10,442 |     |   | 15,137 |   |
|                                                 |   |     | 45,134 |     |   | 60,624 |   |
| Accrued                  interest                    |   |     | 2      |     |   | 161 |   |
| **Total**                                            |   |     | 45,136 |     |   | 60,785 |   |

|  | (b) | Correspond                  mainly to shares listed in the Peruvian stock market, which included                  US$12.5, US$3.5 and US$3.2 million of the companies Refinería la Pampilla                  S.A., Cementos Lima S.A. and Energía del Sur S.A., respectively (as of                  December 31, 2005, included approximately US$25.9, US$9.2 and US$3.2                  million of Energia del Sur S.A.A., Cementos Lima S.A., and Mineras                  del Sur                  S.A., respectively). |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | The                  Peruvian treasury bonds represent sovereign debt issued in Peruvian                  currency (S/) by the Economic and Financial Ministry of Peru; they                  have an                  active market quotation in the Peruvian market and are traded daily                  with                  third parties. As of December 31, 2005, these bonds accrued interest                  at                  annual rates that ranged between 1.53 and 5.96 percent and have                  maturities                  between August 2006 and January 2035. During 2006, the bonds held                  as of                  December 31, 2005 were totally                  sold. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **6.** | **Investments                              available-for-sale** |
|--------|-----------------------------------------------------------------|

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

|                                                                 |   | **2006**              |      | **2005**                                     |   |
|----------------------------------------------------------------------|--------|-----------------------|-----------|----------------------------------------------|--------|
|                                                                 |   |                  |      | **Unrealized                  gross amount** |   |  **Estimated** |   |   |   | **Unrealized                  gross amount** |   |  **Estimated** |   |
|                                                                 |   | **Amortized****Cost** |      | **Gains**                                    |   | **Losses                  (b)** |   | ** ****market                  value** |   | **Amortized****cost** |   | **Gains** |   | **Losses                  (b)** |   | **market                  value** |   |
|                                                                 |   | US$(000)              |      | US$(000)                                     |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
| **Fixed                  maturity -**                                |   |                  |      |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BCRP                  deposit certificates (d)                       |   |                  | 1,276,503 |                                         |   | 1,143 |   |   | (33 | ) |   | 1,277,613 |   |   | 1,148,303 |   |   | 184 |   |   | (2,672 | ) |   | 1,145,815 |   |
| Corporate,                  leasing and subordinated bonds (e)       |   |                  | 845,644   |                                         |   | 15,769 |   |   | (3,179 | ) |   | 858,234 |   |   | 599,191 |   |   | 9,835 |   |   | (5,133 | ) |   | 603,893 |   |
| Government                  treasury bonds (f)                       |   |                  | 476,036   |                                         |   | 59,564 |   |   | (1,620 | ) |   | 533,980 |   |   | 365,820 |   |   | 22,080 |   |   | (746 | ) |   | 387,154 |   |
| US                  Government - Sponsored Enterprises (f)           |   |                  | 153,867   |                                         |   | 1,661 |   |   | (1,299 | ) |   | 154,229 |   |   | 177,925 |   |   | 3,651 |   |   | (1,617 | ) |   | 179,959 |   |
| Participation                  in mutual funds                       |   |                  | 86,422    |                                         |   | 9,920 |   |   | (104 | ) |   | 96,238 |   |   | 82,038 |   |   | 6,000 |   |   | (691 | ) |   | 87,347 |   |
| Bonds                  from international financial institutions (g) |   |                  | 64,578    |                                         |   | 89 |   |   | (24 | ) |   | 64,643 |   |   | 112,184 |   |   | 213 |   |   | (213 | ) |   | 112,184 |   |
| Participation                  in RAL’s funds (h)              |   |                  | 51,204    |                                         |   | - |   |   | - |   |   | 51,204 |   |   | 56,073 |   |   | - |   |   | - |   |   | 56,073 |   |
| Restricted                  mutual funds (i)                         |   |                  | 43,152    |                                         |   | 6,085 |   |   | - |   |   | 49,237 |   |   | 2,531 |   |   | - |   |   | (33 | ) |   | 2,498 |   |
| Negotiable                  deposit certificates                     |   |                  | 47,225    |                                         |   | 1,104 |   |   | - |   |   | 48,329 |   |   | 36,872 |   |   | 762 |   |   | (12 | ) |   | 37,622 |   |
| Central                  Banks of Bolivia deposit certificates       |   |                  | 27,833    |                                         |   | 189 |   |   | (1 | ) |   | 28,021 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Commercial                  papers                                   |   |                  | 15,712    |                                         |   | 35 |   |   | (6 | ) |   | 15,741 |   |   | 5,519 |   |   | - |   |   | (4 | ) |   | 5,515 |   |
| Other                                                                |   |                  | 26,930    |                                         |   | 2,015 |   |   | (150 | ) |   | 28,795 |   |   | 13,818 |   |   | 278 |   |   | (109 | ) |   | 13,987 |   |
|                                                                 |   |                  | 3,115,106 |                                         |   | 97,574 |   |   | (6,416 | ) |   | 3,206,264 |   |   | 2,600,274 |   |   | 43,003 |   |   | (11,230 | ) |   | 2,632,047 |   |
|                                                                 |   |                  |      |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Shares                  -**                                        |   |                  |      |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Listed                  securities (j)                               |   |                  | 78,649    |                                         |   | 112,025 |   |   | (235 | ) |   | 190,439 |   |   | 52,741 |   |   | 87,141 |   |   | (336 | ) |   | 139,546 |   |
| Non-listed                  securities                               |   |                  | 17,837    |                                         |   | 7,964 |   |   | (57 | ) |   | 25,744 |   |   | 19,477 |   |   | 3,972 |   |   | (413 | ) |   | 23,036 |   |
|                                                                 |   |                  | 96,486    |                                         |   | 119,989 |   |   | (292 | ) |   | 216,183 |   |   | 72,218 |   |   | 91,113 |   |   | (749 | ) |   | 162,582 |   |
|                                                                 |   |                  | 3,211,592 |                                         |   | 217,563 |   |   | (6,708 | ) |   | 3,422,447 |   |   | 2,672,492 |   |   | 134,116 |   |   | (11,979 | ) |   | 2,794,629 |   |
| Accrued                  interest                                    |   |                  |      |                                         |   |   |   |   |   |   |   | 28,264 |   |   |   |   |   |   |   |   |   |   |   | 16,076 |   |
|                                                                 |   |                  |      |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                                            |   |                  |      |                                         |   |   |   |   |   |   |   | 3,450,711 |   |   |   |   |   |   |   |   |   |   |   | 2,810,705 |   |

----

|  | (b) | The                  Group has determinate that the unrealized losses as of December                  31, 2006                  and 2005, are originated by the variation of the interest rates                  and not                  for changes in the risk classification of the investment. Moreover,                  the                  Group has decided and has the capacity to maintain these investments                  until                  the recovery of their fair value which can occur at their maturity;                  therefore, the Group has concluded that no impairment exists on                  the value                  of these investments. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   | **2006**                                 |    |
|---------------------------------------|--------|------------------------------------------|---------|
| **Investments****available-for-sale** |   | **Up                  to 12 months**     |    | **More                  than 1 year** |   | **Total** |   |
|                                  |   | **Estimate                  fair value** |    | **Gross                  unrealized loss** |   | **Estimate                  fair value** |   | **Gross                  unrealized loss** |   | **Estimate                  fair value** |   | **Gross                  unrealized loss** |   |
|                                  |   | US$(000)                                 |    | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
| Fixed                  maturity       |   |                                     | 571,882 |   |   | 3,686 |   |   | 214,752 |   |   | 2,757 |   |   | 786,634 |   |   | 6,443 |   |
| Shares                                |   |                                     | 1,957   |   |   | 29 |   |   | 793 |   |   | 236 |   |   | 2,750 |   |   | 265 |   |
| **Total**                             |   |                                     | 573,839 |   |   | 3,715 |   |   | 215,545 |   |   | 2,993 |   |   | 789,384 |   |   | 6,708 |   |

|                                  |   | **2005**                                 |      |
|---------------------------------------|--------|------------------------------------------|-----------|
| **Investments****available-for-sale** |   | **Up                  to 12 months**     |      | **More                  than 1 year** |   | **Total** |   |
|                                  |   | **Estimate                  fair value** |      | **Gross                  unrealized loss** |   | **Estimate                  fair value** |   | **Gross                  unrealized loss** |   | **Estimate                  fair value** |   | **Gross                  unrealized loss** |   |
|                                  |   | US$(000)                                 |      | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
| Fixed                  maturity       |   |                                     | 1,474,665 |   |   | 9,288 |   |   | 96,092 |   |   | 1,942 |   |   | 1,570,757 |   |   | 11,230 |   |
| Shares                                |   |                                     | 3,343     |   |   | 474 |   |   | 1,496 |   |   | 275 |   |   | 4,839 |   |   | 749 |   |
| **Total**                             |   |                                     | 1,478,008 |   |   | 9,762 |   |   | 97,588 |   |   | 2,217 |   |   | 1,575,596 |   |   | 11,979 |   |

----

|  | (c) | The                  movement of “Other reserves” in equity includes the net change in the                  realized and unrealized gains and losses, net of deferred taxes,                  and the                  provision for impairment. This caption is as follows: |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                |   | **2006** |   | **2005** |   | **2004** |   |
|-----------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                                |   | US$(000) |   | US$(000) |   | US$(000) |   |
| Net                  unrealized gains, net of taxes |   |     | 69,411 |     |   | 7,121    |   |   | 56,746 |   |
| Net                  realized gains, net of taxes   |   |     | 6,620  |     |   | 1,572    |   |   | 1,365 |   |

|  | (d) | BCRP                  deposit certificates are discounted Peruvian currency instruments                  with                  maturities due within one year. These certificates have been acquired                  in                  public auctions. Annual interest rates in Peruvian currency range                  between                  4.53 and 5.78 percent as of December 31, 2006 (between 3.75 and                  6.35                  percent as of December 31, 2005) with maturities between January                  2007 and                  December 2009 (between January 2006 and June 2008 as of December                  31,                  2005). As of December 31, 2006 and 2005, the Group has entered                  into BCRP -                  Repo transactions in Peruvian currency with its clients using these                  securities, for approximately US$167.7 and US$592.5 million, respectively.                  As of December 31, 2006, these operations earn an effective annual                  interest rate range between 4.08 and 5.26 annual percent and with                  maturities between January and June 2007 (interest rate between                  3.55 and                  6.23 annual percent and maturities between January 2006 and February                  2008                  as of December 31, 2005). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | As                  of December 31, 2006, comprise corporate bonds by US$849.9 million,                  leasing bonds by US$3.9 million and subordinated bonds by US$4.4                  million                  (US$598.1, US$1.8 and US$4.0 million, respectively, as December                  31, 2005),                  with maturities between January 2007 and May 2049 (between January                  2006                  and November 2035 as of December 31, 2005). These bonds accrue                  interests                  at annual effective rates that range between 3.36 and 7.71 percent                  for the                  bonds denominated in Peruvian currency (between 2.92 and 8.00 percent                  in                  2005), and between 2.88 and 11.00 percent for the bonds denominated                  in                  U.S. Dollars (between 2.23 and 12.03 percent in                  2005). |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | Includes                  principally debt instruments for US$154.2, US$425.1, US$72.0 and                  US$14.0                  million issued by US Government - Sponsored Enterprises, the Peruvian                  Government, the Colombian Government and the Government of El Salvador,                  respectively, as of December 31, 2006 (US$179.9, US$308.9 and US$18.7                  million issued by US Government - Sponsored Enterprises, the Peruvian                  Government and the Government of El Salvador, respectively, as                  of December                  31, 2005). Their maturities are between February 2007 and August                  2038                  (between January 2006 and August 2038 as of December 31, 2005)                  at annual                  interest rates that range between 2.38 and 11.75 percent (between                  1.83 and                  11.25 percent in 2005). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (g) | Comprise                  mainly of US$55.1 and US$9.5 million of debt instruments issued                  by                  Corporación Andina de Fomento - CAF and by The World Bank, respectively                  (mainly of US$90.8 and US$18.7 million issued by Corporación Andina de                  Fomento - CAF and by Fondo Latinoamericano de Reservas - FLAR,                  respectively, as of December 31, 2005). Such bonds have maturities                  between                  January 2007 and July 2009 (between February 2006 and January 2023                  as of                  December 31, 2005). Annual interest rates are between 5.32 and                  5.92                  percent (between 4.08 and 5.26 percent in                  2005). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | The                  participation quotas in the Fund “Requirement of Cash Assets” (RAL for its                  Spanish denomination), stated in Bolivian pesos, comprises 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 the banks established in Bolivia.                  The fund                  accrues interest at an average annual rate of 5.61 percent (4.31                  percent                  in 2005). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | The                  restricted mutual funds comprise participation quotas on the pension                  funds                  managed by the Group as required by the legal standards of Peru                  and they                  have a restricted disposal. The profitability obtained is the same                  as the                  obtained for the funds managed. The amount as of December 31, 2006,                  approximately US$32.3 million comes from the purchase of AFP Unión Vida                  S.A. as mentioned in note 2(a). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (j) | As                  December 31, 2006, the unrealized gains on trade shares comes principally                  from the shares of Banco de Crédito and Inversiones de Chile - BCI Chile                  and Alicorp S.A.A., which amounted to US$60.2 and US$ 26.9, respectively                  (amounted to US$48.8 and US$18.0 million as December 31, 2005,                  respectively). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (k) | The                  amortized cost and market value of the investments available-for-sale                  classified by maturity are as follows: |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   | **2006**              |      | **2005**            |   |
|--------------------------------------------|--------|-----------------------|-----------|---------------------|--------|
|                                       |   | **Amortized****cost** |      | **Market****value** |   | **Amortized****cost** |   | **Market****value** |   |
|                                       |   | US$(000)              |      | US$(000)            |   | US$(000) |   | US$(000) |   |
|                                       |   |                  |      |                |   |   |   |   |   |
| Up                  to 3 months            |   |                  | 766,650   |                |   | 781,657 |   |   | 544,449 |   |   | 549,215 |   |
| From                  3 months to 1 year   |   |                  | 866,811   |                |   | 868,452 |   |   | 1,005,977 |   |   | 1,003,580 |   |
| From                  1 to 3 years         |   |                  | 458,796   |                |   | 460,967 |   |   | 346,577 |   |   | 345,970 |   |
| From                  3 to 5 years         |   |                  | 222,215   |                |   | 228,805 |   |   | 149,422 |   |   | 150,520 |   |
| Over                  5 years              |   |                  | 800,634   |                |   | 866,383 |   |   | 553,849 |   |   | 582,762 |   |
| Without                  maturity (shares) |   |                  | 96,486    |                |   | 216,183 |   |   | 72,218 |   |   | 162,582 |   |
|                                       |   |                  |      |                |   |   |   |   |   |   |   |   |   |
| **Total**                                  |   |                  | 3,211,592 |                |   | 3,422,447 |   |   | 2,672,492 |   |   | 2,794,629 |   |

| **7.** | **Net                  loans** |
|--------|--------------------------------|

|                                                       |   | **2006** |      | **2005** |   |
|------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                       |   | US$(000) |      | US$(000) |   |
| **Direct                  loans -**                        |   |     |      |     |   |
| Loans                                                      |   |     | 4,224,102 |     |   | 3,567,970 |   |
| Leasing                  receivables                       |   |     | 675,804   |     |   | 564,575 |   |
| Credit                  card receivables                   |   |     | 438,628   |     |   | 297,673 |   |
| Discount                  notes                            |   |     | 256,534   |     |   | 213,232 |   |
| Refinanced                  and restructured loans         |   |     | 126,006   |     |   | 175,211 |   |
| Factoring                  receivables                     |   |     | 89,171    |     |   | 87,757 |   |
| Advances                  and overdrafts                   |   |     | 84,262    |     |   | 49,283 |   |
| Past                  due and under legal collection loans |   |     | 76,770    |     |   | 95,769 |   |
|                                                       |   |     | 5,971,277 |     |   | 5,051,470 |   |
| **Add                  (less) -**                          |   |     |      |     |   |   |   |
| Accrued                  interest                          |   |     | 49,740    |     |   | 41,280 |   |
| Unearned                  interest                         |   |     | (93,916   | )        |   | (78,495 | ) |
| Allowance                  for loan losses (f)             |   |     | (190,278  | )        |   | (197,495 | ) |
|                                                       |   |     |      |     |   |   |   |
| **Total                  direct loans, net**               |   |     | 5,736,823 |     |   | 4,816,760 |   |
|                                                       |   |     |      |     |   |   |   |
| **Indirect                  loans, note 20(a)**            |   |     | 1,455,376 |     |   | 1,220,946 |   |

----

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

|  | (c) | As                  of December 31, 2006 and 2005, the Group’s direct loan portfolio is                  distributed among the following economic                  sectors: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                        |   | 2006     |      | %      |   | 2005     |   | %      |      |
|-------------------------------------------------------------|--------|----------|-----------|--------|--------|----------|--------|--------|-----------|
|                                                        |   | US$(000) |      |   |   | US$(000) |   |   |      |
| **Sector**                                                  |   |     |      |   |   |     |   |   |      |
| Manufacturing                                               |   |     | 1,624,765 |   |   | 27.2     |   |   | 1,430,559 |   |   | 28.3 |   |
| Mortgage                  loans                             |   |     | 883,736   |   |   | 14.8     |   |   | 767,341   |   |   | 15.2 |   |
| Commerce                                                    |   |     | 686,291   |   |   | 11.5     |   |   | 625,908   |   |   | 12.4 |   |
| Consumer                  loans                             |   |     | 539,077   |   |   | 9.0      |   |   | 373,447   |   |   | 7.4 |   |
| Micro-business                                              |   |     | 306,869   |   |   | 5.1      |   |   | 224,122   |   |   | 4.4 |   |
| Mining                                                      |   |     | 303,238   |   |   | 5.1      |   |   | 223,156   |   |   | 4.4 |   |
| Electricity,                  gas and water                 |   |     | 256,541   |   |   | 4.3      |   |   | 192,096   |   |   | 3.8 |   |
| Communications,                  storage and transportation |   |     | 255,730   |   |   | 4.3      |   |   | 210,002   |   |   | 4.2 |   |
| Leaseholds                  and real estate activities      |   |     | 236,445   |   |   | 4.0      |   |   | 216,095   |   |   | 4.3 |   |
| Financial                  services                         |   |     | 163,946   |   |   | 2.7      |   |   | 105,484   |   |   | 2.1 |   |
| Fishing                                                     |   |     | 152,538   |   |   | 2.6      |   |   | 117,104   |   |   | 2.3 |   |
| Agriculture                                                 |   |     | 150,020   |   |   | 2.5      |   |   | 153,410   |   |   | 3.0 |   |
| Education,                  health and other services       |   |     | 75,376    |   |   | 1.3      |   |   | 69,468    |   |   | 1.4 |   |
| Construction                                                |   |     | 74,482    |   |   | 1.2      |   |   | 68,217    |   |   | 1.4 |   |
| Other                                                       |   |     | 262,223   |   |   | 4.4      |   |   | 275,061   |   |   | 5.4 |   |
|                                                        |   |     |      |   |   |     |   |   |      |   |   |   |   |
| **Total**                                                   |   |     | 5,971,277 |   |   | 100.0    |   |   | 5,051,470 |   |   | 100.0 |   |

----

|                                |   | **2006**              |      | **2005** |   |
|-------------------------------------|--------|-----------------------|-----------|----------|--------|
|                                     |   | **Direct****credits** |      |     |   | **Indirect****credits** |   |   |   | **Total** |   |   |   | **Direct****credits** |   |   |   | **Indirect****credits** |   |   |   | **Total** |   |   |   |
| **Risk                  category**  |   | US$(000)              |      |  %  |   | US$(000) |   | % |   | US$(000) |   | % |   | US$(000) |   | % |   | US$(000) |   | % |   | US$(000) |   | % |   |
|                                |   |                  |      |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Normal                              |   |                  | 5,386,566 |     |   | 90.3 |   |   | 1,398,662 |   |   | 96.2 |   |   | 6,785,228 |   |   | 91.4 |   |   | 4,352,214 |   |   | 86.2 |   |   | 1,137,033 |   |   | 93.1 |   |   | 5,489,247 |   |   | 87.5 |   |
| Potential                  problems |   |                  | 341,187   |     |   | 5.7 |   |   | 33,787 |   |   | 2.3 |   |   | 374,974 |   |   | 5.0 |   |   | 397,387 |   |   | 7.9 |   |   | 68,333 |   |   | 5.6 |   |   | 465,720 |   |   | 7.4 |   |
| Substandard                         |   |                  | 62,504    |     |   | 1.0 |   |   | 17,668 |   |   | 1.2 |   |   | 80,172 |   |   | 1.1 |   |   | 82,858 |   |   | 1.6 |   |   | 9,284 |   |   | 0.8 |   |   | 92,142 |   |   | 1.5 |   |
| Doubtful                            |   |                  | 122,216   |     |   | 2.0 |   |   | 3,565 |   |   | 0.2 |   |   | 125,781 |   |   | 1.7 |   |   | 146,898 |   |   | 2.9 |   |   | 4,694 |   |   | 0.4 |   |   | 151,592 |   |   | 2.4 |   |
| Loss                                |   |                  | 58,804    |     |   | 1.0 |   |   | 1,694 |   |   | 0.1 |   |   | 60,498 |   |   | 0.8 |   |   | 72,113 |   |   | 1.4 |   |   | 1,602 |   |   | 0.1 |   |   | 73,715 |   |   | 1.2 |   |
| **Total**                           |   |                  | 5,971,277 |     |   | 100.0 |   |   | 1,455,376 |   |   | 100.0 |   |   | 7,426,653 |   |   | 100.0 |   |   | 5,051,470 |   |   | 100.0 |   |   | 1,220,946 |   |   | 100.0 |   |   | 6,272,416 |   |   | 100.0 |   |

|                                      |   | **2006** |      | **2005** |   |
|-------------------------------------------|--------|----------|-----------|----------|--------|
|                                      |   | US$(000) |      | US$(000) |   |
|                                      |   |     |      |     |   |
| **Country                  -**            |   |     |      |     |   |
| Peru                                      |   |     | 5,481,003 |     |   | 4,601,400 |   |
| Bolivia                                   |   |     | 397,197   |     |   | 366,945 |   |
| Colombia                                  |   |     | 34,370    |     |   | 10,955 |   |
| Ecuador                                   |   |     | 15,571    |     |   | 30,265 |   |
| Republic                  of El Salvador  |   |     | 14,249    |     |   | 9,382 |   |
| United                  States of America |   |     | 13,393    |     |   | 5,373 |   |
| Republic                  of Panama       |   |     | 3,986     |     |   | 8,860 |   |
| Other                                     |   |     | 11,508    |     |   | 18,290 |   |
| **Total**                                 |   |     | 5,971,277 |     |   | 5,051,470 |   |

----

|                                                                                                    |   | **2006** |    | **2005** |   | **2004** |   |
|---------------------------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|----------|--------|
|                                                                                                    |   | US$(000) |    | US$(000) |   | US$(000) |   |
|                                                                                                    |   |     |    |     |   |     |   |
| **Balances                  as of January 1****st**** **                                           |   |     | 218,636 |     |   | 271,873  |   |   | 326,677 |   |
| Provision                                                                                               |   |     | (4,243  | )        |   | (6,356   | )      |   | 16,131 |   |
| Recoveries                  of written-off loans                                                        |   |     | 44,284  |     |   | 35,032   |   |   | 32,287 |   |
| Allowance                  disposal related to the sale of Banco Tequendama, note                  2(c) |   |     | -       |     |   | (9,024   | )      |   | - |   |
| Loan                  portfolio written-off                                                             |   |     | (49,859 | )        |   | (71,405  | )      |   | (105,267 | ) |
| Translation                  result                                                                     |   |     | 1,768   |     |   | (1,484   | )      |   | 2,045 |   |
|                                                                                                    |   |     |    |     |   |     |   |   |   |   |
| **Balance                  as of December 31 (*)**                                                      |   |     | 210,586 |     |   | 218,636  |   |   | 271,873 |   |

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

----

|  | (h) | As                  of December 31, 2006 and 2005, the direct gross loan portfolio                  classified                  by maturity, based in the remaining period to the repayment date                  is as                  follows: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   | **2006** |      | **2005** |   |
|-----------------------------------------------|--------|----------|-----------|----------|--------|
|                                          |   | US$(000) |      | US$(000) |   |
|                                          |   |     |      |     |   |
| **Outstanding                  loans -**      |   |     |      |     |   |
| Up                  to 1 year                 |   |     | 3,774,711 |     |   | 3,029,773 |   |
| From                  1 to 3 years            |   |     | 797,458   |     |   | 762,834 |   |
| From                  3 to 5 years            |   |     | 464,718   |     |   | 474,294 |   |
| Over                  5 years                 |   |     | 857,620   |     |   | 688,800 |   |
|                                          |   |     |      |     |   |   |   |
| **Past                  due loans -**         |   |     |      |     |   |   |   |
| Up                  to 4 months               |   |     | 20,655    |     |   | 3,644 |   |
| Over                  4 months                |   |     | 21,613    |     |   | 44,664 |   |
| Under                  legal collection loans |   |     | 34,502    |     |   | 47,461 |   |
|                                          |   |     |      |     |   |   |   |
| **Total**                                     |   |     | 5,971,277 |     |   | 5,051,470 |   |

----

| **8.** | **Property,                  furniture and equipment,                  net** |
|--------|------------------------------------------------------------------------------|

|                                                                    |   | **Land** |   | **Buildings                  and other construction** |   | **Installations** |   | **Furniture****and                  fixtures** |   | **Computer                  hardware** |   | **Vehicles****and                  equipment** |   | **Work****in                  progress** |    | **2006** |   | **2005** |   |
|-------------------------------------------------------------------------|--------|----------|--------|-------------------------------------------------------|--------|-------------------|--------|------------------------------------------------|--------|----------------------------------------|--------|------------------------------------------------|--------|------------------------------------------|---------|----------|--------|----------|--------|
|                                                                    |   | US$(000) |   | US$(000)                                              |   | US$(000)          |   | US$(000)                                       |   | US$(000)                               |   | US$(000)                                       |   | US$(000)                                 |    | US$(000) |   | US$(000) |   |
|                                                                    |   |     |   |                                                  |   |              |   |                                           |   |                                   |   |                                           |   |                                     |    |     |   |     |   |
| **Cost                  -**                                             |   |     |   |                                                  |   |              |   |                                           |   |                                   |   |                                           |   |                                     |    |     |   |     |   |
| **Balance                  as of January 1****st**                      |   |     | 29,729 |                                                  |   | 255,351           |   |                                           | 80,990 |                                   |   | 65,521                                         |   |                                     | 168,784 |     |   | 13,999   |   |   | 11,946 |   |   | 626,320 |   |   | 610,239 |   |
| Additions                                                               |   |     | 3,451  |                                                  |   | 1,879             |   |                                           | 6,171  |                                   |   | 2,905                                          |   |                                     | 17,842  |     |   | 3,498    |   |   | 8,227 |   |   | 43,973 |   |   | 48,769 |   |
| Merger                  additions, note 2(a)                            |   |     | 292    |                                                  |   | 452               |   |                                           | -      |                                   |   | 2,068                                          |   |                                     | 2,900   |     |   | 84       |   |   | - |   |   | 5,796 |   |   | - |   |
| Sales                  and transfers                                    |   |     | (2,690 | )                                                     |   | (6,865            | )      |                                           | 1,540  |                                   |   | (1,429                                         | )      |                                     | (4,053  | )        |   | (458     | )      |   | (2,800 | ) |   | (16,755 | ) |   | (22,307 | ) |
| Assets                  retired related to the sell of Banco Tequendama |   |     | -      |                                                  |   | -                 |   |                                           | -      |                                   |   | -                                              |   |                                     | -       |     |   | -        |   |   | - |   |   | - |   |   | (10,381 | ) |
| **Balance                  as of December 31**                          |   |     | 30,782 |                                                  |   | 250,817           |   |                                           | 88,701 |                                   |   | 69,065                                         |   |                                     | 185,473 |     |   | 17,123   |   |   | 17,373 |   |   | 659,334 |   |   | 626,320 |   |
|                                                                    |   |     |   |                                                  |   |              |   |                                           |   |                                   |   |                                           |   |                                     |    |     |   |     |   |   |   |   |   |   |   |   |   |   |
| **Accumulated                  depreciation -**                         |   |     |   |                                                  |   |              |   |                                           |   |                                   |   |                                           |   |                                     |    |     |   |     |   |   |   |   |   |   |   |   |   |   |
| **Balance                  as of January 1****st**                      |   |     | -      |                                                  |   | 129,630           |   |                                           | 51,291 |                                   |   | 51,980                                         |   |                                     | 140,103 |     |   | 5,017    |   |   | - |   |   | 378,021 |   |   | 363,527 |   |
| Additions                                                               |   |     | -      |                                                  |   | 7,074             |   |                                           | 6,512  |                                   |   | 3,522                                          |   |                                     | 12,870  |     |   | 1,499    |   |   | - |   |   | 31,477 |   |   | 30,559 |   |
| Merger                  additions, note 2(a)                            |   |     | -      |                                                  |   | 158               |   |                                           | -      |                                   |   | 1,465                                          |   |                                     | 2,056   |     |   | 57       |   |   | - |   |   | 3,736 |   |   | - |   |
| Sales                  and transfers                                    |   |     | -      |                                                  |   | (3,064            | )      |                                           | (795   | )                                      |   | (1,496                                         | )      |                                     | (3,572  | )        |   | (451     | )      |   | - |   |   | (9,378 | ) |   | (6,633 | ) |
| Assets                  retired related to the sell of Banco Tequendama |   |     | -      |                                                  |   | -                 |   |                                           | -      |                                   |   | -                                              |   |                                     | -       |     |   | -        |   |   | - |   |   | - |   |   | (9,432 | ) |
| **Balance                  as of December 31**                          |   |     | -      |                                                  |   | 133,798           |   |                                           | 57,008 |                                   |   | 55,471                                         |   |                                     | 151,457 |     |   | 6,122    |   |   | - |   |   | 403,856 |   |   | 378,021 |   |
|                                                                    |   |     |   |                                                  |   |              |   |                                           |   |                                   |   |                                           |   |                                     |    |     |   |     |   |   |   |   |   |   |   |   |   |   |
| **Net                  book value**                                     |   |     | 30,782 |                                                  |   | 117,019           |   |                                           | 31,693 |                                   |   | 13,594                                         |   |                                     | 34,016  |     |   | 11,001   |   |   | 17,373 |   |   | 255,478 |   |   | 248,299 |   |

----

| **9.** | **Assets                  seized, net** |
|--------|-----------------------------------------|

|                           |   | **2006** |    | **2005** |   |
|--------------------------------|--------|----------|---------|----------|--------|
|                           |   | US$(000) |    | US$(000) |   |
|                           |   |     |    |     |   |
| Assets                  seized |   |     | 52,432  |     |   | 71,469 |   |
| Reserve                        |   |     | (23,005 | )        |   | (32,096 | ) |
|                           |   |     |    |     |   |   |   |
| **Total**                      |   |     | 29,427  |     |   | 39,373 |   |

|                                                                               |   | **2006** |    | **2005** |   | **2004** |   |
|------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|----------|--------|
|                                                                               |   | US$(000) |    | US$(000) |   | US$(000) |   |
|                                                                               |   |     |    |     |   |     |   |
| **Balances                  as of January 1****st**** **                      |   |     | 32,096  |     |   | 34,666   |   |   | 35,047 |   |
| Provision                                                                          |   |     | 6,387   |     |   | 16,959   |   |   | 14,639 |   |
| Assets                  retired related to the sell of Banco Tequendama, note 2(c) |   |     | -       |     |   | (1,678   | )      |   | - |   |
| Sold                  assets                                                       |   |     | (15,478 | )        |   | (17,851  | )      |   | (15,020 | ) |
|                                                                               |   |     |    |     |   |     |   |   |   |   |
| **Balances                  as of December 31**                                    |   |     | 23,005  |     |   | 32,096   |   |   | 34,666 |   |

----

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

| **Description**                                                           |   | **Client                  Relationships** |   | **Software** |   | **Developments** |   | **Others** |   | **2006** |   | **2005** |   |
|---------------------------------------------------------------------------|--------|-------------------------------------------|--------|--------------|--------|------------------|--------|------------|--------|----------|--------|----------|--------|
|                                                                      |   | US$(000)                                  |   | US$(000)     |   | US$(000)         |   | US$(000)   |   | US$(000) |   | US$(000) |   |
|                                                                      |   |                                      |   |         |   |             |   |       |   |     |   |     |   |
| **Cost                  -**                                               |   |                                      |   |         |   |             |   |       |   |     |   |     |   |
| **Balance                  as of January 1**st                            |   |                                      | -      |         |   | 26,618           |   |       | 23,950 |     |   | 514      |   |   | 51,082 |   |   | 81,969 |   |
| Additions                                                                 |   |                                      | -      |         |   | 10,848           |   |       | 8,919  |     |   | -        |   |   | 19,767 |   |   | 11,933 |   |
| Incorporated                  by business combination, note 2(a) and 3(b) |   |                                      | 88,378 |         |   | 8,542            |   |       | -      |     |   | 10,922   |   |   | 107,842 |   |   | - |   |
| Retirements                  and write - off                              |   |                                      | -      |         |   | (5,091           | )      |       | (422   | )        |   | (1,153   | )      |   | (6,666 | ) |   | (42,820 | ) |
|                                                                      |   |                                      |   |         |   |             |   |       |   |     |   |     |   |   |   |   |   |   |   |
| **Balance                  as of December 31**                            |   |                                      | 88,378 |         |   | 40,917           |   |       | 32,447 |     |   | 10,283   |   |   | 172,025 |   |   | 51,082 |   |
| **Accumulated                  amortization -**                           |   |                                      |   |         |   |             |   |       |   |     |   |     |   |   |   |   |   |   |   |
| **Balance                  as of January 1**st                            |   |                                      | -      |         |   | 11,277           |   |       | 14,667 |     |   | 478      |   |   | 26,422 |   |   | 61,058 |   |
| Amortization                  of the year                                 |   |                                      | 1,473  |         |   | 9,022            |   |       | 4,190  |     |   | 4,155    |   |   | 18,840 |   |   | 8,169 |   |
| Incorporated                  by business combination, note 2(a) and 3(b) |   |                                      | -      |         |   | 5,360            |   |       | -      |     |   | 1,077    |   |   | 6,437 |   |   | - |   |
| Retirements                  and write - off                              |   |                                      | -      |         |   | (4,994           | )      |       | (418   | )        |   | (1,067   | )      |   | (6,479 | ) |   | (42,805 | ) |
| **Balance                  as of December 31**                            |   |                                      | 1,473  |         |   | 20,665           |   |       | 18,439 |     |   | 4,643    |   |   | 45,220 |   |   | 26,422 |   |
|                                                                      |   |                                      |   |         |   |             |   |       |   |     |   |     |   |   |   |   |   |   |   |
| **Net                  book value**                                       |   |                                      | 86,905 |         |   | 20,252           |   |       | 14,008 |     |   | 5,640    |   |   | 126,805 |   |   | 24,660 |   |

----

|                                                                     |   | **2006** |   | **2005** |   |
|--------------------------------------------------------------------------|--------|----------|--------|----------|--------|
|                                                                     |   | US$(000) |   | US$(000) |   |
|                                                                     |   |     |   |     |   |
| **Goodwill                  -**                                          |   |     |   |     |   |
| Prima                  AFP (AFP Unión Vida S.A.), note 2(a)         |   |     | 49,047 |     |   | - |   |
| El                  Pacífico Peruano - Suiza                        |   |     | 13,007 |     |   | 13,007 |   |
| Banco                  de Crédito del Perú, note 3(b) (iii)    |   |     | 12,300 |     |   | 5,062 |   |
| Atlantic                  Security Holding Corporation                   |   |     | 10,660 |     |   | 10,660 |   |
| Coporación                  Novasalud Perú S.A. EPS, note 2(d) |   |     | 3,828  |     |   | 4,828 |   |
|                                                                     |   |     |   |     |   |   |   |
| **Book                  value, net**                                     |   |     | 88,842 |     |   | 33,557 |   |

|                                                               |   | **2006** |   | **2005** |   | **2004** |   |
|--------------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                                               |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                               |   |     |   |     |   |     |   |
| **Cost                  -**                                        |   |     |   |     |   |     |   |
| **Initial                  balance**                               |   |     | 33,557 |     |   | 33,557   |   |   | 55,922 |   |
| Acquisition                  of Subsidiaries, notes 2 (a) and 3(b) |   |     | 56,285 |     |   | -        |   |   | 5,900 |   |
| Decreases                                                          |   |     | (1,000 | )        |   | -        |   |   | - |   |
| **Final                  balance**                                 |   |     | 88,842 |     |   | 33,557   |   |   | 61,822 |   |
|                                                               |   |     |   |     |   |     |   |   |   |   |
| **Accumulated                  amortization -**                    |   |     |   |     |   |     |   |   |   |   |
| **Initial                  balance**                               |   |     | -      |     |   | -        |   |   | 23,412 |   |
| Additions                                                          |   |     | -      |     |   | -        |   |   | 4,853 |   |
|                                                               |   |     |   |     |   |     |   |   |   |   |
| **Final                  balance**                                 |   |     | -      |     |   | -        |   |   | 28,265 |   |
|                                                               |   |     |   |     |   |     |   |   |   |   |
| **Cost,                  net**                                     |   |     | 88,842 |     |   | 33,557   |   |   | 33,557 |   |

----

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

|                                                           |   | **2006** |    | **2005** |   |
|----------------------------------------------------------------|--------|----------|---------|----------|--------|
|                                                           |   | US$(000) |    | US$(000) |   |
| **Other                  assets -**                            |   |     |    |     |   |
| Indexed                  certificates Citigroup (c)            |   |     | 53,116  |     |   | - |   |
| Accounts                  receivable                           |   |     | 48,149  |     |   | 40,370 |   |
| Deferred                  expenses (b)                         |   |     | 40,941  |     |   | 36,890 |   |
| Deferred                  income tax asset, note 18(c)         |   |     | 38,016  |     |   | 32,966 |   |
| Operations                  in process (d)                     |   |     | 29,752  |     |   | 37,347 |   |
| Derivatives                  receivable, note 20(d)            |   |     | 19,134  |     |   | 8,829 |   |
| Income                  tax prepayments, net                   |   |     | 14,509  |     |   | 11,024 |   |
| Deferred                  fees                                 |   |     | 11,339  |     |   | 10,588 |   |
| Investment                  in related companies               |   |     | 5,657   |     |   | 16,968 |   |
| Other                                                          |   |     | 12,575  |     |   | 8,127 |   |
|                                                           |   |     |    |     |   |   |   |
| **Total**                                                      |   |     | 273,188 |     |   | 203,109 |   |
|                                                           |   |     |    |     |   |   |   |
| **Other                  liabilities -**                       |   |     |    |     |   |   |   |
| Payroll                  salaries and other personnel expenses |   |     | 104,635 |     |   | 67,230 |   |
| Accounts                  payable                              |   |     | 79,039  |     |   | 57,185 |   |
| Deferred                  income tax liability, note 18(c)     |   |     | 65,810  |     |   | 30,734 |   |
| Operations                  in process (d)                     |   |     | 41,606  |     |   | 46,359 |   |
| Provision                  for sundry risks (e)                |   |     | 17,179  |     |   | 18,768 |   |
| Allowance                  for indirect loan losses, note 7(f) |   |     | 20,308  |     |   | 21,141 |   |
| Contributions                                                  |   |     | 12,154  |     |   | 30,781 |   |
| Derivatives                  payable, note 20(d)               |   |     | 7,774   |     |   | 8,019 |   |
| Other                                                          |   |     | 7,608   |     |   | 9,783 |   |
|                                                           |   |     |    |     |   |   |   |
| **Total**                                                      |   |     | 356,113 |     |   | 290,000 |   |

----

|                                                          |   | **2006** |   | **2005** |   | **2004** |   |
|---------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                                          |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                          |   |     |   |     |   |     |   |
| **Balances                  as of January 1****st**** ** |   |     | 18,768 |     |   | 19,379   |   |   | 10,078 |   |
| Provision,                  note 23                           |   |     | 6,461  |     |   | 5,567    |   |   | 9,819 |   |
| Applications                                                  |   |     | (8,050 | )        |   | (6,178   | )      |   | (518 | ) |
|                                                          |   |     |   |     |   |     |   |   |   |   |
| **Balances                  as of December 31**               |   |     | 17,179 |     |   | 18,768   |   |   | 19,379 |   |

----

| **12.** | **Accounts                  receivable and payable to re-insurers and                  co-insurers** |
|---------|------------------------------------------------------------------------------------------------------|

|                                               |   | **2006** |    | **2005** |   |
|----------------------------------------------------|--------|----------|---------|----------|--------|
|                                               |   | US$(000) |    | US$(000) |   |
|                                               |   |     |    |     |   |
| **Balance                  as of January 1****st** |   |     | 35,288  |     |   | 35,453 |   |
| Premiums                  assumed                  |   |     | 11,022  |     |   | 13,642 |   |
| Reported                  claims                   |   |     | 16,273  |     |   | 15,804 |   |
| Collections                  and other             |   |     | (27,402 | )        |   | (29,611 | ) |
|                                               |   |     |    |     |   |   |   |
| **Balance                  as of December 31**     |   |     | 35,181  |     |   | 35,288 |   |

|                                               |   | **2006** |    | **2005** |   |
|----------------------------------------------------|--------|----------|---------|----------|--------|
|                                               |   | US$(000) |    | US$(000) |   |
|                                               |   |     |    |     |   |
| **Balance                  as of January 1****st** |   |     | 36,580  |     |   | 23,612 |   |
| Premiums                  ceded to reinsurers      |   |     | 70,067  |     |   | 66,415 |   |
| Co-insurance                  granted              |   |     | 6,430   |     |   | 12,673 |   |
| Payments                  and other                |   |     | (87,943 | )        |   | (66,120 | ) |
|                                               |   |     |    |     |   |   |   |
| **Balance                  as of December 31**     |   |     | 25,134  |     |   | 36,580 |   |

----

| **13.** | **Deposits                  and obligations** |
|---------|-----------------------------------------------|

|                                                             |   | **2006** |      | **2005** |   |
|------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                             |   | US$(000) |      | US$(000) |   |
|                                                             |   |     |      |     |   |
| Non-interest                  bearing deposits and obligations - |   |     |      |     |   |
| In                  Peru                                         |   |     | 1,577,315 |     |   | 1,248,113 |   |
| In                  other countries                              |   |     | 412,249   |     |   | 423,508 |   |
|                                                             |   |     | 1,989,564 |     |   | 1,671,621 |   |
| Interest                  bearing deposits and obligations -     |   |     |      |     |   |   |   |
| In                  Peru                                         |   |     | 5,213,044 |     |   | 4,031,231 |   |
| In                  other countries                              |   |     | 1,596,526 |     |   | 1,364,902 |   |
|                                                             |   |     | 6,809,570 |     |   | 5,396,133 |   |
|                                                             |   |     | 8,799,134 |     |   | 7,067,754 |   |
| Interest                  payable                                |   |     | 39,857    |     |   | 25,674 |   |
|                                                             |   |     |      |     |   |   |   |
| **Total**                                                        |   |     | 8,838,991 |     |   | 7,093,428 |   |

----

|                                                      |   | **2006** |      | **2005** |   |
|-----------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                      |   | US$(000) |      | US$(000) |   |
|                                                      |   |     |      |     |   |
| Time                  deposits                            |   |     | 3,218,157 |     |   | 2,459,907 |   |
| Demand                  deposits                          |   |     | 2,564,268 |     |   | 1,729,114 |   |
| Saving                  deposits                          |   |     | 1,951,978 |     |   | 2,105,364 |   |
| Severance                  indemnity deposits             |   |     | 775,027   |     |   | 654,791 |   |
| Client                  - Repurchase agreements           |   |     | 228,165   |     |   | 72,200 |   |
| Bank                  and Deposit negotiable certificates |   |     | 61,539    |     |   | 46,378 |   |
|                                                      |   |     |      |     |   |   |   |
| **Total**                                                 |   |     | 8,799,134 |     |   | 7,067,754 |   |

|                                     |   | **2006** |      | **2005** |   |
|------------------------------------------|--------|----------|-----------|----------|--------|
|                                     |   | S/(000)  |      | S/(000)  |   |
|                                     |   |     |      |     |   |
| Up                  to 3 months          |   |     | 2,219,948 |     |   | 1,362,929 |   |
| From                  3 months to 1 year |   |     | 799,584   |     |   | 591,601 |   |
| From                  1 to 3 years       |   |     | 163,283   |     |   | 192,117 |   |
| From                  3 to 5 years       |   |     | 29,226    |     |   | 174,959 |   |
| More                  than 5 years       |   |     | 6,116     |     |   | 138,301 |   |
|                                     |   |     |      |     |   |   |   |
| **Total**                                |   |     | 3,218,157 |     |   | 2,459,907 |   |

----

| **14.** | **Due                  to banks and correspondents and borrowed funds** |
|---------|-------------------------------------------------------------------------|

|                                                |   | **2006** |    | **2005** |   |
|-----------------------------------------------------|--------|----------|---------|----------|--------|
|                                                |   | US$(000) |    | US$(000) |   |
|                                                |   |     |    |     |   |
| International                  funds and others (i) |   |     | 346,945 |     |   | 220,027 |   |
| Promotional                  credit lines (ii)      |   |     | 177,900 |     |   | 212,133 |   |
| Inter-bank                  funds                   |   |     | 41,077  |     |   | 78,542 |   |
| BCRP                  - Repo transactions (iii)     |   |     | -       |     |   | 510,593 |   |
|                                                |   |     | 565,922 |     |   | 1,021,295 |   |
| Interest                  payable                   |   |     | 5,067   |     |   | 2,076 |   |
|                                                |   |     |    |     |   |   |   |
| **Total**                                           |   |     | 570,989 |     |   | 1,023,371 |   |

|                                                             |   | **2006** |    | **2005** |   |
|------------------------------------------------------------------|--------|----------|---------|----------|--------|
|                                                             |   | US$(000) |    | US$(000) |   |
|                                                             |   |     |    |     |   |
| Banco                  Latinoamericano de Exportaciones - BLADEX |   |     | 105,000 |     |   | 100,000 |   |
| Corporación                  Andina de Fomento - CAF        |   |     | 85,000  |     |   | 50,000 |   |
| Wachovia                  Bank                                   |   |     | 65,200  |     |   | - |   |
| Scotiabank                  Peru                                 |   |     | 36,000  |     |   | 24,874 |   |
| Standard                  Chartered                              |   |     | 15,000  |     |   | - |   |
| Other                                                            |   |     | 40,745  |     |   | 45,153 |   |
|                                                             |   |     |    |     |   |   |   |
| **Total**                                                        |   |     | 346,945 |     |   | 220,027 |   |

----

|                                                            |   | **2006** |    | **2005** |   |
|-----------------------------------------------------------------|--------|----------|---------|----------|--------|
|                                                            |   | US$(000) |    | US$(000) |   |
|                                                            |   |     |    |     |   |
| CCR                  Inc. MT-100, Payment rights master Trust - |   |     |    |     |   |
| 2005                  Series A and B (i)                        |   |     | 280,000 |     |   | 280,000 |   |
| 2006                  Series A (ii)                             |   |     | 90,612  |     |   | - |   |
|                                                            |   |     |    |     |   |   |   |
| **Total**                                                       |   |     | 370,612 |     |   | 280,000 |   |

----

| **Due                  to bank and correspondents** |   | **2006** |    | **2005** |   |
|-----------------------------------------------------|--------|----------|---------|----------|--------|
|                                                |   | US$(000) |    | US$(000) |   |
|                                                |   |     |    |     |   |
| Up                  to 3 months                     |   |     | 279,802 |     |   | 864,966 |   |
| From                  3 months to 1 year            |   |     | 126,447 |     |   | 13,271 |   |
| From                  1 to 3 years                  |   |     | 23,457  |     |   | 20,963 |   |
| From                  3 to 5 years                  |   |     | 22,001  |     |   | 28,402 |   |
| More                  than 5 years                  |   |     | 114,215 |     |   | 93,693 |   |
|                                                |   |     |    |     |   |   |   |
| **Total**                                           |   |     | 565,922 |     |   | 1,021,295 |   |

----

| **Borrowed                  Funds** |   | **2006** |    | **2005** |   |
|-------------------------------------|--------|----------|---------|----------|--------|
|                                |   | US$(000) |    | US$(000) |   |
|                                |   |     |    |     |   |
| From                  1 to 3 years  |   |     | 61,217  |     |   | 8,025 |   |
| From                  3 to 5 years  |   |     | 166,817 |     |   | 124,139 |   |
| More                  than 5 years  |   |     | 142,578 |     |   | 147,836 |   |
|                                |   |     |    |     |   |   |   |
| **Total**                           |   |     | 370,612 |     |   | 280,000 |   |

| **15.** | **Technical,                  insurance claims reserves and reserves for unearned                  premiums** |
|---------|---------------------------------------------------------------------------------------------------------------|

|                                             |   | **2006**                                |    |
|--------------------------------------------------|--------|-----------------------------------------|---------|
|                                             |   | **Technical                  reserves** |    | **Reserves                  for direct claims** |   | **Claims                  assumed** |   | **Total** |   |
|                                             |   | US$(000)                                |    | US$(000) |   | US$(000) |   | US$(000) |   |
|                                             |   |                                    |    |   |   |   |   |   |   |
| Life                  insurance                  |   |                                    | 442,172 |   |   | 41,932 |   |   | 794 |   |   | 484,898 |   |
| Property                  and casualty insurance |   |                                    | 67,640  |   |   | 39,429 |   |   | 2,164 |   |   | 109,233 |   |
| Health                  insurance                |   |                                    | 15,029  |   |   | 19,053 |   |   | 8 |   |   | 34,090 |   |
|                                             |   |                                    |    |   |   |   |   |   |   |   |   |   |   |
| **Total**                                        |   |                                    | 524,841 |   |   | 100,414 |   |   | 2,966 |   |   | 628,221 |   |

|                                             |   | **2005**                                |    |
|--------------------------------------------------|--------|-----------------------------------------|---------|
|                                             |   | **Technical                  reserves** |    | **Reserves                  for direct claims** |   | **Claims                  assumed** |   | **Total** |   |
|                                             |   | US$(000)                                |    | US$(000) |   | US$(000) |   | US$(000) |   |
|                                             |   |                                    |    |   |   |   |   |   |   |
| Life                  insurance                  |   |                                    | 383,158 |   |   | 35,792 |   |   | 1,047 |   |   | 419,997 |   |
| Property                  and casualty insurance |   |                                    | 63,976  |   |   | 30,125 |   |   | 565 |   |   | 94,666 |   |
| Health                  insurance                |   |                                    | 16,292  |   |   | 15,139 |   |   | - |   |   | 31,431 |   |
|                                             |   |                                    |    |   |   |   |   |   |   |   |   |   |   |
| **Total**                                        |   |                                    | 463,426 |   |   | 81,056 |   |   | 1,612 |   |   | 546,094 |   |

----

|                                 |   | **2006**                            |    |
|--------------------------------------|--------|-------------------------------------|---------|
|                                 |   | **Life                  insurance** |    | **Property                  and casualty insurance** |   | **Health                  insurance** |   | **Total** |   |
|                                 |   | US$(000)                            |    | US$(000) |   | US$(000) |   | US$(000) |   |
|                                 |   |                                |    |   |   |   |   |   |   |
| **Initial                  balance** |   |                                | 36,839  |   |   | 30,690 |   |   | 15,139 |   |   | 82,668 |   |
| Claims                               |   |                                | 52,713  |   |   | 60,285 |   |   | 89,797 |   |   | 202,795 |   |
| Payments                             |   |                                | (49,369 | ) |   | (49,386 | ) |   | (86,119 | ) |   | (184,874 | ) |
| Translation                  result  |   |                                | 2,543   |   |   | 4 |   |   | 244 |   |   | 2,791 |   |
|                                 |   |                                |    |   |   |   |   |   |   |   |   |   |   |
| **Final                  balance**   |   |                                | 42,726  |   |   | 41,593 |   |   | 19,061 |   |   | 103,380 |   |

----

|                                 |   | **2005**                            |    |
|--------------------------------------|--------|-------------------------------------|---------|
|                                 |   | **Life                  insurance** |    | **Property                  and casualty insurance** |   | **Health                  insurance** |   | **Total** |   |
|                                 |   | US$(000)                            |    | US$(000) |   | US$(000) |   | US$(000) |   |
|                                 |   |                                |    |   |   |   |   |   |   |
| **Initial                  balance** |   |                                | 35,846  |   |   | 29,293 |   |   | 11,561 |   |   | 76,700 |   |
| Claims                               |   |                                | 41,650  |   |   | 56,539 |   |   | 93,115 |   |   | 191,304 |   |
| Payments                             |   |                                | (38,732 | ) |   | (54,660 | ) |   | (89,537 | ) |   | (182,929 | ) |
| Translation                  result  |   |                                | (1,925  | ) |   | (482 | ) |   | - |   |   | (2,407 | ) |
|                                 |   |                                |    |   |   |   |   |   |   |   |   |   |   |
| **Final                  balance**   |   |                                | 36,839  |   |   | 30,690 |   |   | 15,139 |   |   | 82,668 |   |

|                                                                 |   | **2006**                            |    |
|----------------------------------------------------------------------|--------|-------------------------------------|---------|
|                                                                 |   | **Life                  insurance** |    | **Property                  and casualty insurance** |   | **Health                  insurance** |   | **Total** |   |
|                                                                 |   | US$(000)                            |    | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                                 |   |                                |    |   |   |   |   |   |   |
| **Initial                  balance**                                 |   |                                | 383,158 |   |   | 63,976 |   |   | 16,292 |   |   | 463,426 |   |
| Accretion                  expenses and other                        |   |                                | 12,683  |   |   | - |   |   | - |   |   | 12,683 |   |
| Unearned                  premium reserves and annual variation, net |   |                                | -       |   |   | 3,664 |   |   | (1,263 | ) |   | 2,401 |   |
| Insurance                  subscriptions                             |   |                                | 60,227  |   |   | - |   |   | - |   |   | 60,227 |   |
| Payments                                                             |   |                                | (23,356 | ) |   | - |   |   | - |   |   | (23,356 | ) |
| Translation                  result                                  |   |                                | 9,460   |   |   | - |   |   | - |   |   | 9,460 |   |
|                                                                 |   |                                |    |   |   |   |   |   |   |   |   |   |   |
| **Final                  balance**                                   |   |                                | 442,172 |   |   | 67,640 |   |   | 15,029 |   |   | 524,841 |   |

----

|                                                                 |   | **2005**                            |    |
|----------------------------------------------------------------------|--------|-------------------------------------|---------|
|                                                                 |   | **Life                  insurance** |    | **Property                  and casualty insurance** |   | **Health                  insurance** |   | **Total** |   |
|                                                                 |   | US$(000)                            |    | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                                 |   |                                |    |   |   |   |   |   |   |
| **Initial                  balance**                                 |   |                                | 322,629 |   |   | 59,624 |   |   | 12,703 |   |   | 394,956 |   |
| Accretion                  expenses and other                        |   |                                | 14,832  |   |   | - |   |   | - |   |   | 14,832 |   |
| Unearned                  premium reserves and annual variation, net |   |                                | -       |   |   | 4,352 |   |   | 3,589 |   |   | 7,941 |   |
| Insurance                  subscriptions                             |   |                                | 70,366  |   |   | - |   |   | - |   |   | 70,366 |   |
| Payments                                                             |   |                                | (19,130 | ) |   | - |   |   | - |   |   | (19,130 | ) |
| Translation                  result                                  |   |                                | (5,539  | ) |   | - |   |   | - |   |   | (5,539 | ) |
|                                                                 |   |                                |    |   |   |   |   |   |   |   |   |   |   |
| **Final                  balance**                                   |   |                                | 383,158 |   |   | 63,976 |   |   | 16,292 |   |   | 463,426 |   |

| **Modality**                                                 |   | **Mortality                  Table**  |   | **Technical                  rates** |
|--------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------------------|
| Life                  immediate annuity                      |   | RV2004                  and B - 85    |   | 3%                  - 5.45%          |
|                                                         |   |                                  |   |                                 |
| Dead                  an Disability Pension System insurance |   | RV                  85 MI - 85H y 85M |   | 3%                                   |
|                                                         |   |                                  |   |                                 |
| Individual                  Life                             |   | SOC                  80 adjustable    |   | 4%                  - 5%             |

----

|                                                  |   |                                       |        | **Variation                  of the reserve** |   |
|-------------------------------------------------------|--------|--------------------------------------------|-------------|-----------------------------------------------|--------|
| **Variables **                                   |   | **Amount                  of the reserve** |        | **Amount**                                    |   | **Percentage** |   |
|                                                  |   | US$                  (000)                 |        | US$                  (000)%                   |   |   |   |
|                                                  |   |                                       |        |                                          |   |   |   |
| **Portfolio                  in US$ - Basis amount**  |   |                                       | **251,036** |                                          |   |   |   |   |   |   |
| Changes                  in interest rates: + 100 bps |   |                                       | 228,443     |                                          |   | (22,593 | ) |   | (9.00 | ) |
| Changes                  in interest rates: - 100 bps |   |                                       | 277,843     |                                          |   | 26,807 |   |   | 10.68 |   |
| Changes                  in Mortality tables to 105%  |   |                                       | 248,278     |                                          |   | (2,758 | ) |   | (1.10 | ) |
| Changes                  in Mortality tables to 95%   |   |                                       | 253,951     |                                          |   | 2,915 |   |   | 1.16 |   |

|                                                  |   |                                       |      | **Variation                  of the reserve** |   |
|-------------------------------------------------------|--------|--------------------------------------------|-----------|-----------------------------------------------|--------|
| **Variables **                                   |   | **Amount                  of the reserve** |      | **Amount**                                    |   | **Percentage** |   |
|                                                  |   | US$                  (000)                 |      | US$                  (000)%                   |   |   |   |
|                                                  |   |                                       |      |                                          |   |   |   |
| **Portfolio                  in S/ - Basis amount**   |   |                                       | **9,491** |                                          |   |   |   |   |   |   |
| Changes                  in interest rates: + 100 bps |   |                                       | 8,540     |                                          |   | (951 | ) |   | (10.02 | ) |
| Changes                  in interest rates: - 100 bps |   |                                       | 10,643    |                                          |   | 1,152 |   |   | 12.14 |   |
| Changes                  in Mortality tables to 105%  |   |                                       | 9,462     |                                          |   | (29 | ) |   | (0.31 | ) |
| Changes                  in Mortality tables to 95%   |   |                                       | 9,529     |                                          |   | 38 |   |   | 0.40 |   |

----

**16.      **
**Bonds        and subordinate notes issued**

|                                                             |   | **Weighted****average                  annual interest rate** |   |     |   |         |   |     |                                                    |
|------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|----------|--------|--------------|--------|----------|---------------------------------------------------------|
|                                                             |   | **2006**                                                      |   | **2005** |   | **Maturity** |   | **2006** |                                                    | **2005** |   |
|                                                                  |   | %                                                             |   | %   |   |         |   | US$(000) |                                                    | US$(000) |   |
| **Bonds                  -**                                     |   |                                                          |   |     |   |         |   |     |                                                    |   |   |
| Corporate                  bonds (i)                             |   |                                                          | 6.23   |     |   | 5.89         |   |     | Between                  January 2007 and March 2013    |   |   | 90,173 |   |   | 86,413 |   |
| Leasing                  bonds (ii), (iii)                       |   |                                                          | 5.53   |     |   | 5.59         |   |     | Between                  January 2007 and November 2010 |   |   | 177,952 |   |   | 219,564 |   |
| Mortgage                  bonds (iii)                            |   |                                                          | 7.70   |     |   | 7.70         |   |     | Between                  January 2007 and April 2012    |   |   | 23,610 |   |   | 27,620 |   |
| Subordinated                  bonds                              |   |                                                          | 6.89   |     |   | 6.83         |   |     | Between                  August 2007 and October 2013   |   |   | 96,758 |   |   | 92,014 |   |
|                                                             |   |                                                          |   |     |   |         |   |     |                                                    |   |   | 388,493 |   |   | 425,611 |   |
|                                                             |   |                                                          |   |     |   |         |   |     |                                                    |   |   |   |   |   |   |   |
| **Subordinated                  notes -**                        |   |                                                          |   |     |   |         |   |     |                                                    |   |   |   |   |   |   |   |
| Subordinated                  negotiable certificates notes (iv) |   |                                                          |   |     |   |         |   |     |                                                    |   |   | 120,000 |   |   | - |   |
|                                                             |   |                                                          |   |     |   |         |   |     |                                                    |   |   | 508,493 |   |   | 425,611 |   |
|                                                             |   |                                                          |   |     |   |         |   |     |                                                    |   |   |   |   |   |   |   |
| **Interest                  payable**                            |   |                                                          |   |     |   |         |   |     |                                                    |   |   | 4,079 |   |   | 3,613 |   |
|                                                             |   |                                                          |   |     |   |         |   |     |                                                    |   |   |   |   |   |   |   |
| **Total**                                                        |   |                                                          |   |     |   |         |   |     |                                                    |   |   | 512,572 |   |   | 429,224 |   |

----

| **Issue                  2006**            |   | **Amount** |   | **Currency** |   | **Maturity** |   |
|--------------------------------------------|--------|------------|--------|--------------|--------|--------------|--------|
|                                       |   | US$(000)   |   |         |   |         |   |
|                                       |   |       |   |         |   |         |   |
| Sixth                  issuance - Series B |   |       | 6,258  |         |   | Peruvian     |   |   | 08/08/2008 |   |
| Sixth                  issuance - Series A |   |       | 6,258  |         |   | Peruvian     |   |   | 27/02/2008 |   |
| Eight                  issuance - Series B |   |       | 10,951 |         |   | Peruvian     |   |   | 06/09/2010 |   |
| Eight                  issuance - Series C |   |       | 7,822  |         |   | Peruvian     |   |   | 21/09/2010 |   |
| Eight                  issuance - Series D |   |       | 5,006  |         |   | Peruvian     |   |   | 11/10/2010 |   |
| Ninth                  issuance - Series B |   |       | 7,822  |         |   | Peruvian     |   |   | 03/03/2011 |   |
| Tenth                  issuance - Series B |   |       | 3,129  |         |   | Peruvian     |   |   | 24/03/2013 |   |
| **Total**                                  |   |       | 47,246 |         |   |         |   |   |   |   |

| **Issue                  2005**              |   | **Amount** |   | **Currency** |   | **Maturity** |   |
|----------------------------------------------|--------|------------|--------|--------------|--------|--------------|--------|
|                                         |   | US$(000)   |   |         |   |         |   |
|                                         |   |       |   |         |   |         |   |
| Third                  issuance - Series B   |   |       | 8,746  |         |   | Peruvian     |   |   | 29/05/2007 |   |
| Seventh                  issuance - Series A |   |       | 4,373  |         |   | Peruvian     |   |   | 21/11/2009 |   |
| Seventh                  issuance - Series B |   |       | 5,831  |         |   | Peruvian     |   |   | 21/11/2012 |   |
| Eight                  issuance - Series A   |   |       | 5,831  |         |   | Peruvian     |   |   | 24/11/2008 |   |
| Ninth                  issuance - Series A   |   |       | 5,831  |         |   | Peruvian     |   |   | 24/11/2010 |   |
| Tenth                  issuance - Series A   |   |       | 4,373  |         |   | Peruvian     |   |   | 06/12/2008 |   |
|                                         |   |       |   |         |   |         |   |   |   |   |
| **Total**                                    |   |       | 34,985 |         |   |         |   |   |   |   |

----

|                                     |   | **2006** |    | **2005** |   |
|------------------------------------------|--------|----------|---------|----------|--------|
|                                     |   | US$(000) |    | US$(000) |   |
|                                     |   |     |    |     |   |
| Up                  to 3 months          |   |     | 19,316  |     |   | - |   |
| From                  3 months to 1 year |   |     | 56,701  |     |   | 43,488 |   |
| From                  1 to 3 years       |   |     | 177,873 |     |   | 246,254 |   |
| From                  3 to 5 years       |   |     | 110,224 |     |   | 92,167 |   |
| Over                  5 years            |   |     | 144,379 |     |   | 43,702 |   |
|                                     |   |     |    |     |   |   |   |
| **Total**                                |   |     | 508,493 |     |   | 425,611 |   |

**17.      **
**Equity**

----

| **18.** | **Taxes** |
|---------|-----------|

----

|                                                                                                                                          |   | **2006** |   | **2005** |   | **2004** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                                                                                                                               |   | %        |   | %        |   | %   |   |
|                                                                                                                                          |   |     |   |     |   |     |   |
| Peruvian                  statutory tax rate                                                                                                  |   |     | 30.00  |     |   | 30.00    |   |   | 30.00 |   |
| **Increase                  (decrease) in the statutory tax rate due to:**                                                                    |   |     |   |     |   |     |   |   |   |   |
| (i) Increase                  (decrease) arising from net income of subsidiaries not domiciled                  in                  Peru |   |     | 4.08   |     |   | 1.05     |   |   | 1.60 |   |
| (ii) Non-taxable                  costs (income), net                                                                                    |   |     | (4.86  | )        |   | (6.23    | )      |   | (3.86 | ) |
| (iii)                  Translation results not considered for tax purposes                                                                    |   |     | (3.96  | )        |   | 2.58     |   |   | (3.42 | ) |
|                                                                                                                                          |   |     |   |     |   |     |   |   |   |   |
| **Effective                  income tax rate**                                                                                                |   |     | 25.26  |     |   | 27.40    |   |   | 24.32 |   |

|                                |   | **2006** |   | **2005** |   | **2004** |   |
|-------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                |   |     |   |     |   |     |   |
| **Current                  -**      |   |     |   |     |   |     |   |
| Peruvian                            |   |     | 85,413 |     |   | 80,630   |   |   | 49,386 |   |
| In                  other countries |   |     | 2,960  |     |   | 4,418    |   |   | 2,436 |   |
|                                |   |     | 88,373 |     |   | 85,048   |   |   | 51,822 |   |
|                                |   |     |   |     |   |     |   |   |   |   |
| **Deferred                  -**     |   |     |   |     |   |     |   |   |   |   |
| Peruvian                            |   |     | (4,786 | )        |   | (11,502  | )      |   | (6,325 | ) |
|                                |   |     |   |     |   |     |   |   |   |   |
| **Total**                           |   |     | 83,587 |     |   | 73,546   |   |   | 45,497 |   |

----

|                                                           |   | **2006** |    | **2005** |   |
|----------------------------------------------------------------|--------|----------|---------|----------|--------|
|                                                           |   | US$(000) |    | US$(000) |   |
|                                                           |   |     |    |     |   |
| **Assets**                                                     |   |     |    |     |   |
| Allowance                  for loan losses, net                |   |     | 13,642  |     |   | 12,177 |   |
| Stock                  appreciation rights provision           |   |     | 11,047  |     |   | 6,428 |   |
| Reserve                  for sundry risks, net                 |   |     | 3,412   |     |   | 6,788 |   |
| Tax                  loss carry-forward                        |   |     | 3,244   |     |   | 3,287 |   |
| Non-accrued                  interest                          |   |     | 1,830   |     |   | 1,613 |   |
| Other                                                          |   |     | 4,841   |     |   | 2,673 |   |
| **Deferred                  income tax asset**                 |   |     | 38,016  |     |   | 32,966 |   |
|                                                           |   |     |    |     |   |   |   |
| **Liabilities**                                                |   |     |    |     |   |   |   |
| Unrealized                  net gains                          |   |     | (28,330 | )        |   | (19,094 | ) |
| Intangibles                  assets, net                       |   |     | (26,168 | )        |   | (592 | ) |
| Leasing                  operations, net                       |   |     | (2,758  | )        |   | (3,257 | ) |
| Fixed                  assets, net                             |   |     | (2,304  | )        |   | (5,369 | ) |
| Other                  (includes assets seized)                |   |     | (6,250  | )        |   | (2,422 | ) |
| **Deferred                  income tax liability**             |   |     | (65,810 | )        |   | (30,734 | ) |
|                                                           |   |     |    |     |   |   |   |
| **Net                  deferred income tax liability (asset)** |   |     | (27,794 | )        |   | 2,232 |   |

----

| **19.** | **Stock                  appreciation rights** |
|---------|------------------------------------------------|

| **Year                  of****issuance** |   | **Number****of                  outstanding SARs issued as of December 31, 2006** |      | **Number                  of Vested SARs****as                  of December 31** |   | **Exercise                  price** |   |
|------------------------------------------|--------|-----------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                     |   |                                                                              |      | **2006**                                                                         |   | **2005**                            |   | **2006** |   | **2005** |   |
|                                     |   |                                                                              |      |                                                                             |   |                                |   | US$ |   | US$ |   |
|                                     |   |                                                                              |      |                                                                             |   |                                |   |   |   |   |   |
| 1999                                     |   |                                                                              | -         |                                                                             |   | -                                   |   |   | 110,000 |   |   | 7.64 |   |   | 8.34 |   |
| 2000                                     |   |                                                                              | 68,750    |                                                                             |   | 68,750                              |   |   | 187,250 |   |   | 8.80 |   |   | 9.50 |   |
| 2001                                     |   |                                                                              | 81,500    |                                                                             |   | 81,500                              |   |   | 192,550 |   |   | 5.60 |   |   | 6.30 |   |
| 2002                                     |   |                                                                              | 117,500   |                                                                             |   | 117,500                             |   |   | 285,225 |   |   | 7.28 |   |   | 7.98 |   |
| 2003                                     |   |                                                                              | 220,000   |                                                                             |   | 220,000                             |   |   | 359,844 |   |   | 8.47 |   |   | 9.17 |   |
| 2004                                     |   |                                                                              | 352,750   |                                                                             |   | 317,984                             |   |   | 294,375 |   |   | 11.29 |   |   | 11.99 |   |
| 2005                                     |   |                                                                              | 457,600   |                                                                             |   | 281,038                             |   |   | 229,688 |   |   | 16.30 |   |   | 17.00 |   |
| 2006                                     |   |                                                                              | 560,250   |                                                                             |   | 215,156                             |   |   | - |   |   | 25.62 |   |   | - |   |
|                                     |   |                                                                              | 1,858,350 |                                                                             |   | 1,301,928                           |   |   | 1,658,932 |   |   |   |   |   |   |   |

----

| **Key                  assumptions**              |   | **2006**                    |   | **2005**                    |
|---------------------------------------------------|--------|-----------------------------|--------|-----------------------------|
|                                              |   |                        |   |                        |
| Expected                  volatility              |   | 31.31%                      |   | 28.24%                      |
| Risk                  free interest rate          |   | 1.05%                       |   | 1.04%                       |
| Expected                  lifetime                |   | 5.05                  years |   | 4.70                  years |
| Quoted                  price of Credicorp shares |   | US$40.94                    |   | US$22.79                    |

|                                                     |   | **2006**                              |      | **2005**                               |   |
|----------------------------------------------------------|--------|---------------------------------------|-----------|----------------------------------------|--------|
|                                                     |   | **Outstanding                  SARs** |      |  **Vested                  SARs** |   | **Outstanding                  SARs** |   |  **Vested                  SARs** |   |
|                                                     |   | **Number**                            |      | **Number**                             |   | **Amount** |   | **Number** |   | **Number** |   | **Amount** |   |
|                                                     |   |                                  |      |                                   |   | US$(000) |   |   |   |   |   | US$(000) |   |
| **Balance                  as of January 1****st**       |   |                                  | 2,201,275 |                                   |   | 1,658,932 |   |   | 22,813 |   |   | 2,278,475 |   |   | 1,759,601 |   |   | 11,700 |   |
| Granted                  and vested                      |   |                                  | 621,000   |                                   |   | 600,046 |   |   | 12,838 |   |   | 585,000 |   |   | 561,531 |   |   | 7,448 |   |
| Exercised                                                |   |                                  | (948,925  | )                                      |   | (948,925 | ) |   | (29,292 | ) |   | (662,200 | ) |   | (662,200 | ) |   | (9,614 | ) |
| Decrease                                                 |   |                                  | (15,000   | )                                      |   | (8,125 | ) |   | (232 | ) |   | - |   |   | - |   |   | - |   |
| Increase                  in fair                  value |   |                                  | -         |                                   |   | - |   |   | 32,634 |   |   | - |   |   | - |   |   | 13,279 |   |
| **Balance                  as of December 31**           |   |                                  | 1,858,350 |                                   |   | 1,301,928 |   |   | 38,761 |   |   | 2,201,275 |   |   | 1,658,932 |   |   | 22,813 |   |

----

| **20.** | **Off-balance                  sheet accounts** |
|---------|-------------------------------------------------|

|                                                                |   | **2006** |      | **2005** |   |
|---------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                |   | US$(000) |      | US$(000) |   |
|                                                                |   |     |      |     |   |
| **Contingent                  credits -**                           |   |     |      |     |   |
| Guarantees                  and stand by letters (c)                |   |     | 1,204,500 |     |   | 982,044 |   |
| Import                  and export letters of credit (c)            |   |     | 250,876   |     |   | 238,902 |   |
|                                                                |   |     | 1,455,376 |     |   | 1,220,946 |   |
|                                                                |   |     |      |     |   |   |   |
| Responsibilities                  under credit lines agreements (e) |   |     | 814,746   |     |   | 531,816 |   |
| Forward                  contracts - sell (d)                       |   |     | 561,111   |     |   | 654,841 |   |
| Forward                  contracts - buy (d)                        |   |     | (592,081  | )        |   | (343,897 | ) |
| Swap                  contracts (d)                                 |   |     | 543,041   |     |   | 572,160 |   |
|                                                                |   |     |      |     |   |   |   |
| **Total**                                                           |   |     | 2,782,193 |     |   | 2,635,866 |   |

----

|  | (c) | Export                  and import letters of credit and guarantees and stand by letters                  are                  conditional commitments issued by the Group to guarantee the performance                  of a customer to a third party. Export and import letters of credit                  are                  mainly issued as credit enhancements for overseas commercial transactions.                  Risks associated with these credits are reduced by the participation                  of                  third parties. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | As                  of December 31, 2006 and 2005, Credicorp has foreign currency forwards                  derivatives and a minor position on options for exchange rates                  (the total                  amount as of December 31, 2006 is US$8.7 million). Foreign currency                  forwards are commitments to buy or sell currency at a future date                  at a                  contracted price. Risk arises from the possibility that the counter-party                  to the transaction does not perform as agreed and the change in                  the prices                  of the underlying currencies. As of December 31, 2006 and 2005,                  forward                  foreign currency purchase and sale agreements referred to above                  include                  nominal amounts of approximately US$1,153.2 million and US$998.7                  million,                  respectively, which have maturities of less than a year. These                  agreements                  are executed to satisfy client requirements and are recognized                  in the                  financial statements at their fair market value. As of December                  31, 2006,                  the forward contracts net position is an overbuy of U.S. Dollars                  of                  approximately US$31.0 million (oversell of approximately US$310.9                  million                  as of December 31, 2005). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | The                  responsibilities under credit line agreements do not correspond                  to                  commitment of obtain credit; and includes credit lines and other                  consumer                  loans that are cancelable upon notification to the consumer. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **21.** | **Net                  premiums earned** |
|---------|------------------------------------------|

|                                             |   | **Gross****Premiums                  (*)** |    | **Ceded                  to reinsurers and coinsurers, net** |   | **Assumed****from                  other companies, net** |   | **Net                  premiums earned** |   | **Percentage****of                  amount assumed on net premiums** |   |
|--------------------------------------------------|--------|--------------------------------------------|---------|--------------------------------------------------------------|--------|-----------------------------------------------------------|--------|------------------------------------------|--------|----------------------------------------------------------------------|--------|
|                                             |   | US$(000)                                   |    | US$(000)                                                     |   | US$(000)                                                  |   | US$(000)                                 |   | %                                                                    |   |
|                                             |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |
| **As                  of December 31, 2006**     |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |
| Life                  insurance                  |   |                                       | 66,477  |                                                         |   | (2,923                                                    | )      |                                     | 1,228  |                                                                 |   | 64,782 |   |   | 1.90 |   |
| Accident                  and health insurance   |   |                                       | 111,295 |                                                         |   | (2,377                                                    | )      |                                     | 1,526  |                                                                 |   | 110,444 |   |   | 1.38 |   |
| Property                  and casualty insurance |   |                                       | 138,964 |                                                         |   | (64,767                                                   | )      |                                     | 1,838  |                                                                 |   | 76,035 |   |   | 2.42 |   |
|                                             |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |   |   |   |   |   |
| **Total                  premiums**              |   |                                       | 316,736 |                                                         |   | (70,067                                                   | )      |                                     | 4,592  |                                                                 |   | 251,261 |   |   | 1.83 |   |
|                                             |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |   |   |   |   |   |
| **As                  of December 31, 2005**     |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |   |   |   |   |   |
| Life                  insurance                  |   |                                       | 46,239  |                                                         |   | (2,537                                                    | )      |                                     | 965    |                                                                 |   | 44,667 |   |   | 2.16 |   |
| Accident                  and health insurance   |   |                                       | 111,785 |                                                         |   | (2,745                                                    | )      |                                     | 1,531  |                                                                 |   | 110,571 |   |   | 1.38 |   |
| Property                  and casualty insurance |   |                                       | 126,377 |                                                         |   | (61,133                                                   | )      |                                     | (1,527 | )                                                                    |   | 63,717 |   |   | (2.40 | ) |
|                                             |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |   |   |   |   |   |
| **Total                  premiums**              |   |                                       | 284,401 |                                                         |   | (66,415                                                   | )      |                                     | 969    |                                                                 |   | 218,955 |   |   | 0.44 |   |
|                                             |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |   |   |   |   |   |
| **As                  of December 31, 2004**     |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |   |   |   |   |   |
| Life                  insurance                  |   |                                       | 35,998  |                                                         |   | (2,865                                                    | )      |                                     | 683    |                                                                 |   | 33,816 |   |   | 2.02 |   |
| Accident                  and health insurance   |   |                                       | 108,739 |                                                         |   | (2,947                                                    | )      |                                     | 1,481  |                                                                 |   | 107,273 |   |   | 1.38 |   |
| Property                  and casualty insurance |   |                                       | 107,937 |                                                         |   | (60,131                                                   | )      |                                     | 3,777  |                                                                 |   | 51,583 |   |   | 7.32 |   |
|                                             |   |                                       |    |                                                         |   |                                                      |   |                                     |   |                                                                 |   |   |   |   |   |   |
| **Total                  premiums**              |   |                                       | 252,674 |                                                         |   | (65,943                                                   | )      |                                     | 5,941  |                                                                 |   | 192,672 |   |   | 3.08 |   |

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

----

| **22.** | **Net                  claims incurred for property and casualty, life and health insurance                  contracts** |
|---------|--------------------------------------------------------------------------------------------------------------------------|

|                                      |   | **2006**                            |   |
|-------------------------------------------|--------|-------------------------------------|--------|
|                                      |   | **Life                  insurance** |   | **Property                  and casualty insurance** |   | **Health****insurance** |   | **Total** |   |
|                                      |   | US$(000)                            |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                      |   |                                |   |   |   |   |   |   |   |
| Gross                  insurance claims   |   |                                | 52,713 |   |   | 60,285 |   |   | 89,797 |   |   | 202,795 |   |
| Ceded                  claims             |   |                                | (823   | ) |   | (13,698 | ) |   | (1,752 | ) |   | (16,273 | ) |
|                                      |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  insurance claims** |   |                                | 51,890 |   |   | 46,587 |   |   | 88,045 |   |   | 186,522 |   |

|                                      |   | **2005**                            |   |
|-------------------------------------------|--------|-------------------------------------|--------|
|                                      |   | **Life                  insurance** |   | **Property                  and casualty insurance** |   | **Health                  insurance** |   | **Total** |   |
|                                      |   | US$(000)                            |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                      |   |                                |   |   |   |   |   |   |   |
| Gross                  insurance claims   |   |                                | 41,650 |   |   | 56,539 |   |   | 93,115 |   |   | 191,304 |   |
| Ceded                  claims             |   |                                | (870   | ) |   | (13,970 | ) |   | (964 | ) |   | (15,804 | ) |
|                                      |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  insurance claims** |   |                                | 40,780 |   |   | 42,569 |   |   | 92,151 |   |   | 175,500 |   |

|                                      |   | **2004**                            |   |
|-------------------------------------------|--------|-------------------------------------|--------|
|                                      |   | **Life                  insurance** |   | **Property                  and casualty insurance** |   | **Health                  insurance** |   | **Total** |   |
|                                      |   | US$(000)                            |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                      |   |                                |   |   |   |   |   |   |   |
| Gross                  insurance claims   |   |                                | 40,625 |   |   | 52,707 |   |   | 81,198 |   |   | 174,530 |   |
| Ceded                  claims             |   |                                | (1,954 | ) |   | (17,916 | ) |   | (335 | ) |   | (20,205 | ) |
|                                      |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  insurance claims** |   |                                | 38,671 |   |   | 34,791 |   |   | 80,863 |   |   | 154,325 |   |

----

| **23.** | **Other                  income and expenses** |
|---------|------------------------------------------------|

|                                                                      |   | **2006** |   | **2005** |   | **2004** |   |
|---------------------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                                                      |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                                      |   |     |   |     |   |     |   |
| **Other                  income**                                         |   |     |   |     |   |     |   |
| Income                  (loss) from the sale of assets seized             |   |     | 9,244  |     |   | 6,202    |   |   | (3,411 | ) |
| Real                  estate rental income                                |   |     | 3,031  |     |   | 1,941    |   |   | 1,224 |   |
| Recoveries                  of other accounts receivable and other assets |   |     | 1,763  |     |   | 4,512    |   |   | 1,429 |   |
| Valuation                  of indexed certificates Citigroup, note 11 (c) |   |     | 3,521  |     |   | -        |   |   | - |   |
| Other                                                                     |   |     | 8,638  |     |   | 8,916    |   |   | 8,863 |   |
|                                                                      |   |     |   |     |   |     |   |   |   |   |
| **Total                  other income**                                   |   |     | 26,197 |     |   | 21,571   |   |   | 8,105 |   |
|                                                                      |   |     |   |     |   |     |   |   |   |   |
| **Other                  expenses**                                       |   |     |   |     |   |     |   |   |   |   |
| Commissions                  in insurance                                 |   |     | 25,555 |     |   | 19,289   |   |   | 19,693 |   |
| Sundry                  technical insurance expenses                      |   |     | 10,910 |     |   | 8,183    |   |   | 5,931 |   |
| Provision                  for sundry risks, note 11(e)                   |   |     | 6,461  |     |   | 5,567    |   |   | 9,819 |   |
| Provisions                  for other account receivables                 |   |     | 3,163  |     |   | 7,112    |   |   | 1,435 |   |
| Loss                  (gain) from sale of fixed assets                    |   |     | (169   | )        |   | (1,875   | )      |   | 4,525 |   |
| Loss                  from fake currencies                                |   |     | -      |     |   | 1,960    |   |   | - |   |
| Other                                                                     |   |     | 6,798  |     |   | 6,509    |   |   | 1,466 |   |
|                                                                      |   |     |   |     |   |     |   |   |   |   |
| **Total                  other expenses**                                 |   |     | 52,718 |     |   | 46,745   |   |   | 42,869 |   |

| **24.** | **Earnings                  per share** |
|---------|-----------------------------------------|

|                                                                                                                                                |   | **2006** |        | **2005** |   | **2004**    |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|-------------|--------|
|                                                                                                                                                |   |     |        |     |   |        |   |
| **Number                  of shares in issue:**                                                                                                     |   |     |        |     |   |        |   |
| Ordinary                  shares, note 17(a)                                                                                                        |   |     | 94,382,317  |     |   | 94,382,317  |   |   | 94,382,317 |   |
| Less                  - weighted average treasury shares, note 17(b)                                                                                |   |     | (14,620,842 | )        |   | (14,620,842 | )      |   | (14,624,392 | ) |
| **Weighted                  outstanding average number of ordinary shares**                                                                         |   |     | 79,761,475  |     |   | 79,761,475  |   |   | 79,757,925 |   |
|                                                                                                                                                |   |     |        |     |   |        |   |   |   |   |
| Net                  income attributable to equity holders of Credicorp (in thousands                  of U.S.                  dollars)            |   |     | 230,013     |     |   | 181,885     |   |   | 130,747 |   |
|                                                                                                                                                |   |     |        |     |   |        |   |   |   |   |
| Basic                  and diluted earnings per share for net income attributable to equity                  holders of Credicorp (in U.S. Dollars) |   |     | 2.88        |     |   | 2.28        |   |   | 1.64 |   |

----

| **25.** | **Business                  segments** |
|---------|----------------------------------------|

|  | (i) | Banking                  business - incorporating corporate and private banking services,                  corporate, consumer, micro-business and mortgage loans, credit                  and debit                  cards, savings, deposits, overdrafts, foreign currency and derivative                  products, structure financing, corporate leasing, custody, among                  others. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | Insurance                  business - incorporating the issuance of policies of insurance                  to cover                  claims, such as fires, vehicles, transport, personal accidents                  and life                  insurance, among others. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (i) | Business                  segments by industry (amount expressed in million of U.S. Dollars): |
|--|-----|-----------------------------------------------------------------------------------------------|

|                                    |   | **External                  income** |   | **Income                  from other segments** |   | **Eliminations** |   | **Total****income                  (*)** |   | **Operating                  income (**)** |   | **Total****assets** |   | **Fixed****assets** |   | **Depreciation                  and amortization** |   | **Other                  provisions (***)** |   |
|-----------------------------------------|--------|--------------------------------------|--------|-------------------------------------------------|--------|------------------|--------|------------------------------------------|--------|--------------------------------------------|--------|---------------------|--------|---------------------|--------|----------------------------------------------------|--------|---------------------------------------------|--------|
|                                    |   |                                 |   |                                            |   |             |   |                                     |   |                                       |   |                |   |                |   |                                               |   |                                        |   |
| **2006**                                |   |                                 |   |                                            |   |             |   |                                     |   |                                       |   |                |   |                |   |                                               |   |                                        |   |
| Banking                                 |   |                                 | 975    |                                            |   | 24               |   |                                     | (24    | )                                          |   | 975                 |   |                | 447    |                                               |   | 11,090                                      |   |   | 197 |   |   | 36 |   |   | (2 | ) |
| Insurance                               |   |                                 | 316    |                                            |   | 2                |   |                                     | (2     | )                                          |   | 316                 |   |                | 115    |                                               |   | 989                                         |   |   | 47 |   |   | 4 |   |   | - |   |
| Pension                  funds          |   |                                 | 23     |                                            |   | -                |   |                                     | -      |                                       |   | 23                  |   |                | -      |                                               |   | 227                                         |   |   | 11 |   |   | 10 |   |   | - |   |
| Brokerage                  and other    |   |                                 | 58     |                                            |   | 1                |   |                                     | (1     | )                                          |   | 58                  |   |                | 1      |                                               |   | 576                                         |   |   | - |   |   | - |   |   | - |   |
| **Total                  consolidated** |   |                                 | 1,372  |                                            |   | 27               |   |                                     | (27    | )                                          |   | 1,372               |   |                | 563    |                                               |   | 12,882                                      |   |   | 255 |   |   | 50 |   |   | (2 | ) |
|                                    |   |                                 |   |                                            |   |             |   |                                     |   |                                       |   |                |   |                |   |                                               |   |                                        |   |   |   |   |   |   |   |   |   |   |
| **2005**                                |   |                                 |   |                                            |   |             |   |                                     |   |                                       |   |                |   |                |   |                                               |   |                                        |   |   |   |   |   |   |   |   |   |   |
| Banking                                 |   |                                 | 712    |                                            |   | 11               |   |                                     | (11    | )                                          |   | 712                 |   |                | 400    |                                               |   | 9,893                                       |   |   | 199 |   |   | 35 |   |   | 11 |   |
| Insurance                               |   |                                 | 219    |                                            |   | 14               |   |                                     | (14    | )                                          |   | 219                 |   |                | 80     |                                               |   | 786                                         |   |   | 46 |   |   | 3 |   |   | - |   |
| Pension                  funds          |   |                                 | -      |                                            |   | -                |   |                                     | -      |                                       |   | -                   |   |                | -      |                                               |   | 18                                          |   |   | 2 |   |   | 1 |   |   | - |   |
| Brokerage                  and other    |   |                                 | 166    |                                            |   | 3                |   |                                     | (3     | )                                          |   | 166                 |   |                | 3      |                                               |   | 339                                         |   |   | 1 |   |   | - |   |   | - |   |
| **Total                  consolidated** |   |                                 | 1,097  |                                            |   | 28               |   |                                     | (28    | )                                          |   | 1,097               |   |                | 483    |                                               |   | 11,036                                      |   |   | 248 |   |   | 39 |   |   | 11 |   |
|                                    |   |                                 |   |                                            |   |             |   |                                     |   |                                       |   |                |   |                |   |                                               |   |                                        |   |   |   |   |   |   |   |   |   |   |
| **2004**                                |   |                                 |   |                                            |   |             |   |                                     |   |                                       |   |                |   |                |   |                                               |   |                                        |   |   |   |   |   |   |   |   |   |   |
| Banking                                 |   |                                 | 671    |                                            |   | 25               |   |                                     | (25    | )                                          |   | 671                 |   |                | 346    |                                               |   | 8,083                                       |   |   | 215 |   |   | 38 |   |   | (2 | ) |
| Insurance                               |   |                                 | 193    |                                            |   | 10               |   |                                     | (10    | )                                          |   | 193                 |   |                | 73     |                                               |   | 700                                         |   |   | 31 |   |   | 3 |   |   | - |   |
| Pension                  funds          |   |                                 | -      |                                            |   | -                |   |                                     | -      |                                       |   | -                   |   |                | -      |                                               |   | -                                           |   |   | - |   |   | - |   |   | - |   |
| Brokerage                  and other    |   |                                 | 115    |                                            |   | 4                |   |                                     | (4     | )                                          |   | 115                 |   |                | 2      |                                               |   | 305                                         |   |   | 1 |   |   | 1 |   |   | - |   |
| **Total                  consolidated** |   |                                 | 979    |                                            |   | 39               |   |                                     | (39    | )                                          |   | 979                 |   |                | 421    |                                               |   | 9,088                                       |   |   | 247 |   |   | 42 |   |   | (2 | ) |

----

|  | (ii) | Segment                  information by geographical area (amounts expressed in million                  of U.S.                  Dollars): |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------|

|                                      |   | **2006**                                 |   | **2005**                                   |   | **2004**            |   |
|-------------------------------------------|--------|------------------------------------------|--------|--------------------------------------------|--------|---------------------|--------|
|                                      |   | **Total****income                  (*)** |   | **Operating                  income (**)** |   | **Total****assets** |   | **Total****income                  (*)** |   | **Operating                  income (**)** |   | **Total****assets** |   | **Total****income                  (*)** |   | **Operating                  income (**)** |   | **Total****assets** |   |
|                                      |   |                                     |   |                                       |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Peru                                      |   |                                     | 1,131  |                                       |   | 518                 |   |   | 9,271 |   |   | 947 |   |   | 438 |   |   | 8,336 |   |   | 809 |   |   | 352 |   |   | 6,566 |   |
| Panama                                    |   |                                     | 55     |                                       |   | 7                   |   |   | 839 |   |   | 28 |   |   | 3 |   |   | 593 |   |   | 20 |   |   | 3 |   |   | 293 |   |
| Cayman                  Islands           |   |                                     | 81     |                                       |   | 14                  |   |   | 1,364 |   |   | 55 |   |   | 13 |   |   | 1,238 |   |   | 52 |   |   | 20 |   |   | 1,004 |   |
| Bolivia                                   |   |                                     | 62     |                                       |   | 28                  |   |   | 654 |   |   | 50 |   |   | 23 |   |   | 493 |   |   | 45 |   |   | 24 |   |   | 459 |   |
| Colombia                                  |   |                                     | -      |                                       |   | -                   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 51 |   |   | 19 |   |   | 411 |   |
| United                  States of America |   |                                     | 43     |                                       |   | (4                  | )      |   | 754 |   |   | 17 |   |   | 6 |   |   | 376 |   |   | 2 |   |   | 3 |   |   | 355 |   |
| **Total                  consolidated**   |   |                                     | 1,372  |                                       |   | 563                 |   |   | 12,882 |   |   | 1,097 |   |   | 483 |   |   | 11,036 |   |   | 979 |   |   | 421 |   |   | 9,088 |   |

|  | (*) | Include                  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. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (***) | Correspond                  to reserves for assets seized and the allowance for loan                  losses. |
|--|-------|---------------------------------------------------------------------------------------------------------------|

----

| **26.** | **Financial                  instruments** |
|---------|--------------------------------------------|

**Market        risks -**

----

**Liquidity        risk -**

**Cash        flow and fair value risk due to changes in the interest rates        -**

----

----

**Currency        risk -**

|                                                               |   | **2006**                          |       | **2005**                 |   |
|--------------------------------------------------------------------|--------|-----------------------------------|------------|--------------------------|--------|
|                                                               |   | **U.S.                  Dollars** |       | **Peruvian****currency** |   | **Other****currencies** |   | **Total** |   | **U.S.                  Dollars** |   | **Peruvian****currency** |   | **Other****currencies** |   | **Total** |   |
|                                                               |   | US$(000)                          |       | US$(000)                 |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                               |   |                              |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Monetary                  assets -**                             |   |                              |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  and due from banks                           |   |                              | 2,250,111  |                     |   | 396,238 |   |   | 87,181 |   |   | 2,733,530 |   |   | 2,337,939 |   |   | 268,416 |   |   | 54,460 |   |   | 2,660,815 |   |
| Trading                  securities                                |   |                              | 14,144     |                     |   | 30,800 |   |   | 192 |   |   | 45,136 |   |   | 39,045 |   |   | 21,740 |   |   | - |   |   | 60,785 |   |
| Available-for-sale                  investments                    |   |                              | 1,493,043  |                     |   | 1,904,535 |   |   | 53,133 |   |   | 3,450,711 |   |   | 1,583,201 |   |   | 1,218,424 |   |   | 9,080 |   |   | 2,810,705 |   |
| Loans,                  net                                        |   |                              | 4,181,558  |                     |   | 1,492,681 |   |   | 62,583 |   |   | 5,736,822 |   |   | 3,758,385 |   |   | 1,032,481 |   |   | 25,894 |   |   | 4,816,760 |   |
| Other                  assets                                      |   |                              | 269,504    |                     |   | 129,268 |   |   | 6,242 |   |   | 405,014 |   |   | 192,148 |   |   | 121,348 |   |   | 4,277 |   |   | 317,773 |   |
|                                                               |   |                              | 8,208,360  |                     |   | 3,953,522 |   |   | 209,331 |   |   | 12,371,213 |   |   | 7,910,718 |   |   | 2,662,409 |   |   | 93,711 |   |   | 10,666,838 |   |
|                                                               |   |                              |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Monetary                  liabilities -**                        |   |                              |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                  and obligations                          |   |                              | (6,098,199 | )                        |   | (2,588,864 | ) |   | (151,928 | ) |   | (8,838,991 | ) |   | (5,315,364 | ) |   | (1,684,149 | ) |   | (93,915 | ) |   | (7,093,428 | ) |
| Due                  to bank and correspondents and borrowed funds |   |                              | (883,979   | )                        |   | (53,193 | ) |   | (4,429 | ) |   | (941,601 | ) |   | (728,161 | ) |   | (573,665 | ) |   | (1,545 | ) |   | (1,303,371 | ) |
| Bonds                  issued                                      |   |                              | (334,608   | )                        |   | (177,964 | ) |   | - |   |   | (512,572 | ) |   | (278,461 | ) |   | (150,763 | ) |   | - |   |   | (429,224 | ) |
| Other                  liabilities                                 |   |                              | (662,946   | )                        |   | (378,473 | ) |   | (13,178 | ) |   | (1,054,597 | ) |   | (615,561 | ) |   | (293,732 | ) |   | (8,804 | ) |   | (918,097 | ) |
|                                                               |   |                              | (7,979,732 | )                        |   | (3,198,494 | ) |   | (169,535 | ) |   | (11,347,761 | ) |   | (6,937,547 | ) |   | (2,702,309 | ) |   | (104,264 | ) |   | (9,744,120 | ) |
|                                                               |   |                              | 228,628    |                     |   | 755,028 |   |   | 39,796 |   |   | 1,023,452 |   |   | 973,171 |   |   | (39,900 | ) |   | (10,553 | ) |   | 922,718 |   |
| Forwards                  position, net                            |   |                              | 30,970     |                     |   | (22,368 | ) |   | (8,602 | ) |   | - |   |   | (310,946 | ) |   | 310,946 |   |   | - |   |   | - |   |
| **Net                  monetary position**                         |   |                              | 259,598    |                     |   | 732,660 |   |   | 31,194 |   |   | 1,023,452 |   |   | 662,225 |   |   | 271,046 |   |   | (10,553 | ) |   | 922,718 |   |

----

**Credit        risk -**

**Risk        of the insurance activity -**

----

----

**Fiduciary        activities and management of investment and pension funds        -**

|                               |   | **2006** |   | **2005** |   |
|------------------------------------|--------|----------|--------|----------|--------|
|                               |   |     |   |     |   |
| Investments                  funds |   |     | 1,124  |     |   | 829 |   |
| Pension                  Funds     |   |     | 4,163  |     |   | 253 |   |
| Equity                  managed    |   |     | 1,689  |     |   | 1,417 |   |
|                               |   |     |   |     |   |   |   |
| **Total**                          |   |     | 6,976  |     |   | 2,499 |   |

| **27.** | **Fair                  value** |
|---------|---------------------------------|

----

|  | · | Cash                  and due from banks represent cash and short-term deposits that                  do not                  represent significant credit or interest rate risks; in consequence,                  their                  book value is equivalent to their fair                  value. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Trading                  securities and available-for-sale investments are recorded at their                  estimated fair value on the consolidated balance                  sheet. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The                  fair value of loans is similar to their book value, because such                  loans are                  mainly of a short-term nature or with variable interest rates and                  are                  shown net of their respective allowance for loan losses, which                  are                  considered by the Management as the approximate recoverable amount                  at the                  date of the consolidated financial                  statements. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The                  fair value of deposits and obligations is similar to their book                  value;                  mainly because of their liquid nature and that the interest rates                  are                  comparable with the interest rates of other similar liabilities                  at the                  consolidated balance sheet date. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Due                  to banks and correspondents, borrowed loans, bonds and subordinated                  rates                  generate interest contracted at variable interest rates and/or                  preferred                  rates similar to the actual rates in the market. As a result, it                  is                  considered that their book value approximates their fair                  values. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | As                  disclosed in note 20, the Group has various commitments to extend                  credit,                  open documentary credits and outstanding guarantees and has received                  guarantees in endorsement of the granted credits. Based on the                  level of                  fees currently charged from granting such commitments and open                  documentary                  credits, taking into account maturity and interest rates, together                  with                  the present creditworthiness of the counterparties, the difference                  between                  the book value and the fair value is not deemed to be                  material. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Except                  for currency forwards, options over exchange rates, interest rate                  swaps                  and the certificate indexed of Citigroup, as indicated in note                  20(d), and                  11(a), the Group does not enter into other agreements, generally                  described                  as derivative transactions. The Group records these derivatives                  in the                  consolidated balance sheets at their fair market                  value. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **28.** | **Transactions                  with related parties** |
|---------|--------------------------------------------------------|

|  | (a) | The                  consolidated financial statements of the Group as of December 31,                  2006 and                  2005 include the transactions with related parties of the companies                  mentioned in note 3(b). For its 2006 and 2005 financial statements,                  the                  Group defines related parties as related companies, the Board of                  Directors, the Group’s key executives (defined as the management of                  Credicorp’s Holding) and enterprises which are controlled by these                  individuals through their majority shareholding or their role as                  chairman                  or CEO in those companies. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | The                  following table shows the main transactions with related companies                  as of                  December 31, 2006 and 2005: |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  |   | **Related                  companies** |   |
|-------------------------------------------------------|--------|----------------------------------------|--------|
|                                                  |   | **2006**                               |   | **2005** |   |
|                                                  |   | US$(000)                               |   | US$(000) |   |
|                                                  |   |                                   |   |   |   |
| Direct                  loans                         |   |                                   | 70,636 |   |   | 48,533 |   |
| Unrealized                  gain from investments     |   |                                   | 34,226 |   |   | 23,393 |   |
| Investments                  available por sale       |   |                                   | 27,899 |   |   | 21,815 |   |
| Deposits                                              |   |                                   | 25,074 |   |   | 21,305 |   |
| Contingent                  operations                |   |                                   | 13,925 |   |   | 8,379 |   |
| Interest                  income related to loans     |   |                                   | 2,097  |   |   | 1,991 |   |
| Interest                  expense related to deposits |   |                                   | 1,505  |   |   | 991 |   |
| Derivatives                  (market value)           |   |                                   | 179    |   |   | 388 |   |
| Other                  income                         |   |                                   | 953    |   |   | 546 |   |

|  | (c) | The                  loans, contingent operations and derivative contracts with related                  parties                  are made in accordance with the normal market conditions available                  to                  other customers. Outstanding loans balances at the year-end are                  granted by                  collaterals given by the related part. The loans to related companies                  as                  of December 31, 2006 had a maturity between January 2007 and August                  2012                  and an accrued interest average of 7.71%. As of December 31, 2006,                  the                  provision for doubtful debts due to related parties amounts to                  US$0.1                  million (US$1.4 million as of December 31, 2005). This amount is                  established based on an assessment performed on a continuous basis                  in the                  financial position of the related party and the market where it                  operates. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (d) | As                  of December 31, 2006 and 2005, 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                  Law                  No26702, which regulates and limits certain transactions with employees,                  directors and officers of a bank or an insurance company in Peru.                  As of                  December 31, 2006 and 2005, direct loans to employees, directors                  and key                  management amounts to US$59.5 and US$25.1 million, respectively                  and are                  paid monthly during their loan enforce and earn interest at similar                  market                  rates for these loans. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | The                  Group key executives compensation as of December 31, 2006 and 2005,                  comprises the following captions: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|                                                |   | **2006** |   | **2005** |   |
|-----------------------------------------------------|--------|----------|--------|----------|--------|
|                                                |   | US$(000) |   | US$(000) |   |
|                                                |   |     |   |     |   |
| Stock                  appreciation rights, note 19 |   |     | 23,206 |     |   | 7,284 |   |
| Salaries                                            |   |     | 4,824  |     |   | 4,357 |   |
| Directors                  compensations            |   |     | 1,173  |     |   | 1,115 |   |
| Other                                               |   |     | 6,962  |     |   | 2,185 |   |
|                                                |   |     |   |     |   |   |   |
| **Total**                                           |   |     | 36,165 |     |   | 14,941 |   |

----

| **29.** | **Significant                  differences between International Financial Reporting Standards                  and United                  States Generally Accepted Accounting                  Principles** |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Allowance                  for credit losses - |
|--|-----|------------------------------------------------|

|  | (b) | Investments                  in debt and equity securities - |
|--|-----|--------------------------------------------------------------|

|  | (c) | Foreign                  exchange differences on available-for-sale debt securities - |
|--|-----|---------------------------------------------------------------------------------------|

----

|  | (d) | Amortization                  of goodwill - |
|--|-----|---------------------------------------------|

|  | (e) | Income                  taxes - |
|--|-----|---------------------------------|

|  | (f) | Minority                  interest - |
|--|-----|--------------------------------------|

----

|  | (g) | Summary                  of significant adjustments to net income                  - |
|--|-----|--------------------------------------------------------------------------------------|

|                                                                                                                                                                                                            |   | **For                  the year ended December 31,** |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                                                                                                                                                                            |   | **2006**                                             |    | **2005** |   | **2004** |   |
|                                                                                                                                                                                                            |   | US$(000)                                             |    | US$(000) |   | US$(000) |   |
|                                                                                                                                                                                                            |   |                                                 |    |   |   |   |   |
| **Net                  income in accordance with IFRS**                                                                                                                                                         |   |                                                 | 247,265 |   |   | 194,853 |   |   | 141,512 |   |
|                                                                                                                                                                                                            |   |                                                 |    |   |   |   |   |   |   |   |
| **Additions                  (deductions) reported:**                                                                                                                                                           |   |                                                 |    |   |   |   |   |   |   |   |
| Foreign                  exchange differences on available-for-sale debt securities                  (c)                                                                                                        |   |                                                 | (55,155 | ) |   | - |   |   | - |   |
| Income                  taxes (e)                                                                                                                                                                               |   |                                                 | (5,129  | ) |   | - |   |   | - |   |
| Reversal                  of amortization of goodwill (d)                                                                                                                                                       |   |                                                 | -       |   |   | - |   |   | 4,853 |   |
| Minority                  interest (f)                                                                                                                                                                          |   |                                                 | (11,957 | ) |   | (12,968 | ) |   | (10,765 | ) |
|                                                                                                                                                                                                            |   |                                                 |    |   |   |   |   |   |   |   |
| **Net                  income in accordance with U.S. GAAP, as previously                  reported**                                                                                                           |   |                                                 | 175,024 |   |   | 181,885 |   |   | 135,600 |   |
|                                                                                                                                                                                                            |   |                                                 |    |   |   |   |   |   |   |   |
| Foreign                  exchange differences on available-for-sale debt securities, net                  of                  impairment of US$8,912 in 2005 (c)                                                |   |                                                 | -       |   |   | 53,293 |   |   | (16,404 | ) |
| Minority                  interest                                                                                                                                                                              |   |                                                 | -       |   |   | (5,055 | ) |   | 3,258 |   |
|                                                                                                                                                                                                            |   |                                                 |    |   |   |   |   |   |   |   |
| **Net                  income in accordance with U.S. GAAP, as restated**                                                                                                                                       |   |                                                 | 175,024 |   |   | 230,123 |   |   | 122,454 |   |
|                                                                                                                                                                                                            |   |                                                 |    |   |   |   |   |   |   |   |
| Net                  income per share in accordance with U.S. GAAP based on weighted                  average                  number of shares issued and outstanding, as previously                  reported |   |                                                 | 2.19    |   |   | 2.28 |   |   | 1.70 |   |
| Net                  income per share in accordance with U.S. GAAP based on weighted                  average                  number of shares issued and outstanding, as restated                             |   |                                                 | 2.19    |   |   | 2.89 |   |   | 1.54 |   |
|                                                                                                                                                                                                            |   |                                                 |    |   |   |   |   |   |   |   |
| Weighted                  average number of outstanding shares issued and outstanding, excluding                  treasury stock (in thousands of shares)                                                       |   |                                                 | 79,761  |   |   | 79,761 |   |   | 79,758 |   |

----

|  | (h) | Summary                  of significant adjustments to shareholders’ equity                  - |
|--|-----|------------------------------------------------------------------------------------------------------|

|                                                                         |   | **As                  of December 31,** |      |
|------------------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                         |   | **2006**                                |      | **2005** |   | **2004** |   |
|                                                                         |   | US$(000)                                |      | US$(000) |   | US$(000) |   |
|                                                                         |   |                                    |      |   |   |   |   |
| **Shareholders’                  equity in accordance with IFRS**      |   |                                    | 1,533,768 |   |   | 1,291,955 |   |   | 1,150,450 |   |
|                                                                         |   |                                    |      |   |   |   |   |   |   |   |
| **Additions                  (deductions):**                                 |   |                                    |      |   |   |   |   |   |   |   |
| Minority                  interest (f)                                       |   |                                    | (136,946  | ) |   | (101,515 | ) |   | (85,253 | ) |
| Income                  taxes, net of minority interest (e)                  |   |                                    | (4,987    | ) |   | - |   |   | - |   |
| Reversal                  of amortization of goodwill (d)                    |   |                                    | 12,109    |   |   | 12,109 |   |   | 12,109 |   |
|                                                                         |   |                                    |      |   |   |   |   |   |   |   |
| **Shareholders’                  equity in accordance with U.S. GAAP** |   |                                    | 1,403,944 |   |   | 1,202,549 |   |   | 1,077,306 |   |

|                                               |   | **For                  the year ended December 31,** |      |
|----------------------------------------------------|--------|------------------------------------------------------|-----------|
|                                               |   | **2006**                                             |      | **2005** |   | **2004** |   |
|                                               |   | US$(000)                                             |      | US$(000) |   | US$(000) |   |
|                                               |   |                                                 |      | **(As                  restated)** |   | **(As                  restated)** |   |
|                                               |   |                                                 |      |   |   |   |   |
| **Balances                  as of January 1**      |   |                                                 | 1,202,549 |   |   | 1,077,306 |   |   | 917,986 |   |
| Cash                  dividends                    |   |                                                 | (87,738   | ) |   | (63,810 | ) |   | (31,900 | ) |
| Decrease                  in treasury stock        |   |                                                 | -         |   |   | - |   |   | 263 |   |
| Other                  comprehensive income (loss) |   |                                                 | 114,109   |   |   | (41,066 | ) |   | 68,527 |   |
| Net                  income under U.S. GAAP (g)    |   |                                                 | 175,024   |   |   | 230,123 |   |   | 122,454 |   |
| Other                                              |   |                                                 | -         |   |   | (4 | ) |   | (24 | ) |
|                                               |   |                                                 |      |   |   |   |   |   |   |   |
| **Balances                  as of December 31**    |   |                                                 | 1,403,944 |   |   | 1,202,549 |   |   | 1,077,306 |   |

----

|  | (i) | Other                  comprehensive income - |
|--|-----|-----------------------------------------------|

|                                                                                                                                               |   | **For                    the year ended December 31,** |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|---------|
|                                                                                                                                               |   | **2006**                                               |    | **2005** |   | **2004** |   |
|                                                                                                                                               |   | US$(000)                                               |    | US$(000) |   | US$(000) |   |
|                                                                                                                                               |   |                                                   |    | **(As                    restated)** |   | **(As                    restated)** |   |
| **Net                    income in accordance with U.S.GAAP**                                                                                      |   |                                                   | 175,024 |   |   | 230,123 |   |   | 122,454 |   |
|                                                                                                                                               |   |                                                   |         |   |   |  |   |   |  |   |
| Other                    comprehensive income (loss) -                                                                                             |   |                                                   |         |   |   |  |   |   |  |   |
| Unrealized                    (losses) gains arising during the period, net of tax and minority                    interest                    (*) |   |                                                   | 85,372  |   |   | (26,920 | ) |   | 70,942 |   |
| Transfer                    of realized losses (gains) to net income (**)                                                                          |   |                                                   | 27,421  |   |   | (15,768 | ) |   | (2,415 | ) |
| Net                    gain on cash flow hedge.                                                                                                    |   |                                                   | 1,316   |   |   | 1,622 |   |   | - |   |
|                                                                                                                                               |   |                                                   | 114,109 |   |   | (41,066 | ) |   | 68,527 |   |
|                                                                                                                                               |   |                                                   |         |   |   |  |   |   |  |   |
| **Comprehensive**                    I**ncome**                                                                                                    |   |                                                   | 289,133 |   |   | 189,057 |   |   | 190,981 |   |

| (*) | Include                  exchange differences for US$15,961, US$(34,041) and US$14,196 in                  2006,                  2005 and 2004, respectively, net of minority                  interest. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| (**) | Include                  exchange differences for US$34,041, US$(14,196) and US$(1,050)                  in 2006,                  2005 and 2004, respectively, net of minority                  interest. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   | **For                  the year ended December 31,** |    |
|-----------------------------------------|--------|------------------------------------------------------|---------|
|                                    |   | **2006**                                             |    | **2005** |   | **2004** |   |
|                                    |   | US$(000)                                             |    | US$(000) |   | US$(000) |   |
|                                    |   |                                                 |    |   |   |   |   |
|                                    |   |                                                 |    | **(As                  restated)** |   | **(As                  restated)** |   |
| **Beginning                  balance**  |   |                                                 | 49,261  |   |   | 90,327 |   |   | 21,800 |   |
| Current                  period changes |   |                                                 | 114,109 |   |   | (41,066 | ) |   | 68,527 |   |
|                                    |   |                                                 |    |   |   |   |   |   |   |   |
| **Ending                  balance**     |   |                                                 | 163,370 |   |   | 49,261 |   |   | 90,327 |   |

----

|                                         |   | **2006**              |      |
|----------------------------------------------|--------|-----------------------|-----------|
|                                         |   |                  |      | **Unrealized                    gross amount** |   |   |   |
|                                         |   | **Amortized****Cost** |      | **Gains** |   | **Losses** |   | **Estimated                      market value** |   |
|                                         |   | US$(000)              |      | US$(000) |   | US$(000) |   | US$(000) |   |
|                                         |   |                  |      |   |   |   |   |   |   |
| **Fixed                    maturity -**      |   |                  |      |   |   |   |   |   |   |
| BCRP                    deposit certificates |   |                  | 1,265,351 |   |   | 12,262 |   |   | - |   |   | 1,277,613 |   |
| Government                    treasury bonds |   |                  | 471,615   |   |   | 63,982 |   |   | (1,617 | ) |   | 533,980 |   |
| Other                                        |   |                  | 1,359,237 |   |   | 39,962 |   |   | (4,528 | ) |   | 1,394,671 |   |
|                                         |   |                  | 3,096,203 |   |   | 116,206 |   |   | (6,145 | ) |   | 3,206,264 |   |
|                                         |   |                  |           |   |   |  |   |   |  |   |   |  |   |
| **Shares                    -**              |   |                  | 96,486    |   |   | 119,989 |   |   | (292 | ) |   | 216,183 |   |
|                                         |   |                  |           |   |   |  |   |   |  |   |   |  |   |
|                                         |   |                  | 3,192,689 |   |   | 236,195 |   |   | (6,437 | ) |   | 3,422,447 |   |
|                                         |   |                  |           |   |   |  |   |   |  |   |   |  |   |
| Accrued                    interest          |   |                  |           |   |   |  |   |   |  |   |   | 28,264 |   |
|                                         |   |                  |           |   |   |  |   |   |  |   |   |  |   |
| **Total**                                    |   |                  |           |   |   |  |   |   |  |   |   | 3,450,711 |   |

|                                       |   | **2005**              |      |
|--------------------------------------------|--------|-----------------------|-----------|
|                                       |   |                  |      | **Unrealized                  gross amount** |   |   |   |
|                                       |   | **Amortized****cost** |      | **Gains** |   | **Losses** |   | **Estimated****market                  value** |   |
|                                       |   | US$(000)              |      | US$(000) |   | US$(000) |   | US$(000) |   |
|                                       |   |                  |      |   |   |   |   |   |   |
| **Fixed                  maturity -**      |   |                  |      |   |   |   |   |   |   |
| BCRP                  deposit certificates |   |                  | 1,180,484 |   |   | - |   |   | (34,669 | ) |   | 1,145,815 |   |
| Government                  treasury bonds |   |                  | 367,866   |   |   | 20,662 |   |   | (1,374 | ) |   | 387,154 |   |
| Other                                      |   |                  | 1,088,169 |   |   | 18,651 |   |   | (7,742 | ) |   | 1,099,078 |   |
|                                       |   |                  | 2,636,519 |   |   | 39,313 |   |   | (43,785 | ) |   | 2,632,047 |   |
|                                       |   |                  |      |   |   |   |   |   |   |   |   |   |   |
| **Shares                  -**              |   |                  | 72,218    |   |   | 91,113 |   |   | (749 | ) |   | 162,582 |   |
|                                       |   |                  |      |   |   |   |   |   |   |   |   |   |   |
|                                       |   |                  | 2,708,737 |   |   | 130,426 |   |   | (44,534 | ) |   | 2,794,629 |   |
|                                       |   |                  |      |   |   |   |   |   |   |   |   |   |   |
| Accrued                  interest          |   |                  |      |   |   |   |   |   |   |   |   | 16,076 |   |
|                                       |   |                  |      |   |   |   |   |   |   |   |   |   |   |
| **Total**                                  |   |                  |      |   |   |   |   |   |   |   |   | 2,810,705 |   |

----

|  | (j) | Commitments                  and guarantees - |
|--|-----|-----------------------------------------------|

**Commitments        to extend credit -**

|                                   |   | **2006**                                  |   | **2005**                                 |   |
|----------------------------------------|--------|-------------------------------------------|--------|------------------------------------------|--------|
|                                   |   | **Expire                  within 1 year** |   | **Expire                  after 1 year** |   | **Total** |   | **Expire                  within 1 year** |   | **Expire                  within 1 year** |   | **Total** |   |
|                                   |   | US$(000)                                  |   | US$(000)                                 |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                   |   |                                      |   |                                     |   |   |   |   |   |   |   |   |   |
| Consumer                  credit cards |   |                                      | -      |                                     |   | 814,745 |   |   | 814,745 |   |   | - |   |   | 531,816 |   |   | 531,816 |   |
| Commercial                             |   |                                      | -      |                                     |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                                        |   |                                      | -      |                                     |   | 814,745 |   |   | 814,745 |   |   | - |   |   | 531,816 |   |   | 531,816 |   |

**Letters        of credit and guarantees -**

----

|                                                                       |   | **2006**                                  |      | **2005**                                 |   |
|----------------------------------------------------------------------------|--------|-------------------------------------------|-----------|------------------------------------------|--------|
|                                                                       |   | **Expire                  within 1 year** |      | **Expire                  after 1 year** |   | **Total** |   | **Expire                  within 1 year** |   | **Expire                  after 1 year** |   | **Total** |   |
|                                                                       |   | US$(000)                                  |      | US$(000)                                 |   | US$(000) |   | US$(000) |   | US$(000) |   | US$(000) |   |
|                                                                       |   |                                      |      |                                     |   |   |   |   |   |   |   |   |   |
| Standby                  letters of credit and                  guarantees |   |                                      | 1,195,790 |                                     |   | 8,710 |   |   | 1,204,500 |   |   | 944,598 |   |   | 37,446 |   |   | 982,044 |   |
| Import                  and export letters of                  credit      |   |                                      | 250,466   |                                     |   | 410 |   |   | 250,876 |   |   | 238,902 |   |   | - |   |   | 238,902 |   |
|                                                                       |   |                                      | 1,446,256 |                                     |   | 9,120 |   |   | 1,455,376 |   |   | 1,183,500 |   |   | 37,446 |   |   | 1,220,946 |   |

|  | (k) | Recently                  Issued US Accounting Standards |
|--|-----|----------------------------------------------------------|

|  | - | Stock-Based                  Compensation - |
|--|---|---------------------------------------------|

----

|  | (l) | Other                  Issued US Accounting Standards |
|--|-----|-------------------------------------------------------|

|  | - | FASB                  Staff Position (FSP) FAS 115-1 and FAS 124-1 “The Meaning of Other- Than-                  Temporary Impairment and its Application to Certain Investments”                  - |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Staff                  Accounting Bulletin (SAB) No. 108 “Considering the Effects of Prior Year                  Misstatements when Quantifying Misstatements in Current Year Financial                  Statements” - |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (m) | Recently                  issued US accounting standards not yet adopted |
|--|-----|--------------------------------------------------------------------------|

|   | - | Statement                  of Financial Accounting Standard No. 155: “Accounting for Certain Hybrid                  Instruments”- an amendment of FASB Statements 133 and                  140. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | Statement                  of Financial Accounting Standard No. 156, “Accounting for Servicing of                  Financial Assets” (SFAS 156)- and amendment of FASB Statement 140 |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | FIN                  48, “*Accounting                  for Uncertainty in Income Taxes” - an interpretation of SFAS 109 -*In                  June 2006, the FASB issued FIN 48, *Accounting                  for Uncertainty in Income Taxes - an interpretation of SFAS                  109*,                  which prescribes a recognition threshold and measurement attribute                  for                  financial statement recognition and measurement of tax positions.                  FIN 48                  is effective for years commencing after December 15, 2006. Credicorp                  is                  continuing to evaluate the impact of FIN 48 on its Financial Statements. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Statement                  of Financial Accounting Standards No. 157, “*Fair                  Value Measurements” (*SFAS                  157) - In September 2006, the FASB issued Statement of Financial                  Accounting Standards No. 157, *Fair                  Value Measurements (*SFAS                  157). SFAS 157 defines fair value, establishes a framework for                  measuring                  fair value, and expands the required disclosures about an entity’s fair                  value measurements. Additionally, SFAS 157 eliminates the requirement                  to                  defer calculated profit or loss on transaction values that include                  unobservable inputs (“Day 1 profit and loss”) and eliminates the use of                  block discounts for securities traded in an active market. SFAS                  157 is                  effective for financial statements issued for fiscal years beginning                  after                  November 15, 2007. The provisions of SFAS 157 should be applied                  prospectively upon initial adoption, except for the provisions                  that                  eliminate prior measurement guidance regarding block discounts                  and Day 1                  profit and loss. These changes should be applied retrospectively                  as an                  adjustment to the opening balance of retained earnings in the period                  of                  adoption. Credicorp is still assessing the impact that SFAS 157                  will have                  on its Financial Statements. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Statement                  of Financial Accounting Standards No. 159, “*The                  Fair Value Option for Financial Assets and Liabilities”*                  (SFAS 159) - |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*The        Fair Value Option for Financial Assets and Liabilities*

----