----

----

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

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

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

----

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

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

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

----

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

----

----

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

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

|   | · | the      frequency and severity of insured lossevents; |
|--------|--------|--------------------------------------------------------|

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

----

| ITEM      1. | IDENTITY      OF DIRECTORS, SENIOR MANAGEMENT ANDADVISERS |
|--------------|-----------------------------------------------------------|

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

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

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

----

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

----

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

----

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

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

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

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

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

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

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

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

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

----

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

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

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

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

----

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

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

----

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

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

----

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

----

----

----

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

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

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

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

----

|   | · | collect      and analyze a substantial volume ofdata; |
|--------|--------|-------------------------------------------------------|

|   | · | develop,      test and apply appropriate ratingformulae; |
|--------|--------|----------------------------------------------------------|

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

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

|   | · | Highly      liquid commercial banks in themarket; |
|--------|--------|---------------------------------------------------|

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

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

----

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

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

----

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

----

----

----

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

----

----

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

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

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

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

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

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

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

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

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

| Client Segmentation |
|--------------------------|
| Group                    |   | Sales (US$MM) |
| Micro-business           |   | Up      to 0.5 or total debt of 0.2 |
| Small      Business      |   | From      0.5 to 6.6 or total debt of 1.0 |
| Middle      market       |   | From      6.7 to 30 |
| Corporate                |   | Higher      than30 |

----

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

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

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

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

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

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

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

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

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

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

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

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

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

|   | · | Business      Services, which develops transactionalservices. |
|--------|--------|---------------------------------------------------------------|

----

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

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

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

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

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

----

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

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

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

----

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

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

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

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

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

----

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

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

----

----

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

----

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

----

----

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

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

----

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

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

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

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

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

----

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

----

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

----

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

----

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

----

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

----

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

----

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

----

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

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

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

----

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

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

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

----

----

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

----

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

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

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

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

----

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

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

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

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

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

----

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

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

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

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

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

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

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

----

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

----

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

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

----

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

----

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

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

----

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

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

----

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

----

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

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

----

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

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

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

----

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

----

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

----

----

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

----

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

----

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

----

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

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

----

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

----

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

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

----

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

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

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

----

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

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

----

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

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

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

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

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

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

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

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

----

----

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

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

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

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

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

----

----

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

----

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

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

----

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

----

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

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

----

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

----

----

----

----

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

----

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

----

----

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

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

----

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

----

----

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

----

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

----

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

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

----

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

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

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

----

----

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

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

----

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

----

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

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

----

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

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

----

| (F) | Tabular      Disclosure of ContractualObligations |
|-----|---------------------------------------------------|

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

----

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

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

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

----

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

----

----

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

----

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

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

----

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

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

----

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

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

----

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

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

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

| ITEM      7. | MAJOR      SHAREHOLDERS AND RELATED PARTYTRANSACTIONS |
|--------------|-------------------------------------------------------|

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

----

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

----

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

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

----

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

----

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

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

----

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

| (A) | Consolidated      Statements and Other FinancialInformation |
|-----|-------------------------------------------------------------|

----

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

----

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

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

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

----

----

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

----

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

----

----

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

----

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

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

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

----

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

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

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

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

----

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

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

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

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

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

----

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

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

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

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

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

| ITEM      11. | QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK |
|---------------|----------------------------------------------------------------|

----

----

----

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

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

----

----

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

----

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

----

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

----

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

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

----

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

----

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

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

----

| ITEM      13. | DEFAULTS,      DIVIDEND ARREARAGES ANDDELINQUENCIES |
|---------------|-----------------------------------------------------|

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

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

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

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

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

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

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

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

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

----

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

----

| (C)  | Attestation      Report of the Registered Public AccountingFirm |
|-----------|-----------------------------------------------------------------|

----

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

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

----

| (D)  | Changes      in Internal Control over FinancialReporting |
|-----------|----------------------------------------------------------|

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

| ITEM16A. | AUDIT      COMMITTEE FINANCIAL EXPERT |
|----------|---------------------------------------|

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

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

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

----

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

----

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

| ITEM      16F. | CHANGE      IN REGISTRANT’S CERTIFYINGACCOUNTANT |
|----------------|--------------------------------------------------------|

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

| (A)  | New      York Stock Exchange – CorporateGovernance |
|-----------|---------------------------------------------------------------|

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

----

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

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

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

----

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

----

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

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

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

----

----

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

----

----

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

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

----

Credicorp Ltd. and Subsidiaries

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

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

----

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

----

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

----

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

----

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

----

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

----

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

----

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

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

----

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

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

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

----

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

|   | - | IFRS      7 “Financial Instruments: Disclosures” (Amendments). The amended standard      requires additional disclosures covering fair value measurement and      liquidity risk.  Fair value measurements related to items      recorded at fair value are to be disclosed by source of inputs using a      three level fair value hierarchy, by class, for all financial instrument      recognized at fair value.  In addition, reconciliation between      the beginning and ending balance for level 3 fair value measurements is      now required, as well as significant transfers between levels in the fair      value hierarchy.  The amendments also clarify the requirements      for liquidity risk disclosures with respect to derivative transactions and      assets used for liquidity management.  The fair value      measurement disclosures are presented in Note 29.7.  The      liquidity risk disclosures are not significantly impacted by the      amendments and are presented in Note29.3. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

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

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

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

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

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

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

----

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

----

----

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

|   | (i) | Banco      de Crédito (BCP) is a universal bank incorporated in Peru in      1889.  Its activities are supervised by the Superintendence of      Banking, Insurance and AFP (the Peruvian banking, insurance and AFP      authority, hereafter “the SBS” for its Spanish acronym).  During      2009 and 2008, Credicorp acquired 0.002 percent and 0.08 percent of BCP      shares, respectively, owned by minority interest. The consolidated      financial statements of Banco de Crédito del Perú and Subsidiaries as of      December 31, 2009, include the financial statement of Edyficar, see note      2.  BCP and Subsidiaries hold as of December 31, 2009 and 2008,      95.92 percent of the capital stock of Banco de Crédito de Bolivia (BCB), a      universal bank operating in Bolivia (Credicorp holds 4.08      percent).  As of December 31, 2009, BCB ́s assets, liabilities,      equity, income and net income amounted to US$1,097.8, US$991.2, US$106.6,      US$108.3 and US$28.7 million, respectively (US$939.8, US$831.6, US$108.2,      US$117.7 and US$44.5 million, respectively, as of December 31,      2008). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

----

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

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

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

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

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

----

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

----

----

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

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

----

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

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

----

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

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

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

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

----

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

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

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

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

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

----

----

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

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

----

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

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

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

----

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

----

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

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

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

----

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

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

----

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

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

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

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

----

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

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

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

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

----

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

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

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

----

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

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

----

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

----

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

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

----

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

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

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

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

----

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

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

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

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

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

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

----

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

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

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

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

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

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

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

----

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

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

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

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

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

----

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

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

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

----

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

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

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

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

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

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

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

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

----

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

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

----

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

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

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

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

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

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

----

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

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

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

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

----

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

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

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

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

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

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

----

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

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

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

----

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

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

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

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

----

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

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

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

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

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

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

----

|   | (c) | The      Group issues unit-linked investment policies whereby the policyholder      bears the investment risk on the assets held in the unit-linked funds as      the policy benefits are directly linked to the value of the assets in the      fund. The Group’s exposure to market risk on this business is limited to      the extent that income arising from asset management charges is based on      the value of assets in the fund.  For the year 2009, the gain      recorded for these investment amounting to approximately US$5.5 million      (gain of US$1.7 million for the year 2008) are presented in the caption      “Net gain (loss) on financial assets and liabilities designated at fair      value through profit and loss” of the consolidated statement of income,      according to the accounting principles described in note    3(x). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Receivable      and payable accounts from insurancecontracts |
|----|--------------------------------------------------------------|

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

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

----

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

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

----

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

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

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

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

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

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

----

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

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

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

----

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

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

----

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

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

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

----

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

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

----

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

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

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

----

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

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

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

|   | (iv) | The      Group maintains CCS and IRS designated as fair value hedge of certain      investments available for sale.  CCS reduce the exposure to      changes in the fair value of fixed rate global bonds denominated in Euros,      related to variations in the foreign currency exchange and interest      rates.  Furthermore, IRS reduce the exposure to changes in the      fair value of fixed bonds in US$ issued by the Peruvian Government,      corporative entities, and international financial entities related to      variations in the interest rates, see note5(m). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

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

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

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

----

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

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

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

----

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

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

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

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

----

| 13. | Due      to banks and correspondents and borrowedfunds |
|-----|--------------------------------------------------------|

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

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

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

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

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

----

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

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

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

----

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

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

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

----

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

|  | (a) | This      item is made up asfollows: |
|--|-----|--------------------------------------|

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

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

----

|   | (b) | Insurance      claims reserves (direct andassumed): |
|--------|-----|-----------------------------------------------------|

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

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

----

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

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

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

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

----

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

----

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

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

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

----

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

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

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

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

----

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

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

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

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

----

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

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

----

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

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

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

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

----

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

----

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

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

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

----

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

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

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

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

----

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

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

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

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

----

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

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

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

----

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

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

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

----

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

|  | (b) | Stock      awards (“equity-settledtransaction”) |
|--|-----|-------------------------------------------------------------|

----

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

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

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

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

----

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

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

----

| 20. | Interest      and dividend income and interestexpenses |
|-----|--------------------------------------------------------|

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

----

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

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

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

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

----

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

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

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

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

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

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

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

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

----

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

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

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

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

----

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

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

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

----

----

|   | (i) | The      following table presents income and certain asset information recording      the Group ́s operating segments (in millions of U.S. Dollars) for the years      ended 31 December 2009, 2008, and2007: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

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

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

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

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

----

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

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

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

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

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

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

----

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

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

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

----

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

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

----

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

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

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

----

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

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

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

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

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

----

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

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

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

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

----

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

----

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

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

----

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

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

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

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

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

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

----

----

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

----

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

----

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

----

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

----

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

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

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

----

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

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

----

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

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

----

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

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

----

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

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

----

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

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

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

----

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

----

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

----

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

----

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

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

----

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

----

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

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

----

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

----

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

----

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

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

----

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

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

----

----

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

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

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

----

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

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

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

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

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

----

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

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

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

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

----

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

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

----

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

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

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

----

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

----

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

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

----

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

----

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

----

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

| (a)      Index to Exhibits |
|----------------------------|
|                       |
| 1.1                        | Bye-laws      of Credicorp Ltd., incorporated herein by reference to Exhibit 1.1 to      Credicorp’s Annual Report on Form 20-F dated June 30,  2005 |
|                       |   |
| 1.2                        | Memorandum      of Association of Credicorp Ltd., incorporated herein by reference to      Exhibit 1.2 to Credicorp’s Annual Report on Form 20-F dated June 27,      2003 |
|                       |   |
| 8                          | List      of Subsidiaries, incorporated herein by reference to Exhibit 8 to      Credicorp’s Annual Report on Form 20-F dated June 27,  2003 |
|                       |   |
| 12.1                       | Certification      by the Chief Executive Officer Pursuant to Section 302 of the U.S.      Sarbanes-Oxley Act of 2002 |
|                       |   |
| 12.2                       | Certification      by the Chief Financial Officer Pursuant to Section 302 of the U.S.      Sarbanes-Oxley Act of 2002 |
|                       |   |
| 13.1                       | Certification      by the Chief Executive Officer Pursuant to Section 906 of the U.S.      Sarbanes-Oxley Act of 2002 |
|                       |   |
| 13.2                       | Certification      by the Chief Financial Officer Pursuant to Section 906 of the U.S.      Sarbanes-Oxley Act of2002 |

----

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

----

|   | 1.1    | Bye-laws      of Credicorp Ltd., incorporated herein by reference to Exhibit 1.1 to      Credicorp’s Annual Report on Form 20-F dated June 30,  2005                      |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                            |
|   | 1.2    | Memorandum      of Association of Credicorp Ltd., incorporated herein by reference to      Exhibit 1.2 to Credicorp’s Annual Report on Form 20-F dated June 27,      2003 |
|   |   |                                                                                                                                                                            |
|   | 8      | List      of Subsidiaries, incorporated herein by reference to Exhibit 8 to      Credicorp’s Annual Report on Form 20-F dated June 27,  2003                              |
|   |   |                                                                                                                                                                            |
|   | 12.1   | Certification      by the Chief Executive Officer Pursuant to Section 302 of the U.S.      Sarbanes-Oxley Act of 2002                                                           |
|   |   |                                                                                                                                                                            |
|   | 12.2   | Certification      by the Chief Financial and Accounting Officer Pursuant to Section 302 of      the U.S. Sarbanes-Oxley Act of 2002                                            |
|   |   |                                                                                                                                                                            |
|   | 13.1   | Certification      by the Chief Executive Officer Pursuant to Section 906 of the U.S.      Sarbanes-Oxley Act of 2002                                                           |
|   |   |                                                                                                                                                                            |
|   | 13.2   | Certification      by the Chief Financial and Accounting Officer Pursuant to Section 906 of      the U.S. Sarbanes-Oxley Act of2002                                             |

----