Jaime Cáceres Sayán Chairman National Confederation of Private Business Associations (CONFIEP)

2. PERU: Economic Outlook Jaime Cáceres Sayán Chairman National Confederation of Private Business Associations (CONFIEP) 7th CEPEJAJapan, March 17th, 2008

3. Contents • About CONFIEP • Macroeconomic • Why Invest in Peru? • Forecast 2008

4. CONFIEP The National Confederation of Private Business Associations (CONFIEP) is an organization that gathers and represents the Peruvian Private Business Community, both nationally and internationally. CONFIEP’s main aim is to contribute to the sustainable economic growth process, based on investment and labor promotion, founded upon individual initiative efforts, disseminating businesses, and private property. The organization’s increasing responsibility is to examine the world context and promote the integration of Peru in the world markets.

5. CONFIEP’s Members Agricultural Sector International Commerce Sector Financial Sector

6. CONFIEP’s Members Social Services Sector Public Services Sector Fish Sector

7. CONFIEP’s Members Tourism Sector Construction Sector Mining and Energy Sector Communication Sector Commercial Sector and others

8. CONFIEP’s Members Regional Sector

9. Investment plays an important role in the Peruvian Economic Growth… MACROECONOMIC Source: SUNAT, Central Reserve Bank of Peru and National Institute of Statistic and Information

10. Sustained economic growth… Developed Countries World Per u MACROECONOMIC 10% 8,9 8% 7,6 6,4 6% 5,2 5,2 3,9 4% 2% 0% 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 Source: Central Reserve Bank of Peru and International Monetary Fund

11. MACROECONOMIC Exports growth at significant rates Source: Central Reserve Bank of Peru

12. MACROECONOMIC Accompanied by private investment growth Source: Customs and Central Reserve Bank of Peru

13. MACROECONOMIC Increase in the imports of capital goods ( Millions of US$) Source: Central Reserve Bank of Peru

14. MACROECONOMIC Inflation Rate 2007: 3.9% Source: Central Reserve Bank of Peru, Chile, Mexico and Argentina, until December 2007

15. MACROECONOMIC With increasing Net International Reserves… International Net Reserves (Million US$) Source: Central Reserve Bank of Peru

16. MACROECONOMIC Factors recognized by the market and allow the country risk reduction Source: Bloomberg

17. MACROECONOMIC Just one step away from the Investment Grade Latin American Ranking Source: Standard & Poor’s, Fitch Ratings and Moodiy’s. Updated: December 2007

18. WHY INVEST IN PERU? • Non discriminatory treatment • Guarantee for Private Property • Free competition • No performance requirements • Unrestrictive access to most economic sectors • Free transfer of capital • Freedom to pay royalties • Freedom to access internal and external credit • Freedom to purchase stocks from locals Source: Proinversion

19. WHY INVEST IN PERU? Access to several markets Source: Proinversion, Mincetur

20. According to a World’s Bank survey and World Economic Forum: WHY INVEST IN PERU? Peru stands second in the Latin America region in protecting investors, and 15th in the World Source: Doing Business 2008

21. INVESTMENT OPPORTUNITIES (ProInversion) *Decentralized (62 US$ millions), mining (US$ 30,0 millions) and tourism (13.5 US$ millions)

22. FORECAST 2008 Source: Central Reserve Bank of Peru and National Institute of Statistic and Information

24. Jaime Cáceres Sayán Chairman National Confederation of Private Business Associations www.confiep.org.pe Arigatô gozaimasu!