Biography

Mr. Morales has been Vice Chairman of the Boards of Directors of Credicorp Ltd. and Banco de Crédito del Perú since March 28, 2008 and March 31, 2009, respectively. He is also a director of Grupo Crédito S.A., Pacífico Compañía de Seguros y Reaseguros, Solución Empresa Administradora Hipotecaria S.A. and Atlantic Security Holding Corporation.

He joined Banco de Crédito del Perú in 1980 and held different management positions, such as Executive Vice President of Wholesale Banking and Credit Risk Management, as well as CEO from 1990 to 2008. Additionally, he served as Chairman of the Board of Directors and General Manager of Atlantic Security Bank (now ASB Bank Corp., a subsidiary of Credicorp). Mr. Morales led Credicorp's initial public offering of shares on the New York Stock Exchange in October 1995.

He also has experience in a range of organizations, including ASBANC and Association of AFP, and CONFIEP, of which he served as Vice-Chairman. Prior to joining Credicorp, Mr. Morales worked for 10 years at Wells Fargo in its offices in San Francisco and Miami (United States), São Paulo (Brazil), Caracas (Venezuela), and Buenos Aires (Argentina). The last position he held at Wells Fargo was Regional Vice President.

He also serves as a member of the boards of directors of Peruvian listed companies Fosfatos del Pacifico S.A., and Cementos Pacasmayo S.A.A., as well as of Salmueras Sudamericanas S.A., private company wich is part of Pacasmayo Group.

Mr. Morales has a bachelor's degree in Economics and Administration from the Universidad del Pacifico (Peru) and holds an MBA from The Wharton School of the University of Pennsylvania (United States).