Winners receive prizes in the first Good Corporate Governance Competition in Peru

(Lima, May 18, 2006).- The prize presentation ceremony for the First Good Corporate Governance Competition was held in the Peruvian capital. The event is the initiative of Procapitales and the University of Applied Sciences (UPC) with technical advice from Ernst & Young and the sponsorship of the Andean Development Corporation (CAF), the AFP Association (AAFP), the Center for International Private Enterprise (CIPE), and El Comercio newspaper.

The jury was formed by Augusto Alvarez Rodrich, director of Peru21 newspaper; Susana de la Puente, managing director of JP Morgan; Hugo Eyzaguirre, vice president of the Indecopi Competition Court; Inés Temple, general manager of DBM Perú; and Javier Tovar, from Estudio Luis Echecopar García. Prizes were awarded to the following companies: CATEGORIES

• Best treatment of shareholders: Ferreyros
• Best board policies: Banco de Crédito del Perú
• Transparency in information: Profuturo AFP
• Management structure and risk management: Nissan Maquinarias
• Best performance with internal and external environment: Peruvian Energy Network

SPECIAL PRIZES

• Best annual report: Graña y Montero
• Best system of information to the public: Alicorp
• Best transaction in favor of creation of value for shareholders: Southern Copper Corporation
• Best corporate governance in privatized company: Telefónica del Perú

In his remarks, Germán Jaramillo, director representative of the Andean Development Corporation, said that "CAF is an institution committed to developing good corporate governance practices which favor the economic development of companies by improving their results and increasing access to external sources of capital. The implementation of these practices, built on solid ethical principles, also contributes to creating more reliable markets, and thus to developing and strengthening the market and the Peruvian business sector in general."

The ceremony was also attended by Enrique Oliveros, president of Procapitales; John Zemko, senior program officer of the Center for International Private Enterprise (CIPE); and Luis Bustamante Belaúnde, rector of the University of Applied Sciences (UPC). The prizes were awarded in the presence of the Peruvian Economy and Finance Minister Fernando Zavala; the president of the Lima Stock Exchange, Carmela de Marrou; the vice president of CONASEV, Jorge Ossio Gargurevich, among other personalities.

CAPTION Germán Jaramillo, CAF director representative in Peru, presents the Best Annual Report Prize to José Graña, president of Graña y Montero, the first Peruvian company to join the CAF Good Corporate Governance Program, and now a true apostle of the implementation of these practices.