Corporate Presentation

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1 Corporate Presentation July, 07 0

2 Disclaimer This presentation may contain financial or business projections regarding recent acquisitions, their financial or business impact, management expectations and objectives regarding such acquisitions and current management expectations on the operating and financial performance of The Company, based on assumptions that, as of today, are considered valid. Financial and business projections are estimates and do not constitute any declaration of historical facts. Words such as anticipates, could, may, can, plans, believes, estimates, expects, projects, pretends, probable, will, should, and any other similar expression or word with a similar meaning pretend to identify such expressions as projections. It is uncertain if the anticipated events will happen and in case they happen, the impact they may have in Alicorp s or The Consolidated Company s operating and financial results. Alicorp does not assume any obligation to update any financial or business projections included in this presentation to reflect events or circumstances that may happen.

3 Index 3 About Alicorp Our Strategy for creating value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Financial Metrics 6 Guidance 07

4 Index 3 About Alicorp Our Strategy for creating value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Financial Metrics 6 Guidance 07 3

5 Alicorp is a leading consumer branded products company in Peru and South America Business overview Consumer Goods BB Aquaculture Platforms Food, home & personal care products Edible Oils Laundry Care Pasta Bakeries, industrial products and food service Ind. Baking Flour Shortenings Shrimp and fish feed Shrimp Feed Key Categories Sauces Cookies & Crackers Personal Care Ind. Margarines Industrial Sauces Fish Feed # of Brands Direct Presence Ownership structure Peru Brazil Argentina Ecuador Peru Ecuador Chile Peru Strong growth track record Inv. & mutual funds, 6.3% Other,.5% Pension funds, 6.5% Source: Cavali as of March 3, 07 Romero Group, 45.7% (PEN million) Revenue CAGR 03-06: 4.4% Revenue EBITDA EBITDA Margin 6,83 6,580 6,69 6,78 5,88.7% 7.7%.0%.%.% LTM EBITDA and EBITDA margin for 03 accounted S/ million and.8% respectively, ex extraordinary benefits from REFIS EBITDA and EBITDA Margin for 04 accounted S/ million and.0% respectively, ex extraordinary losses of S/ 07.5 million 3 Last twelve month results as of March 07 4

6 Competitive Advantages Strategic Initiatives with a well-defined strategy that provides sustainable growth rates Alicorp carries a diversified portfolio and maintains leadership in all of its business units Diversified revenue base Q 07 BB Branded Products 3% Aquaculture % Consumer goods Peru 37% Revenues: S/ 6,78 million Consumer goods International 8% Diversified EBITDA base Q 07 Aquaculture 3% BB 0% Consumer Goods Peru 53% Consumer Goods International 4% EBITDA: S/ 85 million By jointly leveraging through its competitive advantages and strategic initiatives Go-to-market strategy 50K POS for traditional channel POS for modern channel 4 Health & wellness products Brand management 05 brands in 3 countries & exports to 9 countries Product development 33 new products launched & revamped in 06 9 new products launched & revamped in 07 Plant consolidation & automation Strategic M&A 6 acquisitions since 0 Continuous costs saving Commodity purchasing Economies of scale and centralized platform program Last twelve months EBITDA calculation per business ex unassigned corporate expenses 3 Information provided by the Consumer Goods Peru division. 4 Includes Supermarkets and Cash & Carrier 5

7 both organic and inorganic Growth focused on core and next-to-core platforms Successful new product launch strategy, with 96 launches since 009 (# of products) Selected products launched in Q 07 Consumer Goods Peru Consumer Goods International Aquaculture Q 7 Growth through Mergers & Acquisitions Domestic Acquisitions International Acquisitions Domestic 6

8 In Consumer Goods Peru (CGP), we are market leaders in almost every category in which we participate Alicorp is the leading consumer goods company, competing with global and local players, such as Procter & Gamble, Unilever, Mondelez, Nestle, Carozzi, among others Ranked # in over 0 product categories Category Brands Position % of sales % of EBITDA 3 Competitors Laundry Detergents # 8.0% 8.9% Edible Oils # 7.9% 9.7% Pasta # 5.6% 7.4% Cookies & Crackers # 3.7% -0.8% Mayonnaise #.8% 6.5% Laundry Soap #.0% 4.5% Cereals #.4%.9% Margarines #.%.4% Household Flour #.0%.3% Juice Powders # 0.3% 0.3% Source: Kantar World Panel 33.9% 53.% Alicorp has +50% of the market share. Based on consolidate Revenue of the last twelve months as of March LTM as of March 07. Calculation per business ex unassigned corporate expenses 7

9 Value Mainstream Premium thanks to a strategy that focuses on effective market and customer segmentation Market and customer segmentation allows a more efficient pricing process and pass-through of commodities price increases Product classification Edible Oils Pasta Flour Laundry Care Cookies & Crackers Includes Detergents and Laundry Soap 8

10 MODERN TRADITIONAL CHANNEL and to our unique model of distribution that reaches all channels Consumer Goods Peru: Go-to-Market model Superior availability of Alicorp s products in the marketplace.3 Alicorp Competitor A L I C O R P 45% 30% 0% 5% Exclusive distributors Wholesalers Non-Exclusive distributors Average Sales ticket S/ 50 Average Sales ticket S/ 0,000 Average Sales ticket S/ 7,50 Supermarkets 366 Stores S H O P P E R Mayonnaise Margarines Juice Powders Edible Oils Laundry Soap Laundry Detergents Cookies & Crackers Pasta Jelly Direct distribution Indirect distribution Data as of March 07 Data as of August 06, except for mayonnaise (Apr 6), margarines (Jul 6), juice powders (Jul 6), laundry soap (Apr 6) and jelly (Jul 6) 3 As measured by market penetration in each category against Alicorp s closest competitor 9

11 Likewise, in BB we are also market leaders Ranked # in main categories Category Brands Position % of sales % of EBITDA 3 Competitors Industrial Baking Flour # 8.4% 4.8% Shortenings #.% 3.0% Industrial Margarines # 0.7%.8% Source: Kantar World Panel.3% 9.6% Alicorp has +50% of the market share. Based on consolidate Revenue of the last twelve months (LTM) as of March LTM as of March 07. Calculation per business ex unassigned corporate expenses 0

12 Meanwhile, in Consumer Goods International (CGI), we continue to grow in relevance and brand recognition Alicorp s business model has proven to be successfully replicable in other countries One of the largest consumer goods companies in Latin America Category Brands Position % of sales Competitors Brazil Pasta # 5.3% Argentina Hair Care #.6% Laundry Detergents #3.9% Personal Care Soap # 0.7% Ecuador Pasta #3 0.5% Mayonnaise #3 0.% Source: Nielsen NRI.% Alicorp has ~35% of market share in pastas (Area II in Brazil) and [5% -5%] of Market Share in Personal Care (Argentina). Based on consolidate Revenue of the last twelve months (LTM) as of March 07.

13 Finally, in Aquaculture, we differentiate among our competitors thanks to constant innovation and quality of service We are leaders in the Shrimp Feed market in Ecuador and Peru and the 4 th largest competitor in the Fish Feed Market in Chile (Salmon) One of the largest aquaculture companies in Latin America Category Brands Position % of sales Competitors Shrimp Ecuador #.% Peru # 0.9% Honduras #3 0.3% Nicaragua # 0.4% Panamá #3 0.% Costa Rica # 0.0% Fish Chile #4 7.7% Peru # 0.7% Source: Internal Estimates.5% In shrimp feed more than 50% of market share in Peru and Costa Rica, while more than 30% in Ecuador. In fish feed we have +0% of market share in Chile Based on consolidate Revenue of the last twelve months as of March 07.

14 Index 3 About Alicorp Our Strategy for creating value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Financial Metrics 6 Guidance 07 3

15 Alicorp s strategy focuses on three Strategic Pillars: Growth, Effiencies and People Alicorp Market Value Alicorp Fundamental Value Efficiencies Growth Value Creation People 5 Alicorp post Optimal Capital Structure Capital Optimization Increase our margins leveraging through our Competitive Advantages Brand Management Go-To-Market strategy Commodity purchasing Product development Focus in our Core Categories Edible Oils Laundry Care Pasta Sauces Oils, Detergents, Pastas and Sauces Alicorp Fundamental Value post internal initiatives 3 4 Inorganic Growth Peru: Core Categories Andean Region Area II and III in Brazil Alicorp Fundamental Value post inorganic initiatives Focus on ROIC and Profitability Divestiture (Real state, non operating assets and non strategic assets) 4

16 To maximize our Firm and Equity value STRATEGIC PILLARS Growth Growth driven by Core Categories Edible Oils, Detergents, Pastas and Sauces Innovations to capture market share and enter in new categories Core Categories Innovation PERU ANDEAN & BRAZIL AQUACULTURE Bolivia Brazil Shrimp Feed Efficiencies Efficiencies impacting Gross & Operating Margins Expected savings could reach between PEN 90M to PEN 300M Fronts Supply Chain Revenue Management Initiatives Achieve savings in the procurement of raw materials, packaging and services Increase productivity in plants Reduce distribution and storage costs Optimize our pricing strategy Optimize our branding and positioning strategy Impact PEN 00M 35M PEN 60M 00M People One Alicorp mindset Transfer knowledge and best practices across the organization Leverage corporate capabilites Process Optimization Go-To-Market Optimize internal processes Optimize current organizational design to assure a sustainable structure Redesign our Go-to-Market strategy to maximize our reach while minimizing the cost PEN 5M 30M PEN 5M 30M Area II of Brazil: Minas Gerais, Espirito Santo and Rio de Janeiro suburbs. 5

17 Total Shareholder Return Returning Value Debt reduction Inv. Cap. ROIC NOPAT / INVESTED CAPITAL NOPAT Through a step by step action plan designed to boost ROIC and Total Shareholder Return EBIT Growth Strategy: Focus in Peru (Edible Oils, Detergents, Pasta, and Sauces), the Andean region (Ecuador and Bolivia) and the Area II and III of Brazil Constant innovation to gain market share in core categories Growth Taxes Revenue Management Initiatives Pricing strategy revision Branding strategy optimization COGS Initiatives Production lines and shifts consolidation in Argentina and Brazil Production process standardization in Brazil Warehouses optimization capacity in Peru SG&A Initiatives Distribution and Go-to-Market strategy optimization in Peru Organizational restructure Weighted Effective Tax Rate 09 Goals Top line revenue growth of 6.5% (CAGR 6-9 ) EBITDA levels from 3.5% to 4.5% by 09 Efficiency WK Net Fixed Assets CCC Q6: 47 days CCC Q7 : 9 days NFA turnover increased from 3.0x in 03 to 3.4x in 06 Sale of non-core real-estate-related assets (USD 5M) Net Debt-to-EBITDA ratio reduced from.7x as of Q4 05 to.35x as of Q 07 Net Income Margin from 5.5% to 6.5% by 09 ROIC from.5% to 3.5% by 09 +USD 50 in Net Debt reduction since Q4 05 People Strong commitment to return value to shareholders Dividend payout ratio for FY06 reached 39.6% of Net Income. Amount distributed reached PEN 0M or PEN 4 cents per share (+ PEN 9 cents more than in 05) Achieved In process 6

18 Index 3 About Alicorp Our Strategy for creating value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Financial Metrics 6 Guidance 07 7

19 3 Q 07 Highlights Strong topline growth despite " El Niño" phenomenon affecting the Northern region of Peru, coupled with better profit margins underpinned by efficiencies program and lower financial expenses HIGHLIGHTS Total Revenue increased 0.6% YoY Gross Profit increased.4% YoY (+ S/ 54. million) while Gross Margin reached 30.9% (+0.5 p.p.) (PEN Million) REVENUE & GROSS MARGIN 6,580 6,69 6,78 EBITDA increased 3.8% YoY (+ S/.5 million) while EBITDA Margin reached.7% (+0.3 p.p.) Net income increased 45.8% YoY (+ S/ 5.9 million) while Net Margin reached 5.% (+.3 p.p.),509,438, % 30.4% 30.9% 8.4% 30.3% 30.4% Q 5' Q 6' Q 7' FY 05 FY 06 LTM EBITDA & EBITDA MARGIN NET INCOME & NET MARGIN (PEN Million) (PEN Million) 9.3% 39.6% %.4%.7%.0%.%.% % 3.9% 83 5.%.4% 4.6% 4.8% Q 5' Q 6' Q 7' FY 05 FY 06 LTM Q 5' Q 6' Q 7' FY 05 xx Dividend Payout Ratio FY 06 LTM 8

20 PROFITALIBITY 3 Q 07 Operational Highlights Strong results in Peru coupled with a strong recovery in our Aquaculture and Brazilian businesses explained our topline results, while a better revenue-management improved our profitability figures I REVENUE GROWTH Consolidated Revenue grew by 0.6% YoY backed on: ii) Strong results in Peru, ii) recovery of Aquaculture business, and iii) Normalized business activity in Brazil No material effects after El Niño phenomenon CONTINUOUS INNOVATION Consumer Goods Peru: we entered the Canned tuna category with our Primor brand BB: innovation in Industrial Flours via a new variety of Blanca Nieve wheat flour Aquaculture: we started participating in a new market segment with our new product Nicovita Finalis II GROSS PROFIT Gross Margin reached 30.9% (+0.5 p.p. YoY) Despite rising prices of raw materials, Gross Margin increased via i) revenue management program, ii) change in our revenue mix; and iii) savings in purchases EBITDA EBITDA margin reached.7% (+0.3 p.p. YoY) in line with the increase in Gross Margin Expected savings from our efficiencies program to come mainly during H 07 (+USD 5M) 9

21 3 Q 07 Financial Highlights Lower financial expenses coupled with better operational results boosted our Net Income by +45.8% YoY I FINANCIAL LEVERAGE Reduction in Net Debt-to-EBITDA ratio to.35x as of March 07 from.66x as of December 06 Net Debt reduced from S/,33.9 million to S/,0.6 million during the quarter (and S/ 84. million YoY) II WORKING CAPITAL Cash Conversion Cycle decreased to 8.6 days (measured in an LTM basis) as of Q 7 from 37.4 days as of Q4 6 due to a lower inventory levels (-5.6% or S/ 50.4 million YoY) III NET INCOME Net income reached S/ 8.6 million (+45.8% YoY) while Net Margin was 5.% (+.3 p.p. YoY) Less financial expenses for S/ 8.4 million (-3.9% YoY), and less FX losses for S/ 3.5 million (-5.5% YoY) EPS equated to S/ from S/ in Q 6 IV DIVIDENDS S/ 9.6 million (S/ 0.4 per share) to be distributed as dividends on May 6 Implied payout ration of 39.6% (+ S/ 0.09 per share vs last year figures) V CREDIT RATING Alicorp remains investment grade rating according to all rating agencies In Peru, Apoyo and PCR affirmed the company s credit rating and Apoyo revised the outlook from negative to stable Internationally, S&P and Fitch affirmed the company s credit rating and stable outlook Net Debt is Financial Debt minus cash and cash equivalents as of Q 7 0

22 Index 3 About Alicorp Our Strategy for creating value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Financial Metrics 6 Guidance 07

23 4 Consumer Goods Peru HIGHLIGHTS Q 07 INSIGHTS INNOVATION & POSITIONING Revenue and Volume increased by 6.8% and 3.% YoY, respectively on the back of our results in Edible Oils, Laundry Care and Pastas Gross Margin increased by.7 p.p. YoY explained mainly by Revenue management initiatives EBITDA reached S/ 06.9 million (+5.4% YoY) and EBITDA Margin increase.4 p.p. YoY to 8.3% on the back of a higher Gross Margin Canned tuna Laundry Care Pastas Category Rank Edible Oils # Laundry Detergents # Pastas # Mayonaisse # Cereals # Laundry Soap # REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) (PEN Million),44,500, % 38.0% 39.6% 35.6% 38.% 38.5% % 6.9% 8.3% 6.% 7.4% 7.7% Q 5' Q 6' Q 7' FY 05 FY 06 LTM Q 5' Q 6' Q 7' FY 05 FY 06 LTM Colors following the next criteria: Market share (Δ% YoY) > -0.5 p.p p.p. <Market share (Δ% YoY) < -0.9 p.p. Market share (Δ% YoY) < -.0 p.p.

24 4 BB HIGHLIGHTS Q 07 INSIGHTS Revenue and Volume increased by 4.5% and 3.5% YoY, respectively, mainly due to the growth of our Industrial and Food Service platform Gross Margin decreased by.3 p.p. YoY, mainly explained by higher prices of raw materials EBITDA reached S/ 3.8 million (-6.% YoY) and EBITDA Margin reached 9.3% (-.0 p.p. YoY). Optimization of our Go-to-market strategy partly compensated the Gross Margin reduction PRODUCT INNOVATION Bulk Flour Industrial Flour REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) (PEN Million),459,5, % 5.6% 4.3%.9% 5.3% 5.0% % 0.3% 9.3% 7.3%.% 0.9% Q 5' Q 6' Q 7' FY 05 FY 06 LTM Q 5' Q 6' Q 7' FY 05 FY 06 LTM 3

25 4 Consumer Goods International HIGHLIGHTS Q 07 INSIGHTS Revenue increased by 5.4% YoY while Volume decreased by.% YoY. Revenue in Brazil and Argentina amounted to S/ 4.7 million (+8.3% YoY) and S/ 6.9 million (+6.6% YoY), respectively Gross Margin increased by. p.p. YoY, mainly explained by Brazil s normalized operations EBITDA reached S/ 0.3 million (-95.4% YoY) and EBITDA Margin reached 0.% (-.5 p.p.) PRODUCT INNOVATION Laundry Care REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) (PEN Million) 75,80,85, % 3.% 33.4% Q 5' Q 6' Q 7' FY % 3.3% 3.6% FY 06 LTM 4 4.6% % 0.% Q 5' Q 6' Q 7' FY % 3.4%.7% FY 06 LTM 4

26 4 Aquaculture HIGHLIGHTS Q 07 INSIGHTS Revenue and Volume increased by 0.7% and 7.0% YoY, respectively. Revenue in our Shrimp and Fish Feed platforms amounted to S/ 0. million (+4.0% YoY) and S/ 53.5 million (+30.7% YoY), respectively Gross Margin increased by 0.7 p.p. YoY to.%, mainly due to lower prices of raw materials EBITDA reached S/ 44.9 million (+4.8% YoY) and EBITDA Margin reached.6% (+.9 p.p.), mainly explained by a higher Gross Margin and lower bad debt expenses PRODUCT INNOVATION Shrimp Feed REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million),48,430,49 (PEN Million) % %.% 9.% 0.% 0.4% 44 3.% 3 0.7% 45.6% 3.5%.7% 3.0% Q 5' Q 6' Q 7' FY 05 FY 06 LTM Q 5' Q 6' Q 7' FY 05 FY 06 LTM 5

27 Index 3 About Alicorp Our Strategy for creating value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Financial Metrics 6 Guidance 07 6

28 5 Cash Flow Build Up as of Q 07 HIGHLIGHTS Cash Flow from Operations was S/ 70.0 million, S/ 9.7 million higher compared to March 06, mainly explained by a reduction in our cash conversion cycle and higher Consolidated Revenue Cash Flow used in Investing Activities was S/ 5.3 million. A total amount of S/ 9.3 million were used for CAPEX, which was S/ 4.6 million lower than the amount invested during the same period of 06 Cash Flow from Financing Activities was S/ 5.0 million, compared to S/ 43. million as of Q 6, mainly due to lower debt requirement MAIN DRIVERS OF CASH FLOW EVOLUTION (PEN Million) Cash Flow from Operations S/ 70.0 Cash Flow for Investing S/ -5.3 Cash Flow for Financing S/ Net Cash on Dec-6 Cash generated from operations Taxes Other expenses from operations Investment Activities Debt Interest Payment Divident Payment Other financial activities Net Cash on Mar-7 Includes PP&E, acquisitions, software and other investment activities Includes FX Translation effect of S/ -.0 million 7

29 5 Working Capital and CAPEX Management for Q 07 KEY MILESTONES A Alicorp successfully reduced its Cash Conversion Cycle from 37.4 days as of Q4 6 to 8.6 days as of Q 7, as a consequence of a reduction of the inventory in 8.5% YoY (S/ 94.8 million), and an increase in its collections by 8.8% YoY (S/87.9 million) B DAdditionally, the Company was able to reduce its capital investment requirements without compromising growth A WORKING CAPITAL EVOLUTION (PEN Million) We increased our collections in S/ 87.9 million, reducing our DSO (48.9 days) Proactive management of our fishmeal and wheat inventories (S/ 63.8 million) coupled with the reduction of the quinoa inventory (S/ 3. million) Lower inventory purchases along with lower debt levels allowed to increase supplier prepayments to boost profitability 646 Q 6' Accounts Receivable Inventories Accounts Payable Q 7' A A DAYS OF WORKING CAPITAL 3 B CAPEX EVOLUTION (Days) Accounts Receivable Inventories Accounts Payable (PEN Million) % Property, Plant & Equipment.4%.5% PP&E as % of Sales.3%.% Q 6' Q 6' Q3 6' Q4 6' Q 7' CCC Q 6' Q 6' Q3 6' Q4 6' Q 7' Working Capital is defined as the last twelve month (LTM) average of accounts receivable plus average inventory minus average accounts payable Days Sales Outstanding 3 Average days as a mean of the LTM balance sheet accounts. 4 Cash Conversion Cycle 8

30 5 Alicorp s Debt Metrics & Maturity Profile (/) KEY MILESTONES A A CREDIT RATING A Recently, Apoyo & Asociados Credit Rating Agency, changed the outlook of Alicorp from negative to stable and maintained its AAA rating. B Alicorp successfully reduced its Net Debt / EBITDA ratio reaching.35x as of Q 7, on the back of i) a recovery of its EBITDA, ii) strong cash flow generation, iii) improvements in working capital and iv) lower CAPEX C Alicorp reduced its USD exposure from 5.0% as of Q4 6 to 4.7% as of Q 7. Additionally, the real exposure to USD volatility is in 0.%. Global Dec-6 BBB- Stable BBB Stable Baa3 Stable Domestic AAA Negative AAA Stable = = = + = Mar-7 BBB- Stable BBB Stable Baa3 Stable AAA Stable AAA Stable B NET DEBT / EBITDA C DEBT BREAKDOWN BY SOURCE (PEN Million) Gross Debt Net Debt EBITDA LTM All-in cost of debt C,8,04,86,606,644,95,88,63,333,,606, Q4 6' Q 7' International Bond Local Bonds LT Bank Debt ST Bank Debt C DEBT BREAKDOWN BY CURRENCY 3.65x.43x.08x.66x.35x.% 8.9% 8.3% 8.4% 8.5% Q 6' Q 6' Q3 6' Q4 6' Q 7' Dec-6 Mar-7 5.% 0.4% 4.4% 5.0% 4.7% 89.5% 90.9% USD PEN BRL ARS All-in cost of debt is defined as the accumulated LTM of the Interest expense, plus hedging cost, plus difference in exchange rate, divided between monthly average of the LTM Gross Debt. The higher All-in cost of debt in Q 6' was due to higher hedging cost. 3 9 After swap debt 4 Only 0.% of Total Financial Debt has exposure to USD volatility

31 5 Alicorp s Debt Metrics & Maturity Profile (/) Due to a strong cash flow generation in Q 7 and a lower level of leverage, Alicorp reduced its duration to achieve lower interest expenses DURATION AS OF MARCH 07 WAS 3.90 YEARS VS. 4.5 YEARS AS OF DECEMBER 06 Dec 06: Total Debt: PEN.606 billion Debt Breakdown by Currency % 0.4% 5.0% 89.5% 4.4% 4.7% 90.9% USD PEN BRL ARS % 4.4% 6.% 0.5%.9.% 3.0% 6.% 6.% 6.% 6.% 3.% Mar 07: Total Debt: PEN.644 billion % 3.% 5.9% 0.5%.9% 3.0% 6.% 6.% 6.% 6.% 3.0% After Swap Debt Short-Term Bank Debt Long-Term Bank Debt Local Bonds International Bonds 30

32 Index 3 About Alicorp Our Strategy for creating value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Financial Metrics 6 Guidance 07 3

33 6 Consolidated Guidance for FY 07 We maintain our consolidated guidance for FY 07, on the back of: i) Strong recovery from our Aquaculture division, ii) Strong results in Peru for this Q despite El Niño phenomenon affecting the Northern region, iii) normalized business activity in Brazil, and iv) improved international macro scenario in Argentina FY 06 CONSOLIDATED GUIDANCE 07 Watchouts REVENUE GROWTH (PEN) (%) CAPEX EBITDA MARGIN (%) NET DEBT/EBITDA (x) 0.7% S/ 3.8 MM.%.66x 3.0% - 5.0% S/ MM.0% -.5%.30x -.40x NET MARGIN (%) 4.6% 5.0% - 5.5% Coastal El Niño phenomenon impact in Peru s GDP Peruvian Government stimulus package execution International growth trends (Argentina and Brazil) FX and commodities for H 7 & impact over top and bottom line 3

34 PERU 6 Guidance FY 07 by Business Even though expected GDP growth in Peru remains the strongest among the region, consumption is still lagging as public and private investment remains weak. Argentina, Brazil, and Aquaculture, on the other hand, are expected to recover backed on better market growth rates as well as normalized business activities GDP GROWTH FX - 06 FX - 07 Revenue Growth COMMENTS CGP.0% - 4.0% BB 3.0% % - 4.5% TOTAL.0% - 4.0% Q Strong results and revenue management initiatives to compensate lower expected GDP growth rates CGI 6 ARGENTINA BRAZIL.5%.0% % - 6.5% 3.5% - 4.5% Lower expected FX pressures to compensate still lagging macro environment AQUACULTURE 4.5% % - 6.0% Aquaculture recovers from El Niño phenomenon without experiencing a negative impact from this year s warmer sea temperatures Exchange Rate as of December 06 (against USD). FX Rates for 07 Company estimates (against USD). 3 USDARS FX expected Exchange Rate. ARSPEN implied depreciation for 07 (0.%). 4 USDBRL FX expected Exchange Rate. BRLPEN implied depreciation for 07 (5.8%). 5 USDPEN FX expected Exchange Rate. 6 Includes other international countries revenue growth. 7 Aggregated forecast growth rate for aquaculture market considers the following expected growth rates: 5.0% for shrimp feed in Ecuador and Central America, and.0% for Peru. 5.0% for salmon feed in Chile. 33