Corporate Presentation

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1 ESTRICTAMENTE PRIVADO & CONFIDENCIAL Corporate Presentation edit Master title style September, 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 About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07

4 Index About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07

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.% Other;.7% Pension funds; 6.% Source: Cavali as of June 0, 07 Romero Group; 45.8% (PEN million) Revenue CAGR 0-06: 4.4% Revenue EBITDA EBITDA Margin 6,8 6,580 6,69 6,979 5,88.7% 7.7%.0%.%.5% LTM EBITDA and EBITDA margin for 0 accounted S/ 68.8 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 Last twelve month results as of June 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 % Aquaculture % Consumer goods Peru 7% Revenues: S/ 6,979 million Consumer goods International 8% Diversified EBITDA base Q 07 BB 8% Aquaculture 5% EBITDA: S/ 87 million Consumer Goods Peru 5% Consumer Goods International 4% By jointly leveraging through its competitive advantages and strategic initiatives Go-to-market strategy 50K POS for traditional channel 66 POS for modern channel 4 Health & wellness products Brand management 05 brands in countries & exports to 9 countries Product development 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 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 launches since 009 (# of products) Selected products launched in S7 Consumer Goods Peru Consumer Goods International BB Aquaculture S 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 Competitors Laundry Detergents # 7.9% 8.7% Edible Oils # 7.8% 9.% Pasta # 5.5% 7.% Cookies & Crackers #.6% -0.% Mayonnaise & other Sauces Source: Kantar World Panel #.8% 6.6% Laundry Soap #.0% 4.% Cereals #.4%.8% Margarines #.%.4% Dessert #.0%.% Household Flour # 0.9%.4% 7.% 4 5.% 5 Alicorp has +50% of the market share. Based on consolidate Revenue of the last twelve months (LTM) as of June 07. LTM as of June 07. Calculation per business ex unassigned corporate expenses 4 Total CGP/ Consolidated Revenue 5 Total CGP/ Consolidated EBITDA 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. Alicorp Competitor A L I C O R P 48% 5% 0% 7% Exclusive distributors Wholesalers Non-Exclusive distributors Average Sales ticket S/ 50 Average Sales ticket S/ 0,000 Average Sales ticket S/ 7,50 Supermarkets 66 Stores S H O P P E R Mayonnaise Margarines Juice Powders Edible Oils Pasta Laundry Soap Laundry Detergents Cookies & Crackers Jelly Direct distribution Indirect distribution Data as of June 07 Data as of July 07, except for mayonnaise (Apr 7), juice powders (Jun 7), edible oils (Jun 7), pasta (Jun 7), laundry detergents (Jun 7), laundry soap (Apr 7), cookies &cream (Jun 7) and jelly (Ene 7) 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 Competitors Industrial Baking Flour # 8.%.8% Industrial Oil # 6.% 7.0% Shortenings #.%.9% Source: Kantar World Panel. % 4 8.4% 5 Alicorp has +50% of the market share. Based on consolidate Revenue of the last twelve months (LTM) as of June 07. LTM as of June 07. Calculation per business ex unassigned corporate expenses 4 Total BB/ Consolidated Revenue 5 Total BB/ Consolidated EBITDA 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 # 4.8% Argentina Hair Care #.5% Laundry Detergents #.8% Skin Care #.% Ecuador Pasta # 0.5% Cereals # 0.% Source: Nielsen NRI 7.5% Alicorp has ~5% 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 June 07. Total CGI/ Consolidated Revenue

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 #.0% Peru # 0.9% Nicaragua # 0.4% Honduras # 0.% Panamá # 0.% Costa Rica # 0.% Fish Chile #4 8.4% Peru # 0.6% Source: Internal Estimates.4% In shrimp feed more than 50% of market share in Peru and Costa Rica, while more than 0% in Ecuador. In fish feed we have +0% of market share in Chile Based on consolidate Revenue of the last twelve months as of June 07. T total Aquaculture/ Consolidated Revenue

14 Index About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07

15 Alicorp s Strategy focuses on three Pillars: Growth, Effiencies and People Growth Smart Growth Focus on Core Categories Edible Oils, Detergents, Pastas and Sauces Continuous innovation to: i) sustain leadership in key categories ii) entry in new markets STRATEGIC PILLARS Core Categories Innovation PERU ANDEAN & BRAZIL AQUACULTURE Shrimp Feed Special Diets Efficiencies Implementing an efficiency-driven culture across the organization Significant impact on Revenue, COGS, SG&A and Net Income Continuous Improvement Governance Model Data Analytics Category Teams Levers to Unlock Value Transformational Improvement Revenue Management Go-To-Market Marketing ROI Supply Chain Process Optimization Manufacturing Excellence People One Alicorp Mindset Transfer knowledge across the organization Leverage corporate capabilities Share best practices among business and geographies Area II of Brazil: Minas Gerais, Espirito Santo and Rio de Janeiro suburbs. 4

16 In order to maximize equity value for our stakeholders 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 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) 5

17 SG&A COGS Regarding Efficiencies, we have deployed several initiatives that impact our financial performance Key Initiatives Phase Target Date Growth Efficiency People NET INCOME (NI) REVENUE Pricing Strategy: Focus on maximizing marginal Revenue Gross-to-Net: Reduction in sales discounts without sacrificing volume Procurement: Generate savings via efficient sourcing program Lean Manufacturing: Optimize and standardize our industrial processes Logistics: Effective internal distribution of raw materials and finished product Marketing ROI guidelines: Increase marketing effectiveness without additional spending Go-to-Market Strategy: Reduction of commissions and sales expenses Org. Structure: Right sizing for growth ERP and Data Analytics: Real-time analytics for key decisions Working Capital: Improvement in Cash Conversion Cycle Liability Management: Optimize capital structure while reducing financial expenses Hedging Strategy: Minimize FX losses Q4 07 Q4 07 Q4 08 Q4 08/9 Q 08 Q4 08 Q 09 Q 09 Q4 09 Q4 07 Q 08 Q Goals Organic Top line growth of 6.5% (CAGR 7-9 ) EBITDA Margin.5% to 4.5% NI Margin 5.5% to 6.5% ROIC.0% to.5% 6

18 Phase consequently, our focus is that of sustained growth underpined by an efficiency-driven culture 0 06 H 06 H 07 Insights Revenue Mainly M&A CAGR 0.% 6,69 4,474 00% Organic.4% YoY,067,48 Revenue Management initiatives have been implemented to maximize Revenue without increasing listed prices above commodity cost For the H 7 we have significantly reduced our discounts, allowing our net Revenue to grow p.p. higher than our gross Revenue Gross Profit CAGR.%,008,9 4.9% YoY 90,069 During H 7' we implemented strategic sourcing initiatives in Peru, Brazil & Argentina Manufacturing efficiencies have been achieved via facilities automation Hence in Q 07 we reached our highest gross margin in our business history SG&A CAGR 6.%, % YoY In H 7', we have implemented a new governance model of expense analysis and approval (eg. Zerobased-budget tools) with focus on managing the SG&A growth We will deploy several initiatives in the next months EBITDA 560 CAGR 9.4% % YoY YTD 07 we have achieved S/ 57 million in normalized savings, expecting to reach S/ 95 million by the end of the year (excluding onetime restructuring expenses) Excluding these one-time expenses our H 7 EBITDA Margin was.% Net Income CAGR -.7% % YoY Net margin Improvement of.0 p.p due to lower financial expenses and lower FX losses associated with continuous debt reduction 7

19 NET INCOME LIABILITY MANAGEMENT GROSS PROFIT MANUFACTURING REVENUE REVENUE MANAGEMENT As such, our initiatives in Revenue, Manufacturing and Liability Management have allowed us to boost profitability Impact Analysis Key Insights Q 7 YoY - Top Line Breakdown 9.5% 9.4% +.8 p.p.% Net Revenue grew higher than gross Revenue due to an adequate management of Revenue discount policies -5.8% Volume Gross Revenue Discounts Net Revenue Prices have remained stable despite commodity inflation, while the reduction of Revenue discounts allowed us to generate S/ 44.5 million Facilities Automation and Industrial Efficiencies Industrial automation initiatives allowed us to -.9% Industrial Overhead optimization optimize our labor usage by.9% 08 estimated savings of S/ 9.0 million related to the shutting down of industrial plants In the next months, we will implement a new lean E management program in order to seek processes optimization and operational excellence 600 Net Debt.4%.6% 957 All-in cost of debt 8.4% 8.% Net Debt / EBITDA 5.5x.7x.66x.06x 9 4yr all-time low Sustainable reduction of Cash Conversion Cycle (CCC), allowed us to improve our cash generation capacity CCC reduction enabled us to significantly decrease our financial debt and thus reduce our All-in Cost of Q 7' Debt by. p.p. since 04 (4yr all-time low) CAGR from 05 to 07E 8

20 Index About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07 9

21 Q 07 Key Highlights Strong growth and profitability, despite the economic slowdown in Peru, backed on i) our core business fundamentals, ii) our efficiencies program, and iii) lower financial expenses HIGHLIGHTS REVENUE & GROSS MARGIN Total Revenue increased.% YoY (PEN Million) 6,580 6,69 6,979 Gross Profit increased 7.% YoY (+ S/ 84.9 million) while Gross Margin reached.6% (+.4 p.p.) EBITDA increased 4.4% YoY (+ S/ 47.4 million) while EBITDA Margin reached.% (+. p.p.) Net income increased 7.4% YoY (+ S/ 5.4 million) while Net Margin reached 7.0% (+.4 p.p.),69,69,87 8.0% 0.%.6% 8.4% 0.% 0.8% Q 5' Q 6' Q 7' FY 05 FY 06 LTM EBITDA & EBITDA MARGIN NET INCOME & NET MARGIN (PEN Million) (PEN Million) 9.% 9.6% %.9%.%.0%.%.5% 7 0.4% % %.4% 4.6% 5.5% 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 0

22 PROFITALIBITY Q 07 Operational Highlights Revenue growth driven by a strong performance in our Aquaculture and Peru businesses coupled with a profitability improvement among all business I REVENUE GROWTH Consolidated Revenue grew.% YoY backed on: i) a top line increase in our Aquaculture business as a result from the expansion of the shrimp feed and fish markets, driven by the recovery after El Niño Phenomenon and algae bloom in 06; and ii) strong results in Peru Consumer Goods Peru: i) Under the Primor brand, we entered a new category by launching our Canned Tuna, and ii) Under Casino Black, we revamped a core brand in the Cookies & Crackers CONTINUOUS INNOVATION category BB: the Alpesa salad dressing was launched within our Sauces category Aquaculture: Care Blocks, a new line of nutritional complements for fish species was launched II GROSS PROFIT Gross Margin reached.6% (+.4 p.p. YoY) mainly explained by: i) Revenue Management and design-to-value initiatives in the Consumer Goods Peru business, despite rising prices of raw materials, ii) savings in procurement and manufacturing as a result of our efficiencies program, and iii) lower raw material prices in the Aquaculture business EBITDA EBITDA margin reached.% (+. p.p. YoY) on the back of i) a higher Gross Margin and ii) efficiencies related the go-to-market expenses Excluding non recurring expenses associated to our efficiency program, our EBITDA margin has increased to.%

23 Q 07 Financial Highlights Net income increased 7.4% YoY, boosted by: i) strong operating contributions from the Aquaculture business and Consumer Goods Peru business, and ii) lower Net Financial Expenses I FINANCIAL LEVERAGE NEW BOND ISSUANCE Net Debt-to-EBITDA ratio decreased to.06x as of June 07 from.66x as of December 06 Net Debt decreased from S/,.9 million as of December 06 to S/ 9. million as of June 07 (a decrease of S/ million YoY) All-in cost of debt was 8.% during Q 7' On July 07, Alicorp issued a S/ 8.9 million corporate bond in the local capital market, with an implied interest rate of 4.9%.The new issuance allowed Alicorp to refinance short-term liabilities On August rd, we filled a new debt program of S/,500 million destined to refinance existing liabilities II WORKING CAPITAL Cash Conversion Cycle, measured in LTM basis, improved to 7.8 days (as of June 07) from 7.4 days (as of December 06), mainly due to better commercial conditions with suppliers III NET INCOME Net income reached S/ 8. million (+7.4% YoY), while Net Margin was 7.0% (+.4 p.p. YoY) Lower financial expenses of S/ 7.9 million (-56.% YoY), and lower FX exchange losses of S/ 4.0 million (-77.6% YoY) EPS increased to S/ 0.48 as of Q 7 from S/ as of Q 6 IV CREDIT RATING All credit ratings agencies have reaffirmed the investment grade with an "stable" outlook In Peru, Apoyo & Asociados and PCR, affirmed the company's credit rating. On April 07, Apoyo & Asociados revised the outlook from negative to stable Internationally, S&P, Fitch and Moody s affirmed the company's credit rating with an "stable" outlook Net Debt is Financial Debt minus cash and cash equivalents as of Q 7

24 Index About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07

25 4 Consumer Goods Peru HIGHLIGHTS Q 07 INSIGHTS INNOVATION & POSITIONING Revenue and Volume increased by 8.% YoY and.0% YoY respectively, on the back of our results in Canned Tuna, Laundry Detergents, Edible Oils and Sauces categories Gross Margin increased by.9 p.p. YoY explained mainly by Revenue management and design-to-value initiatives EBITDA reached S/.8 million (+.9% YoY) and EBITDA Margin increase.5 p.p. YoY to 9.8% mainly explained by i) the increase in Gross Margin and ii) a lower SG&A expenses, driven by an efficient marketing expenditure Canned tuna Cookies Cereals Category Rank Edible Oils # Laundry Detergents # Pasta # Mayonnaise # Cereals # Jelly # REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million),44,500,588 (PEN Million) % 8.% 40.% 5.6% 8.% 9.0% % 7.% 9.8% 6.% 7.4% 8.% 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. 4

26 4 BB HIGHLIGHTS Q 07 INSIGHTS Revenue and Volume increased by 4.4% and 4.0% YoY, respectively, mainly due to the growth of our Food Service platform Gross Margin slightly decreased by 0.5 p.p. YoY EBITDA reached S/.4 million (-.6% YoY) and EBITDA Margin reached 8.5% (-.8 p.p. YoY) mainly explained by i) a higher SG&A related to selling expenses, and ii) the reduction of the Gross Profit PRODUCT INNOVATION Industrial Sauces REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) (PEN Million),459,5, % 4.4% 4.0%.9% 5.% 4.9% % 0.% 8.5% 7.%.% 0.4% Q 5' Q 6' Q 7' FY 05 FY 06 LTM Q 5' Q 6' Q 7' FY 05 FY 06 LTM 5

27 4 Consumer Goods International HIGHLIGHTS Q 07 INSIGHTS PRODUCT INNOVATION Revenue and Volume decreased by.9% YoY and 0.6% YoY, respectively. Revenue in Argentina and Brazil amounted to S/ 8.9 million (-7.5% YoY) and S/.8 million (-0.9% YoY), respectively Gross Margin increased by 4.8 p.p. YoY, mainly explained by Brazil s Gross Margin increase of S/ 5. million (+.7 p.p. YoY) EBITDA reached S/ 7.8 million (-7.0% YoY) and EBITDA Margin reached.6% (-0.4 p.p.) Pasta Dishwashing Detergent REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) (PEN Million) 75,80,85, %.0% 5.8% Q 5' Q 6' Q 7' FY 05.%.%.8% FY 06 LTM 9 5.7% 9 8.0%.6% Q 5' Q 6' Q 7' FY %.4%.6% FY 06 LTM 6

28 4 Aquaculture HIGHLIGHTS Q 07 INSIGHTS Revenue and Volume increased by 4.% and 45.% YoY, respectively. Revenue amounted to S/ million and Volume sold reached 9. thousand tons Gross Margin increased by.0 p.p. YoY to.0%, mainly due to lower raw material s prices EBITDA reached S/ 76.4 million (+70.4% YoY) and EBITDA Margin reached 6.4% (+.6 p.p.), mainly explained by a higher Gross Margin and SG&A s efficiencies PRODUCT INNOVATION Salmon Feed REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million),6 (PEN Million) 6,48, %.%.0% 9.% 0.%.0% %.8% %.5%.7%.9% Q 5' Q 6' Q 7' FY 05 FY 06 LTM Q 5' Q 6' Q 7' FY 05 FY 06 LTM 7

29 Index About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07 8

30 Sep-6 Oct-6 Nov-6 Dec-6 Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 5 Sell-Side Research Estimates on ALICORC Analysts' outlook remains positive on Alicorp s target price Current Stock Price Consensus vs. Previous ALICORC, EPU and BVL Benchmark -.% -.7% 0 ALICORC EPU BVL 4.7% -8.0% -5.9% 0 0.6% 5.7% 9.9% 9.9% Current Previous Upside Rendimiento Acumulado LTM: ALICORC: +6.9% EPU: +6.5% BVL: +.7% YTD Performance: (January Sept -07) ALICORC: +0.6% EPU: +5.6% BVL: +8.5% Stock Price September, 5: 9.46 Previous median: 8.90 Current median: Potential upside : -5.9% Potential upside :.6% Research Recommendation Recent Recognitions Previous Current 4 Buy 78% Buy 78% Hold % Sector Underperform % Good Corporate Governance Index La Voz de Mercado Top Mover Target price under revision Potential stock price appreciation against price market as of September, 5 (PEN 9.46) As of July th 07 4 As of September th 07 9

31 Index About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07 0

32 6 Cash Flow Build Up as of Q 07 HIGHLIGHTS Cash Flow from Operations was S/ million, S/ 78. million higher compared to Q 6' mainly explained by greater sales and improvement in working capital accounts Cash Flow used in Investing Activities was S/ -6.6 million. A total amount of S/ 4. million were used for CAPEX, which was S/.6 million lower than the amount used during the same period of 06 Cash Flow used in Financing Activities was S/ -5. million, compared to S/ -8.7 million as of Q 6', mainly due to higher dividend payments MAIN DRIVERS OF CASH FLOW EVOLUTION (PEN Million) Cash Flow from Operations S/ Cash Flow from Investing S/ -6.6 Cash Flow from 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 Jun- 7 Includes PP&E, acquisitions, software and other investment activities Includes FX Translation effect of S/ -4.5 million

33 6 Working Capital and CAPEX Management for Q 07 KEY MILESTONES A Alicorp successfully reduced its Cash Conversion Cycle from 8.6 days as of Q 7 to 7.8 days as of Q 7, as a consequence of a reduction of the inventory in 7.% YoY (S/ 74.4 million) and an increase in its accounts payables by.% YoY (S/ 45. million) B DAdditionally, the Company was able to reduce its capital investment requirements without compromising growth A WORKING CAPITAL EVOLUTION (PEN Million) 88 4 We increased our collections in S/ 4.8 million, reducing our DSO (48.4 days) 74 Proactive management of our inventories of finished products (S/ 44. million), along with more efficiencies of our fishmeal and wheat inventories (S/ 58.8 million) 45 Improvement in our commercial conditions with suppliers 5 Q 6' Accounts Receivable Inventories Accounts Payable Q 7' A A DAYS OF WORKING CAPITAL B CAPEX EVOLUTION (Days) 88.0 Accounts Receivable Inventories Accounts Payable (PEN Million).4% Property, Plant & Equipment PP&E as % of Sales.5%.%.% 0.8% Q 6 Q 6 Q4 6 Q 7 Q Q 6' Q 6' Q4 6' Q 7' Q 7' CCC Working Capital is defined as the last twelve month (LTM) average of accounts receivable plus average inventory minus average accounts payable Days sales outstanding Average days as a mean of the LTM balance sheet accounts. 4 Cash Conversion Cycle

34 Domestic Global By Source 6 Alicorp s debt financing strategy has allowed the Company to generate significant financial savings Alicorp's financial guidelines are: i) Reduce financial expenses (All-in cost of debt), ii) Shift our debt towards Soles to reduce FX losses, iii)_smooth the maturity profile, and iv) Expand funding sources, both in banks and in capital markets (local and international) i) Currently, interest rates in capital markets are lower than interest rates in commercial banks ii) As of June 07, only 0.% of Total Financial Debt has a real exposure to USD volatility iii) Alicorp aims to reduce the maturity gathered in iv) FINANCIAL STRATEGY Banking lines will be released through issuances in the capital market TOTAL DEBT By Currency DEBT BREAKDOWN Dec-5 Dec-6 Jun-7 S/,070 million S/,606 million S/,64 million 7.%.8% 5.% 0.4%.%.6% 5.0% 4.7% 77.5% 89.5% 9.0% USD PEN BRL ARS NET DEBT-TO-EBITDA RATIO (PEN Million) Gross Debt Net Debt EBITDA LTM All-in Cost of Debt,04,86,606,644,64,88,6,, x.08x.66x.5x 8.9%.06x 8.% 8.4% 8.5% 8.% Q 6' Q 6' Q4 6' Q 7' Q 7'.6% 48.4% 9.7% 0.%.4%.% 5.6% CREDIT RATING BBB- / Stable BBB / Stable Baa / Stable AAA / Negative AAA / Stable.9% 4.5% International Bond Local Bonds ST Bank Debt LT Bank Debt = = = + =.% 5.0% Firm Dec-6 Jun-7 BBB- / Stable BBB / Stable Baa / Stable AAA / Stable AAA / Stable.4% 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. Before swap debt After swap debt

35 6...and improve its debt maturity profile A B C On March 06, Alicorp refinanced its short-term debt with the issuance of two local bonds (S/ 0. million) Alicorp successfully reduced its Net Debt/EBITDA ratio reaching.06x as of Q 7 On July 07, Alicorp issued a new local bond for S/ 8.9 million, which will allow the company to refinance its short-term liabilities MATURITY PROFILE : DURATION AS OF JUNE 07 WAS.7 YEARS VS. 4.5 YEARS AS OF DECEMBER 06 A December 06: Total Debt: S/,606 million Duration: % 4% 6% 0.5% % % 6% 6% 6% 6% % B June 07: Total Debt: S/,64 million 40 C 6 Duration: % 6% 6% 0.5% % % 6% 6% 6% 6% % Local Bonds International Bond Long-Term Bank Debt Shot-Term Bank Debt Debt after hedging operations 4

36 60% 40% 0% 00% 80% 60% 40% 0% 0% 6 OCF & FCF Evolution Since 05, more than 00% of our EBITDA has been converted into cash flow OPERATING & FREE CASH FLOW (PEN Million), ,08, Q 7' Operating Cash Flow Free Cash Flow OPERATING & FREE CASH FLOW CONVERSION 50% 50% 6% 8% 56% 9% 0% 4% 9% % Q 7' Operating Cash Flow / EBITDA Free Cash Flow / EBITDA Free Cash Flow excludes inorganic CAPEX LTM Impacted by the extraordinary losses from hedging operations 5

37 Index About Alicorp Our Strategy for Creating Value Q 07 Highlights 4 Q 07 Business & Operating Review 5 Stock Performance 6 Financial Metrics 7 Guidance 07 6

38 7 Consolidated Guidance for FY 07 Our update for FY 07 reflects the remarkable results of the first half. As such, Revenue growth has been adjusted upwards to 5.0% - 7.0% on the back of : i) a sound performance in Peru, and ii) a strong recovery and market growth of Aquaculture business FY 06 Previous Guidance H 07 Results Q Guidance 07 Watchouts REVENUE GROWTH (PEN) (%) CAPEX 0.7% S/.8M.0% - 5.0% S/00 50M.4% S/ 4.M 5.0% - 7.0% S/50-00M The execution of Peruvian Government stimulus package EBITDA MARGIN (%) NET DEBT-TO-EBITDA (x) NET MARGIN (%).%.66x 4.6%.0% -.5%.0x -.40x 5.0% - 5.5%.5%.06x 6.%.0% -.5%.00x -.0x 5.5% - 5.8% International growth drivers, especially for Brazil and Argentina FX and commodities behaviors during H 7 7

39 PERU 7 Guidance FY 07 by Business FY 07 Revenue growth estimates have been reviewed upwards for our Consumer Goods Peru, Consumer Goods Brazil and Aquaculture businesses, driven by their strong performance during the H of the year GDP GROWTH FX - 06 FX - 07 Previous Guidance Revenue Growth COMMENTS CGP.0% - 4.0%.5% - 5.5% BB.5% % - 4.5%.0% - 4.0% TOTAL.0% - 4.0%.0% - 5.0% H strong results and Revenue Management initiatives to compensate lower expected GDP growth rates CGI 6 ARGENTINA BRAZIL.6% 0.5% % - 6.5%.5% - 4.5% 5.5% - 6.5% 4.5% - 6.5% Lower expected FX pressures to compensate still lagging macro environment AQUACULTURE 8.0% % - 6.0%.0% - 4.0% 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 (end of period) Company estimates (against USD). USD/ARS FX expected Exchange Rate. ARS/PEN implied depreciation for 07 (.%). 4 USD/BRL FX expected Exchange Rate. BRL/PEN implied depreciation for 07 (5.0%). 5 USD/PEN FX expected Exchange Rate. 6 Includes other international countries Revenue growth. 7 Aggregated forecast growth rate for Aquaculture market s considers the following expected growth rates: 8.6% for shrimp feed in Ecuador, 6.% in Central America, and.% for Peru. 8.% for salmon feed in Chile. 8