Business & Operating Review

Business & Operating Review 0

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.

Topics Highlights Q 8 [ ] Business & Operating Review [ 2 ] Appendix [ ] 2

Topics Highlights Q 8 [ ] Business & Operating Review [ 2 ] Appendix [ ]

Adoption of IFRS 9 & IFRS 5 Alicorp has adopted the following new standards, IFRS 9 (Financial Instruments) and IFRS 5 (Revenue from Contracts with Customers), which have become effective since January st, 208. IFRS 9: Modifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items IFRS 5:Revenue reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer Account FY207 (PEN million) 2 Q 208 (PEN million) 2 Reclassification Insights Net Revenue 7,0 6,949,74,7 Exclusive Distributors Commissions from SG&A to gross-to-net, decreasing net revenue Recovery of delivery costs billed to customers from other operative income to Revenue, increasing Net Revenue Gross Profit 2,278,95 555 47 Delivery costs from SG&A to COGS, decreasing gross profit Cost of free products (used as promotion) from SG&A to COGS, decreasing Gross Profit SG&A,484,2 77 294 Expenses such as Hauling, Technical Advisory Expenses, Exclusive Distributors Commissions are out from SG&A EBITDA 90 90 20 20 Adoption of IFRS 9 & 5 have almost a neutral effect in terms of EBITDA Net Income 45 450 04 04 Hedge accounting changes: Currency and rate derivatives time value fluctuations out of financial expenses IAS IFRS IAS IFRS IFRS 9 replaced IAS 9 Financial Instruments: Recognition and Measurement, and IFRS 5 replaced both IAS 8 Revenue and IAS Construction Contracts 2 Figures under IAS label consider IAS 9 and IAS 8, figures under IFRS label consider the adoption of IFRS 9 & IFRS 5.Company estimates for Q 8 under IAS SG&A doesn t include other expenses and raw material hedging expenses 4

Q 208 Key Highlights (under IFRS 9 & 5) In terms of our consolidated performance, Q 208 was a strong quarter in terms of growth, profitability and financial standing. The results are aligned with our 208 objectives set at the previous quarter. HIGHLIGHTS REVENUE & GROSS MARGIN Total Revenue increased 0.% YoY Gross Profit increased 5.% YoY (+ S/ 62.5 million) while Gross Margin reached 27.6% (+. p.p.) (PEN Million) 6,949 EBITDA increased 2.7% YoY (+ S/ 2.6 million) while EBITDA Margin reached 2.% (+0. p.p.) Net income increased 4.% YoY (+ S/ 26.4 million) while Net Margin reached 6.% (+. p.p.),554,7 26.% 27.6% 27.6% Q 7' Q 8' FY 7' (PEN Million) EBITDA & EBITDA MARGIN (PEN Million) NET INCOME & NET MARGIN 90 450 87 20 2.0% 2.%.0% 77 04 5.0% 6.% 6.5% Q 7' Q 8' FY 7' Q 7' Q 8' FY 7' 5

PROFITALIBITY Q 208 Operational Highlights Strong revenue growth in Q 8 explained by our Consumer Goods Peru and Aquaculture businesses, and higher profit margins backed on revenue management and our efficiencies initiatives I REVENUE GROWTH Consolidated Revenue grew 0.% YoY backed on: i) a.8% YoY increase in the Consumer Goods Peru business mainly due to the growth in our core categories, and ii) a 5.0% YoY increase in the Aquaculture business mainly as a result of a market share capture in the Ecuador s shrimp feed market, coupled with an expansion within the market and the results on our innovations CONTINUOUS INNOVATION We launched/revamped 9 products, among these, the following can be highlighted in the Consumer Goods Peru: In the Laundry Category i) a new format presentation for Bolivar Evolution detergent, ii) a new format presentation for Opal Stain Remover and iii) a new fragrance for a Bolivar softener. These made in order to develop the platform portfolio and strengthen Bolivar and Opal brands. II GROSS PROFIT EBITDA Gross Margin reached 27.6% (+. p.p. YoY) mainly explained by: i) a Revenue mix towards more value-added products in the Consumer Goods Peru Business, ii) product formula optimization and lower raw material prices in the Aquaculture business, iii) a higher contribution from Food Service Platform, and iv) savings in procurement and manufacturing, as a result of our efficiencies program EBITDA margin reached 2.% (+0. p.p.) backed on a higher Gross Margin contribution from the Consumer Goods Peru and Aquaculture businesses, partially offset by one-off expenses related to the efficiencies program, and higher administrative expenses. EBITDA margin without one-off expenses would had increased 0.8 p.p. Financial information under IFRS 9 & 5 6

Q 208 Financial Highlights Net income increased 4.% YoY, boosted by better operational results coupled with lower Net Financial Expenses I FINANCIAL LEVERAGE Net Debt-to-EBITDA ratio decreased to 0.94x as of March 208 from.00x as of December 207 Net Debt 2 decreased to S/ 866.9 million as of March 208, from S/ 898.8 million as of December 207 (a S/.9 million decrease) All-in cost of debt was 5.0% during Q 8' II WORKING CAPITAL Cash Conversion Cycle, measured in LTM basis, increased to 8.0 days (as of March 208) from 7.4 days (as of December 207) III NET INCOME Net income reached S/ 0.8 million (+ 4.% YoY), while Net Margin was 6.% (+. p.p. YoY) Lower financial expenses of S/ 7.9 million (-44.2% YoY) and lower FX losses of S/ 2.6 million (-78.0% YoY) EPS decreased to S/ 0.2 as of Q 8 from S/ 0.48 as of Q4 7 On March 208, Alicorp s General Shareholders Meeting approved a dividend payment of S/205. million, resulting in a S/0.24 per share to be distributed on May 25th, 208 IV CREDIT RATING All credit ratings agencies have reaffirmed the investment grade with a "stable" outlook In January, S&P, affirmed BBB- as international rating for bonds with a stable outlook Financial information under IFRS 9 & 5 2 Net Debt is Financial Debt minus cash and cash equivalents as of Q 8. Working capital days without changes in IFRS are: Payment Days 07., Inventory Days 64.6 and Collection Days 47.8; resulting in a CCC of 5.2. 7

Topics Highlights Q 8 [ ] Business & Operating Review [ 2 ] Appendix [ ] 8

2 Consumer Goods Peru HIGHLIGHTS Q 208 INSIGHTS INNOVATION & POSITIONING Revenue and Volume increased by.8% YoY and 0.% YoY respectively, on the back of the growth in our core categories and innovations Gross Margin increased by.9 p.p. YoY mainly explained by revenue mix towards more value-added products, and our efficiency initiatives EBITDA reached S/ 2.5 million (+.% YoY) and EBITDA Margin reached 9.5% (+0. p.p.) Detergent Drinkable Jelly Category Rank Edible Oils # Laundry Detergents # Pasta # Mayonnaise # Cereals # Jelly # REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) 2,500 2,655 (PEN Million) 44 499 558 624 585 649 4.2% 6.2% 9.6% 40.9% 8.% 40.0% 07 22 07 22 9.2% 9.5% 8.% 8.7% 7.4% 8.8% Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Market share (Δ% YoY) > - 0.5 p.p. - 0.6 p.p. <Market share (Δ% YoY) < - 0.9 p.p. Market share (Δ% YoY) < -.0 p.p. Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Under IFRS Under IAS Under IFRS Under IAS 9

2 B2B HIGHLIGHTS Q 208 INSIGHTS PRODUCT INNOVATION Volume remained stable while Revenue increased by.% backed on the growth of the Food Service platform Gross Margin increased by. p.p. YoY explained by lower commodity prices and revenue mix toward more value added products EBITDA reached S/.5 million (-5.% YoY) and EBITDA Margin reached 9.0% (-0.8p.p. YoY) Cooking Oil Smash Potato REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million),52,56 (PEN Million) 68 65 40 5 5 64 8.2% 9.5% 24.% 25.% 25.% 26.0% 2 2 9.8% 9.0% 9.% 8.7%.% 0.6% Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Under IFRS Under IAS Under IFRS Under IAS 0

2 Consumer Goods International HIGHLIGHTS Q 208 INSIGHTS PRODUCT INNOVATION Cookies & Crackers Revenue and Volume decreased by 5.8% YoY and 4.8% YoY respectively. Revenue in Argentina and Brazil amounted S/ 08.2 million (- 4.8% YoY) and S/ 02.7 million (- 7.6% YoY), respectively Gross Margin increased by. p.p. YoY, mainly explained by Argentina s Gross Margin increase (+2.0 p.p. YoY) REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) (PEN Million) 40,85,46 0.% -2.2% 0.% -2.2%.4% 0.4% 4 297 28.8% 250 297 0.%.4% 250 5.% 2.% 4.8% 0. -5 0. -5 Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Under IFRS Under IAS Under IFRS Under IAS

2 Consumer Goods International - Argentina HIGHLIGHTS Q 208 INSIGHTS Revenue in Argentine Pesos increased by 8.9% YoY while Volume decreased by 4.9% YoY, respectively. Lower Volume resulted from a contraction of the consumer goods markets as a consequence of lower consumer purchasing power EBITDA increased in ARS.4 millions, while EBITDA margin increased.4 p.p. YoY to 9.% YoY REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (ARS Million) (ARS Million) 2,50 2,89 604 658 604 658 20.4% 22.5% 25.0% 27.% 28.0% 25.9% -64-60 -64-60 -0.5% -0.5% -9.% -9.% -0 -.4% -277 -.6% Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Under IFRS Under IAS Under IFRS Under IAS 2

2 Consumer Goods International - Brazil HIGHLIGHTS Q 208 INSIGHTS Revenue in Brazilian Reales and Volume decreased by.6% YoY and.0% YoY respectively. Driven by an aggressive competition in the consumer market, discontinued sales and the increase of tax sales in Espiritu Santo EBITDA was BRL -,024 million compared to BRL 8,0 million in Q 7, while EBITDA Margin decreased 8.0 p.p YoY to -.0% REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (BRL Million) (BRL Million) 2 502 475 8 9 0 9 0 4.%.0% 40.% 40.%.9% 40.7% Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' 8 8 7.0% 7.0% 6.7% -.0%.5% -.0% - - Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Under IFRS Under IAS Under IFRS Under IAS

2 Aquaculture HIGHLIGHTS Q 208 INSIGHTS Revenue and Volume increased by 5.0% and 44.5% YoY, respectively. Revenue amounted S/ 485. million and the Volume reached 7. thousand tons Gross Margin increased by.4 p.p. YoY to 2.0%, due to lower raw material prices and product formula optimization EBITDA reached S/ 6.0 million (+ 40.4% YoY) and EBITDA Margin reached.0% (+ 0.5 p.p.) Shrimp feed Fish feed REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) (PEN Million),740 257,40 8 485 480 59 56 9.6% 2.0% 2.2% 22.6% 20.2% 2.7% 6 6 45 45 2.5%.0% 2.6%.% 2.7% 4.8% Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Q 7' Q 8' Q 7' Q 8' FY 6' FY 7' Under IFRS Under IAS Under IFRS Under IAS 4

Topics Highlights Q 8 [ ] Business & Operating Review [ 2 ] Appendix [ ] 5

Corporate Strategy

Gap between the Market and the Fundamental Value of the Firm Alicorp s Market Value Alicorp s Fundamental Value Increase our margins leveraging through our Competitive Advantages Brand Management Go-To-Market strategy Supply Chain Product development Revenue Management Working Capital and Financial / tax efficiencies 2 Efficiencies Growth Value Creation: TSR People 4 5 Alicorp s post Optimal Capital Structure Capital Optimization Focus on ROIC and Profitability Divestiture (Real state, non operating assets and non strategic assets) Organic Growth Focus on the economic Segment (T4 ) in Peru Canned tuna, Laundry Care Food Service in B2B Personal Care in Brazil Alicorp s Fundamental Value post internal initiatives Inorganic Growth Andean Region Area II and III in Brazil Peru: Core Categories 2 Alicorp s Fundamental Value post inorganic initiatives 7 Tier 4. 2 Edible Oils, Detergents, Pastas and Sauces.

Total Shareholder Return Returning Value Debt reduction Inv. Cap. ROIC NOPAT / INVESTED CAPITAL NOPAT Roadmap to Value Creation 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 Revenue Management Initiatives Pricing strategy revision Branding strategy optimization 209 Goals Taxes 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 Organic Top line growth of 6.5% (CAGR 7-9 ) EBITDA Margin.5% to 4.5% Efficiency WK Net Fixed Assets CCC Q4 6 : 7.4 days CCC Q 8 : 8.0 days NFA turnover increased from.x in 20 to.4x in 206 Sale of non-core real-estate-related assets (S/ 7. million) Net Debt-to-EBITDA ratio reduced from 2.7x as of December 205 to 0.94x as of March 208 NI Margin 5.5% to 6.5% ROIC.0% to.5% S/ 466.0 million in Net Debt reduction since December 206 People Strong commitment to return value to shareholders Dividend to distribute on Q2 8 of S/ 0.24 per share (+S/ 0.0 more than in 207). Dividend payout ratio for FY208 of 45.6% Achieved In process 8

Adoption of IFRS 9 & 5

Adoption of IFRS 9 & IFRS 5 IFRS 9 (Financial Instruments) and IFRS 5 (Revenue from Contracts with Customers) have become effective for 208. The adoption of these two standards affects several lines of the P&L ALICORP S.A.A. 207 Adjustment Adjustment 207 Consolidated Profit & Loss Statement Audited IFRS 9 IFRS 5 Reexpresed S/(000) S/(000) S/(000) S/(000) Sales to third parties 7,09,572 (52,6) c) 6,887,4 Sales to related parties 6,85 6,85 Total Net Revenue 7,0,425 6,949,264 Cost of Sales (4,82,62) (762) a) (20,02) d) (5,0,945) Gross Profit 2,278,26 2.%,95,9 27.6% Selling and distribution expenses (994,480) 62,65 c) d) (6,845) Administrative expenses (489,42) (489,42) Results of operations with commodity derivatives (0,828),489 a) (7,9) Other income and expenses, net (4,270) (452) c) (4,722) Operating Profit 740,4 0.4% 74,07 0.7% Financial Income 55,88 55,88 Financial expenses (47,94) (5,90) b) (5,297) Exchange differences, net (5,00) (5,00) Shares in profits of associates (2,985) (2,985) Profit before income tax 640,547 67,72 Income tax expense (87,482) (87,482) Net Profit 45,065 6.4% 449,890 6.5% EBITDA 900,544 2.7% 90,270.0% a) Effect of recognize initial time value of the raw material derivatives in COGS b) Effect of recognize i) the currency and rate derivatives initial time value on a straight-line basis in financial expenses, and ii) the time value fluctuations in equity c) Effect of transferring i) exclusive distributors commissions from SG&A to gross-to-net, and ii) recovery of delivery costs billed to customers and royalty income from other operative income to revenue d) Effect of transferring i) delivery costs, cost of free product and hauling & technical advisory from SG&A to COGS, and ii) delivery costs billed to customers to sales 20

Stock Performance

Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 Sell-Side Research Estimates on ALICORC Current Stock Price Consensus vs. Previous ALICORC, EPU and BVL Benchmark April 25 th LTM Stock price Apr. 25, 208:.67 Apr. 8 Apr. 8 Apr. 8 Apr. 8 Apr. 8 24.% -4.9% 6.%.7% 7.% 60 40 20 ALICORC EPU IGBVL Apr. 8-0.9% 00 Feb. 8 Feb. 8 Dec. 7 Sept. 7 0 2 4 6 8 0 2 4 Current Previous Upside Previous median: 0.67 2 Current median: 2. Potential upside: 5.0%.% 0.2% 0.5% -20.7% 80 60 40 Stock performance LTM: ALICORC: EPU IGBVL +48.7% +6.2% +7.4% Stock performance YTD: (Jan. Apr. 25, 208) ALICORC: +0.% EPU +5.4% IGBVL +6.9% Research Recommendation Important Awards Previous Current Dec. 29 207 Apr. 25 208 Buy 70% Buy 70% Hold 0% Hold 0% Top 0 Most Admired Companies in Peru Latin America Executive Team Rankings 4 Potential stock price appreciation against price market as of April 25 (PEN.75). 2 As of December, 207. As of April 25, 208. 4 Ranked within the top-three companies within the categories of i) Best CEO, ii) Best CFO, iii) Best IRO and iv) Best IR Team, for Mid Cap Food & Beverages Sector. 22

Performance by Business

Q 208 Milestones RESEARCH & DEVELOPMENT 9 products were launched as part of our innovation strategy, being the most remarkable: New softener fragance under the Bolivar brand Opal Quitamachas doypack Smash Potato under the Nicolini mega brand Nicovita Classic and PRO diets KEY MILESTONES CONTINUOUS EFFICIENCIES IN WORKING CAPITAL We slightly increased our Cash Conversion Cycle ( CCC ) to 8.0 days in Q 8, from 7.4 days in Q4 7. Nevertheless, we reduced our Days Inventory Outstanding to 62.0 days (- 4.6 days YoY) LOWER INDEBTNESS Alicorp continued reducing its Leverage, Net Debt-to-EBITDA ratio decreased from.00x as of December 207 to 0.94x as of March 208. Likewise, Net Debt was reduced by S/.9 million in the same period REPUTATION AWARDS & RECOGNITION Included Alicorp within the 00 Multilatinas, list conformed by the most important LatAm companies Recognized Alicorp with the st place in the Corporate Responsibility and Governance ranking within the Food sector and 5 th place in the overall ranking 24

EBITDA Margin (%) Revenue (PEN Million) Q 208 Performance by Business Unit & Regions () CONSUMER GOODS B2B /2 AQUACULTURE /2 855 874 +2.% 297 250-5.8 40 5 59 485 558 624 +.8% +.% +5.0% Q 7' Q 8' Peru International Q 7' Q 8' Q 7' Q 8' Q 7 Q 8 Var. Q 7 Q 8 Var. Q 7 Q 8 Var. 2.6%.% 0.% 9.2% -2.2% 9.5% +0.7 p.p. 9.8% 9.0% -0.8 p.p. -2. p.p. +0. p.p. 2.5%.0% +0.5 p.p. Revenue Mix Peru Ecuador Chile Argentina Brazil Others (%) 58.% 7.% 8.9% 6.% 6.0%.% Under IFRS 9 & 5 2 Financial figures of B2B and Aquaculture are consolidated. 25

PERU CONSOLIDATED Performance by Business Unit & Regions (2) Under IAS Under IAS Under IFRS Variation Consolidated 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue,48,629,75,8 6,629,590,827,824,860 7,0,74,554,7 0.% Gross Profit 48 492 5 545 2,008 492 577 605 604 2,278 555 409 47 5.% SG&A 08 6 49 5,47 47 66 8 90,484 77 264 294.% EBITDA 6 94 226 29 802 86 242 248 225 90 20 87 20 2.7% Gross Margin 0.4% 0.2% 0.4% 0.% 0.% 0.9%.6%.2% 2.5% 2.%.8% 26.% 27.6%. p.p SG&A(% of Revenue) 2.4% 20.6% 20.0% 9.5% 20.% 2.8% 20.0% 20.9% 2.0% 20.9% 2.6% 7.0% 7.2% 0.2 p.p EBITDA Margin.4%.9% 2.9% 2.% 2.%.7%.2%.6% 2.% 2.7% 2.% 2.0% 2.% 0. p.p Consumer Goods Peru Under IAS Under IAS Under IFRS Variation 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 548 66 658 678 2,500 585 667 70 69 2,655 649 558 624.8% Gross Profit 208 25 250 259 952 22 267 289 27,062 266 9 226 8.2% SG&A 4 49 5 55 589 44 5 68 67 62 6 04 22 7.6% EBITDA 9 06 7 8 44 07 2 40 2 499 22 07 22.% Gross Margin 8.0% 8.2% 8.0% 8.% 8.% 9.6% 40.% 40.8% 9.4% 40.0% 40.9% 4.2% 6.2%.9 p.p SG&A(% of Revenue) 24.4% 24.2% 2.0% 22.9% 2.6% 24.6% 2.0% 2.6% 24.% 2.8% 24.9% 8.5% 9.5%.0 p.p EBITDA Margin 6.9% 7.% 7.8% 7.4% 7.4% 8.% 9.8% 9.7% 7.4% 8.8% 8.7% 9.2% 9.5% 0. p.p B2B Under IAS Under IAS Under IFRS Variation 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 8 74 98 40,52 5 90 420 97,56 64 40 5.% Gross Profit 87 9 02 0 8 86 94 5 405 92 62 68 0.7% SG&A 56 60 6 62 29 6 66 69 67 262 67 7 4 6.0% EBITDA 5 9 49 46 68 52 47 65 2 2-5.% Gross Margin 25.6% 24.4% 25.7% 25.7% 25.% 24.% 24.0% 27.4% 27.9% 26.0% 25.% 8.2% 9.5%. p.p SG&A(% of Revenue) 6.6% 6.0% 5.% 5.4% 5.8% 7.2% 6.9% 6.4% 6.8% 6.8% 8.% 0.9% 2.2%. p.p EBITDA Margin 0.% 0.% 2.2%.4%.% 9.% 8.5% 2.4%.8% 0.6% 8.7% 9.8% 9.0% -0.8 p.p SG&A doesn t include other expenses and raw material hedging expenses. 26

B2B Performance by Business Unit & Regions () Food Service Under IAS Under IAS Under IFRS Variation 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 26 28 4 48 54 8 40 5 47 576 4 6.7% Gross Profit 8 7 40 4 56 7 4 48 48 7 44 27 4 25.7% SG&A 20 2 22 2 86 2 24 25 25 98 25 4 0.% EBITDA 20 9 2 2 8 7 9 25 25 86 22 7 22 28.9% Gross Margin 0.0% 29.% 28.% 27.9% 28.8% 27.% 29.0%.5% 2.4% 0.%.0% 20.8% 25.2% 4.4 p.p SG&A(% of Revenue) 6.% 6.% 5.6% 5.6% 5.9% 6.9% 7.% 6.8% 6.8% 6.9% 7.2% 0.0% 0.6% 0.6 p.p EBITDA Margin 6.0% 5.0% 4.6% 4.0% 4.9% 2.4%.5% 6.% 6.9% 4.9% 5.6%.% 6.5%.2 p.p Bakery Under IAS Under IAS Under IFRS Variation 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 66 92 200 88 746 58 92 205 85 742 56 5 56.5% Gross Profit 4 47 5 48 88 8 42 55 5 86 2 27 26-4.0% SG&A 0 2 5 4 2 5 6 4 7 26 8 9 8.% EBITDA 5 8 20 5 68 9 0 22 8 58 9 2 9-27.5% Gross Margin 26.0% 24.% 25.5% 25.% 25.2% 24.0% 22.% 26.9% 28.0% 25.% 20.5% 7.7% 6.4% -. p.p SG&A(% of Revenue) 8.2% 6.6% 7.4% 8.2% 7.6% 20.% 8.% 7.6% 8.5% 8.5% 6.6%.9% 2.5% 0.5 p.p EBITDA Margin 8.9% 9.4% 0.0% 7.9% 9.% 6.0% 5.% 0.6% 8.7% 7.7% 5.6% 8.0% 5.6% -2.4 p.p Industries Under IAS Under IAS Under IFRS Variation 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 4 52 57 66 28 57 58 64 64 24 62 57 57-0.4% Gross Profit 9 0 2 5 47 0 2 2 46 6 9 9 0.9% SG&A 4 4 4 4 7 5 7 7 8 27 4 7 5.2% EBITDA 6 7 9 6 4 6 6 22 6-5.2% Gross Margin 2.8% 20.% 2.5% 2.9% 2.4% 8.4% 8.2% 9.% 9.5% 8.9% 26.% 6.% 6.5% 0.2 p.p SG&A(% of Revenue) 9.% 8.5% 6.8% 6.7% 7.7% 9.5% 2.2%.4% 2.0%.% 2.6% 7.5%.6% 4.0 p.p EBITDA Margin 4.4%.% 6.2% 6.% 5.2%.% 7.5% 9.0% 8.7% 9.0% 4.8%.2% 5.% -5.9 p.p SG&A doesn t include other expenses and raw material hedging expenses. 27

International Performance by Business Unit & Regions (4) Consumer Goods Int. Under IAS Under IAS Under IFRS Variation 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 257 2 02,85 297 04 266 280,46 250 297 250-5.8% Gross Profit 8 97 0 0 8 99 09 94 97 98 88 85 75 -.9% SG&A 8 97 05 99 84 05 06 0 04 48 0 9 88 -.7% EBITDA 7 9 40 0 8-4 0 4-5 0-5 -870.5% Gross Margin 2.2%.0% 2.4%.6% 2.%.4% 5.8% 5.% 4.6% 4.8% 5.% 28.8% 0.%. p.p SG&A(% of Revenue) 2.%.0%.8% 2.7% 2.4% 5.% 5.0% 8.7% 7.2% 6.5% 40.% 0.7% 5.% 4.4 p.p EBITDA Margin 2.6%.0%.5% 4.%.4% 0.% 2.6% -.4% 0.0% 0.4% -2.2% 0.% -2.2% -2. p.p Under IAS Under IAS Under IFRS Variation CGI Brazil 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 97 25 7 490 25 24 2 5 486 0 25 0-7.6% Gross Profit 29 6 49 54 68 50 5 50 46 98 4 4 4-20.7% SG&A 42 50 4 67 46 44 47 45 82 46 9 9-0.% EBITDA - - 6 7 9 9 7 6 2-9 - -.7% Gross Margin 29.4% 28.7% 5.7% 4.4% 4.2% 40.% 4.4% 40.5% 40.4% 40.7% 40.% 4.%.0% -. p.p SG&A(% of Revenue).6%.8% 6.5% 2.4% 4.% 7.2% 5.6% 8.% 9.2% 7.5% 44.9%.2% 7.8% 6.6 p.p EBITDA Margin -.2% -2.4% 4.%.0%.8% 7.0% 8.8% 5.% 5.5% 6.7% -.0% 7.0% -.0% -8.0 p.p CGI Argentina Under IAS Under IAS Under IFRS Variation 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 9 9 2 492 27 29 98 9 47 08 27 08-4.8% Gross Profit 8 4 25 8 2 7 25 29 2 0 26 24-6.% SG&A 7 4 9 4 60 45 49 4 46 80 4 9 6-8.5% EBITDA 5 0-4 -6 - - -5-5 -54-0 - -0-25.% Gross Margin.7% 0.7% 27.0% 22.4% 28.% 25.0% 28.7% 25.7% 24.4% 26.0% 27.% 20.4% 22.4% 2.0 p.p SG&A(% of Revenue) 0.8% 29.7% 2.6% 7.8% 2.5% 5.5% 8.0% 4.6% 8.% 8.% 8.% 0.9%.2% 2. p.p EBITDA Margin 2.8%.5% -0.% -2.2% -.2% -0.5% -8.8% -5.% -2.% -.5% -9.2% -0.5% -9.2%. p.p SG&A doesn t include other expenses and raw material hedging expenses. 28

AQUACULTURE Performance by Business Unit & Regions (5) Under IAS Under IAS Under IFRS Variation Aquaculture 206 207 208 207 208 Q 8 PENM Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q Q Q YoY Revenue 295 26 82 428,40 56 467 427 490,740 480 59 485 5.0% Gross Profit 60 69 79 8 289 75 08 07 2 4 09 7 02 44.4% SG&A 4 0 5 0 7 40 4 59 76 48 2 4 29.9% EBITDA 2 45 55 50 8 45 76 7 65 257 6 45 6 40.4% Gross Margin 20.4% 2.% 20.7% 9.0% 20.2% 2.2% 2.0% 25.0% 25.% 2.7% 22.6% 9.6% 2.0%.4 p.p SG&A(% of Revenue).6% 9.% 8.% 8.2% 9.% 0.% 8.6% 9.5%.9% 0.% 0.0% 8.8% 8.4% -0. p.p EBITDA Margin 0.7%.8% 4.4%.6% 2.7% 2.6% 6.4% 6.6%.% 4.8%.% 2.5%.0% 0.5 p.p FX RATES Year 206 207 208 Quarter Q Q2 Q Q4 FY Q Q2 Q Q4 FY Q USD/PEN.45.2.4.40.8.29.26.25.25.26.24 USD/ARS 4.49 4.2 4.96 5.46 4.78 5.67 5.7 7.28 7.56 6.56 9.7 USD/BRL.9.5.25.29.49.4.22.6.25.9.24 ARS/PEN 4.20 4.29 4.48 4.55 4.8 4.76 4.82 5.2 5.4 5.08 6.08 BRL/PEN..06 0.97 0.97.0 0.96.02 0.97.00 0.98.00 Average FX rates for the period. 2 SG&A doesn t include other expenses and raw material hedging expenses. 29

EBITDA & Net Income Drivers

EBITDA Main Drivers (YoY) SG&A EXPENSES EVOLUTION 2 EBITDA growth was a result of a higher Gross Profit (+S/ 58.6 million YoY) explained by i) Revenue Management and design-to-value initiatives in the Consumer Goods Peru Business, ii) savings in procurement and manufacturing as a result of our efficiencies program, iii) lower raw material prices in the Aquaculture business, and iv) higher operative contribution from the Aquaculture business (As % of Consolidated Revenue) General & Administrative 9.5% Selling 7.0% 6.% 6.% 5.2% 7.2% 8.5% 9.% 9.4% 9.% 7.5% 6.7% 7.% 6.9% 8.% Q 7' Q2 7' Q 7' Q4 7' Q 8' MAIN DRIVERS OF EBITDA (YoY) 2.0 p.p. +0.8 p.p. -0.2 p.p. -0. p.p. 2. p.p. 58.6 29.2 5.8 86.6 20.2 2 EBITDA Q 7' Gross Profit SG&A Other Net Operating Expenses EBITDA Q 8' Gross Profit not including industrial depreciation. 2 SG&A doesn t include other expenses and raw material hedging expenses. SG&A not including depreciation & amortization.

Net Income & Net Margin (%) Evolution FINANCIAL EXPENSES EVOLUTION Net Income increased S/ 26.4 million YoY, reaching S/ 0.8 million in Q 8, driven by: i) Less financial expenses and FX losses (S/ -0.5 million YoY) ii) Higher profitability during the quarter due to an increase in gross margin (+. p.p.) (As % of Total Revenue) 2.%.8% 0.4%.4%.0%.2% 0.2% 0.5% 0.% 0.7% 0.% 0.6%.2% 0.8%.0% 0.5% 0.0% 0.6% 0.% -0.% Q 7' Q2 7' Q 7' Q4 7' Q 8' Net Financial Expenses FX Gains/Losses FX and Rates Hedging Expenses MAIN DRIVERS OF NET INCOME (YoY) 5.0 p.p. -0.2 p.p..% 0.0 p.p. -0.2 p.p. 0.7 p.p. 0.6 p.p. 0.2 p.p. 6. p.p. 27. 7.9-4.2 2.6-0. -7. 0.8 77.4 Net Income Q 7' Operating Profit Net Financial Expenses FX and Rates Hedging Expenses FX Exchange Losses Other Income Tax Net Income Q 8' 2

Debt & Cash Management

Global By Source 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 FINANCIAL STRATEGY i) All-in cost of debt decreased as of March 208, mainly due to lower Brazil operation s debt, and lower financial costs in Peru TOTAL DEBT DEBT BREAKDOWN Dec-6 Dec-7 Mar-8 S/,606 MM S/,942 MM S/,8 MM ii) As of March 208, only the 0.0% of Total Financial Debt has real FX exposure to the USD PEN exchange range volatility. iii) Alicorp is evaluating issuances in the local capital market for 208, aiming to smooth its maturity profile By Currency 4 5.%.0% 0.4% 0.4% 2.5% 5.0% 89.5% 96.5% USD PEN BRL ARS 96.5% 0.8% 2.7% (PEN Million) NET DEBT-TO-EBITDA RATIO Net Debt EBITDA LTM All-in Cost of Debt.4%.% 52.6% 2.9% 4.% 0.%.0% 44.4% 27.2% 4.8% 47.% 0.9%, 92 877 899 867 International Bond ST Bank Debt Local Bonds LT Bank Debt 825 872 894 90 927.5x.06x 0.98x.00x 0.94x 8.5% 8.4% 8.2% 8.5% 7.% 8.2% 7.% 5.2% 5.0% 5.2% Q 7' Q2 7' Q 7' Q4 7' 2 Q 8' Peru 5 CREDIT RATING Firm Dec-7 Mar-8 BBB- / Stable BBB / Stable Baa / Stable AAA / CP+ / Stable AAA / EQL+ = = = = = BBB- / Stable BBB / Stable Baa / Stable AAA / CP+ / Stable AAA / EQL+ 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. / 2 Financial information under IFRS 9. Before swap debt. / 4 After swap debt. 5 Equilibrium does not publish outlooks for rated instruments 4

...and improve its debt maturity profile A B Over 207, Alicorp took advantage of lower interest rates through short-term financing Alicorp reduced its Net Debt-to-EBITDA ratio to 0.94x as of March 208 from.00x as of December 207 Cash and cash equivalents cover the maturity of 208 debt at.x as of March 208 (.07x as of December 207) MATURITY PROFILE 2 : DURATION AS OF MARCH 208 WAS.00 YEARS VS. 2.95 YEARS AS OF DECEMBER 207 A December 207: Total Debt: S/,942 million,04 977 Duration: 2.95 60 6 Cash [Q4 7 ] 242 20 97 2 7 60 70 50 00 00 00 00 50 208 209 2020 202 2025 2026 2027 2028 2029 200 50% 5% 0.4% 9% % 5% 5% 5% 5% % B March 208: Total Debt: S/,8 million 964 867 Duration:.00 498 60 Cash [Q 8 ] 27 200 20 2 97 50 00 00 00 00 50 7 60 70 60 - - 208 209 2020 202 2025 2026 2027 2028 2029 200 47% 5% 0.4% 20% % 5% 5% 5% 5% % Ratio under IFRS 9 / 2 Debt before hedging operations, at amortized cost. Local Bonds International Bonds Long-Term Bank Debt Short-Term Bank Debt 5

Working Capital and CAPEX Management for Q 208 KEY MILESTONES A Alicorp, slightly increased its Cash Conversion Cycle from 7.4 days as of Q4 7 to 8.0 days as of Q 8, as a consequence of changes in IFRS 5, mainly affecting the calculation of the days pay. B Additionally, the Company was able to reduce its capital investment requirements without compromising growth A WORKING CAPITAL EVOLUTION (PEN Million) 4 9 8 646 A temporary increase in accounts receivables of S/ 4 million, make a DSO 2 of 48.8 days Inventories remain at Q 7 levels. Market conditions allow us to access commercial facilities with suppliers 79 Q 7' Accounts Receivable Inventories Accounts Payable Q 8' A A DAYS OF WORKING CAPITAL B CAPEX EVOLUTION (Days) (PEN Million) Accounts Receivable Inventories Accounts Payable 99.2 04.5 02.8 Property, Plant & Equipment PP&E as % of Sales 87.0 94.2 2.5% 6.5 62. 6..2%.68% 62.0 0.82%.02% 66.6 48.9 48.4 48.9 48.8 48.8 5 9 Q 7 Q2 7 Q 7 Q4 7 Q 8 5 40 9 CCC 4 Q 7' Q2 7' Q 7' Q4 7' Q 8' 28.6 7.8.8 7.4 8.0 Working Capital is defined as the last twelve month (LTM) average of accounts receivable plus average inventory minus average accounts payable 2 Days sales outstanding Average days as a mean of the LTM balance sheet accounts 4 Cash Conversion Cycle 5. Working capital days without changes in IFRS are: Days of Sales Payable 07., Days of Inventory Sales 64.6 and Days of Sales Outstanding 47.8; resulting in a CCC of 5.2 6

Cash Flow Build Up as of Q 208 HIGHLIGHTS Cash Flow from Operations was S/ 47. million, S/ 222.7 million lower compared to Q 7' mainly explained by Q 7 figures boosted by the supply chain finance program implemented in 206 Cash Flow from Investing Activities was S/ 29.8 million. A total amount of S/ 40. million were used for CAPEX, which was S/ 2.0 million greater than the amount used during the same period of 207; those investments were offset by the income of Held for Investments of S/ 76.2 Cash Flow used in Financing Activities was S/ 55.8 million, compared to S/ 7.0 million obtained in of Q 7', mainly due to a decrease in the total debt MAIN DRIVERS FOR CASH FLOW EVOLUTION (PEN Million) Cash Flow from Operations S/ 47 Cash Flow from Investing S/ 0 Cash Flow used in Financing S/ 56-07 0-45 - 5 - - 45 05,04 964 Net Cash on Q4 7' Cash generated from operations Taxes Other expenses from operations Investment 2 Activities Debt Interest Payment Divident Payment Other financial activities Net Cash on Q 8' Held for investment: time deposits with maturity between 90 days and 60 days and mutual funds. 2 Includes PP&E, acquisitions, software and other investment activities Includes FX Translation effect of S/ -0.7 million 7

60% 40% 20% 00% 80% 60% 40% 20% 0% OCF & FCF Evolution OPERATING & FREE CASH FLOW (PEN Million) 929 826 882 844 84 2 660 587 05 2 FY 206 FY 207 Q 8' Operating Cash Flow Free Cash Flow OPERATING & FREE CASH FLOW CONVERSION 4% Free Cash Flow for Q 8 is lower than the same period in 207. Q 7 figures were boosted by the supply chain finance program implemented in 206 86% 97% 02% 07% 58% 206 207 Q 8' EBITDA / Operating Cash Flow EBITDA / Free Cash Flow Operating Cash Flow: EBITDA Taxes Changes in Working Capital Free Cash Flow: Operating Cash Flow CAPEX (organic) 2 Time deposits with maturity between 90 and 60 days and mutual funds (PEN 05MM) Last twelve months 8