Conference CallSecond Quarter 2011 Financial ResultsAugust 3, 2011

Leslie Pierce, CEOPaolo Sacchi, Deputy CEODiego Rosado, CFOMaría A. De la Puente, IRO

22

Some of the statements in this presentation may constitute forward-looking information and future results could differ materially from what isincluded.

Please refer to the Company’s Management’s Discussion & Analysis forthe years ended December 31, 2010, 2009 and 2008 and other publicfilings for a description of operations and factors that could impact theCompany’s financial results.

Forward looking statements

Disclaimer

33

Agenda

2Q11 Highlights

Operating Review

Financial Review

Opening Remarks

Q&A

4

• Alicorp acquired 100% shares of Italo Manera S.A. and Pastas EspecialesS.A. in Argentina. This acquisition fits with Alicorp’s international expansionstrategy as: 1) increases the Company’s presence in the Mercosur region,2) diversifies Alicorp’s products portfolio in Argentina, 3) allows foreconomies of scale by including new brands for distribution, and 4) providesopportunity to increase volumes in new categories.

• 2Q11 results were outstanding (sales grew 18.8% and EBITDA reached14%); despite high commodity prices and political turmoil. Alicorp hasdemonstrated an ability to manage hedging strategies effectively, as well asconsistently focusing on reducing costs.

• Commodities soybean and wheat prices will probably remain high in 2H11,which may put pressure on margins. As demonstrated, Alicorp is well-positioned to manage this situation and has clearly shown its ability tomitigate this risk.

• Alicorp received a AA+ bond rating by Apoyo & Asociados, whichdemonstrates Alicorp’s solid financial performance and ability to constantlyimprove the Company’s business.

Opening Remarks

Committed to Generating Shareholders´ Value

55

Increased Sales in 2Q11

• Sales were S/.1.05 billion in 2Q11, a 18.8% growth YoY (2T11 vs 2T10).

– Volume grew 4.5% YoY. Main contributors to total sales were: detergents, edibleoils, industrial flours, cookies and animal nutrition categories. This growth wasslightly below 1Q11 due to a temporarily decline in Peruvian internal demand. Consumption is expected to recover in the 2H11.

• Solid Gross Margin in 2Q11 at 29.0%, slightly below the 29.7% achieved in 1Q11, and below the 32.1% in 2Q10, due to highcommodity costs.

– EBITDA margin was 14.0% in 2Q11, slightly higher than the 13.8% in 1Q11, and lower than the 15.4% in 2Q10.

• Net Earnings were S/.83.7 million compared to S/.97.7 million in 2Q10. Without the tax reimbursement, Net Earnings grew 52.7% YoY.

2Q11 Highlights

11H11 and 2010 Financial Results have been adjusted according to new format required by CONASEV, which includes other income and operatingexpenses under Operating Income. 2008 and 2009 Financial Results do not include these increases. 2EBITDA is defined as Operating Income plus depreciation and amortization plus other net operating income.

6

SALES & GROSS MARGIN(Millions of Soles)

2Q Full Year

2Q11 Highlights

Sales Gross Margin2008 2009 2010 2011

SALES & GROSS MARGIN(Millions of Soles)

Sales Gross Margin

Gross Margin Remained Strong

883

993 998 9851,050

32.1% 32.0% 31.9% 29.7% 29.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

50

1,050

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

6

Last 12M

3,666 3,703 3,752

23.5%

30.8% 32.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

4,026

30.6%

Last 12 M

875929 883

1,050

24.8%30.6%

32.1%29.0%

08 09 10 11

77

EBITDA & EBITDA MARGIN(Millions of Soles)

2Q11 Highlights

EBITDA EBITDA Margin2008 2009 2010 2011

EBITDA & EBITDA MARGIN(Millions of Soles)EBITDA & EBITDA MARGIN

EBITDA EBITDA Margin

Improved EBITDA Margin driven by Cost Efficiencies

2Q Full Year Last 12M

357

553

620

9.8%

14.9% 16.5%

08 09 10

618

15.4%101

139 136147

11.5%14.9% 15.4% 14.0%

136

168 167

136147

15.4% 17.0% 16.7%13.8% 14.0%

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

EPS slightly below previous quarter

882Q11 Highlights

EARNINGS PER SHARE(Soles)

2008 2009 2010 2011

EARNINGS PER SHARE(Soles)

EPS

Increased in EPS compared to Previous Quarter

0.114

0.092

0.039

0.0890.098

0

0.12

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

1Earnings per Share for 2Q10 include the tax reimbursement of S/. 42.9 million. Without this extraordinary gain, Net Earnings for 2Q10 decline to S/.54.8 million.Equivalent to EPS of S/.0.065. Thus, EPS grew 52.7% YoY.

0.015

0.070

0.1140.098

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

2Q

0.097

0.256

0.338

Full Year

0.318

Last 12 M

0.065

0.065

99

Consumer Product Goods (“CPG”)

• Sales increased 15.6% YoY to S/.655.9 million, supported by price increases and volume growth.– Price increases totaling 10.2% and Volume growth of 5.4% YoY.– Main contributors to sales were edible oils, detergents, pasta,

cookies and hair care categories.– Expanding production capacity in pastas. Construction for

detergents plant is expected to start in October 2011.

• Operating Income totaled S/.62.1 million in 2Q11, compared to S/.64.8 million in 2Q10, a decline of 4.1% due to increased raw material costs for some categories.

Operating Review

1010

CONSUMER PRODUCTS(Millions of Soles)

Operating Review

Consumer Product Goods

(Millions of Soles)Sales Operating Margin

11H11 and 2010 Financial Statements have been recently adjusted to comply withCONASEV format. As a result, Profit Sharing is deducted from Operating Income,which before was not included. Thus, 2010 Financial results show lower OperatingMargin (consolidated & per division) as the ones stated in our 1st Conference Call.

CONSUMER PRODUCTS(Millions of Soles)

Sales Operating Margin2008 2009 2010 2011

2,3382,359

2,380

7.0%11.3% 11.9%

0

1

2000

2500

08 09 10

558 575 567

656

10.1% 11.9% 11.4% 9.5%

08 09 10 11

2,533

10.8%

Last 12 M

567616 629 633 656

11.4% 12.1% 11.4% 10.3% 9.5%

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 Full Year2Q Last 12M

11

Industrial Products & Others (“IP”)

• Sales increased 21.6% YoY to S/.305.8 millionsupported by higher prices and a slight decline in volume. – Higher pricing structure offset higher commodity costs.– Main contributors to sales growth were industrial flours,

Omega and margarines categories.– 10.4% Sales growth YoY for Omega, despite temporarily

decline in demand.– Launching of two new products under the Primavera Brand:

Chantilly Cream and Chocolate Cover. • Operating Income grew by 50.1 % YoY without taking

into consideration the extraordinary gain of S./ 42.9 million obtained in 2Q10.

Operating Review

1212Operating Review

INDUSTRIAL PRODUCTS & Others(Millions of Soles)

INDUSTRIAL PRODUCTS & Others(Millions of Soles)

Industrial Products & Others

(Millions of Soles)Sales Operating Margin

Sales Operating Margin2008 2009 2010 2011

252

307 304286

306

28.4%

15.4%

4.1%

17.8%14.0%

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

15.0%

1,128 1,118 1,117

8.0%

14.9% 15.4%

0

1

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

08 09 10

Títu

lo d

el e

je

264292

252

306

8.3%

14.8%

28.4%

14.0%

08 09 10 11

1,203

12.8%

Last 12 M

15.0%

Full Year Last 12M2Q

16.8%

14.4%

14.9%13.1%9.4%

16.3% 14.9%9.6%

16.7%15.4% 14.8%

13

Animal Nutrition (“AN”)

• Sales rose 36.4% YoY to S/.87.8 million mainly due toincreased volume in both shrimp and fish feed.– Volume grew 30.6%, while Prices increased 5.8%.– Sales in Ecuador continue to increase (sales grew 104.9% YoY).– Market Share in Ecuador for Nicovita (Shrimp food) is

aproximately 30%.– Construction for plant in Ecuador started May 2011.

• Operating Income rose 83.8% YoY to S/.8.3 million in 2Q11.

Operating Review

14Operating Review

ANIMAL NUTRITION PRODUCTS(Millions of Soles)

Animal Nutrition

Sales Operating Margin2008 2009 2010 2011

ANIMAL NUTRITION PRODUCTS(Millions of Soles)(Millions of Soles)

Sales Operating Margin

6471

65 66

88

7.0% 7.5%

3.1%

7.1%9.5%

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

199226

256

0.5%5.7% 5.8%

54 61 64

88

2.8%8.7% 7.0% 9.5%

290

7.0%

Last 12 M2Q Last 12MFull Year

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Sales & Volume Performance

Operating Review

1 International Sales do not include the recent acquisition of Italo Maneraand Pastas Especiales, as it will take into account during next quarter.

1H 2011Sales S/. 1,289MM 592MM 154MM 2,035MM

Weight in Sales 63.3% 29.1% 7.6%

1H 2011Sales S/. 1,536MM 499MM 2,035MM

Weight in Sales 75.5% 24.5%

13.6%16.9%

29.0%

15.6%

7.5%

-0.1%

24.1%

5.9%

Consumer Product Goods

Industrial Products Animal Nutrition Consolidated

GROWTH BY BUSINESS LINE(1H11 - 1H10)

Sales Growth % Volume Growth %17.6%

9.8%

15.6%

5.1%

8.5%

5.9%

Peru International Consolidated

PERU & INTERNATIONAL GROWTH(1H11 - 1H10)

Sales Growth % Volume Growth %

16Operating Review

Solid Diversified Portfolio

1H 2011Sales S/. 259MM 192MM 196MM 139MM 94MM 293MM 154MM 63MM 76MM

Weight in Sales 12.7% 9.4% 9.6% 6.9% 4.6% 14.4% 7.6% 3.1% 3.7%

Consumer Product Goods

Industrial Products and Animal Nutrition

21.0%

12.3%

22.1%26.4%

3.5%

16.4%

29.0%

21.7%

-15.5%

-0.6%

8.5%

22.0%24.7%

3.2%

-1.3%

24.1%

-1.8%

-21.9%

Edible Oil Pastas Laundry Detergent Cookies & Crackers

Hair Care Industrial Baking Flour

Animal Nutrition Industrial Fats Omega 3

MAIN PRODUCTSGROWTH PER CATEGORY (1H11 -1H10)

Sales Growth Volume Growth

1717Financial Review

SG&A/Marketing(as % of Total Sales)

• Reduction in Marketing, Selling & AdministrativeExpenses.

• Opportunities for efficiencies in international businesses.

Marketing Administrative Expenses Selling Expenses

2.7%2.3%

2.5%

2.4%

1.3%

CAPEX & Other Expenses

2.7% 2.3% 2.5%

1.4%

9885 93

28

94

2.7% 2.3% 2.5%1.4%

2.3%

0

200

2008 2009 2010 1H11 Last 12M

3.5% 4.1% 3.9% 3.6%

3.4%4.2% 4.8% 4.7%

8.9%9.8% 9.6% 8.9%

2008 2009 2010 1H 2011

0

CAPEX (Millions of Soles / as a % of Total Sales)

CAPEX % of Sales

18Financial Review

• Upgrade to AA+ Bond rating by Apoyo & Asociados(associated with Fitch Ratings)

• Current ratio declined due to higher inventory levels.• Leverage increased due to inventory management.

1Debt to EBITDA is defined Total Debt divided by 12M EBITDA

Adequate Leverage and Liquidity

1.51 1.481.70

1.46 1.45

0.69 0.73 0.700.85 0.88

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

CURRENT RATIO & LEVERAGE

Current Ratio Leverage

959

601 563643

851

2.68

1.09 0.91 1.061.38

0.00

5.00

0

100

200

300

400

500

600

700

800

900

1,000

2008 2009 2010 1Q 2011 2Q 2011

DEBT & DEBT/EBITDA(Millions of Soles)

Debt Debt/EBITDA

19Financial Review

Firm Value is defined as Market Cap plus Net DebtEBITDA Multiple is defined as Firm Value divided by Last 12M EBITDA • Upgrade to 1ª (pe) in common and investment shares.

Growing Shareholders’ Return and EBITDA Multiples

2,1302,833

5,805 5,337 5,4565.96

5.12

8.79 8.83

0.001.002.003.004.005.006.007.008.009.0010.00

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008 2009 2010 1Q 2011 2Q 2011

FIRM VALUE & EBITDA MULTIPLE(Millions of Soles)

Firm Value EBITDA Multiple

122

83

221

289272

9.9%

6.2%

16.5% 18.3% 16.4%

0.00

100.00

200.00

300.00

2007 2008 2009 2010 Last 12 M

NET EARNINGS & ROE(Millions of Soles)

Net Income ROE

2020

Return on Capital – ALICORC1

Financial Review

2006 2007 2008 2009 2010 L 12M

ALICORC1 40% 15% -50% 98% 129% 59%

IGBVL 168% 35% -59% 93% 61% 36%

ISBVL 188% 30% -59% 84% 38% 26%

S&P 500 INDEX 12% 4% -38% 20% 11% 29%

-100%

-50%

0%

50%

100%

150%

200%

Ann

ual R

etur

n

ANNUAL SHAREHOLDERS´RETURN5 YEARS (2006 - 2010)

Sources: Lima Stock Market (“BVL”): www.bvl.com.peYahoo Finance: www.finance,yahoo.com

21

Q&A

21

Q & A