Corporate Presentation. May 2019

Transcription

1 Corporate Presentation May 09 0

2 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 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ]

4 Key Investment Highlights Leading Regional Player with a Successful Business Model Diversified Across Product Categories and Countries Portfolio of Top-of-Mind & Leading Brands with a Proven Track Record of Successful New Product Offerings 3 Unique Manufacturing and Distribution Platform to Serve Consumer, BB and Aquafeed Clients 4 Inorganic Growth through Successful M&A Strategy Driven by Best-in-Class Framework of Integration Practices 5 Solid Financial Performance Driven by our comprehensive efficiency program and shareholder value creation mindset 6 Exposure to highly attractive markets with solid macro and industry fundamentals 7 Highly Experienced Management Supported by a Leading and Innovative Shareholder Group in Peru 3

5 Key Investment Highlights Unmatched portfolio of highly successful leading brands across different sectors and countries Brands with leading position and market share in market and customer segmentation allows an efficient pricing process Consumer Goods BB Aquafeed Crushing Categories Brands Rank Categories Brands Rank Categories Brands Rank Categories Brands Rank Laundry Care # Industrial Baking Flour # Shrimp (ECU) # Soybean & Sunflower meal # Leading Regional Player with a Successful Diversification Strategy and Business Model Across Product Categories and Countries Edible Oils # Industrial Oil # Fish (PER) # Crude Oil # Pasta # Shortenings # Fish (CH) #4 Cookies & Crackers # Sauces # Shrimp (NIC) # Sauces Industrial Margarines Shrimp (PER) # Frozen Products # Shrimp (HON) #3 Countries Countries Countries Countries 4

6 Key Investment Highlights Portfolio of Top-of-Mind Brands with a Proven Track Record of Successful New Product Offerings Successful new product launch strategy with 63 launches since 0 Over 00 leading brands across 6 different categories such as flour, pasta, oil, detergent and soap, pet food and cookies, among others Premium Mainstream Value Edible Oils Pasta Flour Laundry Care Edible Oils Number of Products Launched Since Distribution Capabilities Unique Manufacturing and Distribution Platform to Serve Consumer, BB and Aquafeed Clients Efficiently integrates local and regional operations For consumer and BB, strong manufacturing and logistics network in Peru and Bolivia reaching ~00,000 clients +40 production facilities 7 distribution centers 00% coverage of supermarkets and grocery stores Network complemented by 3 exclusive distributors and 5 sales offices throughout Peru Operates in 4 local ports 48% Exclusive Distribution 5% Wholesalers 7% Supermarkets 0% Non-Exclusive Distributors 5

7 Key Investment Highlights Successful strategic acquisitions have permitted continuous penetration of key markets and segments across South America Inorganic Growth through Successful M&A Strategy Driven by Best-in-Class Framework of Integration Practices Recent acquisition in Peru: Intradevco, a leading Home & Personal Care player within the Peru Fino & Sao, a leading CPG and BB company in Bolivia and a leading oilseeds crusher and CPG company in Bolivia, respectively Consumer Goods Consumer Goods Consumer Goods Consumer Goods 00 0 Consumer Goods Consumer Goods Consumer Goods 0 04 Consumer Goods BB 08 Consumer Goods 09 Consumer Goods and Crushing Integration Management Office Team / People Methodology Tools / Technology Consumer Goods Aquafeed Solid Financial Performance Driven by our comprehensive efficiency program and shareholder value creation mindset Sales Evolution (US$ mm) - 8 CAGR: 7.% $,966 $,533 $,5 $,4 $,066 $,964 $,3 $,545 $, (Proforma) EBITDA & EBITDA Margin (US$ mm, %) () - 8 CAGR: 5.8% 3.0%.3%.7%.%.0%.% 3.0%.8%.4% $35 $368 $74 $77 $45 $ 00 $08 $7 $38 Over the last three years, ROIC has steadily increased. 0.80% ROIC Evolution (%) 3.70% 4.90% (Proforma) Sales and EBITDA Proforma 08 includes Fino, SAO and Intradevco s results for months Excludes Fino and SAO acquisition

8 CRUDE PALM OIL SOYBEAN MEAL SOYBEAN OIL WHEAT Key Investment Highlights Exposure to highly attractive markets with solid macro and industry fundamentals LATAM 08 & 09E COMMODITIES EVOLUTION INDEX 5 Economies with highest GDP growth Bolivia GDP GROWTH RATES Δ INFLATION RATES 3 4.5% 4.%.3% 3.4% FX EVOLUTION Index 00 = Mar 3 st, 09 (Cent/Bu) Evolution Q 9 - Q 8' Q 8 Q YTG Peru Argentina -.5% -.% 4.0% 3.8%.3%.3% 34.3% 45.% Index 00 = Mar 3 st, 09 (Cent/Pound) Evolution Q 9 - Q 8' Q 8 Q YTG Brazil.%.% 3.7% 3.8% Index 00 = Mar 3 st, 09 (Dollar/Short Ton) Q 8 Q YTG %.4% Evolution Q 9 - Q 8' Chile Ecuador 3.%.4% 0.7%.4% -0.% 0.8% 08 09E N.A Index 00 = Mar 3 st, 09 (USD/Ton) Evolution Q 9 - Q 8' Q 8 Q YTG Median of research estimates as of April 09 Against previous estimates as of February 08 3 Average of Period 4 FX Local Currency Unit against USD (Average of Period) 5 Source: Chicago Board of Trade Index based on closing future prices 6 Average year to go 7

9 Key Investment Highlights Highly Experienced Management with a One Alicorp Mindset, Supported by a leading & Innovative Shareholder Group in Peru Support from a regional conglomerate champion such as Grupo Romero New governance model under the One Alicorp mindset to encourage transfer of knowledge and focus on talent management Outstanding management team combines proven track record of organic / inorganic growth strategies and vast sector experience Ownership structure Other, 0% Inv. & mutual funds, 5% Pension funds, 9% Grupo Romero; 46% Source: Cavali as of December 08 Alfredo Pérez Gubbins CEO Juan Moreyra CFO Pedro Malo VP of Strategy & Digital Transformation Patricio Jaramillo VP Consumer Goods Peru Jose Cabrera VP Consumer Goods International Hugo Carrillo General Manager - Vitapro Stefan Stern VP BB Luis Estrada VP Commodities Management Jaime Butrich VP Supply Chain Magdalena Morales VP Corporate Affairs Paola Ruchman VP Human Resources HIGHLY AWARDED Top 0 Most Admired Companies in Peru MANAGEMENT Institutional Investor Latin America Executive Team Rankings Top 0 Most Admired Companies in Peru REPUTATION & LEADERSHIP Companies with Best Reputations (5 th place) Companies with Best Reputation in food sector ( st place) Top 0 Leaders with Best Reputation (Alfredo Perez) 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. STRATEGY Innovations and effectiveness of marketing strategies (7 awards). 8

10 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ] 9

11 Alicorp is a leading consumer branded products company in Peru and South America Alicorp S.A.A. (BVL: ALICORC) is the leading company of consumer goods in Peru and one of the biggest in Latin America ALICORP IN THE REGION DIVISION BY BUSINESS +8, Nicaragua EMPLOYEES Costa Rica REVENUES 08 PEN 8.3 Billion ~.5 USD billion 43% OUT OF PERU 7.7% CAGR Parent Establishment Panama Ecuador Honduras Peru Chile Direct Presence (Production) INDUSTRIAL PLANTS Colombia Argentina Main Exports +30 COUNTRIES Brazil Bolivia CONSUMER GOODS BRANDED FOODS HOME & PERSONAL CARE BB BAKERIES INDUSTRIAL PRODUCTS FOOD SERVICE AQUAFEED SHRIMP FEED FISH FEED CRUSHING SOYBEAN & SUNFLOWER BEANS PROCESSING 49% OF TOTAL REVENUES 68% 0% 9% 8% % OTHERS 3% Industrial Baking 9% Flour OF TOTAL Shortenings REVENUES Industrial 97% Margarines Industrial Sauces 5% OF TOTAL REVENUES 58% 8% 7% OTHERS 7% 7% OF TOTAL REVENUES 4% Edible Oils Laundry Care Pasta Sauces Cookies & Crackers Personal Care Shrimp Feed Salmon Feed Soybean & Sunflower Oil Alicorp s revenues proforma 08 (including months of Fino, SAO and Intradevco) is PEN 9.7 billion. Revenues generated out of Peru represents the 45%. Includes Intradevco s brands that are not included into our financial results as of 08 55% Classic, Katal, Origin, Prevence, Terap, Medical, Finalis Classic, Katal, Origin, Prevence, Terap, Medical 0

12 with a well-defined strategy that provides sustainable growth rates STRATEGY PILLARS LEVERAGED IN COMPETITIVE ADVANTAGES SOLID FINANCIAL PERFORMANCE Growth CONDUMER GOODS - PERU GO-TO-MARKET STRATEGY 50k POS 565 POS TRADITIONAL MODERN CHANNEL CHANNEL PRODUCT DEVELOPMENT 304 NEW LAUNCHED PRODUCTS SINCE 0 (Million of soles) Revenues EBITDA EBITDA Margin 8,338 8,89 9,75 9,703 Efficiencies People BRAND MANAGEMENT 50 BRANDS 3 TO INDUSTRIAL SCALE: ENHANCE PROCUREMENT DILUTION OF FIX COST 56 CATEGORIES STRATEGIC M&A AND INTEGRATION 9 ACQUISITIONS SINCE ,57 7.8% 48 6,437 6,475.%.4% 6, %.8%.8%.5% , Proforma REVENUES CAGR 4-8 : 7.7% EBITDA CAGR 4-8 : 9.3%.4%,069,09 EBITDA Figures exclude non-cash accounting adjustments (IFRS 3 & IAS 9) and non recurrent expenses. CONTINUOUS INTERACTION WITH KEY STAKEHOLDERS CORPORATE GOVERNANCE KEY AND CURRENT SHAREHOLDERS CREDIT RATING AGENCIES GOOD CORPORATE GOVERNANCE- 08 LATIN AMERICA EXECUTIVE TEAM RANKING Information provided by the Consumer Goods Peru division, excluding Intradevco s operations. Includes Supermarkets and Cash & Carriers. More than 880 POS including Convenience Stores. Excludes Intradevco s operations. BBB- BBB Baa3 Baa3 AAA AAA 3 Includes Intradevco s brands. 4 Revenues and EBITDA Proforma 08 includes Fino, SAO and Intradevco s results for months

13 both organic and inorganic Growth focused on core and next-to-core platforms Successful new product launch strategy, with 304 launches since 0 (# of products) Selected products launched in Q4 8' Consumer Goods Peru Consumer Goods International BB Aquafeed Growth through Mergers & Acquisitions International Acquisitions Domestic Acquisitions

14 Value Mainstream Premium Actively managing brand segmentation across LatAm Market and customer segmentation allows a more efficient pricing process and pass-through of commodities price increases Segmentation Edible Oils Pasta Flour Laundry Care Cookies & Crackers Includes Intradevco s brands that are not included in our financial results as of 08 Includes Detergents and Laundry Soap. 3

15 MODERN TRADITIONAL CHANNEL while leveraging our distribution model Consumer Goods Peru: Go-to-Market model Superior point of sales presence of Alicorp s products in the marketplace 4/5 (% PoS presence) Alicorp Competitor A L I C O R P 4% 7% 4% 8% Exclusive distributors Wholesalers Non-Exclusive distributors Average Sales ticket S/ 50 Average Sales ticket S/ 0,000 Average Sales ticket S/ 7,50 Supermarkets 565 Stores Other Store Formats 3 35 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 Dec 08. Includes Cash & Carriers. 3 Includes Convenience Stores. 4 Data: All from Dec 8, except for, Mayonnaise (Oct 8), Margarines (Nov 7), Juice Powders (Nov 7), Laundry Soap (Aug 7), and Jelly (Oct 7). 5 As measured by market penetration in each category against Alicorp s closest competitor. 4

16 Alicorp is the undisputed leader in its core markets Ranked # for main categories Business Category Brands Rank % of sales Competitors Laundry Detergents # 7.% CONSUMER GOODS (PERU) Edible Oils # 6.7% Pasta # 4.6% Cookies & Crackers # 3.3% Industrial Baking Flour # 6.9% BB Industrial Oil # 5.5% Shortenings #.8% CONSUMER GOODS INTERNATIONAL 3 Pasta (Brazil) # 3.4% Edible Oils (Bolivia) #.7% Hair Care (Argentina) #.3% Shrimp feed (Ecuador) # 4.5% AQUAFEED 4 Fish feed (Chile) #4 7.% Fish feed (Peru) # 0.9% CRUSHING Soybean & Sunflower oils # 5.5% Source: Kantar World Panel (Consumer Goods Peru and BB) / Nielsen NRI (Consumer Goods International) / Internal Estimates (Aquafeed). Based on consolidated Revenue FY 08. Alicorp has +50% of the market share. 3 Alicorp has ~35% of market share in pastas (Area II in Brazil) and [5% -5%] of Market Share in Personal Care (Argentina). 4 In Shrimp Feed Alicorp has +30% of market share in Ecuador. In Fish Feed Alicorp has +0% of market share in Chile. 5

17 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ] 6

18 3 Alicorp has a hard-to-replicate set of competitive advantages that drives our growth Go-to-Market strategy: Brand Development and Management: Industrial Capacity: I Strong distribution network composed of 50 K POS and 565 POS in the Traditional and Modern channel, respectively II Extensive experience in market segmentation and product positioning as a lever to capture value (more than 50 brands 3 ) III Extensive technical capacity and deep knowledge of the processes. Marked orientation towards productivity - average OEE of 80% Volume share delta vs. Principal competitor in p.p Gross Margin delta (main brand) vs. Average of category in p.p Main Aspects Modern Trade Fragmented Trade Detergents 4 Cookies Consumer Goods Peru 0 Crushing of wheat: 3,530 TM Pasta: 793 TM Oil (soy & sunbean):,000 TM Oils (palm): 600 TM 3 Detergents: 70 TM Pasta Oils 8 43 BB 9 Information provided by the Consumer Good Peru division, excluding Intradevco s operations Includes Supermarkets and Cash & Carriers. More than 880 POS including Convenience Stores. Excludes Intradevco s operations 3 Includes Intradevco s brands 4 Includes Intradevco s operations 7

19 3 Over the coming years LatAm s macroeconomic dynamics show risks and opportunities for Alicorp Areas and 3 in Brazil represent a Decreasing growth rates: great opportunity: I Is expected a low growth for the next II Consumption in both areas is greater III few years, with Bolivia and Peru than Peru, Ecuador and Bolivia growing above the LATAM average combined Peru and Bolivia remain the most fragmented markets GDP Growth Rates % Population 08 Relevance of Trade Fragmented as % of total consumption Area & 3 Peru Ecuador Bolivia Consumption per capita (K USD, 06) 6 Area & Peru Ecuador Bolivia

20 KEY INDICATORS STRATEGIC INITIATIVES 3 since its launch in 06, we have implemented multiple strategic initiatives to grow and create value Corporate Strategy Launching of the 7-9 corporate strategy with three strategic pillars: Growth, Efficiency, People Efficiency program Kick off of the efficiency program Smart growth Core categories consolidation and entry into new ones Launching of the T4 model for value brands in CGP Product innovation (4 launches/revamps) Andean Player Inorganic growth in Bolivia Product innovation Integration Management Office (IMO) Building a culture of innovation Center of Excellence at corporate level Design thinking for new product development Financial strategy Liability management Reduce exposure to USD WK and CapEx efficiencies generating cash flow Risk management (commodities) Deployment of the efficiency program Revenue Management Best practices in sourcing Lean Manufacturing program Optimization of warehouses & distribution footprint New ambitious program with transformational initiatives: Efficiencies.0 Turnaround Argentina Brazil s efficiency plan Working on high-impact use cases: Micro segmentation in CGP, Nicosoft in Vitapro,ecommerce in BB, Ali e-commerce in Go-tomarket CGP. SAP S4/Hana: New ERP platform Revenue Growth 0.6% 7.3% 9.3% EBITDA Margin.4% 3.0%.8% ROIC 3.6% 3.3%,3 0.8% Adjusted EBITDA excludes accounting non cash adjustment (IFRS 3 and IAS 9) and non recurring expenses (organization restructuring expenses) Excludes excess cash above industry prudent practices standards for operational cash 3 ROIC excludes accounting non cash adjustment (IFRS 3 and IAS 9) and non recurring expenses (organization restructuring expenses) Revenue increase or decrease against previous year Higher or lower margin against previous year 9

21 3 which allowed us to achieve our growth objectives and exceed our profitability goals ALICORP CURRENT STRATEGY PILLARS OBJECTIVES METRICS WHAT WE DID Growth Focus on Andean Region, leveraging our competitive advantages Invest in geographies where we can replicate our business model Revenue growth 7.3% 6.% 4.6% Growth in the Andean Region and Aquafeed 03 Successful M&A transaction: i) Fino, ii) SAO and iii) Intradevco Integration Management Office (IMO) Enablers: Digital & Analytics / Innovation Efficiencies Create a efficiency culture to improve profitability and sustainability Divestiture of non-profitable business EBITDA Mg.% 3.0% 4.0% ROIC 0.5% 3.6% 5.% Free Cash Flow / EBITDA 03.0% 73.0% 85.0% pp vs max. target +0.5 pp vs max. target Efficiency Ratio improvement and net savings of PEN 84 million Higher sourcing savings with MAS+ program in Brazil and Argentina Higher profitability with revenue management, and other initiatives Higher cash conversion ratio due to lower invested capital (Working capital & Capex) Early positive results from our restructuring process in Argentina People Capture, retain and develop talent One Alicorp mindset to encourage transfer of knowledge OHI Growth: +6 p.p Strengthen our Organizational Health, reaching top decile in a global benchmark Center of Excellence at corporate level Strengthen capabilities for innovation and IMO Excludes Bolivia acquisition Net saving generated from 07 to 08. Includes saving of PEN 37 million and operating expenses of PEN 87 million 3 OHI: Organizational Health Index 0

22 3 and deliver a TSR above 5% aligned with our shareholder value creation mindset. Historic TSR in PEN (%) CAGR: + 3% 9.4% 7.% 0.0% Historic TSR in USD (%) CAGR: + 4% 3.% 0.% 7.% Excluding Fino and SAO

23 STRATEGIC PILLARS 3 In order to secure our leadership, we are adjusting our strategy to embrace enablers that allow us to i) achieve our long-term objectives and ii) face the changing business dynamics OBJECTIVES STRATEGIES ENABLERS Growth Focus in opportunities within the Andean Region leveraging in our competitive advantages Invest in profitable businesses where we can replicate our model Maximize the value of our core categories Boost growth in high potential platforms Prompt the creation and strengthening of new business and develop new platforms Assure the synergy capture in our acquisitions Digital & Analytics Use of advance analytics to create value throughout our business Build digital platforms to better connect with our stakeholders Efficiencies People Reinforce the efficiency culture to continue improving business profitability Assure the talent and capabilities to fulfill the corporate goals Maximize the value of businesses with low return Lever-up the efficiencies program with new technologies and methodologies to optimize resources Optimize business processes through technology Assure talent availability for the short, medium and long term Develop functional capabilities and leadership through the company Strengthen organizational help and the One Alicorp mindset Implement the latest IT platform Develop an agile mindset to gain speed and scalability Innovation Use design-thinking to resolve business challenges and identify new ways to do things Develop new products and business models Promote new work spaces that boost innovation

24 3 Our 5-year strategy responds to our commitment of our shareholders to deliver a min. of 5% annual return OBJECTIVES STRATEGY Growth Centralize our growth in the Andean Region leveraged on our competitive advantages (brand management / consumer knowledge, industrial capacity and go-to-market) In other geographies, invest in profitable businesses with growth potential where we can replicate our successful business models Maximize value in our consolidated categories, maintaining growth and maximizing profitability (H): oils, pastes, laundry Boost growth in proven and high potential businesses (H): Sauces, Gastronomy and Bakery (through new business models), Shrimp, New platforms in EC and BO, and T4 for CMP Prompt the creation or strengthening of new businesses (H3): PCare, H & W, frozen, among others Develop new platforms and growth market routes: Use M & A as a lever for growth and value creation in strategic businesses Efficiencies Strengthen the efficiency culture to improve the profitability and return of our business in a sustainable way; including the divestment of nonstrategic businesses Discipline and rigor in the follow-up of the invested capital and return to the shareholder Maximize the value of businesses with low return: Flours: minimize the structure of expenses / costs and rationalize investments Crushing: optimizing invested capital, maximizing value of our soy cake and evaluating new business models Cookies / Impulse: transforming the dynamics of the value industry through inorganic moves, seeking to maximize its value Argentina and Brazil: Continue the transformation process and develop business plans with a short-term recommendation that maximizes the value of the asset Evolve the Efficiency program with new methodologies and technologies seeking the optimal use of resources Optimize business processes by leveraging technology and improving processes: Fénix Project Ensure the capture of synergies in our acquisitions to maximize their value through the IMOs Ensure that we have the talent and capabilities necessary to achieve the strategic objectives of the organization Ensure the availability of critical talent for the short, medium and long term Guarantee the development of functional capacities and leadership in the organization Strengthen our organizational health and ensure the culture of One Alicorp" throughout the company People 3

25 People Efficiencies Growth 3 For 09 we have an array of strategic initiatives Description M&A Integration of Fino & SAO Integration of Intradevco Others with focus on the Andean Region Centralization of efforts and know-how of integration in the IMO team Innovation Training of multifunctional team that includes members of Business and Innovation In charge of evaluating and designing disruptive projects under different methodologies to the traditional, always focusing on the end user (Design Thinking). Digital Execution of use cases in Digital, Advanced Analytics and Automation by 00 Development of "Excellence Center" with profiles needed for transformation (Data Scientists, Agile, Designers) Development of an agile organization focused on customer Fenix Implementation of SAP S4 Hana Standardization and process optimization in Alicorp to generate efficiencies throughout the organization Talent Implementation of leadership programs as part of the training offer to ensure availability of talent in the organization 4

26 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ] 5

27 4 The integration of Intradevco is accomplishing the milestones defined in the plan Phase Phase Phase 3 Phase 4 Preparation (D-5 D) Take over (D D30) Integration and synergies (D30-D80) Consolidation and capture (>D80) Stage Today Milestones Preparation of the integration team: team leaders, takeover plans Preparation of work streams Preparation of integration tracking tools: business plan, master plan, etc. Taking control of the business Implementation of the new governance model Alicorp teams working in Intradevco Implementation of integration initiatives, synergies and efficiencies Capture of the first synergies Identification of new synergies Key integrations milestones: Elaboration of budget and marketing plans Design of new organization and IT plan Control and monitoring of Business As Usual vs. DD Control and monitoring of integration initiatives Consolidation of the new organization Identification of new initiatives Consolidation of new processes Integration Process Monthly committee to report progress and key accomplishments of the IMO projects Weekly touchpoints to monitor the status of the Business as Usual and synergies Integration work groups with weekly touchpoints to monitor the capture of the first synergies and the identification of new initiatives Commercial CGP Commercial BB Commercial CGI Marketing Manufacture Supply HR Finance IT Uruguay 6

28 4 The first 00 days of integration activities are on schedule, value creation potential above acquisition case Integration activities progressing better than expected resulting in an updated incremental run-rate EBITDA of ~US$ to US$6 million with a NPV range of ~US$0 and ~US$60 million Multifunctional Teams Annualized expected savings EBITDA run rate (USD mm) EBITDA Capture Top Initiatives Incremental EBITDA run rate per year Commercial & Marketing Operations Optimization of distribution channel Marketing optimization and revenue management [ ] [0.5 [.0 [.5.0] 6.0] 5,.0] [ ] Active purchase management of key raw materials Design-to-value of product portfolio Optimization of supply chain management [ ] [.5.0] Admin & financial [0.5.0] Labor productivity and process efficiency Financial asset liability management [.5 3.5] Other value creation opportunities [.0.5] Strengthen Intradevco s operations in Ecuador, Bolivia and other countries Run rate Total EBITDA run rate [.0 6.0] 7

29 4 and for the following two years, Alicorp has a detailed plan to assure a successful integration of Intradevco Take of control Stabilization Business as Usual Capture of first synergies Synergies capture Process homologation Industrial integration Consolidation IT integration Industrial optimization Commercial & marketing Unification value commercial force Alignment of Marketing & Commercial plan New products Strengthen of International Business International expansion and new geographies Organization & process Design and implementation of the new organization Standardization of key processes Optimization, operating efficiency process Consolidation of the process transformation Technology & tools Aligning of Intradevco IT to Alicorp Preparation for total IT integration First integration of commercial systems Execution of IT integration Total process standardization Industrial plants & supply Take over of the plant, control of industrial policies and processes, identification of value opportunities Integration of standards, processes and internal policies of Alicorp Optimization of production lines and industrial plants 8

30 4 Bolivia is entering into consolidation phase Integration activities are on schedule and value creation potential is above acquisition case and previous review, with RR EBITDA on the high-end of the USD 5.0 to 0.0 million range Phase Phase Phase 3 Phase 4 Integration and synergy Consolidation and value Preparation Take over capture capture (D-5 D) (D D30) (D30-D80) (>D80) Completion Today Latest key accomplishments IT homologation Alicorp Bolivia Project One: Consolidation of Fino & SAO in one society New initiatives and sources of value Functional Front Top Initiatives Description EBITDA Capture Sales & Marketing New platform development Implement commercial projects Expand product portfolio and growth in the BB business, focused on food service Introduce commercial projects in Alicorp Bolivia (suggested order and client segmentation) Supply Chain Distribution and storage efficiencies Savings in commodity exports Savings in export/import freights Leverage Infrastructure in Bolivia to serve the south of Perú Purchase optimization (planning, economies of scale, hedge strategies, among others) Crushing Distribution in Perú Improve sales practices and distribution in Perú leveraging BB capabilities Admin & financial IT architecture to integrate WK efficiencies Structure optimization IT structure and architecture standardization Working capital and financing optimization Each front is composed by working tables with multifunctional teams 9

31 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ] 30

32 5 Guidance for FY 09 FY 08 Guidance 09 REVENUE GROWTH (PEN) (%) 9.3% 0.0% - 4.0% EBITDA MARGIN (%).8%.5% - 4.0% NET MARGIN (%) 6.6% 5.0% - 7.0% ROIC (%) 3.3%.0% - 3.0% NET DEBT/ EBITDA.05x.5x.7x ADJ. NET DEBT/ Norm. EBITDA.50x.3x.5x EPS (PEN) CAPEX (PEN million) Key Considerations Healthy Nutrition Act Antitrust Law FX and commodities behaviors Raw material prices volatility FY09 ROIC guidance including Crushing business. Excluding this business FY09 ROIC would be 3.0% - 4.0% Adjusted Net Debt to EBITDA considers the five year average for the crushing business EBITDA and excludes debt incurred to finance grain inventory 3

33 5 Revenue Guidance FY 09 FY08 Guidance 09 CONSUMER GOODS PERU BB CGI BOLIVIA 8.5% 5.5% 6.5% 609.5% 6.0% - 8.0% 4.5% - 6.5% 55.0% % 67.0% - 7.0% CGI BRAZIL (6.7%) (5.4%) 5.0% - 7.0% 8.0% -.0% CGI ARGENTINA (8.0%).9% 6.0% - 8.0% 00.0% - 0.0% AQUAFEED 8.9% 7.9%.0% - 4.0% 8.0% - 0.0% Total Excl. Crushing.% 9.5% -.5% CRUSHING n.a n.a 45.0% % 40.0% % Consolidated 9.3% 0.0% - 4.0% Guidance in PEN Guidance in local currency 3

34 5 EBITDA Margin Guidance FY 09 FY 08 Guidance 09 CONSUMER GOODS PERU 9.4% 8.0% - 0.0% BB 0.6% 9.5% -.5% CGI BOLIVIA (3.4%) 3.0% - 4.0% CGI BRAZIL.0% 3.5% - 4.5% Includes the impact of IAS 9 and CGI ARGENTINA 4.6% (.0%) - (0.5%) AQUAFEED 4.4%.5% - 3.5% Total Excl. Crushing 3.7% 3.0% - 4.5% CRUSHING n.a.0% - 4.0% Consolidated Profitability guidance remains at the same level Consolidated.8%.5% - 4.0% Includes restatement for redistribution of corporate overhead expenses of newly acquired Bolivia s operation 33

35 5 FY09E Consolidated Figures Estimated Consolidated Revenue 09E By segment By country Aquafeed % Crushing 0% Consumer Goods Peru 34% Bolivia 6% Ecuador 4% Chile 7% Brazil 4% BB 6% Consumer Goods International 8% Peru 5% Argentina 4% Others 4% Revenue 09E: PEN ~0,50mm Estimated Consolidated EBITDA 09E By segment By country Consumer Goods International 9% BB 4% Aquafeed 3% Bolivia 9% Ecuador 9% Chile 3% Consumer Goods Peru 5% Crushing 3% Peru 66% Brazil % Argentina -% Others % EBITDA 09E: PEN ~,350mm 34

36 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ] 35

37 6 Alicorp s top line remains poised for steady growth, underpinned by positive performance from Peru units (CGP & BB). Ramp Up of recent acquisitions should provide additional momentum to secure long-term profitable growth PERFORMANCE SUMMARY REVENUE GROWTH (YoY %) Total Consolidated Strong Revenue Growth in Q 9 amounted to +30.% YoY (+S/ 55 million), mainly explained by the contribution of acquisitions in Bolivia and Peru. Both acquisitions account for ~9% of total revenue growth. Organic Revenue Growth reached.4% YoY (+S/ 4 million), on the back off strong performance of Peru (CGP and BB), as well as Aquafeed in Ecuador. That said, Revenue for CGI decreased as a result of Brazil s weak performance due to both an aggressive contraction in the pasta market as well as delays in the implementation of our new warehouse system. Top Contributors to Revenue Growth were: i) detergents, ii) cookies & crackers, and iii) pasta, for CGP, as well i) industrial flours, ii) margarines, iii) industrial sauces, and iv) frozen products, for BB. as (PEN million) +30.% +.4%, ,735 8 Fino & Sao CG Business and Intradevco 4,03 3,6 34 Q 8' CGP CGI AquaFeed BB Q 9' M&A IAS 9 Q 9' Ex Crushing Crushing Q 9' Consolidated 36

38 6 Q EBITDA grew over 3% YoY on the back of the recent acquisitions and BB s strong performance. Profitability of CGP, Aquafeed and CGI was negatively impacted by several nonrecurring expenses and events. Therefore, we remain confident of our FY09 EBITDA estimates and are so confirming our guidance PERFORMANCE SUMMARY EBITDA GROWTH (YoY %) Consolidated Q 9 EBITDA increased +3.5% YoY (+ S/ 9 million), on the back of recent acquisitions, and BB s strong performance. That said, EBITDA was negatively impacted by non-recurring expenses & events such as: i) a two-month strike the in Salmon feed unit in Chile, ii) CGP s higher advertising expenses (phasing) and temporary lower edible oil volumes due to changes in Peru s VAT regulation for the rainforest region, iii) restructuring expenses and logistics delays in Brazil unit, and iv) expenses related to the Intradevco s acquisition. 09 financial results include non-recurrent events & expenses as well as the impact of the adoption of accounting adjustments which alter the company s profitability. These adjustments include: i) IAS 9 and IFRS in Argentina and ii) IAS 6 in Peru (leases) (PEN million) +3.5% +0.7% Q 8' IFRS 6 One Timers Q 8' CGP CGI AquaFeed BB Q 9' M&A IAS 9 Reestructuring Q 9' Ex Crushing Crushing Q 9' Consolidated.6% 3.0%.5% 6.3%.7%.0% EBITDA Margin 37

39 Q 9 Performance by Business

40 6 Consumer Goods Peru HIGHLIGHTS Q 09 INSIGHTS Reported Revenue and Volume from the Consumer Goods Peru business grew 0.7% YoY and 3.8% YoY, respectively, driven mainly by the inclusion of Intradevco s financial figures. Organically, Revenue and Volume both grew by 4.8% driven by the strong performance of i) Detergents, ii) Canned tuna, and iii) Cookies & Crackers Reported Gross Margin decreased by.4 p.p. YoY. because of i) higher raw material prices, ii) changes in our portfolio mix (higher contribution of value products), and iii) higher sales through the modern channel which has lower margins. Excluding Intradevco s acquisition, Gross Margin decreased. p.p YoY. Reported EBITDA amounted to S/ 40 million with an EBITDA Margin of 8.6%. Excluding the impact of Intradevco s acquisition, EBITDA was S/ million and EBITDA Margin was 8.5% Q 9 EBITDA margin was lower YoY in line with lower gross margin INNOVATION & POSITIONING Detergents Edible Oils Category Rank Edible Oils # Laundry Detergents # Pasta # Mayonnaise # Cereals # Jelly # REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) % YoY (PEN Million) +.0% YoY % 34.9% 33.8% 0.0% 8.5% 8.6% Q 8' Q 9' M&A Q 9' Q 8' Q 9' M&A Q 9' Reported Organic Reported Reported Organic Reported Market share (Δ% YoY) > p.p p.p. < Market share (Δ% YoY) < p.p. Market share (Δ% YoY) < -.0 p.p. M&A includes non-recurring expenses related to Intradevco acquisition 39

41 6 BB HIGHLIGHTS Q 09 INSIGHTS Revenue and Volume increased by 6.6% YoY and 8.% YoY respectively, backed on the growth of Industrial Flours, Sauces, and Frozen products across all platforms (Food Service, Bakery and Industrial Clients) Gross Margin increased by.0 p.p. YoY mainly due to lower raw materials' prices in the Bulk Oils, Margarines and Lards categories EBITDA reached S/ 4 million (+4.% YoY) and EBITDA Margin reached 0.9% explained by the higher Gross Margin and lower sales commissions and logistic expenses such as exports and storage, partially offset by higher selling and raw material hedging expenses REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) 35 (PEN Million) +6.6% YoY +4.% YoY %.5% 9.3% 0.9% Q 8' Q 9' Q 8' Q 9' 40

42 6 Consumer Goods International HIGHLIGHTS Q 09 INSIGHTS PRODUCT INNOVATION Reported Revenue amounted to S/ 394 million while Volume reached 90 thousand tons, growing 57.7% and 45.7% YoY, respectively. Volume growth in all businesses was boosted mainly by the acquisition of Bolivia and the recovery of Ecuador and Argentina, with the only exception of Brazil, which presented a market contraction plus a negative initial impact due to the implementation of a new warehouse management system EBITDA aumounted to S/ 9 million, compared to a negative result in Q8, mostly explained by the acquisition of Fino and Sao, and most recently Intradevco Argentina Hair Care Brazil Pasta REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) % +57.7% YoY % 30.3% 7.7% (PEN Million) -.0% % +S/ 4 million YoY 8 -.6% % 9 4.4% Q 8' Q 9' M&A IAS 9 Q 9' Reported Organic Reported Q 8' Reported Non Recurring Q 8' Organic Q 9' Organic M&A Non Recurring IAS 9 Q 9' Reported Expenses Expenses Excludes accounting non-cash adjustments (IAS 9) and non-recurring expenses M&A includes non-recurring expenses related to Intradevco acquisition 4

43 6 Consumer Goods International - Bolivia BUSINESS INSIGHTS Reported Revenue amounted to USD 4 million, +3.7x Q 8 mostly explained by the acquisition of Fino & Sao and most recently Intradevco. Laundry platform had a strong performance backed on the continued growth of our premium brand Bolivar, and the relaunch of our midstream brand UNO Gross Profit amounted to USD 3 million +0.9x Q 8, with a Gross Margin of 3.0%, lower than the 4.3% margin of Q 8 given the lower margin acquired businesses (edible oils vs. home care) EBITDA was USD 6 million +5.0x Q 8 while EBITDA Margin reached 5.%, including corporate and advisory & consulting expenses REVENUE & GROSS MARGIN HIGHLIGHTS Edible oil Margarine ALICORP BOLIVIA S PORTFOLIO >40% Lard >50% >45% Laundry Soap >50% EBITDA & EBITDA MARGIN Detergents > 8% Pastas > 6% Personal Care > 3% (USD Million) +3.7x YoY (USD Million) +5.0x YoY % % 4.3% 5.3% Q 8' Q 9' Q 8' Q 9' Proforma financials including Fino a Sao s results xxx Volume Market share 4

44 6 Consumer Goods International - Ecuador HIGHLIGHTS Q 09 INSIGHTS Revenue and Volume were USD 9 million (+3.0x Q 8 ) and 6. thousand tons driven mostly by Intradevco s acquisition and behind of innovation in our Don Vittorio Pasta, as well as for our Sauces portfolio EBITDA was USD million (+.5x Q 8 ) and EBITDA Margin was 0.0% compared to.8% of Q 8. Profitability margin decreased mainly because of the new product mix that includes the third-party manufacture of the Ciclon detergent made by Intradevco to La Fabril REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (USD Million) +3.0x YoY (USD Million) +.5x YoY % % 0.0%.8% Q 8' Q 9' Q 8' Q 9' Financials under IFRS 9,5 & 6 43

45 6 Consumer Goods International - Brazil HIGHLIGHTS Q 09 INSIGHTS PRODUCT INNOVATION Reported Revenue amounted to BRL 0 million while Volume reached 3 thousand tons, decreasing 0.6% and 0.5% YoY, respectively Volume decrease was mainly driven by i) the Pasta market s contraction in % and ii) the initial impact of the implementation of a new logistic system, via our SAP platform (warehouse management system). Regarding profitability, Gross Margin decreased 3.3 p.p YoY, reaching 9.7%, while EBITDA Margin decreased 7.0 p.p. YoY, due additional expenses related to our restructuring program Pasta Sauces REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (BRL Million) -0.6% YoY 03 0 (BRL Million) -0.6% -.7x YoY Excluding nonrecurring expenses EBITDA margin was -4.9% % 33.0% 9.7% -8 Q 8' Q 9' Q 8' Q 9' Expenses related to our restructuring program 44

46 6 Consumer Goods International - Argentina HIGHLIGHTS Q 09 INSIGHTS PRODUCT INNOVATION Macroeconomic and business environment is amid a still challenging situation Consumer basket had a sharp contraction, notwithstanding, we gain market share in hair care (+.9 p.p YoY) and detergent (+3.4 p.p YoY) growing.6% YoY and.8% YoY in terms of volume respectively, leading to a total Volume increase of.5% YoY Reported Revenue in Argentinean Pesos increased 65.8% YoY Reported EBITDA was - million of Argentinean Pesos and EBITDA margin was -.%. Excluding IAS 9 and non-recurring expenses, EBITDA Margin would have been.6%, an increase of 4.6 p.p (excluding non-recurring expenses) mainly as a result of the positive impacts of the transformational initiatives deployed under our restructuring program Softeners REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (ARS Million) % YoY,04 50,9 5.9%,09 (ARS Million) -9.% -47 +ARS 38 million YoY 3 3.0% -.0% % -.% -.5% 0.0%.0% -60 Q 8' Q 9' IAS 9 Q 9' Reported Ex IAS 9 Reported Q 8 Reported Nonrecurring expense Q 8 Ex Non-recurring expenses Q 9 Nonrecurring Reported IAS 9 Q 9 expense < Excludes accounting non-cash adjustments (IAS 9) and non-recurring expenses Ex non-recurring expenses and IAS 9 45

47 6 Aquafeed HIGHLIGHTS Q 09 INSIGHTS Revenue and Volume increased by.% and 0.6% YoY, respectively. The Shrimp Feed platform had a strong quarter in terms of revenue growing 9.6% YoY, while the Fish Feed platform decreased 5.% YoY, due to month-long strike in our operations in Chile during January Gross Margin decreased by 0.3 p.p. YoY to 0.7%, due to higher raw material prices (mainly wheat and soybean meal) and freights costs in the shrimp feed platform EBITDA reached S/ 57 million (-9.5% YoY) and EBITDA Margin was.6% (-.4 p.p.), given the lower revenues of the salmon feed business as a result of the month-long strike and the higher bad debt provision of S/ 6.4 million REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (PEN Million) +.% YoY (PEN Million) % YoY 57.0% 0.7% 3.0%.6% Q 8' Q 9' Q 8' Q 9' Financials under IFRS 9,5 & 6 46

48 6 Crushing BUSINESS INSIGHTS HIGHLIGHTS CRUSHING PROCESS DIAGRAM Volume decreased compared to Q4 8 mainly due to the crushing plants shutdown for maintenance, as part of the business seasonality. We consolidated our position as the # in soybean and sunflower collection in the winter crop Gross Margin decreased.9 p.p. vs. Q4 8 as international prices dropped, which impacted the Soybean and Sunflower s Crush Margin during the winter campaign Local Growers Local Demand Exports Crude oil Meals Soybean and Sunflower beans REVENUE & GROSS MARGIN EBITDA & EBITDA MARGIN (USD Million) (USD Million) -4.9% QoQ -45.% QoQ % -5.4%.5% -0.8% - -3 Q4 8' Q 9' Q4 8' Q 9' 47

49 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ] 48

50 7 Q 09 Financial Highlights I FINANCIAL LEVERAGE Net Debt-to-EBITDA ratio increased to 3.53x as of March 09 from.05x as of December 08. Net Debt increased to S/ 3,89 million as of March 09, from S/,000 million as of December 08 (a S/,89 million increase) as a result of Intradevco s acquisition All-in financial expenses over average debt were 3.7% during Q 9 3, same as of December 08 NEW FINANCIAL INTERNATIONAL LEVERAGE ISSUANCE On April 09, Alicorp successfully issued debt in the international capital markets: S/,640 million Senior Unsecured Notes with an 6.875% coupon and 8-year maturity The use of proceeds was to repay the Bridge Loan undertaken for Intradevco s acquisition. With this transaction, Alicorp has largely improved its debt maturity profile II FX HEDGING As of March 09, 7.9% of our total financial debt had FX exposure to the USD volatility. Excluding USD debt in our Bolivian subsidiaries (pegged BOB/USD), FX exposure was 4.4%. After the bond issuance, 89.0% of our debt has fixed rate. III IV CREDIT RATING WORKING CAPITAL Domestic and International credit ratings agencies reaffirmed our investment grade with a "stable" outlook Our recent international issuance is rated by Moody s, S&P and Fitch with Baa3, BBB- and BBB, respectively Cash Conversion Cycle (CCC), on a LTM basis, increased to 37.4 days (as of March 09) from 6.5 days (as of December 08). Excluding Fino, SAO and Intradevco, it would have been 7.0 days Net debt-to-ebitda ratio: i) includes Fino, SAO and Intradevco in the last months, and ii) excludes the effect of IFRS 6 Net Debt is Financial Debt less cash and cash equivalents as of Q 9 (Excludes the effect of IFRS 6) 3 Financial Information includes Fino, SAO and Intradevco in the last months (Excludes the effect of IFRS 6) 49

51 7 In terms of indebtedness, EBITDA growth as well as sale of non-core assets should allow us to significantly reduce our leverage by year-end Net Debt-to-EBITDA ratio as of Q 9 on a pro forma basis (including LTM Fino, SAO and Intradevco) was 3.53x. By Q4 9, we expect a Net Debt-to-EBITDA ratio around [.5x -.7x] including IFRS 6. Net Debt-to-EBITDA Ratio as of Q 9 Year-to-Date ( YTD ) Year-to-Go ( YTG ) 3.53x A [0.8x-0.9x].05x [0.x-0.3x] [.4x-.6x] 0.x [.5x-.7x] Debt Cash EBITDA Q4 8' Q 9' 9 months EBITDA BAP shares sale Q4 9' IFRS 6 Q4 9' ,588, ,080 A.05x 0.0x.66x 3.8x 0.03x 0.3x 3.53x Q4 8' FCF Q 9' Bridge Loan Q 9' Ex IFRS 6 EBITDA Fino &SAO EBITDA Intradevco Q 9' Proforma Net debt-to-ebitda ratio: i) includes Fino, SAO and Intradevco in the last months, and ii) excludes the effect of IFRS 6. Lower Free Cash Flow mainly as a result of capital expenditures. 50

52 Global 7 Q 09 Debt Management Net Debt-to-EBITDA ratio increased during Q 9, mainly due to the Bridge Loan undertaken for Intradevco s acquisition in January 09. As of March 09, 7.9% of our total financial debt had FX exposure to the USD volatility. Excluding USD debt in our Bolivian subsidiaries (pegged BOB/USD), FX exposure was 4.4%. Alicorp's financial guidelines aim to: i) Maintain investment grade rating, ii) iii) By Source iv) Reduce financial expenses, Shift our debt towards functional currency to mitigate FX losses, Smooth the maturity profile, and v) Diversify funding sources TOTAL DEBT By Currency 30.9% Debt before hedging operations, at amortized cost / Debt after hedging operations 3 Financial Expenses includes: Interest expenses, derivatives financial instruments and exchange rate difference FINANCIAL GUIDELINES Dec-8 Mar-9 (Ex IFRS 6) Mar-9 S/ 3,037mm S/ 4,588mm S/ 4,83mm 74.8% 0.3% 8.7% 0.0% 37.5% 4.7% 6.9% 6.% DEBT BREAKDOWN 57.4%.5% 0.3% 8.3% 3.% 4.5% 3.3%.7% 6.9% 78.7% USD PEN BOB Others (BRL, UYU, ARS) 54.7%.0% 0.%.%.% International Bond Local Bonds ST Bank Debt LT Bank Debt Commercial Paper Leases (IFRS 6) 3.0% 4.7% 0.% 4.% (PEN Million) Peru 6, Bolivia 9.6x FINANCIAL EXPENSES RATIO (Ex IFRS 6),40 6 Debt average Financial Expenses 3 Financial expenses ratio 4 EBITDA Proforma / Financial Expenses 3 5.0% 4.8%,65 CREDIT RATING 4 Defined as the LTM interest expense, hedging cost, and foreign exchange losses, divided by LTM Gross Debt average. 5 Financial information including Fino, SAO and Intradevco in the last months. 6 Equilibrium does not publish outlooks for rated instruments, x 9.0x 9.44x 3,57 30 Firm Dec-8 Mar-9 BBB- / Stable BBB / Stable Baa3 / Stable AAA / CP+ / Stable AAA / EQL+ BAA = = = = = = 8.3x 4.% 3.7% 3.7% Q 8' Q 8' Q3 8' Q4 8' Q 9' BBB- / Stable BBB / Stable Baa3 / Stable AAA / CP+ / Stable 5 AAA / EQL+ BAA 5

53 7 Refinancing of Intradevco s acquisition: Global PEN Bonds International Issuance: Results Alicorp registered the highest oversubscription for a corporate in Peruvian currency, with demand reached PEN 5.34 billion (~3.5x the amount of the issuance). Terms & Conditions Transaction Highlights Issuer Alicorp S.A.A. Denomination 6.875% Senior Notes due 07 Format 44A / Reg S On April 4, 09, Alicorp announced a Deal Roadshow with investor meetings in Lima, Santiago, New York, Boston, Los Angeles and London. Over 60% of the issuance was allocated to international investors. This provides liquidity to our bonds while allowing us to expand our base of global debt investors. Ratings Amount Baa3 (Moody s)/ BBB- (S&P)/ BBB (Fitch) PEN,640MM All international credit ratings agencies (Moody s, Standard & Poor s and Fitch Ratings) affirmed the investment grade with a "stable" outlook. Investor Allocation by Region and Type Coupon 6.875% Allocation by Region Allocation by Type Pricing Date April 0, 09 Asset Manager % % % Maturity Date April 7, 07 Tenor Amortization Demand 8-years Three equal amortizations on April 05, 06 and 07 PEN 5,335 million (oversubscription ~3.3x) Peru US Europe LatAm 4% 8% 37% 3% AFP / Pension Fund Hedge Fund Insurance Bank & Trust Private Bank Broker Dealer 5% 3% 3% 37% 5

54 7 Debt maturity profile as of Q 9 A B C During 08, Alicorp took a LT bank debt (USD 400MM) in order to fund the acquisition of Fino and SAO. This debt was partially refinanced through the issuance of a 6-year S/ 9mm bond and a 360-day S/ 50mm commercial paper. In January 09, Alicorp took a Bridge Loan (USD 500MM) to fund Intradevco s acquisition In April 09, the Bridge Loan was refinanced through the issuance of a 8-year S/,640mm bond (due in 07) 6.875% coupon A MATURITY PROFILE : DURATION AS OF MARCH 09 WAS.3 YEARS VS..7 YEARS AS OF DECEMBER 08 December 08: Total Debt: S/ 3,037 million Duration: year years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 0 years years years B March 09: Total Debt: S/ 4,83 million, 906,65 Duration: year years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 0 years years years C March 09 (Proforma After Global Bond): Total Debt: S/ 4,80 million Duration: year years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 0 years years years Leases (IFRS 6) Long-Term Bank Debt Local Bonds International Bond Commercial Paper Working Capital Debt Bridge Loan Global Bond Debt before hedging operations, at amortized cost. / Total debt includes leases under IFRS 6. 53

55 7 Net Income & Net Margin (%) Evolution FINANCIAL EXPENSES EVOLUTION (As % of Total Revenue) Net Income decreased S/ 0.0 million, reaching S/ 93.8 million in Q 9. Net Margin was 4.% (-.9 p.p. YoY) due to higher financial expenses which were partially offset by higher operational contributions. Excluding the acquisition of Intradevco, Net Profit would have been S/ 04 million with a Net Margin of 5.0%.0%.0% 0.0%.% 0.6% 0.0% 0.6%.9%.9% 0.6% 0.8% 0.3% 0.0%.0%.% 0.3% 0.7% 0.% -0.7%.3% + INTRADEVCO.7% 0.3% 0.3%.5%.% -0.% -0.% -.0% Q 8' Q 8' Q3 8' Q4 8' Q 9' Net Financial Expenses FX Gains/Losses FX and Rates Hedging Expenses MAIN DRIVERS OF NET INCOME (YoY) % 0.9% 0.%.4% -.3% - 0.4% 0.% 0.% 4.% Net Income Q 8' Operating Profit Net Financial Expenses Income Tax Net Income Q 9' IAS 9 resulted in as a S/ 45 million financial income Net Profit and Net Margin were calculated excluding Sales and Net Financial Expenses related to Intradevco s acquisition (including Bridge Loan). 54

56 7 Working Capital and CAPEX Management for Q 09 KEY MILESTONES A Alicorp, increased its Cash Conversion Cycle (CCC) from 8.0 days as of Q 8 to 37.4 days as of Q 9, as a consequence of the addition of inventories from acquired companies (FINO and Intradevco). Without taking into account the acquisitions the CCC was 7.0 days. B The Company increased its organic CAPEX during this quarter as a result of expenses in property, plant and equipment and intangible assets. A WORKING CAPITAL EVOLUTION (PEN Million) Without acquisitions Including acquisitions ALICORP S.A.A. INTRADEVCO FINO/SAO A decrease in receivables for S/ million and higher inventories for S/ 08 million, offset by high levels of payables for S/ Acquisitions of IASA/SAO and Intradevco inventory stock of S/ 69 million, increase CCE by 9.4 days.,047 Q 8' Receivables Inventories Payables Q 9' Receivables Inventories Payables Q 9' A A DAYS OF WORKING CAPITAL B CAPEX EVOLUTION (Days) Accounts Receivable Inventories Accounts Payable Q 8 Q 8 Q3 8 Q4 8 CCC Without INTRADEVCO Q Without acquisitions (PEN Million),000,500, Property, Plant & Equipment Acquisitions PP&E as % of Sales 75.9% 9.9% 9.9%,636 (5).4% 589 (3) 377 (4) 3.% Q 8' Q 8' Q3 8' Q4 8' Q 9' 95.0% 75.0% 55.0% 35.0% 5.0% -5.0% Working Capital is defined as the last twelve month (LTM) average of accounts receivable plus average inventory minus average accounts payable Average days as a mean of the LTM balance sheet accounts. 3 Acquisition of FINO in may 08 was for USD 93 million. 4 Acquisition of SAO in august 08 was for USD 5 million. 5 Acquisition of Intradevco in January 09 was for USD million 55

57 7 Cash Flow Build Up as of Q 09 HIGHLIGHTS Cash Flow from Operations was S/ 5 million, mainly explained by higher payments to commodities' suppliers and high stock of inventories of recently acquired companies and in line with the Q 8 results Cash Flow used in Investing Activities was S/,693 million; explained by S/,60 million used to acquire Intradevco, S/ 0 of CAPEX expenditures, S/ 55 million higher than the figure expended during 08, which were partially offset by a S/ 0 million increase in interest received. Cash Flow from Financing Activities was S/,37 million, compared to S/ 6 million as of Q 8', mainly due to take of a Bridge Loan for USD 500 million to finance Intradevco s acquisition MAIN DRIVERS FOR CASH FLOW EVOLUTION (PEN Million),400 Cash Flow from Operations S/ 5 Cash Flow from Investing S/ -,693 Cash Flow from Financing S/,37,00, ,693, , Net Cash on Q4 8' Cash generated from operations Taxes Other expenses from operations Investment Activities Debt Interest Payment Other financial activities Net Cash on Q 9' Investments: time deposits with maturity between 90 days and 360 days and mutual funds. Includes PP&E, acquisitions, software and the acquisition of Intradevco for S/,60 net of cash. 3 Includes FX Translation effect of S/ -0.7 million. 56

58 0% 00% 80% 60% 40% 0% 0% 0% 9% 8% 7% 6% 5% 4% 3% % % 0% 7 OCF & FCF Evolution OPERATING & FREE CASH FLOW (PEN Million) FY 07 FY 08 Q 9' , Free Cash Flow for Q 9 was lower than the same as of 08 mainly due to i) higher CAPEX and ii) the acquisition of Intradevco - 00 Operating Cash Flow Free Cash Flow Free Cash Flow (Ex Acquisition) 4 OPERATING & FREE CASH FLOW CONVERSION OPERATING & FREE CASH FLOW YIELD 98% 90% 87% 9% 8% 7% 73% 85% 7% 7% 0% 8% Q 9' 3/ Q 9' 3/4/5 Operating Cash Flow / EBITDA Free Cash Flow / EBITDA Operating Cash Flow / EV Free Cash Flow / Eq. Value Operating Cash Flow: EBITDA Taxes Changes in Working Capital Free Cash Flow: Operating Cash Flow Cash Flow from Investing Activities Considers reclassification of time deposits with maturities between 90 and 360 days _and mutual funds from Cash Flow from Investing Activities to Cash Flow from _Financing Activities (07: +PEN 84M, 08: -PEN 77M & LTM Q 9 : -PEN 00M) 3 Considers LTM operating and free cash flows (ex IFRS 6) 4 Free Cash Flow not including the amount of Fino, SAO and Intradevco acquisitions _(08: PEN,60M and LTM Q 9 : PEN,76M) 5 Enterprise Value (EV) and Equity Value based on market cap and debt as of March 9 th, 09 (ex IFRS 6) 57

59 Topics Key Investment Highlights [ ] Alicorp at the Glance [ ] Corporate Strategy [ 3 ] IMO Status [ 4 ] Guidance FY09 [ 5 ] Q 9 Performance Summary [ 6 ] Financial Management Strategy [ 7 ] Appendix [ 8 ] 58

60 LatAm Home & Personal Care Strategy

61 8 Home & Personal Care Relevance in the Region Home & Personal Care Market Value (only operating countries) Alicorp Footprint (SOV 8) HC PC Value US$ Bn SOV % HOME CARE FABRIC CARE Laundry Detergent VALUE MIX 7% FABRIC CARE Alicorp 6% Value US$ Bn 0.8. SOV % Laundry Soap 6% 4% Others 74% Value US$ Bn SOV % Value US$ Bn.0.3 SOV % Softeners Stain Removers HOUSEHOLD CARE Bleach Surface Cleaners 0% 3% Total Markets Alicorp Intradevco HOUSEHOLD CARE Others 95% Alicorp 5% Dishwashing Soap HAIR CARE (ARG) Market Volume TN.0 MM Insecticides PERSONAL CARE Hair Care 54% 4% 3% P&G 6% Others 30% Alicorp % UL 33% 7.7 US$ Bn Market Value Oral Care Skin Care Deodorants Total Markets Alicorp Intradevco ORAL CARE (PE) Colgate 65% Others, % Alicorp 4% Presence through Strategic Distributors / Market Size figures as of 08. Source: Kantar Worldpanel. Categories not included: Feminine Care, Baby Care, Paper, Makeup / Excludes our Personal Care business in Brazil 60

62 8 Alicorp Home & Personal Care Proforma Platform Home and Personal Care Proforma Revenue (USD Million) H&P Care CAGR 3-9E : ~6.0%,098 ~,036 8% 8% ~397 ~3 ~57 ~,50 3% 68% Financial Figures 03 63% CGP 37% CGI Food Peru Bolivia Ecuador Consolidated 09E 66% CGP 34%CGI H&PC EBITDA 8 ~0 EBITDA Mg 4% ~% Foods Revenue Home & Personal Care Revenue An strategic approach to unleash further value growth Our Strategic Focus Brand Segmentation Premium HOME CARE PERSONAL CARE Mainstream Value Consolidated Home and Personal Care EBITDA margin We attend consumers functional needs across segments, developing strong emotional connections 6

63 8 Alicorp s Home & Personal Care Aspiration by 03 Strategic Pillars Intradevco Fit in Alicorp s Strategy Growth Focus on opportunities where we can replicate our Peruvian model Current Business New categories for Alicorp Defend and maintain current market share levels in detergents and laundry soap in Peru in spite of new incumbents Continue to grow in detergents in Argentina and softeners and stain removers in Peru HOME CARE PERSONAL CARE Bleach Insecticides Air Care Surface Oral Care Toilet Soap Deodorants Hair Care Aligned to Alicorp s business strategy, Intradevco provides a consolidation of Home Care, having access to the most diversified Household Care platform, and potential for growth outside Peru Efficiencies Improving business profitability and return Distribution channels optimization: similar commercial footprint and focus in traditional channel to grow product availability in mom & pops. COGS optimization: HC platforms can optimize supply chain layouts and sourcing materials Grow in Personal Care in Peru, within a market of. US$ Bn Intradevco provides significant value creation opportunities regarding optimization in gross-to-net, COGS and SG&A which will account for 5% to 5% of the Enterprise Value People Assure the talent and capabilities to fulfill the corporate goals Brand building expertise to expand in adjacent categories coupled with knowledge on how to manage value tiers in both platforms, Home & Personal Care. Combination of strong results and oriented innovations cultures to develop the best products in Home Care & Personal Care 6

64 Milestones & Performance by Business Unit

65 8 Q 09 Milestones RESEARCH & DEVELOPMENT 4 products were launched as part of our innovation strategy, being the most remarkable: The new non-caloric instant powdered juice under the Life brand Spaghetti under the Nicolini brand Pasta under the Don Sapore brand Softener under the Zorro Brand KEY MILESTONES CONTINUOUS EFFICIENCIES IN WORKING CAPITAL We increased our Cash Conversion Cycle ( CCC ) to 37.4 days in Q 9, from 8.0 days in Q 8. Excluding the acquisition of Intradevco, Fino and Sao, our CCC as of March 08 was 7.0 days INDEBTNESS Net Debt-to-EBITDA ratio increased from.x as of December 08 to 3.9x as of March 09. Likewise, Net Debt increased by S/,85 million in the same period, mainly reflecting the leverage undertaken for Intradevco s acquisition REPUTATION AWARDS & RECOGNITION Alicorp was awarded within the top 0 Most Admired Companies in Peru Latin American Executive Team 08 - MidCap Food & Beverages Best CEO, Best CFO and second place for the IR program Included Alicorp like top 00 companies within emerging markets. Net debt-to-ebitda ratio with LTM proforma EBITDA (including Fino, SAO, and Intradevco), and excluding the effect of IFRS 6 it would have been 3.53x Net Debt is Financial Debt less cash and cash equivalents as of Q 9 (includes the effect of IFRS 6) 64