Alicorp: A History of Growth: Organic and through Acquisitions

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1 October

2 Alicorp: A History of Growth: Organic and through Acquisitions Merger Acquisition Merger Merger Acquisition Merger Acquisition 1993 Feb 95 Mar 95 Jun 95 Oct 95 Dic 96 Jan 01 Feb 04 Nov 05 Dic 05 Nov 06 May 07 $80MM $900MM Calixto Romero CODISA CIPPSA Consorcio de Alimentos Fabril Pacífico OLPISA Nicolini Lamborgini Opal Marsella Eskimo Ice cream COPSA Molinera del Perú Industrias Pacocha Detergents Plant Molinera Inca Santa Rosa La Fabril SIDSUR Asa Alimentos 2

3 Alicorp: Long Term Strategic Plan Growth Strengthen category / brand portfolio Launch new products International expansion Acquisitions Low cost operations Adequate capital structure 3

4 Alicorp: Today Largest consumer goods company in a growing country Strongest distribution network in Perú Focused on developing new, high value-added products and internationalizing the business Consistent growth and operating improvement Solid financial position 4

5 Alicorp: Business Units Revenues 2007E US$900 MM Consumer Products Industrial Products Animal Nutrition Ice Cream International Edible Oils Margarine Mayonnaise, sauces Laundy soap Cookies & Crackers Pasta Pet Food Detergents Powdered drinks Jello Personal care Industrial Flour Baking Flour Shortenings Pre-mixes Omega 3 Stearic Acid Glicerine Shrimp Feed Trout Feed Ice cream Mayonnaise, sauces Laundry Soap Cookies & Crackers Pasta Pet Food Powdered drinks Jello Personal care Ice cream 5 US$ 510 (58%) US$ 259 (30%) US$ 65 (7%) US$ 8 (1%) US$ 36 (4%)

6 6

7 Alicorp: Undisputed Leader in Consumer Products Category Key Brands Market Share Position Edible oils Primor, Primor Premium, Capri 55% #1 Pasta Don Vittorio, Lavaggi, Nicolini 47% #1 Laundry soap Bolivar Vida, Marsella, Jumbo 86% #1 Mayonnaise Alacena 94% #1 Margarine Sello de Oro, Manty 43% #1 Cookies Casino, Tentación, Glacitas, Chomp 32% #1 Flour Nicolini, Blanca Nieve, Inca 59% #1 Detergents Bolivar, Opal 27% #2 Pet food Mimaskot, Nutrican 42% #1 Ice cream Lamborgini 14% #2 Competitor Molinos (ARG) Molitalia (CHI) Locals Unilever Unilever Kraft Locals P&G Nestle Nestle Powdered drinks Yaps, Negrita, Kiribá, Kanú 67% #1 Kraft 7

8 Peru: Gross Domestic Product (% Change) 8% 7% 6% 5% 4% 3% 2% 1% 0% e 2008f 2009f e: estimate, f: forecast. Source: BCRP, MEF. 8

9 Gross Domestic Product Country US$ Billion Real % change e 2008f Brazil 1, Mexico Argentina Venezuela Chile Colombia Peru LATAM TOP 7 2, Germany 2, Euro Zone 14, US 13, e: estimate, f: forecast. Source: IMF. 9

10 Peru: Industrial GDP (% Change) * Manufacturing Non-primary manufacturing Industrial GDP S growth rate above GDP growth rate. *June Source: BCRP. The food and beverage industry represents 4.3% of global GDP. The growth of this sub-sector was 9.3% in 2006 and 9.4% in the first semester of

11 Peru: Annual household expenditure Economic region 2006 (US$ MM) % chg. Lima Metrop. 17, Central coast 2, North coast 4, South coast Jungle 3, South highlands 3, Central highlands 2, North highlands 1, Peru 36, Source: INEI. 11

12 Peru: Imports (US$ million) 21,000 18,000 Capital goods Raw materials and intermediate goods Consumer goods 15,000 12,000 9,000 6,000 3, e 2008f e: estimate, f: forecast. Source: BCRP, Macroconsult. 12

13 Peru: Country Risk Bps. 1,600 1,400 1,200 1, EMBI+ Peru spread EMBI+ LatAm spread Country Risk 15-Aug-07 EMBI Peru 167 EMBI Argentina 469 EMBI Brazil 200 EMBI Venezuela 420 EMBI Colombia 186 EMBI Ecuador 696 EMBI Mexico Source: JP Morgan. 13

14 Peru: Inflation Rates May-07 YoY Argentina 9.2 Colombia 4.9 Mexico 3.7 Brazil 3.6 Chile 2.9 Peru CPI Core CPI Target Source: BCRP. 14

15 Peru: Interest Rates FED LIBOR 3 months BCRP Source: BCRP, FED. 15

16 Peru: Financial system credit and dedollarization US$ Billion Nuevos Soles US$ 2007 till may. Source: BCRP. 16

17 Peru: Business Enviroment Indicator Peru Colombia Argentina Brazil Ecuador Ease of doing business ranking Procedures to start a business Investor protection index Import costs (US$ /container) ,773 1,750 1,145 1,090 Source: Doing Business Report According to the Doing Business Report 2007, Peru is one of the top ten countries which had applied the most important investment- friendly reforms. 17

18 Peru: Poverty and children malnutrition reduction Year Poverty Extreme Poverty % 24.1% % 24.2% % 21.9% % 19.2% % 17.4% % 16.1% % nd Malnutrition Urban 16% 13% 10% nd Rural 40% 40% 39% nd National 26% 25% 24% 16% Source: INEI, ENDES. 18

19 Alicorp: Revenues % Growth: 5.6% average per year E 19

20 Alicorp: EBITDA US$ 51 MM E 20

21 Alicorp: Financial Debt US$ 126 MM Financing Growth E 21

22 Peru Macroeconomic and political stability. Sustainable GDP, and GDP per capita growth, with strong economic fundamentals. Close to achieving Investment Grade. Key growing economic activities: mining, turism and agriculture products, oriented to foreign markets. Adequate business environment for investments. Improvement and descentralization of increasing public investment. Welfare programs in place with ambitious poverty-reducing goals. Future perspectives: large mining projects, FTA with USA, Canada, China and others. 22

23 Alicorp: Creating Shareholder Value Share Price in S/ CAGR: 33.6% Dic '00 Dic '01 Dic '02 Dic '03 Dic '04 Dic '05 Dic '06 Set '07 23

24 THANK YOU 24

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