1

First Quarter 2014 Consolidated Financial Statements

Revenues reached S/. 1,390.2 million, an 13.8% increase

versus 1Q13; sales volume reached 392.6 thousand tons, a

13.5% increase versus 1Q13. EBITDA reached S/. 149.8

million, a 12.5% increase compared to 1Q13 and Net

Income reached S/.56.7 million, a remarkable 25.3%

increase compared to 1Q13

Lima, Peru, April 30, 2014. Alicorp S.A.A. (“the Company” or “Alicorp”) (BVL: ALICORC1 and ALICORI1) announced

today its unaudited financial results corresponding to the First Quarter 2014 (1Q14). Financial figures are reported on

a consolidated basis in accordance with International Financial Reporting Standards (“IFRS”) in nominal Peruvian

Nuevos Soles, based on the following statements, which should be read in conjunction with the Financial Statements

and Notes to the Financial Statements published at the Peruvian Securities and Exchange Commission

(Superintendencia del Mercado de Valores (SMV)).

I. FINANCIAL HIGHLIGHTS

During 1Q14, Net Sales reached S/. 1,390.2 million, a 13.8% increase versus 1Q13. Sales volume reached 392.6

thousand tons, a 13.5% increase versus 1Q13, due mainly from revenue increases in pasta, laundry detergents,

sauces, industrial flour, fish and shrimp feed categories. Organic and inorganic Revenues reached S/.1,347.1 million

and S/. 43.1 million respectively. International Revenues represented 39.1% of Total Revenues due to higher sales

in Brasil, Ecuador and Chile.

INVESTOR RELATIONS CONTACT

Fiorella Debernardi Baertl

Treasury Manager & IRO

T: (511) 315-0820

F: (511) 315-0867

E-mail: FDebernardiB@alicorp.com.pe

2

Gross Profit totaled S/. 377.5 million during 1Q14, a 21.7% increase compared to S/. 310.3 million in 1Q13, mainly

due to an decrease en COGS. Gross Margin increased to 27.2% in 1Q14 compared to 25.4% in 1Q13.

EBITDA reached S/. 149.8 million during 1Q14, a 12.5% increase compared to the S/. 133.2 million reported in

1Q13. EBITDA margin slightly decreased from 10.9% in 1Q13 to 10.8% in 1Q14, due to higher marketing and

selling expenses. Net income for the quarter reached S/._56.7 million, an outstanding 25.3% increase compared to

S/. 45.3 million reported in 1Q13, mainly due to the solid Company performance in terms of increasing

probitability.

Alicorp was very active in product innovation during 1Q14, with the launching and relaunching of a variety of

products: In Peru, in the consumer goods business, Alicorp launched an extra virgin olive oil product under the

Primor brand. In the sauces category, a ready to serve Salsa Roja Completa under the Don Vittorio portfolio was

launched. In March, Alicorp launched a new version of one of the most famous recipe cookbooks in Peru, Nicolini.

In the industrial products business, Alicorp relaunched and redesigned 2 flour brands, Blanca Nieve and Inca. In the

food service category, Alicorp launched a new pasta under the Sayon portfolio, and launched a new presentation

packaged in sachets for the Alpesa products. In Brasil, the Company launched 2 different pasta products: Santa

Amalia Speciale with 7 new varieties, and Don Sapore with 4 new varieties. Pastificio Santa Amalia also launched a

new tomato sauce product under the Speciale portfolio. In Argentina, Alicorp launched a new product of the

Okebon cookies portfolio in order to expand its brand products line.

In March, 2014, Euromoney recognized Alicorp as having the best corporate treasury department in Latin America.

Moreover, Alicorp was also ranked as one of the 10 Best Managed Mompanies in LatinAmerica and among the 5

Best Managed Companies in Peru by Euromoney.

Alicorp announced the acquisition of Global Alimentos S.A.C., the leading cereal and snack bars company in Peru,

and Molinos Saracolca S.A.C., a corn milling business in Peru, for USD 107.7 million. The acquisition of all assets,

brands, processing plants and the mill was conducted through a private process between the two companies in

which LXG Capital acted as sole financial advisor.

3

II. FINANCIAL INFORMATION

1. Net Debt to EBITDA is defined as Total Financial Debt plus Cash and Cash Equivalents divided by EBITDA for the last twelve months. 2. Leverage Ratio is defined as Total Liabilities divided by Shareholders’ Equity 3. ROE is defined as last twelve months Net Profit divided by Average Shareholders’ Equity for the last twelve months

FINANCIAL HIGHLIGHTS

(In millions of Peruvian Nuevos Soles) 1Q 2014 1Q 2013 YoY 4Q 2013 QoQ

Net Sa les 1,390.2 1,221.5 13.8% 1,600.8 -13.2%

Gross Profi t 377.5 310.3 21.7% 460.0 -17.9%

Operating Profi t 124.7 109.0 14.4% 215.5 -42.1%

EBITDA 149.8 133.2 12.5% 245.6 -39.0%

Last 12 Months EBITDA 783.3 565.9 38.4% 766.6 2.2%

Net Earnings for the Period/Year 56.7 45.3 25.3% 184.7 -69.3%

Earnings per Share (Common Shares) 0.066 0.053 24.3% 0.215 -69.3%

Current Assets 2,259.9 2,177.8 3.8% 2,131.7 6.0%

Current Liabi l i ties 1,527.0 1,384.3 10.3% 1,191.4 28.2%

Total Liabi l i ties 3,808.4 3,446.7 10.5% 3,528.3 7.9%

Working Capita l 732.9 793.5 -7.6% 940.3 -22.1%

Cash and Cash Equiva lents 88.4 163.0 -45.8% 92.9 -4.8%

Total Financia l Debt 2,145.0 1,969.8 8.9% 1,985.6 8.0%

Current Debt 463.3 436.1 6.3% 280.8 65.0%

Non-Current Debt 1,681.7 1,533.8 9.6% 1,704.8 -1.4%

Shareholders ' Equity 2,255.5 2,076.6 8.6% 2,366.0 -4.7%

RATIOS

Gross Margin 27.2% 25.4% 28.7%

Operating Margin 9.0% 8.9% 13.5%

EBITDA Margin 10.8% 10.9% 15.3%

Current Ratio 1.48 1.57 1.79

Net Debt to EBITDA 2.63 3.19 2.47

Leverage Ratio 1.69 1.63 1.49

Return on Equity 17.2% 17.6% 16.9%

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Brazil 24.2%

Argentina 24.0%

Ecuador 21.3%

Chile 20.2%

Panama 1.8%

Bolivia 1.7%

Others 6.9%

International Revenues (1Q14)

III. INCOME STATEMENT

Revenues

During 1Q14, Revenues reached S/. 1,390.2 million, a

13.8% increase YoY. Domestic increased 3.8% YoY and

international increased 34.1% YoY. During the quarter,

international revenues represented 39.1% of total

revenues, mainly due to higher revenues in Brasil, Ecuador

and Chile.

The main contributors to 1Q14 revenue growth were the

sustained growth in most of categories and an increased

sales growth in the following categories: pasta, detergents,

sauces, industrial flours and frozen products in Peru; pasta,

chocolates and sauces in Brasil. Also contributing to sales

were shrimp feed in Ecuador and fish feed in Chile. Organic

Revenues continued to drive growth, representing 96% of

Total Revenues generated in 1Q14.

Volume in 1Q14 increased 13.5% YoY, mainly due to

increased sales, as well as the growth in the following categories: pasta, laundry soap, edible oils, industrial flours and

bulk oils in Peru; pastas in Brasil; shrimp feed in Ecuador and fish feed in Chile.

Gross Profit

Gross Profit reached S/. 377.5 million during 1Q14, a 21.7% increase compared to 1Q13, mainly due to a decrease in

cost of goods sold as a percentage of sales and an increase in organic growth in the following categories: pasta,

detergents, sauces, industrial flours, frozen products and shrimp feed. Gross margin increased 6.9% YoY, reaching

27.2% during 1Q14.

Alicorp is well-positioned to offset volatility in commodity prices as a result of the following strategies: 1) a purchasing

strategy that allows pricing flexibility, 2) efficiencies generated in costs and expense management programs in place

to improve Alicorp’s competitiveness, and, 3) diversification of the product portfolio to include higher value-added

1,221

1,465 1,535 1,601

1,390

25.4% 27.6% 27.5% 28.7% 27.2%

1Q13 2Q13 3Q13 4Q13 1Q14

Revenues & Gross Margin (PEN Million)

5

products. These tactics helped Alicorp reduce COGS throughtout its 3 business segments.

Operating Income and EBITDA

Operating Income reached S/. 124.7 million (9.0% of net sales) in 1Q14, a 14.4% increase compared to 1Q13. This was

mainly due to solid organic growth and a reduction in COGS as a percentage of total revenues.

In 1Q14, Earnings Before Interest, Taxes, Depreciation and

Amortization (EBITDA) was S/. 149.8 million. This represented a

12.5% increase compared to the S/. 133.2 million reached in 1Q13,

which was mainly due to a higher operating profit compared to

1Q13. EBITDA margin reached 10.8% during 1Q14, maintaning a

similar margin as in 1Q13.

Net Financial Expenses

During 1Q14, Net Financial Expenses increased S/. 13.9 million YoY, mainly due to more expenses related to the

increase in leverage.

Net Income

Net Income reached S/. 56.7 million in 1Q14 (4.1% of Total

Revenues), an increase of 25.3% compared to the S/. 45.3 million

(3.7% of Total Revenues) reached in 1Q13. This increase was

expleained by the increase in Sales and Operating Income. During

1Q14, Earnings per Share (EPS) reached S/. 0.066, higher than the

S/. 0.053 reported during 1Q13, this was explained by organic

growth in 2013 and 2014.

0.053 0.059

0.105

0.215

0.066

1Q13 2Q13 3Q13 4Q13 1Q14

Earnings Per Share (PEN)

133

196 192

246

150

10.9% 13.4% 12.5% 15.3% 10.8%

1Q13 2Q13 3Q13 4Q13 1Q14

EBITDA & EBITDA Margin (PEN Million)

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Results by Business Segments

Consumer Goods

During 1Q14, Revenues and Volume increased 9.4% and

8.8% respectively YoY, due to an increase in revenues

from the following categories: pasta, laundry detergents,

sauces, chocolates and laundry soap. Operating Income

reached S/._55.7 million, a 23.3% decrease YoY, explained

by the increase in SG&A expenses that were mainly driven

by additional marketing from the increase of products

launched this quarter. Operating margin was 7.0% during

1Q14, lower than 10.0% reported during 1Q13. EBITDA

margin reached 9.0% during 1Q14, compared to 12.2% in

1Q13.

Industrial Products

Revenues reached S/. 326.2 million during 1Q14, an

increase of 6.3% compared to 1Q13, mainly due revenues

increase of the following categories: industrial flours,

frozen products, grains, bulk oils and pasta. Volume

increased 9.6% compared to 1Q13 mainly due to increase

in the following categories: industrial flours, bulk oils and

frozen products . During 1Q14, operating Income reached

S/. 29.8 million, a 14.0% increase compared to 1Q13,

mainly due to lower COGS. In 1Q14 operating margin and

EBITDA margin reached 9.1% and 10.7%, respectively,

which were slightly higher than 8.5% and 10.3% reported

in 1Q13, mainly due to an decrease in COGS.

730

887 915 948

798

10.0% 12.4% 10.9% 14.4%

7.0%

1Q13 2Q13 3Q13 4Q13 1Q14

Revenues & Operating Margin (PEN Million)

307

360 394 405

326

8.5% 9.5% 11.0% 10.3% 9.1%

1Q13 2Q13 3Q13 4Q13 1Q14

Revenues & Operating Margin (PEN Million)

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Animal Nutrition

Revenues reached S/. 265.9 million, a remarkable increase

of 43.8% YoY, mainly due to an increase in sales of shrimp

feed in Ecuador, as a result of our strategy for growth and

the inauguration of the shrimp feed production plant in

2013, and the consolidation of our fish feed strategy in

Chile contribuited positevely. Volume increased 33.9% YoY

and 10.0% QoQ. During 1Q14, Operating Income reached

S/._37.4 million, a 256.8% increase YoY, mainly due to a

decrease in COGS as a percentage of revenues, as a result

of efficiencies gained with the new production plant in

Ecuador and synergies for the Salmofood acquisition.

Operating margin reached 14.1% in 1Q14. EBITDA margin

increased significantly from 6.8% in 1Q13 to 15.4% in

1Q14, demonstrating an outstanding growth compared to

previous quarters.

185

218 227 248

266

5.7% 8.8% 7.9%

13.8% 14.1%

1Q13 2Q13 3Q13 4Q13 1Q14

Revenues & Operating Margin (PEN Million)

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IV. BALANCE SHEET

Assets

As of March 31, 2014, Total Assets increased S/. 169.6 million compared to the previous quarter, or 2.9%, mainly as a

result of an increase in Current assets of S/. 128.2 million. This increase in Current Assets was mainly explained by an

increcease in other current assets as guarantee funds maintained for hedging commodities.

Cash and Cash Equivalents decreased from S/. 92.9 million as of December 2013 to S/. 88.4 million as of March 31,

2014. Commercial Accounts Receivable decreased from S/. 959.8 million, as of December 2013, to S/. 890.1 million, as

of March 2014. Commercial Accounts Receivable turnover was 44.5 days during 1Q14 versus 49.2 days during 1Q13.

Inventories increased from S/. 790.3 million, as of December 2013, to S/. 825.2 million, as of March 2014, mainly

explained by the inventories of finished products. Efficiencies generated during the year improved inventory

management. Inventory turnover decreased from 88.4 to 80.0 days from 1Q13 to 1Q14, respectively.

Property, Plant and Equipment increased S/. 15.8 million, from S/. 1,876.9 million, as of December 2013, to S/. 1,892.7

million, as of March 2014, mainly due to CAPEX from the following: 1) consolidation of a new pasta production line, 2)

improvement of the cookies production line, 3) capacity increase of the palm oil processing plant, and 4)

automatization of the detergent plant.

Liabilities

As of March 31, 2014, Total Liabilities increased S/. 280.2 million, mainly due to increased financial short-term

financial liabilities and other current liabilities.

The change in Current Liabilities was primarily due to the increase in short-term financial liabilities of S/. 222.3 million,

and an increase of Other Accounts Payable in S/. 100.1 million. Accounts Payable turnover increased 7.9 days, from

49.2 to 57.1 days from 1Q13 to 1Q14, respectively.

Long-term Liabilities decreased in S/. 55.4 million, mainly due to the decrease of deferred taxes of S/. 30.9 millions

and the decreased of Other Financial Liabilities of S/. 25.5 million.

Total Financial Short-Term Liabilities as of March 31, 2014, was S/ 514.5 million. The Company operates with revolving

credit lines for import financing and working capital requirements.

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Total Financial Long-Term Liabilities at March 2014 was S/. 1,736.7 million, representing 77.1% of Total Financial Debt.

The currency mix for the Financial Debt, after the derivatives hedge, was: 45% in Peruvian Nuevos Soles, 31% in U.S.

Dollars, 18% in Brasilian Reais, with the remaining 6% in Argentine Pesos. The duration of the debt was 6.30 years (not

including short-term debt). During 1Q14, Alicorp undertook 18 foreign exchange forward agreements in order to cover

net cash flow exposure. Currently, the majority of liabilities are fixed-rate, either direct or through derivative

transactions. The average rate of U.S. dollar-denominated debt was 3.50% during 1Q14.

Equity

Shareholders’ Equity decreased by S/. 110.6 million, or

4.7%, from S/. 2,366.0 million as of December 31,

2013, to S/. 2,255.5 million as of March 31, 2014,

mainly due to the dividend distributions. As of March

31, 2014, ROE reached 17.2% (this ratio considers the

average Shareholders’ Equity and Net Earnings for the

last twelve months), close to the 16.9% reported in

2013. This was mainly due to a higher Net Profit

reported on the 1Q14.

351

369

380

17.6%

16.9% 17.2%

2012 2013 LTM 1Q14

Net Income & ROE (PEN Million)

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V. STATEMENT OF CASH FLOWS

Operating Activities

As of March 2014, cash flow from operations was S/. -61.1 million, lower than the S/. 84.8 million reported during

1Q13, explained by higher working capital needs. The Company’s cash position totaled S/. 88.4 million as of March 31,

2014.

Investing Activities

Cash flow from investing activities for 1Q14 totaled S/. -52.3 million compared to the S/.-697.7 million of 1Q13, from

the adquisition of Pastificio Santa Amalia and Industrial Teal. Cash flow from investments during the period was

mainly explained by the S/. 52.4 million used in CAPEX.

Financing Activities

Cash flow from financing activities as of March 31, 2014 was S/. 109.4 million, compared to S/. 279.8 million as of

March 31, 2013, as a result of short term loans taken for the payment of working capital needs.

Existing bank loans are subject to certain debt restrictions, liquidity, profitability and a minimum Shareholders’ Equity.

We no longer have financial covenants in the capital markets. Alicorp is fully compliant with the existing credit

requirements, which allows the Company to take on additional debt, if necessary.

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Liquidity and Leverage Ratios

The Company’s liquidity ratio decreased from 1.57x as of

March 31, 2013, to 1.48x as of March 31, 2014, mainly due to

a higher short-term debt amount. The leverage ratio (Total

Liabilities / Equity) increased slightly from 1.66x as of March

31, 2013 to 1.69x as of March 31, 2014, due to higher

financial liabilities. In terms of the Net Debt / EBITDA ratio,

this ratio increased from 2.47x as of December 31, 2013 to

2.63x, as of March 31, 2014 also due to higher financial

obligations, mostly short term. The Company reported

EBITDA figure of S/. 783.3 million in the last 12 months.

.

1.57 1.85

1.61 1.79

1.48

3.19 3.05 2.96

2.47 2.63

1Q13 2Q13 3Q13 4Q13 1Q14

Current Ratio & Net Debt / EBITDA

Current Ratio Net Debt / EBITDA

12

VI. RECENT EVENTS

Adquisition of Global Alimentos S.A.C.

Alicorp announced the acquisition of Global Alimentos S.A.C., the leading cereal and snack bars company in Peru, and

Molinos Saracolca S.A.C., a corn milling business in Peru, for USD 107.7 million. The acquisition of all assets, brands,

processing plants and the mill was conducted through a private process between the two companies in which LXG

Capital acted as sole financial advisor.

Alicorp will enter the ready-to-eat (RTE) cereals and snack bar market with the acquisition of Peru´s leading cereal

Angel brand. The acquisition is expected to further strengthen Alicorp´s business in a key emerging growth market.

This acquisition is a an important step in Alicorp´s strategic road map to triple the value of the company by 2021 as it will

allow the Company to continue strengthening its leading brands portafolio in Peru by adding a brand that has been market

leader for more than 10 years. The transaction will allow the entry to the RTE and snack bars category, segment which is

rapidly growing in Peru, but still lags other countries in Latin America.

The transaction highlights Alicorp´s commitment to consolidate its leading position in Peru and compete in a market that has

high growth rates and great potential. With this acquisition Alicorp expects to strengthen the market and business growth

through Alicorp’s competitive advantages as: i) brand management and product development, ii) distribution network, iii)

efficiencies in commodities purchase and iv) achievement of higher production efficiencies.

Reorganization of the Animal Nutrition Business

In March 2014, at the General Shareholders Meeting, shareholders approved the reorganization project in which

Alicorp S.A.A and its subsidiary Molinera Inca S.A. transfer the patrimonial block of assets and liabilities to Vitapro S.A.

The reorganization is in line with the Company’s strategic focus of being a leader in the aquaculture industry in the

region, and acknowledges the specific integrated approach that this business requires.

Consumer Goods Business Restruturation

In order to achieve the 2021 vision of triplicating the Company´s value, Alicorp announced its plan to integrate the

Commercial and Marketing Divisions in Peru into a new larger Consumer Goods business, and to create a position for

Vice President of Strategic Planning. The new Consumer Goods Vice President, Patricio Jaramillo, will assume the new

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responsabilities in May of this year, and the new Strategic Planning Vicepresident, Mario Rossi, will assume his

responsabilities on the first quarter of the next year.

Pastificio Santa Amalia accelerates its growth in Brasil

Alicorp´s last international adquisition, Pastificio Santa Amalia, launched a plan to increase production and to

implement its most aggressive Marketing plan since inception. In an interview in one Brasil´s foremost important

economy and finance magazines, Alicorp´s Country Manager, Vicente Barros, discussed that he expects growth will

come from the strenghtehing of it’s Santa Amalia Brand with pasta Speciale in the state of Minas Gerais and the

capacity growth expansion in Pastas will allocateit’s it’s brand to further growth in differents adyacent regions of the

country.

Plant and Process Automatization looking forward 2021

By the 2009, Alicorp began an ambitious project to automate all plants and processes of the Company. Last year, the

Company was invited to exhibit its successful case to one of the most prestigious events on process automatization ,

PSUG, in Houston. During the first quarter of 2014, Alicorp was invited again as one of the event´s main expositors in

order to present the automatization of the detergent plant.

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New Product Launches and Re-launches

During 1Q14, Alicorp´s Consumer Goods Business had many launches and re-launches, mainly in Peru and Brasil.

In the consumer goods business, Alicorp launched an extra virgin olive oil under the Primor

brand. The product is part of the strategy to consolidate Primor as a premium brand and

intending to strengthen the Company´s commitment to high value added and healthy products.

In the sauces category, Alicorp launched a ready to serve red sauce under the Don Vittorio

portfolio, Salsa Roja Completa. The sauce has all the ingredients of the typical homemade

Peruvian dishes and serves as a perfect complement for all types of pasta. The launching of this

product is in line with the Company´s goal strengthening Don Vittorio´s brand in the market

and will help households prepare pasta and it’s sauce faster.

In the home care category, Alicorp relaunched 3 products: a new Bolivar bar soap in new shape

aimed at cleaning more efficiently, new varieties of Bolivar detergents for black, white and

color clothes, and a new Marsella detergent fragrance.

The Nicolini brand launched a new edition of its famous recipe cookbook, “What will I cook

today?”. The cookbooks has been very popular since 1970, and has been relaunched with in

order to reactivate the Nicolini brand in the pasta market.

In the industrial products segment, Alicorp relaunched 2 flour brands, Blanca nieve and Inca,

with the objective of strengthening some of the resistance and baking volumes attributes for

bakery. Both brands were redesigned to increase bakers with the brands.

In the food service category, Alicorp launched a new pasta under the Sayon portfolio aimed

at the value segment with the benefits of the brand´s well known quality to price relation.

The objective of the campaign is to make Sayon pasta the best soup making choice in the

market.

In Argentina, Alicorp launched a new cookie line under the Okebon brand. The product was

launched in order to expand Okebon´s portfolio and to adapt it to changing market trends

towards more healthy products as the product contains real milk and natural sweetners.

15

In Brasil, 2 new varieties of pasta were launched: Santa Amalia Speciale, aimed at increasing

volume, profitability and strengthen the brand, and Don Sapore pasta aimed at targeting the

value segment market. In the sauces category, 3 varieties were launched under the brand

Speciale.

Awards and Social Responsibility

Euromoney awarded Alicorp for being one of the 10 Best Managed Companies in LatinAmerica. The nomination

included 192 companies of Mexico, Brasil, Chile, Argentina, Colombia and Peru; main evaluation criteria being

productivity, growth potential, market strength, quality management and profitability. Alicorp was also recognized

having the best corporate treasury in Latin America.

Alicorp created the first specialized business management program in food cuisine. The program´s purpose was to

teach the restaurant owners to manage their restaurants according to market best practices. The objective, as an

alliance of the Restaurant association and Alicorp, is to consolidate the industrial products in the foodservice

segment.

Alicorp began the workshorps of the “Radio Saludable” program which aims to contribute to improve the child

malnutrition index in the lowest income regions of Peru. In this program, Alicorp works with local radios and with

the World Association of Communitary Radios of Latin America and Caribe (AMARC).

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About Alicorp

Alicorp is a leading consumer goods company headquartered in Peru, with operations in other Latin American

countries, such as Argentina, Brasil, Chile, Ecuador, and exports to 23 other countries. The Company focuses on three

core businesses: (1) Consumer Products (food, personal and home care products), in Peru, Brasil, Argentina, Ecuador,

Colombia and Chile, among other countries, (2) Industrial Food Products (industrial flour, industrial lard, pre-mix and

food service products), and (3) Animal Nutrition (fish and shrimp feeding). Alicorp has over 7,314 employees in its

operations in Peru and international subsidiaries. The Company´s common and investment shares are listed on the

Lima Stock Exchange under the ticker symbols ALICORC1 and ALICORI1, respectively.

Disclaimer

This Press Release may contain forward-looking statements concerning recent acquisitions, its financial and business

impact, management’s beliefs and objectives with respect thereto, and management’s current expectations for future

operating and financial performance, based on assumptions currently believed to be valid. Forward-looking

statements are all statements other than statements of historical facts. The words “anticipates,” “may,” “can,”

“plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be,” and any similar

expressions or other words of similar meaning are intended to identify those assertions as forward-looking

statements. It is uncertain whether the events anticipated will transpire, or if they do occur what impact they will have

on the results of operations and financial condition of Alicorp or of the consolidated company. Alicorp does not

undertake any obligation to update the forward-looking statements included in this press release to reflect

subsequent events or circumstances.

17

NotesMarch 31

2014

December 31

2013Notes

March 31

2014

December 31

2013

Assets Liabilities and Shareholders´ Equity

Current Assets Current Liabilities

Cash and Cash Equivalents 2 88,391 92,890 Other Financial Liabilities 10 514,518 292,175

Other Financial Assets 3 9,172 4,740 Trade Account Payables 697,787 678,974

Trade Account Receivables, Net 890,050 959,774 Other Account Payables 11 205,016 104,871

Other Account Receivables, Net 4 224,626 164,478 Account Payables to Related Parties 4,536 5,151

Account Receivables from Related Parties 319 425 Provisions 75,356 95,326

Advances to Suppliers 57,896 35,531 Current Income Tax 19,948 12,358

Inventories 5 825,166 790,252 Provision for Employee Benefits 12 9,857 2,593

Biological Assets 0 0 Total Current Liabilities 1,527,018 1,191,448

Deferred Tax 81,372 61,967

Other non f inancial assets 70,782 12,104

Assets classif ied as held for sale 12,111 9,559 Non-Current Liabilities

Total Current Assets 2,259,885 2,131,720 Other Financial Liabilities 10 1,736,697 1,762,184

Other Account Payables 11 129,370 126,597

Non-Current Assets Account Payables to Related Parties 0 0

Other Financial Assets 3 283,966 271,609 Deferred Income Tax Liabilities 401,506 432,357

Investments in associates 6 29,268 29,205 Provisions 7,931 8,265

Other Account Receivables 18,829 21,375 Provision for Employee Benefits 12 5,890 7,403

Property, Plant and Equipments, Net 7 1,892,749 1,876,942

Intangible Assets, Net 8 784,347 777,069 Total Non-Current Liabilities 2,281,394 2,336,806

Deferred Tax 85,402 89,067 Total Liabilities 3,808,412 3,528,254

Goodw ill 9 709,452 697,310

Total Non-Current Assets 3,804,013 3,762,577 Sharedholders' Equity

Share Capital 847,192 847,192

Investment Shares 7,388 7,388

Reserves 169,438 160,903

Retained Earnings 1,209,589 1,263,996

Other Shareholders' Equity Reserves 13,035 77,734

Equity Attributable to Owners of the Company 2,246,642 2,357,213

Non-Controlling Interests 8,844 8,830

Total Shareholders' Equity 2,255,486 2,366,043

TOTAL ASSETS 6,063,898 5,894,297 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,063,898 5,894,297

ALICORP S.A.A.

Consolidated Quarterly Financial Statements

As of March 31, 2014 and December 31, 2013

(in thousands of Peruvian Nuevos Soles)

Consolidated Statement of Financial Position

18

Notes

For the Quarter

Ended March

31, 2014

For the Quarter

Ended March

31, 2013

For the cumulative

period Starting on

January 1 and

Ending March 31,

2014

For the cumulative

period Starting on

January 1 and Ending

March 31, 2013

Continuing Operations

Revenue 1,390,229 1,221,450 1,390,229 1,221,450

Other Revenues 0 0 0 0

Net Sales 1,390,229 1,221,450 1,390,229 1,221,450

Cost of Sales -1,012,737 -911,143 -1,012,737 -911,143

Gross Profit (Loss) 377,492 310,307 377,492 310,307

Selling and Expenses -180,793 -133,024 -180,793 -133,024

Administrative Expenses -74,891 -75,019 -74,891 -75,019

Profit (loss) on the disposal of f inancial assets measured at amortized cost 0 0 0 0

Other Operating Income 2,886 6,803 2,886 6,803

Other Operating Expenses 0 0 0 0

Other income (Expenses) 0 -65 0 -65

Operating Profit (Loss) 124,694 109,002 124,694 109,002

Financial Income 15 5,012 4,955 5,012 4,955

Financial Expenses16 -38,494 -25,500 -38,494 -25,500

Exchange differences on translating foreign operations.-19,183 -14,914 -19,183 -14,914

Share in Profits from Associates 0 0 0 0

Profit (Loss) arising from the Difference betw een the Book Value and Fair Value of

the Financial Assets Reclassif ied measured at Fair Value3,817 -8,128 3,817 -8,128

Profit (Loss) before Income Tax 75,846 65,415 75,846 65,415

Income Tax Expense -19,114 -20,151 -19,114 -20,151

Profit for the Year from Continuing Operations56,732 45,264 56,732 45,264

Profit (Loss) for the Year from Discontinued Operations 1 0 1 0

Profit (Loss) for the Period/Year (Net Value) 56,733 45,264 56,733 45,264

Net Profit (Loss) attributable to:

Ow ners of the Company 56,678 46,009 56,678 46,009

Non-Controlling Interests 55 -745 55 -745

Net Earnings (Loss) for the Period/Year 56,733 45,264 56,733 45,264

Basic (cents per share):

Earnings per Share Capital in Continuing Operations 0.066 0.053 0.066 0.053

Earnings per Share Premium in Continuing Operations 0.000 0.000 0.000 0.000

Earnings per Share Capital in Discontinued Operations 0.066 0.053 0.066 0.053

Earnings per Share Premium in Discontinued Operations 0.000 0.000 0.000 0.000

Earnings per Share 0.066 0.053 0.066 0.053

Earnings per Share Premium 0.066 0.053 0.066 0.053

Diluted (cents per share):

Earnings per Share Capital in Continuing Operations 0.066 0.053 0.066 0.053

Earnings per Share Premium in Continuing Operations 0.000 0.000 0.000 0.000

Earnings per Share Capital in Discounted Operations 0.066 0.053 0.066 0.053

Earnings per Share Premium in Discounted Operations 0.000 0.000 0.000 0.000

Earnings per Share Capital 0.066 0.053 0.066 0.053

Earnings per Share Premium 0.066 0.053 0.066 0.053

ALICORP S.A.A.

Consolidated Statement of Comprehensive Income

For the Quaters Ended March 31, 2014, 2013

(in thousands of Peruvian Nuevos Soles)

19

Notes

For the cumulative

period Starting on

January 1 and Ending

March 31, 2014

For the cumulative

period Starting on

January 1 and Ending

March 31, 2013

CASH FLOW FROM OPERATING ACTIVITIES

Collections from (due to):

Sales of Goods and Services Offered 1,441,893 1,449,979

Fees 0 0

Royalties, commissions, and other income from ordinary activities 0 0

Interests and Returns Received (not included under Investment Activities) 0 0

Income Tax Reinbursement 0 0

Dividends Received (not incluided under Investment Activities) 0 0

Other Operating Collections 55,915 21,145

Payments to (due to):

Suppliers of Goods and Services -1,299,465 -1,054,405

Salaries -161,936 -175,921

Income Taxes Paid -22,681 -27,018

Interests and Returns (not incluided under Financing Activities) 0 0

Dividends (not included under Financing Activities) 0 0

Royalties 0 0

Other Operating Payments -68,482 -129,018

Other Payments -6,320 0

Net Cash Generated by Operating Activities -61,076 84,762

CASH FLOW FROM INVESTMENT ACTIVITIES

Collections to (due to):

Reinbursement from Advanced Loans and Loans to Third Parties 0 0

Repayments by Related Parties 0 0

Sale of Financial Instruments (Debt or Equity) to other Entities 0 0

Derivative Contracts (futures, options) 0 0

Net Cash Inflow on Disposal of Associate 0 0

Sale of Participation in Joint Venture, Net of Cash Disbursement 0 0

Sale of Investment Properties 0 0

Sale of Properties, Plant and Equipment 260 0

Sale of Intangible Assets 0 0

Proceeds from Disposal of Other Long Term Assets 0 0

Interests and Returns Received 480 0

Dividends Received 0 0

Income Tax Reinbursement 0 0

Other Cash Collected from Investment Activities 0 0

Payments to (due to):

Advanced Payments and Loans to Third Parties 0 -1,717

Loans to Related Parties 0 0

Purchase of Financial Instruments (Debt or Equity) from Other Entities 0 0

Derivative Contracts (futures, options) 0 0

Net Cash Outflow on Acquisition of Subsidiaries 0 -571,723

Purchase of Participation in Joint Ventures, Net of cash acquired 0 0

Purchase of Participation in Non-Controlling Interests 0 0

Purchase of Investment Properties 0 0

Purchase of Properties, Plant and Equipment -52,413 -118,081

Advance Payments for Work in Progress for Property, Plant and Equipment 0 0

Purchase of Intangible Assets -689 -6,177

Purchase of Other Long Term Assets 0 0

Income Tax Paid 0 0

Other Cash Payments from Investment Activities 106 0

Net Cash (Used in) Generated by Investment Activities -52,256 -697,698

CASH FLOWS FROM FINANCING ACTIVITIES

Collections to (due to):

Short Term and Long Term Loans 360,651 724,188

Loans to Related Parties 0 0

Issue of Ordinary Shares and Other Instruments of Equity 0 0

Sale of Treasury Shares 0 0

Income Tax Reimbursement 0 0

Other Cash Collected from Financing Activities 0 0

Payments to (due to):

Short Term & Long Term Loan Amortizations -196,947 -411,576

Loans from Related Entities 0 0

Liabilities from Leasing Operations 0 0

Repurchase of Shares (Treasury Shares) 0 0

Adquisition of other Participations under Share Capital -54,298 -34,160

Interests and Returns 0 0

Dividends 0 0

Income Tax Paid 0 0

Other Cash Payments from Financing Activities 0 1,385

Net Cash Used in Financing Activities 109,406 279,837

Increase (Decrease) Net Cash Flow, before Exchange Rate Changes -3,926 -333,099

Effects of Exchange Rate Changes on the Balance of Cash Held in Foreign

Currerncies -573 0

Increase (Decrease) Net Cash Flow, after exchange rate changes -4,499 -333,099

Cash and cash equivalents at the beginning of the year 92,890 496,070

Cash and cash equivalents at the end of the year 88,391 162,971

(in thousands of Peruvian Nuevos Soles)

ALICORP S.A.A.

Consolidated Statement of Cash Flows

Direct Method

For the Quarters Ended March 31, 2014 and 2013