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Second Quarter 2015 Consolidated Financial Statements

Revenues totaled S/. 1,638.8 million, a 4.9% increase versus

Q2 14’. Gross Profit amounted to S/._458.9 million, an

increase of 9.4% YoY. Total debt was reduced by S/._289.7

million, a drop of 10.7% versus December 2014.

Lima, Peru, July 30, 2015. Alicorp S.A.A. (“the Company” or “Alicorp”) (BVL: ALICORC1 and ALICORI1) announced today

its unaudited financial results corresponding to the Second Quarter 2015 (Q2 15’). 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

The Company had a 4.9% increase in revenues totaling S/. 1,638.8 million, despite a lower growth environment

across Latin America for 2015. Revenue growth was supported by the following categories: detergents (13.1%

YoY), cereals (24.2% YoY), hair care (28.1% YoY), beauty soap (41.9% YoY), edible oils (7.7% YoY), laundry soap

(10.8% YoY), sauces (5.8% YoY), bulk oils (2.7% YoY), frozen products (26.1% YoY), industrial flours (13.9 % YoY),

shrimp feed (25.2% YoY) and fish feed (11.5% YoY). For the second quarter of 2015, International Revenues

reached 41.1% of Total Revenues due to higher sales mainly in Ecuador, Argentina and Chile. Volume reached

436.1 thousand tons, down 1.2% versus Q2_14’.

In line with Alicorp´s organic growth strategy, we entered the liquid detergents market under the Bolivar brand in

Peru and launched a new brand of beauty soap “Campos Verdes” in Argentina. Overall, the Company launched

and revamped 15 new products (13 for Consumer Goods and 2 for B2B Products) and kept gaining market share

in most of its core categories.

This quarter we recovered Gross Margins by 120 bps and our Gross Profit reached S/. 458.9 million, a 9.4%

INVESTOR RELATIONS CONTACT

Alexander Pendavis

Corporate Finance Manager & IRO

T: (511) 315-0820 Ext.444410

F: (511) 315-0867

E-mail: apendavish@alicorp.com.pe

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increase compared to S/. 419.5 million in Q2 14’, explained by both the increase in sales in Ecuador, Argentina and

Peru as well as the increase in margin for Consumer Goods Peru and International, especially for our business in

Argentina which presented a positive turnaround. Gross Margin increased to 28.0% in Q2 15’ from 26.8% in Q2

14’.

EBITDA Margins had a reduction of 70 bps amounting to S/. 156.8 million in Q2 15’, a drop of 2.5% compared to

Q2 14’. EBITDA margin decreased from 10.3% in Q2 14’ to 9.6% in Q2 15’. EBITDA was still negatively impacted

by: i) the closing of the remaining December 2014 commodities position and ii) the payment of premiums to hedge

our 2015 inventory.

The various initiatives undertaken in Argentina to jointly reduce costs, increase margins and lower debt,

resulted in an improvement of our performance for the quarter. Revenues increased by 11.5% YoY and EBITDA

increased from S/.0.8 million in Q2 14´to S/. 2.6 million in Q2 15´. Consequently, improved financial results coupled

with the April 15´capital injection allowed the subsidiary to decrease debt by S/. 116.3 million compared to Q4 14´.

We continued our strategy to reduce US$ FX exposure. During the second quarter the Company executed

additional private repurchases (in addition to its January 2015 Tender Offer) for its Senior Notes due 2023,

completing our target of US$ 150.0 million buyback. In addition, we closed S/. 316 million 3.5-year loan to

refinance our short-term US$ and PEN liabilities.

In line with one of our key targets for 2015, the Company reduced its debt by S/. 289.7 million, a 10.7%

reduction versus December 2014, from S/. 2,699.2 million in Q4 14’ to S/._2,409.5 million in Q2 15’. As of June

30, 2015, short-term debt decreased to 6.6% and dollar-denominated debt decreased to 11.3% (post hedge) of

total debt.

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FINANCIAL INFORMATION

FINANCIAL HIGHLIGHTS

(In millions of Peruvian Nuevos Soles) Q2 2015 Q2 2014 YoY Q1 2015 QoQ

Net Sales 1,638.8 1,562.6 4.9% 1,508.9 8.6%

Gross Profit 458.9 419.5 9.4% 415.7 10.4%

Operating Profit 118.6 132.7 -10.6% 113.8 4.2%

EBITDA 156.8 160.8 -2.5% 149.5 4.9%

Last 12 Months EBITDA 477.9 740.6 -35.5% 483.4 -1.1%

Net Earnings for the Period/Year 7.0 69.5 -89.9% 19.9 -64.8%

Earnings per Share (Common Shares) 0.008 0.081 -89.9% 0.023 -64.8%

Current Assets 2,611.6 2,468.4 5.8% 2,560.5 3.2%

Current Liabilities 1,803.2 2,055.7 -12.3% 1,955.7 -7.8%

Total Liabilities 4,446.2 4,287.6 3.7% 4,391.7 1.2%

Working Capital 808.4 412.7 95.9% 604.8 38.9%

Cash and Cash Equivalents 138.9 104.8 32.5% 112.2 23.8%

Total Financial Net Debt 2,270.6 2,402.6 -5.5% 2,424.5 -6.3%

Total Financial Debt 2,409.5 2,507.4 -3.9% 2,536.7 -5.0%

Bank Loans 273.1 862.3 -68.3% 571.6 -52.2%

Long-Term Debt 2,136.4 1,645.1 29.9% 1,965.1 8.7%

Shareholders' Equity 2,179.0 2,383.5 -8.6% 2,063.5 5.6%

RATIOS

Gross Margin 28.0% 26.8% 4.5% 27.5% 1.8%

Operating Margin 7.2% 8.5% -15.3% 7.5% -4.0%

EBITDA Margin 9.6% 10.3% -6.8% 9.9% -3.0%

Current Ratio 1.45 1.20 20.8% 1.31 12.2%

Net Debt to EBITDA 4.75 3.24 46.6% 5.02 -5.4%

Leverage Ratio 2.04 1.80 13.3% 2.13 -4.2% 1. Net Debt to EBITDA is defined as Total Financial Debt minus Cash and Cash Equivalents divided by EBITDA for the last twelve months. Net Debt to EBITDA for Q1 15’ is 3.50 and 3.31 for Q2 15’, ex losses of hedging operations of Q4 14’. Net Debt to EBITDA for Q1 2015 includes EBITDA from acquisitions of S/. 1.5 million 2. Leverage Ratio is defined as Total Liabilities divided by Shareholders’ Equity

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Ecuador 29.6%

Argentina 23.8%

Chile 19.5%

Brazil 17.7%

Others 9.3%

International Revenues (Q2 15')

II. INCOME STATEMENT

Revenues

During Q2 15’, Revenues reached S/. 1,638.8 million, a

4.9% increase YoY. Revenues in Peru increased 1.3% YoY

(4.7% in Consumer Goods Peru, -4.0% in B2B Products and

0.6% in Animal Nutrition) and international revenues

increased 10.5% YoY, due to an increase in Animal

Nutrition sales and Consumer Goods in Argentina. The

main contributors to revenue growth in Q2 15’ YoY were

the following categories: detergents, cereals, hair care,

beauty soap, edible oils, laundry soap, sauces, bulk oils,

frozen products, industrial margarines and shrimp and fish

feed.

During the quarter, international revenues accounted for

41.1% of total revenues, mainly due to higher revenues

generated by the Animal Nutrition business in Ecuador and

Chile, and higher sales in Argentina despite lower sales in

Brazil explained by currency depreciation (sales increase

3.6% in Brazilian Reals).

Sales in Q2 15´ were driven mainly by organic growth on

the back of: our strategy for new product launches and the

strengthening of our core megabrands; the consolidation

of our distribution networks in our international Consumer Goods division; the increase of our client base in Animal

Nutrition; and our efforts to maintain market share in our B2B Products.

1,563 1,644 1,686

1,509 1,639

26.8% 28.0% 27.7% 27.5% 28.0%

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Revenues and Gross Margin (PEN Million)

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Gross Profit

Gross Profit reached S/. 458.9 million in Q2 15’, representing a 9.4% increase compared to Q2 14’, explained by higher

sales of our core categories and new products in Peru and Argentina which gave us an important margin expansion in

Consumer Goods. Gross Margin increased 4.3% YoY, reaching 28.0% during Q2_15’, compared to 26.8% obtained in

Q2 14’.

Alicorp has been able to expand Gross Margins in the Consumer Goods division as a result of the following strategies:

i) a dynamic raw material purchasing strategy which allows us to maintain competitive and flexible pricing across our

categories, ii) consolidation of our investments in efficiencies and consolidation of our production capacities at our

different plants (pastas, cookies, detergents and palm oil) which optimize production costs, iii) the continuous

diversification of our portfolio, with 30 launches and re-launches in the current year, enables us to enter new and

more profitable market segments, and iv) the reduction of Cost of Goods Sold in Argentina due to the elimination of

third-party production outsourcing as a result of the plant shutdowns in 2013.

Operating Income and EBITDA

Operating Income reached S/. 118.6 million (7.2% of net sales) in

Q2 15’, a 10.6% decrease compared to Q2 14’. This was mainly due

to a lower Operating Margin in our B2B Products explained by

lower sales and Gross Margin as a result of our aggressive pricing

and the development of a new business model to enter different

market segments, all based in the objective to regain market share

to our peers in Peru. Operating Profit for the period includes

expenses associated with our commodity hedging strategy to cover

our inventory levels from price variations; and the closing of the

December position executed in April 2015. This expense totaled S/.

26.5 million associated with net coverage premiums and the time value of our hedging positions.

In Q2 15’, earnings before interest, taxes, depreciation and amortization (EBITDA) was S/. 156.8 million. This

represented a 2.5% decrease compared to the S/. 160.8 million reported in Q2 14’. EBITDA margin was 9.6% during

Q2_15’.

1,563 1,644 1,686

1,509 1,639

10.3% 12.0%

-1.5%

9.9% 9.6%

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Revenues & EBITDA Margin (PEN Million)

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Net Financial Expenses

During Q2 15’, Financial Expenses increased S/. 13.1 million YoY, explained by the higher cost of refinancing the

Company´s short-term debt in US$ to long-term debt in PEN, in line with our strategy to reduce FX exposure to US$

denominated debt and extend the Company´s maturity profile.

During Q2 15’, currency exchange losses reached S/. 12.7 million, S/.14.3 million increase YoY, explained by Nuevo Sol

appreciation versus the US Dollar during Q2 14’.

The losses for currency hedging instruments increased S/. 37.4 million YoY, due to variations in the time value of our

Call Spread; executed to hedge US$ 275 million of our International Bond. It’s important to point out that this implies

an expense in terms of fair value recognition of the assets but has no impact on the Company´s cash flow.

Net Income

Net Income totaled S/. 7.0 million in Q2 15’ compared to the S/. 69.5 million reached in Q2 14’, a decrease of S/._62.5

million. Net Income was materially affected by: i) a lower contribution of B2B Products associated to our strategy to

recover market share, ii) an increase in the losses related to currency hedging of S/._37.4 million, iii) an increase in the

losses for exchange rate fluctuations of S/. 14.3 million, and iv) higher Financial Expenses of S/. 13.1 million.

Consequently, Earnings per Share (EPS) for Q2 15’ reached S/. 0.008, lower than the S/. 0.081 reported during Q2 14’.

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Results by Business Segment

Consumer Goods

During Q2 15’, Revenues increased 3.9% YoY even though volumes

decreased by 0.8% YoY. Revenue growth drivers were detergents,

cereals, hair care, beauty soap, edible oils and laundry soap.

Revenues for Consumer Goods Peru increased 4.7% YoY, an

outstanding growth despite the country’s economic deceleration.

Revenues for Consumer Goods International increased 2.5% YoY

explained by higher sales in Argentina despite lower sales in Brazil

as a result of the depreciation of the Brazilian Real versus the Nuevo

Sol.

Consolidated Consumer Goods Operating Income reached S/. 82.8

million, a 3.5% increase YoY, due to a higher Gross Margin.

Operating margin was 8.9% during Q2 15’, lower than the 9.0%

reported in Q2 14’ explained by higher depreciation in 2015.

Consequently, we recovered our EBITDA margin that reached 11.9%

during Q2 15’, higher than the 11.1% reported in Q2 14’.

Revenues and Volume of Consumer Goods Peru reached S/. 592.5

million (4.7% YoY) and 124.3 thousand tons (1.3% YoY) in Q2 15’,

respectively, mainly explained by the increase in Revenues in

detergents, cereals, edible oils and household flour. EBITDA reached

S/. 90.7 million and EBITDA margin was 15.3% an increase of 10.6%

YoY, mainly due higher sales and Gross Margin. We continue to

consolidate our brands in Peru, which has resulted in higher market

shares in categories such as: softeners (+12.5 p.p.), margarines

(+4.3% p.p.), laundry soap (+2.3% p.p.), detergents (+2.1% p.p.), and

pasta (+0.8% p.p.).

In our International Consumer Goods business we focused on

recovering margins via aggressive pricing which increased our

Revenues by 2.5% YoY, despite the devaluation seen in the region,

which affected our Volumes that decreased 4.2%. Revenue growth

891 936 940 840

926

11.1% 12.1% 11.1% 10.9% 11.9%

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Consolidated Consumer Goods Revenues & EBITDA Margin

(PEN Million)

566 612 622

528 592

13.8% 16.5% 16.6% 14.7% 15.3%

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Consumer Goods Peru Revenues & EBITDA Margin

(PEN Million)

325 324 317 312 333

6.2% 3.8% 0.3% 4.6% 5.7%

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Consumer Goods International Revenues & EBITDA Margin

(PEN Million)

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drivers were mainly in Argentina´s hair care, beauty soap, laundry soap and detergents. EBITDA margin reached 5.7%,

lower than 6.2% in Q2 14’ but better than 4.6% in Q2 15’.

Revenues for Argentina increased S/. 16.5 million, an outstanding increase of 11.5% YoY. EBITDA margin increased to

1.6% explained by a higher Gross Margin as conversion costs were reduced. This EBITDA figure represented the first

positive EBITDA for the Argentina operation since Q2 14’. The operating improvement also comes from reduction in

administrative expenses.

Revenues for Brazil decreased in S/. 21.5 million due the depreciation of the Brazilian Real versus the Nuevo Sol during

2015 (9.8%). EBITDA decreased in S/. 3.7 million and EBITDA margin was 7.6%. Revenues (in Brazilian Reals) and

Volume increased 3.6% and 5.4%, respectively. Additionally, the pasta market share increased 1.4% p.p. in the region

of Minas Gerais.

B2B Products

Revenues and Volume reached S/. 357.5 million (-4.4% YoY) and

138.1 thousand tons (-6.4% YoY) in Q2 15’, as a result of our

aggressive pricing and the development of a new business model to

enter different market segments, all based in the objective to regain

market share in the Industrial flour category against lower priced

competitors. Nevertheless, the Company increased market share in

bulk oils (+1.9% p.p.) and industrial margarines (+1.6% p.p.). In Q2

15’, operating income reached S/. 22.8 million, a decrease of 32.7%

compared to Q2 14’, mainly due to a lower Gross Margin as a result

of the sales decrease. In Q2 15’, Operating Margin reached 6.4%,

lower than the 9.1% reached in Q2 14’. Consequently, EBITDA Margin

decreased to 8.3% during the Q2 15’.

The business focus in the coming quarters will be based in cost reductions and efficiencies in the production and

commercialization chain as well as the consolidation of our frozen bakery products through the new subsidiary,

Masterbread.

374 395

373 331

357

10.6% 12.5% 9.6% 8.8% 8.3%

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Revenues & EBITDA Margin (PEN Million)

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Animal Nutrition

Revenues and Volume reached S/. 355.5 million (19.6% YoY) and

99.0 thousand tons (6.4% YoY) in Q2 15’, mainly due to higher

Revenues from shrimp feed in Ecuador, driven by the Inbalnor plant

expansion to 170,000 MT, as well as the consolidation of the

business strategy for the sale of fish feed in Chile. We continue our

strategy to: i) keep growing by increasing market share in Ecuador

by pushing for higher margin value-added products, such as Nicovita

healthy diet products and ii) be the best alternative service of the

salmon industry in order to keep increasing feed conversion rate to

farmers to reach our profitability and volume targets for the year.

During Q2 15’, Operating Income reached S/. 44.1 million, a 10.6%

increase YoY, mainly due to strong sales growth. Operating Margin

reached 12.4% while EBITDA margin reached 13.7% in Q2 15’.

297 312

373 338 356

14.7% 11.2% 13.6% 13.1% 13.7%

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Revenues & EBITDA Margin (PEN Million)

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III. BALANCE SHEET

Assets

As of June 30, 2015, Total Assets decreased S/. 191.8 million compared to December 31, 2014, mainly as a result of a

decrease in Current Assets of S/. 171.6 million. This decrease in Current Assets was mainly explained by a reduction in

Other Financial Assets (mainly the reduction in the Guarantee Fund for Commodity Hedging), after the closing of the

commodity hedging position of the Q4 14’ and Other Accounts Receivables.

Cash and Cash Equivalents increased from S/. 99.5 million as of December 31, 2014 to S/. 138.9 million as of June 30,

2015. Because of our growth in Revenues, the Commercial Accounts Receivable increased from S/. 977.7 million in

December 2014 to S/. 983.4 million at June 2015. Commercial Accounts Receivable turnover was 46.7 average days

during Q2 15’ versus 47.6 average days during Q4 14’.

Inventories increased from S/. 987.6 million as of December 2014 to S/. 1,051.1 million as of June 2015, mainly

explained by the inventories of raw materials in transit. Nevertheless, Inventory turnover average decreased from

88.3 to 83.3 days from Q4 14’ to Q2 15’, respectively.

Property, Plant and Equipment increased S/. 14.6 million, from S/. 2,073.6 million as of December 2014 to S/. 2,088.2

million as of June 2015, mainly due to the conclusion of our CAPEX plans from: 1) capacity increase of palm oil

processing plant, 2) construction of a new pasta production line, 3) construction of a new production line of cookies

and crackers, 4) capacity increase of the new detergent plant in Callao, 5) capacity increase of Inbalnor Plant and

6)_reconstruction of plant in Argentina.

Liabilities

As of June 2015, Total Liabilities decreased S/. 274.8 million due to a decrease in short-term financial liabilities, mainly

short-term financing in Peru according to our positive cash flow from operations.

The decrease in Current Liabilities was primarily due to the decrease in Current Financial Liabilities of S/. 886.7 million,

due to a decrease of S/. 663.9 millions in Current Financial Debt and of S/. 226.6 in Hedging Instruments.

Commercial Accounts Payable increased in S/. 245.8 million and Accounts Payable turnover increased 9.1 days, from

69.5 to 78.6 from Q4 14’ to Q2 15’, respectively.

Long-term Liabilities increased by S/. 309.7 million, mainly due to the increase of Other Financial Liabilities of

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S/._406.6 million, related to the refinancing of short-term debt.

Total Current Financial Debt as of June 2015, was S/. 273.1 million, a S/. 663.9 million reduction versus Q4 14´

explained by lower debt in Peru and Argentina. The Company keeps intact its revolving credit lines for import

financing and working capital requirements, with low financial costs.

Total long-term Financial Debt at June 2015 was S/. 2,136.4 million, representing 88.7% of Total Financial Debt,

compared to 65.3% in December 2014. This was due to the debt restructuring process that included the issuance of

S/._500.0 million in local debt in January 2015 and the medium term loan of S/. 316.0 million with BBVA Continental in

June 2015. The currency mix for the financial debt in Q2 15’, after the derivatives hedging, was 75.7% in Peruvian

Nuevo Soles, 11.3% in U.S. Dollars, 5.7% in Brazilian Real, with the remaining 7.3% in Argentine Pesos. Only 3.5% of

the total debt has FX exposure to US$/PEN depreciation. The duration of total debt was 5.19 years at June 2015

compared to 3.90 at December 2014. Long-term duration for Q2 15´was 5.53. During Q2 15’ Alicorp undertook 22

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.

Equity

Shareholders’ Equity increased by S/. 83.0 million, or 4.0%, from S/. 2,096.0 million at December 2014, to S/._2,179.0

million at June 2015, primarily due to the effect of net profit and currency translations of the subsidiaries’ financial

statements.

IV. STATEMENT OF CASH FLOWS

Operating Activities

As of June 2015, cash flow from operations was S/. 583.7 million, S/. 447.0 million higher than in the same period of

2014 due to i) higher sales, and ii) working capital improvements, particularly the reduction of accounts receivable,

the decrease in inventory, the decrease in the guarantee fund for commodity hedging and improvements in accounts

payable days. The Company’s cash position totaled S/. 138.9 million at June 2015.

Investing Activities

Cash flow allocated to investing activities as of Q2 15’ totaled S/. -70.0 million, of which S/. 80.4 million were used

towards CAPEX, compared to S/. 133.6 million during the same period of 2014.

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Financing Activities

Cash flow from financing activities as of Q2 15’ was S/. -477.9 million, compared to S/. 304.1 million as of Q2 14’,

mainly due to the debt reduction in accordance with the Company’s deleveraging plan.

Liquidity and Leverage Ratios

The Company’s liquidity ratio increased from 1.17x at

December 2014, to 1.45x at June 2015, mainly due to lower

short-term debt. The leverage ratio (Total Liabilities / Equity)

decreased from 2.25x at December 2014 to 2.04x at June

2015, due to lower financial liabilities. In terms of the Net

Debt_/ EBITDA ratio, this ratio decreased from 5.35x at

December 2014 to 4.75x, at June 2015 due to a reduction of

Financial Debt in S/.289.7 million. EBITDA for the trailing 12

months reached S/. 477.9 million, together with positive

working capital allows the Company to continue the

deleverage process according with our latest guidance.

V. RECENT EVENTS

New Product Launches and Revamping of Existing Products

During Q2 2015, Alicorp´s Consumer Goods Business launched and revamped many products in Peru and Argentina.

In the Consumer Goods Business, Alicorp launched a new tomato sauce, under “Alacena”

brand, made with 100% of Peruvian tomatoes. The goal of this launch is to consolidate the

portfolio and increase their market competitiveness.

In the domestic margarines category, Alicorp revamped the format of margarine “Manty” with

a new package and design. The objective of this product is giving an innovative proposition to

the customers.

1.20 1.13 1.17 1.31 1.45

3.24 3.64

5.35 5.02 4.75

Q2 14' Q3 14' Q4 14' Q1 15' Q2 15'

Current Ratio & Net Debt / EBITDA

Current Ratio Net Debt / EBITDA

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In the household flour category, Alicorp launched a new presentation of the pre-mix, under

“Blanca Flor” brand in 500 grams format. This product is available in two flavors: vanilla and

chocolate. The goal of this launch is to boost the growth of pre-mixes in the traditional channel.

In the wafers category, Alicorp launched a new chocolate covered wafer, under the “Casino”

brand with the objective to consolidate Casino as a megabrand and expand its portfolio.

In the detergents category, Alicorp launched a new liquid detergent in two presentations:

Bolivar Matic, an exclusive product to use in a washing machine, and Bolivar with a hint of

softener, a product that blends the power of Bolivar’s detergent with the care and fragrance of

the softener. This launch is aimed maintaining the leadership of the Bolivar brand while

expanding its portfolio.

In the B2B Products segment, Alicorp launched a new presentation of the “Don Vittorio” brand

in the food service format. The objective of this launch is to expand the pastas portfolio in the

segment.

Also, in the sauces category, “Alpesa” brand was revamped under a new format and

presentation, with new packaging of 2kg. This product offers the industrial clients added

hygiene and control and practicality, in order to increase their market competitiveness.

In Argentina, Alicorp launched a new brand of beauty soap: “Campos Verdes” in five varieties:

“Frescura libertadora”, “Silencio zen”, “Energía del sol”, “Pausa en el campo” and “Lluvia de

verano”, (Liberating freshness, Zen silence, Sun energy, Prairire pause and Summer rain)

offering customers natural and attractive smelling fragrances. These products were launched in

order to expand the beauty soap portfolio and consolidate it in the market.

Additionally, in the same category, Alicorp launched two new varieties of beauty soap under

the “Plusbelle” brand in limited edition: “Hidratación Profunda” and “Humectación Intensa”

(Deep hydration and Intense hydration). These products offer an innovative proposal with more

value to the customers.

Alicorp revamped the deodorants and antiperspirants line under the “Plusbelle” brand offering

eight new varieties, fragrances and larger presentations. The objective of this revamped line is

to increase “Plusbelle” brand’s position and its competiveness.

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In the hair care category, Alicorp launched two new varieties of shampoo and conditioner

under the “Plusbelle” brand in limited edition, offering a special care concept for the different

seasons of the year. The objective of this product is to consolidate the brand’s position.

In the pastas category, Alicorp launched a new presentation of “Nutregal” in a limited edition.

The main characteristic of this new presentation is that it offers a higher content to our

consumers.

In the cookies category, Alicorp launched a new presentation of “Okebon Leche”, with a new

design that highlights the variety offered and the main attributes it has, as in 0% cholesterol

and a good source of calcium. Additionally, Alicorp launched “O’ke- Chispas”, a new brand of

chocolate chips cookies with the objective of entering into a new segment. Finally, Alicorp

launched “Marías”, under the “Okebon” brand. The goal of this launch is to consolidate the

brands portfolio and to strengthen its image as an innovative brand.

Awards and Social Responsibility

For the fifth consecutive year, Alicorp is part of the “Good Corporate Governance Index 2015” at Lima Stock

Exchange (“BVL”). Furthermore, Alicorp continues to be recognized for its good corporate practices, transparency,

and professional and ethical standards within the Peruvian capital markets.

Alicorp won three silver “Effie Awards 2015” recognizing leadership in marketing communications: i) Bolivar

received an award in the Product category, ii) Don Vittorio received an award for its Line extension and iii) Blanca

Flor received an award in the Branded Foods category.

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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, Brazil, 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, Brazil, Argentina, Ecuador,

Colombia and Chile, among other countries, (2) B2B Products (industrial flour, industrial lard, pre-mix and food service

products), and (3) Animal Nutrition (fish and shrimp feeding). Alicorp has over 7,600 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.

16

NotesJune 30

2015

December 31

2014Notes

June 30

2015

December 31

2014

Assets Liabilities and Shareholders´ Equity

Current Assets Current Liabilities

Cash and Cash Equivalents 2 138,882 99,521 Other Financial Liabilities 10 283,150 1,169,809

Other Financial Assets 3 69,271 332,674 Trade Account Payables 1,247,264 1,001,484

Trade Account Receivables, Net 983,359 977,714 Other Account Payables 11 155,246 103,832

Other Account Receivables, Net 4 127,562 193,924 Account Payables to Related Parties 2,276 2,180

Account Receivables from Related Parties 207 157 Provisions 15,967 15,202

Advances to Suppliers 44,217 45,538 Current Income Tax 10,776 10,370

Inventories 5 1,051,114 987,579 Provision for Employee Benefits 12 88,493 84,761

Biological Assets 0 0 Total Current Liabilities 1,803,172 2,387,638

Deferred Tax 131,538 103,186

Other non f inancial assets 42,789 19,934

Assets classif ied as held for sale 22,694 23,047 Non-Current Liabilities

Total Current Assets 2,611,633 2,783,274 Other Financial Liabilities 10 2,221,389 1,814,782

Other Account Payables 11 87,212 98,212

Non-Current Assets Account Payables to Related Parties 0 0

Other Financial Assets 3 347,590 328,833 Deferred Income Tax Liabilities 323,594 410,892

Investments in associates 6 24,209 24,179 Provisions 3,212 3,006

Trade Account Receivables 0 0 Provision for Employee Benefits 12 7,614 6,475

Other Account Receivables 4 66,336 36,715

Property, Plant and Equipments, Net 7 2,088,158 2,073,569 Total Non-Current Liabilities 2,643,021 2,333,367

Intangible Assets, Net 8 566,183 591,905 Total Liabilities 4,446,193 4,721,005

Deferred Tax 51,204 80,924

Goodw ill 9 869,869 897,622 Sharedholders' Equity

Total Non-Current Assets 4,013,549 4,033,747 Share Capital 13 847,192 847,192

Investment Shares 13 7,388 7,388

Reserves 13 169,438 169,438

Retained Earnings 1,030,366 1,001,240

Other Shareholders' Equity Reserves 107,620 61,607

Equity Attributable to Owners of the Company 2,162,004 2,086,865

Non-Controlling Interests 16,985 9,151

Total Shareholders' Equity 13 2,178,989 2,096,016

TOTAL ASSETS 6,625,182 6,817,021 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,625,182 6,817,021

ALICORP S.A.A.

Consolidated Quarterly Financial Statements

As of June 30, 2015 and December 31, 2014

(in thousands of Peruvian Nuevos Soles)

Consolidated Statement of Financial Position

17

Notes

For the Quarter

Ended June 30,

2015

For the Quarter

Ended June 30,

2014

For the cumulative

period Starting on

January 1 and

Ending June 30,

2015

For the cumulative

period Starting on

January 1 and Ending

June 30, 2014

Continuing Operations

Revenue 1,638,773 1,562,622 3,147,668 2,952,851

Other Revenues 0 0 0 0

Net Sales 1,638,773 1,562,622 3,147,668 2,952,851

Cost of Sales -1,179,862 -1,143,082 -2,273,085 -2,169,148

Gross Profit (Loss) 458,911 419,540 874,583 783,703

Selling and Expenses -223,641 -201,730 -425,797 -382,615

Administrative Expenses -92,879 -90,713 -180,765 -165,668

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

Other Operating Income 5,598 10,650 12,532 28,748

Other Operating Expenses -2,897 -3,558 -7,047 -8,316

Other income (Expenses) -26,498 -1,459 -41,090 259

Operating Profit (Loss) 118,594 132,730 232,416 256,111

Financial Income 15 3,893 12,419 18,561 28,360

Financial Expenses16 -91,824 -49,833 -187,003 -89,908

Exchange differences on translating foreign operations.17 -12,680 1,625 -16,168 -17,559

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 Value0 0 0 0

Profit (Loss) before Income Tax 17,983 96,941 47,806 177,004

Income Tax Expense -10,950 -27,440 -20,904 -47,959

Profit for the Year from Continuing Operations7,033 69,501 26,902 129,045

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

Profit (Loss) for the Period/Year (Net Value) 7,033 69,501 26,902 129,046

Net Profit (Loss) attributable to:

Ow ners of the Company 8,098 68,934 28,711 128,424

Non-Controlling Interests -1,065 567 -1,809 622

Net Earnings (Loss) for the Period/Year 7,033 69,501 26,902 129,046

Basic (cents per share):

Earnings per Share Capital in Continuing Operations 18 0.008 0.081 0.031 0.151

Earnings per Share Premium in Continuing Operations 18 0.008 0.081 0.031 0.151

Earnings per Share Capital in Discontinued Operations 0.000 0.000 0.000 0.000

Earnings per Share Premium in Discontinued Operations 0.000 0.000 0.000 0.000

Earnings per Share 0.008 0.081 0.031 0.151

Earnings per Share Premium 0.008 0.081 0.031 0.151

Diluted (cents per share):

Earnings per Share Capital in Continuing Operations 18 0.008 0.081 0.031 0.151

Earnings per Share Premium in Continuing Operations 18 0.008 0.081 0.031 0.151

Earnings per Share Capital in Discounted Operations 0.000 0.000 0.000 0.000

Earnings per Share Premium in Discounted Operations 0.000 0.000 0.000 0.000

Earnings per Share Capital 0.008 0.081 0.031 0.151

Earnings per Share Premium 0.008 0.081 0.031 0.151

ALICORP S.A.A.

Consolidated Statement of Comprehensive Income

For the Quaters Ended June 30, 2015, 2014

(in thousands of Peruvian Nuevos Soles)

18

Notes

For the cumulative

period Starting on

January 1 and Ending

June 30, 2015

For the cumulative

period Starting on

January 1 and Ending

June 30, 2014

CASH FLOW FROM OPERATING ACTIVITIES

Collections from (due to):

Sales of Goods and Services Offered 3,185,681 3,012,079

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 170,036 105,554

Payments to (due to):

Suppliers of Goods and Services -2,370,717 -2,530,913

Salaries -279,487 -291,577

Income Taxes Paid -74,605 -42,582

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

Dividends (not included under Financing Activities) 0 0

Royalties 0 0

Other Operating Payments -32,386 -115,797

Other Payments -14,802 0

Net Cash Generated by Operating Activities 583,720 136,764

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 235 744

Sale of Intangible Assets 0 0

Proceeds from Disposal of Other Long Term Assets 0 0

Interests and Returns Received 6,576 3,775

Dividends Received 3,597 2,892

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 0

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 -300,650

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 -80,430 -133,551

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

Purchase of Intangible Assets -10 -2,049

Purchase of Other Long Term Assets 0 0

Income Tax Paid 0 0

Other Cash Payments from Investment Activities 0 -145

Net Cash (Used in) Generated by Investment Activities -70,032 -428,984

CASH FLOWS FROM FINANCING ACTIVITIES

Collections to (due to):

Short Term and Long Term Loans 2,136,977 1,185,545

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 -2,515,424 -691,221

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 0 0

Interests and Returns -97,122 -87,642

Dividends 0 -102,550

Income Tax Paid 0 0

Other Cash Payments from Financing Activities -2,315 0

Net Cash Used in Financing Activities -477,884 304,132

Increase (Decrease) Net Cash Flow, before Exchange Rate Changes 35,804 11,912

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

Currerncies 3,557 0

Increase (Decrease) Net Cash Flow, after exchange rate changes 39,361 11,912

Cash and cash equivalents at the beginning of the year 99,521 92,890

Cash and cash equivalents at the end of the year 138,882 104,802

ALICORP S.A.A.

Consolidated Statement of Cash Flows

Direct Method

For the Periods Ended June 30, 2015 and 2014

(in thousands of Peruvian Nuevos Soles)