1

Second Quarter 2014 Consolidated Financial Statements

Revenues reached S/. 1,562.6 million, a 6.7% increase

versus 2Q13; sales volume reached 441.3 thousand tons, a

6.3% increase versus 2Q13. Net Income reached S/.66.9

million, a remarkable 34.8% increase compared to 2Q13

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

its unaudited financial results corresponding to the Second Quarter 2014 (2Q14). 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 2Q14, Net Sales reached S/. 1,562.6 million, a 6.7% increase versus 2Q13. Sales volume reached 441.3

thousand tons, a 6.3% increase versus 2Q13, due mainly from revenue increases in pasta, laundry detergents,

sauces, industrial flour and fish and shrimp feed. International Revenues represented 38.9% of Total Revenues due

to strong sales in Argentina, Ecuador and Brazil.

INVESTOR RELATIONS CONTACT

Fiorella Debernardi Baertl

Treasury Manager & IRO

T: (511) 315-0820

F: (511) 315-0867

E-mail: FDebernardiB@alicorp.com.pe

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Gross Profit totaled S/. 433.3 million during 2Q14, a 7.0% increase compared to S/. 404.8 million in 2Q13, mainly

due to an increase in Sales. Gross Margin increased to 27.7% in 2Q14 compared to 27.6% reported in 2Q13.

EBITDA reached S/. 164.1 million during 2Q14, a 16.3% decrease compared to the S/. 196.1 million reported in

2Q13, the second highest EBITDA in Alicorp´s history. EBITDA margin decreased from 13.4% in 2Q13 to 10.5% in

2Q14, due to higher SG&A expenses, non-recurring expenses related to the recent acquisition of Global Alimentos,

marketing expenses for new launchings and other operational expenses. Without considering Global´s expenses,

EBITDA margin for 2Q14 would be 11.4%. Net income for the quarter reached S/._66.9 million, a 34.8% increase

compared to S/. 49.7 million reported in 2Q13.

Alicorp strategic focus in organic growth has been very important this year. As such, the company was very active

in product innovation during 2Q14, with the launching and re-launching of a variety of products: In Peru, in the

consumer goods business, Alicorp launched a softener under the Bolivar brand. In the household flour category,

we launched a new line of ready to cook premixes under the Blanca Flor brand. In the industrial products segment,

Alicorp re-launched 2 products under the Blanca Nieve brand and 1 under the Inca brand. In the shortenings

category, we launched 2 new presentations under the Famosa brand. In Argentina, Alicorp introduced to the

market a new pasta sub-line under the Nutregal brand, named “Nutregal Energia”; as well as a new cookie line

under the Okebon brand, a new variety of Plusbelle kids and a new laundry detergent format under the Zorro

brand. In Brazil, the company also introduce a new variety of household flour under the Santa Amalia brand, a new

sub-line of pasta named Santa Amalia Speciale Romance, a shredded cheese under the same brand and 3 flavors of

ready-to-eat pasta under the Santa Amalia Lamen brand.

In April, Alicorp acquired Global Alimentos S.A.C., the leading cereal and snack bars company in Peru. This

transaction result in non-recurring expenses in consulting, legal fees, as well as other services that generated an

impact of 14.4 million in Administrative Expenses in the second quarter.

Alicorp, completed a capital injection to its subsidiary in Brazil, Pastificio Santa Amalia, for USD 59.6 million In May

and July of 2014. These funds were used to reduce the Company’s financial leverage as well as to restructure the

consolidated debt at lower interest rates.

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FINANCIAL INFORMATION

FINANCIAL HIGHLIGHTS (In millions of Peruvian Nuevos Soles) 2Q 2014 2Q 2013 YoY 1Q 2014 QoQ

Net Sales 1,562.6 1,464.6 6.7% 1,390.2 12.4%

Gross Profit 433.3 404.8 7.0% 377.5 14.8%

Operating Profit 136.0 171.0 -20.5% 124.7 9.1%

EBITDA 164.1 196.1 -16.3% 149.8 9.5%

Last 12 Months EBITDA with Acquisitions 763.1 685.8 11.3% - -

Net Earnings for the Period/Year 66.9 49.7 34.8% 56.7 18.0%

Earnings per Share (Common Shares) 0.079 0.059 33.9% 0.066 19.7%

Current Assets 2,468.4 2,103.8 17.3% 2,259.9 9.2%

Current Liabilities 2,055.7 1,137.6 80.7% 1,527.0 34.6%

Total Liabilities 4,287.6 3,385.8 26.6% 3,808.4 12.6%

Working Capital 412.7 966.2 -57.3% 732.9 -43.7%

Cash and Cash Equivalents 104.8 97.2 7.8% 88.4 18.6%

Total Financial Net Debt 2,402.6 1,936.5 24.1% 2,056.6 16.8%

Total Financial Debt 2,507.4 2,033.7 23.3% 2,145.0 16.9%

Short-term Debt 862.3 285.7 201.8% 463.3 86.1%

Long-Term Debt 1,645.1 1,748.0 -5.9% 1,681.7 -2.2%

Shareholders' Equity 2,383.5 2,130.1 11.9% 2,255.5 5.7%

RATIOS Gross Margin 27.7% 27.6%

27.2%

Operating Margin 8.7% 11.7%

9.0% EBITDA Margin 10.5% 13.4%

10.8%

Current Ratio 1.20 1.85

1.48 Net Debt to EBITDA with Acquisitions 3.15 2.82

-

Leverage Ratio 1.80 1.59

1.69 Return on Equity 17.5% 12.8%

17.2%

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

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Argentina 23.6% Ecuador

23.1%

Brazil 23.0%

Chile 20.6%

Others 9.7%

International Revenues (2Q14)

II. INCOME STATEMENT

Revenues

During 2Q14, Revenues reached S/. 1,562.6 million, a 6.7%

increase YoY. Domestic increased 2.9% YoY and

international increased 13.3% YoY. During the quarter,

international revenues represented 38.9% of total

revenues, mainly due to higher revenues in Argentina,

Ecuador and Brazil.

The main contributors to revenue growth in 2Q14 were the

sales increase in the following categories: pastas, laundry

detergents, industrial flours and shrimp and fish feed.

Organic Revenues continued to drive growth, representing

99% of Total Revenues generated during 2Q14.

Volume in 2Q14 increased 6.3% YoY, mainly due to

increased sales, as well as the growth in the following

categories: pasta, laundry detergents, industrial flours,

softeners, industrial margarines and shrimp and fish feed.

Gross Profit

Gross Profit reached S/. 433.3 million during 2Q14, a 7.0% increase compared to 2Q13, mainly due to solid organic

growth in the following categories: pasta, detergents, industrial flours and fish and shrimp feed. Gross margin

increased 0.3% YoY, reaching 27.7% during 2Q14.

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

and hedge 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 products. These tactics caused Alicorp to maintain COGS throughout its 3 business segments.

1,465 1,535 1,601

1,390 1,563

27.6% 27.5% 28.7% 27.2% 27.7%

2Q13 3Q13 4Q13 1Q14 2Q14

Revenues & Gross Margin (PEN Million)

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Operating Income and EBITDA

Operating Income reached S/. 136.0 million (8.7% of net sales) in 2Q14, a 20.5% decrease compared to 2Q13. This was

mainly due to an increase in SG&A expenses as a percentage of total revenues, non-recurring expenses from Global

acquisition and other operating expenses.

In 2Q14, Earnings Before Interest, Taxes, Depreciation and

Amortization (EBITDA) was S/. 164.1 million. This represented a 16.3%

decrease compared to the S/. 196.1 million in 2Q13, which was mainly

as a result of lower operating profit compared to 2Q13´s profit.

Without considering the non-recurrent expenses, EBITDA for 2Q14

would have been S/._178.4 million. EBITDA margin reached 10.5%

during 2Q14 (11.4% with Global’s expenses adjustment), a decline

compare to 2Q13.

Net Financial Expenses

During 2Q14, Net Financial Expenses increased S/. 3.1 million YoY, mainly due to more expenses related to the

increase in leverage.

Net Income

Net Income reached S/. 66.9 million in 2Q14 (4.3% of Total

Revenues), an increase of 34.8% compared to the S/. 49.7 million

(3.4% of Total Revenues) reached in 2Q13. During 2Q14, Earnings

per Share (EPS) reached S/. 0.079, higher than the S/. 0.059

reported during 2Q13, which was explained by the increase in Net

Income in 2014.

0.059

0.105

0.215

0.066 0.079

2Q13 3Q13 4Q13 1Q14 2Q14

Earnings Per Share (PEN)

196 192

246

150 164

13.4% 12.5% 15.3% 10.8% 10.5%

2Q13 3Q13 4Q13 1Q14 2Q14

EBITDA & EBITDA Margin (PEN Million)

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Results by Business Segments

Consumer Goods

During 2Q14, Revenues and Volume maintained stable

0.2% and -0.2% respectively YoY, (excluding sales and

volume from pet food business which the Company sold

last year, Revenues and Volume growth was 1.2% and

1.4% respectively YoY) supported by the following

categories: pasta, laundry detergents, sauces and

softeners. Operating Income reached S/._80.1 million, a

26.9% decrease YoY, explained by the increase in SG&A

expenses and non-recurring expenses of Global Alimentos

and other operating expenses. Operating margin was 9.0%

during 2Q14, lower than the 12.4% reported in 2Q13.

EBITDA margin reached 11.1% during 2Q14, compared to

14.4% in 2Q13. Without considering expenses related to

Global acquisitions, EBITDA margin for 2Q14 was 12.7%.

Industrial Products

Revenues reached S/. 376.9 million during 2Q14, an

increase of 4.8% compared to 2Q13, mainly due revenues

increase of the following categories: industrial flours,

industrial margarines, frozen products, grains, bulk oils and

sauces. Volume increased 2.0% compared to 2Q13 mainly

due to increase in the following categories: industrial

flours, industrial margarines, frozen products, bulk oils and

sauces. During 2Q14, operating Income reached S/. 35.7

million, 4.3% higher compared to 2Q13, mainly due to

higher sales. In 2Q14 operating margin and EBITDA margin

reached 9.5%, the same level of 2Q13, and 11.0%,

respectively. The EBITDA margin was slightly higher

compared to the 10.7% reported in 2Q13.

887 915

948

798

888

12.4% 10.9% 14.4%

7.0% 9.0%

2Q13 3Q13 4Q13 1Q14 2Q14

Revenues & Operating Margin (PEN Million)

360 394 405

326

377

9.5% 11.0% 10.3% 9.1% 9.5%

2Q13 3Q13 4Q13 1Q14 2Q14

Revenues & Operating Margin (PEN Million)

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Animal Nutrition

Revenues reached S/. 297.3 million, a remarkable increase

of 36.2% YoY, mainly due to an increase in sales of shrimp

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

exports and local sales as well as the consolidation of our

fish feed strategy in Chile. Volume increased 33.8% YoY

and 14.9% QoQ. During 2Q14, Operating Income reached

S/._39.9 million, a 107.1% increase YoY, mainly due to a

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

efficiencies and synergies gained in the new plant in

Ecuador and the Salmofood acquisition, as well as the

remarkable increase in sales. Operating margin reached

13.4% and the EBITDA margin significantly increased from

10.2% in 2Q13 to 14.7% in 2Q14, demonstrating an

outstanding growth compared to previous quarters.

III. BALANCE SHEET

Assets

As of June 2014, Total Assets increased S/. 776.9 million compared to the previous quarter, or 13.2%, mainly as a

result of an increase in Current assets of S/. 336.6 million. This increase in current assets was mainly explained by

higher inventories, other accounts receivables and other non-financial assets.

Cash and Cash Equivalents increased from S/. 92.9 million as of December 2013 to S/. 104.8 million as of June 2014.

Commercial Accounts Receivable decreased from S/. 959.8 million, as of December 2013, to S/. 904.8 million, as of

June 2014. Commercial Accounts Receivable turnover was 45.2 days during 2Q14 versus 45.4 days during 2Q13.

Inventories increased from S/. 790.3 million, as of December 2013, to S/. 970.0 million, as of June 2014, mainly

explained by the inventories of finished products. Inventory turnover increased from 74.9 to 82.8 days from 2Q13 to

2Q14, respectively.

Property, Plant and Equipment increased S/. 88.6 million, from S/. 1,876.9 million, as of December 2013, to

S/._1,965.5 million, as of June 2014, mainly due to CAPEX from the following: 1) the consolidation of a new pasta

production line, 2) the construction of the new detergent plant in Lima, 3) the capacity increase of the palm oil

218 227 248

266

297

8.8% 7.9% 13.8% 14.1% 13.4%

2Q13 3Q13 4Q13 1Q14 2Q14

Revenues & Operating Margin (PEN Million)

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processing plant, and 4) the automatization of the laundry soap plant.

Liabilities

As of June 2014, Total Liabilities increased S/. 759.4 million, mainly due to increased short-term financial liabilities and

commercial accounts payable.

The change in Current Liabilities was primarily due to the increase in Short-Term Financial Liabilities of S/. 623.4

million, and an increase of Commercial Accounts Payable in S/. 238.5 million. Accounts Payable turnover increased 7.1

days, from 52.9 to 59.9 days from 2Q13 to 2Q14, respectively.

Long-term Liabilities decreased in S/. 104.9 million, mainly due to the decrease of Long-Term Financial Liabilities of

S/._62.1 million and lower deferred taxes of S/. 33.7 million.

Total Financial Short-Term Liabilities as of June 2014, was S/. 915.6 million. The Company operates with revolving

credit lines for import financing and working capital requirements.

Total Financial Long-Term Liabilities at June 2014 was S/. 1,700.1 million, representing 64.9% of Total Financial Debt.

The currency mix for the financial debt, after the derivatives hedge, was: 49% in Peruvian Nuevos Soles, 31% in U.S.

Dollars, 12% in Brazilian Reais, with the remaining 7% in Argentine Pesos. The duration of the debt was 6.03 years (not

including short-term debt). During 2Q14, Alicorp undertook 17 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 3.13% during 2Q14.

Equity

Shareholders’ Equity increased by S/. 17.5 million, or

0.7%, from S/. 2,366.0 million as of December 2013, to

S/. 2,383.5 million as of June 2014, mainly due to the

effect of net profit and dividend payment during the

quarter. As of June 2014, ROE reached 17.5% (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 2Q14.

351

369

398

17.6%

16.9% 17.5%

2012 2013 LTM 2Q14

Net Income & ROE (PEN Million)

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IV. STATEMENT OF CASH FLOWS

Operating Activities

As of June 2014, cash flow from operations was S/. 136.8 million, lower than the S/. 301.8 million reported during

2Q13, explained by higher working capital needs. The Company’s cash position totaled S/. 104.8 million as of June

2014.

Investing Activities

Cash flow from investing activities for 2Q14 totaled S/. -429.0 million, lower compared to the S/. -748.3 million of

2Q13, from the acquisition of Pastificio Santa Amalia and Industrial Teal. Cash flow from investments during the

period was mainly explained by the S/. 300.7 million spent in the acquisition of Global Alimentos and S/. 133.6 used in

CAPEX.

Financing Activities

Cash flow from financing activities as of June 2014 was S/. 304.1 million, compared to S/. 47.7 million as of June 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.

Liquidity and Leverage Ratios

The Company’s liquidity ratio decreased from 1.85x as of

June 2013, to 1.20x as of June 2014, mainly due to a higher

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

Equity) increased from 1.59x as of June 2013 to 1.80x as of

June 2014, due to higher financial liabilities. In terms of the

Net Debt / EBITDA ratio, this ratio increased from 2.63x as of

March 2014 to 3.15x, as of June 2014 also due an increase of

short term debt. The EBITDA reached S/. 763.1 million in the

last 12 months (Including EBITDA from recent acquisitions).

1.85 1.61 1.79

1.48 1.20

3.05 2.96

2.47 2.63

3.15

2Q13 3Q13 4Q13 1Q14 2Q14

Current Ratio & Net Debt / EBITDA

Current Ratio Net Debt / EBITDA

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V. RECENT EVENTS

Acquisition of Global Alimentos S.A.C.

Alicorp acquired 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. This acquisition allows us to enter in the ready-to-eat

(RTE) cereals and snack bar market with Peru´s leading cereal Angel brand. The acquisition is expected to further

strengthen Alicorp´s business in a key emerging growth market.

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.

Consumer Goods Business Restructuration

In May of 2014, Patricio Jaramillo joined Alicorp´s team as the new Consumer Good Vice President. Patricio will

manage the Peruvian Commercial and Marketing division as a part of our strategic plan for growth and innovation of

new products.

Pastificio Santa Amalia capital injection

In order to restructure consolidated debt, Alicorp carried out a capital injection of USD 59.6 (R$. 131.4 million) to

Pastificio Santa Amalia. The funds were used to reduce debt with higher interest rates. There for the Company will

reduce financial expenses for the next quarters.

Masterbread

This new subsidiary was created in association with Naturpan S.A.C., who contributed with the 25% of the company´s

equity. The objective of Masterbread is the production and commercialization of frozen bakery products.

Inbalnor

During the second quarter of the year, the Company initiaded the expansion of Inbalnor plant. Once the expansion is

completed, the Company expects to increase Inbalnor’s production capacity to 210 thousands tons per year.

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New Product Launches and Re-launches

During 2Q14, Alicorp´s Consumer Goods Business had many launches and re-launches, mainly in Peru, Argentina and

Brazil.

In the consumer goods business in Peru, Alicorp entered into a new category: softeners, under

the Bolivar brand, the leader in laundry detergents and soaps in Peru. This launch was driven by

the goal of expanding one of Alicorp´s core categories, which is Home Care. This new softener

protects and keeps clothes looking and smelling as good as new for a longer period of time.

In the household flour category, Alicorp launched a new line of premix ready-to-bake cakes

under the Blanca Flor brand. The objective of this product is to meet the needs of housewives

to cook faster and with the same good taste of family recipes.

In the industrial products segment, Alicorp has been very active in developing new products to meet clients’ needs in

order to strengthen the resistance and volumes of its bakery products.

In the industrial flour category, Alicorp re-launched 2 products under the Blanca Nieve brand and 1 under the Inca

brand.

The competitive advantage of Blanca Nieve “Especial” is a formula specially made to

increase the size of baker’s final products. Additionally, the formula remains as reliable and

secure as always.

For Blanca Nieve Extra, the objective is to increase market share in Ayacucho, a very

important city in Peru, focusing on one special type of bread called “Pan Chapla”, which is

highly consumed all over the region. The formula was designed to secure the traditional

shape of “Chapla” bread and to increase resistance and security in the entire production

process.

The new Inca Especial flour has been re-launched with new packaging and a new formula

based on one key attribute: Strength. This product was re-launched in order to gain market

share in the industrial flour segment.

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In the shortenings category, Alicorp launched 2 new presentations of the Famosa brand. In

order to mitigate production costs for both the client and Alicorp, the Famosa brand will be

available in two additional formats: 10Kg and 14Kg.

In Argentina, Alicorp launched a new pasta sub-line under the Nutregal brand geared

towards the value segment of local consumers, as they look for highly nutritional and tasty

alternatives to feed their families. This new “Nutregal Energia” format offers an important

source of magnesium, zinc, phosphorus and fiber. Within the same category, Alicorp re-

launched the Nutregal brand with new advertising which includes the famous Argentine

soccer player Martin Palermo, to leverage the success of the 2014 FIFA World Cup.

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

healthier products.

In the personal care category, Alicorp launched a new variety of Plusbelle Kids: “Easy to

comb”, aimed at the value segment of children’s between four and eleven years of age,

offering a reliable and low cost product.

In the home care category, Alicorp launched a new sub-line of laundry detergent under the

Zorro brand, in a new format of 5 kilograms.

In Brazil, Alicorp launched a new variety of household flour under the brand Santa Amalia to

increase sales of the category. This new product is enhanced with nutrients such as vitamin

B9 and iron.

In the pasta category, Alicorp launched a new variety of hard bean noodles under the name

Santa Amalia Speciale Romance (limited edition – available for sale for only 3 moths) and a

new shredded cheese under the same portfolio, to consolidate the pasta portfolio.

Additionally, the Company expanded its ready-to-eat pasta portfolio launching “Lámen

Cremoso” in 3 different flavors: Pizza, four cheeses sauce and barbecue.

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Awards and Social Responsibility

Alicorp was recognized as being one of the 10 best employers of Peru by Merco (El Monitor Empresarial de

Reputación Corporativa). This award is a result of 7,000 surveys with employees, students and experts in human

resources. Additionally, Alicorp is in the second place of the best employers of the Food & Beverage industry in

Peru.

For the fourth consecutive year, Alicorp is one of the companies that form the Good Corporate Governance Index

2014. Alicorp has been recognized for its good corporate practices, highly transparency and professionalism

standards that impacts in the Company’s results and generates confidence in the stock market.

For third consecutive year, and for the first time in Cusco, Alicorp launched “The healthy Radio” contest. This

program teaches radio communicators so they disseminate educative messages about healthy eating and

improvements in child nutrition. The contest is orientated for those radio communicators that, through radio,

educate families in their community.

Alicorp was recognized as being the third company with best reputation in Peru, this time by “Inmark Perú” and

the “Reputation Institute”. These results are measured by the admiration, respect, good impression and

confidence of stakeholders to the company.

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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) Industrial Food Products (industrial flour, industrial lard, pre-mix and

food service products), and (3) Animal Nutrition (fish and shrimp feeding). Alicorp has over 7,300 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.

15

NotesJune 30

2014

December 31

2013Notes June 30 2014

December 31

2013

Assets Liabilities and Shareholders´ Equity

Current Assets Current Liabilities

Cash and Cash Equivalents 2 104,802 92,890 Other Financial Liabilities 9 915,610 292,175

Other Financial Assets 3 8,062 4,740 Trade Account Payables 917,491 678,974

Trade Account Receivables, Net 904,810 959,774 Other Account Payables 10 100,635 104,871

Other Account Receivables, Net 4 261,713 164,478 Account Payables to Related Parties 4,498 5,151

Account Receivables from Related Parties 250 425 Provisions 20,026 12,358

Advances to Suppliers 65,427 35,531 Current Income Tax 12,615 2,593

Inventories 5 970,002 790,252 Provision for Employee Benefits 11 84,824 95,326

Biological Assets 0 0 Total Current Liabilities 2,055,699 1,191,448

Deferred Tax 72,668 61,967

Other non f inancial assets 62,692 12,104

Assets classif ied as held for sale 17,932 9,559 Non-Current Liabilities

Total Current Assets 2,468,358 2,131,720 Other Financial Liabilities 9 1,700,121 1,762,184

Other Account Payables 10 118,158 126,597

Non-Current Assets Account Payables to Related Parties 0 0

Other Financial Assets 3 311,956 271,609 Deferred Income Tax Liabilities 398,621 432,357

Investments in associates 6 29,267 29,205 Provisions 8,579 8,265

Other Account Receivables 4 18,944 21,375 Provision for Employee Benefits 11 6,469 7,403

Property, Plant and Equipments, Net 7 1,965,494 1,876,942

Intangible Assets, Net 8 789,531 777,069 Total Non-Current Liabilities 2,231,948 2,336,806

Deferred Tax 85,674 89,067 Total Liabilities 4,287,647 3,528,254

Goodw ill 1,001,944 697,310

Total Non-Current Assets 4,202,810 3,762,577 Sharedholders' Equity

Share Capital 12 847,192 847,192

Investment Shares 12 7,388 7,388

Reserves 12 169,438 160,903

Retained Earnings 12 1,275,964 1,263,996

Other Shareholders' Equity Reserves 12 71,129 77,734

Equity Attributable to Owners of the Company 2,371,111 2,357,213

Non-Controlling Interests 12,410 8,830

Total Shareholders' Equity 2,383,521 2,366,043

TOTAL ASSETS 6,671,168 5,894,297 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,671,168 5,894,297

ALICORP S.A.A.

Consolidated Quarterly Financial Statements

As of June 30, 2014 and December 31, 2013

(in thousands of Peruvian Nuevos Soles)

Consolidated Statement of Financial Position

16

Notes

For the Quarter

Ended June 30,

2014

For the Quarter

Ended June 30,

2013

For the cumulative

period Starting on

January 1 and

Ending June 30,

2014

For the cumulative

period Starting on

January 1 and Ending

June 30, 2013

Continuing Operations

Revenue 1,562,623 1,464,617 2,952,852 2,686,067

Other Revenues 0 0 0 0

Net Sales 1,562,623 1,464,617 2,952,852 2,686,067

Cost of Sales -1,129,305 -1,059,809 -2,142,042 -1,970,952

Gross Profit (Loss) 433,318 404,808 810,810 715,115

Selling and Expenses -201,643 -178,280 -382,436 -311,304

Administrative Expenses -90,654 -64,266 -165,545 -139,285

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

Other Operating Income 72,256 80,006 75,142 86,809

Other Operating Expenses -77,299 -73,291 -77,299 -73,291

Other income (Expenses) 0 2,019 0 1,954

Operating Profit (Loss) 135,978 170,996 260,672 279,998

Financial Income 14 2,755 2,520 7,767 7,475

Financial Expenses15 -48,934 -45,617 -87,428 -69,803

Exchange differences on translating foreign operations.1,624 -65,175 -17,559 -80,089

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 Value1,581 11,157 5,398 1,715

Profit (Loss) before Income Tax 93,004 73,881 168,850 139,296

Income Tax Expense -26,060 -26,515 -45,174 -46,666

Profit for the Year from Continuing Operations66,944 47,366 123,676 92,630

Profit (Loss) for the Year from Discontinued Operations 0 2,302 1 2,302

Profit (Loss) for the Period/Year (Net Value) 66,944 49,668 123,677 94,932

Net Profit (Loss) attributable to:

Ow ners of the Company 66,375 49,816 123,053 95,825

Non-Controlling Interests 569 -148 624 -893

Net Earnings (Loss) for the Period/Year 66,944 49,668 123,677 94,932

Basic (cents per share):

Earnings per Share Capital in Continuing Operations 0.078 0.056 0.144 0.109

Earnings per Share Premium in Continuing Operations 0.078 0.056 0.144 0.109

Earnings per Share Capital in Discontinued Operations 0.001 0.003 0.001 0.003

Earnings per Share Premium in Discontinued Operations 0.001 0.003 0.001 0.003

Earnings per Share 0.079 0.059 0.145 0.112

Earnings per Share Premium 0.079 0.059 0.145 0.112

Diluted (cents per share):

Earnings per Share Capital in Continuing Operations 0.078 0.056 0.144 0.109

Earnings per Share Premium in Continuing Operations 0.078 0.056 0.144 0.109

Earnings per Share Capital in Discounted Operations 0.001 0.003 0.001 0.003

Earnings per Share Premium in Discounted Operations 0.001 0.003 0.001 0.003

Earnings per Share Capital 0.079 0.059 0.145 0.112

Earnings per Share Premium 0.079 0.059 0.145 0.112

ALICORP S.A.A.

Consolidated Statement of Comprehensive Income

For the Quaters Ended June 30, 2014, 2013

(in thousands of Peruvian Nuevos Soles)

17

Notes

For the cumulative

period Starting on

January 1 and Ending

June 30, 2014

For the cumulative

period Starting on

January 1 and Ending

June 30, 2013

CASH FLOW FROM OPERATING ACTIVITIES

Collections from (due to):

Sales of Goods and Services Offered 3,012,079 2,685,541

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 105,554 81,790

Payments to (due to):

Suppliers of Goods and Services -2,530,913 -2,076,776

Salaries -291,577 -285,783

Income Taxes Paid -42,582 -89,051

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

Dividends (not included under Financing Activities) 0 0

Royalties 0 0

Other Operating Payments -115,797 -13,961

Other Payments 0 0

Net Cash Generated by Operating Activities 136,764 301,760

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 10,622

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 744 0

Sale of Intangible Assets 0 0

Proceeds from Disposal of Other Long Term Assets 0 0

Interests and Returns Received 0 0

Dividends Received 0 0

Income Tax Reinbursement 3,775 3,917

Other Cash Collected from Investment Activities 2,892 3,558

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 -300,650 -582,569

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 -133,551 -174,892

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

Purchase of Intangible Assets -2,049 -9,475

Purchase of Other Long Term Assets 0 0

Income Tax Paid 0 0

Other Cash Payments from Investment Activities -145 542

Net Cash (Used in) Generated by Investment Activities -428,984 -748,297

CASH FLOWS FROM FINANCING ACTIVITIES

Collections to (due to):

Short Term and Long Term Loans 1,185,545 792,993

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 -691,221 -576,345

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 0 0

Dividends -102,550 -102,549

Income Tax Paid -87,642 -67,629

Other Cash Payments from Financing Activities 0 1,210

Net Cash Used in Financing Activities 304,132 47,680

Increase (Decrease) Net Cash Flow, before Exchange Rate Changes 11,912 -398,857

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

Currerncies 0 0

Increase (Decrease) Net Cash Flow, after exchange rate changes 11,912 -398,857

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

Cash and cash equivalents at the end of the year 104,802 97,213

(in thousands of Peruvian Nuevos Soles)

ALICORP S.A.A.

Consolidated Statement of Cash Flows

Direct Method

For the Periods Ended June 30, 2014 and 2013