· Leading consumer goods company of branded products Peruvian based with operations in Argentina,...

Leading consumer

goods company of

branded products

Peruvian based with operations in Argentina, Colombia, Ecuador

and Chile; and exports to more than 23 countries

Second largest Andean Consumer Goods Company. Market leader

in all categories in Peru

25% of revenue generated outside Peru

Quoted in the Peruvian stock exchange; ranked as a top corporate

governance company

4 Business Units

focused on 3

core businesses

Manufacture and distribution:

Financial performance

2011 Revenue: S/.4,256MM

CAGR (2005-2011): 14.6%

Debt to EBITDA ratio of 0.93

ROE: 18.1%

Bond rating:

AA+ (PE) by Apoyo & Asociados (May 2011)

AA+ (PE) by Pacific Credit Rating (October 2011)

Consumer Goods

Peru Andean Region & C.America

Mercosur

Region

Industrial

Products

Animal

Nutrition

106 family brands in 16 different categories2 brands for fish and

shrimp feed14 brands directed to

the food industry

Consumer Goods Industrial

Products

Animal

Nutrition

Peru International Market

Consumer Goods

Peru Andean Region & C.America

Mercosur

Region

Industrial

Products

Animal

Nutrition

106 family brands in 16 different categories2 brands for fish and

shrimp feed14 brands directed to

the food industry

Transformational Changes

Results

Aggressive Growth

Strong Competitive Position

Cost Efficient Operations

Cashflow Generation for Expansion

Solid Market Shares in Core Categories

International Expansion

Higher Returns

Consumer & Market Oriented

Leading brands & Diversified Portfolio

Higher Value Added Products

Strong Distribution Network

Commodity Consolidation

Use of Economies of Scale

Low Cost of Production

New Product Development Process

Aggressive M&A strategy

Growth through M&As and Integration

Peruvian Market Consolidation International Expansion

Acquisition Merger Acquisitions

S/.605MM (US$80MM) in Revenue in 1995 S/.4,256MM (US$1,579MM) in Revenue (2011)

Planta de detergentes

Industrias Pacocha

La Fabril

Consorcio Distribuidor

Alicorp S.A.A

1996 1995 1997 2008 2010

Molinera del Perú

2011

CIPPSA Consorcio de

Alimentos Fabril Pacífico

2007 2006 2005 2004 2012

• Edible Oil

• Margarine

• Mayonnaise / Sauces

• Cookies & Crackers

• Pasta

• Juices (Powder)

• Baking Flour (household)

• Jello

• Pet Food

• Laundry Soap

• Laundry Detergent

• Flour

• Pre-mix

• Edible Oil

• Shortenings

• Shrimp Feed

• Fish Feed

• Pasta

• Sauces

• Cookies & Crackers

• Juices (Powder)

• Ice Cream

• Pet Food

• Hair Care

• Personal care soap

• Softeners


• Laundry Soap


• Soap

• Hair Care

• Softeners

• Deodorant

• Pasta

• Cookies & Crakers

2011

Consumer Goods

Peru Andean Region

& Central America

Mercosur

Region

63%

% of Total 2011 EBITDA 62% 31%

7%

7%

7% 30%

Revenue: S/. 4,256 MM (US$1,579MM)

EBITDA: S/. 551.7MM (US$204.6MM)

Industrial Products

Animal Nutrition

% of Total 2011 Revenue 30% 30% 8%

Market Share per Volume for the period May - June, 2012

Category Brands Market Share Position

Source: Kantar World Panel

(1) Internal Source

(2) CCR Audit

#1 96% Mayonnaise

#1 76% Laundry Soap

#1 70% Animal Nutrition (1)

#1 63% Margarines

#1 65% Juice (Powder)

Edible Oil #1 55%

#1 54% Laundry Detergent

#1 51% Industrial Baking Flour Inca

#1 44% Pasta

#1 35% Pet Food (2)

#1 31% Cookies & Crackers (1)

Competitors

Locals

Molinos Río de la Plata

GDP & PRIVATE CONSUMPTION1/2

(% YoY change)

1. In real terms

2. 2012 Figure is estimate

Source: BCR, APOYO Consultoría

CONSUMER GOODS INDUSTRY1/2

(% YoY change)

1. In real terms

2. 2012 Figure is estimate

Source: Produce, APOYO Consultoría

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2007 2008 2009 2010 2011 2012

Private Consumption GDP

URBAN PERU: POPULATION DISTRIBUTION BY SOCIOECONOMIC LEVEL

& PRODUCT INNOVATION

(2010)

Inca

Source: IPSOS Apoyo

LIMA

22

35

31

13

8

25

38

29

URBAN

PROVINCES

9

20

28

43

PERU TOTAL

PREMIUM MAINSTREAM VALUE

E D C A/B E D C A/B E D C A/B E D C A/B

Iquitos

ORIENTE 240 clientes

Piura

Chiclayo

Trujillo

Huaraz

Huacho

Lima

Chincha

Ica Ayacucho

Arequipa

Tacna

Juliaca

Cusco

Huancayo Tarma

Hu á nuco

Tarapoto

Pucallpa

Iquitos

Piura

Chiclayo

Trujillo

Huaraz

Huacho

Lima

Chincha

Ica Ayacucho

Arequipa

Tacna

Juliaca

Cusco

Huancayo Tarma

Hu á nuco

Tarapoto

Pucallpa

National distribution coverage through:

• 27 exclusive distributors

• 100% of wholesalers and supermarkets

• Food Service distribution system

• 12 warehouses nationwide

• 25 sale offices

• 9 manufacturing facilities

• Logistics in the 4 most important ports of

Peru

Exclusive

Distributors Sale offices Industrial plants Warehouses

TOTAL 200,000

clients

42 48

17 6

25

21

29

8

Peru Market Alicorp Peru

Wholesalers Modern Channel Exclusive Distribution B2B Mom & Pop Other

2011

MARKET STRUCTURE & REVENUES PER DISTRIBUTION CHANNEL

Source: Kantar Worldpanel, Apoyo Consultoría, CCR Audit

(In %)

33

5142 48

13

5 17 6

24 25

19 21

39

29

10 8

Peru Market Alicorp Peru Peru Market Alicorp Peru

Wholesalers Modern Channel Exclusive Distribution B2B Mom & Pop Other

7% 30% Alicorp’s Share in Modern

Channel

per category

Edible Oil:

Pastas:

Detergents:

Cookies & Crackers:

Mayonnaise:

32.6%

33.2%

42.6%

16.0%

83.4%

EXPENSE DISTRIBUTION REVENUE STREAM

Long-Term Target: 50% of Total

Revenue

14.2%

15.6%

46.7%

Consumer

Goods Argentina

Ecuador

Colombia

Chile

Bolivia

Haiti

Animal Nutrition

Colombia

Ecuador

Guatemala

Honduras

Nicaragua

China

Industrial Products

Canada

U.S.A.

Bolivia

Ecuador

(YoY % Change)

REVENUE GROWTH

Foreign Revenue: S/.1,045.7M (US$387.9MM) 2011

( 25% of Total Revenue )

( 18.5% growth over 2009 )

CAGR 37.3% (2006-2011)

Colombia6%

Haiti3%

Honduras3%

Argentina39%

Canada12%

EEUU4%

Others11%

Ecuador22%

New acquisition:

Market Share per Volume

# 2 27%

6%

# 2 18%

# 3 LIMZUL

# 9 3%

4% # 6

23% # 2

14% # 2

4% # 4

15% # 3

5% # 4

Category Brands Position

Argentina (1)

Ecuador (2)

Colombia (3)

Laundry Detergent (OND’11)

Personal Care Soap (OND’11)

Hair Care (OND’ 11)

Pasta (MA’12)

Pet Food (MA’12)

Juice (Powder) (ND’11)

Hair Care (MA’12)

2% # 7 Cookies (JJ’11)

Pet Food

Baby Hair Care

Cookies & Crackers (OND’11)

Mayonnaise (MJ’11)

Pound Cakes (4) (S’11)

Pasta (Dry) (4)

Juice (4)

2% # 6

11%

5%

7%

Market Share

32% # 1 Animal Nutrition

Source: (1) Household Panel KWP Argentina

(2) Source: IPSA Audit

(3) Nielsen Audi

(4) Internal Source

Competitors

GNCH

Chile

One industrial plant in the Chiloe Island

Direct sales to final client

Most of clients located in surrounding areas

Specialized sales force in the aquaculture business

and in constant contact with the client

Colombia

Nation-wide distribution network

1 industrial plant

Plan to increase critical mass and coverage

Ecuador

Nation-wide distribution through local distributors

Strong wholesaler and retailer distribution

Plan to increase participation in wholesale market

Animal Nutrition plant under construction

Peru

National distribution coverage

27 exclusive distributors

13 warehouses nationwide

25 sales offices

16 industrial plants

Argentina

Own nation-wide distribution network

Strong presence in rural areas

5 industrial plants in Buenos Aires

Plan to increase presence in super markets

Iquitos

Piura

ChiclayoTarapoto

Huanuco

TarmaHuancayo

Lima

IcaAyacucho

Cusco

Arequipa

Juliaca

Tacna

Pucallpa

Trujillo

Huaraz

Chincha

Huacho

Our operational, distribution and sales platform

Exclusive Distributors

Warehouses Sale Offices

National Distribution Coverage Regional Distribution Platform

15

International Peru Industrial Products

Animal Nutrition

Consumer Goods

Corporate

Unit

Marketing

Supply Chain

Finance

HR

Matrix Organizational

Structure

Increasing Consumer

& Customer Value

By Geographic

Area By Category

Business Unit

Business Partners

CATEGORY

BR

AN

D

EQ

UIT

Y

DIVERSIFIED PORTFOLIO

Clear strategy to diversify towards the HPC markets

Other Categories include: Omega, and Animal Nutrition

PRODUCT DIVERSIFICATION

2007 2008 2009 2010 2011

Alicorp Total Revenues (US$MM)

900 1,253 1,233 1,332 1,579

(% of Total Revenues)

83% 83% 82%

69% 68%

7% 8% 9%

11% 11%

10% 9% 9%21% 20%

2006 2007 2008 2009 2010

Food Others Categories Home & Personal Care

57% 54% 53%45% 43%

34% 37% 38%

34% 37%

10% 9% 9%21% 20%

2006 2007 2008 2009 2010

Food Mix Others Categories Personal & Home Care

Ideal Metro

Cristalino Sao

Bell’s

Edible Oil Pastas

Don Maximo

Anita

Marco Polo GN

Sayón Cogorno

Ariel

Ace

Magia Blanca Sapolio

Ña Pancha

Patito

Invicto

INCA

Santa Rosa

Victoria

Las Mercedes

Cogorno

Don Angelo Anita

Molitalia

Laundry

Detergent

Industrial

Baking Flour

Deleite

100

220

0

100 represents the national average.

Perceptor and IPSOS Apoyo Survey Methodology: 1,500 Households in

Lima + 12.

Brand equity is defined by drivers such as: performance, value equation,

quality, brand leadership, brand recognition, emotional attachment,

health and safety, taste, other variables.

83% 82%

69% 68% 69%

8% 9%

11% 11% 11%

9% 9%21% 20% 20%

2007 2008 2009 2010 2011

Food Mix Other Categories Home & Personal Care

Consumer Product

Goods

Industrial Products and

Animal Nutrition

2011 RevenuesS/. 635MM 417MM 417MM 293MM 614MM 321MM

Weight in Sales 14.9% 9.8% 9.8% 6.9% 14.4% 7.5%

Revenue CAGR 2005-2011 8.1% 8.4% 43.1% 17.8% 8.8% 19.6%

Market CAGR 2005-2010 (1)

12.3% 9.6% 16.7% 9.2% 7.4% N/A

2011 Growth

- Revenues: 13.7% - Volume: 1.8%

(1) Market CAGRs for Edible Oil, Pastas, Laundry Detergents, Cookies and Industrial

Flours consider Peru’s market growth per category. Source: MINAG, PRODUCE, INEI, Euromonitor, SNI

Kantar World Panel, CCR Audit.

13.8% 14.3%

21.3% 20.2%

9.4%

25.4%

-9.7%

5.5%

17.6%15.0%

-4.6%

22.0%

Edible Oil Pastas Laundry Detergent Cookies &Crackers

Industrial Baking Flour Animal Nutrition

MAIN CATEGORIESGROWTH PER CATEGORY (2010-2011)

Sales Growth Volume Growth

PERU & INTERNATIONAL GROWTH

(Millions of Soles) (Millions of Soles)

GROWTH BY BUSINESS LINE

Consumer Product Goods

Industrial Products

Animal Nutrition

2005 67.7% 26.5% 5.8%

2011 62.5% 30.0% 7.5%

Peru

International

2005 91.9% 8.1%

2011 75.4% 24.6%

1,277501 109

1,887

2,670

1,277 321

4,268


Industrial Products Animal Nutrition Consolidated

2005 2011

CAGR 2005-2011:

13.1%

CAGR 2005-2011:

16.9% CAGR 2005-2011:

19.6%

CAGR 2005-2011:

Revenues: 14.6%

EBITDA: 15.2%

1,277501 109

1,887

2,670

1,277 321

4,268



2005 2011

CAGR 2005-2011:

13.1%

CAGR 2005-2011:

16.9% CAGR 2005-2011:

19.6%

CAGR 2005-2011:

Revenues: 14.6%

EBITDA: 15.2%

1,277501 109

1,887

2,658

1,277 321

4,256



2005 2011

CAGR 2005-2011:

13.0%

CAGR 2005-2011:

16.9% CAGR 2005-2011:

19.6%

CAGR 2005-2011:

14.5%

1,735

152

1,887

3,210

1,046

4,256

Peru International Consolidated

CAGR 2005-2011:

10.8%

CAGR 2005-2011:

37.9%

CAGR 2005-2011:

14.5%

OVERALL RESULTS (Millions of Soles)

OVERALL RESULTS (Millions of Soles)

LAST 5 QUARTERS (Millions of Soles)

11.9%

LAST 5 QUARTERS (Millions of Soles)

Sales Gross Margin

EBITDA EBITDA Margin

878 883

993 998 985

33.9% 32.1% 32.0% 31.9%29.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

1,000

1Q 10 2Q 10 3Q 10 4Q 10 1Q 11

LAST 5Q SALES & GROSS MARGIN

Sales Gross Margin

149136

168 167

136

16.9% 15.4% 17.0% 16.7%13.8%

0.0%

30.0%

60.0%

0

100

200

1Q 10 2Q 10 3Q 10 4Q 10 1Q 11

EBITDA & EBITDA MARGIN

EBITDA EBITDA Margin

CAGR 2010-Last 12M:

6.9%

27.5%

27.3%

CAGR 2010-Last 12M:

0.1%

CAPEX (Million of Soles / as a % of Total Revenues)

2.7%

SG&A/Marketing (as % of Total Revenues)

DEBT & DEBT/EBITDA RATIO (Million of Soles)

2.3% 2.5%

1.4%

0

CURRENT RATIO & LEVERAGE

EARNINGS PER SHARE (Soles)

EARNINGS PER SHARE (Soles)

ROIC & ROE DIVIDENDS PER SHARE & DIVIDEND

YIELD

0.0491

0.1112

0.1287

0.1700

1.7%

7.8%4.7%

2.7%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

0.0000

0.2000

2007 2008 2009 2010

DIVIDENDS PER SHARE &DIVIDEND YIELD

Dividends per Share Dividends Yield

1 ROIC is defined as Operating Profit minus Profit Sharing and Current Income Tax expense

divided by Working Capital plus Net Fixed Assets plus Other Net Operating Assets.

Where:

-Working capital excludes debt, other accounts (without financial costs), and Current Assets

available for sale.

-Net fixed assets exclude non operating fixed assets.

-Other net operating assets include software and brands. 2ROE is defined as the Net Earnings divided by average Last 12-Month Shareholders’ Equity.

CAGR 2007-2011:

40.3%

CAGR 2010-Last 12M:

8.92%

As of May 31, 2012

FINANCIAL METRICS 2008

(As of Dec 31) 2009

(As of Dec 31) 2010

(As of Dec 31) 2011

(As of Dec 31) 2008-2011 Growth %

1H11 1H12 1H11-1H12 Growth %

Stock Price (S/.) 1.43 2.75 6.30 6.00 +320% 5.40 7.00 +29.6%

IGBVL 7,049 14,167 23,375 19,473 176% 18,879 20,207 +7.0%

Market Cap (MM US$) 386 806 1,900 1,885 +389% 1,664 2,220 +33.4%

EBITDA Multiple 5.81 5.12 10.74 10.02 +72.5% 10.05 11.62 +15.6%

Daily average trading volume 166,973 408,255 325,837 340,729 +104.1% 424,565 224,710 -47.1%

P/E Ratio 14.74 10.66 18.92 15.50 +5.2% 16.53 22.20 +34.3%

Romero's Group

45%

AFP's32%

Others13%

Inv. & Mutual Funds10%

VALUATION

Common Shares Outs. (MM) Stock Price (as of Oct. 17th, 2012) Investment Shares Out. (MM) Stock Price (as of Oct. 17th, 2012) Market Capitalization Net Debt (2011) Firm Value

EBITDA (2011) Firm Value / EBITDA

847

$2.81

7 $1.67

$149 MM

$205 MM

$2,391 MM

$2,540 MM

12.41x

EPS (Common) : S/. 0.39 P/E (Common) : 18.59 Dividend Yield : 2.65%

Stock Price (as of Oct. 17th, 2012) January 2009=100:

• ALICORC1:

• ALICORI1:

• IGBVL:

COVERAGE

• BCP

• Inteligo

• HSBC

• Kallpa Securities

• Larrain Vial

• BBVA

•BTGPactual

Peru

Peru

USA

Peru

Chile

Peru

USA

8.30

7.52

8.50

7.65

6.90

7.15

8.20

Firm Country

Source: Bloomberg

Target

Price S/. Date

Aug. 12

May. 12

Mar. 12

Aug. 11

Jun. 12

May. 12

July 12

Recommendation

Buy

Buy

Overweigh

Neutral

Maintain

Neutral

Buy

502

410

286

AVERAGE STOCK PRICE

(S/.)

2009 2011 2012 2010

*As of October 17th

34.6%31.3%

9.8% 12.9%11.3% 11.1%

S/. 64,771

S/. 103,099

0

0

0

0

0

1

1

1

1

1

1

1

1

1

1

2

10,000

30,000

50,000

70,000

90,000

110,000

130,000

150,000

2005 2010

Food at Home Food away from home

Other goods and services Total

652.1

925.7

0

100

200

300

400

500

600

700

800

900

1,000

2005 2010

Alicorp Peru Revenues

PERU: ANNUAL

HOUSEHOLD SPENDING

(Millions of Soles & % of Total Spending)

PERU: CONSUMER BASKET

STRUCTURE

Other goods and services include home and personal care,

tobacco, entertainment and travel and beauty expenses. HPC

represents almost 75% of this category.

HPC represents 6.5% of total Lima’s consumer basket.

(“HPC”)

(As a % of Total Annual Household Spending)

Source: APOYO Consultoría, ENAHO-INEI

CAGR (2005-2010): Total Household Spending 9.7%

31%

13%

11%7%

10%

5%

11%

5%

8%


Other goods and services Health

Education Clothing and Footwear

Rent, Fuel and Electricity Furniture

Transport and Communication

31%

13%

11%7%

10%

5%

11%

5%

8%


Other goods and services Health

Education Clothing and Footwear

Rent, Fuel and Electricity Furniture

Transport and Communication

ALICORP PERU

REVENUES

(Millions of Soles)

(1)

34.6%31.3%

9.8% 12.9%11.3% 11.1%

S/. 64,771

S/. 103,099

0

0

0

0

0

1

1

1

1

1

1

1

1

1

1

2

0

20,000

40,000

60,000

80,000

100,000

120,000

2005 2010


Other goods and services Total

652.1

925.7

0

100

200

300

400

500

600

700

800

900

1,000

2005 2010


CAGR (2005-2010): Alicorp Peru Revenues 7.3%

(1) Total Household Spending includes food (away and at home), health, education, rent, fuel, electricity, transport and

communication, clothing and footwear, furniture and other goods & services.

S/. 1,754

S/. 2,809

0

500

1,000

1,500

2,000

2,500

3,000

2005 2010


S/. 1,754

S/. 2,809

0

500

1,000

1,500

2,000

2,500

3,000

2005 2010


Industrial Flour Edible Oil Pastas Laundry Detergent Cookies & Crackers

2005 2010 2005 2010 2005 2010 2005 2010 2005 2010

Participation (% of Total Volume)

28% 37% 64% 62% 46% 46% 14% 53% 27% 41%

Market Share 60% 55% 48% 53% 45% 45% 25% 41% 22% 33%

ALICORP PERU vs MARKET

(Main Categories) (Thousands to MTs)

CAGR (2005-2010) Alicorp Peru (Volume) Market (Volume)

119 148113 125

17 36 1050

285

406

6790 165

199

56 71 67117

749

685

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Alicorp Peru Other players

Edible Oil Pastas Cookies & Crackers Laundry Detergent Flour

2005 2010 2005 2010 2005 2010 2005 2010 2005 2010

119 148 113 125 17 36 10 50

285406

6790 165

199

56 71 67 117

749

685

1 2 3 4 5 6 7 8 9 10 11 12 13 14



2005 2010 2005 2010 2005 2010 2005 2010 2005 20102005 2010

Industrial Flour

7.3% 1.1%

4.5% 5.1%

119 148 113 125 17 36 10 50

285406

6790 165

199

56 71 67 117

749

685

1 2 3 4 5 6 7 8 9 10 11 12 13 14



2005 2010 2005 2010 2005 2010 2005 2010 2005 20102005 2010

Edible Oil

119 148 113 125 17 36 10 50

285406

6790 165

199

56 71 67 117

749

685

1 2 3 4 5 6 7 8 9 10 11 12 13 14



2005 2010 2005 2010 2005 2010 2005 2010 2005 20102005 2010

Pastas

2.1% 3.1%

119 148 113 125 17 36 10 50

285406

6790 165

199

56 71 67 117

749

685

1 2 3 4 5 6 7 8 9 10 11 12 13 14



2005 2010 2005 2010 2005 2010 2005 2010 2005 20102005 2010

Laundry Detergent

36.6% 16.7%

119 148 113 125 17 36 10 50

285406

6790 165

199

56 71 67 117

749

685

1 2 3 4 5 6 7 8 9 10 11 12 13 14



2005 2010 2005 2010 2005 2010 2005 2010 2005 20102005 2010

Cookies & Crackers

16.8% 7.9%

Mature Categories Growth Categories

1 2 2 2 1

1. Industrial Flour and Cookies & Crackers shares were estimated from imports (Source: Produce)

2. Edible Oil, Pastas and Laundry Detergent ere estimated from polls (Source: Kantar).

Poll Methodology: 3,000 homes from Lima and 13 provinces. Deviation +/- 1.6%

Source: MINAG, PRODUCE, INEI, Euromonitor, SNI

Kantar World Panel, CCR Audit.

1,034

1,180

317 332

PRECIO AC SOYA CIF PERU (PRECIO ARGENTINA + FLETE)

Soybean CFR Wheat CFR

COMMODITY EXPOSURE

Source: Reuters

(US$ x MT)

(YoY: T10 vs. T11)

2009 2010 2011 2012

Soya CFR Trigo CFR

70.7% YoY 49.5% YoY 4.8% YoY -6.4% YoY

50.3% YoY 58.0% YoY 14.1% YoY -8.6% YoY

Gross Margin:1Q11: 28.1%

GM 2Q1127.3%

GM 3Q11:27.8%

GM 4Q11: 27.1%

-12.9% YoY

-2.0% YoY

GM 1Q12: 26.8%

GM 2Q12: 27.5%

-3.9% YoY

8.6% YoY

-2.2% YoY -2.7% YoY -0.5% YoY

-3.79% YoY -4.75% YoY -2.87% YoY

2.80 2.80

2.75 2.77

2.70 2.67 2.67

Fuente: SBS

J F M A M J J A S O N D J F M A M J

26% 35% 18% 187% 38% 54% 38% 42% 43% 31% 16% 18% 0 % 0% 0% 0% -24% 20%

2011 2012

% hedging

(In MM of US$ & S/. / US$)

2011: FOREIGN EXCHANGE HEDGING STRATEGY AND EXCHANGE RATE

PERFORMANCE

58

43

84

-8

55

70

8088 87

80 79

102

15 15 15 1521

3830

37 38

25

1318

J F M A M J J A S O N D

USD Exposure Total Hedging

Average Exchange Rate

Average Exchange Rate

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